OG&E changes mind on rate hike request
Friday, January 16th 2004, 12:00 am
News On 6
(Oklahoma City-AP) -- Oklahoma Gas and Electric Company won't ask for a $91-million rate increase after all.
OG&E says it needed the money to cover the costs of a power plant it planned to acquire. But the majority acquisition deal for the NRG McClain plant near Newcastle might not go through until late summer.
Company spokesman Brian Alford says OG&E will ask the Oklahoma Corporation Commission for the rate increase later.
The rate increase would pay for the new power plant, rising operating costs and other projects.
The utility says the new rates will amount to about an extra four dollars a month for residential customers.
OG&E has said the new plant will give customers an average savings of $5 a month.