The Oklahoma Corporation Commission has approved a settlement agreement with the Oklahoma Gas and Electric Company which had initially requested a $77.6 million dollar increase to its electric rates, according to a September 19 press release.

Commission Chairman Todd Hiett praised the agreement as being in the best interest of Oklahoma and achieving more than simply low-cost electricity. The commission’s decision means no increase in rates for nearly
850,000 Oklahomans while allowing the company to recover through rate base approximately $600 million in capital improvement costs, according to Commissioner Dana Murphy.

Commission vice-chair Bob Anthony pointed to tax reform enacted two years ago as a key factor in making the settlement possible.

Oklahoma Gas and Electric is a subsidiary of OGE Energy Corp.