Form 10-K - CenterPoint Energy Sustainability

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UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-K(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMCommission file numberTORegistrant, State or Other Jurisdictionof Incorporation or OrganizationAddress of Principal Executive Offices, Zip Codeand Telephone NumberI.R.S. Employer Identification No.CenterPoint Energy, Inc.1-31447Houston,(713)(a Texas corporation)1111 LouisianaTexas207-111174-069441577002CenterPoint Energy Houston Electric, LLC1-3187(a Texas limited liability company)1111 CenterPoint Energy Resources Corp.1-13265Houston,(713)(a Delaware corporation)1111 LouisianaTexas207-111176-051140677002Securities registered pursuant to Section 12(b) of the Act:RegistrantTitle of each classCenterPoint Energy, Inc.Common Stock, 0.01 par valueCenterPoint Energy, Inc.Depositary shares, each representing a 1/20th interest in a share of 7.00% Series BMandatory Convertible Preferred Stock, 0.01 par value9.15% First Mortgage Bonds due 20216.95% General Mortgage Bonds due 20336.625% Senior Notes due 2037CenterPoint Energy Houston Electric, LLCCenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp.Securities registered pursuant to Section 12(g) of the Act:NoneTradingsymbol(s)CNPCNP/PBName of each exchange on whichregisteredNew York Stock ExchangeChicago Stock ExchangeNew York Stock Exchangen/an/an/aNew York Stock ExchangeNew York Stock ExchangeNew York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp. YesYesYesNo No No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp.Yes Yes Yes NoNoNo 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 theregistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp.YesYesYes No No No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp. YesYesYesNo No No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large acceleratedfiler”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reportingcompanyEmerging growthcompany CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLC CenterPoint Energy Resources Corp. 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 toSection 13(a) of the Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the SarbanesOxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp.YesYesYes No No No The aggregate market values of the voting stock held by non-affiliates of the Registrants as of June 30, 2020 are as follows:CenterPoint Energy, Inc. (using the definition of beneficial ownership contained in Rule 13d-3 promulgated pursuant to Securities Exchange Act of 1934 and excluding shares held bydirectors and executive officers)CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp. 10,142,624,694NoneNoneIndicate the number of shares outstanding of each of the issuers’ classes of common stock as of February 22, 2021:CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLCCenterPoint Energy Resources Corp.551,579,922 shares of common stock outstanding, excluding 166 shares held as treasury stock1,000 common shares outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.1,000 shares of common stock outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp. meet the conditions set forth in general instruction I(1)(a) and (b) of Form 10-K and are therefore filing this Form 10-K with the reduceddisclosure format specified in General Instruction I(2) of Form 10-K.DOCUMENTS INCORPORATED BY REFERENCEPortions of the definitive proxy statement relating to the 2020 Annual Meeting of Shareholders of CenterPoint Energy, which will be filed with the Securities and Exchange Commission within 120 days of December 31,2020, are incorporated by reference in Item 10, Item 11, Item 12, Item 13 and Item 14 of Part III of this Form 10-K.

TABLE OF CONTENTSPART IPageItem 1.Item 1A.Item 1B.Item 2.Item 3.Item 4.Item 5.Item 6.Item 7.Item 7A.Item 8.Item 9.Item 9A.Item 9B.Item 10.Item 11.Item 12.Item 13.Item 14.Item 15.Item 16.BusinessRisk FactorsUnresolved Staff CommentsPropertiesLegal ProceedingsMine Safety Disclosures12040414343PART IIMarket for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesSelected Financial DataManagement’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges in and Disagreements with Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationPART IIIDirectors, Executive Officers and Corporate GovernanceExecutive CompensationSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersCertain Relationships and Related Transactions, and Director IndependencePrincipal Accounting Fees and ServicesPART IVExhibits and Financial Statement SchedulesForm 10-K Summaryi4343448688189190192192193193193193194194

