0000950170-23-039991.txt : 20230809 0000950170-23-039991.hdr.sgml : 20230809 20230808175033 ACCESSION NUMBER: 0000950170-23-039991 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230809 DATE AS OF CHANGE: 20230808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OGE ENERGY CORP. CENTRAL INDEX KEY: 0001021635 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 731481638 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12579 FILM NUMBER: 231152758 BUSINESS ADDRESS: STREET 1: 321 N HARVEY STREET 2: P.O. BOX 321 CITY: OKLAHOMA CITY STATE: OK ZIP: 73101-0321 BUSINESS PHONE: 4055533000 MAIL ADDRESS: STREET 1: 321 N HARVEY STREET 2: P.O. BOX 321 CITY: OKLAHOMA CITY STATE: OK ZIP: 73101-0321 FORMER COMPANY: FORMER CONFORMED NAME: OGE ENERGY CORP DATE OF NAME CHANGE: 19960827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OKLAHOMA GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000074145 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 730382390 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01097 FILM NUMBER: 231152759 BUSINESS ADDRESS: STREET 1: 321 NORTH HARVEY STREET 2: PO BOX 321 CITY: OKLAHOMA CITY STATE: OK ZIP: 73101-0321 BUSINESS PHONE: 4055533000 MAIL ADDRESS: STREET 1: 321 N HARVEY STREET 2: P O BOX 321 CITY: OKLAHOMA CITY STATE: OK ZIP: 73101 8-K 1 oge-20230809.htm 8-K 8-K
0001021635false000007414500010216352023-08-092023-08-090001021635oge:OGEMember2023-08-092023-08-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)

August 9, 2023

 

 

 

 

(Commission File Number)

(Exact Name of Registrants as Specified in Their Charters)

(I.R.S. Employer Identification No.)

1-12579

OGE ENERGY CORP.

73-1481638

1-1097

OKLAHOMA GAS AND ELECTRIC COMPANY

73-0382390

 

 

 

 

Oklahoma

(State or Other Jurisdiction of Incorporation)

 

 

 

 

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)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

OGE Energy Corp.

Common Stock

OGE

New York Stock Exchange

Oklahoma Gas and Electric Company

None

N/A

N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 


 

Item 2.02. Results of Operations and Financial Condition

 

OGE Energy Corp. ("OGE Energy") is the parent company of Oklahoma Gas and Electric Company ("OG&E"), a regulated electric company with approximately 892,000 customers in Oklahoma and western Arkansas.

 

On August 9, 2023, OGE Energy issued a press release announcing its consolidated financial results for the quarter ended June 30, 2023. A copy of such press release is furnished as Exhibit 99.01 and incorporated by reference herein.

 

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

 

 

 

 

 

Exhibit Number

 

Description

 

 

 

99.01

 

Press release dated August 9, 2023, announcing OGE Energy Corp. reports second quarter 2023 results.

104

 

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

This combined Current Report on Form 8-K is being furnished separately by OGE Energy and OG&E (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

OGE ENERGY CORP.

 

OKLAHOMA GAS AND ELECTRIC COMPANY

 

(Registrant)

 

 

By:

/s/ Sarah R. Stafford

 

Sarah R. Stafford

 

 Controller and Chief Accounting Officer

 

 

 

 

 

 

 

 

 

 

 

August 9, 2023

 


EX-99.01 2 oge-ex99_01.htm EX-99.01 EX-99.01

Exhibit 99.01

 

OGE Energy Corp. reports second quarter 2023 results

OKLAHOMA CITY — OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $0.44 per diluted share during the three months that ended June 30, 2023, compared to $0.36 per diluted share in the same period of 2022. Earnings for the second quarter of 2022 included a loss of $0.09 per diluted share from natural gas midstream operations, which OGE Energy fully exited in 2022 through the sale of all Energy Transfer units. Beginning in 2023, OGE Energy no longer has a Natural Gas Midstream Operations reporting segment.

 

OG&E, a regulated electric company, contributed earnings of $0.46 per diluted share in the second quarter, compared to earnings of $0.50 per diluted share in the second quarter 2022.
Other operations, which includes the holding company, contributed a loss of $0.02 per diluted share compared to a loss of $0.05 per diluted share in the second quarter 2022.

“Broad business expansion in a number of sectors drives economic growth in the thriving communities across our service area,” said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO. “When combined with increased electrification from customers of all types, we see sustained growth of electricity demand for the foreseeable future. Our team’s outstanding operational execution keeps us on track to deliver on our 2023 plans.”

