Rate agreement reached with Oklahoma utility
(The Center Square) – Customers with the Public Service Company of Oklahoma will see a nearly $2 rate increase for a few months in 2025 before seeing a decline in 2026, per an agreement reached with the utility and Oklahoma Attorney General Gentner Drummond.
The agreement, which still needs the approval of the Oklahoma Corporation Commission, will allow PSO to build three solar farms and three wind farms. The six projects have a combined price tag of $2.5 billion. The project cannot exceed that amount to keep taxpayers from absorbing any of the costs, according to Drummond.
The project’s reduction in fuel usage and production tax credits will lead to a decrease in consumer bills by $2.58 a month in 2026, according to a news release from Drummond’s office.
“With a project of this magnitude, it was imperative to put in place customer protections to safeguard Oklahoma ratepayers,” Drummond said. “I am pleased that this settlement will result in more capacity in times of need, at cheaper rates for PSO customers.”
The agreement includes several parties representing “customer interests,” according to Drummond.
The settlement is part of PSO’s Fuel Free Power Plan, announced last year and settled earlier this month, according to information on the company’s website.
Company officials said the plan adds 995.5 megawatts of new renewable energy to its generation mix. PSO serves 568,000 customers in eastern and southwestern Oklahoma, the company said.
