Public Service Company of Oklahoma says its customers will see an immediate decrease in their electric bills due to continued low prices for fuel used to generate electricity.
With its November billing cycle, PSO is lowering the fuel cost adjustment on customer bills, which will result in decreases between 1.6 percent and 4.8 percent, depending on customer class and usage.
A residential customer who uses 1,000 kilowatt-hours a month will see a reduction of $1.39 due to this change. For larger commercial and industrial customers, whose bills are largely made up of fuel costs, the new prices will add up to thousands of dollars in savings.
"The reduction in the fuel cost adjustment is largely the result of continued lower prices for natural gas, which PSO uses to generate a substantial portion of the electricity used by our customers," said Bobby Mouser, Director – PSO Customer Services and Marketing. "Our fuel forecasts continue to show these lower prices going forward, which is good news for our customers."
The utility, in a news release says PSO is prohibited by law from making a profit on the fuel it uses to generate electricity and the company passes along to its customers the cost savings realized when fuel prices are low.