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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 20, 1996
Commission file number 1-1097
OKLAHOMA GAS AND ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
Oklahoma 73-0382390
(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 December 18, 1996 the Company issued the following news release related to
its proposed settlement of the rate reduction request before the Oklahoma
Corporation Commission. The settlement is subject to approval by the Oklahoma
Corporation Commission.
OG&E ANNOUNCES RATE STIPULATION
Oklahoma Gas and Electric Company will lower its rates by $50 million according
to a settlement agreement presented today to the Oklahoma Corporation
Commission. If approved by the commission, the rate reduction will begin March
1, 1997.
For OG&E's residential customers, the reduction will appear on their summer
bills (from June through October). The average residential customer will see an
8.1 percent or approximately $7.65 reduction per month during those five months.
The settlement agreement also establishes an incentive program that will
encourage future electric generation cost savings that will be shared by
customers and the company. The incentives give the company an opportunity to
lessen the impact of the reduction if future cost savings are achieved.
"While the amount of the reduction is higher than we requested, we are
encouraged that an incentive program was adopted that enables us to pursue
future cost reductions that will benefit our customers and shareowners," said
OG&E Chairman, President and Chief Executive Officer Steve Moore. "We believe
that this settlement is in the best interest of our customers and our
shareowners."
The Corporation Commission Staff originally recommended a $95 million reduction
while the state Attorney General's Office called for OG&E to reduce rates by
$79.8 million.
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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.
OKLAHOMA GAS AND ELECTRIC COMPANY
(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 Chief Accounting Officer)
December 20, 1996
