The second quarter earnings of Oklahoma Gas and Electric will be released early Wednesday morning before the opening of the markets. It comes as the company continues seeing customer growth and some of it is coming from industrial growth in the state.
The company intends to hold a conference call at 8 a.m. Oklahoma time.
“Increased customer demand and growth fueled a great first quarter, continuing our momentum into 2025,” said Sean Trauschke, Chairman, President and CEO of OGE Energy Corp. “Our reliability and business expansion investments provide value to all customers, limiting impacts of severe weather and outages as we support growing communities in Oklahoma and Arkansas.”
He said customer demand during the first quarter grew 8% year-over-year and it was led by residential and commercial sectors.
“Our power plants supply the grid with electricity that fuels economic growth. As a reminder, we have about 550 megawatts under construction today at Horseshoe Lake and Tinker. And we are currently in discussions with a number of companies regarding data center projects, including the Google project in Stillwater, and we will file separately for those needs as those contracts are finalized.”
First Quarter 2025 results
OG&E contributed net income of $71.0 million, or $0.35 per diluted share, in the first quarter compared to $25.2 million, or $0.12 per diluted share, in the same period 2024. The increase in net income was primarily due to higher operating revenues driven by the recovery of capital investments and strong load growth, as well as lower operation and maintenance expense, partially offset by higher income tax expense, and higher depreciation expense and interest expense on a growing asset base.
Other Operations resulted in a loss of $8.3 million, or $0.04 per diluted share, in the first quarter compared to a loss of $6.6 million, or $0.03 per diluted share, in the same period 2024. The increase in net loss was primarily due to higher interest expense partially offset by higher income tax benefit.
OGE Energy’s net income was $62.7 million or $0.31 per diluted share in the first quarter, compared to earnings of $18.6 million, or $0.09 per diluted share, in the same period 2024.