(Mark One) | |||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
FOR THE TRANSITION PERIOD FROM __________________ TO __________________ |
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)
|
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)
|
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)
|
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. | Common Stock, $0.01 par value | CNP | The New York Stock Exchange | ||||||||
Chicago Stock Exchange, Inc. | |||||||||||
CenterPoint Energy, Inc. | Depositary Shares for 1/20 of 7.00% Series B Mandatory Convertible Preferred Stock, $0.01 par value | CNP/PB | The New York Stock Exchange | ||||||||
CenterPoint Energy Houston Electric, LLC | 9.15% First Mortgage Bonds due 2021 | n/a | The New York Stock Exchange | ||||||||
CenterPoint Energy Houston Electric, LLC | 6.95% General Mortgage Bonds due 2033 | n/a | The New York Stock Exchange | ||||||||
CenterPoint Energy Resources Corp. | 6.625% Senior Notes due 2037 | n/a | The New York Stock Exchange |
CenterPoint Energy, Inc. | Yes | þ | No | o | |||||||||||||
CenterPoint Energy Houston Electric, LLC | Yes | þ | No | o | |||||||||||||
CenterPoint Energy Resources Corp. | Yes | þ | No | o |
CenterPoint Energy, Inc. | Yes | þ | No | o | |||||||||||||
CenterPoint Energy Houston Electric, LLC | Yes | þ | No | o | |||||||||||||
CenterPoint Energy Resources Corp. | Yes | þ | No | o |
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
|
☐ | ☐ |
CenterPoint Energy, Inc. | Yes | ☐ | No | þ | |||||||||||||
CenterPoint Energy Houston Electric, LLC | Yes | ☐ | No | þ | |||||||||||||
CenterPoint Energy Resources Corp. | Yes | ☐ | No | þ |
CenterPoint Energy, Inc.
|
544,821,120 | 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. |
PART I. | FINANCIAL INFORMATION | ||||||||||
Item 1. | |||||||||||
CenterPoint Energy, Inc. Financial Statements (unaudited)
|
|||||||||||
Item 2. | |||||||||||
Consolidated Results of Operations
|
|||||||||||
Results of Operations by Reportable Segment
|
|||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 6. | |||||||||||
GLOSSARY | ||||||||
ACE | Affordable Clean Energy | |||||||
ADFIT | Accumulated deferred federal income taxes | |||||||
AMA | Asset Management Agreement | |||||||
AMS | Advanced Metering System | |||||||
APSC | Arkansas Public Service Commission | |||||||
ARAM | Average rate assumption method | |||||||
ARO | Asset retirement obligation | |||||||
ARP | Alternative revenue program | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
AT&T Common | AT&T Inc. common stock | |||||||
Bailey to Jones Creek Project | A transmission project in the greater Freeport, Texas area, which includes enhancements to two existing substations and the construction of a new 345 kV double-circuit line to be located in the counties of Brazoria, Matagorda and Wharton | |||||||
Bcf | Billion cubic feet | |||||||
Bond Companies | Bond Company II, Bond Company III, 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 II | CenterPoint Energy Transition Bond Company II, LLC, a wholly-owned subsidiary of Houston Electric | |||||||
Bond Company III | CenterPoint Energy Transition Bond Company III, LLC, a wholly-owned subsidiary of Houston Electric | |||||||
Bond Company IV | CenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CCR | Coal Combustion Residuals | |||||||
CECL | Current expected credit losses | |||||||
CEIP | CenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp. | |||||||
CenterPoint Energy | CenterPoint Energy, Inc., and its subsidiaries | |||||||
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 | |||||||
CNG | Compressed Natural Gas | |||||||
CNP Midstream | CenterPoint Energy Midstream, Inc., a wholly-owned subsidiary of CenterPoint Energy | |||||||
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 | |||||||
COVID-19 | Novel coronavirus disease 2019 and related global outbreak that was subsequently declared a pandemic by the World Health Organization | |||||||
COVID-19 ERP | COVID-19 Electricity Relief Program | |||||||
CPP | Clean Power Plan | |||||||
CSIA | Compliance and System Improvement Adjustment | |||||||
DCRF | Distribution Cost Recovery Factor | |||||||
DRR | Distribution Replacement Rider | |||||||
DSMA | Demand Side Management Adjustment | |||||||
GLOSSARY | ||||||||
