Newspaper article THE JOURNAL RECORD

OGE Energy Announces Increase in Net Income in 2Q

Newspaper article THE JOURNAL RECORD

OGE Energy Announces Increase in Net Income in 2Q

Article excerpt

OGE Energy on Wednesday reported a 20.6-percent increase in net income for the second quarter.

The increase was primarily from improved results from Oklahoma Gas and Electric Co., a public utility serving 773,000 customers in Oklahoma and western Arkansas.

OGE Energy's net income for the quarter totaled $70.9 million, or 72 cents per diluted share, up from $58.8 million, or 62 cents per diluted share, for the second quarter of 2008.

Net income attributable to OG&E for the quarter totaled $56 million, up 80.6 percent from $31 million a year earlier. OG&E's results for 2008 included two one-time writedowns.

Enogex, OGE Energy's midstream natural gas pipeline business, contributed net income for the second quarter of $16 million, down from $31 million for the second quarter of 2008.

"We have achieved positive regulatory outcomes, including the rate relief we need to continue investing in our system and to begin implementing our smart-grid program," said Pete Delaney, OGE Energy chairman. "We also are looking forward to future opportunities to add new transmission and renewable generation."

The positive regulatory outcomes include rate increases approved for OG&E in Oklahoma and Arkansas.

The Oklahoma Corporation Commission signed an order on July 24 approving a $48 million rate increase for OG&E. In May, the Arkansas Public Service Commission approved an order granting OG&E a general rate increase of $13.3 million.

Plans for new renewable generation include a commitment to increase wind energy.

In June, OG&E identified three companies being considered to build new wind farms in northwestern Oklahoma. The three companies were among bidders responding to a December request for proposals for construction of approximately 300 megawatts of new capability. The three companies and projects are CPV Keenan, Keenan Wind Project, Woodward County, 150 megawatts; Edison Mission, Taloga Wind, Dewey County, 130 megawatts; and Chermac Energy, NoMans Land, Texas County, 150 megawatts. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.