The following is a summary of the OGE Energy Corp (OGE) Q1 2024 Earnings Call Transcript:
Financial Performance:
OGE Energy Corp reported consolidated earnings of $0.09 per share in Q1 2024, with OG&E earnings at $0.12 per share and a holding company loss of $0.03 per share.
The company reported a consolidated Q1 2024 net income of $19 million, down from Q1 2023's $38 million.
Despite a decrease in net income, higher operating revenues were recorded due to strong load growth.
The company anticipates meeting its consolidated earnings commitment for 2024 of $2.12 per share, within a range of $2.06 to $2.18 per share.
Business Progress:
OGE Energy Corp is experiencing significant improvements in its power grid due to ongoing investments, reporting a 28% improvement in SAIDI since 2020.
The company completed its latest Integrated Resource Plan (IRP) to meet generation capacity needs until 2028 using a combination of solar and Combustion Turbines (CTs).
The organization reported solid customer and load growth in Q1, which bodes well for the rest of the year.
The company is actively pursuing data center projects and intends to seek additional grants to enhance affordability.
OGE Energy Corp is undergoing a rate review in Oklahoma to recover investments in the grid, new customer connections, and storm restorations.
More details: OGE Energy IR
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