EX-99.02 7 oge-ex99_02.htm EX-99.02

Exhibit 99.02

Excerpts from Securitization Documentation Detailing OG&E Oklahoma Customer Information

OG&E is a regulated electric company that generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. OG&E is a corporation organized under the laws of the State of Oklahoma and is a wholly-owned subsidiary of OGE Energy. The Bonds do not constitute a debt, liability or other legal obligation of OG&E, OGE Energy or any of their Affiliates.

OG&E's rates are subject to regulation by the Oklahoma Corporation Commission (the "Commission"), the Arkansas Public Service Commission and the Federal Energy Regulatory Commission.

OG&E is the largest electric company in Oklahoma. OG&E's current service territory covers approximately 30,000 square miles in Oklahoma and western Arkansas and, as of December 31, 2023, supplies electric service to approximately 896,000 customers.

Customer Base and Energy Consumption

The following tables show the electricity usage billed to Customers, electric billed revenues and number of Customers for each revenue-reporting customer class for the five preceding years within Oklahoma. There can be no assurances that the retail electricity sales, retail electric revenues and number of retail Customers or the composition of any of the foregoing will remain at or near the levels reflected in the following tables.

| Energy Usage (As Measured by MWh) by Customer Class and Percentage Composition |
Customer Class | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Residential |  | 8,962,631 |  |  | 34.80 | % |  | 8,694,846 |  |  | 35.40 | % |  | 8,908,131 |  |  | 35.41 | % |  | 9,494,144 |  |  | 35.00 | % |  | 8,962,657 |  |  | 32.86 | %
Commercial |  | 6,463,937 |  |  | 25.10 | % |  | 5,703,393 |  |  | 23.22 | % |  | 6,107,746 |  |  | 24.28 | % |  | 7,124,463 |  |  | 26.26 | % |  | 7,964,658 |  |  | 29.20 | %
Industrial |  | 3,201,976 |  |  | 12.43 | % |  | 3,214,920 |  |  | 13.09 | % |  | 3,176,032 |  |  | 12.62 | % |  | 3,199,623 |  |  | 11.80 | % |  | 3,084,467 |  |  | 11.31 | %
Oilfield |  | 4,240,978 |  |  | 16.46 | % |  | 4,238,387 |  |  | 17.25 | % |  | 4,210,079 |  |  | 16.73 | % |  | 4,411,711 |  |  | 16.26 | % |  | 4,352,616 |  |  | 15.96 | %
Public Authorities and Street lights |  | 2,888,089 |  |  | 11.21 | % |  | 2,712,452 |  |  | 11.04 | % |  | 2,756,596 |  |  | 10.96 | % |  | 2,896,775 |  |  | 10.68 | % |  | 2,908,651 |  |  | 10.66 | %
Total |  | 25,757,611 |  |  | 100.00 | % |  | 24,563,998 |  |  | 100.00 | % |  | 25,158,584 |  |  | 100.00 | % |  | 27,126,716 |  |  | 100.00 | % |  | 27,273,048 |  |  | 100.00 | %

The Service Level of each Customer is determined by OG&E based on the nominal standard voltage of such Customer’s connection to the OG&E electric transmission and distribution system. Securitization Charge allocations are based on the actual daily kWh usage for each Service Level for the period of emergency during Winter Storm Uri, February 7, 2021 to February 21, 2021.

| Energy Usage (As Measured by MWh) by Service Level and Percentage Composition |
Service Level | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
S/L 1 |  | 859,078 |  |  | 3.34 | % |  | 805,909 |  |  | 3.28 | % |  | 800,559 |  |  | 3.18 | % |  | 795,924 |  |  | 2.93 | % |  | 806,798 |  |  | 2.96 | %
S/L 2 |  | 5,021,368 |  |  | 19.49 | % |  | 4,920,100 |  |  | 20.03 | % |  | 4,915,069 |  |  | 19.54 | % |  | 5,594,476 |  |  | 20.62 | % |  | 6,389,409 |  |  | 23.43 | %
S/L 3 |  | 1,986,925 |  |  | 7.71 | % |  | 1,759,575 |  |  | 7.16 | % |  | 1,863,227 |  |  | 7.41 | % |  | 2,038,536 |  |  | 7.51 | % |  | 2,038,748 |  |  | 7.48 | %
S/L 4 |  | 582,918 |  |  | 2.26 | % |  | 562,723 |  |  | 2.29 | % |  | 498,670 |  |  | 1.98 | % |  | 464,552 |  |  | 1.71 | % |  | 462,992 |  |  | 1.70 | %
S/L 5 |  | 17,307,323 |  |  | 67.19 | % |  | 16,515,690 |  |  | 67.24 | % |  | 17,081,059 |  |  | 67.89 | % |  | 18,233,229 |  |  | 67.22 | % |  | 17,575,101 |  |  | 64.44 | %
Total |  | 25,757,612 |  |  | 100.00 | % |  | 24,563,997 |  |  | 100.00 | % |  | 25,158,584 |  |  | 100.00 | % |  | 27,126,716 |  |  | 100.00 | % |  | 27,273,048 |  |  | 100.00 | %

