The bill H. 5474, introduced in the South Carolina General Assembly, aims to prohibit any increases in rates for electricity and natural gas for a duration of one year. Additionally, it allows for the possibility of decreasing these rates during the same period. This measure is intended to provide financial relief to consumers by stabilizing energy costs amidst fluctuating market conditions.

The resolution will take effect immediately upon approval by the Governor, ensuring that the rate freeze is implemented without delay. This legislative action reflects a proactive approach to managing energy expenses for residents and businesses in South Carolina.