OGE Energy Corp. (OGE): Business Model Canvas [Dec-2025 Updated]

You're looking to really understand how OGE Energy Corp. (OGE) makes its money, especially now that they are planning $6.50 billion in capital projects between 2025 and 2029 while guiding toward an EPS midpoint of $2.27 for 2025. Honestly, breaking down a regulated utility's engine isn't always straightforward, but we can map it out precisely using the nine blocks of the Business Model Canvas. This framework cuts through the regulatory noise to show you exactly where OGE Energy Corp. (OGE) locks in its value-from its regulated franchise in Oklahoma and Arkansas to its key activities in grid maintenance and new generation construction. Dive in below to see the whole picture of this essential service provider's strategy.

OGE Energy Corp. (OGE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships OGE Energy Corp. relies on to execute its massive infrastructure build-out and maintain service reliability across Oklahoma and Arkansas. These partnerships aren't just handshake agreements; they are legally binding, financially significant dependencies that underpin their entire operating model.

The regulatory environment is perhaps the most critical partnership, even if it feels adversarial at times. OGE Energy Corp. must constantly align with the Oklahoma Corporation Commission (OCC) and the Federal Energy Regulatory Commission (FERC). For instance, the OCC recently approved the construction of 448 megawatts of natural gas combustion turbines at Horseshoe Lake (Units 13 and 14), scheduled for service by the end of 2029 (Source 3). However, that same order declined to authorize Construction Work in Progress (CWIP) treatment, meaning customers won't pay for costs during construction (Source 3). On the federal side, FERC approved a policy implementing a Winter Resource Adequacy Requirement (RAR) in early 2025, which impacts how OGE Energy plans capacity starting with the 2025/2026 Winter Season (Source 12).

The relationship with the Southwest Power Pool (SPP) is fundamental for grid reliability and capacity planning. OGE Energy Corp.'s subsidiary, OG&E, is a Market Participant and Meter Agent within the SPP structure. OG&E's existing fleet includes 4,560 MW of Natural Gas capacity (Source 12). A recent filing shows OG&E provided notice to terminate an old Meter Agent Services Agreement (SA# 2836) and proposed a new cost-based rate of $137 per meter per month for those services, which FERC accepted in Docket No. ER25-2136-000 (Source 13). This shows the constant, detailed negotiation required to operate within the regional transmission organization (RTO).

When you look at the capital plan, you see the scale of the equipment vendor relationships required. OGE Energy Corp. is pursuing an aggressive investment strategy, planning to spend $6.50 billion between 2025 and 2029 (Source 9). This figure is an increase from the prior $6.25 billion five-year plan (Source 1, 9). These expenditures fund projects like the $250 million Fort Smith-Muskogee transmission project and the new generation units (Source 2). The sheer volume of equipment needed-turbines, transmission components, grid modernization gear-means vendors are key partners whose supply chain health directly impacts OGE Energy Corp.'s ability to meet its 5% to 7% long-term EPS growth target (Source 9).

Here's a quick look at how the financing partnerships are structured to support this capital deployment:

Financing Event/Partner Type	Amount/Instrument	Timing/Purpose
Electric Company Issuance	$350 million in new long-term debt	April 2025; to repay short-term borrowings and fund capital investments (Source 1, 7)
Holding Company Equity Offering	$345 million in common stock	November 2025; split between direct sales and forward sale agreements (Source 2, 5)
Forward Sale Agreement Price	Initial price of $41.71 per share	Settlement dates at OGE Energy Corp.'s discretion by May 27, 2027 (Source 8)
Key Financial Intermediaries	Morgan Stanley and J.P. Morgan	Acted as underwriters and forward sellers for the November 2025 offering (Source 8)

Finally, the partnership with natural gas and fuel suppliers is under significant cost pressure. You see this reflected in the financials; OGE Energy Corp.'s fuel, purchased power, and transmission expenses surged 11% year over year in the third quarter of 2025 (Source 9). Furthermore, the regulatory asset for fuel and purchased power is anticipated to be substantial, estimated between ~$800 million to ~$1B (Source 14). This highlights the constant need to manage commodity price volatility through supplier contracts and regulatory mechanisms.

