Oklahoma Attorney General John O’Connor has decided he will not take part in the more than $800 million bond case before the state supreme court involving OG&E’s attempt to recover 2021 winter storm costs.
In a filing this week, the attorney general notified the court he would not intervene after the justices last month offered him the opportunity to intervene in the case filed by the Oklahoma Development Finance Authority. Several protests were filed after the ODFA went to the Supreme Court in order to get final approval for ratepayer-backed bonds.
The Attorney General’s filing indicated he supported the securitization process and pointed to his comments in the original case that was approved by the Corporation Commission on a 2-1 vote. O’Connor’s office stated at the time, “The lower interest rates of securitization bonds will save customers significant money over a likely term around 20 years.”
O’Connor did not agree to the final OG&E settlement reached with the Public Utilities Division of the Corporation Commission.
“Despite his prior involvement in the relevant Commission proceeding, there is no substantial contribution to be made in the present matter,” stated the filing this week. The filing also indicated O’Connor has “concerns with the procedural delays necessary to accommodate another of briefing.”
“In a rising interest rate environment, expeditious review stands to benefit customers to ensure securitization bonds or other financing measures are not eventually issued at higher interest rates,” concluded the filing.
In a related case, that of the constitutional challenge by former legislator Mike Reynolds of the 2021 Regulated Consumer Protection Act, the Supreme Court formally accepted the case this week and assumed original jurisdiction. The court also offered an opportunity to the Attorney General to intervene in the case if he chose to do so, giving him a March 15 deadline to respond.
Justices Darby, Kane, Kauger, Winchester, Combs, Gurich and Rowe concurred while Justice James Edmondson concurred in part and dissented in part. The filing did not offer an explanation of Justice Edmondson’s split decision.
As OK Energy Today reported earlier in the week, Justice Dana Kuehn recused herself from hearing the case and the recusal was reflected in the Court order accepting the case.