Lower costs for the fuel used to generate electricity means customers of Public Service Company of Oklahoma will soon see lower electric bills.
Beginning with the October billing cycle, PSO is lowering the fuel cost adjustment on customer bills, which will result in decreases between 2.9 percent and 19.2 percent, depending on customer class and usage. A residential customer who uses 1,100 kilowatt-hours a month will see a reduction of $3.68 due to this change. For larger commercial and industrial customers, for whom fuel costs make up a significantly larger portion of their bill, the new prices will add up to thousands of dollars in savings.
“The reduction in the fuel cost adjustment is largely the result of continued lower prices for natural gas, which PSO uses to generate a substantial portion of the electricity used by our customers,” said PSO’s Matthew Horeled, vice president, Regulatory & Finance. “Our fuel forecasts continue to show these lower prices going forward, which is good news for our customers.”
PSO is prohibited by law from making a profit on the fuel it uses to generate electricity, and the cost savings realized when fuel prices are low are passed along to customers.
Horeled advises that despite the good news regarding fuel prices, customers should continue to focus on using electricity wisely. For energy saving tips and information about PSO’s energy efficiency programs, visit www.PSOklahoma.com.
Public Service Company of Oklahoma (PSO), a unit of American Electric Power (NYSE: AEP), is an electric utility company serving more than 554,000 customers accounts across 30,000 square miles in eastern and southwestern Oklahoma. Based in Tulsa, PSO has nearly 3,800 megawatts of primarily gas-fired generating capacity, 22-thousand miles of distribution lines, 37-hundred miles of transmission lines, and is one of the largest distributors of wind energy in the state.