The reliance on these external parties can be summarized by the key operational dependencies:

• OCC/FERC approval for 448 MW generation addition (Source 3).
• SPP compliance with Winter RAR starting 2025/2026 (Source 12).
• Financing mix including $345 million equity issuance in 2025 (Source 2).
• Managing 11% YoY surge in fuel/purchased power costs (Source 9).
• Securing equipment for the $6.50 billion capex plan (2025-2029) (Source 9).

Finance: review the impact of the $137 per meter per month SPP rate change on Q4 2025 operating expenses by next Tuesday.

OGE Energy Corp. (OGE) - Canvas Business Model: Key Activities

You're looking at the core engine of OGE Energy Corp. (OGE), which is really the day-to-day execution by its primary subsidiary, Oklahoma Gas and Electric Company (OG&E). These activities are all about keeping the lights on reliably for approximately 900,000 customers across Oklahoma and western Arkansas while managing massive capital deployment. Here's how the key activities break down with the latest numbers.

Regulated electric power generation and procurement

This activity centers on ensuring sufficient, reliable power supply, increasingly through natural gas assets to complement intermittent sources. OGE Energy Corp. is actively constructing and planning significant capacity additions to meet surging demand. The company announced it is completing construction of approximately 550 megawatts (MW) of new natural gas combustion turbines at Horseshoe Lake and Tinker Air Force Base, expecting these to be operational in 2026.

Furthermore, OGE Energy Corp. has filed for approval to add two more natural gas combustion turbines, Units 13 and 14, totaling approximately 450 MW at the Horseshoe Lake facility, which are targeted for operation in 2029. The cost for these specific Horseshoe Lake Units 13 and 14 is capped at $506.4 million. The utility reported a high grid reliability rate of 99.975% amidst severe weather conditions in the first quarter of 2025.

Transmission and distribution grid operation and maintenance

Operating and maintaining the physical network is critical, especially as load growth accelerates. This work supports the overall system performance that allows OG&E to deliver power at some of the nation's lowest electric rates. The company's updated five-year capital plan, extending through 2030, allocates funds across transmission, Oklahoma distribution, and Arkansas distribution.

The scale of investment planned for the next five years is substantial:

• Total estimated capital expenditures for 2026-2030: $7,285 million.
• These expenditures cover transmission, distribution in both states, generation reliability, capacity projects, and technology upgrades.

Managing regulatory rate cases and capital investment recovery

Navigating the Oklahoma Corporation Commission (OCC) and Arkansas regulators is a core, non-optional activity. This involves securing the necessary revenue to cover operating costs and recover capital investments. The 2024 Oklahoma General Rate Review, settled in December 2024 and approved in interim order in November 2024, resulted in an annual revenue requirement increase of $126.7 million. This settlement maintained OG&E's Return on Equity (ROE) at 9.5 percent.

New legislation in Oklahoma allows for Construction Work in Progress (CWIP) recovery for certain generation projects, which is a key mechanism for financing large builds. For the proposed Horseshoe Lake Units 13 and 14, this legislation is estimated to save customers $190 million over the life of the units, though the OCC did not approve CWIP recovery upfront for these specific units.

Here's a look at the regulatory environment impacting capital recovery:

Regulatory Item/Metric	Value/Status (as of late 2025)
2024 OK Rate Case Annual Revenue Increase	$126.7 million
OG&E Return on Equity (ROE)	9.5 percent
Estimated Customer Savings from SB 998 (Horseshoe Lake 13 & 14)	$190 million
OCC Decision on CWIP for Horseshoe Lake 13 & 14	Did not approve Construction Work in Progress
Planned OK General Rate Review Filing	By mid-2025

Constructing new natural gas generation (e.g., 448 MW at Horseshoe Lake)

This is a major, tangible activity driven by the need to meet growing demand, especially from data centers. The construction of the 448 MW capacity from Horseshoe Lake Units 13 and 14 is a central focus, though service is not expected until the end of 2029. The company is currently constructing approximately 1,000 MW of new natural gas combustion turbines across its sites as part of its strategy.

