EX-99.01 6 oge-ex99_01.htm EX-99.01 EX-99.01

Exhibit 99.01

 

Excerpts from Securitization Documentation Detailing OG&E Oklahoma Customer Information

 

Oklahoma Gas and Electric Company ("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 Corp. ("OGE Energy"). The securitization 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 "OCC"), 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, 2025, supplies electric service to approximately 913,000 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

2021

2022

2023

2024

2025

Residential

8,908,131

35.41%

9,494,144

35.00%

8,962,657

32.86%

9,111,061

30.99%

8,982,259

29.08%

Commercial

6,107,746

24.28%

7,124,463

26.26%

7,964,658

29.20%

9,798,000

33.32%

11,693,166

37.86%

Industrial

3,176,032

12.62%

3,199,623

11.80%

3,084,467

11.31%

3,117,739

10.60%

2,991,564

9.68%

Oilfield

4,210,079

16.73%

4,411,711

16.26%

4,352,616

15.96%

4,424,714

15.05%

4,318,836

13.98%

Public Authorities and Street lights

2,756,596

10.96%

2,896,775

10.68%

2,908,651

10.66%

2,951,040

10.04%

2,903,793

9.40%

Total

25,158,584

100.00%

27,126,716

100.00%

27,273,048

100.00%

29,402,554

100.00%

30,889,618

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

2021

2022

2023

2024

2025

S/L 1

800,559

3.18%

795,924

2.93%

806,798

2.96%

1,828,418

6.22%

3,532,979

11.44%

S/L 2

4,915,069

19.54%

5,594,476

20.62%

6,389,409

23.43%

7,138,317

24.28%

7,277,131

23.56%

S/L 3

1,863,227

7.41%

2,038,536

7.51%

2,038,748

7.48%

2,188,260

7.44%

2,122,859

6.87%

S/L 4

498,670

1.98%

464,552

1.71%

462,992

1.70%

441,220

1.50%

407,777

1.32%

S/L 5

17,081,059

67.89%

18,233,229

67.22%

17,575,101

64.44%

17,806,338

60.56%

17,548,872

56.81%

Total

25,158,584

100.00%

27,126,716

100.00%

27,273,048

100.00%

29,402,553

100.00%

30,889,618

100.00%

 

Revenues by Customer Class Percentage Composition in Oklahoma (Dollars in millions)

Customer Class

2021

2022

2023

2024

2025

Residential

$856.28

45.73%

$1,084.26

43.90%

$1,146.71

42.09%

$1,038.46

43.84%

$1,162.84

40.60%

Commercial

485.54

25.93%

668.67

27.07%

791.95

29.07%

729.95

30.81%

965.38

33.71%

Industrial

159.48

8.52%

209.51

8.48%

225.29

8.27%

167.49

7.07%

203.71

7.11%

Oilfield

187.21

10.00%

261.18

10.57%

284.60

10.45%

198.33

8.37%

258.04

9.01%

Public Authorities and Street lights

184.07

9.83%

246.50

9.98%

275.62

10.12%

234.62

9.90%

274.07

9.57%

Total

$1,872.58

100.00%

$2,470.12

100.00%

$2,724.16

100.00%

$2,368.85

100.00%

$2,864.04

100.00%

 

 

 