 

Second Quarter 2023

 

OG&E contributed net income of $91.9 million, or $0.46 per diluted share, in the second quarter compared to $100.7 million, or $0.50 per diluted share, in the same period 2022. The decrease in net income was primarily due to less favorable weather, expected higher depreciation and interest expense on a growing asset base, as well as increased other operation and maintenance expense due in part to timing of activities. These drivers were partially offset by higher operating revenues from the recovery of capital investments, load growth and higher net other income. OG&E continues to experience strong growth, with weather-normal load increasing 3.5% year-over-year in the second quarter 2023.

Other Operations resulted in a loss of $3.5 million, or $0.02 per diluted share, in the second quarter compared to a loss of $8.7 million, or $0.05 per diluted share, in the same period 2022. The decrease in net loss was primarily due to lower income tax expense as a result of a 2022 consolidating tax benefit related to OGE Energy's former investment in Energy Transfer, partially offset by higher interest expense related to increased short-term debt.

OGE Energy’s net income was $88.4 million or $0.44 per diluted share in the second quarter, compared to earnings of $73.1 million, or $0.36 per diluted share, in the same period 2022. Earnings for the second quarter of 2022 included a loss of $0.09 per diluted share from natural gas midstream operations, which OGE Energy fully exited in 2022 through the sale of all Energy Transfer units.

 

2023 Outlook

OGE Energy’s 2023 earnings guidance is reaffirmed and is projected to be between $387 million to $416 million, or $1.93 to $2.07 per average diluted share, with a midpoint of $402 million, or $2.00 per average diluted share. OG&E is projected to earn approximately $400 million to $421 million, or $1.99 to $2.09 per average diluted share, with a midpoint of $411 million, or $2.04 per average diluted share. Other Operations (primarily Holding Company) projects a loss of $5 million to $13 million, or $0.02 to $0.06 per average diluted share, with a midpoint of a loss of $9 million, or $0.04 per average diluted share. The guidance assumes, among other things, approximately 201 million average diluted shares outstanding and normal weather for the year. OG&E has significant seasonality in its earnings due to weather on a year over year basis.

 

See OGE Energy’s 2022 Form 10-K for other key factors and assumptions underlying its 2023 guidance.

 

Conference Call Webcast

OGE Energy Corp. will host a conference call for discussion of the results on Wednesday, August 9, 2023, at 8 a.m. CDT. The conference will be available through the Investor Center at www.oge.com.

 

OGE Energy Corp. is the parent company of OG&E, a regulated electric company with approximately 892,000 customers in Oklahoma and western Arkansas.

 

 


Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties, and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company and its subsidiary to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for services resulting from cost competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages, unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets or adjustments in market pricing mechanisms by the SPP; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company's facilities are operated or result in stranded assets; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including losing control of our assets and potential ransoms, and other catastrophic events; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from emerging industries such as cryptocurrency; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, rising interest rates, supply chain disruptions, economic recessions, pandemic health events and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's 2022 Form 10-K for the year ended December 31, 2022.

Note: Condensed Consolidated Statements of Income for OGE Energy Corp., Condensed Statements of Income and Comprehensive Income for Oklahoma Gas & Electric Company, and Financial and Statistical Data for Oklahoma Gas & Electric Company attached.

 

 


OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from contracts with customers

 

$

589.2

 

 

$

791.0

 

 

$

1,133.8

 

 

$

1,369.1

 

Other revenues

 

 

15.8

 

 

 

12.7

 

 

 

28.4

 

 

 

23.9

 

Operating revenues

 

 

605.0

 

 

 

803.7

 

 

 

1,162.2

 

 

 

1,393.0

 

FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE

 

 

181.8

 

 

 

393.3

 

 

 

382.4

 

 

 

649.0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Other operation and maintenance

 

 

128.3

 

 

 

118.1

 

 

 

258.7

 

 

 

233.1

 

Depreciation and amortization

 

 

124.1

 

 

 

111.6

 

 

 

245.3

 

 

 

219.0

 

Taxes other than income

 

 

24.4

 

 

 

24.1

 

 

 

52.9

 

 

 

52.2

 

Operating expenses

 

 

276.8

 

 

 

253.8

 

 

 

556.9

 

 

 

504.3

 

OPERATING INCOME

 

 

146.4

 

 

