The Oklahoma Corporation Commission has on its Wednesday agenda a possible vote on whether to approve millions of dollars in tax savings for Public Service Company of Oklahoma.
It was back in late June when an Administrative Law Judge recommended the Commission approve tax savings that will result in reduce rates for PSO customers. It came after Oklahoma Attorney General Mike Hunter had filed five motions late last year to ask for an immediate reduction in rates because of the tax savings for major public utilities in the state.
The commission voted against immediate rate reductions and wanted to review the tax savings and a possible lowering of rates at a later time.
At the time, the attorney general explained the companies will begin seeing immediate major savings after the federal tax cut was implemented.
“Oklahomans who are customers of these companies should immediately retain the benefits of the savings from the tax cut in the form of lower rates. We urge the OCC to act quickly and in the best interests of customers, not company shareholders,” he said in June. “The tax cut provides an opportunity for real savings for customers, especially during the summer months when energy usage rises along with the temperature.”
He urged the commissioners to complete the review as quickly as possible to benefit PSO customers.
The attorney general’s staff estimates that if the recommendation is approved, residential customers would save an average of $23.85 over the rest of the year.
The possible discussion and vote will take place Wednesday morning during a regular meeting at 9:30 a.m.