EBITDA | Earnings before income taxes, depreciation and amortization | |||||||
ECA | Environmental Cost Adjustment | |||||||
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 | |||||||
ELG | Effluent Limitation Guidelines | |||||||
Enable | Enable Midstream Partners, LP | |||||||
Enable GP | Enable GP, LLC, Enable’s general partner | |||||||
Enable Series A Preferred Units | Enable’s 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Enable | |||||||
Energy Services | Offered competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrial customers and electric and natural gas utilities through CES and CEIP | |||||||
Energy Services Disposal Group | Substantially all of the businesses within CenterPoint Energy’s and CERC’s Energy Services reporting unit that were sold under the Equity Purchase Agreement | |||||||
EPA | Environmental Protection Agency | |||||||
Equity Purchase Agreement | Equity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Symmetry Energy Solutions Acquisition (f/k/a Athena Energy Services Buyer, LLC) | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
ESG | Energy Systems Group, LLC, a wholly-owned subsidiary of Vectren | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Fitch | Fitch, Inc. | |||||||
Form 10-Q | Quarterly Report on Form 10-Q | |||||||
FRP | Formula Rate Plan | |||||||
GHG | Greenhouse gases | |||||||
GRIP | Gas Reliability Infrastructure Program | |||||||
GWh | Gigawatt-hours | |||||||
Houston Electric | CenterPoint Energy Houston Electric, LLC and its subsidiaries | |||||||
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., a wholly-owned subsidiary of Vectren | |||||||
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 | |||||||
Infrastructure Services | Provided underground pipeline construction and repair services through VISCO and its wholly-owned subsidiaries, Miller Pipeline, LLC and Minnesota Limited, LLC | |||||||
Infrastructure Services Disposal Group | Businesses within the Infrastructure Services reporting unit that were sold under the Securities Purchase Agreement | |||||||
Interim Condensed Financial Statements | Unaudited condensed consolidated interim financial statements and combined notes | |||||||
IRP | Integrated Resource Plan | |||||||
IRS | Internal Revenue Service | |||||||
IURC | Indiana Utility Regulatory Commission | |||||||
kV | Kilovolt | |||||||
KW | Kilowatts | |||||||
LIBOR | London Interbank Offered Rate |
GLOSSARY | ||||||||
LNG | Liquefied Natural Gas | |||||||
LPSC | Louisiana Public Service Commission | |||||||
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 | |||||||
Merger Sub | Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy | |||||||
MES | CenterPoint Energy Mobile Energy Solutions, Inc., a wholly-owned subsidiary of CERC Corp. | |||||||
MGP | Manufactured gas plant | |||||||
MLP | Master Limited Partnership | |||||||
Moody’s | Moody’s Investors Service, Inc. | |||||||
MPSC | Mississippi Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
MRT | Enable Mississippi River Transmission, LLC | |||||||
MW | Megawatts | |||||||
NGD | Natural gas distribution business | |||||||
NGLs | Natural gas liquids | |||||||
NOLs | Net operating losses | |||||||
NRG | NRG Energy, Inc. | |||||||
OCC | Oklahoma Corporation Commission | |||||||
OGE | OGE Energy Corp. | |||||||
PBRC | Performance Based Rate Change | |||||||
PowerTeam Services | PowerTeam Services, LLC, a Delaware limited liability company | |||||||
PRPs | Potentially responsible parties | |||||||
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 | |||||||
REP | Retail electric provider | |||||||
Restoration Bond Company | CenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston Electric | |||||||
ROE | Return on equity | |||||||
ROU | Right of use | |||||||
RRA | Rate Regulation Adjustment | |||||||
RSP | Rate Stabilization Plan | |||||||
SEC | Securities and Exchange Commission | |||||||
Securities Purchase Agreement | Securities 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, Vectren | |||||||
Securitization Bonds | Transition and system restoration bonds | |||||||
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 | |||||||
Series B Preferred Stock | CenterPoint Energy’s 7.00% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share | |||||||
GLOSSARY | ||||||||
