PSO customers to see monthly increase following approval of settlement
OKLAHOMA – Customers with one Oklahoma electric utility company will be seeing an increase in their monthly bills following the approval of a settlement.
On Wednesday, Matt Skinner with the Oklahoma Corporation Commission, announced the settlement in the Public Service Company of Oklahoma rate case had been approved.
PSO originally requested an $88 million overall rate increase, which would have resulted in an estimated $7 monthly increase for customers.
However, under the approved settlement, the overall rate increase would be $46 million; an estimated $2.38 more per month for customers.
PSO officials say the original application included a request to increase rates “to recover increased costs and system investments since 2017, a grid modernization plan to replace and upgrade aging infrastructure, and the adoption of performance-based rates (PBR) to more closely align the Company’s financial condition with its ability to meet customer needs.”
“The settlement is the result of a collaboration of organizations with diverse interests who were able to reach a positive outcome for PSO and the customers and communities we serve,” said PSO President and Chief Operating Officer, Peggy Simmons. “The agreement approved today will create a path forward for us to continue providing safe, secure, reliable and affordable service.”
Commissioner Bob Anthony says the approval of the agreement allows customers what to now plan for.
“Approval of this agreement means customers in all sectors now know what to plan for, without waiting for months while the rate case is litigated,” Anthony said. “The agreement sets up a process in which PSO will be able to address, in timely manner, reliability projects that would otherwise may have to wait for a lengthy approval process, while still ensuring any costs are given a thorough and proper review to ensure customers get the full benefit for their money.”