Oklahoma Gov. Kevin Stitt has signed two bills to help utility customers avoid high bills because of winter storms.
Senate Bill 1049 and Senate Bill 1050 will establish bond-financed, pooled loan programs for unregulated and regulated utilities currently holding about $4.5 billion in debt.
Sen. James Leewright (R-Bristow) said without the measures, Oklahomans would have seen utility bills skyrocket.
"The impact on our economy, just as we are recovering from the pandemic, would have been devastating," Leewright said. "These may be two of the most important bills of the session."
The increased cost comes from natural gas prices soaring due to a surge in demand during the deep freeze in February.
"I don't know many families, seniors, individuals or businesses that could have absorbed such huge increases in their utility bills," said Sen. Roger Thompson (R-Okemah).
The bills allow the Oklahoma Development Finance Authority to use up to $100 million in bonds.
Both measures passed the House and Senate with overwhelming bipartisan support and took effect immediately upon the governor’s signature.
"These companies will still receive the full amount that is due to them, but all Oklahomans should breathe a sigh of relief that they won’t have a huge surprise bill coming," said Rep. Garry Mize (R-Guthrie).
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