OGE Energy Continues to Focus on Wind Power in 2009

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SUGAR LAND--February 18, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--OGE Energy Corporation (NYSE:OGE) (Oklahoma City, Oklahoma), the parent company of Oklahoma Gas and Electric Company (OG&E), which sells and distributes electricity in Oklahoma and Arkansas, and Enogex Incorporated, involved with natural gas processing and sales, recently reported fourth-quarter and full-year results for the 2008 fiscal year, which ended December 31, 2008. The company reported total operating revenues of $4.1 billion, compared with $3.8 billion in 2007. Because of various one-time expenses, however, OGE Energy's net income fell 5%, moving from $244.2 million in 2007 to $231.4 million in 2008.

Net income for the company's OG&E segment was $143 million, compared with $161.7 million in 2007. Several one-time fees contributed to the income drop. These included $9.5 million of cost overruns from projects in previous years and a $7.7 million write-off of plant abandonment costs for the company's proposed coal-fired power plant in Red Rock, Oklahoma. The application to construct the Red Rock plant was denied by the Oklahoma Corporation Commission in 2007.

The Enogex natural gas segment experienced a 6% growth in net income, rising to $91.2 million in 2008. "Gross margin at Enogex increased by $39.9 million or 11.3% in 2008," said Interim Chief Financial Officer Scott Forbes. "The increase in the gathering and processing business was almost all attributable to processing margins due to higher commodity prices and volumes."

The company expects moderate growth in 2009. "The Oklahoma economy remains much more constructive than in other regions, and we expect continued sales and customer growth in 2009, although at a lower rate than we had in 2008," said Chairman, President and CEO Pete Delaney. "The outlook for our industrial segment is mixed, with several manufacturers in our area reducing production, but at the same time, we have new customers coming online. In 2009, we are expecting an additional 45 megawatts of incremental capacity will be required to serve the load of specific large, commercial and industrial electrical projects currently under way. Net total, we are expecting industrial sales to increase this year, but a rate lower than last year." Delaney also spoke about OGE Energy's continued emphasis on projects involving wind power. "We are focusing our growth capital on renewables, specifically renewable-based transmission and generation, i.e. windfarms, capitalizing on our enviable position in the wind corridor in the United States," he said.

Industrial Info, as part of its North American Industrial Database, is currently monitoring more than $2 billion of current and planned projects of OGE Energy, including more than $1 billion of windfarm projects. Construction of the company's 101-megawatt (MW) grassroot O.U. Spirit Windfarm, located in Woodward County, Oklahoma, is scheduled to begin next month and be wrapped up by the end of the year. The windfarm will supply power to the University of Oklahoma. For additional information, see October 9, 2008 article - Oklahoma Gas & Electric Buys Development Rights for 101-Megawatt Windfarm. The $185 million project is part of OGE Energy's goal to expand the company's wind power capacity by more than 700 MW in the next three to five years.

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