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PSO Files For Approval of 2024 Rate Review

PSO is committed to providing you with safe and reliable energy. To strengthen our grid and service, PSO filed a rate review in January 2024 with the Corporation Commission-a change of less than one penny per kWh for our average residential customer. This adjustment is crucial for us to enhance and safeguard our electric grid, comply with federal environmental standards and ensure our service remains both efficient and dependable.

Investing in Reliability and Efficiency

It's all about keeping the power flowing to homes and businesses across Oklahoma and improving your service. The electric grid is the most complex and universally relied on machine ever built. Technological innovation, security and resiliency are core components of this backbone that powers 232 cities and towns in Oklahoma.

This investment includes:

Strengthening the Grid:

Nearly half of all outages are caused by weather. By upgrading our grid and funding our vegetation management cycle, we're making it more resilient against Oklahoma's severe weather. This investment aims to lessen the impact of outages, affect fewer customers and restore power faster.

Transforming the Grid:

Embracing new technologies allows PSO to quickly detect and reroute power during outages, minimizing disruption. This grid transformation means you get more reliable service, quicker outage restoration times and better energy options.

Revitalizing the Grid:

To support Oklahoma's growing power needs and attract new business, we're investing in efficient grid solutions. A stronger grid leads to a stronger economy, ensuring reliable, high-quality, and affordable power for our communities.

Our Commitment to Affordability and Transparency

PSO's last three rate adjustments since 2018 have consistently aligned with or stayed below inflation rates, demonstrating our commitment to keeping your costs manageable. Despite an 8% inflation spike, our latest adjustment was just a 2.5% increase, maintaining our prices as some of the most competitive in the region and well below the national average.

Thanks to lower fuel costs passed along to our customers, along with bringing more fuel-free energy online, PSO customers will continue to receive the lowest cost energy available.

Essential costs including recovery from the 2023 Father's Day storm and the needed upgrades to delay retirements of natural gas units are key to this plan.

1. Recovery from the 2023 Father's Day storm: Over a three-year period, we will address the damages caused by this historic storm, ensuring our infrastructure is resilient.

2. Upgrades to delay natural gas unit retirements: These upgrades are necessary to comply with mandates from the Southwest Power Pool, our regional electric grid authority. By doing so, we enhance grid reliability and meet regulatory requirements.

What's Next

The proposed rate adjustment will see an increase of less than 1 cent per kWh, or about $15.84 per month for the average PSO residential customer. This is a 10% increase for the residential class and is a necessary step in continuing to provide reliable, high-quality service while meeting environmental standards, ensuring a strong grid for our energy future.

Final rates will be effective once a final order is issued in the case. Interim rates will be in effect no sooner than August 2024.

You will have more reliable service and more control over how you use energy. We will continue to secure and transform the electric grid, meet federal environmental requirements, and efficiently and reliably service customers. The efficiency savings helps keep your energy costs down and the technology also helps us restore outages faster when they happen.

Before changing prices, PSO is legally required to demonstrate that all costs and investments are reasonable and necessary, and that pricing structures are fair to all customers.

Rate cases are standard practice for public utilities in the United States where utilities commissions review operations information and financial data. In Oklahoma, the OCC reviews this information and determines a reasonable base rate for PSO customers.

All aspects of PSO's pricing and service are subject to regulatory approval.

Base rates reflect the cost of delivering electricity to our customers, and inform the cost paid by our customers. These costs pay for the generation, transmission and distribution system - the power plants, substations, poles and wires you see in your community - along with all of the costs it takes to keep this system running. These costs also include reading meters, producing bills and customer service activities.

No. Fuel cost adjustments are simply the costs related to our fuel sources (example: natural gas and coal) that PSO pays to power its generating stations and serve customer load requirements. Because fuel costs vary from predicted costs, the factor must be adjusted - up or down - to ensure customers pay only the fuel costs that PSO actually incurs - no more or less. Fuel cost adjustments are also reviewed and approved by the Oklahoma Corporation Commission (OCC).

For the average PSO residential customer who uses 1,100 kWh/month, the increase would amount to approximately to $15.84/month.

As of December 31, 2023, prior to PSO's reduction of fuel costs, PSO's prices were competitive with the regional average and 13% below the national average. It's also helpful to know that PSO's past three rate changes have been at or below the national rate of inflation. View our rates.

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