Series C Preferred Stock | CenterPoint Energy’s Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share | |||||||
SIGECO | Southern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren | |||||||
S&P | S&P Global Ratings | |||||||
SRC | Sales Reconciliation Component | |||||||
Symmetry Energy Solutions Acquisition | Symmetry Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a Athena Energy Services Buyer, LLC) and subsidiary of Energy Capital Partners, LLC | |||||||
TBD | To be determined | |||||||
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 | |||||||
TSCR | Tax Savings Credit Rider | |||||||
Utility Holding | Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy | |||||||
VCC | Vectren Capital Corp., a wholly-owned subsidiary of Vectren | |||||||
Vectren | Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy as of February 1, 2019 | |||||||
VEDO | Vectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of Vectren | |||||||
VIE | Variable interest entity | |||||||
VISCO | Vectren Infrastructure Services Corporation, formerly a wholly-owned subsidiary of Vectren | |||||||
Vistra Energy Corp. | Texas-based energy company focused on the competitive energy and power generation markets, whose major subsidiaries include Luminant and TXU Energy | |||||||
VRP | Voluntary Remediation Program | |||||||
VUHI | Vectren Utility Holdings, Inc., a wholly-owned subsidiary of Vectren | |||||||
ZENS | 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 | |||||||
ZENS-Related Securities | As of both September 30, 2020 and December 31, 2019, consisted of AT&T Common and Charter Common | |||||||
2019 Form 10-K | Annual 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 on May 19, 2020 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Utility revenues | $ | 1,538 | $ | 1,548 | $ | 5,087 | $ | 5,284 | |||||||||||||||
Non-utility revenues | 84 | 110 | 277 | 261 | |||||||||||||||||||
Total | 1,622 | 1,658 | 5,364 | 5,545 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Utility natural gas, fuel and purchased power | 170 | 171 | 981 | 1,228 | |||||||||||||||||||
Non-utility cost of revenues, including natural gas | 63 | 80 | 196 | 188 | |||||||||||||||||||
Operation and maintenance | 659 | 621 | 1,976 | 2,042 | |||||||||||||||||||
Depreciation and amortization | 306 | 316 | 885 | 938 | |||||||||||||||||||
Taxes other than income taxes | 122 | 113 | 387 | 352 | |||||||||||||||||||
Goodwill impairment | — | — | 185 | — | |||||||||||||||||||
Total | 1,320 | 1,301 | 4,610 | 4,748 | |||||||||||||||||||
Operating Income | 302 | 357 | 754 | 797 | |||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Gain on marketable securities | 83 | 59 | 14 | 206 | |||||||||||||||||||
Loss on indexed debt securities | (84) | (62) | (25) | (216) | |||||||||||||||||||
Interest expense and other finance charges | (121) | (134) | (388) | (389) | |||||||||||||||||||
Interest expense on Securitization Bonds | (7) | (9) | (22) | (31) | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates, net | (67) | 77 | (1,499) | 213 | |||||||||||||||||||
Interest income | 1 | 3 | 2 | 16 | |||||||||||||||||||
Interest income from Securitization Bonds | — | 1 | 1 | 4 | |||||||||||||||||||
Other income, net | 10 | 5 | 44 | 20 | |||||||||||||||||||
Total | (185) | (60) | (1,873) | (177) | |||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 117 | 297 | (1,119) | 620 | |||||||||||||||||||
Income tax expense (benefit) | (10) | 46 | (328) | 75 | |||||||||||||||||||
Income (Loss) from Continuing Operations | 127 | 251 | (791) | 545 | |||||||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense of $-0-, $16, $21 and $38, respectively)
|
(6) | 19 | (182) | 89 | |||||||||||||||||||
Net Income (Loss) | 121 | 270 | (973) | 634 | |||||||||||||||||||
Income allocated to preferred shareholders | 52 | 29 | 127 | 88 | |||||||||||||||||||
Income (Loss) Available to Common Shareholders | $ | 69 | $ | 241 | $ | (1,100) | $ | 546 | |||||||||||||||
Basic earnings (loss) per common share - continuing operations
|
$ | 0.14 | $ | 0.44 | $ | (1.75) | $ | 0.91 | |||||||||||||||
Basic earnings (loss) per common share - discontinued operations
|
(0.01) | 0.04 | (0.35) | 0.18 | |||||||||||||||||||
Basic Earnings (Loss) Per Common Share | 0.13 | 0.48 | (2.10) | 1.09 | |||||||||||||||||||
Diluted earnings (loss) per common share - continuing operations
|
