WA SB5466

Creates the Washington Electric Transmission Authority as a new public body to expand transmission capacity, coordinate upgrades to existing lines, develop community microgrids, and collaborate with utilities, developers, and regional entities on interstate transmission resources

Establishes a 9-member board of directors appointed by the governor (plus the Department of Commerce director) with expertise in utilities, clean energy, land use, ratepayer protection, infrastructure finance, wildlife conservation, electrical workers, and tribal representation

Requires the Department of Commerce to complete a 20-year transmission needs assessment by October 30, 2026, identifying high-priority corridors, grid-enhancing technologies, and non-wire alternatives like energy storage and demand response

Exempts certain transmission line upgrades from State Environmental Policy Act (SEPA) review, including reconductoring with advanced conductors, relocating line segments within existing rights-of-way, and widening rights-of-way to meet electrical standards on previously disturbed lands

Allows the Utilities and Transportation Commission to grant electrical companies an incentive rate of return (up to 2% above standard equity returns) through December 31, 2040, for capital investments in grid-enhancing technologies and advanced conductor reconductoring, with incentives lasting up to 15 years per project