Oklahoma Gas and Electric Co. to issue refunds
Mar. 21, 2017
OKLAHOMA CITY (AP) — An Oklahoma electric utility company will refund its customers after the Oklahoma Corporation Commission voted for a smaller rate increase than requested.
The commission voted Monday for a rate increase totaling $8.8 million, The Oklahoman (http://bit.ly/2n3NIIg ) reported.
Oklahoma Gas and Electric Co. filed a rate case in 2015, asking for an increase of $92.5 million. Commissioners have had the case since early February, after a judge recommended a rate increase of $40.7 million.
Oklahoma Gas and Electric Co. customers have been paying $69 million in higher interim rates since July. According to its latest financial statements, utility collected $39 million through Dec. 31.
The commission said the company's customers should be receiving refunds on a monthly basis through December bills.
Attorney General Mike Hunter, whose office represents consumers in utility cases, said he's pleased customers will be getting a rate refund on higher interim rates.
"In denying the OG&E request of over $90 million in increased rates, the commission has acted in the best interests of OG&E ratepayers," Hunter said in a statement.
Brian Alford, a spokesman for the Oklahoma Gas and Electric Co., said the utility was disappointed with the commission's decision.
"We've invested $1.6 billion in assets that are in use today, and the commission did allow recovery of those dollars but they extended the useful lives of some of that equipment beyond 100 years," Alford said. "That lowers rates today but shifts the burden to customers in the future."
The company plans to file another rate case by the end of the year.
Information from: The Oklahoman, http://www.newsok.com