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 base rates, riders, surcharges, or other charges for electric and water utilities, which can only be lifted with legislative approval under specific circumstances. The bill outlines a series of legislative findings that highlight the negative impact of excessive utility costs on economic competitiveness, disposable income, and overall household financial security. It sets ambitious 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%.

Additionally, the bill mandates a coordinated effort across state agencies to prioritize utility affordability and competitiveness in budgetary considerations and economic development incentives. It requires the Department of Commerce to conduct a comprehensive utility cost assessment and submit it to the Legislature within a year of the bill's enactment. The legislation also emphasizes the importance of clean and reliable energy sources, stipulating that utilities must prioritize local fuel sources and avoid materials sourced from foreign adversary nations. Overall, the bill seeks to create a framework for restoring utility affordability and reliability while ensuring that these goals are integrated into state policy and regulatory practices.

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