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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)  
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
  For the quarterly period ended September 30, 2003

OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
  For the transition period from         to       

Commission File Number: 1-12579

OGE ENERGY CORP.
(Exact name of registrant as specified in its charter)

Oklahoma
(State or other jurisdiction of
incorporation or organization) 		73-1481638
(I.R.S. Employer
Identification No.)

321 North Harvey
P.O. Box 321
Oklahoma City, Oklahoma 73101-0321
(Address of principal executive offices)
(Zip Code)

405-553-3000
        (Registrant’s telephone number, including area code)

        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X    No       

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes    X    No      

        As of October 31, 2003, 86,917,173 shares of common stock, par value $0.01 per share, were outstanding.

OGE ENERGY CORP.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2003

TABLE OF CONTENTS

                               Part I - FINANCIAL INFORMATION

 Page

Item 1. Financial Statements (Unaudited)
              Condensed Consolidated Balance Sheets 1 
              Condensed Consolidated Statements of Income 3 
              Condensed Consolidated Statements of Cash Flows 4 
              Notes to Condensed Consolidated Financial Statements

 5 

Item 2. Management's Discussion and Analysis of Financial Condition
            and Results of Operations

 37 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 74 

Item 4. Controls and Procedures

 76 

                                 Part II - OTHER INFORMATION

Item 1. Legal Proceedings

 77 

Item 6. Exhibits and Reports on Form 8-K

 79 

Signature

 80 

i

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

  September 30,
2003
 December 31,
2002
  (In millions)
ASSETS            
CURRENT ASSETS  
  Cash and cash equivalents     $ 29 .2 $ 44 .4
  Accounts receivable, net       354 .8   304 .6
  Accrued unbilled revenues       58 .9   28 .2
  Fuel inventories       120 .7   99 .7
  Materials and supplies, at average cost       41 .8   42 .6
  Price risk management       39 .0   17 .1
  Pipeline imbalance       46 .6   34 .3
  Accumulated deferred tax assets       11 .4   10 .9
  Fuel clause under recoveries       21 .4   14 .7
  Other       6 .3   10 .6
  Current assets of discontinued operations       - --   4 .7
         Total current assets    730 .1  611 .8
OTHER PROPERTY AND INVESTMENTS, at cost    28 .6  27 .2
PROPERTY, PLANT AND EQUIPMENT  
  In service    5,589 .6  5,469 .7
  Construction work in progress    47 .7  44 .8
  Other    23 .4  30 .5
         Total property, plant and equipment    5,660 .7  5,545 .0
              Less accumulated depreciation    2,325 .7  2,231 .4
         Net property, plant and equipment    3,335 .0  3,313 .6
  In service of discontinued operations       - --   54 .2
              Less accumulated depreciation       - --   11 .4
         Net property, plant and equipment of discontinued  
              operations       - --   42 .8
         Net property, plant and equipment       3,335 .0   3,356 .4
DEFERRED CHARGES AND OTHER ASSETS  
  Recoverable take or pay gas charges       32 .5   32 .5
  Income taxes recoverable from customers, net       31 .8   34 .8
  Intangible asset - unamortized prior service cost       42 .7   42 .7
  Prepaid benefit obligation       65 .5   44 .9
  Price risk management       18 .6   20 .1
  Other       60 .4   80 .8
  Deferred charges and other assets of discontinued operations       - --   0 .2
         Total deferred charges and other assets    251 .5  256 .0
TOTAL ASSETS   $ 4,345 .2 $ 4,251 .4

        The accompanying Notes to Condensed Consolidated Financial Statements are an integral part hereof.

1

OGE ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Unaudited)

