Date of report (Date of earliest event reported) | May 24, 2019 | |
OGE ENERGY CORP. | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Oklahoma | ||
(State or Other Jurisdiction of Incorporation) | ||
1-12579 | 73-1481638 | |
(Commission File Number) | (IRS Employer Identification No.) | |
321 North Harvey, P.O. Box 321, Oklahoma City, Oklahoma | 73101-0321 | |
(Address of Principal Executive Offices) | (Zip Code) | |
405-553-3000 | ||
(Registrant's Telephone Number, Including Area Code) | ||
(Former Name or Former Address, if Changed Since Last Report) | ||
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | OGE | New York Stock Exchange |
(d) Exhibits | ||
Exhibit Number | Description | |
99.01 |
OGE ENERGY CORP. | |
(Registrant) | |
By: | /s/ Sarah R. Stafford |
Sarah R. Stafford | |
Controller and Chief Accounting Officer | |
IN THE MATTER OF THE APPLICATION OF | ) | |
OKLAHOMA GAS AND ELECTRIC COMPANY | ) | |
FOR AN ORDER OF THE COMMISSION | ) | |
AUTHORIZING APPLICANT TO MODIFY ITS | ) | CAUSE NO. PUD 201800140 |
RATES, CHARGES, AND TARIFFS FOR RETAIL | ) | |
ELECTRIC SERVICE IN OKLAHOMA | ) |
1. | No Rate Change: The Stipulating Parties agree that the Company’s current base rates will remain in effect for all customer classes and sub-classes and that there will be no change in the Company’s base rates. |
2. | Return on Equity (“ROE”): The Stipulating Parties agree that the cost of capital for purposes of Allowance for Funds Used During Construction and the Company’s existing Riders that include a full return component will be calculated using: 1) the Commission approved ROE of 9.5 percent; and 2) the Company’s capital structure and cost of debt, as filed in the Direct Testimony and Application Package in this Cause. |
3. | Environmental Investments: The Stipulating Parties will not object to OG&E’s request for findings that installing dry scrubbers at Sooner Units No. 1 and 2 and converting Muskogee Units 4 and 5 to natural gas are prudent, used and useful, and should be fully recovered. |
4. | Customer Charge: The Stipulating Parties agree that there will be no change to fixed customer charges for residential or general service customer classes. |
5. | Depreciation Rates: The Stipulating Parties agree that the Company shall continue to use its current depreciation rates, as approved in Cause No. PUD 201500273. The Stipulating Parties further agree that, since the Company did not have a Commission approved Storage Battery Equipment (FERC 363) depreciation rate, the Company will utilize the Company’s proposed rate of 6.67% as found within its depreciation study filed December 31, 2018. |
6. | Regulatory Asset: The Stipulating Parties agree to an amortization of the Sooner Scrubber regulatory asset of 25 years. |
7. | Unprotected Deferred Tax Savings: The Stipulating Parties agree to accelerate the return of unprotected deferred tax savings to customers to a period of 10 years. |
8. | Pension Tracker: The Stipulating Parties agree, as proposed in Company witness Don Rowlett’s Direct Testimony dated December 31, 2018, pages 14-15, and unopposed by parties, OG&E will be authorized to pass changes from 401K matching that result in decreased pension expense through the pension tracker provided such changes are beneficial to customers. |
9. | Vance Air Force Base: The Stipulating Parties agree that OG&E will modify the Vance AFB Power Displacement Agreement (PDA) to change Vance AFB’s tariff rate to the PL-TOU SL2, with the remainder of the PDA unchanged. The redlined changes to the PDA are attached hereto as Exhibit A. |
10. | Cost of Service: The Stipulating Parties agree that OG&E’s proposed new allocation of dedicated distribution circuits to SL2 customers in the Company’s cost of service study shall not be adopted. The regulatory treatment of the costs of customer dedicated distribution circuits shall be addressed in OG&E’s next general rate case. |
11. | Additional Cost of Service Issues: OG&E, in its next general rate case, will prepare an additional cost of service study with a separate class for customers served pursuant to 17 O.S. § 158.25(E) (referred to as the 1 MW exception) who began service with OG&E on or after issuance of a final order in this Cause. OG&E will also provide testimony addressing whether or not the load was achieved in accordance with OG&E’s filed policies. |
12. | Section 408 of OGE’s Terms and Conditions of Service, Allowable Expenditure Formula: The Stipulating Parties agree that Section 408 of OG&E’s Terms and Conditions will explicitly state the current allowable expenditure formula utilized by the Company, with future changes subject to the approval of the Director of the PUD. Further, Section 408 shall be amended to require that every contract for electric service for a customer newly acquired under the 1 MW exception shall include a |
13. | Tariff Changes: The Stipulating Parties will not oppose any uncontested tariff language changes proposed by OG&E in direct testimony, subject to final review of changes to be set forth in the Company’s compliance filing described below. |
14. | Timing: Upon issuance of a Commission order adopting this Joint Stipulation, the Company will file their compliance filing. |
C. | Joint Stipulation Represents a Balance and Compromise of Positions |
D. | No Admissions Nor Waivers |
E. | No Precedential Value |
F. | Outstanding Discovery and Motions |