$ | 0.14 | $ | 0.44 | $ | (1.75) | $ | 0.91 | |||||||||||||||
Diluted earnings (loss) per common share - discontinued operations
|
(0.01) | 0.03 | (0.35) | 0.17 | |||||||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | 0.13 | $ | 0.47 | $ | (2.10) | $ | 1.08 | |||||||||||||||
Weighted Average Common Shares Outstanding, Basic | 545 | 502 | 525 | 502 | |||||||||||||||||||
Weighted Average Common Shares Outstanding, Diluted | 548 | 505 | 525 | 505 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net Income (Loss) | $ | 121 | $ | 270 | $ | (973) | $ | 634 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Adjustment to pension and other postretirement plans (net of tax of $1, $-0-, $3 and $2)
|
1 | 2 | 3 | 5 | |||||||||||||||||||
Net deferred gain (loss) from cash flow hedges (net of tax of $-0-, $-0-, $-0- and $-0-)
|
— | (2) | — | (3) | |||||||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0-, $-0- and $-0-)
|
— | — | — | 1 | |||||||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax of $-0-, $-0-, $4 and $-0-)
|
— | — | 15 | — | |||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates (net of tax of $-0-, $-0-, $-0- and $-0-)
|
1 | (2) | (2) | (2) | |||||||||||||||||||
Total | 2 | (2) | 16 | 1 | |||||||||||||||||||
Comprehensive income (loss) | 123 | 268 | (957) | 635 | |||||||||||||||||||
Income allocated to preferred shareholders | 52 | 29 | 127 | 88 | |||||||||||||||||||
Comprehensive income (loss) available to common shareholders
|
$ | 71 | $ | 239 | $ | (1,084) | $ | 547 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($172 and $216 related to VIEs, respectively)
|
$ | 185 | $ | 241 | |||||||
Investment in marketable securities
|
836 | 822 | |||||||||
Accounts receivable ($30 and $26 related to VIEs, respectively), less bad debt reserve of $47 and $21, respectively
|
731 | 702 | |||||||||
Accrued unbilled revenues, less bad debt reserve of $2 and $-0-, respectively
|
284 | 469 | |||||||||
Natural gas inventory
|
234 | 209 | |||||||||
Materials and supplies
|
300 | 263 | |||||||||
Taxes receivable
|
102 | 106 | |||||||||
Current assets held for sale
|
— | 1,002 | |||||||||
Prepaid expenses and other current assets ($16 and $19 related to VIEs, respectively)
|
113 | 123 | |||||||||
Total current assets | 2,785 | 3,937 | |||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment
|
31,823 | 30,324 | |||||||||
Less: accumulated depreciation and amortization
|
10,088 | 9,700 | |||||||||
Property, plant and equipment, net | 21,735 | 20,624 | |||||||||
Other Assets: | |||||||||||
Goodwill
|
4,697 | 4,882 | |||||||||
Regulatory assets ($669 and $788 related to VIEs, respectively)
|
2,150 | 2,117 | |||||||||
Investment in unconsolidated affiliates
|
749 | 2,408 | |||||||||
Preferred units – unconsolidated affiliate
|
363 | 363 | |||||||||
Non-current assets held for sale
|
— | 962 | |||||||||
Other
|
226 | 236 | |||||||||
Total other assets | 8,185 | 10,968 | |||||||||
Total Assets | $ | 32,705 | $ | 35,529 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions, except share amounts) | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | 37 | $ | — | |||||||
Current portion of VIE Securitization Bonds long-term debt
|
208 | 231 | |||||||||
Indexed debt, net | 16 | 19 | |||||||||
Current portion of other long-term debt | 1,114 | 618 | |||||||||
Indexed debt securities derivative | 918 | 893 | |||||||||
Accounts payable | 658 | 884 | |||||||||
Taxes accrued | 212 | 239 | |||||||||
Interest accrued | 117 | 158 | |||||||||
Customer deposits | 120 | 124 | |||||||||
Non-trading derivative liabilities | 1 | 7 | |||||||||
Current liabilities held for sale | — | 455 | |||||||||
Other | 429 | 350 | |||||||||
Total current liabilities | 3,830 | 3,978 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 3,575 | 3,928 | |||||||||
Non-trading derivative liabilities | 6 | 15 | |||||||||
Benefit obligations | 691 | 750 | |||||||||
Regulatory liabilities | 3,480 | 3,474 | |||||||||
Non-current liabilities held for sale | — | 43 | |||||||||
Other | 789 | 738 | |||||||||
Total other liabilities | 8,541 | 8,948 | |||||||||
Long-term Debt: | |||||||||||
VIE Securitization Bonds, net | 610 | 746 | |||||||||
Other long-term debt, net | 11,336 | 13,498 | |||||||||
Total long-term debt, net | 11,946 | 14,244 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Shareholders’ Equity: | |||||||||||
