TULSA, Okla. (April 11, 2023) – Public Service Company of Oklahoma (PSO), an American Electric Power (Nasdaq: AEP) company, and five other parties have reached an unopposed settlement in the Fuel-Free Power Plan case.

Under the proposed settlement, 995.5 megawatts of new renewable energy will be added to PSO’s generation mix in 2025 and will result in a decrease in monthly bills for the average residential customer beginning in early 2026.  

For the average residential customer who uses 1,100 kilowatt-hours/month, the Fuel-Free Power Plan would add 1.46% or $1.95 a month to customer bills beginning in mid-2025, but ultimately result in a net bill decrease of 0.48% or 64 cents beginning in early 2026 as federal tax incentives and lower fuel costs offset the cost of the facilities.

“PSO’s Fuel-Free Power Plan is a balanced approach that enables PSO to continue providing reliable, affordable power to our customers and reduce price volatility from fuel,” said PSO President and Chief Operating Officer Leigh Anne Strahler. “We appreciate the Oklahoma Corporation Commission’s Public Utility Division and other interested parties recognizing the benefits this plan will provide for our customers and moving it forward for the Commission’s consideration.” 

The settlement will be reviewed by an administrative law judge of the Oklahoma Corporation Commission (OCC), who will make a recommendation to the three members of the commission, who can accept, reject, or revise it in their final order.

About PSO

PSO, a unit of American Electric Power (Nasdaq: AEP), is an electric utility company serving more than 568,000 customer accounts in eastern and southwestern Oklahoma, powering a cleaner, brighter energy future for its customers and 232 communities.  Based in Tulsa, PSO has approximately 3,800 megawatts of diverse generating capacity that primarily includes wind and natural gas.  It maintains and operates more than 24,000 miles of distribution lines and 3,700 miles of transmission lines and is one of the largest distributors of wind energy in the state.  Find news releases and other information at www.PSOklahoma.com.  Connect with us on Facebook, Twitter, NextDoor and Instagram @PSOklahoma.

Media Contact:                                                           

Wayne Greene

PSO Corporate Communications                                          

(918) 521-1474

lwgreene@aep.com