OKLAHOMA CITY – Oklahomans could soon be getting a break on their utility bills.
Oklahoma Attorney General Mike Hunter has filed five motions with the Oklahoma Corporation Commission to ask for an immediate reduction in customer rates from the state’s leading utility companies.
Officials say the new tax reform bill that was signed into law earlier this month will lower the highest corporate income tax rate from 35 percent to 21 percent.
According to the attorney general’s office, it is estimated that OG&E, Public Service Company of Oklahoma, Oklahoma Natural Gas, CenterPoint Energy and Arkansas Oklahoma Gas will save approximately $100 million from the law.
The estimated savings to each company are as follows:
- Oklahoma Gas & Electric: $51.7 million
- Public Service Company of Oklahoma: $24 million
- Oklahoma Natural Gas: $20 million
- CenterPoint Energy: $859,000
- Arkansas Oklahoma Gas: $270,500.
Hunter says he wants customer rates to be reduced by an amount that reflects lower federal corporate income tax rates.
“These companies will begin seeing major savings after the tax cut is implemented on Monday,” Attorney General Hunter said. “Oklahomans who are customers of these companies should immediately retain the benefits of the savings from the tax cut in the form of lower rates. We urge the OCC to act quickly and in the best interests of customers, not company shareholders.”
Bob Anthony, a member of the Corporation Commission, has teamed up with the attorney general’s office to pass the savings on to the consumers.
“This benefits low-income rate payers, middle-income rate payers, almost everybody pays utility bills and the bills are an important part of the family budget,” Anthony said.
“We are looking forward to working with the Attorneys General office and the Corporation Commission as we move through this process,” a statement from ONG read.
“OG&E will address the effects of the tax plan, along with many other cost components, during its pending rate review at the OCC,” OG&E said in a statement.
A hearing on the matter is scheduled for Jan. 4.