Weeks away from the one-year anniversary of Winter Storm Uri, Oklahoma regulators have approved a plan that would lower and extend the natural gas costs incurred by consumers following the deadly storm.

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The Oklahoma Corporation Commission (OCC) order issued earlier in January allows the costs to be securitized under a law passed by the state legislature after last February’s winter emergency event. Without the securitization, it is estimated that the gas costs owed to utility Oklahoma Natural Gas (ONG) would have cost an average residential consumer $15.32/month.

“This means that the monthly impact to ratepayers will be far less than it otherwise would have been,” OCC Chairman Dana Murphy said. “Securitization allows the cost to be spread out over up to 25 years,...