CNP 8-K
Centerpoint Energy Inc (CNP)
8-K
2024-08-28
For: 2024-08-28
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Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 28, 2024
| Registrant, State or Other Jurisdiction of Incorporation or Organization | ||||||||||||||
| Commission file number | Address of Principal Executive Offices, Zip Code and Telephone Number | I.R.S. Employer Identification No. | ||||||||||||
| (a Texas corporation) | ||||||||||||||
| (a Texas limited liability company) | ||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
| CenterPoint Energy, Inc. | |||||||||||
| NYSE Chicago | |||||||||||
| CenterPoint Energy Houston Electric, LLC | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events.
In August 2024, CenterPoint Energy Houston Electric, LLC (“Houston Electric”), an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc. (the “Company”), announced its Greater Houston Resiliency Initiative (“GHRI”), which includes a series of targeted actions to improve the resiliency of Houston Electric’s electric grid this hurricane season. On August 28, 2024, Houston Electric announced the completion of core resiliency actions as part of the first phase of its GHRI, which included certain vegetation management and pole installation goals. Additionally, Houston Electric announced a new series of resiliency actions, including (1) a second phase of GHRI, which will include actions strengthening grid resiliency, improving public and customer communications and strengthening local, community and emergency partnerships; and (2) a longer-term proposal, for approximately $5 billion in resiliency investment from 2026 to 2028, which Houston Electric intends to include in a new system resiliency plan that is expected to be filed with the Public Utility Commission of Texas on or before January 31, 2025 following feedback from customers, external experts and other stakeholders, including elected officials and local agencies.
The Company also announced its proposal to forego approximately $110 million of profit related to its storm hardening and temporary emergency generation efforts, which will be represented by two components. First, Houston Electric intends to absorb approximately $70 million in incremental storm hardening expenses incurred in connection with accelerated operational activities after Hurricane Beryl. Second, Houston Electric does not intend to file in future years beginning in 2028 for approximately $40 million in anticipated equity profit associated with load-shed oriented temporary emergency generation leased by Houston Electric through the remaining regulatory life of the leases in 2032 as new dispatchable generation comes online in the state of Texas as a result of the Texas Energy Fund.
Item 7.01 Regulation FD Disclosure.
On August 28, 2024, the Company issued a press release announcing certain of the matters described in Item 8.01. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information provided in this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
The Company reaffirms its previously announced non-GAAP earnings guidance.
Forward-Looking Statements
This Current Report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding our resiliency investments, timing, forgoing profits and related matters, are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of pandemics, including the COVID-19 pandemic; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; and (5) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and CenterPoint's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT NUMBER | EXHIBIT DESCRIPTION | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CENTERPOINT ENERGY, INC. | ||||||||
| Date: August 28, 2024 | By: | /s/ Kristie L. Colvin | ||||||
| Kristie L. Colvin | ||||||||
| Senior Vice President and Chief Accounting Officer | ||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | ||||||||
| Date: August 28, 2024 | By: | /s/ Kristie L. Colvin | ||||||
| Kristie L. Colvin | ||||||||
| Senior Vice President and Chief Accounting Officer | ||||||||
For Immediate Release For more information, contact: Communications [email protected] CenterPoint Energy Completes Greater Houston Resiliency Initiative (GHRI) Core Resiliency Actions and Announces Bold Series of Additional Resiliency Actions, Including $5 Billion in Proposed Investments Proposal reflects largest investment in Greater Houston infrastructure in the company’s nearly 160-year history and includes a proposal to forego $110 million in profits Houston – Aug. 28, 2024 – CenterPoint Energy today announced the completion, ahead of schedule, of core resiliency actions as part of the first phase of its Greater Houston Resiliency Initiative (GHRI) – which included a series of targeted actions to improve the resiliency of CenterPoint Houston Electric’s grid this hurricane season. In addition, in a letter to lawmakers, the company also announced the boldest series of resiliency actions in its history, including: (1) a second phase of GHRI, which will include system hardening, strategic undergrounding, self- healing grid technology and further enhancements to the company’s outage tracker; and (2) a longer-term proposal – which will be filed after discussions with stakeholders, elected officials, and customers – of approximately $5 billion in resiliency investment from 2026 to 2028, potentially doubling its prior planned