Cumulative preferred stock, $0.01 par value, 20,000,000 shares authorized
|
|||||||||||
Series A Preferred Stock, $0.01 par value, $800 aggregate liquidation preference, 800,000 shares outstanding
|
790 | 790 | |||||||||
Series B Preferred Stock, $0.01 par value, $978 aggregate liquidation preference, 977,500 shares outstanding
|
950 | 950 | |||||||||
Series C Preferred Stock, $0.01 par value, $725 aggregate liquidation preference, 725,000 shares outstanding
|
716 | — | |||||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 544,819,895 shares and 502,242,061 shares outstanding, respectively
|
5 | 5 | |||||||||
Additional paid-in capital | 6,805 | 6,080 | |||||||||
Retained earnings (accumulated deficit) | (796) | 632 | |||||||||
Accumulated other comprehensive loss | (82) | (98) | |||||||||
Total shareholders’ equity | 8,388 | 8,359 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 32,705 | $ | 35,529 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | (973) | $ | 634 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 885 | 938 | |||||||||
Depreciation and amortization on assets held for sale | — | 49 | |||||||||
Amortization of deferred financing costs | 23 | 22 | |||||||||
Amortization of intangible assets in non-utility cost of revenues | 1 | 19 | |||||||||
Deferred income taxes | (429) | 8 | |||||||||
Goodwill impairment and loss from reclassification to held for sale | 175 | — | |||||||||
Goodwill impairment | 185 | — | |||||||||
Unrealized loss (gain) on marketable securities | (14) | (206) | |||||||||
Loss (gain) on indexed debt securities | 25 | 216 | |||||||||
Write-down of natural gas inventory | 3 | 5 | |||||||||
Equity in (earnings) losses of unconsolidated affiliates | 1,499 | (213) | |||||||||
Distributions from unconsolidated affiliates | 109 | 226 | |||||||||
Pension contributions | (84) | (94) | |||||||||
Changes in other assets and liabilities, excluding acquisitions: | |||||||||||
Accounts receivable and unbilled revenues, net | 326 | 521 | |||||||||
Inventory | (50) | (85) | |||||||||
Taxes receivable | 4 | (69) | |||||||||
Accounts payable | (251) | (646) | |||||||||
Fuel cost recovery | (5) | 68 | |||||||||
Non-trading derivatives, net | (14) | (66) | |||||||||
Margin deposits, net | 65 | (33) | |||||||||
Interest and taxes accrued | (53) | (89) | |||||||||
Net regulatory assets and liabilities | (76) | (101) | |||||||||
Other current assets | 6 | 31 | |||||||||
Other current liabilities | 30 | (118) | |||||||||
Other assets | 5 | 81 | |||||||||
Other liabilities | 46 | (22) | |||||||||
Other operating activities, net | 1 | 10 | |||||||||
Net cash provided by operating activities | 1,439 | 1,086 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (1,889) | (1,822) | |||||||||
Acquisitions, net of cash acquired | — | (5,991) | |||||||||
Distributions from unconsolidated affiliate in excess of cumulative earnings | 46 | — | |||||||||
Proceeds from divestitures (Note 3) | 1,136 | — | |||||||||
Other investing activities, net | 24 | 38 | |||||||||
Net cash used in investing activities | (683) | (7,775) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase in short-term borrowings, net | 37 | — | |||||||||
Proceeds from (payments of) commercial paper, net | (1,057) | 1,584 | |||||||||
Proceeds from long-term debt, net | 299 | 2,916 | |||||||||
Payments of long-term debt | (1,060) | (1,225) | |||||||||
Payment of debt issuance costs | (4) | (19) | |||||||||
Payment of dividends on Common Stock | (309) | (433) | |||||||||
Payment of dividends on Preferred Stock | (114) | (101) | |||||||||
Proceeds from issuance of Common Stock, net | 672 | — | |||||||||
Proceeds from issuance of Series C Preferred Stock, net | 723 | — | |||||||||
Other financing activities, net | (6) | (14) | |||||||||
Net cash provided by (used in) financing activities | (819) | 2,708 | |||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (63) | (3,981) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 271 | 4,278 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 208 | $ | 297 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(in millions of dollars and shares, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock, $0.01 par value; authorized 20,000,000 shares
|
