Document and Entity Information
Document and Entity Information Document | 6 Months Ended |
Jun. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Entity File Number | 1-12579 |
Entity Registrant Name | OGE ENERGY CORP. |
Entity Incorporation, State or Country Code | OK |
Entity Tax Identification Number | 73-1481638 |
Entity Central Index Key | 0001021635 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | OGE |
Security Exchange Name | NYSE |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Address, Address Line One | 321 North Harvey |
Entity Address, Address Line Two | P.O. Box 321 |
Entity Address, City or Town | Oklahoma City |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 73101-0321 |
City Area Code | 405 |
Local Phone Number | 553-3000 |
Entity Common Stock, Shares Outstanding | 200,202,672 |
OG&E [Member] | |
Entity Information [Line Items] | |
Entity File Number | 1-1097 |
Entity Registrant Name | OKLAHOMA GAS AND ELECTRIC COMPANY |
Entity Tax Identification Number | 73-0382390 |
Entity Central Index Key | 0000074145 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 40,378,745 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenues from contracts with customers | [1] | $ 791 | $ 564.5 | $ 1,369.1 | $ 2,185.5 |
Other revenues | 12.7 | 12.9 | 23.9 | 22.5 | |
Operating revenues | 803.7 | 577.4 | 1,393 | 2,208 | |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 393.3 | 200 | 649 | 1,546.8 | |
OPERATING EXPENSES | |||||
Other operation and maintenance | 118.1 | 119.2 | 233.1 | 228.5 | |
Depreciation and amortization | 111.6 | 102.9 | 219 | 201.6 | |
Taxes other than income | 24.1 | 25.8 | 52.2 | 53 | |
Operating expenses | 253.8 | 247.9 | 504.3 | 483.1 | |
OPERATING INCOME | 156.6 | 129.5 | 239.7 | 178.1 | |
OTHER INCOME (EXPENSE) | |||||
Equity Securities, FV-NI, Gain (Loss) | (39.6) | 0 | 242.7 | 0 | |
Equity in earnings of unconsolidated affiliates | 0 | 33.5 | 0 | 86.7 | |
Allowance for equity funds used during construction | 0.9 | 1.6 | 2.2 | 2.9 | |
Other net periodic benefit expense | (2.7) | (1.3) | (12.1) | (2.7) | |
Other income | 21.9 | 6.3 | 44.5 | 9.3 | |
Other expense | (8.4) | (6.7) | (13.6) | (8.7) | |
Net other income | (27.9) | 33.4 | 263.7 | 87.5 | |
INTEREST EXPENSE | |||||
Interest on long-term debt | 39.5 | 37.8 | 78.9 | 76.2 | |
Allowance for borrowed funds used during construction | (0.9) | (0.7) | (2.1) | (1.5) | |
Interest on short-term debt and other interest charges | 3.8 | 2.8 | 5.7 | 4.6 | |
Interest expense | 42.4 | 39.9 | 82.5 | 79.3 | |
INCOME BEFORE TAXES | 86.3 | 123 | 420.9 | 186.3 | |
INCOME TAX EXPENSE | 13.2 | 10.1 | 68.3 | 20.7 | |
NET INCOME | $ 73.1 | $ 112.9 | $ 352.6 | $ 165.6 | |
BASIC AVERAGE COMMON SHARES OUTSTANDING | 200.2 | 200.2 | 200.2 | 200.1 | |
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 200.7 | 200.4 | 200.6 | 200.2 | |
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 0.37 | $ 0.56 | $ 1.76 | $ 0.83 | |
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 0.36 | $ 0.56 | $ 1.76 | $ 0.83 | |
Other Comprehensive Income (Loss), Net of Tax | $ 0.9 | $ 0.7 | $ 8.7 | $ 4.2 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 74 | 113.6 | 361.3 | 169.8 | |
OG&E [Member] | |||||
Revenues from contracts with customers | 791 | 564.5 | 1,369.1 | 2,185.5 | |
Other revenues | 12.7 | 12.9 | 23.9 | 22.5 | |
Operating revenues | 803.7 | 577.4 | 1,393 | 2,208 | |
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 649 | 1,546.8 | |||
OPERATING EXPENSES | |||||
Other operation and maintenance | 233.8 | 228.6 | |||
Depreciation and amortization | 219 | 201.6 | |||
Taxes other than income | 50.1 | 50.7 | |||
Operating expenses | 253.2 | 246.2 | 502.9 | 480.9 | |
OPERATING INCOME | 157.2 | 131.2 | 241.1 | 180.3 | |
OTHER INCOME (EXPENSE) | |||||
Allowance for equity funds used during construction | 0.9 | 1.6 | 2.2 | 2.9 | |
Other net periodic benefit expense | (1.8) | (1.2) | (3.2) | (2.1) | |
Other income | 1 | 1.1 | 2.2 | 2.8 | |
Other expense | (0.4) | (0.3) | (0.8) | (0.7) | |
Net other income | (0.3) | 1.2 | 0.4 | 2.9 | |
INTEREST EXPENSE | |||||
Interest on long-term debt | 38.6 | 37.4 | 77.1 | 75.8 | |
Allowance for borrowed funds used during construction | (0.9) | (0.7) | (2.1) | (1.5) | |
Interest on short-term debt and other interest charges | 2.1 | 1.2 | 3 | 2 | |
Interest expense | 39.8 | 37.9 | 78 | 76.3 | |
INCOME BEFORE TAXES | 117.1 | 94.5 | 163.5 | 106.9 | |
INCOME TAX EXPENSE | 16.4 | 23.8 | 10.6 | ||
NET INCOME | 100.7 | 85.1 | 139.7 | 96.3 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 100.7 | $ 85.1 | $ 139.7 | $ 96.3 | |
[1]In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues for the six months ended June 30, 2021 significantly increased due to increased fuel, purchased power and direct transmission expenses, which are generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation." |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive income (loss), net of tax | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 73.1 | $ 112.9 | $ 352.6 | $ 165.6 |
Pension Plan and Restoration of Retirement Income Plan: | ||||
Amortization of prior service cost, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively | 0 | 0 | 0.1 | 0 |
Amortization of deferred net loss, net of tax of $0.2, $0.2, $0.3 and $0.4, respectively | 0.2 | 0.2 | 0.5 | 0.8 |
Settlement cost, net of tax of $0.2, $0.6, $2.4 and $1.6, respectively | 0.7 | 0.6 | 8.1 | 3.7 |
Postretirement Benefit Plans: | ||||
Amortization of prior service credit, net of tax of $0.0, ($0.1), $0.0 and ($0.2), respectively | 0 | (0.4) | 0 | (0.7) |
Amortization of deferred net gain, net of tax of $0.0, $0.0 and $0.0, respectively | 0 | 0.1 | 0 | 0.1 |
Other comprehensive gain from unconsolidated affiliates, net of tax of $0.0, $0.1, $0.0 and $0.1, respectively | 0 | (0.2) | 0 | (0.3) |
Other comprehensive income, net of tax | 0.9 | 0.7 | 8.7 | 4.2 |
Comprehensive income | 74 | 113.6 | 361.3 | 169.8 |
Other Comprehensive Income Amortization Of Defined Benefit Pension Plans Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | 0 | 0 | 0 | 0 |
Amortization of deferred net loss | 0.2 | 0.2 | 0.3 | 0.4 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 0.2 | 0.6 | 2.4 | 1.6 |
Amortization of prior service cost | 0 | (0.1) | 0 | (0.2) |
Other Comprehensive Income Reclassification Of Defined Benefit Postretirement Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0.1 | $ 0 | $ 0.1 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Parenthetical - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Plan and Restoration of Retirement Income Plan: | ||||
Other Comprehensive Income Amortization Of Defined Benefit Pension Plans Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of deferred net loss | 0.2 | 0.2 | 0.3 | 0.4 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 0.2 | 0.6 | 2.4 | 1.6 |
Postretirement Benefit Plans: | ||||
Amortization of prior service cost | 0 | (0.1) | 0 | (0.2) |
Other Comprehensive Income Reclassification Of Defined Benefit Postretirement Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0.1 | $ 0 | $ 0.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 352.6 | $ 165.6 |
Depreciation and amortization | 219 | 201.6 |
Deferred income taxes and other tax credits, net | (33.5) | 15.5 |
Equity Securities, FV-NI, Gain (Loss) | (242.7) | 0 |
Equity in earnings of unconsolidated affiliates | 0 | (86.7) |
Distributions from unconsolidated affiliates | 0 | 36.7 |
Allowance for equity funds used during construction | (2.2) | (2.9) |
Stock-based compensation expense | 4.6 | 4.8 |
Regulatory assets | (46.5) | (879.5) |
Regulatory liabilities | (43.2) | (34.4) |
Other assets | 19.4 | (5.8) |
Other liabilities | (11.1) | (43.3) |
Change in certain current assets and liabilities: | ||
Accounts receivable and accrued unbilled revenues, net | (101.5) | (41.9) |
Increase (Decrease) in Income Taxes Receivable | 0.1 | 4 |
Fuel, materials and supplies inventories | (53) | (10.4) |
Fuel recoveries | (119.8) | (24.3) |
Other current assets | (42.2) | (5.6) |
Accounts payable | 19.5 | (71.1) |
Other current liabilities | 88.6 | 9.9 |
Net cash provided from (used in) operating activities | 8.1 | (767.8) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures (less allowance for equity funds used during construction) | (450.8) | (353.5) |
Proceeds from Sale of Equity Securities, FV-NI | 627.4 | 0 |
Other | (2.9) | (3.3) |
Net cash provided from (used in) investing activities | 173.7 | (356.8) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Issuance of Long-term Debt | 49.8 | 999.6 |
Increase (decrease) in short-term debt | (61.5) | 289.5 |
Dividends paid on common stock | (164.4) | (162.2) |
Net cash (used in) provided from financing activities | (176.9) | 1,123.5 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 4.9 | (1.1) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 1.1 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4.9 | 0 |
Proceeds from (Payments for) Other Financing Activities | (0.8) | (3.4) |
Net Income (Loss) Attributable to Parent | 352.6 | 165.6 |
OG&E [Member] | ||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ||
Depreciation and amortization | 219 | 201.6 |
Deferred income taxes and other tax credits, net | 182.2 | 10.3 |
Allowance for equity funds used during construction | (2.2) | (2.9) |
Stock-based compensation expense | 1.5 | 1 |
Regulatory assets | (46.5) | (879.5) |
Regulatory liabilities | (43.2) | (34.4) |
Other assets | 1.3 | (1.4) |
Other liabilities | (1.1) | (38.3) |
Change in certain current assets and liabilities: | ||
Accounts receivable and accrued unbilled revenues, net | (101.7) | (43.9) |
Fuel, materials and supplies inventories | (53) | (10.4) |
Fuel recoveries | (119.8) | (24.3) |
Other current assets | (39.8) | (1.3) |
Accounts payable | 35.1 | (66.4) |
Increase (Decrease) in Income Taxes Payable | (155.9) | 2.6 |
Other current liabilities | 16.6 | 8.2 |
Net cash provided from (used in) operating activities | 32.2 | (782.8) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures (less allowance for equity funds used during construction) | (450.8) | (353.5) |
Net cash provided from (used in) investing activities | (450.8) | (353.5) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Issuance of Long-term Debt | 0 | 499.8 |
Increase (decrease) in short-term debt | 90.9 | 0 |
Increase (Decrease) in Due from Related Parties, Current | 332.6 | 106.5 |
Proceeds from Contributions from Parent | 0 | 530 |
Net cash (used in) provided from financing activities | 423.5 | 1,136.3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 4.9 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4.9 | 0 |
Net Income (Loss) Attributable to Parent | $ 139.7 | $ 96.3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
CURRENT ASSETS | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 249.9 | $ 162.3 | |
Cash and cash equivalents | 4.9 | 0 | |
Accrued unbilled revenues | 97.2 | 65 | |
Income taxes receivable | 2.5 | 2.6 | |
Fuel inventories | 80.6 | 40.6 | |
Materials and supplies, at average cost | 130.9 | 117.9 | |
Fuel clause under recoveries | 271.7 | 151.9 | |
Other | 866 | 73.3 | |
Total current assets | 1,703.7 | 613.6 | |
OTHER PROPERTY AND INVESTMENTS | |||
Equity Securities, FV-NI, Cost | [1] | 382 | 785.1 |
Other | 105.1 | 120 | |
Total other property and investments | 487.1 | 905.1 | |
PROPERTY, PLANT AND EQUIPMENT | |||
In service | 14,285.6 | 13,899.8 | |
Construction work in progress | 270.4 | 252 | |
Total property, plant and equipment | 14,556 | 14,151.8 | |
Less: accumulated depreciation | 4,438 | 4,318.9 | |
Net property, plant and equipment | 10,118 | 9,832.9 | |
DEFERRED CHARGES AND OTHER ASSETS | |||
Regulatory assets | 505.1 | 1,230.8 | |
Other | 24.1 | 24 | |
Total deferred charges and other assets | 529.2 | 1,254.8 | |
TOTAL ASSETS | 12,838 | 12,606.4 | |
CURRENT LIABILITIES | |||
Short-term debt | 425.4 | 486.9 | |
Accounts payable | 297.1 | 274 | |
Dividends payable | 82.1 | 82.1 | |
Customer deposits | 81.8 | 81.1 | |
Accrued taxes | 110.4 | 52.9 | |
Accrued interest | 40.9 | 40.8 | |
Accrued compensation | 37.9 | 37.7 | |
Long-term Debt, Current Maturities | 999.8 | 0 | |
Other | 50 | 34.1 | |
Total current liabilities | 2,125.4 | 1,089.6 | |
LONG-TERM DEBT | 3,547.6 | 4,496.4 | |
DEFERRED CREDITS AND OTHER LIABILITIES | |||
Accrued benefit obligations | 146.8 | 159.8 | |
Deferred income taxes | 1,328.6 | 1,333.3 | |
Deferred investment tax credits | 13.8 | 12.8 | |
Regulatory liabilities | 1,205.3 | 1,231.1 | |
Other | 213.6 | 227.1 | |
Total deferred credits and other liabilities | 2,908.1 | 2,964.1 | |
Total liabilities | 8,581.1 | 8,550.1 | |
COMMITMENTS AND CONTINGENCIES (NOTE 13) | |||
STOCKHOLDERS' EQUITY | |||
Common stockholders' equity | 1,129.5 | 1,125.8 | |
Retained earnings | 3,143.6 | 2,955.4 | |
Accumulated other comprehensive loss, net of tax | (16.1) | (24.8) | |
Treasury Stock, Carrying Basis | (0.1) | (0.1) | |
Total stockholders' equity | 4,256.9 | 4,056.3 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 12,838 | 12,606.4 | |
OG&E [Member] | |||
CURRENT ASSETS | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 231.5 | 162 | |
Cash and cash equivalents | 4.9 | 0 | |
Accrued unbilled revenues | 97.2 | 65 | |
Fuel inventories | 80.6 | 40.6 | |
Materials and supplies, at average cost | 130.9 | 117.9 | |
Fuel clause under recoveries | 271.7 | 151.9 | |
Other | 858 | 67.7 | |
Total current assets | 1,674.8 | 605.1 | |
OTHER PROPERTY AND INVESTMENTS | |||
Total other property and investments | 3.8 | 3.9 | |
PROPERTY, PLANT AND EQUIPMENT | |||
In service | 14,279.5 | 13,893.7 | |
Construction work in progress | 270.4 | 252 | |
Total property, plant and equipment | 14,549.9 | 14,145.7 | |
Less: accumulated depreciation | 4,438 | 4,318.9 | |
Net property, plant and equipment | 10,111.9 | 9,826.8 | |
DEFERRED CHARGES AND OTHER ASSETS | |||
Regulatory assets | 505.1 | 1,230.8 | |
Other | 21.6 | 21.4 | |
Total deferred charges and other assets | 526.7 | 1,252.2 | |
TOTAL ASSETS | 12,317.2 | 11,688 | |
CURRENT LIABILITIES | |||
Short-term debt | 90.9 | 0 | |
Accounts payable | 279.3 | 240.6 | |
Advances from parent | 263.8 | 101.3 | |
Customer deposits | 81.8 | 81.1 | |
Accrued taxes | 48.6 | 50.8 | |
Accrued interest | 40.5 | 40.4 | |
Accrued compensation | 29.7 | 27.8 | |
Long-term Debt, Current Maturities | 499.9 | 0 | |
Other | 49.9 | 33.8 | |
Total current liabilities | 1,384.4 | 575.8 | |
LONG-TERM DEBT | 3,497.8 | 3,996.5 | |
DEFERRED CREDITS AND OTHER LIABILITIES | |||
Accrued benefit obligations | 70.4 | 75.1 | |
Deferred income taxes | 1,208.7 | 1,000.4 | |
Deferred investment tax credits | 13.8 | 12.8 | |
Regulatory liabilities | 1,205.3 | 1,231.1 | |
Other | 192.8 | 193.5 | |
Total deferred credits and other liabilities | 2,691 | 2,512.9 | |
Total liabilities | 7,573.2 | 7,085.2 | |
STOCKHOLDERS' EQUITY | |||
Common stockholders' equity | 1,573.2 | 1,571.7 | |
Retained earnings | 3,170.8 | 3,031.1 | |
Total stockholders' equity | 4,744 | 4,602.8 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 12,317.2 | $ 11,688 | |
[1]As of June 30, 2022, OGE Energy has sold 57.1 million of the 95.4 million Energy Transfer limited partner units it received as a result of the merger transaction between Enable and Energy Transfer in December 2021. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Parenthetical - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss | $ 2.2 | $ 2.4 | ||
Cash and cash equivalents | 4.9 | 0 | $ 0 | $ 1.1 |
OG&E [Member] | ||||
Accounts Receivable, Allowance for Credit Loss | 2.2 | 2.4 | ||
Cash and cash equivalents | $ 4.9 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions | Total | OG&E [Member] | Common Stock | Common Stock OG&E [Member] | Treasury Stock [Member] | Premium on Common Stock | Premium on Common Stock OG&E [Member] | Retained Earnings | Retained Earnings OG&E [Member] | Accumulated Other Comprehensive Income (Loss) |
Changes in Stockholders' Equity | ||||||||||
Balance | $ 3,631.8 | $ 3,975.6 | $ 2 | $ 100.9 | $ (5.3) | $ 1,122.6 | $ 938.6 | $ 2,544.6 | $ 2,936.1 | $ (32.1) |
Common Stock, Shares, Outstanding | 200,100 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 100 | |||||||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0 | 0 | 0 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 52.7 | $ 11.2 | $ 0 | $ 0 | $ 0 | 0 | 0 | 52.7 | 11.2 | 0 |
Proceeds from Contributed Capital, Shares | 0 | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0 | 0 | ||||||||
Dividends, Common Stock, Cash, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 3.5 | $ 0 | $ 0 | 0 | 0 | 3.5 | ||||