| Energy Usage (As Measured by MWh) by Customer Class and Percentage Composition |
Customer Class | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
S/L 1 |  | 859,078 |  |  | 3.34 | % |  | 805,909 |  |  | 3.28 | % |  | 800,559 |  |  | 3.18 | % |  | 795,924 |  |  | 2.93 | % |  | 806,798 |  |  | 2.96 | %
Commercial |  | 108,738 |  |  | 12.66 | % |  | 39,132 |  |  | 4.86 | % |  | 48,302 |  |  | 6.03 | % |  | 47,244 |  |  | 5.94 | % |  | 62,840 |  |  | 7.79 | %
Industrial |  | 112,421 |  |  | 13.09 | % |  | 122,756 |  |  | 15.23 | % |  | 120,517 |  |  | 15.05 | % |  | 98,430 |  |  | 12.37 | % |  | 95,964 |  |  | 11.89 | %
Oilfield |  | 261,461 |  |  | 30.44 | % |  | 292,773 |  |  | 36.33 | % |  | 280,499 |  |  | 35.04 | % |  | 283,025 |  |  | 35.56 | % |  | 275,645 |  |  | 34.17 | %
Public Authorities and Street lights |  | 376,458 |  |  | 43.82 | % |  | 351,249 |  |  | 43.58 | % |  | 351,242 |  |  | 43.87 | % |  | 367,224 |  |  | 46.14 | % |  | 372,350 |  |  | 46.15 | %
S/L 2 |  | 5,021,368 |  |  | 19.49 | % |  | 4,920,100 |  |  | 20.03 | % |  | 4,915,069 |  |  | 19.54 | % |  | 5,594,476 |  |  | 20.62 | % |  | 6,389,409 |  |  | 23.43 | %
Commercial |  | 264,092 |  |  | 5.26 | % |  | 46,272 |  |  | 0.94 | % |  | 50,364 |  |  | 1.02 | % |  | 515,844 |  |  | 9.22 | % |  | 1,305,295 |  |  | 20.43 | %
Industrial |  | 1,675,201 |  |  | 33.36 | % |  | 1,718,950 |  |  | 34.94 | % |  | 1,760,302 |  |  | 35.81 | % |  | 1,788,810 |  |  | 31.97 | % |  | 1,730,656 |  |  | 27.09 | %
Oilfield |  | 2,564,943 |  |  | 51.08 | % |  | 2,621,638 |  |  | 53.28 | % |  | 2,613,095 |  |  | 53.16 | % |  | 2,752,161 |  |  | 49.19 | % |  | 2,780,801 |  |  | 43.52 | %
Public Authorities and Street lights |  | 517,132 |  |  | 10.30 | % |  | 533,239 |  |  | 10.84 | % |  | 491,308 |  |  | 10.00 | % |  | 537,660 |  |  | 9.61 | % |  | 572,656 |  |  | 8.96 | %
S/L 3 |  | 1,986,925 |  |  | 7.71 | % |  | 1,759,575 |  |  | 7.16 | % |  | 1,863,227 |  |  | 7.41 | % |  | 2,038,536 |  |  | 7.51 | % |  | 2,038,748 |  |  | 7.48 | %
Commercial |  | 434,776 |  |  | 21.88 | % |  | 312,567 |  |  | 17.76 | % |  | 335,316 |  |  | 18.00 | % |  | 451,761 |  |  | 22.16 | % |  | 512,537 |  |  | 25.14 | %
Industrial |  | 437,330 |  |  | 22.01 | % |  | 417,591 |  |  | 23.73 | % |  | 426,243 |  |  | 22.88 | % |  | 421,649 |  |  | 20.68 | % |  | 427,222 |  |  | 20.96 | %
Oilfield |  | 844,784 |  |  | 42.52 | % |  | 782,412 |  |  | 44.47 | % |  | 819,374 |  |  | 43.98 | % |  | 865,288 |  |  | 42.45 | % |  | 802,401 |  |  | 39.36 | %
Public Authorities and Street lights |  | 270,035 |  |  | 13.59 | % |  | 247,005 |  |  | 14.04 | % |  | 282,295 |  |  | 15.15 | % |  | 299,837 |  |  | 14.71 | % |  | 296,588 |  |  | 14.55 | %
S/L 4 |  | 582,918 |  |  | 2.26 | % |  | 562,723 |  |  | 2.29 | % |  | 498,670 |  |  | 1.98 | % |  | 464,552 |  |  | 1.71 | % |  | 462,992 |  |  | 1.70 | %
Commercial |  | 43,588 |  |  | 7.48 | % |  | 41,528 |  |  | 7.38 | % |  | 45,087 |  |  | 9.04 | % |  | 52,903 |  |  | 11.39 | % |  | 61,090 |  |  | 13.19 | %
Industrial |  | 179,339 |  |  | 30.77 | % |  | 185,481 |  |  | 32.96 | % |  | 121,126 |  |  | 24.29 | % |  | 92,307 |  |  | 19.87 | % |  | 92,013 |  |  | 19.87 | %
Oilfield |  | 191,907 |  |  | 32.92 | % |  | 180,374 |  |  | 32.05 | % |  | 173,126 |  |  | 34.72 | % |  | 172,921 |  |  | 37.22 | % |  | 160,673 |  |  | 34.70 | %
Public Authorities and Street lights |  | 168,083 |  |  | 28.83 | % |  | 155,341 |  |  | 27.61 | % |  | 159,331 |  |  | 31.95 | % |  | 146,421 |  |  | 31.52 | % |  | 149,216 |  |  | 32.23 | %
S/L 5 |  | 17,307,323 |  |  | 67.19 | % |  | 16,515,690 |  |  | 67.24 | % |  | 17,081,059 |  |  | 67.89 | % |  | 18,233,229 |  |  | 67.22 | % |  | 17,575,101 |  |  | 64.44 | %
Residential |  | 8,962,632 |  |  | 51.79 | % |  | 8,694,845 |  |  | 52.65 | % |  | 8,908,131 |  |  | 52.15 | % |  | 9,494,144 |  |  | 52.07 | % |  | 8,962,657 |  |  | 51.00 | %
Commercial |  | 5,612,743 |  |  | 32.43 | % |  | 5,263,895 |  |  | 31.87 | % |  | 5,628,678 |  |  | 32.95 | % |  | 6,056,710 |  |  | 33.22 | % |  | 6,022,896 |  |  | 34.27 | %
Industrial |  | 797,685 |  |  | 4.61 | % |  | 770,142 |  |  | 4.66 | % |  | 747,844 |  |  | 4.38 | % |  | 798,427 |  |  | 4.38 | % |  | 738,613 |  |  | 4.20 | %
Oilfield |  | 377,882 |  |  | 2.18 | % |  | 361,191 |  |  | 2.19 | % |  | 323,985 |  |  | 1.90 | % |  | 338,316 |  |  | 1.86 | % |  | 333,097 |  |  | 1.90 | %
Public Authorities and Street lights |  | 1,556,382 |  |  | 8.99 | % |  | 1,425,617 |  |  | 8.63 | % |  | 1,472,420 |  |  | 8.62 | % |  | 1,545,632 |  |  | 8.48 | % |  | 1,517,840 |  |  | 8.64 | %
Total |  | 25,757,612 |  |  | 100.00 | % |  | 24,563,997 |  |  | 100.00 | % |  | 25,158,584 |  |  | 100.00 | % |  | 27,126,716 |  |  | 100.00 | % |  | 27,273,048 |  |  | 100.00 | %

