Electricity customers are benefiting from low natural gas prices as the two largest utilities lowered charges for fuel going into the peak summer months.
Oklahoma Gas and Electric Co. will lower its fuel costs by $50 million in the next 12 months, while Public Service Co. of Oklahoma will drop its fuel costs by $70 million.
Fuel costs are usually adjusted at least once a year, but they can be revisited.
Natural gas fell to less than $2 per thousand cubic feet earlier this year, a 10-year low. It settled Friday at $2.33 for July delivery.
The fuel-charge adjustments come as utilities head into summer, when utilities charge more for electricity use during peak hours.
For OG&E customers, the fuel adjustment would lower the average monthly bill for a typical residential customer by $2.60. However, an unrelated $24 million interim rate hike will mean the net decrease will be about $1 per month for most residential customers, OG&E said last week.
The interim rate case increase is refundable to customers if the Corporation Commission decides it was too high. OG&E filed for a rate increase of $73.25 million in July but can implement interim rates if the case takes more than 180 days to resolve.
PSO residential customers using 1,000 kilowatt-hours of electricity in May paid $88.43, said spokesman Stan Whiteford. That will fall to $85.88 from June to October.