The Oklahoma Corporation Commission (OCC) has unanimously approved Oklahoma Gas and Electric Company’s (OG&E) request to adjust base rates.
OG&E released the following statement regarding the decision:
“Today, the Oklahoma Corporation Commission (OCC) unanimously approved Oklahoma Gas and Electric Company’s (OG&E) request to adjust base rates as part of the company’s efforts to harden, secure and modernize the electric grid. Ensuring a reliable electric grid to serve the growing needs of OG&E’s customers requires ongoing infrastructure investments like upgrading and installing new equipment on overhead and underground power lines, as well as adding technology that senses and isolates disruptions to the system and automatically reroutes power. Mirroring the terms listed in the uncontested settlement agreement filed in June 2022, the OCC’s ruling includes a monthly increase to the Low Income Assistance Program credit, a refund to customers related to a reduction in the state’s corporate income tax rate, and key investments to the power grid to improve reliability and resiliency. While the rate review was pending at the Corporation Commission, OG&E implemented interim rates on July 1, as permitted by Oklahoma law, in order to begin recovering certain investments such as those made for grid enhancement. The interim rate change in July matches the approved order which resulted in a 1.9 percent, or approximately $2.07, monthly increase to the average residential customer bill. This means customers will not see an impact to their current bill as a result of today’s approval. We appreciate the open and transparent rate review process conducted by the Oklahoma Corporation Commission. The outcome of the rate review process provides great benefits for our customers while allowing the company to recover critical and necessary investments made to improve the electric grid. All of these investments ultimately improve the customer experience by reducing the number and duration of outages, while modernizing the system as our service area continues to grow, As a reminder, OG&E’s last increase to base rates was in 2017, a less than $1 monthly increase to residential customers’ bills. OG&E’s electric rates remain among the lowest in the nation with residential rates approximately 30 percent below the national average.”