OKLAHOMA CITY — Oklahoma Gas and Electric (OG&E) Energy Corp., has agreed to a $64 million rate reduction settlement which Oklahoma Attorney General Mike Hunter is touting as an historic event that will result in lower utility bills for OG&E customers starting this summer.
The Attorney General's Office recently announced the ongoing rate case with OG&E has been settled with an agreement that includes the largest rate reduction for an Oklahoma energy utility.
“This historic reduction represents the largest rate reduction ever received by customers of an Oklahoma energy utility and will put real money back in the pockets of hard working Oklahomans,” Hunter said in a statement.
According to the Attorney General's Office, the rate case settlement, along with the savings from the recent federal income tax cuts, means the energy company's residential customers can expect to pay an average of $18.71 less on their bills for July. In the following month average savings for standard residential customers should be about $4.44.
"Non-residential customers, such as businesses and government agencies, will see a total savings of approximately $32 million," the Attorney General's Office said in a statement.
According to the Attorney General's Office, members of the Corporation Commission need to approve the settlement prior to it taking effect.