Energy Usage (As Measured by MWh) by Customer Class and Percentage Composition

Customer Class

2021

2022

2023

2024

2025

S/L 1

800,559

3.18%

795,924

2.93%

806,798

2.96%

1,828,418

6.22%

3,532,979

11.44%

Commercial

48,302

6.03%

47,244

5.94%

62,840

7.79%

1,091,603

59.70%

2,800,429

79.27%

Industrial

120,517

15.05%

98,430

12.37%

95,964

11.89%

96,147

5.26%

97,929

2.77%

Oilfield

280,499

35.04%

283,025

35.56%

275,645

34.17%

272,081

14.88%

273,270

7.73%

Public Authorities and Street lights

351,242

43.87%

367,224

46.14%

372,350

46.15%

368,588

20.16%

361,351

10.23%

S/L 2

4,915,069

19.54%

5,594,476

20.62%

6,389,409

23.43%

7,138,317

24.28%

7,277,131

23.56%

Commercial

50,364

1.02%

515,844

9.22%

1,305,295

20.43%

1,926,622

26.99%

2,171,432

29.84%

Industrial

1,760,302

35.81%

1,788,810

31.97%

1,730,656

27.09%

1,728,189

24.21%

1,672,373

22.98%

Oilfield

2,613,095

53.16%

2,752,161

49.19%

2,780,801

43.52%

2,904,616

40.69%

2,838,257

39.00%

Public Authorities and Street lights

491,308

10.00%

537,660

9.61%

572,656

8.96%

578,890

8.11%

595,069

8.18%

S/L 3

1,863,227

7.41%

2,038,536

7.51%

2,038,748

7.48%

2,188,260

7.44%

2,122,859

6.87%

Commercial

335,316

18.00%

451,761

22.16%

512,537

25.14%

638,707

29.19%

673,581

31.73%

Industrial

426,243

22.88%

421,649

20.68%

427,222

20.96%

465,174

21.26%

418,965

19.73%

Oilfield

819,374

43.98%

865,288

42.45%

802,401

39.36%

775,597

35.44%

757,596

35.69%

Public Authorities and Street lights

282,295

15.15%

299,837

14.71%

296,588

14.55%

308,782

14.11%

272,717

12.85%

S/L 4

498,670

1.98%

464,552

1.71%

462,992

1.70%

441,220

1.50%

407,777

1.32%

Commercial

45,087

9.04%

52,903

11.39%

61,090

13.19%

63,458

14.38%

47,735

11.71%

Industrial

121,126

24.29%

92,307

19.87%

92,013

19.87%

91,984

20.85%

91,537

22.45%

Oilfield

173,126

34.72%

172,921

37.22%

160,673

34.70%

140,044

31.74%

128,627

31.54%

Public Authorities and Street lights

159,331

31.95%

146,421

31.52%

149,216

32.23%

145,734

33.03%

139,878

34.30%

S/L 5

17,081,059

67.89%

18,233,229

67.22%

17,575,101

64.44%

17,806,338

60.56%

17,548,872

56.81%

Residential

8,908,131

52.15%

9,494,144

52.07%

8,962,657

51.00%

9,111,061

51.17%

8,982,259

51.18%

Commercial

5,628,678

32.95%

6,056,710

33.22%

6,022,896

34.27%

6,077,610

34.13%

5,999,989

34.19%

Industrial

747,844

4.38%

798,427

4.38%

738,613

4.20%

736,245

4.13%

710,760

4.05%

Oilfield

323,985

1.90%

338,316

1.86%

333,097

1.90%

332,376

1.87%

321,086

1.83%

Public Authorities and Street lights

1,472,420

8.62%

1,545,632

8.48%

1,517,840

8.64%

1,549,047

8.70%

1,534,778

8.75%

Total

25,158,584

100.00%

27,126,716

100.00%

27,273,048

100.00%

29,402,554

100.00%

30,889,618

100.00%

 

Number of Customers and Percentage Composition in Oklahoma as of December 31 of the Year Shown Below

Customer Class

2021

2022

2023

2024

2025

Residential

691,891

85.34%

699,210

85.31%

704,612

85.25%

713,626

85.29%

719,530

85.39%

Commercial

93,785

11.57%

95,389

11.64%

97,006

11.74%

98,136

11.73%

98,069

11.64%

Industrial

2,258

0.28%

2,152

0.26%

2,070

0.25%

1,971

0.24%

1,841

0.22%

Oilfield

6,752

0.83%

6,740

0.82%

6,690

0.81%

6,596

0.79%

6,388

0.76%

Public Authorities and Street lights

16,028

1.98%

16,132

1.97%

16,159

1.96%

16,331

1.95%

16,817

1.99%

Total

810,714

100.00%

819,623

100.00%

826,537

100.00%

836,660

100.00%

842,645

100.00%

 

Percentage Concentration Within Large Commercial Customers

 

For the year ended December 31, 2025, the ten largest customers represented approximately 23.2 percent of total energy usage in Oklahoma and approximately 13.8 percent 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 class.

 

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 or when certain requirements are met. 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 OCC. 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, 2025, OG&E mailed out an average of 39,523 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 15 percent of its total bill payments via U.S. mail. Approximately 85 percent 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 ten days and accounts become eligible for disconnect after the passage of these ten days. For the year ended December 31, 2025, approximately 2.19 percent of total billed retail revenue became eligible for disconnect and 46.0 percent of those eligible were disconnected. Approximately 88.1 percent 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 ten 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.

