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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 10-Q
| | | | | |
(Mark One) |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| |
For the quarterly period ended September 30, 2024
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 1-31447
CenterPoint Energy, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Texas | | 74-0694415 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| |
1111 Louisiana | Houston | Texas | 77002 |
(Address of Principal Executive Offices) | | (Zip Code) |
(713) 207-1111
Registrant's telephone number, including area code
Commission file number 1-3187
CenterPoint Energy Houston Electric, LLC
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Texas | | 22-3865106 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| |
1111 Louisiana | Houston | Texas | 77002 |
(Address of Principal Executive Offices) | | (Zip Code) |
(713) 207-1111
Registrant's telephone number, including area code
Commission file number 1-13265
CenterPoint Energy Resources Corp.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Delaware | | 76-0511406 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| |
1111 Louisiana | Houston | Texas | 77002 |
(Address of Principal Executive Offices) | | (Zip Code) |
(713) 207-1111
Registrant's telephone number, including area code
| | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Registrant | Title of each class | Trading Symbol | Name of each exchange on which registered |
CenterPoint Energy, Inc. | Common Stock, $0.01 par value | CNP | New York Stock Exchange |
| | | NYSE Chicago |
CenterPoint Energy Houston Electric, LLC | 6.95% General Mortgage Bonds due 2033 | n/a | New York Stock Exchange |
CenterPoint Energy Resources Corp. | 6.625% Senior Notes due 2037 | n/a | New York Stock Exchange |
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.
| | | | | | | | | | | | | | | | | |
CenterPoint Energy, Inc. | Yes | þ | | No | o |
CenterPoint Energy Houston Electric, LLC | Yes | þ | | No | o |
CenterPoint Energy Resources Corp. | Yes | þ | | No | o |
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 12 months (or for such shorter period that the registrant was required to submit such files).
| | | | | | | | | | | | | | | | | |
CenterPoint Energy, Inc. | Yes | þ | | No | o |
CenterPoint Energy Houston Electric, LLC | Yes | þ | | No | o |
CenterPoint Energy Resources Corp. | Yes | þ | | No | o |
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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
CenterPoint Energy, Inc. | þ | o | o | ☐ | ☐ |
CenterPoint Energy Houston Electric, LLC | o | o | þ | ☐ | ☐ |
CenterPoint Energy Resources Corp. | o | o | þ | ☐ | ☐ |
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
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| | | | | | | | | | | | | | | | | |
CenterPoint Energy, Inc. | Yes | ☐ | | No | þ |
CenterPoint Energy Houston Electric, LLC | Yes | ☐ | | No | þ |
CenterPoint Energy Resources Corp. | Yes | ☐ | | No | þ |
Indicate the number of shares outstanding of each of the issuers’ classes of common stock as of October 21, 2024:
| | | | | | | | |
CenterPoint Energy, Inc. | 651,727,276 | shares of common stock outstanding, excluding 166 shares held as treasury stock |
CenterPoint Energy Houston Electric, LLC | 1,000 | common shares outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc. |
CenterPoint Energy Resources Corp. | 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 Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.
TABLE OF CONTENTS
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PART I. | | FINANCIAL INFORMATION | |
Item 1. | | | |
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Item 2. | | | |
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| | Consolidated Results of Operations | |
| | Results of Operations by Reportable Segment | |
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Item 3. | | | |
Item 4. | | | |
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PART II. | | OTHER INFORMATION | |
Item 1. | | | |
Item 1A. | | | |
Item 5. | | | |
Item 6. | | | |
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GLOSSARY |
ACE | | Affordable Clean Energy |
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AFUDC | | Allowance for funds used during construction |
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ALJ | | Administrative Law Judge |
AMA | | Asset Management Agreement |
Arevon | | Arevon Energy, Inc., which was formed through the combination of Capital Dynamics, Inc.’s U.S. Clean Energy Infrastructure business unit and Arevon Asset Management |
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ARO | | Asset retirement obligation |
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ARP | | Alternative revenue program |
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ASC | | Accounting Standards Codification |
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ASU | | Accounting Standards Update |
AT&T Common | | AT&T Inc. common stock |
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ATM Forward Purchasers | | Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA plc and Royal Bank of Canada |
ATM Forward Sellers | | BofA Securities, Inc. Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and RBC Capital Markets, LLC |
ATM Managers | | BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and RBC Capital Markets, LLC |
Bcf | | Billion cubic feet |
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Bond Companies | | Bond Company IV and Restoration Bond Company, each a wholly-owned, bankruptcy remote entity formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds |
Bond Company IV | | CenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric |
BTA | | Build Transfer Agreement |
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CAMT | | Corporate Alternative Minimum Tax |
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CCN | | Certificate of Convenience and Necessity |
CCR | | Coal Combustion Residuals |
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CECA | | Clean Energy Cost Adjustment |
CEIP | | CenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp. |
CenterPoint Energy | | CenterPoint Energy, Inc., and its subsidiaries |
CEOH | | Vectren Energy Delivery of Ohio, LLC, doing business as CenterPoint Energy Ohio, which converted its corporate structure from Vectren Energy Delivery of Ohio, Inc. to an Ohio limited liability company on June 13, 2022, formerly a wholly-owned subsidiary of Vectren, acquired by CERC on June 30, 2022 |
CEP | | Capital Expenditure Program |
CERC | | CERC Corp., together with its subsidiaries |
