Oklahoma Corporation Commissioners plan to hold a special meeting this week to begin the early stages of reviewing the $332.5 million rate hike request by Oklahoma Gas and Electric.
It will be during a Tuesday afternoon meeting and the commissioners are not expected to dig deeply into the request. That will come later when more detailed and involved hearings are held.
But in filings made with the regulators, OG&E stated it “is not earning sufficient operating income to produce a fair and reasonable return on capital or a fair and reasonable return on the value of its plant, property and other assets.”
It said it must have increased rates and “consequent additional revenues—if it is to continue to provide adequate and reliable electric service and earn a fair, just and reasonable rate of return on its investment.”
If such a large rate hike were approved, it would amount to a $19 increase per month for a typica residential customer. OG&E said it wants to achieve a 10.5% return on 53.5% equity.
As OK Energy Today has previously reported, OG&E’s request has drawn opposition from a large number of customers.
One of the latest came from a Norman woman.
“I’m dismayed to hear of yet another increase from OG&E. Last year’s electric bills were astronomical for most Oklahomans and
OG&E made record profits. If OG&E was doing anything to address the infrastructure problems in Oklahoma, then their rate increase may be justified,” she wrote.
“Nobody is giving me extra money so that I can make improvements, so why should we help them do the same? I think this is a ludicrous ask of OG&E.”
Before reviewing the OG&E request, Corporation Commissioners will deal with a 24-hour signing agenda and hold a possible vote on oral arguments in the matter of the application of the Fort Cobb Fuel Authority to cchange or modify its rates and charges.
Commissioners will also hold another technical conference on rulemaking for the Oklahoma Universal Service and Oklahoma Lifeline programs.
The Tuesday meeting will begin at 1:30 p.m.
