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OKLAHOMA CITY (KFOR) – Oklahoma Natural Gas customers will soon see their bills increase slightly following a settlement agreement.

In a letter to customers released in October, ONG announced it was seeking an annual rate increase of $28.7 million to recover “increased business costs and infrastructure investments.”

The company says the increase will be partially offset by a one-time tax-related credit to customers.

The company stresses that the rate increase is not related to the extreme costs associated with February’s winter weather.

Following a hearing, the Oklahoma Corporation Commission approved a settlement agreement with ONG.

Although ONG originally applied for a $28.7 million rate increase, the Oklahoma Corporation Commission only approved a $15.25 million increase.

As a result, the average residential customer in Oklahoma will see a 34 cent increase on their monthly bill.

The settlement also ordered ONG to apply a $10.6 million tax credit received under the Tax Cuts and Jobs Act of 2017 to the rates.