Officials say that Oklahoma will continue to be one of the states with the lowest cost for electricity following a settlement agreement for wind power approved by the Oklahoma Corporation Commission.
The settlement allows Public Service Company of Oklahoma (PSO) to recover costs to add 675 megawatts of wind power in Oklahoma with no rate increase for customers.
The plan calls for PSO to own a share of three Oklahoma wind farms, known as the North Central Energy Facilities.
“Approval of this agreement will allow our customers to have their energy needs met with affordable, Oklahoma wind energy and will add significant investment in our state,” said Peggy Simmons, PSO president and COO. “We are grateful to all the parties whose willingness to collaborate led to the settlement and to the Commission for their approval of the agreement.”
If the entire four-state project receives approval in all states, customers are expected to save $1.42 billion over the 31-year life of the wind farm project.
“Oklahoma has once again shown the rest of the U.S. what can happen when parties work together in the best interest of the state. This agreement will further strengthen Oklahoma’s diverse and reliable energy portfolio that is essential for Oklahoma to continue to grow and prosper in the future,” Commission Chairman Todd Hiett.
The project will result in three new commercial wind generation facilities that will be located in Custer, Blaine, Garfield, Kingfisher, Major, Woods and Alfalfa counties.
“Today’s order will allow PSO to make a $908 million investment to further develop Oklahoma’s low-cost and environmentally responsible wind resources at no cost to the customer,” Commissioner Dana Murphy said. “In fact, the tax credits and other savings that will be passed through to PSO customers are projected to slightly decrease the average residential monthly bills, while giving the state even more to offer prospective companies looking for a state that can meet their energy needs.”
“Responding to customer needs for reliable, affordable and clean electric power generation, PSO will now make a new major infrastructure investment in Oklahoma,” Commissioner Bob Anthony said. “Today’s arrangement includes ratepayer protections such as a cost cap guarantee and off-system sales benefiting electric customers.”
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