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Short-Term Debt and Credit Facility
12 Months Ended
Dec. 31, 2015
Short-term Debt [Abstract]  
Short-Term Debt and Credit Facility
Short-Term Debt and Credit Facility
 
At December 31, 2015 and 2014, there were $333.6 million and $215.6 million in advances to OGE Energy. OG&E has an intercompany borrowing agreement with OGE Energy whereby OG&E has access to up to $400.0 million of OGE Energy's revolving credit amount.  Effective July 29, 2013, OG&E extended the termination date of this agreement to December 13, 2017.  At December 31, 2015, there were no intercompany borrowings under this agreement.  OG&E has a $400.0 million unsecured five-year revolving credit facility which is available to back up OG&E's commercial paper borrowings and to provide revolving credit borrowings.  This bank facility can also be used as a letter of credit facility. At December 31, 2015, there was $1.9 million supporting letters of credit at a weighted-average interest rate of 0.95 percent.  There were no outstanding borrowings under this revolving credit agreement and no outstanding commercial paper borrowings at December 31, 2015

In December 2011, OG&E entered into an unsecured five-year revolving credit agreement for $400.0 million. This credit facility contained an option, which could be exercised up to two times, to extend the term for an additional year. In the third quarter of 2013, OG&E utilized one of these one-year extensions, and received consent from all of the lenders, to extend the maturity of its credit agreement from December 13, 2016 to December 13, 2017. In the second quarter of 2014, OG&E utilized its second extension to extend the maturity of its credit facility from December 13, 2017 to December 13, 2018. As of December 31, 2015, the commitment of approximately $8.7 million of OG&E's credit facility, however, was not extended and, unless the non-extending lender is replaced in accordance with the terms of the credit facility, the commitment will expire December 13, 2017.

OGE Energy's and OG&E's ability to access the commercial paper market could be adversely impacted by a credit ratings downgrade or major market disruptions. Pricing grids associated with OGE Energy's and OG&E's credit facilities could cause annual fees and borrowing rates to increase if an adverse rating impact occurs. The impact of any future downgrade could include an increase in the costs of OGE Energy's and OG&E's short-term borrowings, but a reduction in OGE Energy's and OG&E's credit ratings would not result in any defaults or accelerations. Any future downgrade of OGE Energy or OG&E could also lead to higher long-term borrowing costs and, if below investment grade, would require OG&E to post collateral or letters of credit.

OG&E must obtain regulatory approval from the FERC in order to borrow on a short-term basis.  OG&E has the necessary regulatory approvals to incur up to $800.0 million in short-term borrowings at any one time for a two-year period beginning January 1, 2015 and ending December 31, 2016.