Electric Transmission and Reliability Enhancement Act of 2003

Electric Transmission and Reliability Enhancement Act of 2003 - Amends the Federal Power Act to authorize the Federal Energy Regulatory Commission (FERC) to require an unregulated transmitting utility to provide transmission services: (1) at rates comparable to those that it charges itself; and (2) on terms and conditions comparable to FERC rules requiring public utilities to offer open access transmission services that are not unduly discriminatory or preferential.

Designates the Department of Energy as the lead agency for conducting environmental review of electric power transmission corridors across Federal lands.

Amends the Federal Land Policy and Management Act of 1976 to direct the Secretaries of the Interior and of Agriculture to give priority for electric power transmission corridor rights-of-way across Federal lands.

Grants FERC jurisdiction over: (1) Electric Reliability Organizations; (2) regional entities; and (3) all users, owners and operators of the bulk-power system. Exempts Alaska and Hawaii from such provisions.

Repeals the Public Utility Holding Company Act of 1935.

States that no electric utility shall be required to enter into a new contract or obligation to purchase electric energy or capacity from a qualifying cogeneration facility or a qualifying small power production facility (qualifying facility).

Requires FERC to issue rules establishing an electronic information system for public access to information that facilitates price transparency and participation in markets subject to FERC jurisdiction.

Prohibits the filing of false information regarding the wholesale price of electricity, and round trip trading.

Increases civil and criminal penalties for violations of the Act.