Settlement Reached In Utility Case, Rates For OG&E Customers Could Drop
OKLAHOMA CITY (KFSM) — Parties involved in an ongoing OG&E rate case have reached a $64 million settlement, our sister station KFOR reports.
If approved by the Oklahoma Corporation Commission, the settlement will result in lower utility bills for customers starting in July.
Attorney General Mike Hunter filed motions in December after an overhaul on federal income taxes was signed into law. He said Oklahoma’s five leading utility companies would save $100 million annually and argued consumer rates should be reduced to amounts which reflected that.
The AG’s office said standard residential customers of OG&E will see an average reduction of $18.71 on their bills in July. The average savings for the months following will be around $4.44.
Non-residential customers are expected to save about $32 million.
“I want to commend the Utility Regulation Unit in my office. The team worked tirelessly, representing OG&E customers to ensure the very best refund possible,” Hunter said.
Before it goes into effect, a majority of the three-member Corporation Commission must approve the settlement agreement.