Dividends, Common Stock, Cash | (81.7) | $ 0 | $ 0 | 0 | (81.7) | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0 | 0 | (100) | |||||||
Stock-based compensation | (0.8) | $ 0.5 | $ 0 | $ 0 | $ 5.2 | (6) | 0.5 | 0 | 0 | 0 |
Proceeds from Contributed Capital | 530 | 0 | 530 | 0 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 165.6 | 165.6 | ||||||||
Other comprehensive income, net of tax | $ 4.2 | 0 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4025 | |||||||||
Balance | $ 3,605.5 | 4,517.3 | $ 2 | $ 100.9 | $ (0.1) | 1,116.6 | 1,469.1 | 2,515.6 | 2,947.3 | (28.6) |
Common Stock, Shares, Outstanding | 200,100 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 0 | |||||||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0 | 0 | 0 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 112.9 | 85.1 | $ 0 | $ 0 | $ 0 | 0 | 0 | 112.9 | 85.1 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0 | 0 | ||||||||
Dividends, Common Stock, Cash, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 0.7 | 0 | $ 0 | $ 0 | 0 | 0 | 0.7 | |||
Dividends, Common Stock, Cash | (80.6) | 45 | $ 0 | $ 0 | $ 0 | 0 | 0 | (80.6) | 45 | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0 | 0 | 0 | |||||||
Stock-based compensation | 2.3 | 0.6 | $ 0 | $ 0 | $ 0 | 2.3 | 0.6 | 0 | 0 | 0 |
Balance | 3,640.8 | 4,558 | $ 2 | $ 100.9 | $ (0.1) | 1,118.9 | 1,469.7 | 2,547.9 | 2,987.4 | (27.9) |
Common Stock, Shares, Outstanding | 200,100 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 0 | |||||||||
Balance | 4,056.3 | 4,602.8 | $ 2 | $ 100.9 | $ (0.1) | 1,123.8 | 1,470.8 | 2,955.4 | 3,031.1 | (24.8) |
Common Stock, Shares, Outstanding | 200,100 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 0 | |||||||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0 | 0 | 0 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 279.5 | 39 | $ 0 | $ 0 | $ 0 | 0 | 0 | 279.5 | 39 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0 | 0 | ||||||||
Dividends, Common Stock, Cash, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 7.8 | $ 0 | $ 0 | 0 | 0 | 7.8 | ||||
Dividends, Common Stock, Cash | (82.3) | $ 0 | $ 0 | 0 | (82.3) | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 0 | 0 | 0 | |||||||
Stock-based compensation | 1.4 | 0.8 | $ 0 | $ 0 | $ 0 | 1.4 | 0.8 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 352.6 | 352.6 | ||||||||
Other comprehensive income, net of tax | $ 8.7 | 0 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4100 | |||||||||
Balance | $ 4,262.7 | 4,642.6 | $ 2 | $ 100.9 | $ (0.1) | 1,125.2 | 1,471.6 | 3,152.6 | 3,070.1 | (17) |
Common Stock, Shares, Outstanding | 200,100 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 0 | |||||||||
Net Income (Loss), Including portion attributable to noncontrolling interest, Number of Shares | 0 | 0 | 0 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 73.1 | 100.7 | $ 0 | $ 0 | $ 0 | 0 | 0 | 73.1 | 100.7 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Number of Shares | 0 | 0 | ||||||||
Dividends, Common Stock, Cash, Number of Shares | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 0.9 | 0 | $ 0 | $ 0 | 0 | 0 | 0.9 | |||
Dividends, Common Stock, Cash | (82.1) | $ 0 | $ 0 | 0 | (82.1) | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Number of Shares | 100 | 0 | 0 | |||||||
Stock-based compensation | 2.3 | 0.7 | $ 0 | $ 0 | $ 0 | 2.3 | 0.7 | 0 | 0 | 0 |
Balance | $ 4,256.9 | $ 4,744 | $ 2 | $ 100.9 | $ (0.1) | $ 1,127.5 | $ 1,472.3 | $ 3,143.6 | $ 3,170.8 | $ (16.1) |
Common Stock, Shares, Outstanding | 200,200 | 40,400 | ||||||||
Treasury Stock, Common, Shares | 0 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) Parenthetical - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.4100 | $ 0.4025 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Accounting Records The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain incurred costs that would otherwise be charged to expense can be deferred as regulatory assets, based on the expected recovery from customers in future rates. Likewise, certain actual or anticipated credits that would otherwise reduce expense can be deferred as regulatory liabilities, based on the expected flowback to customers in future rates. Management's expected recovery of deferred costs and flowback of deferred credits generally results from specific decisions by regulators granting such ratemaking treatment. OG&E records certain incurred costs and obligations as regulatory assets or liabilities if, based on regulatory orders or other available evidence, it is probable that the costs or obligations will be included in amounts allowable for recovery or refund in future rates. The following table presents a summary of OG&E's regulatory assets and liabilities. June 30, December 31, (In millions) 2022 2021 REGULATORY ASSETS Current: Oklahoma Winter Storm Uri costs (A) $ 750.5 $ — Fuel clause under recoveries 271.7 151.9 SPP cost tracker under recovery (A) 8.1 9.3 Oklahoma Energy Efficiency Rider under recoveries (A) — 11.7 Other (A) 10.7 9.7 Total current regulatory assets $ 1,041.0 $ 182.6 Non-current: Oklahoma Winter Storm Uri costs $ — $ 747.9 Oklahoma deferred storm expenses 210.5 172.8 Benefit obligations regulatory asset 101.0 109.2 Arkansas Winter Storm Uri costs 83.9 88.9 Pension tracker 45.7 42.9 Sooner Dry Scrubbers 18.5 18.9 Arkansas deferred pension expenses 12.1 12.1 Unamortized loss on reacquired debt 8.5 8.9 COVID-19 impacts 8.3 8.2 Frontier Plant deferred expenses 6.0 6.7 Smart Grid 0.4 3.9 Other 10.2 10.4 Total non-current regulatory assets $ 505.1 $ 1,230.8 REGULATORY LIABILITIES Current: Other (B) $ 4.6 $ 2.5 Total current regulatory liabilities $ 4.6 $ 2.5 Non-current: Income taxes refundable to customers, net $ 918.5 $ 930.7 Accrued removal obligations, net 283.7 296.8 Other 3.1 3.6 Total non-current regulatory liabilities $ 1,205.3 $ 1,231.1 (A) Included in Other Current Assets in the condensed balance sheets. The Oklahoma Winter Storm Uri regulatory asset was reclassified as current at June 30, 2022, in anticipation of the securitization process being completed in July 2022 and OG&E receiving funds from the ODFA. (B) Included in Other Current Liabilities in the condensed balance sheets. |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization OGE Energy is a holding company with investments in energy and energy services providers offering physical delivery and related services for electricity in Oklahoma and western Arkansas and natural gas, crude oil and NGLs across the U.S. OGE Energy conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's condensed consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation. On December 2, 2021, Energy Transfer and Enable closed their merger transaction. For periods prior to the closing date, OGE Energy accounted for its investment in Enable as an equity method investment and reported it within OGE Energy's natural gas midstream operations segment. Electric Utility Operations. OGE Energy's electric utility operations are conducted through OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is a wholly-owned subsidiary of OGE Energy. OG&E is the largest electric utility in Oklahoma, and its franchised service territory includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. Natural Gas Midstream Operations. As indicated above, on December 2, 2021, Enable and Energy Transfer closed their merger transaction. As a result of the merger, OGE Energy exchanged its common units of Enable for limited partner units of Energy Transfer. Subsequent to the merger, OGE Energy's natural gas midstream operations segment includes OGE Energy's investment in Energy Transfer's equity securities and legacy Enable seconded employee pension and postretirement costs. The investment in Energy Transfer's equity securities is held through wholly-owned subsidiaries and ultimately OGE Holdings. At June 30, 2022, OGE Energy owned 38,279,580 of Energy Transfer's limited partner units, which represented less than a two percent ownership based on the latest publicly available information filed by Energy Transfer. OGE Energy does not own general partner units in or have board representation at Energy Transfer. As such, OGE Energy accounts for its investment in Energy Transfer as an investment in equity securities, as further discussed below. OGE Energy intends to exit the midstream segment in a prudent manner. |
Basis of Accounting [Text Block] | Basis of Presentation The condensed financial statements included herein have been prepared by the Registrants, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Registrants believe that the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments necessary to fairly present the financial position of the Registrants at June 30, 2022 and December 31, 2021, the results of the Registrants' operations for the three and six months ended June 30, 2022 and 2021 and the Registrants' cash flows for the six months ended June 30, 2022 and 2021 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after June 30, 2022 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. Due to seasonal fluctuations and other factors, the Registrants' operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in the Registrants' 2021 Form 10-K . |
Schedule of Regulatory Assets and Liabilities | Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets or liabilities, which could have significant financial effects. |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the six months ended June 30, 2022 and 2021. All amounts below are presented net of tax. (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2021 $ (26.1) $ 1.3 $ (24.8) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from accumulated other comprehensive income 0.6 — 0.6 Settlement cost 8.1 — 8.1 Balance at June 30, 2022 $ (17.4) $ 1.3 $ (16.1) (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Other Comprehensive Gain (Loss) from Unconsolidated Affiliates Total Balance at December 31, 2020 $ (34.1) $ 3.3 $ (1.3) $ (32.1) Other comprehensive income before reclassifications — — 0.3 0.3 Amounts reclassified from accumulated other comprehensive income (loss) 0.8 (0.6) — 0.2 Settlement cost 3.7 — — 3.7 Balance at June 30, 2021 $ (29.6) $ 2.7 $ (1.0) $ (27.9) The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three and six months ended June 30, 2022 and 2021. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Three Months Ended Six Months Ended June 30, June 30, (In millions) 2022 2021 2022 2021 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ (0.4) $ (0.4) $ (0.8) $ (1.2) (A) Prior service cost — — (0.1) — (A) Settlement cost (0.9) (1.2) (10.5) (5.3) (A) (1.3) (1.6) (11.4) (6.5) Income Before Taxes (0.4) (0.8) (2.7) (2.0) Income Tax Expense $ (0.9) $ (0.8) $ (8.7) $ (4.5) Net Income Amortization of postretirement benefit plans items: Prior service credit $ — $ 0.5 $ — $ 0.9 (A) Actuarial losses — (0.1) — (0.1) (A) — 0.4 — 0.8 Income Before Taxes — 0.1 — 0.2 Income Tax Expense $ — $ 0.3 $ — $ 0.6 Net Income Total reclassifications for the period, net of tax $ (0.9) $ (0.5) $ (8.7) $ (3.9) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Allowance for Credit Losses | Allowance for Uncollectible Accounts Receivable Customer balances are generally written off if not collected within six months after the final billing date. The allowance for uncollectible accounts receivable for OG&E is generally calculated by multiplying the last six months of electric revenue by the provision rate, which is based on a 12-month historical average of actual balances written off and is adjusted for current conditions and supportable forecasts as necessary. To the extent the historical collection rates, when incorporating forecasted conditions, are not representative of future collections, there could be an effect on the amount of uncollectible expense recognized, such as in response to COVID-19 impacts. Also, a portion of the uncollectible provision related to fuel within the Oklahoma jurisdiction is being recovered through the fuel adjustment clause. The allowance for uncollectible accounts receivable is a reduction to Accounts Receivable in the condensed balance sheets and is included in Other Operation and Maintenance Expense in the condensed statements of income. New business customers are required to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules defined by the OCC and the APSC. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit. |
Reclassifications [Text Block] | Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting PronouncementsIn November 2021, the Financial Accounting Standards Board issued ASU 2021-10, "Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance." This standard requires additional annual disclosures when a business receives government assistance and uses a grant or contribution accounting model by analogy to other accounting guidance such as the grant model under International Accounting Standards 20, "Accounting for Government Grants and Disclosures of Government Assistance" and GAAP ASC 958-605, "Not-for-Profit Entities - Revenue Recognition." The standard was effective January 1, 2022, and prospective or retrospective adoption is allowed. The Registrants are currently assessing the impact, if any, of this standard on their annual financial statements and disclosures. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The following table presents OG&E's revenues from contracts with customers disaggregated by customer classification. OG&E's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Utility) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Residential $ 289.3 $ 178.5 $ 516.1 $ 746.7 Commercial 193.4 108.3 321.5 415.8 Industrial 81.4 37.5 138.8 184.2 Oilfield 79.0 28.7 132.2 189.5 Public authorities and street light 71.1 37.0 119.1 160.1 System sales revenues 714.2 390.0 1,227.7 1,696.3 Provision for tax refund (2.1) — (2.7) — Integrated market 43.0 128.3 65.8 430.4 Transmission 32.9 36.7 68.7 73.0 Other 3.0 9.5 9.6 (14.2) Revenues from contracts with customers (A) $ 791.0 $ 564.5 $ 1,369.1 $ 2,185.5 (A) In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues for the six months ended June 30, 2021 significantly increased due to increased fuel, purchased power and direct transmission expenses, which are generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation." |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment in Equity Securities of Energy Transfer OGE Energy accounts for its investment in Energy Transfer's equity securities as an equity investment with a readily determinable fair value under ASC 321, "Investments – Equity Securities." OGE Energy presents the Energy Transfer equity securities at fair value in its balance sheet. OGE Energy presents realized and unrealized gains and losses of the equity securities, as well as dividend income from the investment, within the Other Income (Expense) section in its statement of income, as appropriate. For the three and six months ended June 30, 2022, OGE Energy recognized a pre-tax unrealized loss of $46.3 million and a pre-tax unrealized gain of $67.0 million, respectively, related to its investment in Energy Transfer's equity securities, as detailed below. As previously disclosed, OGE Energy intends to become a pure play electric utility by exiting its investment in Energy Transfer's equity securities, and unit sales commenced in April 2022. Through the end of July 2022, OGE Energy has sold 73.3 million Energy Transfer limited partner units, resulting in pre-tax net proceeds of $812.6 million and a remaining ownership percentage of less than one percent based on the latest publicly available information filed by Energy Transfer. (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Gain (loss) on equity securities $ (39.6) $ 242.7 Net gain recognized on equity securities sold 6.7 175.7 Unrealized gain (loss) on equity securities held $ (46.3) $ 67.0 Distributions received from Energy Transfer were $13.3 million and $30.0 million during the three and six months ended June 30, 2022, respectively, which are presented within Other Income in OGE Energy's 2022 condensed consolidated income statement. On July 26, 2022, Energy Transfer announced a 15 percent increase in its quarterly cash distribution, resulting in a distribution of $0.23 per unit on its outstanding common units that will be paid on August 19, 2022 to unitholders of record as of the close of business on August 8, 2022. Investment in Unconsolidated Affiliates (Enable) For more information concerning OGE Energy's former equity method investment in Enable, including the merger transaction with Energy Transfer and OGE Energy's previous accounting for its investment in Enable, see Notes 1 and 5 within "Item 8. Financial