Thursday the Oklahoma Corporation Commission approved a plan that allows Public Service Company of Oklahoma (PSO) to recover the cost of all fuel needed to provide power during the Feb. 2021 winter storm.
This will increase customers’ monthly bills by $4.06. That includes interest and will stay on bills for the next 20 years.
The decision also requires the company to apply any other proceeds it receives from the storm directly to customers’ bills to lower fuel charges, and it requires PSO to take steps to improve its fuel supply plans to protect customers in the future.
This most recent decision was a concern of customers mere weeks after the Feb. winter storm.
Commission Chairman Dana Murphy pointed out this is better than customers having to pay a fee of $476 at once, as they would have had to do if it weren’t for the state securitization law.
This decision passed 2 to 1. Commissioner Bob Anthony rejected the move.
Anthony wrote in his rejection letter, “These bonds are like the salesman who sold you a car, calling you up years later and saying you actually owe 40 percent more, but he says he’s “saving” you money because he’s not charging you the price of the luxury car.”
AARP Oklahoma State Director Sean Voskuhl denounced the decision.
“PSO just received a $5 a month rate increase and now is piling on another $4 monthly charge for the next 20 years without once being asked to tighten their belt and pitch in to help their customers. It’s just plain wrong,” said Voskuhl in a statement.
PSO announced in December it was raising its rates based on its evaluation of current needs. PSO said it will use the extra funds to make system investments needed to improve and maintain a safe and reliable electric grid. The commission’s order found that the settlement was “fair, just and reasonable.”
©2022 Cox Media Group
Sign Up
