A hearing over an agreement covering the more than $1.3 billion in February storm natural gas costs by Oklahoma Natural Gas begins Monday morning before an Administrative Law Judge at the Oklahoma Corporation Commission.
The hearing will cover a proposed settlement of the case that focuses on ONG’s extreme purchase costs in the amount of $1,284,101,405 covering the period of Feb. 11, 2021 to Feb. 19, 2021.
The proposed settlement also covers another $73,198,595 in what are described as Extraordinary costs such as financing costs.
As the settlement stated, the total amount of ONG’s Extreme Purchase costs covering its acquisition of natural gas during the storm and Extraordinary costs with financing is estimated to be $1,357,300,000.
What is being proposed is a Financing Order for the securitization of the $1.3 billion over a 25-year scheduled amortization for cost recovery.
State Attorney General John O’Connor’s office has signed off on the deal as well as ONG and the Public Utility Division of the Oklahoma Corporation Commission.
The hearing will begin at 8:30 a.m. on what is described as the Oklahoma Natural Gas Securitization case, PUD 202100079.
The hearing will be held in room 301 of the Jim Thorpe Building, 2101 North Lincoln Blvd., Oklahoma City.
Public comments will be taken at 8:30 a.m. The public is welcome to join the hearing by attending in the courtroom or via Zoom.
- Read the company’s application.
- Read the proposed settlement in the case.
- Find more testimony related to the proposed settlement: