OKLAHOMA CITY — Oklahoma Natural Gas customers will receive $22.7 million in savings over the next year after the corporation commission voted to return money from the 2017 federal tax cuts, the state attorney general’s office says.
The Oklahoma Corporation Commission on Tuesday voted in favor of an order that lays out how to distribute the funds.
“Customers will receive a rate reduction of approximately $11 million plus $11.7 million in one-time credits from ONG’s income tax savings after the federal income tax rate fell to 21 percent,” AG Mike Hunter’s office said. “The average residential customer will see approximately $15 in savings next month and a smaller balance in subsequent months for the rest of the year.”
The same day the tax cuts were passed, Hunter filed motions asking investor-owned utility companies to return the savings to customers.
In a news release on Tuesday, Hunter noted that the rate reductions and credit should be helpful since the coldest part of the winter, a peak time for natural gas consumption, is still ahead.
RELATED: Oklahoma attorney general files motion for utility customer rate reduction after corporate tax cut
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