CASUAT&TAT&T CommonBailey to Jones Creek ProjectBcfBond CompaniesBond Company IIIBond Company IVCARES ActCCRCECACECLCEIPCenterPoint EnergyCERC Corp.CERCCERCLACESChange in Control PlanCharter CommonCIPCNGCNP MidstreamCodeCODMCommon StockCompensation CommitteeCOVID-19COVID-19 ERPCPPAffordable Clean EnergyAccumulated deferred federal income taxesAllowance for funds used during constructionAlcoa Generating Corporation, a subsidiary of Alcoa, Inc.Asset Management AgreementsAdvanced Metering InfrastructureAdvanced Metering SystemArkansas Public Service CommissionAverage rate assumption methodAsset retirement obligationAlternative revenue programAccounting Standards CodificationAccounting Standards UpdateAT&T Inc.AT&T common stockA transmission project in the greater Freeport, Texas area, which includes enhancements to two existingsubstations and the construction of a new 345 kV double-circuit line to be located in the counties of Brazoria,Matagorda and WhartonBillion cubic feetBond Company III, Bond Company IV and Restoration Bond Company, each a wholly-owned, bankruptcy remoteentity formed solely for the purpose of purchasing and owning transition or system restoration property throughthe issuance of Securitization BondsCenterPoint Energy Transition Bond Company III, LLC, a wholly-owned subsidiary of Houston ElectricCenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston ElectricCoronavirus Aid, Relief, and Economic Security ActCoal Combustion ResidualsClean Energy Cost AdjustmentCurrent expected credit lossesCenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp.CenterPoint Energy, Inc., and its subsidiariesCenterPoint Energy Resources Corp.CERC Corp., together with its subsidiariesComprehensive Environmental Response, Compensation and Liability Act of 1980, as amendedCenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-ownedsubsidiary of CERC Corp. until its divestiture on June 1, 2020CenterPoint Energy Change in Control Plan (As Amended and Restated Effective May 1, 2017)Charter Communications, Inc. common stockConservation Improvement ProgramCompressed natural gasCenterPoint Energy Midstream, Inc., a wholly-owned subsidiary of CenterPoint EnergyThe Internal Revenue Code of 1986, as amendedChief Operating Decision Maker, who is each Registrant’s Chief Operating ExecutiveCenterPoint Energy, Inc. common stock, par value 0.01 per shareCompensation Committee of the Board of Directors of CenterPoint EnergyNovel coronavirus disease 2019, and any mutations or variants thereof, and related global outbreak that wassubsequently declared a pandemic by the World Health OrganizationCOVID-19 Electricity Relief ProgramClean Power Planii

GLOSSARYCSIACVRDADCRFDodd-Frank ActDOTDRRDSMADthEBITDAECAEDF RenewablesEDITEECREECRFEEFCEEFREGTEINELGElk GP Merger SubElk Merger SubEnableEnable GPEnable MergerEnable Merger AgreementEnable Series A Preferred UnitsEnergy ServicesEnergy Services Disposal GroupEnergy TransferEnergy Transfer GPEnergy Transfer Series G Preferred UnitsEPAEPAct of 2005Equity Purchase AgreementERCOTERCOT ISOERISAEROCompliance and System Improvement AdjustmentConservation Voltage ReductionDistribution AutomationDistribution Cost Recovery FactorDodd-Frank Wall Street Reform and Consumer Protection Act of 2010U.S. Department of TransportationDistribution Replacement RiderDemand Side Management AdjustmentDekathermsEarnings before income taxes, depreciation and amortizationEnvironmental Cost AdjustmentEDF Renewables Development, Inc.Excess deferred income taxesEnergy Efficiency Cost RecoveryEnergy Efficiency Cost Recovery FactorEnergy Efficiency Funding ComponentEnergy Efficiency Funding RiderEnable Gas Transmission, LLCEmployer Identification NumberEffluent Limitation GuidelinesElk GP Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of EnergyTransferElk Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of EnergyTransferEnable Midstream Partners, LPEnable GP, LLC, a Delaware limited liability company and the general partner of EnableThe proposed merger of Elk Merger Sub with and into Enable and the merger of Elk GP Merger Sub with and intoEnable GP, in each case on the terms and subject to the conditions set forth in the Enable Merger Agreement, withEnable and Enable GP surviving as wholly-owned subsidiaries of Energy TransferAgreement and Plan of Merger by and among Energy Transfer, Elk Merger Sub LL, Elk GP Merger Sub, Enable,Enable GP and, solely for the purposes of Section 2.1(a)(i) therein, Energy Transfer GP, and solely for thepurposes of Section 1.1(b)(i) therein, CenterPoint EnergyEnable’s 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units, representinglimited partner interests in EnableOffered competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrialcustomers and electric and natural gas utilities through CES and CEIPSubstantially all of the businesses within CenterPoint Energy’s and CERC’s Energy Services reporting unit thatwere sold under the Equity Purchase AgreementEnergy Transfer LP, a Delaware limited partnershipLE GP, LLC, a Delaware limited liability company and sole general partner of Energy TransferEnergy Transfer Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred UnitsEnvironmental Protection AgencyEnergy Policy Act of 2005Equity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Symmetry EnergySolutions Acquisition (f/k/a Athena Energy Services Buyer, LLC)Electric Reliability Council of TexasERCOT Independent System OperatorEmployee Retirement Income Security Act of 1974Electric Reliability Organizationiii

