OGE Energy Corp. is warning if there is a reduction in demand for electricity as a result of the coronavirus pandemic, it could eventually be harmful the company.
In a filing Monday with the Securities and Exchange Commission, the utility’s parent company of Oklahoma Gas and Electric Company detailed its risk factor from the virus. With 858,000 customers in Oklahoma and western Arkansas, the company explained the novel Coronavirus has already adversely impacted economic activity and conditions worldwide.
“The extent of such impact on our operations is unknown at this time. We are continuing to monitor developments involving our workforce, customers and suppliers and cannot predict whether COVID-19 will have a material impact on our results of operations, financial condition and prospects,” stated the company in the SEC filing.
But the company also cautioned an extended slowdown of the country’s economic growth and demand for commodities as well as material changes in governmental policy “could result in lower economic growth and lower demand for electricity in our key markets as well as the ability of various customers, contractors, suppliers and other business partners to fulfill their obligations, which could have a material adverse effect on our results of operations, financial condition and prospects.”
OGE Energy Corp. is not only the parent company of OGE but it holds a 25.5 percent limited partner interest and a 50 percent general partner interest in Enable Midstream Partners, LP.
Source: SEC