CERC Corp. | | CenterPoint Energy Resources Corp. |
CES | | CenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp. |
Charter Common | | Charter Communications, Inc. common stock |
CIP | | Conservation Improvement Program |
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CODM | | Chief Operating Decision Maker, who is each Registrant’s Chief Operating Executive |
Common Stock | | CenterPoint Energy, Inc. common stock, par value $0.01 per share |
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Convertible Notes | | CenterPoint Energy’s 4.25% Convertible Senior Notes due 2026 |
Convertible Notes Indenture | | Indenture dated as of August 4, 2023 by and between CenterPoint Energy and The Bank of New York Mellon Trust Company, National Association, as trustee |
COVID-19 | | Novel coronavirus disease 2019, and any mutations or variants thereof, and related global outbreak that was subsequently declared a pandemic by the World Health Organization |
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CPCN | | Certificate of Public Convenience and Necessity |
CPP | | Clean Power Plan |
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CSIA | | Compliance and System Improvement Adjustment |
DCRF | | Distribution Cost Recovery Factor |
DOC | | U.S. Department of Commerce |
DRR | | Distribution Replacement Rider |
DSMA | | Demand Side Management Adjustment |
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GLOSSARY |
ECA | | Environmental Cost Adjustment |
EDF Renewables | | EDF Renewables Development, Inc. |
EDIT | | Excess deferred income taxes |
EECR | | Energy Efficiency Cost Recovery |
EECRF | | Energy Efficiency Cost Recovery Factor |
EEFC | | Energy Efficiency Funding Component |
EEFR | | Energy Efficiency Funding Rider |
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Energy Systems Group | | Energy Systems Group, LLC, previously a wholly-owned subsidiary of Vectren |
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EPA | | Environmental Protection Agency |
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Equity Distribution Agreement | | Equity Distribution Agreement, dated as of January 10, 2024, by and between CenterPoint Energy, the ATM Managers, the ATM Forward Purchasers and the ATM Forward Sellers |
Equity Purchase Agreement | | Equity Purchase Agreement, dated as of May 21, 2023, by and between Vectren Energy Services and ESG Holdings Group |
ERCOT | | Electric Reliability Council of Texas |
ESG Holdings Group | | ESG Holdings Group, LLC, a Delaware limited liability company, and an affiliate of Oaktree Capital Management |
Exchange Act | | The Securities Exchange Act of 1934, as amended |
February 2021 Winter Storm Event | | The extreme and unprecedented winter weather event in February 2021 (Winter Storm Uri) that resulted in electricity generation supply shortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures |
FASB | | Financial Accounting Standards Board |
FERC | | Federal Energy Regulatory Commission |
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Fitch | | Fitch Ratings, Inc. |
Form 10-Q | | Quarterly Report on Form 10-Q |
General Mortgage | | General Mortgage Indenture, dated as of October 10, 2002, between Houston Electric and JPMorgan Chase Bank, as Trustee, as supplemented |
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GHG | | Greenhouse gases |
GHRI | | The Greater Houston Resiliency Initiative, which was announced by Houston Electric in August 2024 and includes targeted actions to improve the resiliency of Houston Electric’s electric grid, as well as improve customer communications and community partnerships |
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GRIP | | Gas Reliability Infrastructure Program |
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GWh | | Gigawatt-hours |
Houston Electric | | CenterPoint Energy Houston Electric, LLC and its subsidiaries |
Hurricane Beryl | | The powerful and destructive storm that made landfall in Texas on July 8, 2024 and caused widespread damage to Houston Electric’s electric system |
IAS | | International Accounting Standards |
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IDEM | | Indiana Department of Environmental Management |
Indiana Electric | | Operations of SIGECO’s electric transmission and distribution services, and includes its power generating and wholesale power operations |
Indiana Gas | | Indiana Gas Company, Inc., formerly a wholly-owned subsidiary of Vectren, acquired by CERC on June 30, 2022 |
Indiana North | | Gas operations of Indiana Gas |
Indiana South | | Gas operations of SIGECO |
Indiana Utilities | | The combination of Indiana Electric, Indiana North and Indiana South |
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Interim Condensed Financial Statements | | Unaudited condensed consolidated interim financial statements and combined notes |
IRA | | Inflation Reduction Act of 2022 |
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IRP | | Integrated Resource Plan |
IRS | | Internal Revenue Service |
IURC | | Indiana Utility Regulatory Commission |
Junior Subordinated Notes Indenture | | Junior Subordinated Indenture, dated as of August 14, 2024, between CenterPoint Energy and The Bank of New York Mellon Trust Company , National Association, as trustee, as supplemented by the Supplemental Indenture to the Junior Subordinated Indenture, dated as of August 14, 2024, between CenterPoint Energy and the trustee |
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kV | | Kilovolt |
LAMS Asset Purchase Agreement | | Asset Purchase Agreement, dated as of February 19, 2024, by and among CERC Corp. and the LAMS Buyers |
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GLOSSARY |
LAMS Buyers | | Delta Utilities No. LA, LLC, a Delaware limited liability company, Delta Utilities S. LA, LLC, a Delaware limited liability company, Delta Utilities MS, LLC, a Delaware limited liability company, and Delta Shared Services Co., LLC, a Delaware limited liability company |
LDC | | Local distribution company |
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LPSC | | Louisiana Public Service Commission |
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M&DOT | | Mortgage and Deed of Trust, dated November 1, 1944, between Houston Lighting and Power Company and Chase Bank of Texas, National Association (formerly, South Texas Commercial National Bank of Houston), as Trustee, as amended and supplemented |
MDL | | Multi-district litigation |
May 2024 Storm Events | | The sudden and destructive severe weather events in May 2024 that included hurricane-like winds and tornadoes and resulted in widespread damage to Houston Electric’s electric delivery system |
