News Release: Commission approves PSO settlement

Oklahoma Corporation Commission sent this bulletin at 03/14/2019 01:22 PM CDT

Having trouble viewing this email? View it as a Web page. Bookmark and Share

OKOCC Banner

News from the Oklahoma Corporation Commission

Matt Skinner, Public Information
Phone: (405) 521-4180
m.skinner@occemail.com 


March 14, 2019

Media Advisory

Commission approves PSO settlement


The Oklahoma Corporation Commission has unanimously approved a settlement in the Public Service Company of Oklahoma (PSO) rate case.

The company originally requested an $88 million overall rate increase, resulting in an estimated $7 monthly increase for the average residential customer. Under the settlement, the overall rate increase is reduced to $46 million per year, or about $2.38 more per month for the average residential customer.

Commission Chairman Dana Murphy called the settlement a ‘win-win,’ addressing the key concerns of reliability and cost.

“The agreement is proof that in Oklahoma, parties with different agendas can reason together in a spirit of cooperation and collaboration with the ultimate goal being a result that benefits all,” Murphy said. “The settlement means Oklahoma will continue to be able to offer industry and residents alike reliable service at the lowest cost in our region.”

Commission Vice Chairman Todd Hiett agreed, noting that affordability and reliability have to go hand-in-hand.

“While Texas is already warning that there might be brownouts in that state this summer as demand overwhelms supply, Oklahoma is able to offer the second-lowest average price for electricity in the nation, while also ensuring reliability,” Hiett said. “The settlement developed by the parties to this case supports Oklahoma’s enviable position in America when it comes to electric utility service.”

Commissioner Bob Anthony noted the settlement provides certainty for customers and the company alike.

“Approval of this agreement means customers in all sectors and PSO now know what to plan for, without waiting for months while the rate case is litigated,” Anthony said. “The agreement also sets up a process in which PSO will be able to address, in a timely manner, reliability projects that would otherwise may have to wait for a lengthy approval process, while still providing ratepayer protection.”

The agency’s Public Utility Division (PUD) reached the settlement with PSO in the utility’s rate case on Feb. 27. Other parties involved in the settlement negotiations included PSO, AARP, the Oklahoma Attorney General, and Oklahoma Industrial Energy Consumers (OIEC).

The settlement agreement can be found here: http://imaging.occeweb.com/AP/CaseFiles/occ30208336.pdf

Read the Commission’s order here: http://imaging.occeweb.com/AP/Orders/occ30215040.pdf

- OCC-

All OCC advisories and releases are available at www.occeweb.com