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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: January 6, 1998
Commission file number 1-12579
OGE ENERGY CORP.
(Exact name of registrant as specified in its charter)
Oklahoma 73-1481638
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 North Robinson
P. O. Box 321
Oklahoma City, Oklahoma 73101-0321
(Address of principal executive offices)
(Zip Code)
405-553-3000
(Registrant's telephone number, including area code)
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Item 5. Other Events
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On January 5, 1998, OGE Energy Corp., issued the following news release:
OG&E TAKES STEPS TO SAVE RATEPAYERS MONEY
In a move to save ratepayers more than $42 million, OGE Energy Corp., the parent
company of Oklahoma Gas and Electric Company (OG&E), today announced that an
application will be filed early this month with the Oklahoma Corporation
Commission seeking approval for a revised cogeneration contract.
Under federal law, OG&E was obligated to enter into a contract in the 1980s with
a cogeneration plant near Pryor, Okla. The contract, originally approved by the
Corporation Commission in 1987, required OG&E to purchase peaking capacity from
the plant for 10 years beginning in 1998 -- whether the capacity was needed or
not. The cost to OG&E ratepayers would have been as much as $77 million over the
life of the contract.
The plant's owner, Mid-Continent Power Company, filed for Chapter 11 bankruptcy
protection in June but recently exited that protection with its new owners, NRG
Energy Inc., a subsidiary of Minneapolis-based Northern States Power, and
Florida-based Decker Energy.
During the bankruptcy hearing process, NRG Energy Inc. and OGE Energy Corp.
entered into negotiations about the plant's future. The result was a stock
purchase agreement with OGE Energy Corp. agreeing to purchase the stock of the
corporation that owns Mid-Continent's assets. As part of the transaction, the
term of the existing cogeneration contract with OG&E will be shortened.
"If this transaction is approved, it will provide savings of more than $42
million for our ratepayers," said Jack Coffman, OG&E vice president of power
supply. "In addition, it reduces the possibility of OG&E's ratepayers being
required to pay the stranded costs associated with the original contract after
deregulation."
The Mid-Continent facility produces steam for several manufacturers in addition
to generating electricity. Completion of the transaction will require approvals
from the Federal Energy Regulatory Commission, the Arkansas Public Service
Commission and the Oklahoma Corporation Commission. Upon receipt of such
approvals, OGE Energy Corp. expects to own and operate the facility as an exempt
wholesale generator (EWG).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OGE ENERGY CORP.
(Registrant)
By /s/ James R. Hatfield
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James R Hatfield
Vice President and Treasurer
(On behalf of the registrant and in his capacity
as Vice President and Treasurer)
January 6, 1998