 

156.6

 

 

 

222.9

 

 

 

239.7

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for equity funds used during construction

 

 

5.1

 

 

 

0.9

 

 

 

9.6

 

 

 

2.2

 

Other net periodic benefit income (expense)

 

 

1.1

 

 

 

(2.7

)

 

 

2.6

 

 

 

(12.1

)

Gain (loss) on equity securities

 

 

 

 

 

(39.6

)

 

 

 

 

 

242.7

 

Other income

 

 

12.7

 

 

 

21.9

 

 

 

29.6

 

 

 

44.5

 

Other expense

 

 

(4.4

)

 

 

(8.4

)

 

 

(10.9

)

 

 

(13.6

)

Net other income (expense)

 

 

14.5

 

 

 

(27.9

)

 

 

30.9

 

 

 

263.7

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

 

52.9

 

 

 

39.5

 

 

 

101.0

 

 

 

78.9

 

Allowance for borrowed funds used during construction

 

 

(1.3

)

 

 

(0.9

)

 

 

(3.4

)

 

 

(2.1

)

Interest on short-term debt and other interest charges

 

 

6.1

 

 

 

3.8

 

 

 

7.9

 

 

 

5.7

 

Interest expense

 

 

57.7

 

 

 

42.4

 

 

 

105.5

 

 

 

82.5

 

INCOME BEFORE TAXES

 

 

103.2

 

 

 

86.3

 

 

 

148.3

 

 

 

420.9

 

INCOME TAX EXPENSE

 

 

14.8

 

 

 

13.2

 

 

 

21.6

 

 

 

68.3

 

NET INCOME

 

$

88.4

 

 

$

73.1

 

 

$

126.7

 

 

$

352.6

 

BASIC AVERAGE COMMON SHARES OUTSTANDING

 

 

200.3

 

 

 

200.2

 

 

 

200.3

 

 

 

200.2

 

DILUTED AVERAGE COMMON SHARES OUTSTANDING

 

 

200.8

 

 

 

200.7

 

 

 

200.8

 

 

 

200.6

 

BASIC EARNINGS PER AVERAGE COMMON SHARE

 

$

0.44

 

 

$

0.37

 

 

$

0.63

 

 

$

1.76

 

DILUTED EARNINGS PER AVERAGE COMMON SHARE

 

$

0.44

 

 

$

0.36

 

 

$

0.63

 

 

$

1.76

 

 

 

 

 

 

 

 

 

 

 


OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from contracts with customers

 

$

589.2

 

 

$

791.0

 

 

$

1,133.8

 

 

$

1,369.1

 

Other revenues

 

 

15.8

 

 

 

12.7

 

 

 

28.4

 

 

 

23.9

 

Operating revenues

 

 

605.0

 

 

 

803.7

 

 

 

1,162.2

 

 

 

1,393.0

 

FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE

 

 

181.8

 

 

 

393.3

 

 

 

382.4

 

 

 

649.0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Other operation and maintenance

 

 

128.6

 

 

 

118.3

 

 

 

260.1

 

 

 

233.8

 

Depreciation and amortization

 

 

124.1

 

 

 

111.6

 

 

 

245.3

 

 

 

219.0

 

Taxes other than income

 

 

23.5

 

 

 

23.3

 

 

 

50.6

 

 

 

50.1

 

Operating expenses

 

 

276.2

 

 

 

253.2

 

 

 

556.0

 

 

 

502.9

 

OPERATING INCOME

 

 

147.0

 

 

 

157.2

 

 

 

223.8

 

 

 

241.1

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for equity funds used during construction

 

 

5.1

 

 

 

0.9

 

 

 

9.6

 

 

 

2.2

 

Other net periodic benefit income (expense)

 

 

1.6

 

 

 

(1.8

)

 

 

3.2

 

 

 

(3.2

)

Other income

 

 

8.3

 

 

 

1.0

 

 

 

18.4

 

 

 

2.2

 

Other expense

 

 

(1.8

)

 

 

(0.4

)

 

 

(2.7

)

 

 

(0.8

)

Net other income

 

 

13.2

 

 

 

(0.3

)

 

 

28.5

 

 

 

0.4

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on long-term debt

 

 

51.6

 

 

 

38.6

 

 

 

98.1

 

 

 

77.1

 

Allowance for borrowed funds used during construction

 

 

(1.3

)

 

 

(0.9

)

 

 

(3.4

)

 

 

