Public Service Company of Oklahoma looks to reduce costs for customers
The Public Service Company of Oklahoma (PSO) is seeking approval from the Oklahoma Corporation Commission (OCC) to reduce costs for customers.
The PSO request would reduce the monthly fuel cost recovery on customer bills. If approved, the reduced fuel costs would be reflected in customer bills beginning in the May billing cycle.
Specifically, the average residential customer who uses 1,100 kilowatt-hours a month would see their monthly bill decrease by more than $9. That comes out to an average reduction of about 24 percent.
For larger commercial and industrial customers, the new prices will result in thousands of dollars in savings, according to PSO officials.
“The reduction in the fuel cost adjustment is largely the result of continued lower prices for natural gas, which PSO uses to generate a substantial portion of the electricity used by our customers,” Matthew Horeled, vice president, Regulatory & Finance at PSO, said. “With the current state of the economy due to the COVID-19 pandemic, this reduction in fuel costs comes at a good time for our customers.”
The lower monthly fuel cost adjustment will remain in effect through the end of 2020, PSO officials said, pending approval by the commission.
PSO is a unit of American Electric Power. The company serves more than 554,000 customer accounts in eastern and southwestern Oklahoma.
