AARP Oklahoma applauds today’s announcement of a historic $64 million rate reduction settlement agreement which will result in lower utility bills for OG&E customers beginning in July.

AARP OK State Director Sean Voskuhl, Attorney General Mike Hunter, and Brandy Wreath, Director of Public Utilities Division for the Oklahoma Corporation Commission, were present the for announcement.

The rate case settlement agreement and the savings from the federal income tax cut, OG&E’s standard residential customers will see an average approximate reduction of $18.71 on their July bills. Each subsequent month, the average savings for a standard residential customer will be approximately $4.44.

Customers will also receive a one-time refund as a result of the $18.5 million federal corporate income tax cut, after the attorney general called on companies to pass on the savings to customers in January.

AARP OK advocated tirelessly on behalf of residential customers, especially elderly Oklahomans.

“So many older Oklahomans are on a fixed income and a few dollars a month can mean the difference between filling a prescription, buying a loaf of bread, a gallon of milk or paying their electric bill,” Voskuhl said. “We greatly appreciate the efforts of our members who made their voices heard loud and clear. This is truly a win for OG&E customers.”

Attorney General Hunter said with summer months being the costliest for utility customers, the reduction couldn’t have come at a more helpful time.

“This historic reduction represents the largest rate reduction ever experienced by customers of an Oklahoma energy utility and will put money back in the pockets of hard working Oklahomans,” Attorney General Hunter said. “The agreement was made possible by the commitment of all parties to work together to reach a result that is in the public interest.

The parties involved in the case are the Attorney General’s Office, OG&E, OG&E Shareholders Association, the Public Utility Division of the Oklahoma Corporation Commission, Oklahoma Industrial Energy Consumers, AARP, Oklahoma Energy Results, LLC, the Federal Executive Agencies, Wal-Mart, Oklahoma Cogeneration, LLC. and CMC Steel Oklahoma. All parties supported the settlement.

A majority of the three-member Corporation Commission must approve the settlement agreement before it can go into effect.