((a)) ** Definition of electric utility or person** In this section, the term “electric utility or person” means an electric utility or person that—

((1)) as of , holds firm transmission rights pursuant to contract or by reason of ownership of transmission facilities; and

((2)) is located—

((A)) in the Pacific Northwest, as that region is defined in ; or

((B)) in that portion of a State included in the geographic area proposed for a regional transmission organization in Commission Docket Number RT01–35 on the date on which that docket was opened.

((b)) ** Protection of transmission contracts** Nothing in this chapter confers on the Commission the authority to require an electric utility or person to convert to tradable or financial rights—

((1)) firm transmission rights described in subsection (a); or

((2)) firm transmission rights obtained by exercising contract or tariff rights associated with the firm transmission rights described in subsection (a).