Former Oklahoma City State Rep. Mike Reynolds has gone to the Oklahoma Supreme Court challenging the constitutionality of the securitization process used by utilities in spreading their February winter storm costs over decades.
He filed a formal protest against the recent request by the Oklahoma Development Finance Authority for the Supreme Court’s approval of up to $800 million in bonds proposed to retire OG&E’s $760 million in storm costs.
The Corporation Commission, on a 2-1 vote approved the utility’s request to classify the costs as prudent and reasonable. In a challenge filed this week, Reynolds wrote the sale is barred by the Oklahoma constitution.
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