OGE Energy plans $7.3B capex after OCC OKs 448 MW project

Rhea-AI Filing Summary

OGE Energy Corp., parent of Oklahoma Gas and Electric Company, announced that its utility has received pre-approval from the Oklahoma Corporation Commission to construct two natural gas combustion turbines with a total nameplate capacity of 448 megawatts at the Horseshoe Lake facility. The OCC found a need for Horseshoe Lake Units 13 and 14, scheduled to go into service by the end of 2029, approved rider recovery once they are in service, and approved two Capacity Purchase Agreements without a return on the CPAs, but did not approve Construction Work in Progress.

Following this decision, OGE Energy updated and extended its capital plan through 2030, estimating total capital expenditures of $7,285 million for 2026–2030 across transmission, Oklahoma and Arkansas distribution, generation reliability and capacity projects, and technology, fleet and facilities. The company reaffirmed a long-term consolidated earnings per share growth target of 5% to 7%, aiming for the top half of that range through 2028.

Insights

Utility sector and regulation analyst

OCC pre-approval supports OGE’s long-term gas capacity and capex plan.

The Oklahoma Corporation Commission has pre-approved construction of Horseshoe Lake Units 13 and 14, two natural gas turbines totaling 448 megawatts. This decision confirms a regulatory finding of need and allows rider recovery after the units are placed in service by the end of 2029. However, the OCC did not approve Construction Work in Progress and did not grant a return on the two Capacity Purchase Agreements, which shapes how cash recovery will occur over time.

OGE Energy has updated and extended its capital plan through 2030, outlining planned capital expenditures of $7,285 million for the years 2026–2030. Spending is spread across transmission, Oklahoma and Arkansas distribution, generation reliability and capacity projects, and technology, fleet and facilities. Management reiterates a long-term consolidated earnings per share growth target of 5% to 7%, targeting the top half of that range through 2028, tying growth expectations to this large, largely regulated investment program.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What regulatory approval did OGE Energy (OGE) announce in this report?

OGE Energy reported that its utility, Oklahoma Gas and Electric Company, received pre-approval from the Oklahoma Corporation Commission to construct two natural gas combustion turbines at its Horseshoe Lake facility.

What is the capacity and timing of the new Horseshoe Lake units for OGE?

The Horseshoe Lake Units 13 and 14 will have a combined nameplate capacity of 448 megawatts and are scheduled to go into service by the end of 2029.

How did the OCC rule on cost recovery for OGE’s Horseshoe Lake project?

The OCC approved rider recovery for Horseshoe Lake Units 13 and 14 once they are placed in service and approved two Capacity Purchase Agreements, but did not approve Construction Work in Progress or a return on the CPAs.

What are OGE Energy’s planned capital expenditures for 2026–2030?

OGE Energy estimates total capital expenditures of $7,285 million for 2026–2030, allocated across transmission, Oklahoma and Arkansas distribution, generation reliability and capacity projects, and technology, fleet and facilities.

What earnings growth target did OGE Energy communicate?

OGE Energy stated a long-term consolidated earnings per share growth target of 5% to 7% and is targeting the top half of that range through 2028.

How does OGE Energy plan to finance its incremental investments?

OGE Energy expects to finance the incremental investments with a mix of debt and equity content to support strong investment-grade credit ratings and targeted credit metrics.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/14/2025 - 06:08 PM Learn about SEC filing dates

0001021635false00000741450001021635oge:OGEMember2025-11-132025-11-1300010216352025-11-132025-11-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)			November 13, 2025
(Commission File Number)	(Exact Name of Registrants as Specified in Their Charters)			(I.R.S. Employer Identification No.)
1-12579	OGE ENERGY CORP.			73-1481638
1-1097	OKLAHOMA GAS AND ELECTRIC COMPANY			73-0382390
Oklahoma
(State or Other Jurisdiction of Incorporation)
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)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
OGE Energy Corp.	Common Stock	OGE	New York Stock Exchange
Oklahoma Gas and Electric Company	None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events

OGE Energy Corp. ("OGE Energy") is the parent company of Oklahoma Gas and Electric Company ("OG&E"), a regulated electric company with approximately 910,000 customers in Oklahoma and western Arkansas.

OGE Energy today reported that OG&E has received pre-approval by the Oklahoma Corporation Commission (“OCC”) to construct two natural gas combustion turbines with a total nameplate capacity of 448 megawatts at its Horseshoe Lake facility in Oklahoma.

On November 13, 2025, the OCC issued an order finding that OG&E has demonstrated a need to construct Horseshoe Lake Units 13 and 14, which are scheduled to go into service by the end of 2029, but did not approve the use of Construction Work in Progress. The OCC order did approve rider recovery for the Horseshoe Lake Units 13 and 14 once they are placed in service, approved two Capacity Purchase Agreements ("CPAs"), but did not approve a return on the CPAs. As a result of receiving pre-approval, OGE Energy has updated its five-year capital plan, including the addition of Horseshoe Lake Units 13 and 14, as well as extended its capital plan through 2030. OGE Energy expects to finance these incremental investments with a mix of debt and equity content to support strong investment grade credit ratings and targeted credit metrics. OGE Energy's long-term consolidated earnings per share growth target is five percent to seven percent, targeting the top half of the range through 2028.

The following table presents OGE Energy's estimates of capital expenditures for the years 2026 through 2030. OGE Energy will continue to update estimates of capital expenditures as customers are added and the service territory continues to grow.

(In millions)		2026		2027		2028		2029		2030		Total
Transmission		$285		$295		$300		$270		$240		$1,390
Oklahoma distribution		665		705		725		775		825		3,695
Arkansas distribution		25		25		25		25		25		125
Generation reliability		155		160		165		165		165		810
Generation capacity projects		150		190		165		65		—		570
Technology, fleet & facilities		125		135		145		145		145		695
Total		$1,405		$1,510		$1,525		$1,445		$1,400		$7,285

This current report includes forward-looking statements. OGE Energy and OG&E (the "Registrants") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of the Registrants. The Registrants have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with the Registrants’ combined Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent quarterly Reports on Form 10-Q. Additionally, OGE Energy provides direct links to the Registrants’ presentations, documents and other information at www.oge.com (Investor Center) in order to publicly disseminate such information.

This combined Current Report on Form 8-K is being furnished separately by the Registrants. Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	OGE ENERGY CORP.
	OKLAHOMA GAS AND ELECTRIC COMPANY
	(Registrant)
By:	/s/ Sarah R. Stafford
	Sarah R. Stafford
	Controller and Chief Accounting Officer

November 14, 2025