Gov. Kevin Stitt signed two bills on Friday that will provide safeguards for Oklahoma utility customers.
OK Senate Bill 1049 creates the February 2021 Unregulated Utility Consumer Protection Act. OK Senate Bill 1050 creates the February 2021 Regulated Utility Consumer Protection Act. Co-authored by Sen. Chuck Hall, Sen. Roger Thompson, Sen. John Michael Montgomery, Rep. Kevin Wallace and Rep. Kyle Hilbert, the bills acknowledge the critical economic impact of harsh weather conditions between February 7 and February 21, 2021 which lead to soaring utility expenses passed through to ratepayers from utility entities. SB 1049 and SB 1050 will provide a prolonged period of time for utility customers to pay a lower amount until the debt is extinguished. Passed with emergency clauses, both measures are effective immediately.
“These bills protect consumers,” said Sen. Roger Thompson, chairman of the Senate Appropriations Committee. “This is a bold move by the Legislature for the people of Oklahoma.”
“Oklahoma ratepayers face dramatic and immediate increases in their utility and energy bills due to the February winter storm,” said Sen. James Leewright. “Securitization is the best option available to provide relief for families and small businesses in the form of lower monthly payments over an extended period of time.”