The Oklahoma Corporation Commission on Tuesday approved an order determining how Oklahoma Natural Gas will return nearly $23 million to customers from the 2017 federal tax cuts.
All three commissioners, Dana Murphy, Bob Anthony and Todd Hiett signed the order that will result in lower bills for ONG customers.
ONG Customers will receive $22.7 million in savings over the next year. Customers will receive a rate reduction of approximately $11 million plus $11.7 million in one-time credits from ONG’s income tax savings after the federal income tax rate fell to 21 percent. The average residential customer will see approximately $15 in savings next month and a smaller balance in subsequent months for the rest of the year.
The order followed Attorney General Mike Hunter’s motions that asked for the state’s leading investor-owned utility companies to return tax savings to customers. The attorney general filed the motions the same day the tax cuts were passed.
Attorney General Hunter said the rate reduction and credit comes at a particularly helpful time, with the coldest months of the winter still ahead.
“Winter is one of the most expensive times of year for natural gas utility customers,” Attorney General Hunter said. “Reducing rates and giving money back to customers will help a lot of Oklahomans. I commend the OCC commissioners, who approved this order. The state’s leading utility companies have seen major savings since the tax cuts took effect. The savings represent a windfall, over-collected from customers that needs to be returned to them.
“I appreciate the continued hard work and dedication of the staff in the Utility Regulation Unit in my office and everyone else who advocated for this money to go back to hard working Oklahomans.”
Read the order, here: https://bit.ly/2VAMOnb.