Driving economic development to increase load growth

Securing new, high-demand customers through economic development efforts directly translates to revenue growth. The company is actively engaged in conversations with large load customers, including data centers. OGE Energy Corp. reported an $8 billion annual economic contribution from its operations. The company's economic development initiatives are clearly paying off in demand metrics:

• Weather-normalized load growth forecast for full-year 2025: 8.5%.
• Weather-normalized load growth in Q1 2025: 8%.
• Customer growth in Q1 2025: 1% year-over-year.
• Commercial load growth in Q1 2025: 28%.

This strong growth trajectory supports the 2025 consolidated earnings guidance midpoint of $2.27 per average diluted share. Finance: draft 13-week cash view by Friday.

OGE Energy Corp. (OGE) - Canvas Business Model: Key Resources

The Key Resources for OGE Energy Corp. are fundamentally tied to its regulated status and the physical assets required to deliver electricity across its service territory.

Regulated utility franchise in Oklahoma and western Arkansas

OGE Energy Corp.'s electric utility subsidiary, Oklahoma Gas & Electric Company (OG&E), holds the necessary regulatory permissions to operate. The service territory spans approximately 30,000 square miles in Oklahoma and western Arkansas, serving an estimated population of 1.9 million people.

The rates and operations are subject to oversight from several bodies:

• Oklahoma Corporation Commission (OCC)
• Arkansas Public Service Commission (APSC)
• Federal Energy Regulatory Commission (FERC)

Generation fleet (natural gas, coal, ~450 MW wind, 32.2 MW solar)

As of October 2025, OGE Energy Corp. reported a total generating capacity of 6,921 megawatts across its operations. This fleet includes 9 power plants, 3 wind farms, and 6 solar farms. The capacity mix is heavily weighted toward natural gas.

Here is the breakdown of the generation capacity mix:

Fuel Source	Percentage of Capacity
Natural Gas	66%
Coal	22%
Renewable (Wind/Solar)	7%
Dual Generation (Gas/Coal)	5%

The renewable component includes nearly 450 MW from wind farms and 32.2 MW from solar sites, based on December 31, 2024 figures. Furthermore, OGE Energy is expanding, with approximately 550MW of new natural gas combustion turbines expected online in 2026.

Extensive transmission and distribution infrastructure

Maintaining and upgrading the physical grid is a core resource requirement. OGE Energy plans to spend $6.50 billion between 2025 and 2029 to enhance the safety, resiliency, and reliability of its distribution and transmission grid and generation fleet. This capital expenditure plan is an increase from the prior five-year plan of $6.25 billion.

Investment-grade credit ratings for capital access

Access to capital markets for funding these large infrastructure investments is secured by credit ratings. As of November 18, 2025, S&P Global Ratings affirmed the issuer credit rating on OGE Energy Corp. at 'BBB+' with a stable outlook. The subsidiary, OG&E, received an affirmed issuer credit rating of 'A-' but with a negative outlook. Moody's also revised OGE Energy's credit ratings outlook to negative. OG&E issued $350 million in new long-term debt in April 2025.

Approximately 900,000 customer connections

The customer base represents the direct revenue-generating asset base. As of October 2025, OG&E served approximately 910,000 customers. This base has shown growth, with the company reporting a customer base increase of approximately 1% year-over-year in Q2 2025. Finance: draft 13-week cash view by Friday.

OGE Energy Corp. (OGE) - Canvas Business Model: Value Propositions

You're looking at what OGE Energy Corp. promises its customers-the core value they deliver to keep the lights on and support growth in Oklahoma and western Arkansas.

Highly reliable and resilient electric service (99.975% reliability rate)

OGE Energy Corp. emphasizes delivering power you can count on. They point to operational execution that resulted in an outstanding reliability performance for customers, even when facing severe weather events.

• Grid reliability rate maintained at 99.975% as of Q1 2025.
• Investments are ongoing to improve the safety and resiliency of the distribution and transmission grid.