  September 30,
2003
 December 31,
2002
  (In millions)
LIABILITIES AND STOCKHOLDERS' EQUITY            
CURRENT LIABILITIES  
  Short-term debt   $ 96 .8 $ 275 .0
  Accounts payable    242 .9  269 .0
  Dividends payable    28 .7  26 .1
  Customers' deposits    34 .4  33 .0
  Accrued taxes    22 .5  23 .6
  Accrued interest    28 .1  35 .7
  Tax collections payable    10 .2  6 .7
  Accrued vacation    17 .7  16 .9
  Long-term debt due within one year    61 .0  21 .0
  Price risk management    24 .9  13 .9
  Pipeline imbalance    7 .1  9 .4
  Other    31 .2  19 .4
  Current liabilities of discontinued operations       - --   2 .0
         Total current liabilities    605 .5  751 .7
LONG-TERM DEBT    1,440 .8  1,501 .9
DEFERRED CREDITS AND OTHER LIABILITIES  
  Accrued pension and benefit obligations    192 .0  184 .2
  Accumulated deferred income taxes    714 .1  627 .0
  Accumulated deferred investment tax credits    43 .3  47 .1
  Accrued removal obligations, net    113 .9  109 .3
  Price risk management    2 .7  0 .6
  Provision for payments of take or pay gas    32 .5  32 .5
  Other    5 .7  4 .1
  Deferred credits and other liabilities of discontinued operations       - --   9 .1
         Total deferred credits and other liabilities    1,104 .2  1,013 .9
STOCKHOLDERS' EQUITY  
  Common stockholders' equity    614 .2  453 .5
  Retained earnings    654 .6  604 .7
  Accumulated other comprehensive loss, net of tax    (74 .1)  (74 .3)
         Total stockholders' equity    1,194 .7  983 .9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 4,345 .2 $ 4,251 .4

        The accompanying Notes to Condensed Consolidated Financial Statements are an integral part hereof.

2

OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2003
 2002
 2003
 2002
  (In millions, except per share data)
OPERATING REVENUES                    
      Electric Utility operating revenues   $ 540 .3 $ 488 .9 $ 1,230 .9 $ 1,103 .2
      Natural Gas Pipeline operating revenues    519 .7  398 .4  1,731 .9  1,090 .7
            Total operating revenues    1,060 .0  887 .3  2,962 .8  2,193 .9
COST OF GOODS SOLD  
      Electric Utility cost of goods sold    254 .3  199 .3  634 .0  508 .6
      Natural Gas Pipeline cost of goods sold    467 .3  352 .2  1,578 .0  964 .6
            Total cost of goods sold    721 .6  551 .5  2,212 .0  1,473 .2
      Gross margin on revenues    338 .4  335 .8  750 .8  720 .7
      Other operation and maintenance    90 .3  88 .9  273 .7  270 .4
      Depreciation    43 .5  45 .5  133 .1  136 .7
      Impairment of assets       - --   - --   1 .0   - --
      Taxes other than income    17 .3  15 .6  51 .4  48 .7
OPERATING INCOME    187 .3  185 .8  291 .6  264 .9
OTHER INCOME (EXPENSE)  
      Other income    0 .3  0 .6  7 .0  1 .3
      Other expense    (2 .8)  (1 .3)  (6 .3)  (2 .9)
           Net other income (expense)    (2 .5)  (0 .7)  0 .7  (1 .6)
INTEREST INCOME (EXPENSE)  
      Interest income    0 .2  0 .5  0 .5  1 .5
      Interest on long-term debt    (18 .5)  (21 .6)  (56 .7)  (65 .2)
      Interest on trust preferred securities    (4 .3)  (4 .3)  (13 .0)  (13 .0)
      Allowance for borrowed funds used during construction    0 .1  0 .1  0 .5  0 .8
      Interest on short-term debt and other interest charges    (1 .6)  (2 .2)  (5 .1)  (6 .4)
           Net interest expense    (24 .1)  (27 .5)  (73 .8)  (82 .3)
INCOME FROM CONTINUING OPERATIONS BEFORE  
  TAXES    160 .7  157 .6  218 .5  181 .0
INCOME TAX EXPENSE    59 .4  60 .7  80 .7  67 .2
INCOME FROM CONTINUING OPERATIONS BEFORE  
  CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING  
  PRINCIPLE    101 .3  96 .9  137 .8  113 .8
DISCONTINUED OPERATIONS  
      Income (loss) from discontinued operations    (0 .5)  0 .2  1 .7  5 .1
      Income tax expense (benefit)    1 .3  (1 .9)  2 .2  (2 .3)
           Income (loss) from discontinued operations    (1 .8)  2 .1  (0 .5)  7 .4
INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN  
  ACCOUNTING PRINCIPLE    99 .5  99 .0  137 .3  121 .2
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING FOR  
  ENERGY TRADING CONTRACTS, NET OF TAX OF $3.7       - --   - --   (5 .9)   - --
NET INCOME   $ 99 .5 $ 99 .0 $ 131 .4 $ 121 .2
BASIC AVERAGE COMMON SHARES OUTSTANDING    82 .4  78 .1  80 .1  78 .0
DILUTED AVERAGE COMMON SHARES OUTSTANDING    82 .7  78 .1  80 .4  78 .1
BASIC EARNINGS (LOSS) PER AVERAGE COMMON SHARE    
      Income from continuing operations