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Oklahoma Gov. Kevin Stitt has signed two bills to help utility customers avoid high bills because of winter storms.
Senate Bill 1049 and Senate Bill 1050 will establish bond-financed, pooled loan programs for unregulated and regulated utilities currently holding about $4.5 billion in debt.
Sen. James Leewright (R-Bristow) said without the measures, Oklahomans would have seen utility bills skyrocket. The impact on our economy, just as we are recovering from the pandemic, would have been devastating, Leewright said. These may be two of the most important bills of the session.
The increased cost comes from natural gas prices soaring due to a surge in demand during the deep freeze in February.
Credit Oklahoma Department of Transportation
State lawmakers say they are filing legislation to guard against massive utility bills in the wake of winter storms that put Oklahoma in the deep freeze in February.
Sen. James Leewright (R-Bristow) said the measures will set up a process for utility companies to package and sell off their debt from spiking natural gas costs, limiting how much of the impact can be passed along to consumers. If we do nothing . families, seniors on fixed incomes, single working families could be strapped with bills they struggle to pay, leaving them to choose between paying for necessities or paying the electric and gas bill. Businesses still reeling from the effects of the pandemic could be forced to make cutbacks, layoffs to pay off these high utility bills, Leewright said. Both of these scenarios will have rippling scenarios throughout our economy.