The electric utility company had asked for permission to bump up base rates for the first time since 1994, but a judge in Oklahoma City, recommends that rates go down instead.
News on 6 anchor Scott Thompson explains what this means for people on PSO's power grid. It means folks won't see the rate hike the company was preparing its customers for.
PSO kicked off a tree-trimming campaign late last year, aimed at boosting power reliability. The same plan would have the company "burying" power lines in some problem spots around town. But with a project that extensive, PSO said they'd need their customers to pick up part of the bill.
PSO proposed raising base rates by less than $5 on each bill, to make up for a $40-million deficit. But a mediator says base rates should go down by almost $7-million a year. Now, the cost of projects PSO is dedicated to, like burying power lines, will have to be absorbed by the company. Stan Whiteford with PSO: "Certainly, we gave up some things that we would've liked to see some recovery for and been able to accomplish for our customers with more dollars.â€
That $7-million reduction means about a $1.45 off of your monthly bill, possibly beginning as soon as May.
The settlement doesn't close the door to PSO asking for rate hikes in the future.