Merger | | The merger of Merger Sub with and into Vectren on the terms and subject to the conditions set forth in the Merger Agreement, with Vectren continuing as the surviving corporation and as a wholly-owned subsidiary of CenterPoint Energy, Inc. |
Merger Agreement | | Agreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub |
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Merger Sub | | Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy |
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MGP | | Manufactured gas plant |
MISO | | Midcontinent Independent System Operator |
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MMBtu | | One million British thermal units |
Moody’s | | Moody’s Investors Service, Inc. |
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MPSC | | Mississippi Public Service Corporation |
MPUC | | Minnesota Public Utilities Commission |
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MW | | Megawatt |
NERC | | North American Electric Reliability Corporation |
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NOLs | | Net operating losses |
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NRG | | NRG Energy, Inc. |
NYSE | | New York Stock Exchange |
Oriden | | Oriden LLC |
Origis | | Origis Energy USA Inc. |
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OUCC | | Indiana Office of Utility Consumer Counselor |
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Posey Solar | | Posey Solar, LLC, a special purpose entity |
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PPA | | Power Purchase Agreement |
PRPs | | Potentially responsible parties |
PTCs | | Production Tax Credits |
PUCO | | Public Utilities Commission of Ohio |
PUCT | | Public Utility Commission of Texas |
Railroad Commission | | Railroad Commission of Texas |
RCRA | | Resource Conservation and Recovery Act of 1976 |
Registrants | | CenterPoint Energy, Houston Electric and CERC, collectively |
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REP | | Retail electric provider |
Restoration Bond Company | | CenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston Electric |
Restructuring | | CERC Corp.’s common control acquisition of Indiana Gas and CEOH from VUH on June 30, 2022 |
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ROE | | Return on equity |
ROU | | Right of use |
RRA | | Rate Regulation Adjustment |
RSP | | Rate Stabilization Plan |
S&P | | S&P Global Ratings |
Scope 1 emissions | | Direct source of emissions from a company’s operations |
Scope 2 emissions | | Indirect source of emissions from a company’s energy usage |
Scope 3 emissions | | Indirect source of emissions from a company’s end-users |
SEC | | Securities and Exchange Commission |
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GLOSSARY |
Securitization Bonds | | Transition and system restoration bonds issued by the Bond Companies and SIGECO Securitization Bonds issued by the SIGECO Securitization Subsidiary |
Series A Preferred Stock | | CenterPoint Energy’s Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share |
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SIGECO | | Southern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren |
SIGECO Securitization Bonds | | SIGECO Securitization Subsidiary’s Series 2023-A Senior Secured Securitization Bonds |
SIGECO Securitization Subsidiary | | SIGECO Securitization I, LLC, a direct, wholly-owned subsidiary of SIGECO |
SOFR | | Secured Overnight Financing Rate |
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SRC | | Sales Reconciliation Component |
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TBD | | To be determined |
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TCJA | | Tax reform legislation informally called the Tax Cuts and Jobs Act of 2017 |
TCOS | | Transmission Cost of Service |
TCRF | | Transmission Cost Recovery Factor |
TDSIC | | Transmission, Distribution and Storage System Improvement Charge |
TDU | | Transmission and distribution utility |
TEEEF | | Assets leased or costs incurred as “temporary emergency electric energy facilities” under the Public Utility Regulatory Act Section 39.918, also referred to as temporary generation |
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Topic 326 | | Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
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Utility Holding | | Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy |
Vectren | | Vectren, LLC, which converted its corporate structure from Vectren Corporation to a limited liability company on June 30, 2022, a wholly-owned subsidiary of CenterPoint Energy as of February 1, 2019 |
Vectren Energy Services | | Vectren Energy Services Corporation, an Indiana corporation and a wholly-owned subsidiary of CenterPoint Energy |
VIE | | Variable interest entity |
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Vistra Energy Corp. | | Texas-based energy company focused on the competitive energy and power generation markets |
VRP | | Voluntary Remediation Program |
VUH | | Vectren Utility Holdings, LLC, which converted its corporate structure from Vectren Utility Holdings, Inc. to a limited liability company on June 30, 2022, a wholly-owned subsidiary of Vectren |
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WBD Common | | Warner Bros. Discovery, Inc. Series A common stock |
Winter Storm Elliott | | From December 21 to 26, 2022, a historic extratropical cyclone created winter storm conditions, including blizzards, high winds, snowfall and record cold temperatures across the majority of the United States and parts of Canada |
ZENS | | 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 |
ZENS-Related Securities | | As of September 30, 2024 and December 31, 2023, consisted of AT&T Common, Charter Common and WBD Common |
2023 Form 10-K | | Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on February 20, 2024 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
From time to time the Registrants make statements concerning their expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify 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 to management at the time the statements are made. The Registrants caution you that assumptions, beliefs, expectations, intentions and projections about future events may and often do vary materially from actual results. Therefore, the Registrants cannot assure you that actual results will not differ materially from those expressed or implied by the Registrants’ forward-looking statements. In this Form 10-Q, 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 SIGECO.
