Oklahoma attorney general files motion for utility customer rate reduction after corporate tax cut

Posted: 1:50 PM, Dec 28, 2017
Updated: 2017-12-29 09:05:33Z

OKLAHOMA CITY -- Oklahoma Attorney General Mike Hunter has filed five motions with the Oklahoma Corporation Commission, in which he is asking for an immediate reduction in customer's utility rates. 

Hunter's request came the day an overhaul of federal income taxes was signed into law. The new law, which takes effect Jan. 1, lowers the highest corporate income tax rate from 35 percent to 21 percent.

With the new tax system, the estimated savings for Oklahoma Gas & Electric, Public Service Company of Oklahoma, Oklahoma Natural Gas, CenterPoint Energy and Arkansas Oklahoma Gas is approximately $100 million, officials said.

Hunter said he is asking for customer rates to be reduced by an amount reflecting the lower corporate income tax rates.

“These companies will begin seeing major savings after the tax cut is implemented on Monday,” Hunter said. “Oklahomans who are customers of these companies should immediately retain the benefits of the savings from the tax cut in the form of lower rates. We urge the OCC to act quickly and in the best interests of customers, not company shareholders.”

A hearing in relation to Hunter's request is scheduled for Jan. 4.

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