OKLAHOMA CITY (KFOR) – As temperatures continue to climb across the Sooner State, electricity bills are also on the rise.
Oklahoma Gas and Electric Company announced that it had reached an uncontested $30 million settlement in its request to state regulators to adjust base rates.
The settlement includes a monthly increase to the Low Income Assistance Program credit, a new low-cost pricing plan for electric vehicle owners, and a refund to customers related to a reduction in the state’s corporate income tax rate.
However, officials say the average residential customer can expect to see a $2.07 increase to their monthly bill.
“We appreciate the open and transparent rate review process conducted by the Oklahoma Corporation Commission. The settlement is a fair compromise that provides great benefits for our customers while allowing us to recover critical and necessary investments made to improve the electric grid,” said Christi Woodworth, vice president of marketing and communications for OG&E.
The settlement is subject to final approval by the Oklahoma Corporation Commission.
The company said interim rates will go into effect on July 1.
Company officials say the increase is needed to modernize the electric grid.
“All of these investments ultimately improve the customer experience by reducing the number and duration of outages, while modernizing the system as our service area continues to grow,” Woodworth said.