Oklahoma Gas and Electric Co. would receive a $48 million annual rate increase under a settlement announced Thursday.
The settlement, agreed to by OG&E, the state attorney general's office, the Oklahoma Corporation Commission staff and intervening parties still must be approved by the Corporation Commission before it can become final.
The average residential customer would see a monthly increase of about $6 from the rate increase, which would be offset by a reduction in monthly fuel costs resulting from lower natural gas prices, said Pete Delaney, OGE Energy Corp. chairman.
Those customers should see no total increase in their monthly bills for at least a year, he said.
A Commission hearing on the settlement will be held July 22.
Other components of the settlement include:
> A fuel cost reduction that would lower customers' bills by about $138 million over the next 12 months.
> Approval of the company's request to increase its monthly credit to participants in the Low Income Home Energy Assistance Program.
> Approval to implement the company's senior rate program, which would provide a five-month, $5 a month credit to seniors who participate in OG&E's Time of Use program.
> Approval of the company's requested recovery rider for implementation of its Norman smart grid program.
The company will review fuel charges after 12 months.
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