Low electric rates compared to national averages

Affordability is a major selling point. OGE Energy Corp. consistently highlights that their rates are structured to be competitive, though they are seeking rate adjustments to cover necessary capital spending.

Here's the quick math on their rate position:

Metric	Value
Current Rate Comparison to National Average	Approximately 35% below the national average.
Residential Rate Increase (Effective July 1, 2024)	6.6 percent increase for residential customers.
Total Rate Increase (Across All Categories, Effective July 1, 2024)	4.5 percent increase.
Projected Average Residential Monthly Increase (Starting 2026)	$0.60 per month.
Projected Average Residential Monthly Increase (By 2031)	$4.81 per month.

What this estimate hides is that future increases are laddered, meaning the full impact isn't felt immediately.

Stable, essential utility service under a regulated monopoly model

As a regulated electric company, OGE Energy Corp. provides an essential service under the oversight of bodies like the Oklahoma Corporation Commission (OCC). This structure provides a degree of stability in operations and revenue recovery.

• Serves approximately 900,000 customers across its service territory.
• The electric company (OG&E) contributed earnings of $2.33 per diluted share in 2024.
• OGE Energy Corp. forecasts OG&E earnings of $2.43 per average diluted share for 2025.

Proactive infrastructure investment to support economic growth

OGE Energy Corp. is aggressively investing to meet growing demand, especially from sectors like data centers, which drove retail load growth to a projected 7.5% for all of 2025. This spending is designed to modernize the grid and secure future capacity.

The commitment to infrastructure is substantial:

Investment Focus	Planned Capital Expenditure (2025-2029)
Total 5-Year Capital Plan	$6.50 billion
New Natural Gas Generation (Horseshoe Lake)	448 megawatts (Units 13 & 14, in-service by end of 2029)
Combustion Turbines Under Construction	550 megawatts

The company expects to grow consolidated earnings per share annually between 5% and 7% from the midpoint of its 2025 guidance range.

Voluntary renewable energy programs for retail customers

OGE Energy Corp. offers programs allowing retail customers to support cleaner energy sources without installing their own equipment. They were the first utility in Oklahoma to offer a universal solar power program.

• Offers the Solar Power Program for apartments, homes, or businesses.
• Customers on the solar program switch to a SmartHours Fixed (Time-of-Use) rate for summer off-peak discounts.
• As of December 31, 2024, OGE operates wind farms totaling nearly 450 MW.
• As of December 31, 2024, OGE operates solar sites with 32.2 MW of capacity.

Finance: draft 13-week cash view by Friday.

OGE Energy Corp. (OGE) - Canvas Business Model: Customer Relationships

OGE Energy Corp. operates through its subsidiary, Oklahoma Gas and Electric Company (OG&E), which functions under a regulated service model.

Regulated service model with guaranteed service territory

OG&E is the regulated electric company providing service across a defined geographic area. The service territory covers approximately 30,000 square miles in Oklahoma and western Arkansas. As of the third quarter of 2025, OG&E served approximately 910,000 customers in this territory. The regulatory framework includes precedents like the Oklahoma Supreme Court affirming the Large-Load Exception to the Retail Electric Supplier Certified Territory Act (RESCTA), which impacts how service is extended to large customers near certified boundaries. This structure ensures a guaranteed service territory for OG&E Energy Corp.

Metric	Value (as of late 2025 data)	Reporting Period/Context
Regulated Customers Served	910,000	Q3 2025
Service Area Square Miles	30,000	General Service Territory
Q3 2025 Operating Revenues - Industrial	$319.1 million	Three Months Ended September 30, 2025

Automated self-service via online portals and mobile apps

Customers use digital channels for routine interactions. The company directs users to its Investor Center via www.oge.com for updates and information. The commitment to service is underscored by ongoing investments in infrastructure to support growing communities.

• Customer base expansion of 1% year-over-year (Q1 2025).
• Residential and commercial segments showed substantial growth (Q1 2025).
• OGE Energy Corp. is adding approximately 550 MW of new natural gas combustion turbine generation projects operational in 2026.
• Pre-approval received for Horseshoe Lake Units 13 and 14, totaling 448 megawatts, scheduled for service by the end of 2029.

