Oklahoma Corporation Commissioners signed off Tuesday on a rate hike for Northeast Oklahoma Electric Cooperative that will increase residential bills to $35 a month.
The request was approved on a 3-0 vote as Commissioners Kim David, Brian Bingman and Todd Hiett found a joint stipulation in which none of the parties involved objected, was “fair, just, reasonable and in the public interest.”
Commissioner Kim David found the $35 a month rate for residential customers “a little high but I’m good with it.”
The company asked for the rate adjustment and reported it was necessary because of a $5.45 million revenue deficiency. The order also allowed Northeast Oklahoma Electric a return on equity of 8.86% and overall rate of return of 5.81%.
Formed in 1938, the rural electric cooperative headquartered in Vinita has more than 5,000 miles of service lines. It also has 38,000 meters in Craig, Delaware, Mayes, Ottawa, Nowata, Cherokee, and Rogers Counties.
At the same meeting, commissioners received an extensive update on the status of numerous energy bills being considered in the legislature that could or will have an impact on the agency.