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OKC leaders seek transparency on recouping Oklahoma s storm costs

VOICE is seeking answers to several questions related to the storm, including: • Who made a profit from the storm, and will the Oklahoma Attorney General conduct a grand jury investigation into that issue? • What policies were in place that allowed this to happen, and who, if anyone, will be held accountable? • How did utility companies fail to have hedging contracts in place that could have capped at least some of their fuel costs during the storm? • Why won t shareholders of publicly traded utilities have to carry some of the financial responsibility for decisions made by those companies leaders? “Oklahomans experienced 46 ‘extreme weather events’ between 2010 and 2020,” said Pam Bracken, a VOICE member representing Mosaic United Methodist Church. “What’s going to happen to utility costs after the next storm, and the one after that? Our policy can’t be, ‘Oh, shucks, fooled again, we’ll pay it this time, but just wait until next time.”

Lawmakers Plan To File Legislation To Stave Off Huge Utility Bills After February Storms

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.

State bonds to help give utility customers time to retire storm costs

Oklahoman Oklahoma s lawmakers are hoping to minimize the impact of February s severe weather on consumers and prevent exorbitant rate spikes for households. Power providers conservatively spent billions of extra dollars to keep energy flowing to customers during this latest storm. This meant customers could see astronomical increases in their bills if utilities passed their costs along to consumers in the usual way.  For example, before the storm, an average residential customer of a regulated natural gas utility was paying about $100 a month for service, said Brandy Wreath, the Oklahoma Corporation Commission s legislative liaison. That same average customer could have faced a bill of $1,967 during the first month of a traditional repayment term, and could have expected to see similarly high bills for another seven months because providers are required to retire additional costs incurred during a storm in a relatively short period of time. 

Proposed legislation could help lower your utility bill following historic winter storm

Proposed legislation could help lower your utility bill following historic winter storm Jack Money, Oklahoman © Chris Landsberger/The Oklahoman File The natural gas turbine units at the OG&E Mustang Power Plant in west Oklahoma City, Okla. on Tuesday, Feb. 16, 2021. Oklahoma s lawmakers are hoping to minimize the impact of February s severe weather on consumers and prevent exorbitant rate spikes for households. Popular Searches Power providers conservatively spent billions of extra dollars to keep energy flowing to customers during this latest storm. This meant customers could see astronomical increases in their bills if utilities passed their costs along to consumers in the usual way. 

Stitt announces innovation expansion program

Submitted Content 7 hrs ago Gov. Kevin Stitt announced the upcoming launch of the Oklahoma Innovation Expansion Program, which will make $10 million in funding available to qualifying manufacturers across the state. OIEP was developed to support high-impact new capital investment across a broad range of industries to help diversify the state’s economy, lead to new product development or increase capacity at Oklahoma’s existing companies. In addition to encouraging new capital investment, these awards will support existing jobs and the creation of new jobs. The program will be administered by the Oklahoma Department of Commerce and the Oklahoma Development Finance Authority.

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