A settlement in Public Service Company of Oklahoma’s (PSO) rate review was approved Tuesday by the Oklahoma Corporation Commission (OCC).
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.”
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 PSO President and Chief Operating Officer Peggy Simmons. “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.”