Statements and Supplementary Data" in OGE Energy's 2021 Form 10-K . Prior to December 2, 2021, OGE Energy's investment in Enable was considered to be a variable interest entity; however, OGE Energy was not considered the primary beneficiary of Enable. Under the equity method of accounting, the investment was adjusted each period for contributions made, distributions received and OGE Energy's share of the investee's comprehensive income as adjusted for basis differences. In this Form 10-Q, Enable activity is included for the relevant portion of OGE Energy's 2021 information presented through December 2, 2021. OGE Energy considered distributions received from Enable which did not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and were classified as operating activities in the statements of cash flows. OGE Energy considered distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the statements of cash flows. Distributions received from Enable were $18.4 million and $36.7 million during the three and six months ended June 30, 2021, respectively. The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Enable net income $ 79.0 $ 234.0 OGE Energy's percent ownership at period end 25.5 % 25.5 % OGE Energy's portion of Enable net income $ 20.0 $ 59.5 Amortization of basis difference and dilution recognition (A) 13.5 27.2 Equity in earnings of unconsolidated affiliates $ 33.5 $ 86.7 (A) Includes loss on dilution, net of proportional basis difference recognition. OGE Energy charges operating costs to OG&E, and prior to December 2, 2021, charged operating costs to Enable, based on several factors. Operating costs directly related to OG&E and/or Enable are assigned as such. Operating costs incurred for the benefit of OG&E are allocated either as overhead based primarily on labor costs or using the "Distrigas" method, which is a three-factor formula that uses an equal weighting of payroll, net operating revenues and gross property, plant and equipment. OGE Energy and OG&E OGE Energy charged operating costs to OG&E of $33.2 million and $33.4 million during the three months ended June 30, 2022 and 2021, respectively, and $66.1 million and $69.1 million during the six months ended June 30, 2022 and 2021, respectively. OGE Energy and Enable Prior to December 2, 2021, OGE Energy and Enable were parties to several agreements whereby OGE Energy provided specified support services to Enable, such as certain information technology, payroll and benefits administration. Under these agreements, OGE Energy charged operating costs to Enable of $0.1 million and $0.2 million during the three and six months ended June 30, 2021, respectively. OGE Energy had accounts receivable from Enable for amounts billed for support services of $0.3 million as of December 31, 2021, which is included in Accounts Receivable in OGE Energy's 2021 consolidated balance sheet. OG&E and Enable Enable provided gas transportation services to OG&E pursuant to agreements that granted Enable the responsibility of delivering natural gas to OG&E's generating facilities and performing an imbalance service. With this imbalance service, in accordance with the cash-out provision of the contract, OG&E compensated Enable when Enable's deliveries exceeded OG&E's pipeline nominations. Enable compensated OG&E when OG&E's pipeline nominations exceeded Enable's deliveries. Upon the closing of the merger between Enable and Energy Transfer, these contracts were assumed by Energy Transfer. The following table presents summarized related party transactions between OG&E and Enable during the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Operating revenues: Electricity to power electric compression assets $ 3.3 $ 5.9 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 9.3 $ 14.0 Natural gas purchases (sales) $ (8.4) $ (20.6) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The classification of the Registrants' fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). OG&E had no financial instruments measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021. The following table presents OGE Energy's financial instrument measured at fair value on a recurring basis and the carrying amount and fair value of the Registrants' financial instruments at June 30, 2022 and December 31, 2021, as well as the classification level within the fair value hierarchy. June 30, December 31, 2022 2021 (In millions) Carrying Amount Fair Carrying Amount Fair Classification Financial instrument measured at fair value on a recurring basis: OGE Energy investment in Energy Transfer's equity securities (A) $ 382.0 $ 382.0 $ 785.1 $ 785.1 Level 1 Financial instruments for which fair value is only disclosed: Long-term Debt (including Long-term Debt due within one year): OGE Energy Senior Notes $ 499.9 $ 487.3 $ 499.9 $ 497.8 Level 2 OGE Energy Term Loan $ 49.8 $ 50.0 $ — $ — Level 2 OG&E Senior Notes $ 3,853.0 $ 3,720.9 $ 3,851.8 $ 4,460.2 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 OG&E Tinker Debt $ 9.3 $ 7.8 $ 9.3 $ 10.0 Level 3 (A) As of June 30, 2022, OGE Energy has sold 57.1 million of the 95.4 million Energy Transfer limited partner units it received as a result of the merger transaction between Enable and Energy Transfer in December 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Stock-Based Compensation The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the three and six months ended June 30, 2022 and 2021 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Performance units - total shareholder return $ 1.8 $ 1.9 $ 3.6 $ 3.9 $ 0.5 $ 0.5 $ 1.1 $ 0.9 Restricted stock units 0.5 0.4 1.0 0.9 0.2 0.1 0.4 0.1 Total compensation expense $ 2.3 $ 2.3 $ 4.6 $ 4.8 $ 0.7 $ 0.6 $ 1.5 $ 1.0 Income tax benefit $ 0.6 $ 0.6 $ 1.2 $ 1.2 $ 0.2 $ 0.2 $ 0.4 $ 0.3 During the six months ended June 30, 2022, OGE Energy issued 27,278 shares of new common stock pursuant to OGE Energy's Stock Incentive Plan and issued an immaterial amount of treasury stock to satisfy payouts of restricted stock unit grants to the Registrants' employees. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes OGE Energy files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions. OG&E is a part of the consolidated income tax return of OGE Energy. With few exceptions, the Registrants are no longer subject to U.S. federal tax or state and local examinations by tax authorities for years prior to 2018. Income taxes are generally allocated to each company in the affiliated group, including OG&E, based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and will be amortized to income over the life of the related property. Additionally, OG&E earned federal tax credits associated with production from its wind facilities through January 2022. Oklahoma production and investment state tax credits are also earned on investments in electric and solar generating facilities which further reduce OG&E's effective tax rate. |
Common Equity
Common Equity | 6 Months Ended |
Jun. 30, 2022 | |
Common Equity [Text Block] | Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan OGE Energy issued no shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan during the three and six months ended June 30, 2022. Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted-average number of OGE Energy's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted-average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for OGE Energy consist of performance units and restricted stock units. The following table presents the calculation of basic and diluted earnings per share for OGE Energy. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2022 2021 2022 2021 Net income $ 73.1 $ 112.9 $ 352.6 $ 165.6 Average common shares outstanding: Basic average common shares outstanding 200.2 200.2 200.2 200.1 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.5 0.2 0.4 0.1 Diluted average common shares outstanding 200.7 200.4 200.6 200.2 Basic earnings per average common share $ 0.37 $ 0.56 $ 1.76 $ 0.83 Diluted earnings per average common share $ 0.36 $ 0.56 $ 1.76 $ 0.83 Anti-dilutive shares excluded from earnings per share calculation — — — — |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt At June 30, 2022, the Registrants were in compliance with all of their debt agreements. In May 2022, OGE Energy entered into a $100.0 million floating rate unsecured three-year credit agreement, of which $50.0 million is considered a revolving loan and $50.0 million is considered a term loan, and borrowed the full $50.0 million term loan, in order to preserve general financial flexibility within the company. Advances under this agreement were used to refinance existing indebtedness and for working capital and general corporate purposes of OGE Energy. The credit agreement, under certain circumstances, may be increased to a maximum commitment limit of $135.0 million and contains substantially the same covenants as OGE Energy's existing $550.0 million revolving credit agreement. The credit agreement is scheduled to terminate on May 24, 2025. At June 30, 2022, the weighted-average interest rate for the amount drawn on the term loan under this credit agreement was 2.17 percent during the quarter. OG&E Industrial Authority Bonds OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The following table presents information about these bonds, which can be tendered at the option of the holder during the next 12 months. Series Date Due Amount (In millions) 0.11% - 1.10% Garfield Industrial Authority, January 1, 2025 $ 47.0 0.11% - 1.05% Muskogee Industrial Authority, January 1, 2025 32.4 0.11% - 1.10% Muskogee Industrial Authority, June 1, 2027 56.0 Total (redeemable during next 12 months) $ 135.4 |
Short-Term Debt and Credit Faci
Short-Term Debt and Credit Facilities | 6 Months Ended |
Jun. 30, 2022 | |
Short-term Debt [Abstract] | |
Short-Term Debt and Credit Facilities | Short-Term Debt and Credit Facilities The Registrants borrow on a short-term basis, as necessary, by the issuance of commercial paper and by borrowings under their revolving credit agreements. OGE Energy also borrows under term credit agreements maturing in one year or less, as necessary. OGE Energy had $425.4 million and $486.9 million of short-term debt at June 30, 2022 and December 31, 2021, respectively. OG&E had $263.8 million and $101.3 million in advances from OGE Energy at June 30, 2022 and December 31, 2021, respectively. The following table presents information regarding the Registrants' revolving credit agreements at June 30, 2022. Aggregate Amount Weighted-Average Entity Commitment Outstanding (A) Interest Rate Expiration (In millions) OGE Energy (B) $ 550.0 $ 334.5 2.06 % (F) December 17, 2026 OGE Energy (C) 50.0 — — % (F) May 24, 2025 OG&E (D)(E) 550.0 91.3 2.06 % (F) December 17, 2026 Total $ 1,150.0 $ 425.8 2.06 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2022. (B) This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (C) See Note 9 for further information about this revolving credit agreement. (D) This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (E) OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2026. At June 30, 2022, there were $409.0 million in intercompany borrowings under this agreement. (F) Represents the weighted-average interest rate for the outstanding borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit. The Registrants' ability to access the commercial paper market could be adversely impacted by a credit ratings downgrade or major market disruptions. Pricing grids associated with the Registrants' credit facilities could cause annual fees and borrowing rates to increase if an adverse rating impact occurs. The impact of any future downgrade could include an increase in the costs of the Registrants' short-term borrowings, but a reduction in the Registrants' credit ratings would not result in any defaults or accelerations. Any future downgrade could also lead to higher long-term borrowing costs and, if below investment grade, would require the Registrants to post collateral or letters of credit. OG&E must obtain regulatory approval from the FERC in order to borrow on a short-term basis. OG&E has the necessary regulatory approvals to incur up to $800.0 million in short-term borrowings at any one time for a two-year period beginning January 1, 2021 and ending December 31, 2022. |
Retirement Plans and Postretire
Retirement Plans and Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Plans and Postretirement Benefit Plans In accordance with ASC Topic 715, "Compensation - Retirement Benefits," a one-time settlement charge is required to be recorded by an organization when lump sum payments or other settlements that relieve the organization from the responsibility for the pension benefit obligation during the plan year exceed the service cost and interest cost components of the organization's net periodic pension cost. During the six months ended June 30, 2022, the Registrants experienced an increase in both the number of employees electing to retire and the amount of lump sum payments paid to such employees upon retirement, which resulted in the Registrants recording pension plan settlement charges as presented in the Pension Plan net periodic benefit cost tables below. The pension settlement charges did not require a cash outlay by the Registrants and did not increase total pension expense over time, as the charge was an acceleration of costs that otherwise would be recognized as pension expense in future periods. Net Periodic Benefit Cost The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the condensed financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Expense in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Expense in the statements of income. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OGE Energy June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1.7 $ 2.6 $ 3.9 $ 5.6 $ 0.2 $ 0.2 $ 0.5 $ 0.3 Interest cost 4.3 3.4 7.7 6.9 0.1 0.1 0.1 0.1 Expected return on plan assets (6.2) (8.7) (13.0) (17.1) — — — — Amortization of net loss 2.3 1.9 4.2 4.7 0.1 — 0.1 0.1 Amortization of unrecognized prior service cost (A) — — — — — — 0.1 — Settlement cost 2.8 5.3 16.0 31.7 0.2 0.4 0.2 0.4 Total net periodic benefit cost 4.9 4.5 18.8 31.8 0.6 0.7 1.0 0.9 Less: Amount paid by unconsolidated affiliates — (0.2) — (0.1) — — — — Net periodic benefit cost $ 4.9 $ 4.7 $ 18.8 $ 31.9 $ 0.6 $ 0.7 $ 1.0 $ 0.9 (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OG&E June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1.4 $ 1.7 $ 3.1 $ 3.8 $ — $ — $ — $ — Interest cost 3.3 2.5 5.9 5.0 — — — — Expected return on plan assets (4.7) (6.2) (10.0) (12.3) — — — — Amortization of net loss 1.9 1.5 3.5 3.5 — 0.1 — 0.1 Settlement cost 2.1 4.4 5.7 26.6 — 0.3 — 0.3 Total net periodic benefit cost 4.0 3.9 8.2 26.6 — 0.4 — 0.4 Plus: Amount allocated from OGE Energy 0.4 0.7 2.2 4.6 0.3 0.3 0.7 0.5 Net periodic benefit cost $ 4.4 $ 4.6 $ 10.4 $ 31.2 $ 0.3 $ 0.7 $ 0.7 $ 0.9 In addition to the net periodic benefit cost amounts recognized, as presented in the tables above, for the Pension and Restoration of Retirement Income Plans for the three and six months ended June 30, 2022 and 2021, the Registrants recognized the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Increase of regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 0.4 $ 0.9 $ 2.3 $ 21.6 Deferral of pension expense related to pension settlement charges: Oklahoma jurisdiction (A) $ 2.0 $ 5.2 $ 6.7 $ 28.9 Arkansas jurisdiction (A) $ 0.2 $ 0.5 $ 0.6 $ 2.7 (A) Included in the pension regulatory asset or liability in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ — $ — $ 0.1 $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 Interest cost 0.9 0.9 1.8 1.7 0.6 0.7 1.3 1.3 Expected return on plan assets (0.5) (0.5) (0.9) (1.0) (0.4) (0.5) (0.8) (0.9) Amortization of net loss 0.2 0.7 0.7 1.4 0.3 0.7 0.8 1.4 Amortization of unrecognized prior service cost (A) (0.9) (1.7) (1.9) (3.4) (0.9) (1.2) (1.8) (2.5) Total net periodic benefit cost (0.3) (0.6) (0.2) (1.2) (0.3) (0.3) (0.4) (0.6) Less: Amount paid by unconsolidated affiliates (B) — (0.2) — (0.3) Plus: Amount allocated from OGE Energy (B) — (0.1) — (0.2) Net periodic benefit cost $ (0.3) $ (0.4) $ (0.2) $ (0.9) $ (0.3) $ (0.4) $ (0.4) $ (0.8) (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. (B) "Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E. In addition to the net periodic benefit income amounts recognized, as presented in the table above, for the postretirement benefit plans for the three and six months ended June 30, 2022 and 2021, the Registrants recognized the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Increase (decrease) of regulatory liability related to postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 0.1 $ 0.1 $ (0.2) $ 0.2 (A) Included in the Pension tracker, as presented in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Capitalized portion of net periodic pension benefit cost $ 0.7 $ 0.8 $ 1.5 $ 1.6 $ 0.5 $ 0.7 $ 1.2 $ 1.4 Capitalized portion of net periodic postretirement benefit cost $ — $ — $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 |