The following are some of the factors that could cause actual results to differ from those expressed or implied by the Registrants’ forward-looking statements and apply to all Registrants unless otherwise indicated:
•CenterPoint Energy’s business strategies and strategic initiatives, restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including the announced sale of our Louisiana and Mississippi natural gas LDC businesses, and the completed sale of Energy Systems Group, which we cannot assure will have the anticipated benefits to us;
•industrial, commercial and residential growth in our service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns;
•our ability to fund and invest planned capital and the timely recovery of our investments, including the timing of and amounts sought for those related to Indiana Electric’s generation transition plan as part of its IRPs and Houston Electric’s GHRI and longer-term resiliency plans;
•our ability to successfully construct, operate, repair and maintain electric generating facilities, natural gas facilities, TEEEF and electric transmission facilities, including complying with applicable environmental standards and the implementation of a well-balanced energy and resource mix, as appropriate;
•timely and appropriate rate actions that allow and authorize timely recovery of costs and a reasonable return on investment, including the timing of and amounts sought for recovery of Houston Electric’s TEEEF leases and restoration costs relating to the May 2024 Storm Events and Hurricane Beryl, and requested or favorable adjustments to rates and approval of other requested items as part of base rate proceedings;
•economic conditions in regional and national markets, including changes to inflation and interest rates, and their effect on sales, prices and costs;
•weather variations and other natural phenomena, including the impact of severe weather events on operations, capital, legislation and/or regulations, such as seen in connection with the February 2021 Winter Storm Event, the May 2024 Storm Events and Hurricane Beryl;
•volatility in the markets for natural gas as a result of, among other factors, armed conflicts, including the conflict in the Middle East and any broader related conflict, and the conflict in Ukraine, and the related sanctions on certain Russian entities;
•disruptions to the global supply chain, including volatility in commodity prices, and tariffs and other legislation impacting the supply chain, that could prevent CenterPoint Energy from securing the resources needed to, among other things, fully execute on its 10-year capital plan or achieve its net zero and carbon emissions reduction goals;
•non-payment for our services due to financial distress of our customers and the ability of our customers, including REPs, to satisfy their obligations to CenterPoint Energy, Houston Electric, and CERC, and the negative impact on such ability related to adverse economic conditions and severe weather events;
•public health threats and their effect on our operations, business and financial condition, our industries and the communities we serve, U.S. and world financial markets and supply chains, potential regulatory actions and changes in customer and stakeholder behavior relating thereto;
•state and federal legislative and regulatory actions or developments affecting various aspects of our businesses, including, among others, any actions resulting from the May 2024 Storm Events and/or Hurricane Beryl, energy deregulation or re-regulation, pipeline integrity and safety and changes in regulation and legislation pertaining to trade, health care, finance and actions regarding the rates charged by our regulated businesses;
•our ability to execute Houston Electric’s GHRI and longer-term resiliency plans;
•direct or indirect effects on our facilities, resources, operations and financial condition resulting from terrorism, cyberattacks or intrusions, data security breaches or other attempts to disrupt our businesses or the businesses of third
parties, or other catastrophic events such as fires, ice, earthquakes, explosions, leaks, floods, droughts, hurricanes, tornadoes and other severe weather events, pandemic health events or other occurrences;
•risks relating to potential wildfires, including costs of potential regulatory penalties and damages in excess of insurance liability coverage;
•tax legislation, including the effects of the IRA (which includes but is not limited to any potential changes to tax rates, CAMT imposed, tax credits and/or interest deductibility), as well as any changes in tax laws under the current or future administrations, and uncertainties involving state commissions’ and local municipalities’ regulatory requirements and determinations regarding the treatment of EDIT and our rates;
•our ability to mitigate weather impacts through normalization or rate mechanisms, and the effectiveness of such mechanisms;
•actions by credit rating agencies, including any potential downgrades to credit ratings;
•matters affecting regulatory approval, legislative actions, construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or cancellation or in costs that cannot be recouped in rates;
•local, state and federal legislative and regulatory actions or developments relating to the environment, including, among others, those related to global climate change, air emissions, carbon, waste water discharges and the handling and disposal of CCR that could impact operations, cost recovery of generation plant costs and related assets, and CenterPoint Energy’s net zero and carbon emissions reduction goals;
