Oklahoma, OG&E reach settlement leading to rate reduction for customers
The State of Oklahoma and OG&E have reached a settlement that will result in lower utility bills for customers.
Oklahoma Attorney General Mike Hunter announced the settlement June 13. The rate case settlement of $64 million, along with a one-time refund from the federal corporate income tax cut, will lead to an average reduction of $18.71 for customers during July. Customers will see a $4.44 reduction in subsequent months.
Businesses and government agencies will see total savings of $32 million. Hunter says the settlement is the largest rate reduction ever for an Oklahoma energy utility.
"This historic reduction represents the largest rate reduction ever received by customers of an Oklahoma energy utility and will put real money back in the pockets of hard working Oklahomans," Hunter said. "My office remains committed to working with utility companies to ensure they are financially healthy, while providing affordable and reliable energy to customers."
The rate settlement must be approved by the Corporation Commission before going into effect.