Provides for the reduction of greenhouse gas emissions from large coal-fired baseload electric power generation facilities.

Ensures appropriate cleanup and site restoration upon decommissioning of any facilities in the state.

Provides assistance to host communities planning for new economic development and mitigating the economic impacts of the closure of these facilities.

Requires the governor, on behalf of the state, to enter into a memorandum of agreement with the owners of certain coal-fired baseload facilities.

Requires certain facilities, subject to closure, to guarantee funds are available to perform all activities specified in the decommissioning plan.

Requires the community economic revitalization board and the public works board to solicit qualifying projects to plan, design, and construct public facilities and public works projects needed to attract new industrial and commercial activities in areas impacted by the closure or potential closure of certain facilities.

Requires the utilities and transportation commission, on the petition of an electrical company, to approve or disapprove a power purchase agreement for acquisition of coal transition power and the recovery of related acquisition costs.

Exempts an applicant for a natural gas-fired generation plant, to be constructed in a county with certain coal-fired electric generation facilities, from the provisions of chapter 80.70 RCW (carbon dioxide mitigation).