GLOSSARYESGESPCFACFebruary 2021 Winter Storm EventFERCFIPFirst AmendmentFitchForm 10-QFPAFRPGHGGRIPGWhHLPSAHouston ElectricHVACIBEWICAICPAIDEMIndiana ElectricIndiana GasIndiana NorthIndiana SouthIndiana UtilitiesInfrastructure ServicesInfrastructure Services Disposal GroupInternal rger AgreementEnergy Systems Group, LLC, a wholly-owned subsidiary of VectrenEnergy Savings Performance ContractingFuel Adjustment ClauseThe extreme and unprecedented winter weather event in February 2021 resulting in electricity generation supplyshortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in theUnited States, primarily due to prolonged freezing temperatures.Federal Energy Regulatory CommissionFunding Improvement PlanFirst Amendment to the Change in Control Plan, effective March 1, 2021Fitch Ratings, Inc.Quarterly Report on Form 10-QFederal Power ActFormula Rate PlanGreenhouse gasesGas Reliability Infrastructure ProgramGigawatt-hoursHazardous Liquid Pipeline Safety Act of 1979CenterPoint Energy Houston Electric, LLC and its subsidiariesHeating, ventilation and air conditioningInternational Brotherhood of Electrical WorkersInterstate Commerce Act of 1887Inter-Company Power AgreementIndiana Department of Environmental ManagementOperations of SIGECO’s electric transmission and distribution services, and includes its power generating andwholesale power operationsIndiana Gas Company, Inc., a wholly-owned subsidiary of VectrenGas operations of Indiana GasGas operations of SIGECOIndiana Electric, Indiana North and Indiana South, collectivelyProvided underground pipeline construction and repair services through VISCO and its wholly-ownedsubsidiaries, Miller Pipeline, LLC and Minnesota Limited, LLCBusinesses within the Infrastructure Services reporting unit that were sold under the Securities PurchaseAgreementCERC’s contribution of its equity investment in Enable to CNP Midstream (detailed in Note 11 to the consolidatedfinancial statements)Integrated Resource PlanInternal Revenue ServiceIndiana Utility Regulatory CommissionKilovoltKilowattLocal Distribution CompanyLondon Interbank Offered RateLiquefied natural gasLouisiana Public Service CommissionLong-term incentive plansMISO Cost and Revenue AdjustmentThe merger of Merger Sub with and into Vectren on the terms and subject to the conditions set forth in the MergerAgreement, with Vectren continuing as the surviving corporation and as a wholly-owned subsidiary ofCenterPoint Energy, Inc., which closed on the Merger DateAgreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Subiv

