OCC: Lower Taxes May Lead To Lower Oklahoma Utility Rates

It may be too soon to fully understand what the new federal tax law will mean for you, but state officials say one of the benefits might be lower utility bills.

One of the new law's cornerstones is a drop in the corporate tax rate to 21 percent.

The Oklahoma Corporation Commission says that means PSO will pay $28-million in federal taxes, OG&E will pay about $58-million less and ONG about $17-million less.

Commissioner Bob Anthony wants the agency to take immediate action, to try and make sure the savings are passed on to ratepayers.

"Right now today, there's a component in your utility bill to pay for federal taxes, if it drops in half, then why should you still pay the higher amount. The company isn't going to pass that higher tax onto the federal government," said Bob Anthony.

Rate cases have already been filed and the next step will be hearings where the utilities will be able to argue their case.