Oklahoma utility won't seek additional price hike

The Oklahoma City-based utility notified the Oklahoma Corporation Commission in June 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.

"During the last few months, natural gas prices have declined, and we've decided not to increase the fuel-cost recovery from the current level," Howard Motley, OG&E's vice president of regulatory affairs, said in a statement.

Motley said the company will continue to work with the commission to address the effect of fluctuating natural gas and coal costs on customers' bills.

"We will likely see continued fluctuations in the natural gas and coal markets," Motley said. "By working with the Commission to examine fuel costs on a more frequent basis, we hope to reduce the short-term impact of any spike, or drop, in fuel price."

OG&E also announced Tuesday that it has completed its acquisition of the Redbud natural gas-fired power plant near Luther.

OG&E acquired a 51 percent interest in the 1,230-megawatt Redbud plant for a purchase price of about $434.5 million and will operate the plant on behalf of GRDA (acquiring a 36 percent stake) and the Oklahoma Municipal Power Authority (13 percent).