OKLAHOMA CITY - The Oklahoma Corporation Commission voted to approve the settlement in the Oklahoma Gas & Electric rate case. The settlement calls for a $64 million rate reduction and an $18.5 million tax refund.

OG&E customers will receive a one-time refund as a result of the federal corporation income tax cut. Residential OG&E customers will see an average approximate reduction of $18.71 on their July bills. Each subsequent month, the average savings for a standard residential customer will be approximately $4.40.

 “The timing of this couldn’t be better, as the savings will begin at a time when electric bills are the highest because of the summer heat," said Commission Chairman Dana Murphy.