OKLAHOMA CITY (KFOR) – Oklahoma Attorney General Gentner Drummond and Public Service Company of Oklahoma have reached a settlement regarding its application for six projects.
If approved by the Oklahoma Corporation Commission, the settlement agreement would authorize PSO to move forward with plans to add three solar farms and three wind farms to its systems.
As a result, those new farms would add 995 megawatts of power production capacity in exchange for significant protections for customers.
“With a project of this magnitude, it was imperative to put in place customer protections to safeguard Oklahoma ratepayers,” Drummond said. “I am pleased that this settlement will result in more capacity in times of need, at cheaper rates for PSO customers. I am thankful for the hard work and dedication of my office’s utility regulation unit leader, Deputy Attorney General Chase Snodgrass, who worked in good faith with PSO representatives to achieve the best possible outcome for Oklahoma families and businesses.”
The project expects to add about $1.95 per month to customers’ bills for a few months in 2025. By 2026, the average customer’s bill should drop by $2.58 per month.
The settlement also capped the cost of the project at $2.47 billion, meaning anything spent over that cannot be passed onto ratepayers.
PSO also agreed to guarantee that the renewable resources in this project will qualify for tax credits, which offsets a large portion of the project cost.