July 27, 2009 (FinancialWire) — OGE Energy Corp. (NYSE: OGE) said that the Oklahoma Corp. Commission has signed an order approving a $48 million rate increase for its Oklahoma Gas & Electric co. unit, which serves around 773,000 electric customers in Oklahoma and western Arkansas.

The Oklahoma City-based company said that, while rates will increase for OG&E customers, the actual amount of monthly bills will be lower as a result of lower natural gas prices. By a 3-0 vote, the Commission approved the rate increase for OG&E’s Oklahoma customers, the company’s first increase in base rates since 2006.

Residential customers will see a monthly increase of about $6.50. However, that increase will be offset by lower natural gas prices that are allowing OG&E to reduce the fuel costs it passes along to customers.

The new rates and lower fuel costs will be put in place in August. The lower fuel costs, which will remain in effect for the next 12 months, will be reviewed in 2010 and adjusted “if necessary,” according to OG&E.

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