Oklahoma Corporation Commissioners will hold a meeting Wednesday afternoon and at least one complicated issue could be resolved concerning Public Service Company of Oklahoma.
At hand is PSO’s request concerning a Net Operating Loss Carry Forward request. The NOLC pertains to the utility’s request which involves when a business’es expenses exceed its income which resulted in a financial loss that can be used to offset future taxable income. PSO also had to seek what is known as a Private Letter Ruling from the IRS which offered guidance on how the utility was to handle the unusual circumstance and specific tax situation.
In this case, PSO’s total combined revenue requirement associated with its reinstated NOLC is approximately $57.944 million, based on the utility’s request of the IRS made in 2024. Commissioners could vote on deciding a start date for a return on the NOLC
I. A. Call to order
B. Announcement concerning public notice
C. Determination of quorum
II. Consideration of and possible vote(s) on proposed or potential orders in cases on the daily signing agenda docket. The Commission may discuss and consider alterations, revisions, or amendments to the proposed or potential orders. (Votes may be taken on individual cases, on the daily signing agenda docket as a whole, or both by individual cases and the remaining docket.)
III. Case No. PUD2024-000032, Application of Public Service Company of Oklahoma, an Oklahoma Corporation, for a Proceeding Before the Commission En Banc as Provided
for by Order No. 738226 to Address the Private Letter Ruling Received from the Internal Revenue Service:
A. Discussion and possible vote(s) to submit a letter from the Commission to the Internal Revenue Service (“IRS”), as described in paragraph 20 of Final Order No. 749853, requesting reconsideration of Private Letter Ruling 105952-22 (March 8,
2024), issued to American Electric Power Co. (“AEP”) and Public Service Company of Oklahoma (“PSO”).
B. Discussion and possible vote(s) to approve PSO’s proposed Private Letter Ruling request to the IRS, in compliance with paragraph 21 of Final Order No. 749853. The discussion and possible vote(s) may include PSO’s proposed submission letter and
C. Possible discussion with the attorney retained by the Commission to provide professional services, Michael R. Fontham.
D. Possible discussion and possible vote(s) regarding direction to Commission staff and/or Michael R. Fontham.
For III(A) and (B), the Commission may discuss and consider alterations, revisions, or amendments to the proposed or potential letter(s).
IV. Case No. CD2025-001760, Application of Jeremy Hodges, Director of Oil and Gas Conservation Division Oklahoma Corporation Commission, for Statewide Proration Formula for Unallocated Gas Wells for the Period of October 1, 2025, through
September 30, 2026 –
Hearing, deliberations, and possible vote(s) on a proposed Final
Order Establishing Proration Formula for the Period of October 1, 2025, through September 30, 2026, and/or any alterations, revisions, or amendments thereto proposed at the meeting
V. New business
A. Any matter not known about and which could not have been reasonably foreseen
24 hours before the meeting
B. Possible vote(s) on matters of new business
VI. Adjournment