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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: July 8, 1999
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.)
321 North Harvey
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
OKLAHOMA GAS & ELECTRIC COMPANY FILES GENERATION EFFICIENCY PERFORMANCE
RIDER (GEP RIDER)
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OGE Energy Corp. announced, June 29, 1999, that its subsidiary, Oklahoma
Gas & Electric Company ("OG&E"), filed an updated GEP Rider with the Oklahoma
Corporation Commission ("OCC"). The GEP Rider is designed so that when OG&E's
average annual cost of fuel per kwh is less than 96.261 percent of the average
non-nuclear fuel cost per kwh of certain other investor-owned utilities in the
region, OG&E is allowed to collect, through the GEP Rider, one-third of the
amount by which OG&E's average annual cost of fuel comes in below 96.261 percent
of the average of the other specified utilities. If OG&E's fuel cost exceeds
103.739 percent of the stated average, OG&E will not be allowed to recover
one-third of the fuel costs above that average from Oklahoma customers. The fuel
cost information used to calculate the GEP Rider is based on fuel cost data
submitted by each of the utilities in their Form No. 1 Annual Report filed with
the Federal Energy Regulatory Commission. The GEP Rider is revised effective
July 1 of each year to reflect any changes in the relative annual cost of fuel
reported for the preceding calendar year. Although revenue associated with the
new GEP Rider is expected to decrease by approximately $10 million (or
approximately $0.08 per share) from 1998, the new GEP Rider is estimated to
positively impact revenue by $20 million or approximately $0.15 per share in
1999.
Some of the matters discussed in this Form 8-K may contain forward-looking
statements of OGE Energy that are subject to certain risks, uncertainties, and
assumptions. Actual results may vary materially. Factors that could cause actual
results to differ materially include, but are not limited to: general economic
conditions, including their impact on capital expenditures; business conditions
in the energy industry; competitive factors; unusual weather; regulatory
decisions and other risk factors listed in OGE Energy's Form 10-K for the year
ended December 31, 1998 and other factors described from time to time in OGE
Energy's reports to the Securities and Exchange Commission.
Item 7. (c) Exhibits
EXHIBIT NUMBER DESCRIPTION
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99.01 Press release dated June 29, 1999 announcing Oklahoma
Gas & Electric Company files Generation Efficiency
Performance Rider with the Oklahoma Corporation
Commission.
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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/ Donald R. Rowlett
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Donald R. Rowlett
Controller Corporate Accounting
(On behalf of the registrant and in his capacity
as Controller Corporate Accounting)
July 8, 1999
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EXHIBIT INDEX
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EXHIBIT INDEX DESCRIPTION
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99.01 OGE ENERGY CORP.'S OKLAHOMA GAS & ELECTRIC COMPANY FILES
GENERATION EFFICIENCY PERFORMANCE RIDER (GER)
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EXHIBIT 99.01
OGE ENERGY CORP.'S OKLAHOMA GAS & ELECTRIC COMPANY FILES GENERATION EFFICIENCY
PERFORMANCE RIDER (GER)
Oklahoma Gas & Electric Company, a wholly owned subsidiary of OGE Energy Corp.
(NYSE: OGE), today filed the Generation Efficiency Performance Rider (GER) with
the Oklahoma Corporation Commission. The rider, which allows OG&E to retain a
part of the fuel savings it achieves through efficiencies, will take effect July
1. Based on normalized sales, the GER is expected to decrease by approximately
$10 million from 1998.
Highlights:
o Revenue associated with the GER decreased from approximately $30 million
in 1998 to approximately $20 million in 1999.
o OG&E's fuel cost relative to the Southwest Power Pool increased from 73
percent of average to 85 percent of average.
o The GER reduction should result in an 8 cent decrease in earnings per share
for 1999.
