This bill aims to amend the Code of West Virginia regarding the procedures for public utilities to establish rates and recover costs. It introduces the concept of a "Future Test Year," which is defined as the 12-month period starting when new rates will take effect after the suspension period. Utilities can elect to use this Future Test Year data in their rate applications, and the Public Service Commission (PSC) is required to utilize this data when determining rates. Additionally, the bill mandates that utilities must report on their consideration of emerging management and conservation concepts in their rate applications, ensuring transparency and accountability in the rate-setting process.

The bill also modifies existing provisions related to the notice requirements for rate changes and the commission's authority to suspend proposed rates. It specifies that public utilities must provide notice of rate increases through legal advertisements and outlines the commission's ability to order rates into effect subject to refund in cases of financial distress. Furthermore, it prohibits utilities from applying for a general rate increase while another application is pending, with certain exceptions. Overall, the bill seeks to enhance the regulatory framework governing public utility rates in West Virginia, ensuring that the PSC has the necessary data and authority to make informed decisions.

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