Interstate Transmission Act

[AI summary unavailable — showing source text] Interstate Transmission Act- Amends the Federal Power Act to: (1) prescribe standards for establishing rates for electricity transmission service; (2) instruct the Federal Energy Regulatory Commission (FERC) to encourage innovative transmission pricing policies; and (3) provide for the establishment and enforcement of mandatory reliability standards to ensure reliable operation of the bulk-power system. 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…