Oklahoma Gas and Electric Co. (OG&E) is moving forward with raising customer bills starting July 1, despite awaiting approval from the Oklahoma Corporation Commission.
OG&E reached a settlement with all parties except the AARP, which opposed the utility’s initial rate request that would have increased the average monthly residential bill by $19.02.
An OG&E spokesperson said that the proposed rate increase is essential to support infrastructure investments made over the past two years. Despite the rate hike, OG&E customers are expected to pay less than last summer due to falling fuel costs.
The settlement reduced the rate hike from a historic 13.85% ($332.5 million) to 6.6% ($126.6 million), resulting in an average monthly residential bill increase of $9.58—the highest in over 20 years.
This settlement was presented last week to an administrative law judge who has yet to make a recommendation to the Oklahoma Corporation Commission, which has the final say on utility rate increases. The commission has not yet set a hearing on the application.
An Oklahoma Corporation Commission spokesman stated that state law permits OG&E to implement the unapproved rate increase.
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