OK HB1955

Authorizes utilities to enter into long-term gas supply agreements for natural gas to protect electricity consumers and provide financial market confidence.

Requires all long-term gas supply agreements to be filed with the Oklahoma Corporation Commission for review and approval.

Corporation Commission must determine whether the utility acted prudently, whether the agreement benefits consumers, and whether it serves the public interest.

Upon Commission approval, utilities are entitled to recover all costs incurred under the approved agreement through rates, regardless of changes in market price of natural gas during the contract term.

Commission is prohibited from reversing its approval of long-term gas supply agreements even if the contract price exceeds future market prices for natural gas.