Dedicated account management for large commercial/industrial customers

The utility actively manages relationships with major energy consumers, evidenced by ongoing infrastructure projects aimed at meeting increased demand. The company has noted roughly a half a dozen or so discussions in various stages of development with data center projects. This focus on large load growth requires dedicated planning and service coordination.

Community engagement and local service presence

OGE Energy Corp. emphasizes its role as a community partner. The OGE Energy Corp. Foundation supports local and regional nonprofit organizations in areas like education, health & human services, environment, arts & culture, and community development. The company has maintained dividend payments for 55 consecutive years and raised dividends for 19 straight years. The commitment is to provide excellent service to approximately 900,000 customers.

Call centers for billing, outage reporting, and service requests

The operational focus includes limiting impacts of severe weather and outages, which drives high utilization of service channels. The team is committed to delivering safe and reliable service, a core expectation for all customers interacting via service channels.

OGE Energy Corp. (OGE) - Canvas Business Model: Channels

You're looking at how OGE Energy Corp. gets its power from the plant to the end-user and how it communicates with everyone from the residential customer to the institutional investor. The physical network is the backbone, but the digital touchpoints are increasingly important for service delivery and investor relations.

The primary channel for delivering electricity is the physical infrastructure managed by the subsidiary OG&E. This network serves a defined territory, connecting generation assets to end-users across Oklahoma and western Arkansas. OGE Energy Corp. is actively investing in this channel, planning to spend a total of $6.50 billion between 2025 and 2029 specifically to maintain and improve the safety, resiliency, and reliability of its distribution and transmission grid and generation fleet.

Here's a snapshot of the scale of the physical delivery channel as of late 2025:

Metric	Value
Retail Customers Served	Approximately 896,000
Service Area Size	Approximately 30,000 square miles
Five-Year Capital Expenditure Plan (2025-2029)	$6.50 billion
Q3 2025 Fuel, Purchased Power, and Direct Transmission Expense	Surged 11% year over year

For the commercial and industrial (C&I) segments, OGE Energy Corp. uses more direct engagement channels, often tied to energy efficiency and demand management programs. The Commercial Energy Efficiency Program (CEEP) is an umbrella approach designed to address the unique needs of this customer base. This program utilizes several targeted paths for participation, which function as specialized service delivery channels. For context on the revenue these segments generate, in the three months ended December 31, 2024, Commercial revenues were $213.0 million and Industrial revenues were $64.1 million.

The CEEP structure itself highlights the specialized channels for C&I customers:

• Commercial and Industrial Solutions (CIS).
• Schools and Government Efficiency (SAGE).
• Small Business Direct Install (SBDI).
• Small Business Midstream (Midstream).
• HVAC Replacement and Tune-Up (C&I HVAC).
• Continuous Energy Improvement (CEI).

Shareholder communication is channeled through the dedicated Investor Center website, located at www.oge.com. This platform is the primary hub for accessing official disclosures and updates. For instance, the Q3 2025 OGE Energy Corp. Earnings Conference Call was made available via webcast through this center on October 29, 2025. This digital access point ensures that financial stakeholders can easily review filings, fact sheets, and governance information.

Customer service centers and digital platforms provide the day-to-day interaction points for the residential and general customer base. The company actively promotes digital self-service options, including an app where customers can pay their bill, view energy usage, and report/monitor outages. The company also offers Paperless Billing and Average Monthly Billing options to help customers manage costs. Reliability metrics are also communicated through these channels; for outages experienced last year (2024), 98% of customers were restored within 24 hours.

Here are key service and digital channel statistics:

Channel/Metric	Detail/Value
Primary Digital Access Point	OGE.com and the OG&E App
Outage Restoration Rate (Previous Year)	98% within 24 hours
Customer Support Phone (OKC Metro)	(405) 272-9741
Customer Support Phone (All Other Areas)	(800) 272-9741

Finance: draft 13-week cash view by Friday.

