Local members of the Sierra Club called on Oklahoma Gas and Electric Co. Thursday to follow the lead of another state electric utility and phase out its last two coal-fired generating plants.
OG&E awaits rate increase decision
OG&E last year filed for a $73 million rate increase to recover costs. An Oklahoma Corporation Commission administrative law judge has yet to issue a recommendation to the elected commissioners. Several other groups, including the attorney general’s office and commission staff, recommended instead a rate cut of up to $57 million.
OGE Energy shareholders approved the election of seven board members to one-year terms. A shareholder proposal to allow a simple majority vote to change the company’s bylaws did not pass. The proposal failed because it didn’t receive a majority of all 98.5 million outstanding shares. However, it did receive a majority of the 84 million shares represented at the meeting.
The board of directors also declared a quarterly dividend of 39.25 cents per common share. The company has paid dividends for more than 260 quarters, or more than 65 years.