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The Oklahoma Gas and Electric Company is asking the state’s Corporation Commission for an annual rate increase. They are requesting to raise the rate to $332 million, which would add an extra $19 per monthly residential bill. If they commission agrees it will impact more than 800,000 Oklahoma customers.
OG&E Vice President of Marketing and Communication Christi Woodworth spoke with Oklahoma Voice about the motive behind the ask.
“The majority of this rate review includes new technologies like grid automation that can reroute power during outages, new substation construction to support our growing service area, storm response, and electric grid hardening to improve reliability for our customers and strengthen the grid against the extreme weather that impacts Oklahoma.”
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Another Rate Increase?
Customers of OG&E and ONG have already seen rates rise over the past few years. Securitization legislation was passed following the record-breaking Winter Storm Uri of 2021. To pay back overages that occurred during the sub-zero weather the state passed Senate Bill 1050.
Taxpayers are responsible for repaying the overages to OG&E, ONG, and PSO. The collective sum is over $1 billion which will be doled out over 28 years.
Following securitization, Oklahomans have a monthly markup between $5-$8 on their utility bills. However, Kansas passed similar legislation following the storm and set a fixed rate of $5.64 a month.
To combat the multiple rate increases Oklahomans have witnessed in past two years, OG&E offers a Low Income Assistance Program. This gives eligible residents a $13 credit on their utility bill.
The average household size in Oklahoma is 2.5. To qualify for the program they would have to have a joint income of less than $2,137 per month. The median monthly income for a household of this size is $5,565.