WV HB3480

Creates the "Resiliency and Environmental System Investment Charge Program" allowing water and wastewater utilities to recover costs for infrastructure projects that replace aging systems, improve resiliency, or address health, safety, and environmental concerns

Requires utilities to petition the Public Service Commission with detailed project plans, cost estimates, engineering evaluations, and proposed rate schedules; the Commission must rule within 210 days of filing

Caps SEI revenues at 5% of the utility's total annual revenue as established in its most recent base rate decision, with separate caps applied to water and wastewater services if operated together

Mandates utilities file their next base rate case within 5 years of SEI plan approval, and permits utilities to update or modify SEI plans every 6 months to add new projects or reflect changes

Authorizes utilities to use regulatory accounting for acquired water or wastewater systems, creating regulatory assets or liabilities to track the difference between costs and revenues until the next rate case, with amortization over at least 10 years