While utilities in Oklahoma are seeking rate hike approval from the Corporation Commission, a report by the U.S. Chamber of Commerce notes that the average price per kilowatt hour in Oklahoma actually dropped from 2022 to 2023.
The decline in Oklahoma put the state among only 17 states that experienced lower electricity rates last year while 33 states saw increases in their average prices.
The average price per kilowatt hour in Oklahoma in 2023 was 9.4 cents, down from 10.07 cents in 2022, according to the report by the Chamber of Commerce. The average residential rate was 12.28 cents per kilowatt hour while the commercial cost averaged 9.39 cents and industrial was 6.34 cents.
Electricity costs in Oklahoma have been on the increase since 2013 when the average was 7.81 cents a kilowatt hour. Over the years since, the average fluctuated: 8.10 cents in 2014, 7.83 cents in 2015, 7.72 cents in 2016, 8.12 cents in 2017, 7.99 cents in 2018, 7.74 cents in 219, and 7.46 cents in 2020. In 2021, the cost was 8.83 cents while it was more than 10 cents per kilowatt hour in 2022.
The Chamber found that Maine, Rhode Island, California, Connecticut, and Nevada experienced the biggest price spike, with Maine’s electricity users paying 20% more than in 2022. Hawaii, California, and several Northeastern states continue to have the highest electricity prices.
Why is the Chamber concerned that it released its report?
“When electricity costs surge, the burden on households and businesses intensifies. The economic consequences are severe, with operational costs spiraling and the possibility of job losses,” stated the Chamber.
The release came as the Biden administration prepared to release its finalized new EPA regulations targeting electric power plants.
“These new regulatory pressures on the power sector will keep prices higher this year while driving them even higher in the future,” stated the Chamber.
Oklahoma’s average price of 9.4 cents per kilowatt hour compared to 11.12 cents in Kansas, 9.99 cents in Texas, 9.67 cents in New Mexico, 9.74 cents in Arkansas, 11.01 cents in Missouri and 11.77 cents in Colorado.
