This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

OG&E Implements Interim Rates, Lowers Fuel Costs; Most Bills Will Decrease

OKLAHOMA CITY, May 21, 2012 /PRNewswire/ -- Oklahoma Gas and Electric Company (OG&E) announced today that it will implement an interim $24 million annual increase to its Oklahoma rates beginning June 1, but also will seek approval to simultaneously lower fuel costs by $50 million annually, resulting in a net bill reduction for residential, commercial and industrial customers.  

The move comes nearly one year after the company made its initial filing for a $73 million increase at the Oklahoma Corporation Commission.

"We believe that this is an equitable, short-term solution," said OG&E spokesman Brian Alford.  "We are able to cover our costs by implementing new rates, which are subject to refund should the Commission's order ultimately provide for a lower increase.  And, we can provide assurance to our customers that their summer bills will not go up as a result of our rate request. We understand our customers' concern over high bills during the summer months."  

Alford also said that lower-than-forecasted natural gas prices allow the company to lower the current fuel charge factor for customer bills.

By statute, if the OCC takes more than 180 days to complete its review and issue an order in rate case proceedings, a utility may implement interim rates, subject to refund. OG&E made its initial filing at the Commission July 28, 2011.

"During the past several years, we have invested well over $500 million in electric system improvements," Alford said.  "With significant additional investment on the horizon, we must keep our credit card balance in check, so to speak, so that we're able to meet future investment needs."

OG&E, a subsidiary of Oklahoma City-based OGE Energy Corp (NYSE: OGE), serves more than 792,000 electric customers in Oklahoma and western Arkansas.

SOURCE OG&E

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs