Grants FERC enforcement jurisdiction.
Prescribes procedural guidelines for FERC approval of: (1) applications competing for status as the Electric Reliability Organization; and (2) Organization standards. Requires users of the bulk-power system to comply with such standards.
Mandates that: (1) the Organization take all appropriate steps to gain recognition in Canada and Mexico; and (2) the United States use its best efforts to enter into international agreements with the Governments of Canada and Mexico to effectuate compliance with Organization standards and its mission.
Requires every system operator to be a member of the Organization and of the pertinent Affiliated Regional Reliability Entity.
Confers responsibility upon each FERC-authorized regional transmission organization for maintaining the short-term reliability of the bulk-power system that it operates.
Repeals the proscription against the disposition of public utility facilities.
Authorizes FERC to promote voluntary development of regional transmission organizations.
Provides for State and Federal authority to site transmission facilities.
Amends the Public Utility Holding Company Act to exempt regional transmission organizations from its application.
Amends the Internal Revenue Code of 1986 to treat as an involuntary conversion any sale or other disposition to an independent transmission company of the property of or stock or partnership interest in a corporation or partnership whose principal trade or business consists of providing electric transmission services, if the transaction is meant to implement FERC or State electric restructuring policy.