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OG&E Goes From Rate Increase to Rate Cut

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Customers of Oklahoma's largest electric utility could get a break on their electric bills next month under a settlement agreement reached between the company and state regulators.

Oklahoma Attorney General Mike Hunter announced the $64 million rate reduction settlement agreement with Oklahoma Gas & Electric Co. at a news conference on Tuesday. The agreement still must be approved by the three-member Oklahoma Corporation Commission.

OG&E was seeking a slight rate increase, but the agreement factors in savings the company will receive as a result of the cut to the federal corporate income tax rate approved by Congress.

If approved, Hunter says the average residential customer will see a savings of nearly $19 in July. After that, the savings for an average residential customer will be about $4.44 per month.