November 6, 2023
After two recesses on Friday, Oklahoma Corporation Commissioners held a short minute meeting in which they approved a rate hike case for Public Service Company of Oklahoma.
PSO services western and southwest Oklahoma.
The delays were the result of a new final order proposed by commissioners on PSO’s $155 million rate hike request that underwent 3-days of review and challenges before an administrative law judge last May. PSO spent time Thursday night late and early Friday morning putting a pencil to the adjusted figures as proposed and drawn up largely by Commission Chairman Todd Hiett.
Under the order, PSO customers will eventually see a drop in their bills beginning in January, despite the average rate hike of $5.35 a month. An estimated decline for the average residential customer will be $11.73 a month.
Commissioners explained the rate hike will amount to $5.35 for PSO customers but they will also eventually see a $17 a month downward adjustment on their fuel costs.
Officials say that it is an actual lowering of bills with the actual drop being $17.08 for an average residential customer. But there will be the increase of $5.35.
The Commission’s order approved an overall rate increase that is approximately $139.3 million dollars less than PSO’s original request. PSO initially sought a $294,497,000 rate increase. The Commission’s order resulted in a $131,208,000 rate increase.
The final order provides PSO with an overall 2.4% retail increase for all customer classes.
Corporation Commissioners voted 2-1 for the increase.
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