Report of Business Segments
Report of Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Report of Business Segments | Report of Business SegmentsOGE Energy reports its operations in two business segments: (i) the electric utility segment, which is engaged in the generation, transmission, distribution and sale of electric energy and (ii) natural gas midstream operations segment. Prior to the Enable and Energy Transfer merger closing on December 2, 2021, OGE Energy's natural gas midstream operations segment included its equity method investment in Enable. Subsequent to December 2, 2021, OGE Energy's natural gas midstream operations segment includes its investment in Energy Transfer's equity securities and legacy Enable seconded employee pension and postretirement costs. Other operations primarily includes the operations of the holding company. Intersegment revenues are recorded at prices comparable to those of unaffiliated customers and are affected by regulatory considerations. The following tables present the results of OGE Energy's business segments for the three and six months ended June 30, 2022 and 2021. Three Months Ended June 30, 2022 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 803.7 $ — $ — $ — $ 803.7 Fuel, purchased power and direct transmission expense 393.3 — — — 393.3 Other operation and maintenance 118.3 0.5 (0.7) — 118.1 Depreciation and amortization 111.6 — — — 111.6 Taxes other than income 23.3 0.1 0.7 — 24.1 Operating income (loss) 157.2 (0.6) — — 156.6 Loss on equity securities — (39.6) — — (39.6) Other income (expense) (0.3) 12.4 — (0.4) 11.7 Interest expense 39.8 — 3.0 (0.4) 42.4 Income tax expense (benefit) 16.4 (8.9) 5.7 — 13.2 Net income (loss) $ 100.7 $ (18.9) $ (8.7) $ — $ 73.1 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ (632.8) $ 12,838.0 Three Months Ended June 30, 2021 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 577.4 $ — $ — $ — $ 577.4 Fuel, purchased power and direct transmission expense 200.0 — — — 200.0 Other operation and maintenance 118.3 1.6 (0.7) — 119.2 Depreciation and amortization 102.9 — — — 102.9 Taxes other than income 25.0 0.1 0.7 — 25.8 Operating income (loss) 131.2 (1.7) — — 129.5 Equity in earnings of unconsolidated affiliates — 33.5 — — 33.5 Other income (expense) 1.2 (0.2) (0.5) (0.6) (0.1) Interest expense 37.9 — 2.6 (0.6) 39.9 Income tax expense (benefit) 9.4 (0.6) 1.3 — 10.1 Net income (loss) $ 85.1 $ 32.2 $ (4.4) $ — $ 112.9 Investment in unconsolidated affiliates $ — $ 425.4 $ — $ — $ 425.4 Total assets $ 11,459.3 $ 427.8 $ 127.4 $ (115.0) $ 11,899.5 Six Months Ended June 30, 2022 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 1,393.0 $ — $ — $ — $ 1,393.0 Fuel, purchased power and direct transmission expense 649.0 — — — 649.0 Other operation and maintenance 233.8 1.2 (1.9) — 233.1 Depreciation and amortization 219.0 — — — 219.0 Taxes other than income 50.1 0.1 2.0 — 52.2 Operating income (loss) 241.1 (1.3) (0.1) — 239.7 Gain on equity securities — 242.7 — — 242.7 Other income 0.4 21.1 — (0.5) 21.0 Interest expense 78.0 — 5.0 (0.5) 82.5 Income tax expense (benefit) 23.8 51.3 (6.8) — 68.3 Net income $ 139.7 $ 211.2 $ 1.7 $ — $ 352.6 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ (632.8) $ 12,838.0 Six Months Ended June 30, 2021 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 2,208.0 $ — $ — $ — $ 2,208.0 Fuel, purchased power and direct transmission expense 1,546.8 — — — 1,546.8 Other operation and maintenance 228.6 2.0 (2.1) — 228.5 Depreciation and amortization 201.6 — — — 201.6 Taxes other than income 50.7 0.2 2.1 — 53.0 Operating income (loss) 180.3 (2.2) — — 178.1 Equity in earnings of unconsolidated affiliates — 86.7 — — 86.7 Other income (expense) 2.9 (0.7) (0.6) (0.8) 0.8 Interest expense 76.3 — 3.8 (0.8) 79.3 Income tax expense (benefit) 10.6 13.7 (3.6) — 20.7 Net income (loss) $ 96.3 $ 70.1 $ (0.8) $ — $ 165.6 Investment in unconsolidated affiliates $ — $ 425.4 $ — $ — $ 425.4 Total assets $ 11,459.3 $ 427.8 $ 127.4 $ (115.0) $ 11,899.5 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Long-term Purchase Commitment [Line Items] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Except as set forth below, in Note 14 and under "Environmental Laws and Regulations" in Item 2 of Part I and in Item 1 of Part II of this Form 10-Q, the circumstances set forth in Notes 15 and 16 to the financial statements included in the Registrants' 2021 Form 10-K appropriately represent, in all material respects, the current status of the Registrants' material commitments and contingent liabilities. Environmental Laws and Regulations The activities of the Registrants are subject to numerous stringent and complex federal, state and local laws and regulations governing environmental protection. These laws and regulations can change, restrict or otherwise impact the Registrants' business activities in many ways, including the handling or disposal of waste material, planning for future construction activities to avoid or mitigate harm to threatened or endangered species and requiring the installation and operation of emissions or pollution control equipment. Failure to comply with these laws and regulations could result in the assessment of administrative, civil and criminal penalties, the imposition of remedial requirements and the issuance of orders enjoining future operations. Management believes that all of the Registrants' operations are in substantial compliance with current federal, state and local environmental standards. Environmental regulation can increase the cost of planning, design, initial installation and operation of OG&E's facilities. Management continues to evaluate its compliance with existing and proposed environmental legislation and regulations and implement appropriate environmental programs in a competitive market. Other In the normal course of business, the Registrants are confronted with issues or events that may result in a contingent liability. These generally relate to lawsuits or claims made by third parties, including governmental agencies. When appropriate, management consults with legal counsel and other experts to assess the claim. If, in management's opinion, the Registrants have incurred a probable loss as set forth by GAAP, an estimate is made of the loss, and the appropriate accounting entries are reflected in the condensed financial statements. At the present time, based on currently available information, the Registrants believe that any reasonably possible losses in excess of accrued amounts arising out of pending or threatened lawsuits or claims would not be quantitatively material to their condensed financial statements and would not have a material adverse effect on their financial position, results of operations or cash flows. |
Regulated Operations
Regulated Operations | 6 Months Ended |
Jun. 30, 2022 | |
Regulated Operations [Abstract] | |
Rate Matters and Regulation | Rate Matters and Regulation Except as set forth below, the circumstances set forth in Note 16 to the financial statements included in the Registrants' 2021 Form 10-K appropriately represent, in all material respects, the current status of the Registrants' regulatory matters. Completed Regulatory Matters APSC Proceedings Arkansas 2021 Formula Rate Plan Filing In October 2021, OG&E filed its fourth evaluation report under its Formula Rate Plan, and on February 1, 2022, OG&E, the APSC General Staff and the Office of the Arkansas Attorney General filed a non-unanimous joint settlement agreement, which included an annual electric revenue increase of $4.2 million. The only non-signatory to the settlement agreement agreed not to oppose the settlement. On March 4, 2022, the APSC issued a final order approving the non-unanimous settlement agreement, and new rates became effective April 1, 2022. OCC Proceedings Winter Storm Uri In December 2021, the OCC approved a settlement agreement in a final financing order authorizing the issuance of securitization bonds in an amount up to $760.0 million, which included estimated finance costs and was subject to change for carrying costs, any updates from the SPP settlement process and actual securitization issuance costs. On December 22, 2021, the ODFA requested the Oklahoma Supreme Court to certify the proposed securitization bonds. On May 3, 2022, the Oklahoma Supreme Court issued a decision approving the securitization bonds, and on July 20, 2022, the ODFA issued the securitization bonds consistent with the OCC's order. In connection with the securitization transaction, the ODFA and OG&E entered into an agreement on July 20, 2022 whereby the ODFA purchased, and OG&E sold, the securitization property that was created pursuant to legislation enacted by the State of Oklahoma in April 2021 and the financing order received from the OCC in December 2021. Such securitization property includes the right to assess, impose, adjust, collect and receive funds, in the form of the winter event securitization charge, from OG&E's existing and future Oklahoma customers in amounts intended to be sufficient to pay the principal and interest and financing charges on the securitization bonds. On July 20, 2022, OG&E received proceeds of approximately $750 million for the sale of the securitization property, which represented the amount of the securitization bonds sold less the issuance costs. OG&E used these proceeds to fund the Oklahoma Winter Storm Uri regulatory asset by recovering the authorized extreme, extraordinary fuel and purchased power costs incurred during Winter Storm Uri, as well as carrying costs. Beginning August 1, 2022, OG&E acts as a servicer for collecting the funds from Oklahoma customers that are then submitted to the ODFA to repay the securitization bonds over 28 years. Pending Regulatory Matters Various proceedings pending before state or federal regulatory agencies are described below. Unless stated otherwise, the Registrants cannot predict when the regulatory agency will act or what action the regulatory agency will take. The Registrants' financial results are dependent in part on timely and constructive decisions by the regulatory agencies that set OG&E's rates. FERC Proceedings Order for Sponsored Transmission Upgrades within SPP Under the SPP Open Access Transmission Tariff, costs of participant-funded, or "sponsored," transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. The SPP Open Access Transmission Tariff required the SPP to charge for these upgrades beginning in 2008, but the SPP had not been charging its customers for these upgrades due to information system limitations. However, the SPP had informed participants in the market that these charges would be forthcoming. In July 2016, the FERC granted the SPP's request to recover the charges not billed since 2008. The SPP subsequently billed OG&E for these charges and credited OG&E related to transmission upgrades that OG&E had sponsored, which resulted in OG&E being a net receiver of sponsored upgrade credits. The majority of these net credits were refunded to customers through OG&E's various rate riders that include SPP activity with the remaining amounts retained by OG&E. Several companies that were net payers of Z2 charges sought rehearing of the FERC's July 2016 order; however, in November 2017, the FERC denied the rehearing requests. In January 2018, one of the impacted companies appealed the FERC's decision to the U.S. Court of Appeals for the District of Columbia Circuit. In July 2018, that court granted a motion requested by the FERC that the case be remanded back to the FERC for further examination and proceedings. In February 2019, the FERC reversed its July 2016 order and November 2017 rehearing denial, ruled that the SPP violated its tariff to charge for the 2008 through 2015 period in 2016, held that the SPP tariff provision that prohibited those charges could not be waived and ordered the SPP to develop a plan to refund the payments but not to implement the refunds until further ordered to do so. In response, in April 2019, OG&E filed a request for rehearing with the FERC, and in May 2019, OG&E filed a FERC 206 complaint against the SPP, alleging that the SPP's forced unwinding of the revenue credit payments to OG&E would violate the provisions of the Sponsored Upgrade Agreement and of the applicable tariff. OG&E's filing requested that the FERC rule that the SPP is not entitled to seek refunds or in any other way seek to unwind the revenue credit payments it had paid to OG&E pursuant to the Sponsored Upgrade Agreement. The SPP's response to OG&E's filing agreed that OG&E should be entitled to keep its Z2 payments and argued that the SPP should not be held responsible for those payments if refunds are ordered. Further, the SPP has requested the FERC to negotiate a global settlement with all impacted parties, including other project sponsors who, like OG&E, have also filed complaints at FERC contending that the payments they have received cannot properly be unwound. In February 2020, the FERC denied OG&E's request for rehearing of its February 2019 order, denying the waiver and ruling that the SPP must seek refunds from project sponsors for Z2 payments for the 2008 through 2015 period and pay them back to transmission owners. The FERC also denied the SPP's request for a stay and for institution of settlement procedures. The FERC stated it would not institute settlement procedures unless parties on both sides of the matter requested them. The FERC did not rule on OG&E's complaint or the complaints of other project sponsors, or consider the SPP's refund plan. The FERC thus has not set any date for payment of refunds. In March 2020, OG&E petitioned the U.S. Court of Appeals for the District of Columbia Circuit for review of the FERC's order denying the waiver and requiring refunds. The court issued a decision on August 27, 2021, denying review and holding that the SPP was prohibited by the filed rate doctrine from imposing Z2 charges during the 2008 through 2015 historical period. The court further held that the FERC reasonably exercised its remedial authority to order the SPP to refund the retroactive upgrade charge. The court did not direct a time frame or procedures for the SPP to implement refunds. OG&E and the SPP filed a petition for rehearing of the court's decision, which was denied in October 2021. The court returned the matter to the FERC for action in accordance with its opinion in November 2021. If the FERC proceeds to order refunds in full, OG&E estimates it would be required to refund $13.0 million, which is net of amounts paid to other utilities for upgrades and would be subject to interest at the FERC-approved rate. The SPP has stated in filings it made with the FERC while the appeal was pending that there are considerable complexities in implementing the refunds that will have to be resolved before they can be paid. Payment of refunds would shift recovery of these upgrade credits to future periods. The SPP filed an update on January 4, 2022 confirming that administering refunds would be complex and could take years unless the SPP is allowed to make certain simplifying assumptions. It also urged that all pending complaint proceedings, including four complaints against the SPP, be resolved before the refund process is ordered to begin. OG&E and other parties filed responses to the SPP report, and the matter remains pending at the FERC. Of the $13.0 million, the Registrants would be impacted by $5.0 million in expense that initially benefited the Registrants in 2016, and OG&E customers would incur a net impact of $8.0 million in expense through rider mechanisms or the FERC formula rate. As of June 30, 2022, the Registrants have reserved $13.0 million plus estimated interest for a potential refund. In January 2020, the FERC acted on an SPP proposal to eliminate Attachment Z2 revenue crediting and replace it with a different rate mechanism that would provide project sponsors, such as OG&E, the same level of recovery, and rejected the proposal to the extent it would limit recovery to the amount of the upgrade sponsor's directly assigned upgrade costs with interest. The SPP resubmitted a proposal in April 2020 without this limited recovery, and with the alternative rate mechanism, and the FERC approved it in June 2020, effective