Oklahoma AG Seeks Rate Cut For Consumers
OKLAHOMA CITY - Oklahoma Attorney General Mike Hunter says utility companies that stand to save an estimated $100 million in new federal corporate tax cuts should pass those savings onto Oklahoma residents.
Hunter announced Thursday he has filed five motions with the Oklahoma Corporation Commission seeking a reduction in rates for Oklahoma customers.
The utility companies include Oklahoma Gas & Electric, Public Service Company of Oklahoma, Oklahoma Natural Gas, CenterPoint Energy, and Arkansas Oklahoma Gas.
“There is no reason to delay creating a regulatory liability for excess accumulated deferred income tax,” Attorney General Hunter wrote in the motions. “Without doing so, customers may permanently lose the benefits of any portion of excess accumulated deferred income tax drawn down during the pendency of this cause.”
Hunter filed the motions on the day President Donald Trump signed the sweeping overhaul of federal tax law that includes a reduction in the highest corporate tax rate from 35 percent to 21 percent.
A hearing on the matter is scheduled for January 4th.
The Associated Press contributed to this report.