The proposed bill, titled the "West Virginia Utility Affordability and Economic Competitiveness Act," aims to address the high utility costs faced by households and businesses in West Virginia. It establishes a three-year moratorium on increases in utility rates, including base rates, riders, and surcharges, unless there is a clear necessity for such increases due to reliability threats or infrastructure failures. The bill outlines specific goals for utility affordability, including reducing the comprehensive cost of electricity and water utility costs by 2030, as well as decreasing combined household utility expenditures by at least 25% in inflation-adjusted dollars.

Additionally, the bill mandates a comprehensive assessment of utility costs and competitiveness, followed by necessary statutory and regulatory reforms to achieve the outlined goals. It emphasizes the importance of affordable, reliable, and clean energy, requiring utilities to prioritize local fuel sources and prohibiting the use of critical materials sourced from foreign adversary nations. The Department of Commerce is designated as the coordinating authority for these efforts, ensuring that utility affordability and competitiveness are prioritized in state budgetary considerations and agency expenditures.

Statutes affected:
Introduced Version: 24-2J-1, 24-2J-2, 24-2J-3, 24-2J-4, 24-2J-5, 24-2J-6, 24-2J-7, 24-2J-8, 24-2J-9, 24-2J-10, 24-2J-11, 24-2J-12