ONG Seeks Approval For Repayment Plan From 2021’s Historic Freeze
Beverly Cantrell - January 25, 2022 10:06 am
Oklahoma, News 9-
The Oklahoma Corporation Commission will meet Tuesday to decide if Oklahoma Natural Gas customers will pay more money to recoup the cost of last year’s historic freeze.
For an average ONG customer, it could mean an additional $5-$8 over the next 25 years.
This would be a separate charge from your monthly bill.
It’s meant to help the utility company recoup the enormous cost of last year’s historic freeze.
On Valentine’s Day of 2021, Oklahoma and 13 other states got no love from mother nature.
Temperatures plunged and natural gas freeze-offs led to skyrocketing prices.
For ONG, the total cost ended up being more than 1.3 billion dollars.
A law signed last year allows energy companies, like ONG, to recoup those costs over the next 20-30 years.
The measure, known as Securitization, creates state-backed bonds which the commission said are meant to reduce monthly charges for customers by stretching payments out over several decades.
Another request for state bonds from utility company OG&E is being challenged in court.
One former state representative bringing the legal challenge argues Oklahomans should have had the chance to vote on the Securitization law.
The challenge is set to go before the State Supreme Court Wednesday.
Tuesday’s hearing regarding ONG starts at 2:30 p.m.