The proposed bill establishes the Washington Electric Transmission Authority to enhance the reliability and capacity of the state's electric transmission system, aligning with Washington's goals of carbon neutrality by 2030 and a carbon-free electricity system by 2045. The authority will coordinate the development of transmission services, engage stakeholders, and identify high-priority transmission corridors to support the integration of renewable energy sources. Key provisions include the formation of a diverse board of directors, the authority's power to adopt rules and utilize eminent domain for land acquisition, and the requirement to update transmission corridor studies every five years while reporting activities to the governor and legislature annually.

Additionally, the bill introduces new provisions for electric transmission projects, including the distribution of fees among local governments and federally recognized tribes based on project impact, and mandates that construction work be performed by qualified electrical employees. It creates two new accounts in the state treasury—the Electric Transmission Operating Account and the Electric Transmission Capital Account—to manage funds related to electric transmission projects. The bill also amends existing laws regarding the treasury income account, ensuring that earnings from investments are allocated appropriately, including the newly inserted electric transmission capital account. Furthermore, it establishes expiration dates for certain provisions and consolidates various regulations related to the treasury income account's management.