OGE · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

OGE Energy

24 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Oilfield customers

earns from · $242.8

OG&E provides retail electric service to approximately 913,000 customers in Oklahoma and western Arkansas throughout a service area that covers 30,000 square miles including Oklahoma City, the largest city in Oklahoma, Fort Smith, Arkansas, the third largest city in that state, and other large communities with their contiguous rural and suburban areas.Business (Item 1)

Data centers and crypto mining customers

earns fromnamed as a risk

If this continues, these types of customers could represent a significant portion of our revenues.Risk factors (Item 1A)

Suppliers

NextEra Energy

depends on · 60.0 MWs

OG&E's current wind power portfolio also includes purchased power contracts as presented in the following table.Business (Item 1)

Also named by FSLR

CPV Keenan

depends on · 152.0 MWs

OG&E's current wind power portfolio also includes purchased power contracts as presented in the following table.Business (Item 1)

Edison Mission Energy

depends on · 130.0 MWs

OG&E's current wind power portfolio also includes purchased power contracts as presented in the following table.Business (Item 1)

Partners and platforms

Southwest Power Pool (SPP) Integrated Marketplace

depends onnamed as a risk

Our revenues, expenses, assets and liabilities may be adversely affected by changes in the organization, operation and regulation of the SPP Integrated Marketplace by the FERC or the SPP.Risk factors (Item 1A)

Other companies

OG&E

depends on · $9.4 billionnamed as a risk

Consequently, OGE Energy's operating cash flow and its ability to pay dividends and service its indebtedness are dependent upon the operating cash flow of OG&E and the payment of funds by OG&E to OGE Energy in the form of dividends.Risk factors (Item 1A)

Places

Oklahoma

concentrated in · 92 percent of its total electric operating revenues

OG&E derived 92 percent of its total electric operating revenues in 2025 from sales in Oklahoma and the remainder from sales in Arkansas.Business (Item 1)

Also named by DCI, KEX, PAYC

Arkansas

operates in

OG&E derived 92 percent of its total electric operating revenues in 2025 from sales in Oklahoma and the remainder from sales in Arkansas.Business (Item 1)

Also named by ALB, CNC, ETR, FPI

Hazards

Summer peak demand

7,412 MWsnamed as a risk

In OG&E's service area, demand for power peaks during the hot summer months, with market prices also typically peaking at that time.Risk factors (Item 1A)

Severe weather (tornadoes, ice storms, droughts, wildfires)

operates innamed as a risk

Severe weather, such as tornadoes, thunderstorms, ice storms, windstorms, flooding, earthquakes, prolonged droughts and the occurrence of wildfires, may cause outages and property damage which may require us to incur additional costs that may not be adequately insured and that may not be recoverable from customers.Risk factors (Item 1A)

Also named by BALL, DAL, DTE, EVRG, EXP, FE, NSC, WPC

Commodities and inputs

Natural gas

exposed to its price · 57%named as a risk

The increase in the weighted-average cost of fuel used in 2025 compared to 2024 was primarily due to higher natural gas prices while the decrease in 2024 compared to 2023 was primarily due to lower natural gas prices.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Coal

depends on · 34%named as a risk

OG&E has coal supply agreements for 100 percent of its expected coal requirements through 2027 for the Sooner, Muskogee and River Valley facilities.Business (Item 1)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Purchased power

depends on · 22.2named as a risk

Further, when unplanned maintenance work is required on power plants or other equipment, OG&E will not only incur unexpected maintenance expenses, but it may also have to make spot market purchases of replacement electricity that could exceed OG&E's costs of generation or be forced to retire a generation unit if the cost or timing of the maintenance is not reasonable and prudent.Risk factors (Item 1A)

Also named by DUK, EIX

Regulators

Federal Energy Regulatory Commission (FERC)

subject to · five percentnamed as a risk

OG&E cannot assure that the OCC, APSC and the FERC will grant rate increases in the future or in the amounts requested, and they could instead lower OG&E's rates.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Oklahoma Corporation Commission (OCC)

subject to · 88 percent of OG&E's electric revenuenamed as a risk

In 2025, 88 percent of OG&E's electric revenue was subject to the jurisdiction of the OCC, seven percent to the APSC and five percent to the FERC.Business (Item 1)

Also named by ARLP, DMLP, EXP

Arkansas Public Service Commission (APSC)

subject to · seven percentnamed as a risk

In 2025, 88 percent of OG&E's electric revenue was subject to the jurisdiction of the OCC, seven percent to the APSC and five percent to the FERC.Business (Item 1)

Also named by ETR

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk

The increasing development of NERC rules and standards will increase compliance costs and our exposure for potential violations of these standards.Risk factors (Item 1A)

Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more

Southwest Power Pool (SPP)

subject tonamed as a risk

Both changes may increase OG&E's generation capacity needs.Risk factors (Item 1A)

Also named by AEP, EVRG

Laws and programs

Arkansas formula rate rider

subject to · plus or minus four percent of revenue

Adjustments are limited to plus or minus four percent of revenue for each rate class for the 12 months preceding the test period.Business (Item 1)

Inflation Reduction Act

named as a risk

The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and "One Big Beautiful Bill" present opportunities for federal grants, loans and tax incentives aimed at electrical infrastructure development.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

Infrastructure Investment and Jobs Act

depends onnamed as a risk

We have been awarded grant funds for specific projects through the Infrastructure Investment and Jobs Act, and we plan to pursue additional opportunities available to us under these Acts.Risk factors (Item 1A)

Also named by APG, AWK, CTOS, HASI, J, MLM, MTZ, NWPX and 3 more

Fuel adjustment clause

subject tonamed as a risk

If the state regulatory commissions determine that such costs were not prudently incurred, recovery could be disallowed.Risk factors (Item 1A)

EPA Clean Air Act Section 111 greenhouse gas rules

subject tonamed as a risk

Rules from the EPA to reduce emissions of greenhouse gases from fossil fuel-fired electric generating units under the Clean Air Act Section 111 were finalized in 2024, but the rules still might change before implementation.Risk factors (Item 1A)