The bill aims to strengthen Washington state's electric transmission system to support its goals of carbon neutrality by 2030 and a carbon-free electricity system by 2045. It establishes the Washington Electric Transmission Authority, responsible for overseeing the expansion and upgrading of the transmission infrastructure to meet rising electricity demands due to electrification and clean energy investments. Key provisions include the formation of a board of directors, a 20-year transmission needs assessment, and the creation of two new accounts for managing funds related to electric transmission projects. The authority will also focus on improving reliability, access to renewable energy, and economic growth while ensuring affordable energy rates and protecting cultural and natural resources. Additionally, the bill introduces several new provisions, including the establishment of the electric transmission capital account to manage earnings from the treasury income account, which will now distribute funds based on average daily balances. It also allows for an incentive rate of return for electrical companies investing in grid-enhancing technologies until December 31, 2040, with a reporting requirement on the impacts of these incentives by December 31, 2029. The bill clarifies that certain utility-related actions are exempt from the State Environmental Policy Act, provided they occur within existing rights-of-way, and mandates utilities to notify relevant authorities and tribes before starting exempt projects. Furthermore, it outlines expiration and effective dates for specific provisions, with Section 13 of this act expiring on July 1, 2028 and Section 14 taking effect on the same date.