Pacific Northwest Electric Power Planning and Conservation Act

Pacific Northwest Electric Power Planning and Conservation Act - Directs the Administrator of the Bonneville Power Administration to develop and maintain comprehensive programs to insure widespread public involvement in formulating regional electric power programs and policies.

Establishes a Bonneville Consumers' Council and a Bonneville Utilities Council with whom the Administrator is directed to consult, together with the Governors of the States of Idaho, Montana, Oregon, and Washington, and the general public in preparing a regional power planning and conservation program. Exempts such councils from the purview of the Federal Advisory Committee Act, and exempts their members' actions from constituting potential violations of Federal or State antitrust laws.

Directs the Administrator to offer to sell electric power to specified customers at rates to be established and periodically modified, in accordance with specified criteria, and establishes amounts of power such customers are to receive.

Directs the Administrator to implement feasible and cost-effective measures to conserve electric power, and to assist governmental authorities in promoting conservation of electric power.

Authorizes the Administrator to acquire additional electric power resources where regional electric power obligations cannot be met by employing conservation measures, but specifically directs the Administrator to give priority to developing renewable energy resources where additional resources are needed. Authorizes acquisition or the construction and operation of other types of electric power resources where needed to assure transmission system reliability. Sets forth procedural instructions for such acquisitions.

Amends the Federal Columbia River Transmission System Act to authorize such expenditures as are necessary to implement this Act. Amends such Act further to authorize the issuance of bonds and other debt obligations for the purpose of financing activities arising from the implementation of this Act. Stipulates that such obligations bear interest at a rate not to exceed the rate applicable to such obligations if purchased by the Federal Financing Bank. Increases the aggregate principal amount of obligations incurred under such Act which are outstanding at any one time to include the principal amount of obligations incurred and outstanding which were issued to assist in financing the activities of this Act.

Extends the definition of "Pacific Northwest" to include the entire State of Idaho.

Authorizes the Administrator to enter into such agreements and contracts as are deemed necessary to carry out the provisions of this Act.

Exempts from the provisions of the Public Utility Holding Company Act any "person" or "company," as therein defined, connected with electric generating facilities, which sells 75 percent or more of their power to the Administrator.