|||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 3 | $ | 2,441 | 2 | $ | 1,740 | 2 | $ | 1,740 | 2 | $ | 1,740 | |||||||||||||||||||||||||||||||||||
Issuances of Series C Preferred Stock, net of issuance costs and beneficial conversion feature
|
— | 15 | — | — | 1 | 716 | — | — | |||||||||||||||||||||||||||||||||||||||
Balance, end of period | 3 | 2,456 | 2 | 1,740 | 3 | 2,456 | 2 | 1,740 | |||||||||||||||||||||||||||||||||||||||
Common Stock, $0.01 par value; authorized 1,000,000,000 shares
|
|||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 545 | 5 | 502 | 5 | 502 | 5 | 501 | 5 | |||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock | — | — | — | — | 42 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuances related to benefit and investment plans
|
— | — | — | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||
Balance, end of period | 545 | 5 | 502 | 5 | 545 | 5 | 502 | 5 | |||||||||||||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 6,801 | 6,065 | 6,080 | 6,072 | |||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs
|
(1) | — | 672 | — | |||||||||||||||||||||||||||||||||||||||||||
Issuances related to benefit and investment plans
|
5 | 7 | 21 | — | |||||||||||||||||||||||||||||||||||||||||||
Recognition of beneficial conversion feature
|
— | — | 32 | — | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 6,805 | 6,072 | 6,805 | 6,072 | |||||||||||||||||||||||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | (771) | 552 | 632 | 349 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 121 | 270 | (973) | 634 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock dividends declared (see Note 19)
|
(82) | (145) | (309) | (289) | |||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends declared (see Note 19)
|
(24) | (24) | (49) | (24) | |||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock dividends declared (see Note 19)
|
(17) | (17) | (51) | (34) | |||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock dividends declared (see Note 19)
|
(7) | — | (14) | — | |||||||||||||||||||||||||||||||||||||||||||
Amortization of beneficial conversion feature
|
(16) | — | (25) | — | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | — | — | (7) | — | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | (796) | 636 | (796) | 636 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | (84) | (105) | (98) | (108) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 2 | (2) | 16 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period
|
(82) | (107) | (82) | (107) | |||||||||||||||||||||||||||||||||||||||||||
Total Shareholders’ Equity | $ | 8,388 | $ | 8,346 | $ | 8,388 | $ | 8,346 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | $ | 828 | $ | 859 | $ | 2,182 | $ | 2,310 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Operation and maintenance | 381 | 359 | 1,104 | 1,086 | |||||||||||||||||||
Depreciation and amortization | 151 | 168 | 420 | 519 | |||||||||||||||||||
Taxes other than income taxes | 64 | 63 | 192 | 186 | |||||||||||||||||||
Total | 596 | 590 | 1,716 | 1,791 | |||||||||||||||||||
Operating Income | 232 | 269 | 466 | 519 | |||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest expense and other finance charges | (43) | (41) | (127) | (123) | |||||||||||||||||||
Interest expense on Securitization Bonds | (7) | (9) | (22) | (31) | |||||||||||||||||||
Interest income | 1 | 8 | 2 | 18 | |||||||||||||||||||
Interest income from Securitization Bonds | — | 1 | 1 | 4 | |||||||||||||||||||
Other income (expense), net | — | (2) | 4 | (5) | |||||||||||||||||||
Total | (49) | (43) | (142) | (137) | |||||||||||||||||||
Income Before Income Taxes | 183 | 226 | 324 | 382 | |||||||||||||||||||
Income tax expense | 26 | 41 | 47 | 70 | |||||||||||||||||||
Net Income | $ | 157 | $ | 185 | $ | 277 | $ | 312 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income | $ | 157 | $ | 185 | $ | 277 | $ | 312 | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Net deferred loss from cash flow hedges (net of tax of $-0-, $-0-, $-0- and $-0-)
|
— | — | — | (1) | |||||||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax of $-0-, $-0-, $4 and $-0-)
|
— | — | 15 | — | |||||||||||||||||||
Total
|
— | — | 15 | (1) | |||||||||||||||||||
Comprehensive income | $ | 157 | $ | 185 | $ | 292 | $ | 311 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($172 and $216 related to VIEs, respectively)
