An appeal brief filed Thursday by Rep. Tom Gann, R-Inola, asks the Oklahoma Supreme Court to invalidate some $700 million in ratepayer-backed bonds issued to cover costs incurred by Public Service Company of Oklahoma (PSO) during February 2021’s Winter Storm Uri. Payments for those bonds have been collected on the monthly bills of PSO’s customers since the bonds were issued in September 2022. They are scheduled to continue for another 17 years.
Gann’s brief tells the court that the Oklahoma Corporation Commission (OCC) failed to provide a required audit of the bonds in PSO’s most recent rate case. He also argues PSO’s original 2021 Uri costs that were securitized into the bonds were never audited either. Gann asserts the audit failures are fatal in both cases, making the OCC’s orders void.
Continue reading