The proposed bill aims to establish the Stable Energy Rates Protection Act by amending the Code of West Virginia. It introduces new articles that outline specific regulations regarding energy rates, particularly focusing on prohibiting the West Virginia Public Service Commission from approving any rate increases based on costs associated with the construction, operation, maintenance, or decommissioning of wind and solar energy facilities. This prohibition will not apply to existing contracts executed before the act's effective date, but future rate increases cannot be based on expansions or new commitments to such projects. Additionally, the Commission is required to review all pending rate cases to ensure compliance with this new regulation.

Furthermore, the bill mandates that the Public Service Commission provide an annual report to the Legislature assessing the impact of the prohibition on energy rates and reliability in West Virginia, along with recommendations for further actions to maintain energy affordability and reliability. The act includes a severability clause, ensuring that if any provision is found invalid, the remaining provisions will still be enforceable. The bill is set to take effect upon its passage.

Statutes affected:
Introduced Version: 24-9-1, 24-9-2, 24-9-3, 24-9-4