OKLAHOMA CITY – The Oklahoma Corporation Commission (OCC), on a vote of 2 to 1, approved the interim OG&E rates the utility has been charging customers since July 1, 2024.
 “It’s important to note this is not a new rate increase,” said Oklahoma Corporation Commission Chairman Kim David. “The approved rates are substantially lower than the increase OG&E originally requested, and its customers have been paying these rates for the past eight months. Inflation is hurting the pocketbooks of all Americans, and I believe our due diligence in this case correctly limits the impact to ratepayers while ensuring that OG&E retains the financial ability to provide safe and reliable service.” OG&E initially requested an increase of $332.54 million. The Commission previously approved the company’s interim rate increase of $126.66 million in November. Commissioners Kim David and Brian Bingman voted in favor of the final order in the case. Commissioner Todd Hiett voted against the order and will issue a dissent in the matter. |
 “Today’s vote will close this case and affirm those interim rates,” said Commissioner Brian Bingman. “For ratepayers, resolving this matter provides certainty and clarity about the rates they are being charged.” Residential customers experienced a 6.6 percent increase as of July 1, 2024. Across all rate categories, the increase for the utility amounted to 4.5 percent. In rate cases, the OCC Public Utility Division (OCC PUD) carefully reviews a utility company’s actual costs to ensure no profit is generated from providing the service. Considerable expert testimony was provided along with public comment and arguments from various stakeholders to ensure compliance with state law for all participants throughout the ratemaking process. The OCC PUD spends many hours reviewing utility company financial records, both revenues and expenditures, to carefully calculate the amount ratepayers are required to reimburse for the cost-of-service customers receive. Commissioners also consider the practicality of certain expenditures as it relates to whether ratepayers should shoulder the responsibility of any reimbursement. – OCC – |
