CenterPoint Energy (CNP) Stock

CenterPoint Energy Houston Electric has introduced an improved Systemwide Resiliency Plan (SRP) aimed at minimizing the effects of extreme weather and storms, potentially saving 1.3 billion minutes of outages by 2029. The plan includes equipping all major service lines with self-healing automation devices, raising 99% of substations above flood levels, and placing over half of the electric system underground. This initiative, set for 2026-2028, marks the largest investment in grid resilience in the company's history, benefiting its 2.8 million customers.

The settlement is likely to lead to a decrease of about $50 million in annual revenue for CenterPoint, resulting in an average reduction of around $1 per month on electric bills for most customers. This change will still allow for continued support of local economic growth and improvements in the Greater Houston area. Additionally, the company will not profit from the temporary emergency generator plan, which was necessary to assist ERCOT and the state of Texas.

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CenterPoint crews and contractors are still working to restore power to the remaining customers. As of noon today, CenterPoint Energy has closed its Emergency Operations Center and returned to regular business activities. The company advises customers to follow local officials' advice and avoid driving when possible to reduce the risk of accidents and outages.

As of 9 p.m. on Tuesday, CenterPoint crews have restored power to about 28,500 customers since midnight and are still addressing scattered outages safely. To keep everyone safe, CenterPoint is advising people to avoid driving to reduce the risk of accidents and further outages. Following Winter Storm Enzo's departure from Texas, freezing temperatures will continue tonight in the Greater Houston area.

Weather predictions indicate that freezing rain and accumulation will affect Greater Houston, leading the National Weather Service to issue a Winter Storm Warning. CenterPoint Energy is preparing for the storm by setting up three staging sites and bringing in around 1,200 extra workers to assist with potential recovery efforts. They are also urging residents to stay alert and have a safety plan in place as temperatures drop and winter weather approaches.

Weather predictions are showing a likelihood of freezing rain and accumulation starting Monday evening in the Greater Houston area. Around 1,200 extra mutual aid workers will arrive by Monday to assist with possible restoration efforts. The National Weather Service has issued a Winter Storm Watch for the entire region, and CenterPoint customers are advised to stay alert and have a safety plan in place for the cold temperatures.

The company is closely watching the changing weather conditions during the Martin Luther King Jr. Holiday weekend and is bringing in nearly 1,200 extra workers to assist with possible restoration efforts. ERCOT has issued a Weather Watch from January 20-23 because of expected extreme cold, which could lead to increased electricity demand and lower reserves. CenterPoint Energy advises customers to prepare for winter weather to ensure their safety and warmth, and the additional workforce will help restore services quickly if outages occur due to ice or freezing conditions.

Houston, TX, January 16, 2025 (GLOBE NEWSWIRE) -- The date is January 16, 2025, and the time is 7:00 a.m. Central time, which is 8:00 a.m. in another time zone.