OGE Energy CEO Pete Delaney: 'Moving Ahead With Projects That Are Important for Our Customers'

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Orange	LSE:OGE	London	Ordinary Share	FR0000079196	SHS EUR1

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
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Orange (LSE:OGE)
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Dividend declared, directors elected at annual shareowners' meeting OKLAHOMA CITY, May 21 /PRNewswire-FirstCall/ -- Amid the uncertainties of economic downturn, volatile commodity prices, increasing infrastructure needs and ever more stringent environmental regulations, OGE Energy Corp. (NYSE: OGE) is well prepared to manage through this challenging environment, the company's chairman, president and CEO, Pete Delaney, told shareowners gathered today for their annual meeting. "We are moving ahead with projects that are important for our customers," Delaney said. "And as our company has done for more than a century, we are taking a conservative and prudent approach to managing our business." Delaney noted that while much has changed in the 12 months since OGE shareowners last met, "our goals and plans for achieving them have not." He pointed to significant investments in the renewable energy to come from new wind farms, and the construction of new transmission lines to bring that energy from remote locations to population centers. These projects continue. He outlined the role of demand-management and "smart grid" programs that could help the company avoid adding any new fossil-fuel generation at least until 2020. "While these initiatives are the key to serving our customers effectively, the recovery of our past investments is required for OG&E to commit future capital and to earn a reasonable return for our shareowners," Delaney said, noting that OG&E, the company's regulated electric utility, has invested about $900 million since its last rate case in 2005 that is not reflected in today's electric rates. OG&E has requested regulatory approval of a rate increase in Oklahoma. A hearing is expected this summer, with a decision by late August. OGE Energy's midstream pipeline business, Enogex, also is weathering the economic downturn. "Enogex remains well positioned to serve its customers and resume its growth when producer activity increases in the Mid-Continent as prices recover," Delaney said. "The business is sound; it has ample liquidity, and good cash flow." In voting announced at the annual meeting, OGE Energy shareowners ratified the appointment of Ernst & Young LLP as the company's principal independent accountants for 2009 and elected four members of the company's board of directors to three-year terms: -- Wayne H. Brunetti, retired chairman and CEO of Xcel Energy Inc., was elected. He has been a director of OGE Energy and of OG&E since August 2008. -- John D. Groendyke, chairman and CEO of Groendyke Transport Inc., was re-elected. He has been a director of OGE Energy and of OG&E since January 2003. -- Robert Kelley, president of Kellco Investments Inc., was re-elected. He has been a director of OGE Energy and of OG&E since December 1996. -- Robert O. Lorenz, retired partner of the Arthur Andersen accounting firm, was re-elected. He has been a director of OGE Energy and of OG&E since July 2005. OGE Energy shareowners also considered a shareowner proposal requesting that the Board of Directors take the steps necessary to eliminate classification of terms of Board members to require that all Directors stand for election annually. The proposal received a majority of the votes cast, but less than a majority of the outstanding shares and less than the 80 percent of the outstanding shares required by the company's articles and by-laws to change the classified makeup of the Board. Also today, the OGE Energy Corp. Board of Directors declared a regular quarterly dividend of $0.355 per common share of stock, to be paid July 30, 2009 to shareowners of record on July 10, 2008. The dividend was unchanged from the previous quarter. OGE Energy is the parent company of Oklahoma Gas and Electric Company (OG&E), which serves more than 772,000 customers in a service territory spanning 30,000 square miles in Oklahoma and western Arkansas, and of Enogex LLC, a midstream natural gas pipeline business with principal operations in Oklahoma. Some of the matters discussed in this news release may contain forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "possible", "potential", "project" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, actions of rating agencies and their impact on capital expenditures; the Company's ability and the ability of its subsidiaries to access capital markets and obtain financing on favorable terms; prices and availability of electricity, coal, natural gas and natural gas liquids, each on a stand-alone basis and in relation to each other; business conditions in the energy and natural gas midstream industries; competitive factors including the extent and timing of the entry of additional competition in the markets served by the Company; unusual weather; availability and prices of raw materials for current and future construction projects; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws and regulations that may impact the Company's operations; changes in accounting standards, rules or guidelines; the discontinuance of regulated accounting principles under SFAS No. 71; creditworthiness of suppliers, customers and other contractual parties; the higher degree of risk associated with the Company's nonregulated business compared with the Company's regulated utility business; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission including Risk Factors and Exhibit 99.01 to the Company's Form 10-K for the year ended December 31, 2008. DATASOURCE: OGE Energy Corp. CONTACT: Brian Alford, +1-405-553-3187, or Financial, Todd Tidwell, +1-405-553-3966, both of OGE Energy Corp. Web Site: http://www.oge.com/

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