OG&E, others reach settlement

July 03, 2009 11:37 am

— OKLAHOMA CITY (AP) — A settlement has been reached between Oklahoma Gas and Electric Co. and state regulators that would give the utility company a $48 million annual rate increase.

The agreement by OG&E, Attorney General Drew Edmondson's office, Oklahoma Corporation Commission staff and intervening parties must be approved by the Corporation Commission members before it is finalized.

OGE Energy Corp. chairman Pete Delaney says the rate hike would result in a monthly increase of about $6 for the average residential customer. That would be offset by a reduction in monthly fuel costs resulting from lower natural gas prices.

Delaney says those customers should see no total increase in their monthly bills for at least a year.

The Corporation Commission has set a hearing on the settlement for July 22.