PSO submits filing to lessen customer impact of higher February storm costs

 

Public Service Company went to Oklahoma regulators less than a week after the historic winter storm to ask for help in cost recovery of making sure the state could provide power to homes and businesses.

In a press released on Thursday, PSO called it a filing “designed to minimize the impacts that dramatic increases in fuel costs could have on customer bills.”

In the filing, it referred to the filing as a “need to address cost recovery.”

“PSO has filed this application to explore approval of regulatory treatment for cost recovery of natural gas, purchased power and related costs,” stated the utility in its filing made Wednesday to the Oklahoma Corporation Commission.

The company later said the filing, if approved, will increase the fuel cost adjustment on customer bills to reflect higher prices for natural gas and purchased power associated with the recent winter weather event, but would extend recovery of those costs over a longer period of time to avoid extreme bill increases.

While the final cost increase amount has not been determined, it is clear those fuel costs, along with the costs of PSO’s purchased power agreements were sharply higher than forecasted. The alignment of incurred fuel costs through this filing are requested to be spread out over an extended period of time to minimize impacts on PSO customers.

“We understand these fuel cost increases may create hardships for some customers and our priority has been to find a way to minimize those impacts. The costs associated with last week’s events were extraordinary and this filing is part of our effort to work with customers, regulators and others to find solutions,” said Matthew Horeled, PSO vice president – Regulatory & Finance.

PSO will continue to keep in place new and expanded payment plans for customers and will accommodate customers requesting removal from voluntary automatic payment plans.

PSO offers programs and information to help customers reduce the amount of energy they use.  Customers looking for information on how to save money on their electric bills are encouraged to visit PSOklahoma.com/save.