OGE ENERGY CORP. (NYSE:OGE) Files An 8-K Other Events
Item 8.01. Other Events
Oklahoma Gas and Electric Company (“OGE”), a regulated electric
utility with approximately 835,000 customers in Oklahoma and
western Arkansas. In addition, the Company holds a 25.7 percent
limited partner interest and a 50 percent general partner interest
in Enable Midstream Partners, LP.
application with the Oklahoma Corporation Commission (“OCC”)
requesting an annual rate increase of $92.5 million and a 10.25
percent return on equity to begin recovering $1.6 billion of
electrical infrastructure additions since OGE’s last general rate
case in 2012. The hearing on the merits for OGE’s rate case
application was heard by an administrative law judge (“ALJ”) and
concluded in May 2016.
$69.5 million which is subject to refund of any amount recovered in
excess of the rates ultimately approved by the OCC in the rate
case. On December 8, 2016, the ALJ issued a report and
recommendations in the case, which included a return on equity of
9.87 percent and which OGE believed would result in an annual
revenue increase of $43.6 million.
The Final Order is expected to result in an annual net increase of
approximately $8.9 million in OGEs rates to its Oklahoma retail
customers. Although the Final Order adopted certain of the
recommendation set forth in the ALJ Report, it differs in certain
key respects.
9.5 percent;
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Depreciation expense is reduced by approximately $28.6
million from the ALJ Report or $36.4 million from current rates on an annual basis; |
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Recovery of only fifty percent of short-term incentive
compensation and no recovery of long-term incentive compensation; |
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Recovery of production tax credits expiring in 2017 and air
quality control systems consumable costs through the fuel adjustment clause. |
any excess amounts that it had collected in interim rates, subject
to refund.
lower end of the 2017 earnings guidance range of $1.58 to $1.70,
assuming normal weather patterns for the remainder of the year.
is attached as Exhibit 99.01 and incorporated herein by reference.
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(d) Exhibit
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Exhibit Number
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Description
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99.01
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Press release dated March 20, 2017, announcing OGE’s
response to the Oklahoma rate case order. |
About OGE ENERGY CORP. (NYSE:OGE)
OGE Energy Corp. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas in the south central United States. The Company operates through two business segments: electric utility and natural gas midstream operations. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through Oklahoma Gas and Electric Company (OG&E). OG&E is an electric utility-based in Oklahoma and its franchised service territory includes the Fort Smith, Arkansas area. The natural gas midstream operations segment represents its investment in Enable Midstream Partners, LP (Enable). Enable is engaged in the business of gathering, processing, transporting and storing natural gas and its assets are located in over four states and serve natural gas production from shale developments in the Anadarko, Arkoma and Ark-La-Tex basins. OGE ENERGY CORP. (NYSE:OGE) Recent Trading Information
OGE ENERGY CORP. (NYSE:OGE) closed its last trading session down -0.19 at 35.45 with 2,540,928 shares trading hands.
