Oklahoma Gas & Electric is seeking approval from the Oklahoma Corporation Commission for a $332.5 million rate hike.
The new rate could increase the average customer’s bill by $19.02 a month.
OG&E says the proposed increase would help offset expenses incurred from its investments to the power grid. In addition, the $332 million increase includes $51 million to raise the cap on returns to shareholders from 9.5% to 10.5%, according to reporting by The Oklahoman.
The proposed rate hike comes after customers recently saw a decrease of about $25 due to a reduction in fuel costs. The utility company says no profit is made from fuel charges.
A legal challenge to the rate increase has been filed by AARP, a nonprofit organization that represents more than 38 million seniors.
"Oklahomans should not have to choose between buying prescription drugs, putting food on the table, or keeping the lights on and staying warm," AARP Oklahoma State Director Sean Voskuhl said in a statement at the beginning of the year.
A hearing is set for June 17 with the Corporation Commission. If approved, this would be the third rate hike since 2017, not counting fuel charge adjustments.
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