OG&E files request to increase average electric rates

Mon. March 02, 2009; Posted: 08:54 AM

Mar 02, 2009 (Datamonitor via COMTEX) -- OGE | Quote | Chart | News | PowerRating -- OG&E, a subsidiary of OGE Energy, has filed a request with the Oklahoma Corporation Commission to increase average electric rates for an Oklahoma residential customer by about $8 per month.

Along with the residential increase, the company is requesting an increase of approximately 1% for small business and an increase of about 5% for larger commercial and industrial electric customers. Schools and municipal lighting accounts will not be affected.

In its filing, the company said that it has spent approximately $1.6 billion investing in new power plants and making required improvements to power lines, substations and related equipment that ensures that the company can reliably meet growing demand for electricity.

In total, the company is seeking an annual increase of about $110 million. OG&E's Oklahoma rates, claimed to be about 25% below the national average, would remain reportedly below that average after the proposed increase. If approved by the commission, OG&E's new rates would be expected to go into effect before the end of the third quarter of 2009.

Jesse Langston, vice president of utility commercial operation at OG&E, said: "Like any business, OG&E must periodically revisit its rates, or prices, and adjust them to meet current business conditions. Where we differ from other businesses, however, is that we cannot adjust prices to cover rising costs unless we have approval from regulators."

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For full details on Oge Energy Corp (OGE) click here. Oge Energy Corp (OGE) has Short Term PowerRatings of 6. Details on Oge Energy Corp (OGE) Short Term PowerRatings is available at This Link.

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