We develop an analytic model to quantitatively describe the evolution of superconducting cosmic string networks. Specifically, we extend the velocity-dependent one-scale (VOS) model to incorporate arbitrary currents and charges on cosmic string worldsheets under two main assumptions, the validity of which we also discuss. We derive equations that describe the string network evolution in terms of four macroscopic parameters: the mean string separation (or alternatively the string correlation length) and the root mean square (RMS) velocity which are the cornerstones of the VOS model, together with parameters describing the averaged timelike and spacelike current contributions. We show that our extended description reproduces the particular cases of wiggly and chiral cosmic strings, previously studied in the literature. This VOS model enables investigation of the evolution and possible observational signatures of superconducting cosmic string networks for more general equations of state, and these opportunities will be exploited in a companion paper.