#1OGE We Energize Life Fuel Procurement and Price Mitigation Updates May 25, 2022#2OGE We Energize Life Review of 2021-2022 Winter Season First of Month (FOM) Pricing Secured a portion of forecasted natural gas volumes through FOM pricing structures Price established at first of the month, addressing volatility for the entirety of the term or 30-day period Using FOM in summer months to further evaluate effectiveness Callable gas with price caps Historically used call options to serve as additional volume in times of increased demand Cap option adds an additional level of surety by limiting price if prices. spike considerably © 2022 OGE Energy Corp. | 2#3OGE We Energize Life 2022 Summer Season and Forward Issued Gas Storage and Resilience RFP in January 2022. Received 16 bids from 5 companies Awarded two contracts that will provide both volume and price certainty. Both contracts are physical storage based and the cost of that gas is known via a Weighted Average Cost of Gas methodology. The withdrawal capabilities would equate to approximately 40-50% of the daily gas burns experienced during Winter Storm Uri. These volumes could be withdrawn for over 5 days and could be ratcheted down based on the inventory in storage. © 2022 OGE Energy Corp. | 3#4OGE We Energize Life Additional Items · OG&E is currently building inventory for utilization this summer OG&E is finalizing process for utilization of these new contracts OG&E continues to use FOM pricing as a piece of its commodity pricing protection RBN Energy has provided a report on its recommendations for hedging moving forward. © 2022 OGE Energy Corp. | 4