Bill > HB3173

This bill addresses the rapid increase of electrical utility rates in West Virginia by implementing a two-year rate cap for electric utilities. The bill begins by highlighting the significant challenges faced by West Virginians, noting that electric rates have more than doubled between 2005 and 2022, which is the highest increase in the country. Recognizing that West Virginia has the second-lowest median income nationwide, the legislation aims to provide relief to residents, particularly lower-income and elderly individuals who struggle with high electricity costs. The bill instructs the state's Public Service Commission to establish capped rates for electric utilities at their current levels, which will remain in effect until July 1, 2026. During this period, utilities can only adjust rates in connection with fuel and purchased power costs, and they must continue to provide service at these capped rates to all customers in their service territory. The legislation seeks to protect consumers from further rate increases and potentially improve the state's economic attractiveness by making electricity more affordable for residents and businesses.