|
$ | 172 | $ | 216 | |||||||
Accounts and notes receivable ($30 and $26 related to VIEs, respectively), less bad debt reserve of $1 and $1, respectively
|
367 | 238 | |||||||||
Accounts and notes receivable–affiliated companies | 41 | 523 | |||||||||
Accrued unbilled revenues | 124 | 117 | |||||||||
Materials and supplies | 182 | 147 | |||||||||
Prepaid expenses and other current assets ($16 and $19 related to VIEs, respectively)
|
32 | 49 | |||||||||
Total current assets | 918 | 1,290 | |||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment | 13,354 | 12,829 | |||||||||
Less: accumulated depreciation and amortization | 3,875 | 3,797 | |||||||||
Property, plant and equipment, net | 9,479 | 9,032 | |||||||||
Other Assets: | |||||||||||
Regulatory assets ($669 and $788 related to VIEs, respectively)
|
873 | 915 | |||||||||
Other | 26 | 25 | |||||||||
Total other assets | 899 | 940 | |||||||||
Total Assets
|
$ | 11,296 | $ | 11,262 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | 5 | $ | — | |||||||
Current portion of VIE Securitization Bonds long-term debt | 208 | 231 | |||||||||
Current portion of other long-term debt | 402 | — | |||||||||
Accounts payable | 256 | 268 | |||||||||
Accounts and notes payable–affiliated companies | 60 | 76 | |||||||||
Taxes accrued | 155 | 123 | |||||||||
Interest accrued | 45 | 69 | |||||||||
Other | 127 | 63 | |||||||||
Total current liabilities | 1,258 | 830 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 1,029 | 1,030 | |||||||||
Benefit obligations | 72 | 75 | |||||||||
Regulatory liabilities | 1,285 | 1,288 | |||||||||
Other | 87 | 69 | |||||||||
Total other liabilities | 2,473 | 2,462 | |||||||||
Long-term Debt: | |||||||||||
VIE Securitization Bonds, net | 610 | 746 | |||||||||
Other, net | 3,869 | 3,973 | |||||||||
Total long-term debt, net | 4,479 | 4,719 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Member’s Equity: | |||||||||||
Common stock | — | — | |||||||||
Additional paid-in capital | 2,486 | 2,486 | |||||||||
Retained earnings | 600 | 780 | |||||||||
Accumulated other comprehensive loss | — | (15) | |||||||||
Total member’s equity
|
3,086 | 3,251 | |||||||||
Total Liabilities and Member’s Equity
|
$ | 11,296 | $ | 11,262 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 277 | $ | 312 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 420 | 519 | |||||||||
Amortization of deferred financing costs | 8 | 8 | |||||||||
Deferred income taxes | (36) | (39) | |||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts and notes receivable, net | (145) | (84) | |||||||||
Accounts receivable/payable–affiliated companies | 10 | (7) | |||||||||
Inventory | (35) | (9) | |||||||||
Accounts payable | (7) | 3 | |||||||||
Taxes receivable | — | 5 | |||||||||
Interest and taxes accrued | 16 | (28) | |||||||||
Non-trading derivatives, net | 15 | (25) | |||||||||
Net regulatory assets and liabilities | 5 | (58) | |||||||||
Other current assets | 13 | 15 | |||||||||
Other current liabilities | 21 | (3) | |||||||||
Other assets | (5) | 8 | |||||||||
Other liabilities | 6 | (13) | |||||||||
Other operating activities, net
|
(11) | (9) | |||||||||
Net cash provided by operating activities | 552 | 595 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (750) | (744) | |||||||||
Decrease (increase) in notes receivable–affiliated companies | 456 | (772) | |||||||||
Other investing activities, net | 11 | 12 | |||||||||
Net cash used in investing activities | (283) | (1,504) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase in short-term borrowings, net | 5 | — | |||||||||
Proceeds from long-term debt, net | 299 | 696 | |||||||||
Payments of long-term debt | (160) | (390) | |||||||||
Decrease in notes payable–affiliated companies | — | (1) | |||||||||
Dividend to parent | (457) | (100) | |||||||||
Contribution from parent | — | 590 | |||||||||
Payment of debt issuance costs | (3) | (8) | |||||||||
Other financing activities, net
|
— | (1) | |||||||||
Net cash provided by (used in) financing activities | (316) | 786 | |||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (47) | (123) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 235 | 370 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 188 | $ | 247 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | |||||||||||||||||||||||||||||||||||
