OGE Energy Corp reported it suffered losses in 2020 as the company released its year-end report on Thursday.
Net income for 2020 was $339 million, down from the $350 million reported for 2019 and the company blamed the loss on COVID-19 impacts, higher income tax expense and lower revenues from mild summer weather.
The company said the loss figured to be 87 cents an average diluted share for 2020 as the 2020 ongoing earnings totaled $2.08 compared to $2.16 in 2019.
OGE reported its natural gas midstream operations had a 2020 loss of $2.58 a share.
OGE, like other utilities in the state is coming off the historic cold weather demands of keeping homes and businesses supplied with power during rolling blackouts.
“I could not be prouder of our outstanding employees and their accomplishments, particularly during the most recent round of unprecedented winter weather that impacted our region. We worked closely with the Southwest Power Pool and state and local leaders to ensure our customers had life-sustaining power during this extreme cold weather outbreak,” said OGE Energy Chairman, President and CEO Sean Trauschke.
He said despite the losses in 2020, the company is forecasting a long-term utility earnings growth rate of 5%.
Click here to view OGE press release