This bill proposes the addition of a new section, 24-2-4i, to the Code of West Virginia, aimed at capping electrical utility rates for a two-year period. The legislation highlights the significant increase in electric rates in West Virginia, which have more than doubled from 2005 to 2022, disproportionately affecting low-income residents and the elderly. The bill emphasizes that these rising costs not only burden households but also hinder the state's economic growth by making it less attractive for technology businesses that require substantial electricity.

Under the new section, the Public Service Commission is mandated to establish capped rates for electric utilities, which will remain in effect until July 1, 2026. These capped rates will be based on the current rates at the time of implementation and can only be adjusted to account for fuel and purchased power costs. The bill ensures that customers within the service territory of the incumbent electric utility will have access to these capped rates until they expire, after which the rates will remain unchanged until further adjustments are made according to existing provisions.

Statutes affected:
Introduced Version: 24-2-4i