FOR IMMEDIATE RELEASE
TULSA, Okla. (November 22, 2022) – Greater energy security, reliability, long-term affordability, resilience, safety, and economic growth would be funded by a proposal included in a rate review case filed by Public Service Company of Oklahoma (PSO) on Tuesday.
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The proposal will provide funding to harden the PSO electrical grid, meaning power outages would be less frequent, smaller and shorter, while encouraging clean energy and protecting the public and our workers. Customers have already benefited from PSO’s increased grid investments, which have reduced total PSO outages by more than 13 million minutes since January 1, 2020.
PSO’s renewable energy fleet would expand, providing fuel-free power as a hedge against a major source of inflation – rising fuel prices. And Oklahoma would be more competitive for attracting jobs and investment because of several aspects of the proposal.
If approved, the proposal would increase PSO net revenue $173 million annually to reflect current levels of investment and costs incurred to serve customers. For the average residential customer who uses 1,100 kilowatt-hours per month, the increase would be about $14.11 a month or 10%.
Everyone – including the team at PSO – is concerned about fuel and energy costs increasing. The proposal’s investment in fuel-free power capacity will help meet the future needs of PSO customers while helping to shield them from fuel-driven inflation and sudden price spikes such as those that occurred during the February 2021 winter storm.
“These are difficult times for many people, and all of us at PSO are committed to working efficiently and investing in technology to keep prices competitive while maintaining reliable service,” said PSO President and Chief Operating Officer Leigh Anne Strahler. “We work with customers to address individual needs and help our customers reduce their energy use. We offer weatherization assistance, rebates, incentives, valuable conservation information and flexible payment options to help customers manage their bills.”
PSO, a unit of American Electric Power (Nasdaq: AEP), is an electric utility company serving more than 568,000 customer accounts in eastern and southwestern Oklahoma, powering a cleaner, brighter energy future for its customers and 232 communities. Based in Tulsa, PSO has approximately 3,800 megawatts of diverse generating capacity that primarily includes wind and natural gas. It maintains and operates more than 24,000 miles of distribution lines and 3,700 miles of transmission lines and is one of the largest distributors of wind energy in the state. Find news releases and other information at www.PSOklahoma.com. Connect with us on Facebook, Twitter, NextDoor and Instagram @PSOklahoma.
About American Electric Power (AEP)
American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,700 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 7,100 megawatts of renewable energy. The company’s plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and has committed to achieving net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.
PSO Corporate Communications