PSO files to increase fuel cost adjustment on bills, but extend cost recovery due to February storm

Published on March 02, 2021 by Chris Galford

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As a result of a historic February storm that damages large swathes of the state, the Public Service Company of Oklahoma (PSO) has filed an effort to increase the fuel cost adjustment on customer bills but moved to minimize its impacts by extending its cost recovery period.

“We understand these fuel cost increases may create hardships for some customers, and our priority has been to find a way to minimize those impacts,” Matthew Horeled, PSO vice president of regulatory & finance, said. The costs associated with last week’s events were extraordinary, and this filing is part of our effort to work with customers, regulators, and others to find solutions.”

The final cost increase for these bills has yet to be determined. However, PSO admitted that the associated fuel costs have surged higher than expected, along with its purchased power agreements. PSO will spread the incurred fuel costs over a larger period of time to try and minimize impacts on PSO customers, but the adjustment is unnecessary to reflect current costs.

In the meantime, the company, which serves more than 562,000 customers in eastern and southwestern Oklahoma, is urging people to look into programs and information to reduce the amount of energy they use and save money. At this time, it also intends to keep new and expanded payment plans for customers and accommodate those requesting removal from voluntary automatic payment plans.