The proposed bill, titled the "Reliable and Affordable Electricity Act," aims to amend the Code of West Virginia by introducing new articles that focus on ensuring energy reliability and affordability for its citizens. The bill outlines legislative findings that emphasize the importance of reliable electric utility service for various sectors, including families, schools, and businesses. It highlights the challenges posed by the transition from fossil fuel-based power generation to carbon-neutral alternatives, stressing the need for electric utilities to maintain a reliable energy capacity. The bill establishes a legal standard for determining fair, just, and reasonable rates, mandating that the Public Service Commission consider bulk-power system reliability when approving costs and expenses related to electric generation and transmission assets.

Additionally, the bill sets forth definitions for key terms such as "bulk-power system," "electric generation unit," and "capacity value," and outlines the burden of proof required for applicants seeking adjustments in electric utility rates. It mandates that applicants provide detailed evaluations of their proposed electric generation and transmission assets, demonstrating their ability to meet capacity contributions to bulk-power system reliability during peak demand. The commission is directed to include specific findings in any order approving rate adjustments, ensuring transparency regarding the costs and expenses associated with electric generation and transmission assets. Overall, the bill aims to enhance the reliability and affordability of electricity in West Virginia while promoting responsible investment in energy infrastructure.

Statutes affected:
Introduced Version: 24-2J-1, 24-2J-2, 24-2J-3, 24-2J-4, 24-2J-5
Committee Substitute: 24-2J-1, 24-2J-2, 24-2J-3, 24-2J-4, 24-2J-5