GLOSSARYMerger DateMerger GWOPEIUOVECPBRCPHMSAPipes ActPowerTeam ServicesPRPsPSR AmendmentsPUCOPUCTRailroad CommissionRCRARCRA MechanismRegistrantsReliant EnergyREPRestoration Bond CompanyROEROUFebruary 1, 2019Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint EnergyCenterPoint Energy Mobile Energy Solutions, Inc., a wholly-owned subsidiary of CERC Corp.Manufactured gas plantMidcontinent Independent System OperatorMaster Limited PartnershipMillion cubic feetMoody’s Investors Service, Inc.2018 pension mortality improvement scale developed annually by the Society of Actuaries2019 pension mortality improvement scale developed annually by the Society of ActuariesMississippi Public Service CommissionMinnesota Public Utilities CommissionEnable Mississippi River Transmission, LLCMegavolt amperesMegawattNational Electrical Contractors AssociationNorth American Electric Reliability CorporationNatural Gas Act of 1938Natural gas liquidsNatural Gas Policy Act of 1978Natural Gas Pipeline Safety Act of 1968Net operating lossesNRG Energy, Inc.New York Stock ExchangeOklahoma Corporation CommissionOGE Energy Corp.Optical Ground WireOffice & Professional Employees International UnionOhio Valley Electric CorporationPerformance Based Rate ChangePipeline and Hazardous Materials Safety AdministrationProtecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2020PowerTeam Services, LLC, a Delaware limited liability company, now known as Artera Services, LLCPotentially responsible partiesFederal Pipeline Safety Regulations AmendmentsPublic Utilities Commission of OhioPublic Utility Commission of TexasRailroad Commission of TexasResource Conservation and Recovery Act of 1976Reliability Cost and Revenue Adjustment mechanismCenterPoint Energy, Houston Electric and CERC, collectivelyReliant Energy, IncorporatedRetail electric providerCenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston ElectricReturn on equityRight of usev

GLOSSARYRRARSPSECSESHSecurities Purchase AgreementSecuritization BondsSeries A Preferred StockSeries B Preferred StockSeries C Preferred StockSTIPSIGECOSOFRS&PSRCSymmetry Energy Solutions AcquisitionTBDTCJATCOSTCRFTDSICTDUTexas RETSCRUESCUSWUtility HoldingVCCVectrenVEDOVIEVISCOVistra Energy Corp.VRPVUHIVUSIZENSZENS-Related Securities2019 Form 10-KRate Regulation AdjustmentRate Stabilization PlanSecurities and Exchange CommissionSoutheast Supply Header, LLCSecurities Purchase Agreement, dated as of February 3, 2020, by and among VUSI, PowerTeam Services and,solely for purposes of Section 10.17 of the Securities Purchase Agreement, VectrenTransition and system restoration bondsCenterPoint Energy’s Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, parvalue 0.01 per share, with a liquidation preference of 1,000 per shareCenterPoint Energy’s 7.00% Series B Mandatory Convertible Preferred Stock, par value 0.01 per share, with aliquidation preference of 1,000 per shareCenterPoint Energy’s Series C Mandatory Convertible Preferred Stock, par value 0.01 per share, with aliquidation preference of 1,000 per shareShort-term Incentive PlanSouthern Indiana Gas and Electric Company, a wholly-owned subsidiary of VectrenSecured Overnight Financing RateS&P Global Ratings, a division of S&P Global Inc.Sales Reconciliation ComponentSymmetry Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a Athena EnergyServices Buyer, LLC) and subsidiary of Energy Capital Partners, LLCTo be determinedTax reform legislation informally called the Tax Cuts and Jobs Act of 2017Transmission Cost of ServiceTransmission Cost Recovery FactorTransmission, Distribution and Storage System Improvement ChargeTransmission and distribution utilityTexas Reliability EntityTax Savings Credit RiderUtility Energy Services ContractUnited Steelworkers UnionUtility Holding, LLC, a wholly-owned subsidiary of CenterPoint EnergyVectren Capital Corp., a wholly-owned subsidiary of VectrenVectren Corporation, a wholly-owned subsidiary of CenterPoint Energy as of the Merger DateVectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of VectrenVariable interest entityVectren Infrastructure Services Corporation, formerly a wholly-owned subsidiary of VectrenTexas-based energy company focused on the competitive energy and power generation markets, whose majorsubsidiaries include Luminant and TXU EnergyVoluntary Remediation ProgramVectren Utility Holdings, Inc., a wholly-owned subsidiary of VectrenVectren Utility Services, Inc., a wholly-owned subsidiary of Vectren2.0% Zero-Premium Exchangeable Subordinated Notes due 2029As of both December 31, 2020 and 2019, consisted of AT&T Common and Charter CommonAnnual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the SEC on February 27,2020, as recast in the Registrants’ Current Report on Form 8-K dated May 18, 2020, and filed with the SEC onMay 19, 2020vi

