OGE · 10-Q · 2026Q1 · Full report

Fuel and Purchased Power Costs

OGE ENERGY CORP. · 2026-04-29 · Importance 31 · Surprise 32

OG&E reported that fuel, purchased power and direct transmission expense increased $12.7 million (3.9%) in Q1 2026 versus Q1 2025, driven mainly by a $26.4 million increase in fuel expense partially offset by a $22.5 million decrease in purchases from SPP due to lower market prices. OG&E notes these expenses are generally recoverable from customers through fuel adjustment clauses subject to OCC and APSC review. The company also highlighted impacts from its Guaranteed Flat Bill program and weather-driven quantity declines (including a 27% decrease in heating degree days). OG&E indicated that deferrals and regulatory mechanisms affect timing of recovery and earnings.

Key facts

• Fuel, purchased power and direct transmission expense for OG&E for the three months ended March 31, 2026: $336.7 million versus $324.0 million in 2025.
• Weighted-average cost of natural gas per kWh for OG&E: 7.454 cents in 2026 versus 5.345 cents in 2025.
• Total fuel weighted-average cost per kWh for OG&E: 5.577 cents in 2026 versus 3.905 cents in 2025.
• Fuel, purchased power and direct transmission expense increased $12.7 million, or 3.9 percent, for the three months ended March 31, 2026 versus 2025.
• Total fuel and purchased power weighted-average cost per kWh for OG&E: 4.012 cents in 2026 versus 3.795 cents in 2025.
• Weighted-average cost of coal per kWh for OG&E: 2.576 cents in 2026 versus 2.745 cents in 2025.

Impact estimates