OGE Energy Corp. (OGE) - Canvas Business Model: Customer Segments

You're looking at OGE Energy Corp.'s customer base, which is the bedrock of their regulated utility business. Honestly, the numbers tell a clear story about where the revenue and the growth are coming from right now.

As of the first quarter of 2025, OGE Energy Corp., through its subsidiary OG&E, was providing retail electric service to approximately 909,000 customers across Oklahoma and western Arkansas. The company saw a 1% customer growth rate year-over-year in Q1 2025, showing steady, if not explosive, overall customer acquisition. The real story, though, is in the load growth, which management noted was an 8% year-over-year increase in demand for that quarter.

Here is a breakdown of the key customer classes based on the most recent full-year financial data available, which is for the year ended December 31, 2024:

Customer Segment	Operating Revenues (Year Ended Dec 31, 2024 - in millions)	Q1 2025 Load Growth
Residential customers	$1,148.5	3%
Commercial customers	$839.1	28%
Industrial customers	$254.1	Softness due to outages

Residential customers remain the largest volume segment by revenue, which is typical for a regulated electric utility, representing a stable base of demand. Still, the growth momentum in early 2025 was clearly leaning elsewhere.

Commercial customers, which include retail operations and offices, showed impressive strength in early 2025. You saw a 28% load growth in this segment during the first quarter of 2025, which is a massive jump compared to the residential segment's 3% growth in the same period. This suggests strong economic activity in their service territory, particularly in the commercial sector.

Industrial customers, which are inherently high-load users, including those in oilfield operations, showed some softness in Q1 2025, partially attributed to outages. Their revenue contribution for the full year 2024 was $254.1 million. This segment is critical for overall system load but can be more volatile based on commodity cycles and operational issues.

OGE Energy Corp. also serves other necessary segments:

• Public authorities and municipalities: Providing essential service for street lighting and government facilities across their service area.
• These customers are vital for long-term contractual stability, even if their revenue contribution is smaller than the top three classes.

The future growth story is definitely tied to large-scale energy users. Management specifically highlighted ongoing discussions with high-growth data center clients, including Google. Addressing the potential generation needs for these large-load economic development projects will require separate regulatory filings as those specific agreements are finalized. This is where you see the utility positioning itself for significant future demand increases beyond the current residential and commercial trends.

Finance: draft 13-week cash view by Friday.

OGE Energy Corp. (OGE) - Canvas Business Model: Cost Structure

You're looking at the major costs OGE Energy Corp. incurs to keep the lights on and fund its growth initiatives. For a regulated utility, the cost structure is heavily weighted toward physical assets and the cost of financing them.

High capital expenditures for infrastructure upgrades represent a massive, multi-year commitment. OGE Energy initially outlined a five-year capital expenditure plan totaling $6.25 billion from 2025-2029, focused on distribution, transmission, and generation reliability. More recently, an updated plan, spurred by pre-approval for new natural gas turbines, projects expenditures totaling $7.285 billion from 2026 to 2030. This spending is key to supporting the company's 5% to 7% annual consolidated earnings per share growth target.

The day-to-day running costs are dominated by energy procurement. Fuel, purchased power, and direct transmission expenses fluctuate based on commodity prices and weather. For the first quarter ending March 31, 2025, this expense was $324.0 million. By the third quarter ending September 30, 2025, this figure rose to $388.5 million for the quarter.

Operation and maintenance (O&M) expenses cover everything from routine upkeep to employee costs. The cost structure for the nine months ended September 30, 2025, shows significant components:

Expense Category (In millions)	Three Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2025
Other Operation and Maintenance	$143.5	$391.6
Depreciation and Amortization	$146.7	$424.7
Taxes other than income	$25.2	$82.6

Financing these massive asset investments leads directly to interest expense on long-term debt. As OGE Energy Corp. continues to finance its growing rate base, interest costs are a material outflow. For the three months ended September 30, 2025, interest on long-term debt was $66.4 million, accumulating to $194.4 million for the first nine months of 2025. You should note that higher interest expense was cited as a factor contributing to the increased net loss in Other Operations for the third quarter of 2025.

