A lot has changed since Public Service Company filed a rate hike request late last year of $218 million before the Oklahoma Corporation Commission.
The request quickly grew to $231,198,000 and would have raised customers rates by an average $16 more a month. Since then, a negotiated Joint Settlement, lead by the Attorney General and supported by a number of consumer groups and agreed to by PSO, slashed the amount to $119.5 million with a reported negative impact on customers.
As explained by PSO Vice President of Regulatory and Finance, Matthew Horeled, there would not be a monthly increase because PSO’s proposed fuel factors will lower the average residential monthly bill by $16.93, which off-sets the approximate $12 a month increase. Horeled also staed that since January 2024, the changes in the fuel factors will have decreased the average residential monthly bill by $13.32.
The request (PUD2023-000086) will go before Corporation Commissioners during a special meeting at 9:30 on Tuesday with a recommendation of approval from Administrative Law Judge Kenneth B. Behrens as well as the commission’s Public Utility Division. The settlement agreement is the only item on the morning meeting’s agenda.
Those who signed the settlement agreement included:Jack P. Fite, Lauren Willingham, Kenneth A. Tillotson, Deborah R.
Thompson, and Anthony Hendricks, Attorneys representing Public Service Company of Oklahoma;
Natasha M. Scott, Chief Legal Counsel, Michael L. Velez, EJ Thomas, Michael S. Ryan, and Justin Cullen, Deputy General Counsels representing Public Utility Division, Oklahoma Corporation Commission;
A. Chase Snodgrass, Deputy Attorney General, Thomas L. Grossnicklaus, Senior Assistant Attorney General, K. Christine Chevis and Ashley N. Youngblood, Assistant Attorneys General representing Office of Attorney General, State of Oklahoma;
Thomas P. Schroedter, Attorney representing Oklahoma Industrial Energy Consumers;
Adam J. Singer, Attorney representing AARP;
Rick D. Chamberlain, Attorney representing Walmart Inc.;
Kayla D. Dupler, Attorney representing the United States Department of Defense and all other Federal Executive Agencies;
J. David Jacobson, Attorney representing The Petroleum Alliance of Oklahoma.
As part of the agreement, PSO accepted a term that stated it would not seek another rate hike until Jan. 1, 2026. The company had previously filed 7 rate hike requests over the past 10 years.