From staff reports Customers of Oklahoma Gas & Electric Co. have been notified they will soon receive a modest reduction in their monthly utility bill due to a fuel cost adjustment.
“We’re pleased to share that beginning November 1, the fuel cost adjustment for customers will result in a decrease in your monthly bill.” The average residential customer’s bill “will be $6.75 lower per month,” the investor-owned utility reported. “This represents a 4.8% reduction in the average residential customer’s monthly bill.”
OG&E said customers should watch their November or December statements, depending on billing cycles, to see the difference.
The fuel charge in every customer’s bill can change two times per year, depending on the actual cost of fuel to produce electricity. Fuel costs are a direct passthrough expense; OG&E is not allowed to profit from its fuel expenses.
The company claims it has implemented “cost-saving strategies” for fuel purchases “to minimize the impact on customer bills.” OG&E “sources and purchases fuel at the lowest cost possible as forecasted.”
OG&E provides electricity to more than 907,000 customers in 267 cities and towns in Oklahoma and western Arkansas. Oklahoma City is the largest municipality served by the public utility.