April 10, 2020
By News Director Jared Atha
Lower costs for purchased power and the fuel used to generate electricity means customers of Public Service Company of Oklahoma will soon see lower electric bills.
In a press release, PSO officials announced that the company has submitted a request to the Oklahoma Corporation Commission asking to reduce the monthly fuel cost recovery on customer bills. If approved as filed, the reduced fuel costs will be reflected on customer bills beginning with the May billing cycle. PSO says this will lower fuel costs for all customers, with residential customers seeing a 24 percent decrease in the fuel portion of their bills.
For a residential customer who uses 1,100 kilowatt-hours a month, the lower fuel factor will decrease their monthly bill by more than $9.00. For larger commercial and industrial customers, for whom fuel costs make up a significantly larger portion of their bill, the new prices will add up to thousands of dollars in savings.
Matthew Horeland, vice president of Regulatory and Finance says the reduction in the fuel cost adjustment is largely the result of continued lower prices for natural gas, which PSO uses to generate a substantial portion of the electricity used by PSO customers.
Officials say the lower monthly fuel cost adjustment will remain in effect through the end of this year.
