Oklahoma Gas & Electric $64 million rate cut is approved

OKLAHOMA CITY (AP) – The Oklahoma Corporation Commission has approved a $64 million rate cut in utility bills proposed by Oklahoma’s largest electric utility.

The commission voted 3-0 Tuesday to approve the cut that was agreed to following months of negotiations between Oklahoma Gas & Electric, the state Attorney General’s Office, the commission’s Public Utilities Division and others over a proposal filed by OG&E early this year to slightly increase its rates. The agreement factors in tax savings OG&E will receive after the federal corporate income tax rate was cut by Congress last year.

The agreement provides the average OG&E residential customer an estimated savings of nearly $19 in July. After that, the savings for the average residential customer will be about $4.44 per month.

The three-member commission met and voted Tuesday morning.