•the impact of unplanned facility outages or other closures;
•the sufficiency of our insurance coverage, including availability, cost, coverage and terms and ability to recover claims;
•the availability and prices of raw materials and services and changes in labor for current and future construction projects and operations and maintenance costs, including our ability to control such costs;
•impacts from CenterPoint Energy’s pension and postretirement benefit plans, such as the investment performance and increases to net periodic costs as a result of plan settlements and changes in assumptions, including discount rates;
•changes in interest rates and their impact on costs of borrowing and the valuation of CenterPoint Energy’s pension benefit obligation;
•commercial bank and financial market conditions, including disruptions in the banking industry, our access to capital, the cost of such capital, impacts on our vendors, customers and suppliers, and the results of our financing and refinancing efforts, including availability of funds in the debt capital markets;
•inability of various counterparties to meet their obligations to us;
•the extent and effectiveness of our risk management activities;
•timely and appropriate regulatory actions, which include actions allowing requested securitization, for any hurricanes or other severe weather events, such as the May 2024 Storm Events and Hurricane Beryl, or natural disasters or other amounts sought for recovery of costs, including stranded coal-fired generation asset costs;
•acquisition and merger or divestiture activities involving us or our industry, including the ability to successfully complete merger, acquisition and divestiture plans on the timelines we expect or at all, such as the proposed sale of our Louisiana and Mississippi natural gas LDC businesses;
•our ability to recruit, effectively transition, motivate and retain management and key employees and maintain good labor relations;
•changes in technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative sources of generation, and their adoption by consumers;
•the impact of climate change and alternate energy sources on the demand for natural gas and electricity generated or transmitted by us;
•the timing and outcome of any audits, disputes and other proceedings related to taxes;
•the recording of impairment charges;
•political and economic developments, including energy and environmental policies under the current administration;
•CenterPoint Energy’s ability to execute on its strategy, initiatives, targets and goals, including its net zero and carbon
emissions reduction goals and its operations and maintenance expenditure goals;
•the outcome of litigation, including litigation related to the February 2021 Winter Storm Event and Hurricane Beryl;
•obligations related to warranties, guarantees and other contractual and legal obligations;
•the effect of changes in and application of accounting standards and pronouncements; and
•other factors discussed in “Risk Factors” in Item 1A of Part I of the Registrants’ combined 2023 Form 10-K, which are incorporated herein by reference, Item 1A of Part II of this combined Form 10-Q, and in other reports that the Registrants file from time to time with the SEC.
You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Registrants undertake no obligation to update or revise any forward-looking statements. Investors should note that the Registrants announce material financial and other information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, the Registrants may use the Investors section of CenterPoint
Energy’s website (http://www.centerpointenergy.com) to communicate with investors about the Registrants. It is possible that the financial and other information posted there could be deemed to be material information. The information on CenterPoint Energy’s website is not part of this combined Form 10-Q.
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (in millions, except per share amounts) |
Revenues: | | | | | | | |
Utility revenues | $ | 1,842 | | | $ | 1,849 | | | $ | 6,341 | | | $ | 6,355 | |
Non-utility revenues | 14 | | | 11 | | | 40 | | | 159 | |
Total | 1,856 | | | 1,860 | | | 6,381 | | | 6,514 | |
Expenses: | | | | | | | |
Utility natural gas, fuel and purchased power | 197 | | | 192 | | | 1,217 | | | 1,550 | |
Non-utility cost of revenues, including natural gas | 1 | | | 1 | | | 2 | | | 98 | |
Operation and maintenance | 775 | | | 648 | | | 2,162 | | | 1,990 | |
Depreciation and amortization | 334 | | | 374 | | | 1,083 | | | 1,042 | |
Taxes other than income taxes | 125 | | | 127 | | | 410 | | | 395 | |
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Total | 1,432 | | | 1,342 | | | 4,874 | | | 5,075 | |
Operating Income | 424 | | | 518 | | | 1,507 | | | 1,439 | |
Other Income (Expense): | | | | | | | |
Gain (loss) on equity securities | 54 | | | 49 | | | (10) | | | 56 | |
Gain (loss) on indexed debt securities | (53) | | | (47) | | | 14 | | | (52) | |
Loss on sale | — | | | — | | | — | | | (12) | |
Interest expense and other finance charges | (191) | | | (176) | | | (601) | | | (489) | |
Interest expense on Securitization Bonds | (4) | | | (7) | | | (15) | | | (11) | |
