OKLAHOMA CITY (AP) — Oklahoma regulators have approved a $46 million annual rate increase for the state's second largest electrical utility.
The three-member Oklahoma Corporation Commission voted unanimously Thursday to approve the hike for Public Service Company of Oklahoma, which serves about 550,000 electrical customers in eastern and southwestern Oklahoma.
Under the $46 million agreement, the average residential customer will pay about $2.38 more per month for electrical service. PSO originally requested an $88 million rate hike, which would have increased residential rates an average of $7 a month.
PSO requested the rate increase in September to replace and upgrade infrastructure and invest in new technology to improve reliability and efficiency. Commission Chair Dana Murphy says the settlement agreement addresses reliable service as well as cost.
PSO's parent company is American Electric Power.