investment. “We have heard the call to action from our customers and elected officials, and we are responding with bold actions. Our defining goal, going forward, is this: to build the most resilient coastal grid in the country that can better withstand the extreme weather of the future. To achieve this ambition, we will undertake a historic level of resiliency actions and investment, because this is what the people of the Greater Houston area expect and deserve,” said Jason Wells, CenterPoint President and CEO. CenterPoint’s Plan of Action CenterPoint’s resiliency plans include a series of immediate, near- and longer-term actions, some of which the company has already begun, including the immediate first phase of GHRI. Immediate Actions: Completed Ahead of Schedule CenterPoint undertook a series of actions as part of the first phase of its GHRI to immediately strengthen the electric system and address heightened risks posed by the current hurricane season. During this phase, more than 2,500 employees and contractors were mobilized and, as of August 27, the company has successfully completed all three core resiliency actions ahead of schedule, including: • Installing more than 300 automation devices to help reduce the impact of outages during storms; (completed on 08/11/24) • Installing more than 1,000 stronger poles that can withstand more powerful winds (completed on 08/20/24); and
For Immediate Release For more information, contact: Communications [email protected] • Trimming and/or removing hazardous vegetation from more than 2,000 miles of power lines (completed on 08/27/2024) In addition to this immediate resiliency work, CenterPoint has completed 39 of the 42 critical actions previously identified as part of its broader GHRI plan. To learn more about this immediate phase of progress, please visit CenterPointEnergy.com/TakingAction. Near-Term Actions (September 1 to June 1, 2025) CenterPoint will launch the near-term phase of its resiliency actions on September 1, which will include additional actions to further: 1) strengthen grid resiliency, 2) improve public and customer communications and 3) strengthen local, community and emergency partnerships in preparation for this winter and before the 2025 hurricane season. Actions, such as further hardening of the grid, a year-round campaign on safety, and joint preparedness exercises with local emergency management offices, are outlined in the attached letter to lawmakers. The company will provide a more detailed work plan and schedule for this second phase of actions by September 30. Longer-Term Actions (2026-2028) As part of its longer-term strategy, CenterPoint will also propose investing approximately $5 billion from 2026 to 2028 – the largest investment in Greater Houston infrastructure in the company’s nearly 160-year history. The mission of this longer-term plan of action is to build the most resilient coastal grid in the country by investing in a smarter grid of the future that can better withstand a broad spectrum of risks. The proposal, and the entire scope of these actions will be outlined in a new system resiliency plan that is expected to be filed with the Public Utility Commission of Texas on or before January 31, 2025. The new system resiliency plan will be shaped by feedback from customers, external experts, and other stakeholders, including elected officials and local agencies. Addressing Temporary Emergency Generation Concerns In its letter to lawmakers, the company also committed to evaluating the role of large-scale temporary emergency generation and apologized to lawmakers for not communicating more clearly to them about the cost and the limitations of such large-scale units as it worked to find solutions and protect Texans from the devastating impacts of extreme winter weather in the months following Winter Storm Uri. CenterPoint is undertaking a series of actions to address this issue, including a proposal to forego approximately $110 million in profit, which is equivalent to more than half of the equity earnings from the company’s lease of temporary emergency generation.
For Immediate Release For more information, contact: Communications [email protected] Reinforcing Commitment to Customer Affordability CenterPoint remains committed to affordability, as reflected by the fact that customer rates that pay for the Transmission & Distribution system have remained relatively flat over the past 10 years. CenterPoint will continue to prioritize affordability, including by conducting an independent third-party assessment of the benefits and costs of these longer-term investments. Additional details on CenterPoint’s actions are outlined in the attached letter sent to elected officials today. ### About CenterPoint Energy, Inc. As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com. Forward-looking Statements This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding our resiliency investments, timing, forgoing profits and related matters, are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward- looking statements. Any statements in this news release regarding future events that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of pandemics, including the COVID-19 pandemic; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; and (5) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and CenterPoint's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
