The Corporation Commission voted on Tuesday in favor of Oklahoma Attorney General Mike Hunter’s recommendation requiring five state utilities to account for savings from Tax Cut and Jobs Act of 2017, according to a report published in The Oklahoman.
Passed by a vote of 2-1, the order was supported by Commissioner Todd Hiett and Commission Chairman Dana Murphy. Commissioner Bob Anthony opposed the order on the grounds that he preferred an immediate refund to ratepayers.
Last week, OK Energy Today reported that administrative law judges with the regulatory commission recommended that savings to Oklahoma Gas and Electric, Public Service Company of Oklahoma, Oklahoma Natural Gas, CenterPoint Energy and Arkansas Oklahoma Gas be subject to rebates to their customers.
The approved order requires the utility companies to include cost savings calculations in pending rate cases or other commission proceedings.
“This order does require an immediate rate reduction,” said Commissioner Todd Hiett. “It would ensure the customers get everything they have coming for them, plus interest.”
The Oklahoma Corporation Commission’s Public Utility Unit must work with the utility companies to determine how to pass through the cost savings to ratepayers.
“I agree, we should move quickly,” said Commissioner Todd Hiett. “But we need to give the companies time to calculate what tax refunds might be appropriate.”
“We hope the commission will press forward without delay in completing its review of the amount to be refunded to customers, and in lowering customers’ rates going forward,” said Oklahoma Attorney General Mike Hunter.