| Revenues by Customer Class Percentage Composition in Oklahoma (Dollars in millions) |
Customer Class | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Residential | $ | 819.42 |  |  | 44.91 | % | $ | 816.49 |  |  | 46.15 | % | $ | 856.28 |  |  | 45.73 | % | $ | 1,084.26 |  |  | 43.90 | % | $ | 1,146.71 |  |  | 42.09 | %
Commercial |  | 473.96 |  |  | 25.98 | % |  | 443.20 |  |  | 25.05 | % |  | 485.54 |  |  | 25.93 | % |  | 668.67 |  |  | 27.07 | % |  | 791.95 |  |  | 29.07 | %
Industrial |  | 154.59 |  |  | 8.47 | % |  | 155.97 |  |  | 8.81 | % |  | 159.48 |  |  | 8.52 | % |  | 209.51 |  |  | 8.48 | % |  | 225.29 |  |  | 8.27 | %
Oilfield |  | 179.49 |  |  | 9.84 | % |  | 182.90 |  |  | 10.34 | % |  | 187.21 |  |  | 10.00 | % |  | 261.18 |  |  | 10.57 | % |  | 284.60 |  |  | 10.45 | %
Public Authorities and Street lights |  | 197.09 |  |  | 10.80 | % |  | 170.84 |  |  | 9.66 | % |  | 184.07 |  |  | 9.83 | % |  | 246.50 |  |  | 9.98 | % |  | 275.62 |  |  | 10.12 | %
Total | $ | 1,824.55 |  |  | 100.00 | % | $ | 1,769.40 |  |  | 100.00 | % | $ | 1,872.58 |  |  | 100.00 | % | $ | 2,470.12 |  |  | 100.00 | % | $ | 2,724.16 |  |  | 100.00 | %

