Oklahoma's second largest electricity provider says it's seeking an $88 million rate increase to upgrade aging infrastructure and become more efficient.
Public Service Company of Oklahoma asked the Oklahoma Corporation Commission Wednesday to authorize a rate increase to replace and upgrade infrastructure and invest in new technology to improve reliability and efficiency.
PSO says the rate increase would amount to about $7 per month for a typical residential customer.
PSO also says it's adopting a performance-based rate plan to lower electricity costs for most of the utility's 550,000 customers in Oklahoma.
“Customers benefit from our financial condition being tied to the achievement of certain levels of reliability, safety and customer satisfaction. They also benefit from reduced price volatility since rates would be gradually adjusted as costs go up or down” said Emily Shuart, PSO Director, Regulatory Services.
“PSO remains committed to providing our customers with safe, reliable, and affordable service and our proposal holds us accountable for accomplishing that.”
Beginning in October, PSO says residential customers will see lower fuel charges and a decrease in their bill of about $5 per month.
The Associated Press contributed to this report.