We have studied, by using ab initio calculations, the electronic properties of electro‐catalysts for the oxygen evolution reaction (OER) with polarised density of states caused by localised spins in the d shell. Oxygen is a molecule in the triplet state (i.e., the outer electrons have parallel spins), which means that the spins localised in the p shell (↑O=O↑), the d shell and the conduction band electrons (t2gnegm) will couple through exchange interactions, which we think will provide favourable conditions for the OER. We compare the perovskites CaCu3Fe4O12 (CCF) and Ba0.5Sr0.5Co0.8Fe0.2O3−δ (BSCF) with RuO2. CCF and BSCF both have fluctuating electronic structures accessible at room temperature that are linked to conducting spin‐polarised density of states, equivalent to the paramagnetic state of covalent transition metal oxides with fine charge conductivity. CCF and BSCF both possess a considerable number of unpaired electrons localised in the inner d shell, high‐spin configurations and competing inter‐atomic exchange interactions. As a first approximation, the average fluctuation of the magnetisation in the metal atoms correlates linearly with the OER onset potential for the studied compositions. By linking the dynamics of the localised inner‐electron spins to the conduction spins through exchange interactions, we can predict that other perovskites, such as Sr2Fe0.75Co0.25MoO6, will be OER active at room temperature, as they have similar electronic properties to CCF and BSCF.