| Number of Customers and Percentage Composition in Oklahoma as of December 31 of the Year Shown Below |
Customer Class | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Residential |  | 675,375 |  |  | 85.50 | % |  | 683,034 |  |  | 85.51 | % |  | 691,891 |  |  | 85.34 | % |  | 699,210 |  |  | 85.31 | % |  | 704,612 |  |  | 85.25 | %
Commercial |  | 89,211 |  |  | 11.29 | % |  | 90,732 |  |  | 11.36 | % |  | 93,785 |  |  | 11.57 | % |  | 95,389 |  |  | 11.64 | % |  | 97,006 |  |  | 11.74 | %
Industrial |  | 2,595 |  |  | 0.33 | % |  | 2,366 |  |  | 0.30 | % |  | 2,258 |  |  | 0.28 | % |  | 2,152 |  |  | 0.26 | % |  | 2,070 |  |  | 0.25 | %
Oilfield |  | 7,017 |  |  | 0.89 | % |  | 6,769 |  |  | 0.85 | % |  | 6,752 |  |  | 0.83 | % |  | 6,740 |  |  | 0.82 | % |  | 6,690 |  |  | 0.81 | %
Public Authorities and Street lights |  | 15,758 |  |  | 1.99 | % |  | 15,883 |  |  | 1.99 | % |  | 16,028 |  |  | 1.98 | % |  | 16,132 |  |  | 1.97 | % |  | 16,159 |  |  | 1.96 | %
Total |  | 789,956 |  |  | 100.00 | % |  | 798,784 |  |  | 100.00 | % |  | 810,714 |  |  | 100.00 | % |  | 819,623 |  |  | 100.00 | % |  | 826,537 |  |  | 100.00 | %

Percentage Concentration Within Large Commercial Customers

For the year ended December 31, 2023, the ten largest Customers represented approximately 15.3% of total energy usage in Oklahoma and approximately 12.2% of OG&E’s total revenues in Oklahoma. All ten Customers are commercial, industrial, oilfield and public authority class accounts. There are no material concentrations in the residential and commercial classes.

2

Credit Policy

OG&E's current business practice requires new business customers to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules promulgated by the Commission. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit.

Billing Process

OG&E bills its Customers on average every 30 days. For the year ended December 31, 2023, OG&E mailed out an average of 43,095 bills on each business day to its Customers. For accounts with potential billing error exceptions, reports are generated for manual review. This review examines accounts that have abnormally high or low bills, potential meter-reading errors, possible meter malfunctions and/or unbilled accounts.

Collection, Termination of Service and Write-Off Policy

OG&E receives approximately 18% of its total bill payments via U.S. mail. Approximately 82% of bill payments are received via electronic payments. Bills are due 21 calendar days after the issue date at which time they are considered delinquent. Delinquent customers are sent a notice to encourage payment within 10 days and accounts become eligible for disconnect after the passage of these 10 days. For the year ended December 31, 2023, approximately 2.2% of total billed retail revenue became eligible for disconnect and 41.0% of those eligible were disconnected. Approximately 95.0% of accounts disconnected for nonpayment ultimately make full payment and have service restored.

If service is terminated, the customer is required to pay all past due amounts as well as a $21 reconnection fee in order to resume service as of the date of this official statement. After service termination due to non-payment a final bill including all unpaid amounts and net of deposits paid is issued within 10 business days. After service termination by customer request, a final bill including all unpaid amounts and net of deposits paid is issued the following business day. Unpaid final bills are written off approximately 180 days after the final bill is issued. Amounts written off are assigned to outside collection agencies and are reported to all three credit reporting agencies. Dollars recovered are netted against actual write-offs.

