Electric Supply and Transmission Act

Electric Supply and Transmission Act - Amends the Federal Power Act (FPA) to: (1) prescribe interconnection procedures for local distribution utilities, generating and transmission facilities; (2) mandate net metering programs; and (3) prescribe guidelines to remove regulatory barriers to demand-side programs, distributed generation, and advanced metering.

Repeals the Public Utility Holding Company Act of 1935.

Amends the Public Utility Regulatory Policies Act of 1978 to declare that upon enactment of this Act no electric utility shall be required to purchase or sell electric energy or capacity pursuant to its provisions governing cogeneration and small power production (prospective repeal).

Repeals Federal Energy Regulatory Commission (FERC) oversight of electric utility transactions involving facilities disposition, consolidations, or purchases, including securities acquisitions.

Sets forth guidelines for open access transmission under FERC jurisdiction, including certain wholesale stranded cost recovery and retail wheeling in retail competition States.

Prescribes parameters for mandatory regional transmission organizations under FERC jurisdiction (RTOs).

Repeals: (1) regulations governing interconnection or wheeling orders that result in electric power sales or delivery outside the Tennessee Valley Region; and (2) equitability guidelines governing transmission within the Tennessee Valley Region.

Amends the Tennessee Valley Authority Act of 1933 to repeal restrictions on the Tennessee Valley Authority (TVA) to sell or deliver power beyond the area for which it was the primary source of power on July 1, 1957.

Restricts TVA power sales.

Places the Bonneville Power Administration (BPA) within RTO jurisdiction and the Bonneville Transmission System within FPA jurisdiction.

Bars BPA from selling electric energy or capacity to specified new retail electric consumers (prospective phase-out of BPA).

Restricts wholesale power sales by Federal Power Marketing Administrations (FPMAs). Mandates that FPMA rates and charges be the lowest possible to recover all costs incurred for the production of electric energy sold by them. Places FPMA transmission systems under FERC jurisdiction.

Makes it unlawful for any person to: (1) change the retail electric supplier without the consumer's consent; or (2) charge a retail electric consumer for electric energy or related services (cramming) unless expressly authorized by law or by the consumer's agreement to purchase such energy or services. Authorizes the Federal Trade Commission to promulgate rules governing these matters as well as retail electric consumer privacy.

Permits electric energy purchases by retail electric consumers on an aggregate basis.

Expresses the sense of Congress in favor of universal and affordable retail electric energy service.