To authorize the President to provide disaster assistance for the repair, restoration, reconstruction, or replacement of a privately-owned power transmission facility damaged or destroyed by Hurricane Katrina or Hurricane Rita.

Authorizes the President to make contributions under the Robert T. Stafford Disaster Relief and Emergency Assistance Act to the owner or operator of a power transmission facility for the costs of repair, restoration, reconstruction, or replacement of those portions of the facility damaged or destroyed by Hurricane Katrina or Hurricane Rita, including associated incurred expenses.

Sets forth eligibility and limitations criteria.

Defines such facility as a privately-owned electric transmission or distribution facility (including a leased facility) obligated under state law to provide electricity service to retail customers and a privately-owned natural gas transmission or distribution facility.