OG&E may change its credit, billing, collections and termination/restoration of service policies and procedures from time to time. It is expected that any such changes would be designed to enhance OG&E’s ability to bill and collect customer charges on a timely basis.

3

Annual Forecast Variance

The following table sets forth information related to annual forecast variance for ultimate electric delivery for the past five years. Variances between actual sales and forecasted sales can be caused by a number of factors, though the primary drivers are unexpected extreme temperatures, which can cause actual sales volumes to be higher or unexpected mild temperatures, which can cause actual sales volumes to be lower. For 2020 and 2021, the primary driver of variances between the forecast and actual sales volumes is changes in behavior in response to COVID.

| Annual Forecast Variance For Ultimate Electric Delivery (MWh) |
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
S/L 1 |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 797,648 |  |  | 860,041 |  |  | 858,415 |  |  | 855,100 |  |  | 856,022 |
Weather Normalized Actuals MWh |  | 857,790 |  |  | 795,806 |  |  | 811,509 |  |  | 795,924 |  |  | 806,609 |
Variance (%) |  | 7.5 | % |  | -7.5 | % |  | -5.5 | % |  | -6.9 | % |  | -5.8 | %
S/L 2 |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 5,281,492 |  |  | 5,058,791 |  |  | 5,034,069 |  |  | 4,931,750 |  |  | 6,390,100 |
Weather Normalized Actuals MWh |  | 5,026,112 |  |  | 4,904,643 |  |  | 4,926,382 |  |  | 5,559,893 |  |  | 6,390,352 |
Variance (%) |  | -4.8 | % |  | -3.0 | % |  | -2.1 | % |  | 12.7 | % |  | 0.0 | %
S/L 3 |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 1,636,513 |  |  | 2,039,978 |  |  | 1,916,903 |  |  | 1,975,459 |  |  | 2,220,016 |
Weather Normalized Actuals MWh |  | 1,946,601 |  |  | 1,763,417 |  |  | 1,866,761 |  |  | 2,023,875 |  |  | 2,035,586 |
Variance (%) |  | 18.9 | % |  | -13.6 | % |  | -2.6 | % |  | 2.5 | % |  | -8.3 | %
S/L 4 |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 535,054 |  |  | 572,847 |  |  | 545,964 |  |  | 517,092 |  |  | 531,471 |
Weather Normalized Actuals MWh |  | 622,397 |  |  | 561,943 |  |  | 498,670 |  |  | 474,136 |  |  | 462,851 |
Variance (%) |  | 16.3 | % |  | -1.9 | % |  | -8.7 | % |  | -8.3 | % |  | -12.9 | %
S/L 5 |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 17,287,205 |  |  | 17,302,033 |  |  | 17,167,836 |  |  | 17,632,924 |  |  | 17,923,162 |
Weather Normalized Actuals MWh |  | 17,049,119 |  |  | 16,748,859 |  |  | 17,278,746 |  |  | 17,576,608 |  |  | 17,463,895 |
Variance (%) |  | -1.4 | % |  | -3.2 | % |  | 0.6 | % |  | -0.3 | % |  | -2.6 | %
Total |  |  |  |  |  |  |  |  |  |
Forecast MWh |  | 25,537,912 |  |  | 25,833,690 |  |  | 25,523,187 |  |  | 25,912,325 |  |  | 27,920,771 |
Weather Normalized Actuals MWh |  | 25,502,019 |  |  | 24,774,668 |  |  | 25,382,068 |  |  | 26,430,435 |  |  | 27,159,293 |
Variance (%) |  | -0.1 | % |  | -4.1 | % |  | -0.6 | % |  | 2.0 | % |  | -2.7 | %

Write-off and Delinquency Experience

The following tables set forth information relating to the total billed revenues and write-off experience for the past five years. Such historical information is presented because OG&E’s actual experience with respect to write-offs and delinquencies may be indicative of its future experience, which will affect the timing of WEC Collections. OG&E does not expect, but there can be no certainty, that the delinquency or write-off experience with respect to WEC Collections will differ substantially from the rates indicated. Write-off and delinquency data is affected by factors such as the overall economy, weather and changes in collection practices. The net write-off and delinquency experience is expected, but there can be no certainty, to be similar to OG&E’s previous experience.

