OGE Energy Says OG&E Unit Disappointed By Oklahoma Rate Case Order

(RTTNews) - OGE Energy Corp. (OGE) Monday said its unit Oklahoma Gas & Electric Co. or OG&E is disappointed by Oklahoma rate case order.

The company noted that OG&E received an order granting an $8.9 million rate increase, more than a year after filing for a rate increase with the Oklahoma Corporation Commission.

This is the first increase granted to OG&E since 2012. The company expressed disappointment over individual components of the order including the allowed return on equity. The Commission ordered a 9.5 percent ROE, down from the company's current 10.2 percent.

The national average for comparable utility ROEs is currently 9.77 percent.

OG&E spokesman Brian Alford said, "OG&E is a high performing utility. Our rates are among the lowest in the country, reliability is strong and customer satisfaction high and yet we received an ROE well below the national average."

The final order will result in a monthly increase of approximately 71 cents per month for an average residential customer which will be offset by a refund from interim rates that were put into effect in July, 2016.

"As a result of this rate order, we will evaluate all of our options including customer investments and programs," Alford said.