8-KOther Events

ONEOK INC /NEW/ 8-K Report (Feb 5, 2003)

Filed February 5, 2003For Securities:OKE

Summary

This 8-K filing from ONEOK, Inc. reports a significant event concerning its division, Kansas Gas Service (KGS). On January 31, 2003, KGS formally requested a $76 million rate increase from the Kansas Corporation Commission (KCC). This marks the first such request since 1996, when KGS was previously granted a rate adjustment allowing for a return on investment just under nine percent. Investors should note that the KCC has a decision timeline extending to late September 2003 for this filing. If approved, the new, higher rates could be implemented as early as November 1, 2003. The filing also indicates that KGS is seeking a slightly higher return on investment of 9.3 percent compared to its 1996 authorized rate.

Key Highlights

  • 1Kansas Gas Service (KGS), a division of ONEOK, Inc., filed for a $76 million rate increase with the Kansas Corporation Commission (KCC) on January 31, 2003.
  • 2This is the first rate increase request by KGS since 1996.
  • 3KGS is seeking to increase its authorized return on investment to 9.3 percent, up from just under nine percent allowed in 1996.
  • 4The KCC is expected to issue an order regarding the rate increase by late September 2003.
  • 5If approved, the new rates could take effect as early as November 1, 2003.
  • 6The filing does not include financial statements of businesses acquired or pro forma financial information.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report that ONEOK's division, Kansas Gas Service (KGS), has filed for a $76 million rate increase with the Kansas Corporation Commission (KCC).

The Kansas Corporation Commission has until the latter part of September 2003 to issue an order on the rate increase filing. If approved, the new rates could be effective from November 1, 2003.

The last time Kansas Gas Service was granted a rate increase by the Kansas Corporation Commission was in 1996.

Kansas Gas Service is requesting a return on investment of 9.3 percent, which is a slight increase from the just under nine percent return that was allowed in its 1996 rate filing.