OKLAHOMA CITY (KFOR) – The Oklahoma Corporation Commission approved a rate hike for OG&E customers, but you likely won’t see your bill go up.

The Oklahoma Corporation Commission has unanimously approved a settlement after OG&E requested a rate increase.

Originally, OG&E asked for $163.5 million, but the settlement reduced that amount to $30 million.

As a result of the settlement, the average residential customer will likely increase by about $2.07 a month.

However, officials say OG&E already implemented interim rates in July while the rate review was pending at the Corporation Commission. Those interim rates increased residential customers’ bills by around $2.07 a month.

“This means customers will not see an impact to their current bill as a result of today’s approval,” OG&E said in a statement.

OG&E officials say the rate increase is needed 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,” OG&E said in a statement.

In a separate settlement, OG&E will be required to provide additional information on its Fuel Supply Portfolio and Risk Management plan to mitigate fuel price volatility and supply risks.