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONFrom time to time the Registrants make statements concerning their expectations, beliefs, plans, objectives, goals, strategies, future events or performanceand underlying assumptions and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of thePrivate Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generallyidentify forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,”“objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will” or other similar words.The Registrants have based their forward-looking statements on management’s beliefs and assumptions based on information reasonably available tomanagement at the time the statements are made. The Registrants caution you that assumptions, beliefs, expectations, intentions and projections about futureevents may and often do vary materially from actual results. Therefore, the Registrants cannot assure you that actual results will not differ materially fromthose expressed or implied by the Registrants’ forward-looking statements. In this Form 10-K, unless context requires otherwise, the terms “our,” “we” and“us” are used as abbreviated references to CenterPoint Energy, Inc. together with its consolidated subsidiaries, including Houston Electric, CERC and Vectren.Some of the factors that could cause actual results to differ from those expressed or implied by the Registrants’ forward-looking statements are describedunder “Risk Factors” in Item 1A and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Certain Factors AffectingFuture Earnings” and “ — Liquidity and Capital Resources — Other Matters — Other Factors That Could Affect Cash Requirements” in Item 7 of this report,which discussions are incorporated herein by reference.You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particularstatement, and the Registrants undertake no obligation to update or revise any forward-looking statements.SUMMARY OF RISK FACTORSAn investment in CenterPoint Energy’s securities involves a significant degree of risk. Below is a summary of certain risk factors to consider inevaluating CenterPoint Energy as well as its Common Stock and preferred stock. However, this list is not exhaustive. Before investing in CenterPoint Energy,carefully consider the risk factors discussed or referenced below and in Item 1A. “Risk Factors” of this combined report on Form 10-K. If any of the risksdiscussed below and in Item 1A. “Risk Factors” were actually to occur, CenterPoint Energy’s, Houston Electric’s and CERC’s business, financial condition,results of operations or cash flows could be materially adversely affected. In that case, CenterPoint Energy might not be able to pay dividends on its CommonStock or preferred stock, or the trading price of its Common Stock or preferred stock could decline.Risk Factors Associated with Our Consolidated Financial Condition If we are unable to arrange future financings on acceptable terms, our ability to finance our capital expenditures or refinance outstandingindebtedness could be limited.If CenterPoint Energy redeems the ZENS prior to their maturity in 2029, its ultimate tax liability and redemption payments would result in significantcash payments, which would adversely impact its cash flows. Similarly, a significant amount of exchanges of ZENS by ZENS holders couldadversely impact CenterPoint Energy’s cash flows.Dividend requirements associated with CenterPoint Energy’s Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock subjectit to certain risks.Risk Factors Affecting Electric Generation, Transmission and Distribution Businesses (CenterPoint Energy and Houston Electric) Rate regulation of Houston Electric’s and Indiana Electric’s businesses may delay or deny their ability to earn an expected return and fully recovertheir costs.Disruptions at power generation facilities owned by third parties or directives issued by regulatory authorities could interrupt Houston Electric’s salesof transmission and distribution services.Indiana Electric’s execution of its generation transition plan, including its IRP, and its regulated power supply operations are subject to various risks,including timely recovery of capital investments, increased costs and facility outages or shutdowns.Houston Electric and Indiana Electric, as a member of ERCOT and MISO, respectively, could be subject to higher costs for system improvements, aswell as fines or other sanctions as a result of FERC mandatory reliability standards.vii

