Summary
Western Electricity Markets Reform Act of 2002 - Directs the Federal Energy Regulatory Commission (FERC) to study the feasibility and desirability of the formation of regional transmission organizations within the Western Electric Coordinating Council (WECC).
Requires such study to focus upon the following options: (1) establishment of one Regional Transmission Organization to cover the entire area within WECC jurisdiction; (2) establishment of two Regional Transmission Organizations with certain geographic boundaries; and (3) establishment of three Regional Transmission Organizations, reflecting specified proposals filed with the Commission as of June 1, 2002.
Identifies the following geographic boundaries within the option for two Regional Transmission Organizations: (1) the northern region of California, the States covered by the Pacific Northwest Power Planning Act, the northern portion of Nevada, and such other areas that are contained within the same natural electricity trading market, and with headquarters located in Portland, Oregon; and (2) the southern portion of California, the southern portion of Nevada, the states of Arizona, New Mexico, Colorado and such other areas that are contained within the same natural electricity trading market, and with headquarters located in Phoenix, Arizona.
Requires FERC to initiate rulemaking proceedings to establish a Regional Transmission Organization or Organizations if it finds that specified options would meet certain geographic scope requirements and would otherwise promote the public interest in competitive markets in wholesale electric energy.
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