OGE News & Events

OG&E, the operating subsidiary of locally-headquartered OGE Energy Corp. (OGE), announced that it will power three new data centers that Google (GOOG, GOOGL) announced in Muskogee and Stillwater last year. The data centers and associated Electric Service Agreements will provide economic growth for local communities and the state, contribute to grid stability, and benefit OG&E's current customers. As technology continues to propel industry and our personal lives forward, OG&E will power the 21st century economy through these agreements with Google, whose data centers power key services that billions of people use every day, from online banking to hospital records to 911 systems. OG&E worked closely with Google to secure broad customer protections for years to come. Under this agreement, Google is committing to pay 100% of the costs to connect the data center sites to the grid as well as all contracted costs regardless of the company's energy use. Google will also pay its share of power generation required to serve these data centers. As part of the agreement, Google will make power generation capacity available from two solar facilities that are currently under construction. The Electric Service Agreements and Capacity Purchase Agreements will be filed for review with the Oklahoma Corporation Commission in the coming days. The OCC must formally approve the agreement between OG&E and Google to supply power to the data center sites.

Reports Q1 revenue $752.6M, consensus $616.05M. "We're executing our plan with discipline - propelling community growth, maintaining our low rates, and investing in the infrastructure our customers and communities will rely on for years to come," said Sean Trauschke, Chairman, President and CEO of OGE Energy Corp.

The guidance assumes, among other things, normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year-over-year basis.