SB 942
Creating Advanced Baseload Energy Development Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the "Creating Advanced Baseload Energy Development Act," aims to establish a framework for developing advanced energy projects in West Virginia, particularly those utilizing advanced nuclear reactors or hydrogen with carbon capture technologies. It creates an Advanced Energy Division within the Office of Energy, provides funding through an Advanced-Baseload Energy Fund, and offers tax incentives for these projects. The bill also addresses community benefits, public utility provisions, and potential rate allowances for project development costs.
Key provisions
- Establishes the Advanced Energy Division to promote and assist in the development of advanced-baseload energy projects.
- Creates the Advanced-Baseload Energy Fund to provide financial assistance to qualifying projects.
- Offers tax incentives, including a consumer sales and service tax exemption, for advanced-baseload energy projects.
- Requires community benefit agreements for projects receiving tax credits.
- Authorizes public utilities to form subsidiaries for developing advanced-baseload energy projects.
- Allows for rate allowances to recover project development costs.
- Defines ‘advanced-baseload energy project’ as facilities using advanced nuclear reactors or hydrogen with carbon capture.
- Addresses microgrid and high-impact data center compatibility.
Who is affected
- West Virginia residents and businesses
- Public utilities
- The Economic Development Authority
- The Office of Energy
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