Okla. Stat. tit. 74, § 74-9054

A. In the event an unregulated utility opts for financing

pursuant to this act, the unregulated utility shall submit to the

Oklahoma Development Finance Authority an application for

determination and approval of qualified costs as defined in this

act. The Authority, with assistance from the Public Utility

Division of the Oklahoma Corporation Commission pursuant to

subsection C of this section, shall determine the qualified costs an

unregulated utility actually and lawfully incurred and that were

directly related to the extreme weather experienced in February

2021.

B. The Authority may develop procedures to receive and review

applications for the establishment of qualified costs; provided, the

application shall require but not be limited to:

1. The amount of extreme purchase costs and extraordinary costs

requested for recovery;

2. Whether the unregulated utility is requesting a loan for all

or a portion of the extreme purchase costs and extraordinary costs

eligible for recovery;

3. Estimated amounts of cost savings from or demonstration of

how utility bill impact to customers would be mitigated by receiving

a loan for the eligible extreme purchase costs and extraordinary

costs, in comparison with traditional financing or any other utility

recovery methods; and

4. Any other information or documentation required by the

Authority to effectuate this act.

Oklahoma Statutes - Title 74. State Government Page 1247

After the Authority receives an application pursuant to subsection A

of this section, a copy of the application shall be transmitted to

the Commission for administrative review pursuant to subsection C of

this section.

C. 1. The Commission is hereby authorized, for the limited

purposes of this act, to receive an application by an unregulated

utility for administrative review of extreme purchase costs and

extraordinary costs to be recovered through the issuance of loans by

the Authority. In determining the amount of costs to be recovered,

the Commission shall audit these amounts requested to ensure they

meet the definition of extreme purchase costs and extraordinary

costs, were actually incurred, were paid or are payable and would be

recovered from customers in the normal course of business.

2. Once the Commission has completed administrative review of

the costs to be recovered, a written copy of the findings of the

review shall be transmitted to the Authority.

D. After receiving the findings of the administrative review

conducted by the Corporation Commission pursuant to subsection C of

this section, the Authority shall issue a written approval or

disapproval of the application to the Authority quantifying the

approved or disapproved qualified costs. A copy of the written

approval or disapproval of the application shall be provided to the

Governor, the President Pro Tempore of the Senate and the Speaker of

the House of Representatives on the same date the approval or

disapproval is issued by the Authority.

E. In the event the Authority rejects an application for

failure to provide sufficient information to make a determination of

qualified costs, it shall provide the reasons for rejection to the

unregulated utility and the unregulated utility may then modify and

resubmit the application to the Authority with the necessary

documents and information. The Authority shall then transmit a copy

of the resubmitted application to the Commission for administrative

review pursuant to subsection C of this section.