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Other income, net | 15 | | | 13 | | | 39 | | | 39 | |
Total | (179) | | | (168) | | | (573) | | | (469) | |
Income Before Income Taxes | 245 | | | 350 | | | 934 | | | 970 | |
Income tax expense | 52 | | | 68 | | | 163 | | | 245 | |
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Net Income | 193 | | | 282 | | | 771 | | | 725 | |
Income allocated to preferred shareholders | — | | | 26 | | | — | | | 50 | |
Income Available to Common Shareholders | $ | 193 | | | $ | 256 | | | $ | 771 | | | $ | 675 | |
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Basic Earnings Per Common Share | $ | 0.30 | | | $ | 0.41 | | | $ | 1.20 | | | $ | 1.07 | |
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Diluted Earnings Per Common Share | $ | 0.30 | | | $ | 0.40 | | | $ | 1.20 | | | $ | 1.07 | |
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Weighted Average Common Shares Outstanding, Basic | 648 | | | 631 | | | 640 | | | 631 | |
Weighted Average Common Shares Outstanding, Diluted | 648 | | | 633 | | | 641 | | | 633 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (in millions) |
Net income | $ | 193 | | | $ | 282 | | | $ | 771 | | | $ | 725 | |
Other comprehensive income (loss): | | | | | | | |
Adjustment to pension and other postretirement plans (net of tax of $-0-, $-0-, $-0-, and $-0-) | 1 | | | 1 | | | 2 | | | — | |
Net deferred gain from cash flow hedges (net of tax of $0, $-0-, $1, and $-0-) | — | | | 2 | | | 4 | | | 2 | |
Reclassification of deferred gain from cash flow hedges realized in net income (net of tax of $-0-, $-0-, $-0- and $-0-) | (1) | | | — | | | (1) | | | — | |
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| | | | | | | |
Total | — | | | 3 | | | 5 | | | 2 | |
Comprehensive income | 193 | | | 285 | | | 776 | | | 727 | |
Income allocated to preferred shareholders | — | | | 26 | | | — | | | 50 | |
Comprehensive income available to common shareholders | $ | 193 | | | $ | 259 | | | $ | 776 | | | $ | 677 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in millions) |
ASSETS | | | |
Current Assets: | | | |
Cash and cash equivalents ($111 and $90 related to VIEs, respectively) | $ | 112 | | | $ | 90 | |
Investment in equity securities | 531 | | | 541 | |
| | | |
Accounts receivable ($2 and $21 related to VIEs, respectively), less allowance for credit losses of $29 and $27, respectively | 701 | | | 710 | |
Accrued unbilled revenues ($2 and $2 related to VIEs, respectively), less allowance for credit losses of $1 and $2, respectively | 338 | | | 516 | |
| | | |
Natural gas and coal inventory | 184 | | | 197 | |
Materials and supplies | 549 | | | 573 | |
Non-trading derivative assets | 1 | | | — | |
Taxes receivable | 169 | | | 94 | |
Current assets held for sale | 1,346 | | | — | |
Regulatory assets | 243 | | | 161 | |
Prepaid expenses and other current assets ($13 and $15 related to VIEs, respectively) | 96 | | | 145 | |
Total current assets | 4,270 | | | 3,027 | |
Property, Plant and Equipment, net: | | | |
Property, plant and equipment | 41,891 | | | 40,396 | |
Less: accumulated depreciation and amortization | 10,453 | | | 10,543 | |
Property, plant and equipment, net | 31,438 | | | 29,853 | |
Other Assets: | | | |
Goodwill | 3,943 | | | 4,160 | |
Regulatory assets ($316 and $402 related to VIEs, respectively) | 3,007 | | | 2,513 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Other non-current assets | 235 | | | 162 | |
Total other assets | 7,185 | | | 6,835 | |
Total Assets | $ | 42,893 | | | $ | 39,715 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – (continued)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in millions, except par value and shares) |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
Current Liabilities: | | | |
Short-term borrowings | $ | — | | | $ | 4 | |
Current portion of VIE Securitization Bonds long-term debt | 94 | | | 178 | |
Indexed debt, net | 3 | | | 5 | |
Current portion of other long-term debt | 51 | | | 872 | |
Indexed debt securities derivative | 591 | | | 605 | |
Accounts payable | 1,684 | | | 917 | |
| | | |
Taxes accrued | 265 | | | 291 | |
Interest accrued | 229 | | | 236 | |
Dividends accrued | 137 | | | 126 | |
Customer deposits | 96 | | | 111 | |
Non-trading derivative liabilities | 5 | | | 9 | |
| | | |
| | | |
Current liabilities held for sale | 220 | | | — | |
Other current liabilities | 461 | | | 510 | |
Total current liabilities | 3,836 | | | 3,864 | |
Other Liabilities: | | | |
Deferred income taxes, net | 4,383 | | | 4,079 | |
Non-trading derivative liabilities | 2 | | | 3 | |
Benefit obligations | 591 | | | 572 | |
Regulatory liabilities | 3,031 | | | 3,208 | |
| | | |
Other non-current liabilities | 786 | | | 763 | |
Total other liabilities | 8,793 | | | 8,625 | |
Long-term Debt, net: | | | |
VIE Securitization Bonds, net | 314 | | | 320 | |
Other long-term debt, net | 19,415 | | | 17,239 | |
Total long-term debt, net | 19,729 | | | 17,559 | |
Commitments and Contingencies (Note 13) | | | |
| | | |
Shareholders’ Equity: | | | |
| | | |
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 651,721,174 shares and 631,225,829 shares outstanding, respectively | 6 | | | 6 | |
Additional paid-in capital | 9,091 | | | 8,604 | |
Retained earnings | 1,468 | | | 1,092 | |
Accumulated other comprehensive loss | (30) | | | (35) | |
Total shareholders’ equity | 10,535 | | | 9,667 | |
Total Liabilities and Shareholders’ Equity | $ | 42,893 | | | $ | 39,715 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| (in millions) |
