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OG&E has reached a settlement agreement on its application for approval of the OU Spirit wind farm pending before the Oklahoma Corporation Commission. The company, OCC staff, office of the state Attorney General, Oklahoma Industrial Energy Consumers and OG&E Shareholders Association all agreed to ask the Commission to approve settlement terms, which authorize OG&E to begin recovering the costs of the new wind farm when it goes into production and assigns to OG&E's customers the proceeds from of the sale of renewable energy credits to the University of Oklahoma.
When completed, the facility is expected to cost approximately US $270 million.
OU Spirit, a 101-megawatt (MW) facility under construction near Woodward, Oklahoma, is expected to be complete in December. In one of the largest renewable energy commitments ever by a public university, OG&E has said it expects the new wind farm to help the university's Norman campus achieve a goal to have all of its purchased energy be from renewable sources by 2013.
"Today's settlement agreement is just the latest example of how collaboration among the parties can result in benefits for everyone," said Howard Motley, vice president of regulatory affairs for OG&E. "We have succeeded in finding the way to build and pay for a new wind farm that benefits our customers, the university, and our entire state for many years to come."
The agreement asks for a Corporation Commission order establishing a temporary addition, or rider, to OG&E customers' monthly electric bills, that will enable the company to begin recovering construct costs as each of the wind farm's 44 new turbines comes online. When completed, the facility is expected to cost approximately US $270 million.
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