Oklahoma AG, PSO reach deal to slash proposed utility rate hike

Attorney General Gentner Drummond announced a settlement agreement Tuesday with Public Service Company of Oklahoma that slashes a proposed residential electric rate hike from 15 percent to 1 percent.

The utility’s original application would have increased the average residential customer’s monthly electric bill by more than $25. Under the newly negotiated agreement, that average monthly increase drops to approximately $2.45.

The settlement still requires final approval from the Oklahoma Corporation Commission.

“This is a major win for Oklahoma families, businesses and ratepayers,” Drummond said. “With inflation through the roof, consumers are already paying too much for goods and services. My office will continue fighting to ensure utility customers receive safe, reliable service at rates that are fair, just and reasonable.”

The attorney general’s Utility Regulation Unit worked alongside PSO and several intersecting interest groups to reach the compromise, which aims to protect consumer wallets while maintaining local grid reliability. Intervening parties signing onto the agreement include the AARP, The Petroleum Alliance and the Public Utility Division of the Oklahoma Corporation Commission.

Get a better reading experience with Our newsletter. Subscribe now for free and help us reach 1,000 subscribers!