July 1, 2020. No party sought rehearing of the order, and it is now final. This order would only prospectively impact OG&E and its recovery of any future upgrade costs that it may incur as a project sponsor subsequent to July 2020. All of the existing projects that are eligible to receive revenue credits under Attachment Z2, which includes the $13.0 million at issue in OG&E's appeal as discussed above, will continue to do so. Incentive Adders for Transmission Rates The FERC issued a NOPR in March 2020, and issued a supplemental NOPR in April 2021, proposing to update its transmission incentives policy. Among other things, the NOPR proposes (i) the current 50-basis point return on equity adder for RTO/ISO participation would be applicable only to transmitting utilities that join an RTO/ISO, and this incentive would only apply for the first three years in which the utility is an RTO/ISO member and (ii) transmitting utilities that have been members of an RTO/ISO for three years or more, such as OG&E, would be required to make a compliance filing to remove the existing return on equity adder from their rates. Currently, there is no specific deadline for the FERC to take further action, and it is unknown whether the FERC will address the RTO participation adder individually or as part of a larger order on transmission incentives. APSC Proceedings Winter Storm Uri In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. On April 1, 2021, OG&E filed with the APSC a Motion for Authority to Establish Special Regulatory Treatment within the Energy Cost Recovery Rider to Defer Extraordinary Fuel Costs Incurred Due to Winter Storm Uri. More specifically, OG&E's motion sought approval to defer, amortize and recover the extraordinary fuel costs over a ten-year period with a carrying charge of OG&E's pre-tax rate of return of 6.60 percent, through a special factor within OG&E's Energy Cost Recovery Rider beginning with the first billing cycle of May 2021. On April 13, 2021, the APSC issued an order allowing OG&E interim recovery at an interest rate equal to the customer deposit interest rate, which is currently 0.8 percent, over a period of ten years beginning with the first billing cycle of May 2021. Recovery is subject to a true-up after the APSC determines the appropriate allocation, length of recovery and carrying charge. On May 4, 2021, OG&E filed testimony further supporting its 10-year amortization period and a carrying charge of OG&E's pre-tax rate of return of 6.60 percent. In April 2021, Arkansas enacted legislation to amend its storm recovery securitization statute to allow for both electric and gas utilities to recover through securitization extraordinary natural gas, fuel and purchased power costs caused by storms. The amended statute authorizes the APSC to issue a financing order for the issuance of securitization bonds upon a finding it is reasonably expected to lower overall costs or mitigate rate impacts as compared with traditional utility financing. Upon the initiation of a securitization application, the APSC has 135 days to issue an order. The requesting utility has two years from the date of the financing order to issue the securitization bonds. The amended statute allows carrying costs at a utility's weighted average cost of capital from the date of when the costs were incurred until the date when bonds are ultimately issued. In May 2021, the APSC approved OG&E's motion for suspension of procedural schedule to investigate and evaluate the potential securitization recovery of the Arkansas jurisdictional portion of the Winter Storm Uri costs. On July 5, 2022, OG&E filed a motion to request recovery of the regulatory asset balance over 10 years using a weighted average cost of capital instead of through securitization. On July 15, 2022, the APSC Staff filed a response to OG&E’s motion stating the Staff does not oppose OG&E's request for recovery using a weighted average cost of capital, as long as no other party to the case opposes. Subsequently, other intervenors have filed their opposition to OG&E using a weighted average cost of capital for recovery. On August 1, 2022, the APSC issued a procedural order to set a schedule for additional testimony, and a hearing on the merits is expected to be held on December 2, 2022. As of June 30, 2022, OG&E has deferred $83.9 million to a regulatory asset, as indicated in Note 1. Arkansas 2021 Formula Rate Plan Filing - Extension In October 2021, OG&E filed a request to extend its Formula Rate Plan Rider for an additional five years. On April 1, 2022, the APSC issued an order granting OG&E an extension of the Formula Rate Plan Rider under the terms and conditions to be detailed in a subsequent order to be issued no later than May 18, 2022. On May 18, 2022, the APSC issued such order granting a five-year extension of the Formula Rate Plan Rider with certain terms and conditions, including continuation of OG&E's current return on equity of 9.5 percent and a change to OG&E's current debt-to-equity ratio of 50/50 percent to 55/45 percent. On June 17, 2022, OG&E filed a request for rehearing seeking reconsideration by the APSC of their decision to alter the Formula Rate Plan Rider's capital structure, and on July 15, 2022, the APSC issued an order to reconsider their decision. OG&E and the other intervening parties submitted initial rehearing testimony and briefs on July 29, 2022, and reply rehearing testimony and/or briefs are due on August 12, 2022. Certain intervenors indicated that the Formula Rate Plan Rider extension should include the change to OG&E's debt-to-equity ratio to 55/45 percent in order for the extension to be granted. OCC Proceedings Oklahoma Retail Electric Supplier Certified Territory Act Causes Several rural electric cooperative electricity suppliers have filed complaints with the OCC alleging that OG&E has violated the Oklahoma Retail Electric Supplier Certified Territory Act. OG&E believes it is lawfully serving customers specifically exempted from this act and has presented evidence and testimony to the OCC supporting its position. There have been five complaint cases initiated at the OCC, and the OCC has issued decisions on each of them. The OCC ruled in favor of the electric cooperatives in three of those cases and ruled in favor of OG&E in two of those cases. All five of those cases have been appealed to the Oklahoma Supreme Court, where they have been made companion cases but will be individually briefed and have individual final decisions. If the Oklahoma Supreme Court ultimately were to find that some or all of the customers being served are not exempted from the Oklahoma Retail Electric Supplier Certified Territory Act, OG&E would have to evaluate the recoverability of some plant investments made to serve these customers. The total amount of OG&E's plant investments made to serve the customers in all five cases is approximately $28.0 million , of which $11.7 million applies to the three cases where the OCC ruled in favor of the electric cooperatives. In addition to the evaluation of the recoverability of the investments, OG&E may also be required to reimburse certified territory suppliers for an amount of lost revenue. The amount of such lost revenue would depend on how the OCC calculates the revenue requirement but could range from approximately $35.6 million to $48.3 million for all five cases, of which $3.5 million to $5.9 million would apply to the three cases where the OCC ruled in favor of the electric cooperatives. 2021 Oklahoma General Rate Review In December 2021, OG&E filed a general rate review in Oklahoma seeking a rate increase of $163.5 million and a 10.2 percent return on equity based on a common equity percentage of 53.37 percent. The rate review was based on a September 30, 2021 test year and includes a request for recovery of $1.2 billion of capital investment since the last general rate review. On June 30, 2022, OG&E entered into a Joint Stipulation and Settlement Agreement with the Public Utility Division Staff, the Oklahoma Attorney General, the OG&E Shareholders Association, Oklahoma Industrial Energy Consumers and other intervenors. Non-signatory parties agreed not to contest this agreement. Key terms of the agreement include, among others: • A base rate revenue increase of $30.0 million; • OG&E would issue a refund, over a 12-month period, for the tax expense savings arising from the reduction in the Oklahoma state corporate income tax rate from 6 percent to 4 percent for the period from January 1, 2022 through June 30, 2022, as well as amortize over five years the excess accumulated deferred income tax balance resulting from this corporate tax rate change; • There would be no change in OG&E's current return on equity, and OG&E's requested capital structure based on a common equity percentage of 53.37 percent would be approved; • OG&E would utilize depreciation rates based on the recommendations of the Oklahoma Attorney General with the exception of transmission and general plant accounts, which would be based on the depreciation rates recommended by the Oklahoma Industrial Energy Consumers; • OG&E's Grid Enhancement Plan projects recorded as of March 31, 2022 would be considered prudent and be included in base rates; • OG&E's Grid Enhancement Plan interim recovery would continue and updated terms include: (i) cost recovery through a rider mechanism will be limited to projects placed in service in 2022, 2023 and 2024, capped at a revenue requirement of $6.0 million for each annual investment plan and include communication, automation and technology systems projects, as well as certain weather hardening projects; and (ii) the rider mechanism will terminate by the issuance of a final order in OG&E's first general rate review following completion of projects included in the 2024 annual investment plan or no later than July 1, 2025; • OG&E would amend several of its rider tariffs to incorporate the agreements of the stipulating parties; and • Regulatory accounting treatments approved include, among other things, the establishment of a regulatory asset to defer operation and maintenance costs associated with OG&E's SAP S/4 HANA enterprise resource planning system project for consideration in future rate proceedings with the carrying cost accruing at OG&E's short-term cost of debt, the amortization of COVID-19 regulatory asset balance over five years and the amortization of over/under-recovery balance of the pension tracker over 15 years, which is a change from the previous five-year recovery period. On July 21, 2022, the Administrative Law Judge issued a report that recommended the OCC approve the agreement, and an order is expected from the OCC in the third quarter of 2022. OG&E has the right to implement interim rates subject to refund beginning July 1, 2022 (180 days after the filing of its application on December 30, 2021). On July 1, 2022, OG&E implemented an annual interim rate increase of $30.0 million, subject to refund for amounts in excess of the rates approved by the OCC. 2021 Oklahoma Fuel Prudency On July 1, 2022, the Public Utility Division Staff filed their application initiating the review of the 2021 fuel adjustment clause and prudence review. OG&E plans to file its Minimum Filing Requirements and Supporting Testimony on August 30, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization OGE Energy is a holding company with investments in energy and energy services providers offering physical delivery and related services for electricity in Oklahoma and western Arkansas and natural gas, crude oil and NGLs across the U.S. OGE Energy conducts these activities through two business segments: (i) electric utility and (ii) natural gas midstream operations. The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's condensed consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation. On December 2, 2021, Energy Transfer and Enable closed their merger transaction. For periods prior to the closing date, OGE Energy accounted for its investment in Enable as an equity method investment and reported it within OGE Energy's natural gas midstream operations segment. Electric Utility Operations. OGE Energy's electric utility operations are conducted through OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is a wholly-owned subsidiary of OGE Energy. OG&E is the largest electric utility in Oklahoma, and its franchised service territory includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. Natural Gas Midstream Operations. As indicated above, on December 2, 2021, Enable and Energy Transfer closed their merger transaction. As a result of the merger, OGE Energy exchanged its common units of Enable for limited partner units of Energy Transfer. Subsequent to the merger, OGE Energy's natural gas midstream operations segment includes OGE Energy's investment in Energy Transfer's equity securities and legacy Enable seconded employee pension and postretirement costs. The investment in Energy Transfer's equity securities is held through wholly-owned subsidiaries and ultimately OGE Holdings. At June 30, 2022, OGE Energy owned 38,279,580 of Energy Transfer's limited partner units, which represented less than a two percent ownership based on the latest publicly available information filed by Energy Transfer. OGE Energy does not own general partner units in or have board representation at Energy Transfer. As such, OGE Energy accounts for its investment in Energy Transfer as an investment in equity securities, as further discussed below. OGE Energy intends to exit the midstream segment in a prudent manner. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed financial statements included herein have been prepared by the Registrants, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Registrants believe that the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments necessary to fairly present the financial position of the Registrants at June 30, 2022 and December 31, 2021, the results of the Registrants' operations for the three and six months ended June 30, 2022 and 2021 and the Registrants' cash flows for the six months ended June 30, 2022 and 2021 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after June 30, 2022 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. |
Public Utilities, Policy [Policy Text Block] | Accounting Records The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated utility, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain incurred costs that would otherwise be charged to expense can be deferred as regulatory assets, based on the expected recovery from customers in future rates. Likewise, certain actual or anticipated credits that would otherwise reduce expense can be deferred as regulatory liabilities, based on the expected flowback to customers in future rates. Management's expected recovery of deferred costs and flowback of deferred credits generally results from specific decisions by regulators granting such ratemaking treatment. OG&E records certain incurred costs and obligations as regulatory assets or liabilities if, based on regulatory orders or other available evidence, it is probable that the costs or obligations will be included in amounts allowable for recovery or refund in future rates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The classification of the Registrants' fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). |
Income Tax, Policy [Policy Text Block] | OGE Energy files consolidated income tax returns in the U.S. federal jurisdiction and various state jurisdictions.Income taxes are generally allocated to each company in the affiliated group, including OG&E, based on its stand-alone taxable income or loss. Federal investment tax credits previously claimed on electric utility property have been deferred and will be amortized to income over the life of the related property. Additionally, OG&E earned federal tax credits associated with production from its wind facilities through January 2022. Oklahoma production and investment state tax credits are also earned on investments in electric and solar generating facilities which further reduce OG&E's effective tax rate. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted-average number of OGE Energy's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted-average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for OGE Energy consist of performance units and restricted stock units. |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | Allowance for Uncollectible Accounts Receivable Customer balances are generally written off if not collected within six months after the final billing date. The allowance for uncollectible accounts receivable for OG&E is generally calculated by multiplying the last six months of electric revenue by the provision rate, which is based on a 12-month historical average of actual balances written off and is adjusted for current conditions and supportable forecasts as necessary. To the extent the historical collection rates, when incorporating forecasted conditions, are not representative of future collections, there could be an effect on the amount of uncollectible expense recognized, such as in response to COVID-19 impacts. Also, a portion of the uncollectible provision related to fuel within the Oklahoma jurisdiction is being recovered through the fuel adjustment clause. The allowance for uncollectible accounts receivable is a reduction to Accounts Receivable in the condensed balance sheets and is included in Other Operation and Maintenance Expense in the condensed statements of income. New business customers are required to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules defined by the OCC and the APSC. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit. |
Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Affiliates (Enable) For more information concerning OGE Energy's former equity method investment in Enable, including the merger transaction with Energy Transfer and OGE Energy's previous accounting for its investment in Enable, see Notes 1 and 5 within "Item 8. Financial Statements and Supplementary Data" in OGE Energy's 2021 Form 10-K . Prior to December 2, 2021, OGE Energy's investment in Enable was considered to be a variable interest entity; however, OGE Energy was not considered the primary beneficiary of Enable. Under the equity method of accounting, the investment was adjusted each period for contributions made, distributions received and OGE Energy's share of the investee's comprehensive income as adjusted for basis differences. In this Form 10-Q, Enable activity is included for the relevant portion of OGE Energy's 2021 information presented through December 2, 2021. OGE Energy considered distributions received from Enable which did not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and were classified as operating activities in the statements of cash flows. OGE Energy considered distributions received from Enable in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in the statements of cash flows. Distributions received from Enable were $18.4 million and $36.7 million during the three and six months ended June 30, 2021, respectively. The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Enable net income $ 79.0 $ 234.0 OGE Energy's percent ownership at period end 25.5 % 25.5 % OGE Energy's portion of Enable net income $ 20.0 $ 59.5 Amortization of basis difference and dilution recognition (A) 13.5 27.2 Equity in earnings of unconsolidated affiliates $ 33.5 $ 86.7 (A) Includes loss on dilution, net of proportional basis difference recognition. |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The classification of the Registrants' fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. GAAP establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to quoted prices in active markets for identical unrestricted assets or liabilities (Level 1) and the lowest priority given to unobservable inputs (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels defined in the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical unrestricted assets or liabilities that are accessible at the measurement date. Level 2 inputs are inputs other than quoted prices in active markets included within Level 1 that are either directly or indirectly observable at the reporting date for the asset or liability for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 inputs are prices or valuation techniques for the asset or liability that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Regulatory Assets and Liabilities [Table Text Block] | The following table presents a summary of OG&E's regulatory assets and liabilities. June 30, December 31, (In millions) 2022 2021 REGULATORY ASSETS Current: Oklahoma Winter Storm Uri costs (A) $ 750.5 $ — Fuel clause under recoveries 271.7 151.9 SPP cost tracker under recovery (A) 8.1 9.3 Oklahoma Energy Efficiency Rider under recoveries (A) — 11.7 Other (A) 10.7 9.7 Total current regulatory assets $ 1,041.0 $ 182.6 Non-current: Oklahoma Winter Storm Uri costs $ — $ 747.9 Oklahoma deferred storm expenses 210.5 172.8 Benefit obligations regulatory asset 101.0 109.2 Arkansas Winter Storm Uri costs 83.9 88.9 Pension tracker 45.7 42.9 Sooner Dry Scrubbers 18.5 18.9 Arkansas deferred pension expenses 12.1 12.1 Unamortized loss on reacquired debt 8.5 8.9 COVID-19 impacts 8.3 8.2 Frontier Plant deferred expenses 6.0 6.7 Smart Grid 0.4 3.9 Other 10.2 10.4 Total non-current regulatory assets $ 505.1 $ 1,230.8 REGULATORY LIABILITIES Current: Other (B) $ 4.6 $ 2.5 Total current regulatory liabilities $ 4.6 $ 2.5 Non-current: Income taxes refundable to customers, net $ 918.5 $ 930.7 Accrued removal obligations, net 283.7 296.8 Other 3.1 3.6 Total non-current regulatory liabilities $ 1,205.3 $ 1,231.1 (A) Included in Other Current Assets in the condensed balance sheets. The Oklahoma Winter Storm Uri regulatory asset was reclassified as current at June 30, 2022, in anticipation of the securitization process being completed in July 2022 and OG&E receiving funds from the ODFA. (B) Included in Other Current Liabilities in the condensed balance sheets. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the six months ended June 30, 2022 and 2021. All amounts below are presented net of tax. (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Total Balance at December 31, 2021 $ (26.1) $ 1.3 $ (24.8) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from accumulated other comprehensive income 0.6 — 0.6 Settlement cost 8.1 — 8.1 Balance at June 30, 2022 $ (17.4) $ 1.3 $ (16.1) (In millions) Pension Plan and Restoration of Retirement Income Plan Postretirement Benefit Plans Other Comprehensive Gain (Loss) from Unconsolidated Affiliates Total Balance at December 31, 2020 $ (34.1) $ 3.3 $ (1.3) $ (32.1) Other comprehensive income before reclassifications — — 0.3 0.3 Amounts reclassified from accumulated other comprehensive income (loss) 0.8 (0.6) — 0.2 Settlement cost 3.7 — — 3.7 Balance at June 30, 2021 $ (29.6) $ 2.7 $ (1.0) $ (27.9) |
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three and six months ended June 30, 2022 and 2021. Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in Three Months Ended Six Months Ended June 30, June 30, (In millions) 2022 2021 2022 2021 Amortization of Pension Plan and Restoration of Retirement Income Plan items: Actuarial losses $ (0.4) $ (0.4) $ (0.8) $ (1.2) (A) Prior service cost — — (0.1) — (A) Settlement cost (0.9) (1.2) (10.5) (5.3) (A) (1.3) (1.6) (11.4) (6.5) Income Before Taxes (0.4) (0.8) (2.7) (2.0) Income Tax Expense $ (0.9) $ (0.8) $ (8.7) $ (4.5) Net Income Amortization of postretirement benefit plans items: Prior service credit $ — $ 0.5 $ — $ 0.9 (A) Actuarial losses — (0.1) — (0.1) (A) — 0.4 — 0.8 Income Before Taxes — 0.1 — 0.2 Income Tax Expense $ — $ 0.3 $ — $ 0.6 Net Income Total reclassifications for the period, net of tax $ (0.9) $ (0.5) $ (8.7) $ (3.9) Net Income (A) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block] | The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Enable net income $ 79.0 $ 234.0 OGE Energy's percent ownership at period end 25.5 % 25.5 % OGE Energy's portion of Enable net income $ 20.0 $ 59.5 Amortization of basis difference and dilution recognition (A) 13.5 27.2 Equity in earnings of unconsolidated affiliates $ 33.5 $ 86.7 (A) Includes loss on dilution, net of proportional basis difference recognition. |
Unrealized Gain (Loss) on Investments | Through the end of July 2022, OGE Energy has sold 73.3 million Energy Transfer limited partner units, resulting in pre-tax net proceeds of $812.6 million and a remaining ownership percentage of less than one percent based on the latest publicly available information filed by Energy Transfer. (In millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Gain (loss) on equity securities $ (39.6) $ 242.7 Net gain recognized on equity securities sold 6.7 175.7 Unrealized gain (loss) on equity securities held $ (46.3) $ 67.0 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents OG&E's revenues from contracts with customers disaggregated by customer classification. OG&E's operating revenues disaggregated by customer classification can be found in "OG&E (Electric Utility) Results of Operations" within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Residential $ 289.3 $ 178.5 $ 516.1 $ 746.7 Commercial 193.4 108.3 321.5 415.8 Industrial 81.4 37.5 138.8 184.2 Oilfield 79.0 28.7 132.2 189.5 Public authorities and street light 71.1 37.0 119.1 160.1 System sales revenues 714.2 390.0 1,227.7 1,696.3 Provision for tax refund (2.1) — (2.7) — Integrated market 43.0 128.3 65.8 430.4 Transmission 32.9 36.7 68.7 73.0 Other 3.0 9.5 9.6 (14.2) Revenues from contracts with customers (A) $ 791.0 $ 564.5 $ 1,369.1 $ 2,185.5 (A) In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues for the six months ended June 30, 2021 significantly increased due to increased fuel, purchased power and direct transmission expenses, which are generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation." |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Reconciliation of Basis Difference [Line Items] | |
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Table Text Block] | The following table presents a reconciliation of OGE Energy's equity in earnings of unconsolidated affiliates for the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Enable net income $ 79.0 $ 234.0 OGE Energy's percent ownership at period end 25.5 % 25.5 % OGE Energy's portion of Enable net income $ 20.0 $ 59.5 Amortization of basis difference and dilution recognition (A) 13.5 27.2 Equity in earnings of unconsolidated affiliates $ 33.5 $ 86.7 (A) Includes loss on dilution, net of proportional basis difference recognition. |
Schedule of Related Party Transactions [Table Text Block] | The following table presents summarized related party transactions between OG&E and Enable during the three and six months ended June 30, 2021. (In millions) Three Months Ended Six Months Ended Operating revenues: Electricity to power electric compression assets $ 3.3 $ 5.9 Fuel, purchased power and direct transmission expense: Natural gas transportation services $ 9.3 $ 14.0 Natural gas purchases (sales) $ (8.4) $ (20.6) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value and Carrying Amount of PRM Financial Instruments [Table Text Block] | The following table presents OGE Energy's financial instrument measured at fair value on a recurring basis and the carrying amount and fair value of the Registrants' financial instruments at June 30, 2022 and December 31, 2021, as well as the classification level within the fair value hierarchy. June 30, December 31, 2022 2021 (In millions) Carrying Amount Fair Carrying Amount Fair Classification Financial instrument measured at fair value on a recurring basis: OGE Energy investment in Energy Transfer's equity securities (A) $ 382.0 $ 382.0 $ 785.1 $ 785.1 Level 1 Financial instruments for which fair value is only disclosed: Long-term Debt (including Long-term Debt due within one year): OGE Energy Senior Notes $ 499.9 $ 487.3 $ 499.9 $ 497.8 Level 2 OGE Energy Term Loan $ 49.8 $ 50.0 $ — $ — Level 2 OG&E Senior Notes $ 3,853.0 $ 3,720.9 $ 3,851.8 $ 4,460.2 Level 2 OG&E Industrial Authority Bonds $ 135.4 $ 135.4 $ 135.4 $ 135.4 Level 2 OG&E Tinker Debt $ 9.3 $ 7.8 $ 9.3 $ 10.0 Level 3 (A) As of June 30, 2022, OGE Energy has sold 57.1 million of the 95.4 million Energy Transfer limited partner units it received as a result of the merger transaction between Enable and Energy Transfer in December 2021. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the three and six months ended June 30, 2022 and 2021 related to performance units and restricted stock units for the Registrants' employees. OGE Energy OG&E Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Performance units - total shareholder return $ 1.8 $ 1.9 $ 3.6 $ 3.9 $ 0.5 $ 0.5 $ 1.1 $ 0.9 Restricted stock units 0.5 0.4 1.0 0.9 0.2 0.1 0.4 0.1 Total compensation expense $ 2.3 $ 2.3 $ 4.6 $ 4.8 $ 0.7 $ 0.6 $ 1.5 $ 1.0 Income tax benefit $ 0.6 $ 0.6 $ 1.2 $ 1.2 $ 0.2 $ 0.2 $ 0.4 $ 0.3 |
Common Equity (Tables)
Common Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the calculation of basic and diluted earnings per share for OGE Energy. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2022 2021 2022 2021 Net income $ 73.1 $ 112.9 $ 352.6 $ 165.6 Average common shares outstanding: Basic average common shares outstanding 200.2 200.2 200.2 200.1 Effect of dilutive securities: Contingently issuable shares (performance and restricted stock units) 0.5 0.2 0.4 0.1 Diluted average common shares outstanding 200.7 200.4 200.6 200.2 Basic earnings per average common share $ 0.37 $ 0.56 $ 1.76 $ 0.83 Diluted earnings per average common share $ 0.36 $ 0.56 $ 1.76 $ 0.83 Anti-dilutive shares excluded from earnings per share calculation — — — — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The following table presents information about these bonds, which can be tendered at the option of the holder during the next 12 months. Series Date Due Amount (In millions) 0.11% - 1.10% Garfield Industrial Authority, January 1, 2025 $ 47.0 0.11% - 1.05% Muskogee Industrial Authority, January 1, 2025 32.4 0.11% - 1.10% Muskogee Industrial Authority, June 1, 2027 56.0 Total (redeemable during next 12 months) $ 135.4 |
Short-Term Debt and Credit Fa_2
Short-Term Debt and Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Short-term Debt [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | The following table presents information regarding the Registrants' revolving credit agreements at June 30, 2022. Aggregate Amount Weighted-Average Entity Commitment Outstanding (A) Interest Rate Expiration (In millions) OGE Energy (B) $ 550.0 $ 334.5 2.06 % (F) December 17, 2026 OGE Energy (C) 50.0 — — % (F) May 24, 2025 OG&E (D)(E) 550.0 91.3 2.06 % (F) December 17, 2026 Total $ 1,150.0 $ 425.8 2.06 % (A) Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2022. (B) This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (C) See Note 9 for further information about this revolving credit agreement. (D) This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (E) OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2026. At June 30, 2022, there were $409.0 million in intercompany borrowings under this agreement. |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables present the net periodic benefit cost components, before consideration of capitalized amounts, of OGE Energy's Pension Plan, Restoration of Retirement Income Plan and postretirement benefit plans that are included in the condensed financial statements. Service cost is presented within Other Operation and Maintenance Expense, and the remaining net periodic benefit cost components as listed in the following tables are presented within Other Net Periodic Benefit Expense in the statements of income. OG&E recovers specific amounts of pension and postretirement medical costs in rates approved in its Oklahoma rate reviews. In accordance with approved orders, OG&E defers the difference between actual pension and postretirement medical expenses and the amount approved in its last Oklahoma rate review as a regulatory asset or regulatory liability. These amounts have been recorded in the Pension tracker in the regulatory assets and liabilities table in Note 1 and within Other Net Periodic Benefit Expense in the statements of income. