OGE Energy is a holding company whose sole business is OG&E (Oklahoma Gas and Electric), a regulated electric utility and the largest in Oklahoma. OG&E generates, transmits, distributes, and sells electricity to roughly 913,000 customers across a 30,000-square-mile territory in Oklahoma and western Arkansas, including Oklahoma City and Fort Smith. OG&E serves residential, commercial, industrial, oilfield, and public authority customers under regulated tariffs approved by the OCC, APSC, and FERC. Like most regulated utilities, OG&E earns a regulated return on invested capital, with rates set by state regulators. A fuel adjustment clause passes fuel and purchased power costs directly to customers, insulating OG&E from fuel price volatility. The primary earnings driver is rate base growth — OG&E is targeting roughly 9% rate base growth under a $7.3B capital plan. OG&E's generation mix is primarily natural gas, with coal and some renewables. OG&E has roughly 550 MW of natural gas generation under construction, coming online in 2026, with additional capacity planned through 2029 and beyond. A major growth catalyst is data center demand: OG&E is finalizing a contract with one large data center customer representing approximately 1 GW of load, with several additional large customers in negotiation. OG&E also has significant transmission investment underway, including a share of the Seminole–Shreveport 765 kV line and a Fort Smith–Muskogee line, largely recoverable through FERC formula rates. OG&E plans to file a general rate review in Oklahoma in mid-2026.