Houston Electric’s receivables are primarily concentrated in a small number of REPs, and any delay or default in such payments could adverselyaffect Houston Electric’s cash flows, financial condition and results of operations.In connection with the February 2021 Winter Storm Event, there have been calls for reform of the Texas electric market, which, if implemented,could have material adverse impacts on Houston Electric.Risk Factors Affecting Natural Gas’ Business (CenterPoint Energy and CERC) Rate regulation of Natural Gas may delay or deny its ability to earn an expected return and fully recover its costs.Access to natural gas supplies and pipeline transmission and storage capacity are essential components of reliable service for Natural Gas’ customers.Natural Gas is subject to fluctuations in notional natural gas prices, which could affect the ability of its suppliers and customers to meet theirobligations or otherwise adversely affect CERC’s liquidity, results of operations and financial condition.A decline in CERC’s credit rating could result in CERC having to provide collateral under its shipping arrangements or to purchase natural gas,which consequently would increase its cash requirements and adversely affect its financial condition.Natural Gas must compete with alternate energy sources, which could result in less natural gas delivered and have an adverse impact on CERC’sresults of operations, financial condition and cash flows.Risk Factors Affecting ESG’s Business (CenterPoint Energy) ESG’s business has performance and warranty obligations, some of which are guaranteed by CenterPoint Energy.Risk Factors Affecting Our Businesses and/or CenterPoint Energy’s Interests in Enable Midstream Partners, LP We are subject to operational and financial risks and liabilities arising from environmental laws and regulations, including regulation of CCR andclimate change legislation as well as other risks related to the implementation of our carbon emissions reduction targets. We could also experiencereduced demand for our services, including certain local initiatives to prohibit new natural gas service and increase electrification initiatives.The February 2021 Winter Storm Event has caused severe disruptions to our customers and our markets in certain of our jurisdictions and could havea material adverse impact to our financial condition, results of operations, cash flows and liquidity.CenterPoint Energy may be unable to effectively complete the integration of the businesses acquired in the Merger, including the integration oftechnology systems, for which significant time and resources have been allocated thereto.Our revenues and results of operations are seasonal.Climate changes could adversely impact financial results from our businesses and result in more frequent and more severe weather events that couldadversely affect our results of operations.Aging infrastructure may lead to increased costs and disruptions in operations that could negatively impact our financial results.Our businesses will continue to have to adapt to technological change and may not be successful or may have to incur significant expenditures toadapt to technological change.We are exposed to risks related to reduction in energy consumption due to factors such as unfavorable economic conditions in our service territoriesand changes in customers’ perceptions from incidents of other utilities involving natural gas pipelines.Risk Factors Affecting CenterPoint Energy’s Interests in Enable Midstream Partners, LP (CenterPoint Energy) CenterPoint Energy’s cash flows will be adversely impacted if it receives less cash distributions from Enable than it currently expects, whether as aresult of Enable’s performance or otherwise, or if it reduces its ownership in Enable.We cannot be certain of the precise value of any merger consideration we may receive in the Enable Merger because the exchange ratio is fixed andthe market price of Energy Transfer’s common units may fluctuate.General Risk Factors Affecting Our Businesses and/or CenterPoint Energy’s Interests in Enable Midstream Partners,

1-31447 CenterPoint Energy, Inc. 74-0694415 (a Texas corporation) 1111 Louisiana Houston, Texas 77002 (713) 207-1111 1-3187 CenterPoint Energy Houston Electric, LLC 22-3865106 (a Texas limited liability company) 1111 Louisiana Houston, Texas 77002 (713) 207-1111 1-13265 CenterPoint Energy Resources Corp. 76-0511406 (a Delaware corporation) 1111 .

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2016 Commercial Standard Offer Program CenterPoint Energy Section 1 - 8 - 1.3 Program Goals While the main goal of the program is to reduce peak demand at CenterPoint Energy distribution customer sites and reach the demand reduction goals established by Senate Bill 1125 there are secondary program goals that are reflected in the program rules .

EXECUTIVE SUMMARY James S. Brian is the Senior Vice President and Chief Accounting Officer of Centerpoint Energy, Inc. and Centerpoint Energy Houston Electric, LLC (“Centerpoint Houston”). Mr. Brian’s rebuttal testimony focuses

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