Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported July 29, 2026 · Beat 3 of last 6 quarters
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OGE's large load tariff and Google special contract underscore the regulatory framework being built to accommodate AI-driven data center load growth while protecting existing customers. The company's capacity additions and transmission projects (including the Seminole-Shreveport line) are directly tied to serving this new demand, positioning OGE as a key enabler of AI infrastructure in Oklahoma.
OGE reported Q2 consolidated EPS of $0.56, up from $0.53 a year ago, driven by warm weather and lower depreciation/interest expense, partially offset by higher O&M. The electric company earned $0.58 per share. The company filed a large load tariff in Oklahoma on June 17 and a special contract with Google on May 1, both designed to protect existing customers while accommodating large load growth. Two large customers shifted portions of their ramp schedules, pushing a couple hundred megawatts later in the year, but commitments remain in place. Management also noted a new all-time peak load of over 6,800 MW set last week.
Management reaffirmed 2026 EPS guidance of $2.38-$2.48 with a midpoint of $2.43, noting ~70% of expected earnings still ahead. They expect to file an Oklahoma rate review this quarter. They plan multiple generation pre-approval filings through the balance of the year, possibly as early as this quarter. They anticipate SPP transmission notices to construct in Q4, which will clarify the Seminole-Shreveport project scope and financing. Management expects to provide multiple capital plan updates as projects receive approvals, and reiterated a target of ~17% FFO to debt. They highlighted a 'long conveyor belt' of growth opportunities and said they will update the market piecemeal rather than in one large package.
“We're putting words in action by doing everything within our power to protect customers from increased costs.”
on Customer protection
“While the timing has shifted, customer commitments remain firmly in place.”
on Load ramp
“We see really a long conveyor belt of opportunities, so some multiple chances for that.”
on Growth outlook
On the rate review now in the third quarter, can you frame the scope for us specifically, whether the CWIP request for Horseshoe Lake 13 and 14 could possibly sit inside that case?
Sean Trauschke said the rate case will cover distribution additions and normal expansion, not generation capacity, which is handled through the pre-approval process. Chuck Walworth added it's a separate issue.
Assuming you get the notice to construct as early as October, what are the next steps in terms of rights of way, construction timing and commercial operation date for the Seminole-Shreveport line?
Sean Trauschke said after receiving the NTC, OGE will respond to SPP with confirmation of costs, routing, and in-service timeline for final approval, then provide an investment schedule by year and financing needs.
Has there been any progress on large load negotiations with new customers and potentially working towards converting those into contracts?
Sean Trauschke said negotiations are progressing, with 6-7 active negotiations ongoing, and the finalized large load tariff provides clarity for customers.