"Minnesota Retail Electric Competition Act"; restructuring the regulation of the generation of electricity to provide for customer choice in a competitive market; requiring deregulation of electric generation and subjection to the competitive market by a certain date; requiring the public utilities commission to adopt preliminary and final phase-in plans for restructuring the electric industry by certain dates, specifying certain plan content requirements and prescribing a phase-in schedule; providing for retail customer choice, authorizing customer negotiation of bilateral contracts with competitive providers and requiring the PUC to establish default providers and providers of last resort to ensure continuous access to electric services; providing for public utility recovery of stranded costs from customers, specifying certain responsibilities of the utilities and the PUC; changes to have no effect on low income energy assistance or conservation programs, requiring annual review of the programs by the legislative auditor; imposing a nondiscrinimatory connection obligation on distribution utilities; requiring the PUC to maintain and update rules to ensure the reliability and safety of electric distribution services; specifying certain compliance requirements for transmission systems; requiring and providing for the registration of competitive providers with the PUC; requiring the operational and financial separation of distribution, transmission and generation business functions (unbundling), authorizing the ownership of transmission facilities; providing for access to transmission or distribution facilities; requiring the PUC to continue to enforce authority over affiliate relations, authorizing the adoption of additional rules; authorizing retail customers to arrange for power supply services through market aggregators; providing for the preservation of certain contract rights; exempting transmission or distribution utilities from liability for damages for competitive provider failure to deliver services; providing for PUC orders to cease certain violations; specifying certain legislation preparation requirements of the revisor of statutes (mk)