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OGE Energy June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1.7 $ 2.6 $ 3.9 $ 5.6 $ 0.2 $ 0.2 $ 0.5 $ 0.3 Interest cost 4.3 3.4 7.7 6.9 0.1 0.1 0.1 0.1 Expected return on plan assets (6.2) (8.7) (13.0) (17.1) — — — — Amortization of net loss 2.3 1.9 4.2 4.7 0.1 — 0.1 0.1 Amortization of unrecognized prior service cost (A) — — — — — — 0.1 — Settlement cost 2.8 5.3 16.0 31.7 0.2 0.4 0.2 0.4 Total net periodic benefit cost 4.9 4.5 18.8 31.8 0.6 0.7 1.0 0.9 Less: Amount paid by unconsolidated affiliates — (0.2) — (0.1) — — — — Net periodic benefit cost $ 4.9 $ 4.7 $ 18.8 $ 31.9 $ 0.6 $ 0.7 $ 1.0 $ 0.9 (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. Pension Plan Restoration of Retirement Three Months Ended Six Months Ended Three Months Ended Six Months Ended OG&E June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 1.4 $ 1.7 $ 3.1 $ 3.8 $ — $ — $ — $ — Interest cost 3.3 2.5 5.9 5.0 — — — — Expected return on plan assets (4.7) (6.2) (10.0) (12.3) — — — — Amortization of net loss 1.9 1.5 3.5 3.5 — 0.1 — 0.1 Settlement cost 2.1 4.4 5.7 26.6 — 0.3 — 0.3 Total net periodic benefit cost 4.0 3.9 8.2 26.6 — 0.4 — 0.4 Plus: Amount allocated from OGE Energy 0.4 0.7 2.2 4.6 0.3 0.3 0.7 0.5 Net periodic benefit cost $ 4.4 $ 4.6 $ 10.4 $ 31.2 $ 0.3 $ 0.7 $ 0.7 $ 0.9 In addition to the net periodic benefit cost amounts recognized, as presented in the tables above, for the Pension and Restoration of Retirement Income Plans for the three and six months ended June 30, 2022 and 2021, the Registrants recognized the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Increase of regulatory asset related to pension expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 0.4 $ 0.9 $ 2.3 $ 21.6 Deferral of pension expense related to pension settlement charges: Oklahoma jurisdiction (A) $ 2.0 $ 5.2 $ 6.7 $ 28.9 Arkansas jurisdiction (A) $ 0.2 $ 0.5 $ 0.6 $ 2.7 (A) Included in the pension regulatory asset or liability in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1. OGE Energy OG&E Postretirement Benefit Plans Postretirement Benefit Plans Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ — $ — $ 0.1 $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 Interest cost 0.9 0.9 1.8 1.7 0.6 0.7 1.3 1.3 Expected return on plan assets (0.5) (0.5) (0.9) (1.0) (0.4) (0.5) (0.8) (0.9) Amortization of net loss 0.2 0.7 0.7 1.4 0.3 0.7 0.8 1.4 Amortization of unrecognized prior service cost (A) (0.9) (1.7) (1.9) (3.4) (0.9) (1.2) (1.8) (2.5) Total net periodic benefit cost (0.3) (0.6) (0.2) (1.2) (0.3) (0.3) (0.4) (0.6) Less: Amount paid by unconsolidated affiliates (B) — (0.2) — (0.3) Plus: Amount allocated from OGE Energy (B) — (0.1) — (0.2) Net periodic benefit cost $ (0.3) $ (0.4) $ (0.2) $ (0.9) $ (0.3) $ (0.4) $ (0.4) $ (0.8) (A) Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment. (B) "Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E. In addition to the net periodic benefit income amounts recognized, as presented in the table above, for the postretirement benefit plans for the three and six months ended June 30, 2022 and 2021, the Registrants recognized the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Increase (decrease) of regulatory liability related to postretirement expense to maintain allowed recoverable amount in Oklahoma jurisdiction (A) $ 0.1 $ 0.1 $ (0.2) $ 0.2 (A) Included in the Pension tracker, as presented in the regulatory assets and liabilities table in Note 1. |
Schedule of Capitalized Pension and Postretirement Cost [Table Text Block] | OGE Energy OG&E Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In millions) 2022 2021 2022 2021 2022 2021 2022 2021 Capitalized portion of net periodic pension benefit cost $ 0.7 $ 0.8 $ 1.5 $ 1.6 $ 0.5 $ 0.7 $ 1.2 $ 1.4 Capitalized portion of net periodic postretirement benefit cost $ — $ — $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 |
Report of Business Segments (Ta
Report of Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present the results of OGE Energy's business segments for the three and six months ended June 30, 2022 and 2021. Six Months Ended June 30, 2022 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 1,393.0 $ — $ — $ — $ 1,393.0 Fuel, purchased power and direct transmission expense 649.0 — — — 649.0 Other operation and maintenance 233.8 1.2 (1.9) — 233.1 Depreciation and amortization 219.0 — — — 219.0 Taxes other than income 50.1 0.1 2.0 — 52.2 Operating income (loss) 241.1 (1.3) (0.1) — 239.7 Gain on equity securities — 242.7 — — 242.7 Other income 0.4 21.1 — (0.5) 21.0 Interest expense 78.0 — 5.0 (0.5) 82.5 Income tax expense (benefit) 23.8 51.3 (6.8) — 68.3 Net income $ 139.7 $ 211.2 $ 1.7 $ — $ 352.6 Total assets $ 12,317.2 $ 401.7 $ 751.9 $ (632.8) $ 12,838.0 Six Months Ended June 30, 2021 Electric Utility Natural Gas Midstream Operations Other Eliminations Total (In millions) Operating revenues $ 2,208.0 $ — $ — $ — $ 2,208.0 Fuel, purchased power and direct transmission expense 1,546.8 — — — 1,546.8 Other operation and maintenance 228.6 2.0 (2.1) — 228.5 Depreciation and amortization 201.6 — — — 201.6 Taxes other than income 50.7 0.2 2.1 — 53.0 Operating income (loss) 180.3 (2.2) — — 178.1 Equity in earnings of unconsolidated affiliates — 86.7 — — 86.7 Other income (expense) 2.9 (0.7) (0.6) (0.8) 0.8 Interest expense 76.3 — 3.8 (0.8) 79.3 Income tax expense (benefit) 10.6 13.7 (3.6) — 20.7 Net income (loss) $ 96.3 $ 70.1 $ (0.8) $ — $ 165.6 Investment in unconsolidated affiliates $ — $ 425.4 $ — $ — $ 425.4 Total assets $ 11,459.3 $ 427.8 $ 127.4 $ (115.0) $ 11,899.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Equity Ownership (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Equity Securities, FV-NI, Gain (Loss) | $ (39.6) | $ 0 | $ 242.7 | $ 0 | |||
Investment Owned, Balance, Shares | 38,279,580 | 38,279,580 | |||||
Proceeds from Equity Method Investment, Distribution | $ 13.3 | $ 30 | |||||
Equity in earnings of unconsolidated affiliates | 0 | 33.5 | $ 0 | 86.7 | |||
Equity Securities Sold During Period | 73,300,000 | ||||||
Proceeds from Sales of Equity Securities | $ 812.6 | ||||||
Distributions from unconsolidated affiliates | 18.4 | 0 | 36.7 | ||||
Proceeds from Sale of Interest in Partnership Unit | 6.7 | 175.7 | |||||
Equity Securities, FV-NI, Unrealized Loss | (39.6) | 242.7 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 73.1 | $ 279.5 | $ 112.9 | $ 52.7 | 352.6 | $ 165.6 | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | 25.50% | |||||
Proportionate Unconsolidated Affiliate Net Income | $ 20 | $ 59.5 | |||||
Equity in Earnings Amortization of Basis Difference | [1] | 13.5 | 27.2 | ||||
Debt and Equity Securities, Unrealized Gain (Loss) | $ (46.3) | $ 67 | |||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 79 | $ 234 | |||||
[1]Includes loss on dilution, net of proportional basis difference recognition. |
Regulated Operations (Details)
Regulated Operations (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Fuel clause under recoveries | $ 271.7 | $ 151.9 | |
Current Regulatory Assets | 1,041 | 182.6 | |
Non-Current Regulatory Assets | 505.1 | 1,230.8 | |
Current Regulatory Liabilities | 4.6 | 2.5 | |
Non-Current Regulatory Liabilities | 1,205.3 | 1,231.1 | |
Other (B) | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Current Regulatory Liabilities | [1] | 4.6 | 2.5 |
Non-Current Regulatory Liabilities | 3.1 | 3.6 | |
Income taxes recoverable from customers, net | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Liabilities | 918.5 | 930.7 | |
Accrued removal obligations, net | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Liabilities | 283.7 | 296.8 | |
Winter Storm Uri costs | OKLAHOMA | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Current Regulatory Assets | 750.5 | 0 | |
Non-Current Regulatory Assets | 0 | 747.9 | |
Winter Storm Uri costs | ARKANSAS | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 83.9 | 88.9 | |
Benefit obligations regulatory asset | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 101 | 109.2 | |
Oklahoma deferred storm expenses | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 210.5 | 172.8 | |
Smart Grid | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 0.4 | 3.9 | |
Dry Scrubber Regulatory Asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 18.5 | 18.9 | |
Unamortized loss on reacquired debt | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 8.5 | 8.9 | |
Deferred Pension Expenses [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 12.1 | 12.1 | |
Other Regulatory Asset [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Current Regulatory Assets | [2] | 10.7 | 9.7 |
Non-Current Regulatory Assets | 10.2 | 10.4 | |
Pension tracker | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 45.7 | 42.9 | |
SPP Cost Tracker Rider Under Recovery | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Current Regulatory Assets | [2] | 8.1 | 9.3 |
COVID-19 Deferred Expenses | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | 8.3 | 8.2 | |
Oklahoma Energy Efficiency Rider Under Recovery | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Current Regulatory Assets | [2] | 0 | 11.7 |
Deferred Plant Expense | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Non-Current Regulatory Assets | $ 6 | $ 6.7 | |
[1]Included in Other Current Liabilities in the condensed balance sheets.[2]Included in Other Current Assets in the condensed balance sheets. The Oklahoma Winter Storm Uri regulatory asset was reclassified as current at June 30, 2022, in anticipation of the securitization process being completed in July 2022 and OG&E receiving funds from the ODFA. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (16.1) | $ (27.9) | $ (24.8) | $ (32.1) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0.3 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | 0.2 | ||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (1) | (1.3) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0.3 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Pension Plan [Member] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (17.4) | (29.6) | (26.1) | (34.1) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.6 | 0.8 | ||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Other Postretirement Benefits Plan [Member] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 1.3 | 2.7 | $ 1.3 | $ 3.3 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.6) | ||
Settlement Cost [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.1 | 3.7 | ||
Settlement Cost [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||
Settlement Cost [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Pension Plan [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.1 | 3.7 | ||
Settlement Cost [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Other Postretirement Benefits Plan [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ (0.9) | $ (0.5) | $ (8.7) | $ (3.9) | |||
Pension Plan [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | (0.4) | (0.4) | (0.8) | (1.2) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | (0.1) | [1] | 0 | [1] | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | [1] | (0.9) | (1.2) | (10.5) | (5.3) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (1.3) | (1.6) | (11.4) | (6.5) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.4) | (0.8) | (2.7) | (2) | |||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (0.9) | (0.8) | (8.7) | (4.5) | |||
Other Postretirement Benefits Plan [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | 0 | (0.1) | 0 | (0.1) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | 0 | 0.5 | 0 | 0.9 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 0.4 | 0 | 0.8 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0 | 0.1 | 0 | 0.2 | |||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | $ 0 | $ 0.3 | $ 0 | $ 0.6 | |||
[1]These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 11 for additional information). |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | [1] | $ 791 | $ 564.5 | $ 1,369.1 | $ 2,185.5 |
Residential | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 289.3 | 178.5 | 516.1 | 746.7 | |
Commercial | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 193.4 | 108.3 | 321.5 | 415.8 | |
Industrial | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 81.4 | 37.5 | 138.8 | 184.2 | |
Oilfield | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 79 | 28.7 | 132.2 | 189.5 | |
Public authorities and street light | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 71.1 | 37 | 119.1 | 160.1 | |
System sales revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 714.2 | 390 | 1,227.7 | 1,696.3 | |
Provision for tax refund | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | (2.1) | 0 | (2.7) | 0 | |
Integrated market | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 43 | 128.3 | 65.8 | 430.4 | |
Transmission | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | 32.9 | 36.7 | 68.7 | 73 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues from contracts with customers | $ 3 | $ 9.5 | $ 9.6 | $ (14.2) | |
[1]In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues for the six months ended June 30, 2021 significantly increased due to increased fuel, purchased power and direct transmission expenses, which are generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation." |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | 25.50% | ||
Distributions from unconsolidated affiliates | $ 13.3 | $ 30 | ||
Equity in earnings of unconsolidated affiliates | $ 0 | $ 33.5 | $ 0 | $ 86.7 |
OG&E [Member] | Enable Midstream Partners [Member] | ||||
Revenue from Related Parties | 3.3 | 5.9 | ||
OG&E [Member] | Enable Midstream Partners [Member] | Natural Gas Transportation [Member] | ||||
Related Party Transaction, Purchases from Related Party | 9.3 | 14 | ||
OG&E [Member] | Enable Midstream Partners [Member] | Natural Gas Purchases [Member] | ||||
Related Party Transaction, Purchases from Related Party | $ (8.4) | $ (20.6) |
Investment in Unconsolidated _4
Investment in Unconsolidated Affiliates Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 33.2 | $ 33.4 | $ 66.1 | $ 69.1 | |
Enable Midstream Partners [Member] | OG&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 3.3 | 5.9 | |||
Operating Costs Charged [Member] | Enable Midstream Partners [Member] | OGE Energy [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0.1 | 0.2 | |||
Natural Gas Transportation [Member] | Enable Midstream Partners [Member] | OG&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | 9.3 | 14 | |||
Natural Gas Purchases [Member] | Enable Midstream Partners [Member] | OG&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ (8.4) | $ (20.6) | |||
Excluding Fuel Purchases [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable - unconsolidated affiliates | $ 0.3 |
Investment in Unconsolidated _5
Investment in Unconsolidated Affiliates Summarized Income Statement of Equity Method Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Operating revenues | $ 803.7 | $ 577.4 | $ 1,393 | $ 2,208 | ||
Operating Income (Loss) | 156.6 | 129.5 | 239.7 | 178.1 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 73.1 | $ 279.5 | 112.9 | $ 52.7 | $ 352.6 | 165.6 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 79 | $ 234 |
Investment in Unconsolidated _6
Investment in Unconsolidated Affiliates Reconciliation of Equity in Earnings of Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Line Items] | |||||||
Proceeds from Equity Method Investment, Distribution | $ 13.3 | $ 30 | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 25.50% | 25.50% | |||||
Proportionate Unconsolidated Affiliate Net Income | $ 20 | $ 59.5 | |||||
Equity in Earnings Amortization of Basis Difference | [1] | 13.5 | 27.2 | ||||
Income (Loss) from Equity Method Investments, Total | 0 | 33.5 | 0 | 86.7 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 73.1 | $ 279.5 | 112.9 | $ 52.7 | $ 352.6 | 165.6 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||
Reconciliation of Equity in Earnings of Unconsolidated Affiliates [Line Items] | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 79 | $ 234 | |||||
[1]Includes loss on dilution, net of proportional basis difference recognition. |
Fair Value Measurements Carryin
Fair Value Measurements Carrying and Fair Value Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Equity Securities, FV-NI, Cost | [1] | $ 382 | $ 785.1 |
Equity Securities, FV-NI | [1] | 382 | 785.1 |
OG&E Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-Term Debt, Carrying Amount | 3,853 | 3,851.8 | |
Long-Term Debt, Fair Value | 3,720.9 | 4,460.2 | |
OG&E Industrial Authority Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-Term Debt, Carrying Amount | 135.4 | 135.4 | |
Long-Term Debt, Fair Value | 135.4 | 135.4 | |
OG&E Tinker Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-Term Debt, Carrying Amount | 9.3 | 9.3 | |
Long-Term Debt, Fair Value | 7.8 | 10 | |
Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-Term Debt, Carrying Amount | 499.9 | 499.9 | |
Long-Term Debt, Fair Value | 487.3 | 497.8 | |
Term Loan | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-Term Debt, Carrying Amount | 49.8 | 0 | |
Long-Term Debt, Fair Value | 50 | 0 | |
Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 | $ 0 | |
[1]As of June 30, 2022, OGE Energy has sold 57.1 million of the 95.4 million Energy Transfer limited partner units it received as a result of the merger transaction between Enable and Energy Transfer in December 2021. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 27,278 | |||
