Electric Reliability Improvement Act of 2003 - Amends the Federal Power Act to grant the Federal Energy Regulatory Commission (FERC) jurisdiction over a FERC-certified Electric Reliability Organization (ERO), established under this Act to enforce, subject to FERC review, reliability standards for the bulk-power system.
Includes within such jurisdiction regional entities and all users, owners, and operators of the bulk-power system for purposes of approving reliability standards and enforcing compliance with this Act.
Urges the President to negotiate international agreements with the governments of Canada and Mexico to provide effective compliance with reliability standards and the effectiveness of the ERO in the United States, Canada, or Mexico.
Restricts to the bulk-power system only the ERO authority to develop and enforce compliance with reliability standards.
Declares that this Act does not authorize the ERO or FERC to order construction of additional generation or transmission capacity, or to set and enforce compliance with standards for adequacy or safety of electric facilities or services.
Directs FERC to establish a regional advisory body on the petition of at least two-thirds of the States within a region that have more than one-half of their electric load served within the region. Authorizes such body to advise the ERO, a regional entity, or FERC.
Declares this Act inapplicable to Alaska or Hawaii.