Regulatory compliance and depreciation costs are intertwined in the utility model. Depreciation expense for the nine months ended September 30, 2025, totaled $424.7 million. Furthermore, OGE Energy Corp. has regulatory mechanisms in place, such as the amortization of deferred costs related to Winter Storm Uri over 10 years, which impacts the cost recovery structure.

Here's a quick look at the major quarterly cost line items for OGE Energy Corp. as of late 2025:

• Fuel, Purchased Power and Direct Transmission Expense (3Q 2025): $388.5 million.
• Interest Expense (3Q 2025): $69.6 million.
• Depreciation and Amortization (3Q 2025): $146.7 million.
• Total Operating Expenses (3Q 2025): $899.5 million.
• Capital Expenditures (2025-2029 Plan): $6.25 billion.

OGE Energy Corp. (OGE) - Canvas Business Model: Revenue Streams

You're looking at where OGE Energy Corp. brings in the money, which is heavily dependent on its regulated utility, Oklahoma Gas and Electric Company (OG&E). The core of the revenue stream is the sale of electricity to its customer base across Oklahoma and western Arkansas. This includes sales to residential customers, commercial businesses, and industrial users.

A significant, though often less visible, component of the revenue is transmission service fees. These are revenues derived from the use of OG&E's transmission network, which are regulated by the Federal Energy Regulatory Commission (FERC). This regulated structure provides a predictable revenue base, which is a key feature of the utility business model. Anyway, the growth in revenue is clearly tied to customer activity; the utility reported approximately 1% customer growth year-over-year in the third quarter of 2025.

The recovery of capital investments is absolutely crucial for OGE Energy Corp.'s revenue health. This happens through the regulated rate base, meaning the company gets to earn a return on its investments in infrastructure, like power plants and grid upgrades, as approved by regulators. This mechanism is the primary driver for utility earnings growth. For instance, OG&E's electric utility business contributed earnings of $1.20 per diluted share in Q3 2025, up from $1.12 in the prior year period, largely due to this recovery.

The company is actively investing to support future revenue. They have approximately 550 MW of new natural gas combustion turbine generation projects under construction, expected to be operational in 2026. Plus, they updated their capital plan to include the $250 million Fort Smith to Muskogee transmission line, slated to go into service in phases between 2027 and 2029. These investments are what you need to track to understand future rate base growth. The weather-normalized load growth is strong, projected to hit 7.5% for the full year 2025, which directly fuels higher sales volumes.

Here's a quick look at the top-line and bottom-line figures from the latest reporting period and the full-year outlook. Honestly, the consolidated operating revenue for the third quarter of 2025 came in at $1.05 billion, slightly beating analyst expectations. The company is maintaining a confident stance on its full-year performance.

Here are the key financial metrics as of late 2025:

Metric	Value	Period/Context
Q3 2025 Total Operating Revenue	$1.05 billion	Three months ended September 30, 2025
Consolidated Net Income	$231.3 million	Q3 2025
OG&E Net Income	$242.9 million	Q3 2025
Consolidated EPS	$1.14 per diluted share	Q3 2025
OG&E EPS Contribution	$1.20 per diluted share	Q3 2025
Other Operations EPS Impact	Loss of $0.06 per diluted share	Q3 2025
Consolidated 2025 EPS Guidance Midpoint	$2.27 per diluted share	Full Year 2025 Projection

The revenue generation is supported by several key operational drivers:

• Weather-normalized load growth expected to reach 7.5% for full year 2025.
• Year-over-year customer growth just under 1% in Q3 2025.
• Natural gas fuel cost at 3.190 cents/kWh in Q3 2025.
• New generation capacity of approximately 550 MW under construction.
• Long-term EPS growth target of 5% to 7% through 2029.

The regulated utility segment, OG&E, is the engine, delivering $242.9 million in net income for the quarter, while the holding company operations, or Other Operations, posted a loss of $11.6 million for the same period. This split shows where the real revenue power lies. You'll want to monitor the regulatory filings for the recovery of those large capital expenditures, as that directly impacts future earnings stability. Finance: draft 13-week cash view by Friday.