Bill > HB5492

This bill authorizes the West Virginia Department of Commerce, Division of Economic Development, to enter into advance purchase agreements with regulated electric utilities for electric substation transformers, which are crucial for large-scale industrial and commercial projects. These agreements aim to accelerate economic development by allowing the state to pay ordering costs and down payments to secure manufacturing slots for standardized transformers, ensuring their availability for qualifying projects. The transformers, which must meet specific capacity and voltage requirements, will be owned by the utility but the state will have contractual authority to direct their assignment. If a transformer is not assigned to a specific project by its delivery date, the state may fund the remaining balance, and the transformer will be kept by the utility for future projects or system needs. The state can recover its funds through utility repayment, economic development agreements, or potentially through utility rates, and may even forgive amounts paid if a project provides substantial economic benefits like job creation and investment. The Department of Commerce will also establish rules for implementing these agreements, including project qualification and repayment criteria, while preserving the Public Service Commission's regulatory authority.

Budget and Finance, Transportation and Infrastructure

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5492&year=2026&sessiontype=RS&btype=bill