The following table shows total OG&E revenues for the past five calendar years for each customer class.

| Billed Revenue by Customer Class (Dollars in millions) |
Customer Class | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Residential | $ | 819.42 |  | $ | 816.49 |  | $ | 856.28 |  | $ | 1,084.26 |  | $ | 1,146.71 |
Commercial |  | 473.96 |  |  | 443.20 |  |  | 485.54 |  |  | 668.67 |  | $ | 791.95 |
Industrial |  | 154.59 |  |  | 155.97 |  |  | 159.48 |  |  | 209.51 |  | $ | 225.29 |
Oilfield |  | 179.49 |  |  | 182.90 |  |  | 187.21 |  |  | 261.18 |  | $ | 284.60 |
Public Authorities and Street Lights |  | 180.74 |  |  | 190.84 |  |  | 184.07 |  |  | 246.50 |  | $ | 275.62 |
Total | $ | 1,808.20 |  | $ | 1,789.40 |  | $ | 1,872.58 |  | $ | 2,470.12 |  | $ | 2,724.16 |

4

The following table shows gross write-offs for electricity and gross write-offs as a percentage of total billed revenue for the past five years in Oklahoma.

Gross Write-Offs as a Percentage of Revenues |
| As of December 31, |
(Dollars in thousands) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Billed Electric Revenues | $ | 1,808,199 |  | $ | 1,769,407 |  | $ | 1,872,565 |  | $ | 2,470,119 |  | $ | 2,724,164 |
Gross Write-Offs | $ | 5,387 |  | $ | 5,013 |  | $ | 6,030 |  | $ | 5,657 |  | $ | 7,823 |
Percentage of Billed Revenues |  | 0.30 | % |  | 0.28 | % |  | 0.32 | % |  | 0.23 | % |  | 0.29 | %

The following table shows total OG&E net write-offs and total net write-offs as a percentage of total electric billed revenue for the past five years in Oklahoma. Net write-offs include amounts recovered by OG&E from deposits, bankruptcy proceedings and payments received after an account has been either written-off by OG&E or transferred to one of its external collection agencies.

Net Write-Offs as a Percentage of Revenues |
| As of December 31, |
(Dollars in thousands) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
Billed Electric Revenues | $ | 1,808,199 |  | $ | 1,769,407 |  | $ | 1,872,565 |  | $ | 2,470,119 |  | $ | 2,724,164 |
Net Write-Offs | $ | 2,695 |  | $ | 2,086 |  | $ | 3,066 |  | $ | 3,325 |  | $ | 5,366 |
Percentage of Billed Revenues |  | 0.15 | % |  | 0.12 | % |  | 0.16 | % |  | 0.13 | % |  | 0.20 | %

Delinquencies

The following table sets forth information relating to the delinquency experience of OG&E for residential, commercial, industrial, oilfield and public authorities and street lights as of December 31 of each of the five preceding years.

Customer Delinquency Data* |
| Delinquencies as Percentage of Total Billed Revenues/Average Days Outstanding |
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
30-59 days |  | 2.8 | % |  | 5.6 | % |  | 5.1 | % |  | 4.0 | % |  | 3.6 | %
60-89 days |  | 2.1 | % |  | 2.3 | % |  | 3.3 | % |  | 3.3 | % |  | 3.1 | %
90 days or more |  | 3.4 | % |  | 7.3 | % |  | 5.9 | % |  | 4.7 | % |  | 5.7 | %
Total |  | 8.3 | % |  | 15.2 | % |  | 14.3 | % |  | 12.0 | % |  | 12.4 | %
Average Days Outstanding |  | 25.1 |  |  | 26.5 |  |  | 26.7 |  |  | 27.0 |  |  | 27.0 |

* Delinquency calculations are based on arrears, revenue, and write-off data provided by OG&E.

Where to Find Additional Information About OG&E and OGE Energy. OGE Energy files periodic reports with the SEC as required by the Exchange Act. Reports filed with the SEC are available for inspection without charge at the public reference room maintained by the SEC at 100 F Street, N.E., Washington, DC 20549. Copies of periodic reports and exhibits thereto may be obtained at the above location at prescribed rates. Information as to the operation of the public reference facilities is available by calling the SEC at 1-800-SEC-0330. Information filed with the SEC can also be inspected at the SEC’s website, http://www.sec.gov. OGE Energy’s filings are accessible at http://www.oge.com. Information on OGE Energy’s website or filed with the SEC is not incorporated by reference into this exhibit.

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