Stock-Based Compensation Activity | ||||
Income tax benefit | $ 0.6 | $ 0.6 | $ 1.2 | $ 1.2 |
OG&E [Member] | ||||
Stock-Based Compensation Activity | ||||
Income tax benefit | 0.2 | 0.2 | 0.4 | 0.3 |
Restricted stock units | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | 0.5 | 0.4 | 1 | 0.9 |
Restricted stock units | OG&E [Member] | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | 0.2 | 0.1 | 0.4 | 0.1 |
Share-based Payment Arrangement [Member] | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | 2.3 | 2.3 | 4.6 | 4.8 |
Share-based Payment Arrangement [Member] | OG&E [Member] | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | 0.7 | 0.6 | 1.5 | 1 |
Total Shareholder Return [Member] | Performance Shares [Member] | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | 1.8 | 1.9 | 3.6 | 3.9 |
Total Shareholder Return [Member] | Performance Shares [Member] | OG&E [Member] | ||||
Stock-Based Compensation Activity | ||||
Compensation expense | $ 0.5 | $ 0.5 | $ 1.1 | $ 0.9 |
Common Equity Automatic Dividen
Common Equity Automatic Dividend Reinvestment and Stock Purchase Plan (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Automatic Dividend Reinvestment and Stock Purchase Plan [Member] | ||
Stock Issued During Period, Shares, New Issues | 0 | 0 |
Common Equity Earnings Per Shar
Common Equity Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 73.1 | $ 279.5 | $ 112.9 | $ 52.7 | $ 352.6 | $ 165.6 |
Basic average common shares outstanding | 200.2 | 200.2 | 200.2 | 200.1 | ||
Contingently issuable shares (performance and restricted stock units) | 0.5 | 0.2 | 0.4 | 0.1 | ||
Diluted average common shares outstanding | 200.7 | 200.4 | 200.6 | 200.2 | ||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||
Basic earnings per average common share | $ 0.37 | $ 0.56 | $ 1.76 | $ 0.83 | ||
Diluted earnings per average common share | $ 0.36 | $ 0.56 | $ 1.76 | $ 0.83 | ||
Anti-dilutive shares excluded from earnings per share calculation | 0 | 0 | 0 | 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Debt Instrument [Line Items] | ||
Percent of Principal Amount Subject to Optional Tender | 100% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,150 | |
Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 01, 2025 | |
Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 01, 2027 | |
Redeemable during the next 12 months | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 135.4 | |
OG&E [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Dec. 17, 2026 | [1],[2] |
OG&E [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 47 | |
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 32.4 | |
OG&E [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 56 | |
OGE Energy [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | Dec. 17, 2026 | [3] |
OGE Energy [Member] | Term Loan | ||
Debt Instrument [Line Items] | ||
Maturity | May 24, 2025 | [4] |
OGE Energy [Member] | Series Due August 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 100 | |
Line of Credit Facility, Maximum Borrowing Capacity | 135 | |
OGE Energy [Member] | Series Due August 15, 2028 [Member] | Term Loan | ||
Debt Instrument [Line Items] | ||
Long term debt | 50 | |
OGE Energy [Member] | Series Due August 15, 2028 [Member] | credit facility | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 50 | |
Minimum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.11% | |
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.11% | |
Minimum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.11% | |
Maximum [Member] | Redeemable during the next 12 months | Garfield Industrial Authority Bond [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | |
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | |
Maximum [Member] | Redeemable during the next 12 months | Muskogee Industrial Authority Bond Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | |
[1]OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $450.0 million of OGE Energy's revolving credit amount. This agreement has a termination date of December 17, 2026. At June 30, 2022, there were $409.0 million in intercompany borrowings under this agreement.[2]This bank facility is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. [3]This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (C) See Note 9 for further information about this revolving credit agreement. |
Short-Term Debt and Credit Fa_3
Short-Term Debt and Credit Facilities (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Line of Credit Facility [Line Items] | |||
Short-term debt | $ 425.4 | $ 486.9 | |
Line of Credit Facility [Abstract] | |||
Aggregate Commitment | 1,150 | ||
Long-term Line of Credit | [1] | $ 425.8 | |
Weighted Average Interest Rate | 2.06% | ||
Intercompany Borrowing Agreement - Maximum Borrowing Capacity | $ 450 | ||
Outstanding Intercompany Borrowings | 409 | ||
OGE Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | [2] | 550 | |
Line of Credit Facility [Abstract] | |||
Long-term Line of Credit | [1],[2] | $ 334.5 | |
Weighted Average Interest Rate | [2],[3] | 2.06% | |
Maturity | [2] | Dec. 17, 2026 | |
OGE Energy [Member] | Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | [4] | $ 50 | |
Line of Credit Facility [Abstract] | |||
Long-term Line of Credit | [4] | $ 0 | |
Weighted Average Interest Rate | [3],[4] | 0% | |
Maturity | [4] | May 24, 2025 | |
OG&E [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | [5],[6] | $ 550 | |
Short-term debt | 90.9 | 0 | |
Line of Credit Facility [Abstract] | |||
Letters of Credit Outstanding, Amount | [1],[5],[6] | $ 91.3 | |
Weighted Average Interest Rate | [5],[6] | 2.06% | |
Maturity | [5],[6] | Dec. 17, 2026 | |
Short Term Borrowing Capacity That Has Regulatory Approval | $ 800 | ||
Period For Which Regulatory Approval Has Been Given to Acquire Short Term Debt | 2 years | ||
Advances from parent | $ 263.8 | $ 101.3 | |
[1]Includes direct borrowings under the revolving credit agreements, commercial paper borrowings and letters of credit at June 30, 2022.[2]This bank facility is available to back up OGE Energy's commercial paper borrowings and to provide revolving credit borrowings. This bank facility can also be used as a letter of credit facility. (C) See Note 9 for further information about this revolving credit agreement. |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | $ 1.7 | $ 2.6 | $ 3.9 | $ 5.6 | |||
Interest cost | 4.3 | 3.4 | 7.7 | 6.9 | |||
Expected return on plan assets | (6.2) | (8.7) | (13) | (17.1) | |||
Amortization of net loss | 2.3 | 1.9 | 4.2 | 4.7 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | [1] | 0 | [1] | |
Settlement cost | 2.8 | 5.3 | 16 | 31.7 | |||
Total net periodic benefit cost | 4.9 | 4.5 | 18.8 | 31.8 | |||
Amount Attributable to Unconsolidated Affiliates | 0 | (0.2) | 0 | (0.1) | |||
Net periodic benefit cost | 4.9 | 4.7 | 18.8 | 31.9 | |||
Capitalized portion of net periodic pension benefit cost | 0.7 | 0.8 | 1.5 | 1.6 | |||
Other Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 0.2 | 0.2 | 0.5 | 0.3 | |||
Interest cost | 0.1 | 0.1 | 0.1 | 0.1 | |||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||
Amortization of net loss | 0.1 | 0 | 0.1 | 0.1 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0.1 | [1] | 0 | [1] | |
Settlement cost | 0.2 | 0.4 | 0.2 | 0.4 | |||
Total net periodic benefit cost | 0.6 | 0.7 | 1 | 0.9 | |||
Amount Attributable to Unconsolidated Affiliates | 0 | 0 | 0 | 0 | |||
Net periodic benefit cost | 0.6 | 0.7 | 1 | 0.9 | |||
Postretirement Benefit Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 0 | 0 | 0.1 | 0.1 | |||
Interest cost | 0.9 | 0.9 | 1.8 | 1.7 | |||
Expected return on plan assets | (0.5) | (0.5) | (0.9) | (1) | |||
Amortization of net loss | 0.2 | 0.7 | 0.7 | 1.4 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [1] | (0.9) | (1.7) | (1.9) | (3.4) | ||
Amount Attributable to Unconsolidated Affiliates | 0 | (0.2) | 0 | [2] | (0.3) | [2] | |
Capitalized portion of net periodic pension benefit cost | 0 | 0 | 0.1 | 0.1 | |||
Postretirement Benefit Costs | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Total net periodic benefit cost | (0.3) | (0.6) | (0.2) | (1.2) | |||
Net periodic benefit cost | (0.3) | (0.4) | (0.2) | (0.9) | |||
OG&E [Member] | Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 1.4 | 1.7 | 3.1 | 3.8 | |||
Interest cost | 3.3 | 2.5 | 5.9 | 5 | |||
Expected return on plan assets | (4.7) | (6.2) | (10) | (12.3) | |||
Amortization of net loss | 1.9 | 1.5 | 3.5 | 3.5 | |||
Settlement cost | 2.1 | 4.4 | 5.7 | 26.6 | |||
Total net periodic benefit cost | 4 | 3.9 | 8.2 | 26.6 | |||
Net periodic benefit cost | 4.4 | 4.6 | 10.4 | 31.2 | |||
Capitalized portion of net periodic pension benefit cost | 0.5 | 0.7 | 1.2 | 1.4 | |||
Amount Attributable to Parent | 0.4 | 0.7 | 2.2 | 4.6 | |||
OG&E [Member] | Other Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 0 | 0 | 0 | 0 | |||
Interest cost | 0 | 0 | 0 | 0 | |||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||
Amortization of net loss | 0 | 0.1 | 0 | 0.1 | |||
Settlement cost | 0 | 0.3 | 0 | 0.3 | |||
Total net periodic benefit cost | 0 | 0.4 | 0 | 0.4 | |||
Net periodic benefit cost | 0.3 | 0.7 | 0.7 | 0.9 | |||
Amount Attributable to Parent | 0.3 | 0.3 | 0.7 | 0.5 | |||
OG&E [Member] | Postretirement Benefit Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 0.1 | 0 | 0.1 | 0.1 | |||
Interest cost | 0.6 | 0.7 | 1.3 | 1.3 | |||
Expected return on plan assets | (0.4) | (0.5) | (0.8) | (0.9) | |||
Amortization of net loss | 0.3 | 0.7 | 0.8 | 1.4 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.9) | (1.2) | (1.8) | [1] | (2.5) | [1] | |
Capitalized portion of net periodic pension benefit cost | 0.1 | 0.1 | 0.1 | 0.1 | |||
Amount Attributable to Parent | 0 | (0.1) | 0 | [2] | (0.2) | [2] | |
OG&E [Member] | Postretirement Benefit Costs | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Total net periodic benefit cost | (0.3) | (0.3) | (0.4) | (0.6) | |||
Net periodic benefit cost | (0.3) | (0.4) | (0.4) | (0.8) | |||
OKLAHOMA | Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Settlement cost | [3] | 2 | 5.2 | 6.7 | 28.9 | ||
Additional Pension Expense to Meet State Requirements | [3] | 0.4 | 0.9 | 2.3 | 21.6 | ||
OKLAHOMA | Postretirement Benefit Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Additional Pension Expense to Meet State Requirements | [4] | 0.1 | 0.1 | (0.2) | 0.2 | ||
ARKANSAS | Pension Plan [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Settlement cost | [3] | $ 0.2 | $ 0.5 | $ 0.6 | $ 2.7 | ||
[1]Unamortized prior service cost is amortized on a straight-line basis over the average remaining service period to the first eligibility age of participants who are expected to receive a benefit and are active at the date of the plan amendment.[2]"Amount paid by unconsolidated affiliates" is only applicable to OGE Energy. "Amount allocated from OGE Energy" is only applicable to OG&E.[3]Included in the pension regulatory asset or liability in each jurisdiction, as indicated in the regulatory assets and liabilities table in Note 1.[4]Included in the Pension tracker, as presented in the regulatory assets and liabilities table in Note 1. |
Report of Business Segments (De
Report of Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||
Operating revenues | $ 803.7 | $ 577.4 | $ 1,393 | $ 2,208 | |||
Fuel, purchased power and direct transmission expense | 393.3 | 200 | 649 | 1,546.8 | |||
Other operation and maintenance | 118.1 | 119.2 | 233.1 | 228.5 | |||
Depreciation and amortization | 111.6 | 102.9 | 219 | 201.6 | |||
Taxes other than income | 24.1 | 25.8 | 52.2 | 53 | |||
OPERATING INCOME | 156.6 | 129.5 | 239.7 | 178.1 | |||
Income (Loss) from Equity Method Investments | 0 | 33.5 | 0 | 86.7 | |||
Other income (expense) | 11.7 | (0.1) | 21 | 0.8 | |||
Interest expense | 42.4 | 39.9 | 82.5 | 79.3 | |||
Income tax expense (benefit) | 13.2 | 10.1 | 68.3 | 20.7 | |||
Net income (loss) | 73.1 | $ 279.5 | 112.9 | $ 52.7 | 352.6 | 165.6 | |
Investment in unconsolidated affiliates | 425.4 | 425.4 | |||||
Total assets | 12,838 | 11,899.5 | 12,838 | 11,899.5 | $ 12,606.4 | ||
Gain (Loss) on Disposition of Assets | 86.7 | ||||||
Equity Securities, FV-NI, Gain (Loss) | (39.6) | 0 | 242.7 | 0 | |||
Electric Utility [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 803.7 | 577.4 | 1,393 | 2,208 | |||
Fuel, purchased power and direct transmission expense | 393.3 | 200 | 649 | 1,546.8 | |||
Other operation and maintenance | 118.3 | 118.3 | 233.8 | 228.6 | |||
Depreciation and amortization | 111.6 | 102.9 | 219 | 201.6 | |||
Taxes other than income | 23.3 | 25 | 50.1 | 50.7 | |||
OPERATING INCOME | 157.2 | 131.2 | 241.1 | 180.3 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | |||||
Other income (expense) | (0.3) | 1.2 | 0.4 | 2.9 | |||
Interest expense | 39.8 | 37.9 | 78 | 76.3 | |||
Income tax expense (benefit) | 16.4 | 9.4 | 23.8 | 10.6 | |||
Net income (loss) | 100.7 | 85.1 | 139.7 | 96.3 | |||
Investment in unconsolidated affiliates | 0 | 0 | |||||
Total assets | 12,317.2 | 11,459.3 | 12,317.2 | 11,459.3 | |||
Equity Securities, FV-NI, Gain (Loss) | 0 | 0 | |||||
Natural Gas Midstream Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | 0 | |||
Other operation and maintenance | 0.5 | 1.6 | 1.2 | 2 | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Taxes other than income | 0.1 | 0.1 | 0.1 | 0.2 | |||
OPERATING INCOME | (0.6) | (1.7) | (1.3) | (2.2) | |||
Income (Loss) from Equity Method Investments | 33.5 | 86.7 | |||||
Other income (expense) | 12.4 | (0.2) | 21.1 | (0.7) | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Income tax expense (benefit) | (8.9) | (0.6) | 51.3 | 13.7 | |||
Net income (loss) | (18.9) | 32.2 | 211.2 | 70.1 | |||
Investment in unconsolidated affiliates | 425.4 | 425.4 | |||||
Total assets | 401.7 | 427.8 | 401.7 | 427.8 | |||
Equity Securities, FV-NI, Gain (Loss) | (39.6) | 242.7 | |||||
Other Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | 0 | |||
Other operation and maintenance | (0.7) | (0.7) | (1.9) | (2.1) | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Taxes other than income | 0.7 | 0.7 | 2 | 2.1 | |||
OPERATING INCOME | 0 | 0 | (0.1) | 0 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | |||||
Other income (expense) | 0 | (0.5) | 0 | (0.6) | |||
Interest expense | 3 | 2.6 | 5 | 3.8 | |||
Income tax expense (benefit) | 5.7 | 1.3 | (6.8) | (3.6) | |||
Net income (loss) | (8.7) | (4.4) | 1.7 | (0.8) | |||
Investment in unconsolidated affiliates | 0 | 0 | |||||
Total assets | 751.9 | 127.4 | 751.9 | 127.4 | |||
Equity Securities, FV-NI, Gain (Loss) | 0 | 0 | |||||
Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Fuel, purchased power and direct transmission expense | 0 | 0 | 0 | 0 | |||
Other operation and maintenance | 0 | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Taxes other than income | 0 | 0 | 0 | 0 | |||
OPERATING INCOME | 0 | 0 | 0 | 0 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | |||||
Other income (expense) | (0.4) | (0.6) | (0.5) | (0.8) | |||
Interest expense | (0.4) | (0.6) | (0.5) | (0.8) | |||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | |||
Investment in unconsolidated affiliates | 0 | 0 | |||||
Total assets | (632.8) | $ (115) | (632.8) | $ (115) | |||
Equity Securities, FV-NI, Gain (Loss) | $ 0 | $ 0 |
Rate Matters and Regulation Rat
Rate Matters and Regulation Rate Matters and Regulation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 30 |
Estimated Refund to SPP | 13 |
Plan Investments for Customers | $ 28 |
Common Equity Percentage which ROE is based | 53.37% |
Requested Recovery of Capital Investment | $ 1,200 |
Securitization Authorization Requested | 760 |
Securitization Authorization Granted | $ 750 |
Public Utilities, Approved Return on Equity, Percentage | 9.50% |
Grid Enhancement | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 6 |
Maximum [Member] | |
Lost Revenue on Plant Investments for Customers | 48.3 |
Minimum [Member] | |
Lost Revenue on Plant Investments for Customers | 35.6 |
In Favor Cooperatives | |
Plan Investments for Customers | 11.7 |
In Favor Cooperatives | Maximum [Member] | |
Lost Revenues on Plant Investments for Customers | 5.9 |
In Favor Cooperatives | Minimum [Member] | |
Lost Revenues on Plant Investments for Customers | 3.5 |
OKLAHOMA | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 163.5 |
Public Utilities, Requested Return on Equity, Percentage | 10.20% |
Common Equity Percentage which ROE is based | 53.37% |
ARKANSAS | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 4.2 |
Impact to Company [Member] | |
Estimated Refund to SPP | 5 |
Customer Impact [Member] | |
Estimated Refund to SPP | $ 8 |