(2.1

)

Interest on short-term debt and other interest charges

 

 

1.8

 

 

 

2.1

 

 

 

3.1

 

 

 

3.0

 

Interest expense

 

 

52.1

 

 

 

39.8

 

 

 

97.8

 

 

 

78.0

 

INCOME BEFORE TAXES

 

 

108.1

 

 

 

117.1

 

 

 

154.5

 

 

 

163.5

 

INCOME TAX EXPENSE

 

 

16.2

 

 

 

16.4

 

 

 

22.8

 

 

 

23.8

 

NET INCOME

 

$

91.9

 

 

$

100.7

 

 

$

131.7

 

 

$

139.7

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

$

91.9

 

 

$

100.7

 

 

$

131.7

 

 

$

139.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

OKLAHOMA GAS AND ELECTRIC COMPANY

FINANCIAL AND STATISTICAL DATA

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(Dollars in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating revenues by classification:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

223.1

 

 

$

294.6

 

 

$

434.8

 

 

$

526.3

 

Commercial

 

 

161.0

 

 

 

197.7

 

 

 

299.4

 

 

 

329.2

 

Industrial

 

 

53.1

 

 

 

82.5

 

 

 

106.0

 

 

 

141.2

 

Oilfield

 

 

47.2

 

 

 

79.5

 

 

 

94.9

 

 

 

132.9

 

Public authorities and street light

 

 

54.0

 

 

 

72.6

 

 

 

100.2

 

 

 

122.0

 

System sales revenues

 

 

538.4

 

 

 

726.9

 

 

 

1,035.3

 

 

 

1,251.6

 

Provision for tax refund

 

 

0.6

 

 

 

(2.1

)

 

 

2.0

 

 

 

(2.7

)

Integrated market

 

 

18.8

 

 

 

43.0

 

 

 

31.5

 

 

 

65.8

 

Transmission

 

 

36.1

 

 

 

32.9

 

 

 

71.3

 

 

 

68.7

 

Other

 

 

11.1

 

 

 

3.0

 

 

 

22.1

 

 

 

9.6

 

Total operating revenues

 

$

605.0

 

 

$

803.7

 

 

$

1,162.2

 

 

$

1,393.0

 

MWh sales by classification (In millions)

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

2.1

 

 

 

2.3

 

 

 

4.3

 

 

 

4.8

 

Commercial

 

 

2.1

 

 

 

1.9

 

 

 

4.0

 

 

 

3.5

 

Industrial

 

 

1.0

 

 

 

1.2

 

 

 

2.0

 

 

 

2.2

 

Oilfield

 

 

1.1

 

 

 

1.2

 

 

 

2.2

 

 

 

2.2

 

Public authorities and street light

 

 

0.7

 

 

 

0.7

 

 

 

1.4

 

 

 

1.4

 

System sales

 

 

7.0

 

 

 

7.3

 

 

 

13.9

 

 

 

14.1

 

Integrated market

 

 

0.3

 

 

 

0.2

 

 

 

0.4

 

 

 

0.5

 

Total sales

 

 

7.3

 

 

 

7.5

 

 

 

14.3

 

 

 

14.6

 

Number of customers

 

 

891,755

 

 

 

884,397

 

 

 

891,755

 

 

 

884,397

 

Weighted-average cost of energy per kilowatt-hour (In cents)

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2.619

 

 

 

7.613

 

 

 

3.187

 

 

 

6.928

 

Coal

 

 

3.500

 

 

 

3.302

 

 

 

3.450

 

 

 

2.968

 

Total fuel

 

 

2.663

 

 

 

5.821

 

 

 

3.082

 

 

 

5.008

 

Total fuel and purchased power

 

 

2.360

 

 

 

4.995

 

 

 

2.536

 

 

 

4.237

 

Degree days (A)

 

 

 

 

 

 

 

 

 

 

 

 

Heating - Actual

 

 

234

 

 

 

210

 

 

 

1,926

 

 

 

2,220

 

Heating - Normal

 

 

249

 

 

 

249

 

 

 

2,136

 

 

 

2,136

 

Cooling - Actual

 

 

571

 

 

 

736

 

 

 

577

 

 

 

739

 

Cooling - Normal

 

 

553

 

 

 

553

 

 

 

563

 

 

 

563

 

(A)
Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period.

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Entity Information [Line Items]  
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Entity Central Index Key 0000074145
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Entity File Number 1-1097
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