 

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)

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

S/L 1

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

858,415

 

 

855,100

 

 

856,022

 

 

806,115

 

 

3,436,971

 

Weather Normalized Actuals MWh

 

811,509

 

 

795,924

 

 

806,609

 

 

1,828,418

 

 

3,536,018

 

Variance (%)

 

-5.5

%

 

-6.9

%

 

-5.8

%

 

126.8

%

 

2.9

%

S/L 2

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

5,034,069

 

 

4,931,750

 

 

6,390,100

 

 

7,575,332

 

 

7,802,041

 

Weather Normalized Actuals MWh

 

4,926,382

 

 

5,559,893

 

 

6,390,352

 

 

7,137,744

 

 

7,275,665

 

Variance (%)

 

-2.1

%

 

12.7

%

 

0.0

%

 

-5.8

%

 

-6.7

%

S/L 3

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

1,916,903

 

 

1,975,459

 

 

2,220,016

 

 

2,206,988

 

 

2,160,521

 

Weather Normalized Actuals MWh

 

1,866,761

 

 

2,023,875

 

 

2,035,586

 

 

2,170,999

 

 

2,124,031

 

Variance (%)

 

-2.6

%

 

2.5

%

 

-8.3

%

 

-1.6

%

 

-1.7

%

S/L 4

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

545,964

 

 

517,092

 

 

531,471

 

 

455,634

 

 

453,578

 

Weather Normalized Actuals MWh

 

498,670

 

 

474,136

 

 

462,851

 

 

441,400

 

 

407,707

 

Variance (%)

 

-8.7

%

 

-8.3

%

 

-12.9

%

 

-3.1

%

 

-10.1

%

S/L 5

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

17,167,836

 

 

17,632,924

 

 

17,923,162

 

 

17,831,346

 

 

18,082,475

 

Weather Normalized Actuals MWh

 

17,278,746

 

 

17,576,608

 

 

17,463,895

 

 

17,690,937

 

 

17,734,058

 

Variance (%)

 

0.6

%

 

-0.3

%

 

-2.6

%

 

-0.8

%

 

-1.9

%

Total

 

 

 

 

 

 

 

 

 

 

Forecast MWh

 

25,523,187

 

 

25,912,325

 

 

27,920,771

 

 

28,875,415

 

 

31,935,586

 

Weather Normalized Actuals MWh

 

25,382,068

 

 

26,430,435

 

 

27,159,293

 

 

29,269,498

 

 

31,077,478

 

Variance (%)

 

-0.6

%

 

2.0

%

 

-2.7

%

 

1.4

%

 

-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 Winter Event Charge Collections. OG&E does not expect, but there can be no certainty, that the delinquency or write-off experience with respect to Winter Event Charge 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

2021

 

2022

 

2023

 

2024

 

2025

 

Residential

$

856.28

 

$

1,084.26

 

$

1,146.71

 

$

1,038.46

 

$

1,162.84

 

Commercial

$

485.54

 

$

668.67

 

$

791.95

 

$

729.95

 

$

965.38

 

Industrial

$

159.48

 

$

209.51

 

$

225.29

 

$

167.49

 

$

203.71

 

Oilfield

$

187.21

 

$

261.18

 

$

284.60

 

$

198.33

 

$

258.04

 

Public Authorities and Street Lights

$

184.07

 

$

246.50

 

$

275.62

 

$

234.62

 

$

274.07

 

Total

$

1,872.58

 

$

2,470.12

 

$

2,724.16

 

$

2,368.85

 

$

2,864.04

 

 

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)

2021

 

2022

 

2023

 

2024

 

2025

 

Billed Electric Revenues

$

1,872,565

 

$

2,470,119

 

$

2,724,164

 

$

2,368,850

 

$

2,864,040

 

Gross Write-Offs

$

6,030

 

$

5,657

 

$

7,823

 

$

6,435

 

$

8,196

 

Percentage of Billed Revenues

 

0.32

%

 

0.23

%

 

0.29

%

 

0.27

%

 

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)

2021

 

2022

 

2023

 

2024

 

2025

 

Billed Electric Revenues

$

1,872,565

 

$

2,470,119

 

$

2,724,164

 

$

2,368,850

 

$

2,864,040

 

Net Write-Offs

$

3,066

 

$

3,325

 

$

5,366

 

$

3,987

 

$

6,122

 

Percentage of Billed Revenues

 

0.16

%

 

0.13

%

 

0.20

%

 

0.17

%

 

0.21

%

 

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

 

 

2021

 

2022

 

2023

 

2024

 

2025

 

30-59 days

 

5.1

%

 

4.0

%

 

3.6

%

 

4.4

%

 

9.5

%

60-89 days

 

3.3

%

 

3.3

%

 

3.1

%

 

3.2

%

 

3.6

%

90 days or more

 

5.9

%

 

4.7

%

 

5.7

%

 

5.6

%

 

9.1

%

Total

 

14.3

%

 

12.0

%

 

12.4

%

 

13.2

%

 

22.2

%

Average Days Outstanding

 

26.7

 

 

27.0

 

 

27.0

 

 

26.4

 

 

28.9

 

* 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.