Cash Flows from Operating Activities: | | | |
Net income | $ | 771 | | | $ | 725 | |
| | | |
| | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 1,083 | | | 1,042 | |
| | | |
Deferred income taxes | 238 | | | 94 | |
| | | |
| | | |
| | | |
| | | |
Loss on divestitures | — | | | 12 | |
Loss (gain) on equity securities | 10 | | | (56) | |
Loss (gain) on indexed debt securities | (14) | | | 52 | |
| | | |
| | | |
| | | |
Pension contributions | (5) | | | (30) | |
Changes in other assets and liabilities: | | | |
Accounts receivable and unbilled revenues, net | 145 | | | 528 | |
| | | |
Inventory | 19 | | | 63 | |
Taxes receivable | (75) | | | (47) | |
Accounts payable | (247) | | | (443) | |
| | | |
Current regulatory assets and liabilities | (91) | | | 1,173 | |
Non-current regulatory assets and liabilities | (553) | | | (71) | |
| | | |
Other current assets and liabilities | (25) | | | (41) | |
Other non-current assets and liabilities | 31 | | | 59 | |
Other operating activities, net | (37) | | | 9 | |
| | | |
| | | |
Net cash provided by operating activities | 1,250 | | | 3,069 | |
Cash Flows from Investing Activities: | | | |
Capital expenditures | (2,501) | | | (3,323) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Proceeds from divestitures | — | | | 145 | |
| | | |
| | | |
Other investing activities, net | (58) | | | (12) | |
| | | |
| | | |
Net cash used in investing activities | (2,559) | | | (3,190) | |
Cash Flows from Financing Activities: | | | |
Decrease in short-term borrowings, net | (2) | | | (14) | |
| | | |
Payments of commercial paper, net | (520) | | | (1,496) | |
Proceeds from long-term debt and term loans, net | 2,757 | | | 5,574 | |
Payments of long-term debt and term loans, including make-whole premiums | (963) | | | (2,613) | |
| | | |
| | | |
| | | |
| | | |
Payment of debt issuance costs | (25) | | | (50) | |
| | | |
| | | |
Payment of dividends on Common Stock | (384) | | | (359) | |
Payment of dividends on Preferred Stock | — | | | (49) | |
Proceeds from issuance of Common Stock, net | 494 | | | — | |
| | | |
| | | |
| | | |
Redemption of Series A Preferred Stock | — | | | (800) | |
Other financing activities, net | (28) | | | (25) | |
| | | |
| | | |
Net cash provided by financing activities | 1,329 | | | 168 | |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 20 | | | 47 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 109 | | | 91 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 129 | | | $ | 138 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | | | | | | |
| (in millions of dollars and shares, except authorized shares and par value amounts) | | | | | | | | |
Cumulative Preferred Stock, $0.01 par value; authorized 20,000,000 shares | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | — | | | $ | — | | | 1 | | | $ | 790 | | | — | | | $ | — | | | 1 | | | $ | 790 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Redemption of Series A Preferred Stock | — | | | — | | | (1) | | | (790) | | | — | | | — | | | (1) | | | (790) | | | | | | | | | |
Balance, end of period | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | |
Common Stock, $0.01 par value; authorized 1,000,000,000 shares | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | 642 | | | 6 | | | 631 | | | 6 | | | 631 | | | 6 | | | 630 | | | 6 | | | | | | | | | |
Issuances of Common Stock | 10 | | | — | | | — | | | — | | | 19 | | | — | | | — | | | — | | | | | | | | | |
Issuances related to benefit and investment plans | — | | | — | | | — | | | — | | | 2 | | | — | | | 1 | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period | 652 | | | 6 | | | 631 | | | 6 | | | 652 | | | 6 | | | 631 | | | 6 | | | | | | | | | |
Additional Paid-in-Capital | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | 8,836 | | | | | 8,570 | | | | | 8,604 | | | | | 8,568 | | | | | | | | | |
Issuances of Common Stock, net of issuance costs | | | 247 | | | | | — | | | | | 494 | | | | | — | | | | | | | | | |
Issuances related to benefit and investment plans | | | 8 | | | | | 11 | | | | | (7) | | | | | 13 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | | 9,091 | | | | | 8,581 | | | | | 9,091 | | | | | 8,581 | | | | | | | | | |
Retained Earnings | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | 1,542 | | | | | 1,032 | | | | | 1,092 | | | | | 709 | | | | | | | | | |
Net income | | | 193 | | | | | 282 | | | | | 771 | | | | | 725 | | | | | | | | | |
Common Stock dividends declared (see Note 18) | | | (267) | | | | | (246) | | | | | (395) | | | | | (366) | | | | | | | | | |
Preferred Stock dividends declared (see Note 18) | | | — | | | | | (41) | | | | | — | | | | | (41) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | | 1,468 | | | | | 1,027 | | | | | 1,468 | | | | | 1,027 | | | | | | | | | |
Accumulated Other Comprehensive Loss | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | (30) | | | | | (32) | | | | | (35) | | | | | (31) | | | | | | | | | |
Other comprehensive income | | | — | | | | | 3 | | | | | 5 | | | | | 2 | | | | | | | | | |
Balance, end of period | | | (30) | | | | | (29) | | | | | (30) | | | | | (29) | | | | | | | | | |
Total Shareholders’ Equity | | | $ | 10,535 | | | | | $ | 9,585 | | | | | $ | 10,535 | | | | | $ | 9,585 | | | | | | | | | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC AND SUBSIDIARIES
(AN INDIRECT, WHOLLY-OWNED SUBSIDIARY OF CENTERPOINT ENERGY, INC.)
