OG&E won't seek additional price hike

OKLAHOMA CITY (AP) - Oklahoma Gas & Electric Co. customers won't see another increase on their electric bills to recover additional fuel costs deferred from earlier this year.

The state's largest utility announced today it won't seek the additional costs because of the decline in natural gas prices in recent months.

In June OG&E notified state regulators that it planned to pass along higher fuel costs to its customers. Rather that recovering 100 percent of its costs, the company said it planned to recover only 50 percent of the higher costs in the summer and recover the remaining amount during the milder months of fall and early winter if necessary.

The company also announced today that it has completed its acquisition of the Redbud natural gas-fired power plant near Luther as part of a joint deal with the Grand River Dam Authority and the Oklahoma Municipal Power Authority.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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