The proposed bill aims to amend the Code of West Virginia by introducing the "Resiliency and Environmental System Investment Charge Program" through the addition of two new sections, 24-2-22 and 24-2-23. This program will require utilities to file a petition with the Public Service Commission (PSC) to establish a System Enhancement Improvement (SEI) plan, which will allow them to recover costs associated with service enhancement improvements. The bill defines key terms such as "SEI," "SEI revenues," and "utility," and outlines the necessary components of the petition, including projected capital expenditures, operation and maintenance costs, and an engineering evaluation of the proposed projects. The PSC is mandated to review these petitions and issue an order within 210 days, determining the reasonableness of the SEI plan and its associated costs.

Additionally, the bill authorizes utilities to utilize regulatory accounting for acquired water and wastewater systems, allowing 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 seeks to enhance the infrastructure and operational efficiency of water and wastewater utilities in West Virginia while providing a structured framework for cost recovery.

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