PSO seeks $88 million electricity rate increase in Oklahoma

TULSA, Okla. (AP) - Oklahoma’s second largest electricity provider says it’s seeking an $88 million rate increase to upgrade aging infrastructure and become more efficient.

Public Service Company of Oklahoma asked the Oklahoma Corporation Commission on Wednesday to authorize a rate increase to replace and upgrade infrastructure and invest in new technology to improve reliability and efficiency. PSO says the rate increase would amount to about $7 per month for a typical residential customer.

PSO also says it’s adopting a performance-based rate plan to lower electricity costs for most of the utility’s 550,000 customers in Oklahoma.

Beginning next month, PSO says residential customers will see lower fuel charges and a decrease in their bill of about $5 per month.