low - Electric utility demand is relatively inelastic with minimal GDP sensitivity. Residential usage (~45% of load) remains stable through cycles, while commercial/industrial demand (~55%) shows modest correlation to regional economic activity in Oklahoma's energy and agriculture sectors. Load growth typically tracks population and housing starts rather than broader economic cycles.

High sensitivity through multiple channels: (1) Valuation - utilities trade as bond proxies, with dividend yields competing against risk-free rates; rising 10-year Treasury yields compress P/E multiples as investors demand higher equity risk premiums. (2) Financing costs - OGE's 1.22x debt/equity ratio means refinancing risk on $3-4B debt stack; 100bps rate increase adds $30-40M annual interest expense, though partially recovered in future rate cases with regulatory lag of 12-18 months. (3) AFUDC (Allowance for Funds Used During Construction) - higher rates increase capitalized interest during construction, modestly boosting rate base but signaling tighter financial conditions.

dividend - OGE targets 60-70% payout ratio with 4-5% dividend growth aligned to earnings growth, attracting income-focused investors seeking stable, tax-advantaged cash flows. The 10.8% ROE and regulated business model appeal to conservative value investors prioritizing capital preservation over growth. Limited volatility and beta near 0.6-0.7 suit risk-averse portfolios and retiree income strategies.