OGE Energy Corp
OGE
Utilities
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
OGE Energy Corp operates one of the most carbon-intensive power generation fleets among U.S. investor-owned utilities. Its subsidiary, Oklahoma Gas & Electric (OG&E), derives approximately 47% of its electricity from coal-fired generation, with natural gas accounting for most of the remainder. This fuel mix results in an emissions intensity that significantly exceeds the sector average for its regional peers. The company's integrated resource plan continues to rely on these legacy fossil fuel assets without a committed phase-out schedule aligned with climate science.
The company has a history of regulatory conflicts concerning its emissions and compliance. In 2013, the Environmental Protection Agency sued OG&E, alleging the company failed to properly estimate future emission increases before starting upgrades at its Sooner and Muskogee coal plants, a case that was later dismissed on procedural grounds. More recently, the Oklahoma Supreme Court ruled against the company in a 2025 case concerning service territory violations, reflecting ongoing governance challenges.
Leadership's treatment of emissions as a regulatory compliance issue, rather than a strategic imperative, is evidenced by the absence of a Science Based Targets initiative commitment. The company's climate disclosures focus on incremental efficiency improvements at existing fossil fuel plants, rather than a fundamental transition of its generation portfolio. This lack of a credible, forward-looking decarbonization strategy places OGE Energy Corp materially behind its utility sector peers in carbon performance.
OGE Energy Corp operates a generation fleet that is approximately 42% coal-fired, with its two largest power plants—the Sooner and Muskogee facilities—burning coal as their primary fuel. This reliance on coal for nearly half of its electricity generation makes it one of the more carbon-intensive utilities in its regional market. In 2013, the U.S. Environmental Protection Agency sued Oklahoma Gas & Electric, a subsidiary, alleging the company failed to properly estimate emission increases before upgrading its coal plants without required permits. The utility subsequently faced potential costs of approximately $1 billion to install emission controls at its Oklahoma coal plants to comply with federal regulations.
The company’s ongoing operation of these coal-fired units, without a public commitment to retire them by a specific date, contrasts with sector trends toward decarbonization. While OGE Energy also operates natural gas generation and has some renewable energy investments, its continued material dependence on coal for base-load power places it squarely within the exclusion category for coal operations.
OGE Energy Corp, operating as OG&E, was sued by the U.S. Department of Justice and the Environmental Protection Agency in 2013 for alleged violations of the Clean Air Act at its Oklahoma coal-fired power plants. The EPA complaint alleged the utility failed to follow required procedures and improperly estimated pollutant emissions before modifying its facilities. While the specific outcome of this litigation is not detailed in the available evidence, the federal enforcement action documents a pattern of regulatory non-compliance concerning air pollution controls.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.