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Lawmakers propose issuing bonds to help offset cost of winter utility bills

By Janelle Stecklein/ CNHI State Reporter Apr 12, 2021 4 hrs ago A worker clears snow from the sidewalk Tuesday in anticipation of another round of snow headed to Norman. Kyle Phillips The Transcript OKLAHOMA CITY — Oklahoma lawmakers plan to propose legislation that would help shelter consumers and utility companies from the more than $4.5 billion in energy generation costs as a result of February’s winter storm. Under the legislative measures expected to be filed this week, state Sen. James Leewright, R-Bristow, said state leaders plan to propose securitizing the debt incurred during the two-week winter storm that sent natural gas prices skyrocketing.

Lawmakers Plan To File Legislation To Stave Off Huge Utility Bills After February Storms

Credit Oklahoma Department of Transportation State lawmakers say they are filing legislation to guard against massive utility bills in the wake of winter storms that put Oklahoma in the deep freeze in February. Sen. James Leewright (R-Bristow) said the measures will set up a process for utility companies to package and sell off their debt from spiking natural gas costs, limiting how much of the impact can be passed along to consumers. If we do nothing . families, seniors on fixed incomes, single working families could be strapped with bills they struggle to pay, leaving them to choose between paying for necessities or paying the electric and gas bill. Businesses still reeling from the effects of the pandemic could be forced to make cutbacks, layoffs to pay off these high utility bills, Leewright said. Both of these scenarios will have rippling scenarios throughout our economy.

State Leaders Suggest Bonds To Soften February Utility Bill Sting

State Leaders Suggest Bonds To Soften February Utility Bill Sting
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State bonds to help give utility customers time to retire storm costs

Oklahoman Oklahoma s lawmakers are hoping to minimize the impact of February s severe weather on consumers and prevent exorbitant rate spikes for households. Power providers conservatively spent billions of extra dollars to keep energy flowing to customers during this latest storm. This meant customers could see astronomical increases in their bills if utilities passed their costs along to consumers in the usual way.  For example, before the storm, an average residential customer of a regulated natural gas utility was paying about $100 a month for service, said Brandy Wreath, the Oklahoma Corporation Commission s legislative liaison. That same average customer could have faced a bill of $1,967 during the first month of a traditional repayment term, and could have expected to see similarly high bills for another seven months because providers are required to retire additional costs incurred during a storm in a relatively short period of time. 

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