Following Tuesday’s hearing on a rate hike request by Public Service Company of Oklahoma, the utility company announced that it reached an approved settlement with the Oklahoma Corporation Commission regarding its rate review. Under the agreement, PSO will continue to make system investments needed to improve and maintain a safe, secure and reliable electric grid.
The commission’s order found that the settlement is “fair, just and reasonable.” During the meeting, PSO testified that it experienced the biggest decline on record in 2020, with a 4.9% drop in its gross regional product. The company attributed the loss to the COVID-19 pandemic.
PSO’s current prices are based on 2018 expenses and even with this adjustment, rates will remain at or below state, regional and national averages. The monthly bill of a residential customer who uses 1,100 kWh/month would increase $5.07 or less than 5%.
“We appreciate the thorough review and constructive work of the Corporation Commission and all the parties involved in the case,” said Peggy Simmons, PSO President and Chief Operating Officer. “We recognize that increasing costs for products and services are concerning and all of us at PSO are committed to balancing affordability and reliability for the service we provide.”
