Updated: The Oklahoma Corporation Commission has approved a settlement agreement which will initially result in an average increase of $1.27 in the average residential bill. However, the settlement includes a Commission order that requires ONG to apply a $10.6 million tax credit received under the Tax Cuts and Jobs Act of 2017 to the rates in question. That credit will be applied in February of 2022, lowering the overall increase to 34 cents a month for the average residential customer on an annualized basis.
Not including the application of the tax credit, ONG originally applied for an increase of $28.69 million. The amount approved was $15.25 million.
As announced today, the settlement was agreed to and offered to the Commissioners for approval by the Oklahoma Attorney General – who represents the ratepayer before the Commission, AARP, the Public Utility Division of the Corporation Commission, and the Oklahoma Industrial Energy Consumers (OIEC).