Oklahoma Attorney General Gentner Drummond announced a settlement agreement with Public Service Company of Oklahoma that would significantly reduce a proposed residential electric rate increase if approved by the Oklahoma Corporation Commission.
PSO had originally requested a rate increase of about 15 percent, which would have raised the average residential customer’s monthly bill by more than $25. Under the proposed settlement, the average increase would be about $2.45 per month, or roughly 1 percent.
Drummond said the agreement is intended to reduce the impact on Oklahoma consumers while maintaining reliable electric service.
“This is a major win for Oklahoma families, businesses and ratepayers,” Drummond said. “With inflation through the roof, consumers are already paying too much for goods and services.”
The settlement was negotiated by the Attorney General’s Utility Regulation Unit along with PSO and other parties involved in the case, including AARP, The Petroleum Alliance and the Public Utility Division of the Oklahoma Corporation Commission.
The settlement must still be approved by the Oklahoma Corporation Commission before it takes effect.
