The proposed bill seeks 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, tasked with long-term planning, development of transmission services, and collaboration with stakeholders such as utilities and local jurisdictions. Key provisions include the formation of a board of directors, a 20-year transmission needs assessment to identify system inefficiencies, and the creation of two new accounts for managing funds related to electric transmission projects. The authority will also have the ability to adopt rules, enter contracts, and form partnerships to enhance transmission capacity while prioritizing the protection of cultural and natural resources and minimizing impacts on vulnerable communities.

The bill introduces several amendments to existing laws, including provisions for the confidentiality of information from transmission providers and a categorical exemption from the State Environmental Policy Act for certain utility actions within existing rights-of-way. It mandates utilities to notify relevant parties before starting projects that fall under this exemption to protect archaeological and cultural resources. Additionally, the bill offers an incentive rate of return for electrical companies investing in grid-enhancing technologies until December 31, 2040, and modifies the management of the treasury income account to streamline earnings distribution. The bill also establishes an "electric transmission capital account" as a new recipient of these earnings and outlines expiration and effective dates for specific provisions.