A vote Wednesday by the Oklahoma Corporation Commission finalized a rate increase by Public Service Company of Oklahoma (PSO). The utility initially proposed a hike of $218 million but the final agreement was reduced to $119.5 million.
A monthly increase of about $12 has appeared on ratepayers’ bills since Oct. 23, said Commissioner Kim David.
“This is not an additional increase on the residential ratepayers or any other customer of PSO,” she said. “So, these rates have been in effect.”
PSO filed the request in 2023 to help pay for more energy reliability measures. In a news release, the utility company said the rate increase will help pay for actions to reduce the length and frequency of power outages in Oklahoma.
“With the increasing challenges posed by Oklahoma weather and growing energy demands, PSO recognizes the need for a grid that can effectively withstand these pressures and continue to serve our communities without interruption,” said Leigh Anne Strahler, PSO president and chief operating officer.
Before voting for the agreement, Commissioner Todd Hiett said the increase was significant but the costs to improve reliability are justified.
“I don't know that I like it, and I don't know that the customers will like it, but it is what it is,” Hiett said.
David and Hiett voted to formalize the agreement, while the newest commissioner abstained. Brian Bingman, sworn into the position Monday, said he would wait for the next rate increase case.
According to Hiett, the next increase from PSO is expected next year.
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