OG&E Seeks To Increase Rates, Corporation Commission Discusses Bond Measure

Thursday the Oklahoma Corporation Commission spent hours discussing the recently approved winter storm bond plan. 

The Oklahoma Corporation Commission vice chairman Bob Anthony said users are going to end up paying more than originally expected.  

The arctic blast left millions in Texas without power and sent natural gas prices skyrocketing back in February of 2021.  

Electric companies nationwide were paying way more than regular fuel prices.  

OG&E is trying to recover $760 million from the storm. 

Customers will pay it off over the next 28 years. 

Vice chairman Bob Anthony said that plan was grossly misrepresented and will cost 57% more per month than originally proposed. 

Anthony also said there's an additional $300 million in incentives in addition to fees not originally disclosed. 

During the meeting, which lasted several hours, representatives from Hilltop Securities and RBC answered questions from commissioners.  

Ultimately, they said the reason for the change in price was due to a delay in approval. 

Originally the bond measure was expected to be approved by the end of March. It was not approved until May and was put in place July 8.  

The representatives said that because of inflation, an increase in interest rates and carrying fees during that time, there was an additional $120 million added to the cost. 

In a statement to News 9 OG&E said: 

“Oklahoma Corporation Commissioner Anthony said it best when he said from the dais that he’s not qualified to analyze the municipal bond market, yet that hasn’t stopped him from pushing a false narrative that erodes the public trust, even as bond market experts dispute his claims. In fact, the increased customer impact Commissioner Anthony is decrying is directly attributable to the delay caused by the lawsuits he encouraged his friends to file during a rising rate environment. As Hilltop Securities put into the record today, that delay added $120 million in increased costs to customers. Today the facts spoke for themselves. Legislators, commissioners, judges, and bond market experts all have weighed in. It is time to move on.” – Ken Miller, vice president of public and regulatory affairs at OG&E.