Establishes guidelines for advance purchase agreements for electric substation transformers to accelerate economic development projects.
Authorizes the West Virginia Department of Commerce, Division of Economic Development, to enter into advance purchase agreements for electric substation transformers to expedite economic development projects. Specifies that only standardized transformers meeting certain capacity and voltage criteria are eligible. Outlines payment terms, including state funding for ordering costs and down payments. Details recovery methods for state funds, including repayment by utilities, reimbursement through economic development agreements, and recovery through utility rates.
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