The Oklahoma Corporation Commission has approved a settlement agreement which will result in an estimated rate increase of 34 cents in the monthly bill of an average residential Oklahoma Natural Gas (ONG) customer.
Residential ONG customers who use for than 5,000 dekatherms will see a monthly increase of 50 cents per month according to the Commission’s announcement Wednesday afternoon.
The settlement includes a Commission order that requires ONG to apply a $10.6 million tax credit received under the Tax Cuts and Jobs Act of 2017 to the rates in question.
Not including the application of the tax credit, ONG originally applied for an increase of $28.69 million. The amount approved was $15.25 million.
The settlement was agreed to and offered to the Commissioners for approval by the Oklahoma Attorney General – who represents the ratepayer before the Commission, AARP, the Public Utility Division of the Corporation Commission, and the Oklahoma Industrial Energy Consumers (OIEC).