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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: December 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 WITHDRAWS PERFORMANCE BASED
INCENTIVE PLAN
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OGE Energy Corp. announced, December 8, 1999, that its subsidiary, Oklahoma
Gas and Electric Company ("OG&E") has withdrawn its Performance Based Incentive
Plan, which was filed on July 15, 1999 with the Oklahoma Corporation Commission
("OCC").
The Performance Based Incentive Plan would have lowered OG&E's rates by
approximately $83 million during a 30-month transition to electric utility
deregulation and is discussed in the press release attached hereto as Exhibits
99.01.
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 OGE Energy's press release dated December 8, 1999 announcing
Oklahoma Gas & Electric Company withdraws Performance Based
Incentive Plan, which was filed on July 15, 1999 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
Vice President and Controller
(On behalf of the registrant and in his capacity
as Vice President and Controller)
December 8, 1999
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<TABLE>
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EXHIBIT INDEX
EXHIBIT INDEX DESCRIPTION
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<S> <C>
99.01 OG&E Withdraws Performance Based Incentive Plan
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Exhibit 99.01
FOR IMMEDIATE RELEASE: December 8, 1999
CONTACT: Paul Renfrow (405) 553-3287
FINANCIAL CONTACT: Jim Hatfield (405) 553-3984
OG&E WITHDRAWS PERFORMANCE BASED INCENTIVE PLAN;
CITES OCC STAFF'S VIEW: NO NEED TO CHANGE OG&E FINANCIAL POSITION
OKLAHOMA CITY -- OGE Energy Corp. (NYSE: OGE) announced that its largest
subsidiary, Oklahoma Gas and Electric Company, has withdrawn the company's
Performance Based Incentive Plan.
If adopted, the plan, filed with the Oklahoma Corporation Commission in
July, would have saved OG&E's Oklahoma ratepayers approximately $83 million
during a 30-month transition to electric utility deregulation. The Performance
Based rate plan was the first of its kind to be filed in Oklahoma and among the
first in the nation.
OG&E decided to withdraw its proposal after several days of settlement
discussions with the OCC staff, the Oklahoma Attorney General's office and other
intervenors failed to produce an agreement. OG&E decided not to proceed with the
case, which was set for hearing Wednesday, Dec. 8, after it became apparent the
company was being asked to bear too many risks without enough opportunity for
reward.
"We were pleased that the Corporation Commission staff, in its responsive
testimony to our plan, indicated there is no need for further review of the
company's current rates," said James R. Hatfield, OGE Energy senior vice
president and CFO. "We were disappointed, however, that we couldn't reach
agreement on this innovative new plan."
