The proposed bill aims to amend the Code of West Virginia by introducing a new section, 24-2-4i, which establishes a temporary cap on electrical utility rates for a period of two years. The bill highlights the significant increase in electric rates in West Virginia, which have more than doubled from 2005 to 2022, disproportionately affecting lower-income residents and the state's economy. The bill recognizes that rising electric costs are a major financial burden for many households, particularly during extreme weather seasons, and seeks to alleviate this hardship.

Under the new section, the Public Service Commission is tasked with setting capped rates for electric utilities, which will remain in effect until July 1, 2027. 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 electric service at these capped rates will be available to all customers within the utility's service territory until the expiration of the cap, after which rates will revert to the capped levels until further changes are made according to existing provisions.

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