Summary
ONEOK Inc. announced on October 4, 2005, that its Oklahoma Natural Gas Company division received a final order from the Oklahoma Corporation Commission regarding its application for a rate increase. The Commission unanimously approved an annual rate increase of $57.5 million. This approval is slightly less than the $99.4 million initially requested by Oklahoma Natural Gas in January 2005. However, the approved amount is very close to the $58 million recommendation made by the administrative law judge in July. Importantly, the company stated that this order will have no substantial impact on customer bills, suggesting that the approved increase is either fully reflected in currently implemented rates or offset by other factors.
Key Highlights
- 1Oklahoma Corporation Commission issued a final order on Oklahoma Natural Gas Company's rate increase application.
- 2An annual rate increase of $57.5 million was unanimously approved.
- 3The approved increase is lower than the $99.4 million initially requested.
- 4The approved amount is in line with the administrative law judge's recommendation of approximately $58 million.
- 5Oklahoma Natural Gas had already implemented interim rates in July 2005, based on the administrative law judge's recommendation.
- 6The company indicated that the final order will have no substantial impact on customer bills.