This bill proposes the establishment of the "Resiliency and Environmental System Investment Charge Program" by amending the Code of West Virginia to include two new sections, 24-2-22 and 24-2-23. The bill defines key terms related to the program, such as "service enhancement improvement" (SEI), which refers to projects aimed at improving water or wastewater utility infrastructure. It mandates that utilities file a petition with the Public Service Commission (PSC) to approve a plan for recovering costs associated with SEIs, including projected capital expenditures, operation and maintenance costs, and detailed project descriptions. The PSC is required to conduct a hearing and issue an order on the petition within 210 days, determining the necessity and justification of the proposed improvements.

Additionally, the bill allows utilities to utilize regulatory accounting for acquired water or wastewater systems, enabling them to recover costs incurred during the operation of these systems until they are reflected in the utility's revenue requirement. The regulatory accounting provisions include the creation of regulatory assets or liabilities based on the difference between costs and revenues, which will be amortized over a minimum of ten years. The bill also stipulates that SEI revenues cannot exceed five percent of the utility's total annual revenue, ensuring a limit on the financial impact on customers. Overall, the legislation aims to enhance the resilience and environmental sustainability of water and wastewater utilities in West Virginia.

Statutes affected:
Introduced Version: 24-2-22, 24-2-23