The bill aims to strengthen Washington state's electric transmission system to support its goals of carbon neutrality by 2030 and being carbon-free by 2045. It establishes the Washington Electric Transmission Authority, which will oversee 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 amendments to existing laws, including the establishment of the electric transmission capital account to manage earnings from investments. It allows for an incentive rate of return on investments in grid-enhancing technologies until December 31, 2040, and exempts certain utility-related actions from compliance with the State Environmental Policy Act, provided they occur within existing rights-of-way. The bill also clarifies the management of the treasury income account, ensuring timely payments to financial institutions and the distribution of earnings to various state accounts. Furthermore, it outlines expiration and effective dates for specific provisions, with Section 15 set to expire on July 1, 2028, and Section 16 taking effect on the same date.