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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: June 19, 1997
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 June 18, 1997, Oklahoma Gas and Electric Company (the "Company") filed
documents with the Oklahoma Corporation Commission relating to a Generation
Efficiency Performance Rider ("GEP Rider"), which was approved in the Company's
1996 rate case. The GEP Rider is designed so that when the Company's average
annual cost of fuel per kwh is less than 96.261% of the average non-nuclear fuel
cost per kwh of the other fifteen investor owned utility members of the
Southwest Power Pool, the Company is allowed to collect, through the GEP Rider,
one-third of the amount by which the Company's average annual cost of fuel comes
in below 96.261% of such Southwest Power Pool average.
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 year. Management estimates that the
additional 1997 revenue impact from the current revision to the GEP Rider will
be approximately $9 million, or approximately $0.13 per share. The current GEP
Rider is estimated to positively impact revenue by $27 million, or approximately
$0.41 per share during the 12 months ending June 1998. On June 18, 1997, the
Company issued the following related news release:
OG&E OUTPERFORMS UTILITIES IN SURROUNDING STATES
OG&E Electric Services has filed documents with the Oklahoma Corporation
Commission that show the company has produced power for its customers for
significantly less than most other utilities in the region.
"Natural gas prices have shot up over the past 6 months and many electric
companies have had to pass these higher costs onto their customers," said Grant
Ringel, OG&E's manager of Corporate Communications. "OG&E has insulated its
customers from much of the impact of these increased costs by being able to
produce most of its electricity with coal and inexpensive power purchased on the
open market," he added. "Most utilities in our area have not been able to do
this."
During the OG&E rate case completed in 1996, the Corporation Commission created
incentives to encourage OG&E to find innovative ways to make OG&E customers'
bills below the regional average. If OG&E is able to do this, part of the
savings is shared with the company. The information filed with the commission
documents these savings and allows a portion to be sent back to the company.
"We believe the Commission has found a way to make everyone a winner when rates
are kept low," Ringel said. "Customers get bills that are lower than people in
surrounding states and OG&E is rewarded for being innovative," he added.
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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)
June 19, 1997
