This bill proposes the addition of a new section, 5B-2-22, to the Code of West Virginia, aimed at facilitating advance purchase agreements for electric substation transformers by the Department of Economic Development. The legislation recognizes the critical role that timely access to these transformers plays in attracting large-scale industrial and commercial development in West Virginia, particularly in light of national shortages and extended manufacturing lead times. The bill authorizes the West Virginia Department of Commerce to enter into agreements with regulated electric utilities for the advance ordering of standardized transformers that meet specific criteria, including capacity and voltage specifications.

The bill outlines the process for ordering, payment, and maintenance of these transformers, while also granting rulemaking authority to the Department of Economic Development. It includes provisions for debt forgiveness based on the economic benefits provided by the projects served by the transformers, as well as mechanisms for the recovery of state funds used in the purchase. Importantly, the bill clarifies that the Public Service Commission will not have approval power over these purchases, thereby streamlining the process to support economic development initiatives in the state.

Statutes affected:
Introduced Version: 5B-2-22