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (in millions) |
Revenues | $ | 1,058 | | | $ | 1,083 | | | $ | 3,003 | | | $ | 2,784 | |
Expenses: | | | | | | | |
Operation and maintenance | 533 | | | 409 | | | 1,426 | | | 1,190 | |
Depreciation and amortization | 171 | | | 210 | | | 580 | | | 555 | |
Taxes other than income taxes | 71 | | | 70 | | | 221 | | | 201 | |
Total | 775 | | | 689 | | | 2,227 | | | 1,946 | |
Operating Income | 283 | | | 394 | | | 776 | | | 838 | |
Other Income (Expense): | | | | | | | |
Interest expense and other finance charges | (74) | | | (69) | | | (229) | | | (185) | |
Interest expense on Securitization Bonds | (1) | | | (2) | | | (3) | | | (6) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Other income, net | 12 | | | 5 | | | 33 | | | 22 | |
Total | (63) | | | (66) | | | (199) | | | (169) | |
Income Before Income Taxes | 220 | | | 328 | | | 577 | | | 669 | |
Income tax expense | 41 | | | 72 | | | 112 | | | 147 | |
Net Income | $ | 179 | | | $ | 256 | | | $ | 465 | | | $ | 522 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC AND SUBSIDIARIES
(AN INDIRECT, WHOLLY-OWNED SUBSIDIARY OF CENTERPOINT ENERGY, INC.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in millions) |
ASSETS | | | |
Current Assets: | | | |
Cash and cash equivalents ($96 and $76 related to VIEs, respectively) | $ | 97 | | | $ | 76 | |
Accounts receivable ($1 and $19 related to VIEs, respectively), less allowance for credit losses of $1 and $1, respectively | 446 | | | 295 | |
Accounts and notes receivable–affiliated companies | 13 | | | 251 | |
Accrued unbilled revenues | 191 | | | 142 | |
Materials and supplies | 393 | | | 409 | |
Taxes receivable | — | | | 38 | |
| | | |
| | | |
Prepaid expenses and other current assets ($13 and $13 related to VIEs, respectively) | 24 | | | 48 | |
Total current assets | 1,164 | | | 1,259 | |
Property, Plant and Equipment, net: | | | |
Property, plant and equipment | 21,371 | | | 19,515 | |
Less: accumulated depreciation and amortization | 4,568 | | | 4,469 | |
Property, plant and equipment, net | 16,803 | | | 15,046 | |
Other Assets: | | | |
Regulatory assets ($-0- and $74 related to VIEs, respectively) | 1,288 | | | 752 | |
| | | |
Other non-current assets | 41 | | | 29 | |
Total other assets | 1,329 | | | 781 | |
Total Assets | $ | 19,296 | | | $ | 17,086 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC AND SUBSIDIARIES
(AN INDIRECT, WHOLLY-OWNED SUBSIDIARY OF CENTERPOINT ENERGY, INC.)
CONDENSED CONSOLIDATED BALANCE SHEETS – (continued)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in millions) |
LIABILITIES AND MEMBER’S EQUITY | | | |
Current Liabilities: | | | |
| | | |
Current portion of VIE Securitization Bonds long-term debt | $ | 81 | | | $ | 161 | |
| | | |
Accounts payable | 1,314 | | | 351 | |
Accounts and notes payable–affiliated companies | 156 | | | 104 | |
Taxes accrued | 153 | | | 155 | |
Interest accrued | 120 | | | 99 | |
| | | |
Other current liabilities | 134 | | | 111 | |
Total current liabilities | 1,958 | | | 981 | |
Other Liabilities: | | | |
Deferred income taxes, net | 1,465 | | | 1,406 | |
Benefit obligations | 40 | | | 32 | |
Regulatory liabilities | 966 | | | 1,025 | |
| | | |
Other non-current liabilities | 92 | | | 107 | |
Total other liabilities | 2,563 | | | 2,570 | |
| | | |
| | | |
| | | |
Long-Term Debt, net | 8,126 | | | 7,426 | |
Commitments and Contingencies (Note 13) | | | |
Member’s Equity: | | | |
Common stock | — | | | — | |
Additional paid-in capital | 5,069 | | | 4,745 | |
Retained earnings | 1,580 | | | 1,364 | |
| | | |
Total member’s equity | 6,649 | | | 6,109 | |
Total Liabilities and Member’s Equity | $ | 19,296 | | | $ | 17,086 | |
See Combined Notes to Interim Condensed Financial Statements
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC AND SUBSIDIARIES
(AN INDIRECT, WHOLLY-OWNED SUBSIDIARY OF CENTERPOINT ENERGY, INC.)
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| (in millions) |
Cash Flows from Operating Activities: | | | |
Net income | $ | 465 | | | $ | 522 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 580 | | | 555 | |
Deferred income taxes | 42 | | | 117 | |
| | | |
| | | |
Changes in other assets and liabilities: | | | |
Accounts receivable and unbilled revenues, net | (203) | | | (211) | |
Accounts receivable/payable–affiliated companies | (19) | | | (9) | |
Inventory | 16 | | | (18) | |
Accounts payable | (113) | | | (23) | |
Taxes receivable | 38 | | | (8) | |
Current regulatory assets and liabilities | (1) | | | 6 | |
Non-current regulatory assets and liabilities | (527) | | | (119) | |
Other current assets and liabilities | |