In a quarterly public shareholders meeting on Thursday, OG&E announced an 18% increase in profit, up nearly $80 million in 2022 over 2021. This comes after a harsh year of price increases for Oklahoma residents, facing an average rate hike of $23 per month.
In an article by Chris Casteel, published in The Oklahoman, OG&E reportedly “attributed higher profit to recouping money on its capital investments and increased power sales due to economic growth and more hot days.” Executives for OG&E say there is no connection between the increase in profits and the four increases that customers faced in 2022.
Profit margins are expected to increase further, “OGE Energy Corp. executives reiterated their forecast of earnings per share growth of 5% to 7% for the utility and extended that through 2027.”
Change is needed to stop OG&E from continuing to pad the pockets of shareholders at the expense of Oklahoma’s energy consumers. Join AERO in fighting for restructuring Oklahoma’s monopolized system and allowing competition in the wholesale energy market, https://www.goaero.org/jointhecoalition
To read the full article from The Oklahoman, https://www.oklahoman.com/story/news/politics/2023/02/24/after-year-of-rate-hikes-oge-profit-jumps-18/69937663007/