Balance, end of period | 1,000 | — | 1,000 | — | 1,000 | — | 1,000 | — | |||||||||||||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 2,486 | 2,486 | 2,486 | 1,896 | |||||||||||||||||||||||||||||||||||||||||||
Contribution from Parent | — | — | — | 590 | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 2,486 | 2,486 | 2,486 | 2,486 | |||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 495 | 887 | 780 | 800 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 157 | 185 | 277 | 312 | |||||||||||||||||||||||||||||||||||||||||||
Dividend to parent | (52) | (60) | (457) | (100) | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 600 | 1,012 | 600 | 1,012 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | — | (15) | (15) | (14) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 15 | (1) | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period
|
— | (15) | — | (15) | |||||||||||||||||||||||||||||||||||||||||||
Total Member’s Equity | $ | 3,086 | $ | 3,483 | $ | 3,086 | $ | 3,483 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Utility revenues | $ | 415 | $ | 398 | $ | 1,878 | $ | 2,106 | |||||||||||||||
Non-utility revenues | 11 | 22 | 42 | 52 | |||||||||||||||||||
Total | 426 | 420 | 1,920 | 2,158 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Utility natural gas | 106 | 105 | 715 | 978 | |||||||||||||||||||
Non-utility cost of revenues, including natural gas | 2 | 11 | 15 | 29 | |||||||||||||||||||
Operation and maintenance | 186 | 181 | 574 | 608 | |||||||||||||||||||
Depreciation and amortization | 78 | 72 | 226 | 218 | |||||||||||||||||||
Taxes other than income taxes | 40 | 33 | 134 | 120 | |||||||||||||||||||
Total | 412 | 402 | 1,664 | 1,953 | |||||||||||||||||||
Operating Income | 14 | 18 | 256 | 205 | |||||||||||||||||||
Other Expense: | |||||||||||||||||||||||
Interest expense and other finance charges | (28) | (28) | (87) | (87) | |||||||||||||||||||
Interest income | — | 1 | — | 4 | |||||||||||||||||||
Other expense, net | (1) | (4) | (5) | (10) | |||||||||||||||||||
Total | (29) | (31) | (92) | (93) | |||||||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (15) | (13) | 164 | 112 | |||||||||||||||||||
Income tax expense (benefit) | (9) | (3) | 22 | 10 | |||||||||||||||||||
Income (Loss) From Continuing Operations | (6) | (10) | 142 | 102 | |||||||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $1, $2, $(2) and $15, respectively)
|
2 | 3 | (66) | 57 | |||||||||||||||||||
Net Income (Loss) | $ | (4) | $ | (7) | $ | 76 | $ | 159 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | (4) | $ | (7) | $ | 76 | $ | 159 | |||||||||||||||
Comprehensive income (loss) | $ | (4) | $ | (7) | $ | 76 | $ | 159 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
Current Assets:
|
|||||||||||
Cash and cash equivalents | $ | 2 | $ | 2 | |||||||
Accounts receivable, less bad debt reserve of $39 and $15, respectively
|
231 | 322 | |||||||||
Accrued unbilled revenues, less bad debt reserve of $1 and $-0-, respectively
|
90 | 249 | |||||||||
Accounts and notes receivable–affiliated companies | 14 | 10 | |||||||||
Materials and supplies | 68 | 71 | |||||||||
Natural gas inventory | 152 | 135 | |||||||||
Current assets held for sale | — | 691 | |||||||||
Prepaid expenses and other current assets | 11 | 9 | |||||||||
Total current assets | 568 | 1,489 | |||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment | 8,608 | 8,079 | |||||||||
Less: accumulated depreciation and amortization | 2,408 | 2,270 | |||||||||
Property, plant and equipment, net | 6,200 | 5,809 | |||||||||
Other Assets: | |||||||||||
Goodwill | 757 | 757 | |||||||||
Regulatory assets | 206 | 191 | |||||||||
Non-current assets held for sale | — | 213 | |||||||||
Other | 48 | 53 | |||||||||
Total other assets | 1,011 | 1,214 | |||||||||
Total Assets
|
$ | 7,779 | $ | 8,512 |
September 30,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | 31 | $ | — | |||||||
Accounts payable | 191 | 333 | |||||||||
Accounts and notes payable–affiliated companies | 44 | 47 | |||||||||
Taxes accrued | 68 | 84 | |||||||||
Interest accrued | 31 | 38 | |||||||||
Customer deposits | 76 | 74 | |||||||||
Current liabilities held for sale | — | 368 | |||||||||
Other | 165 | 167 | |||||||||
Total current liabilities | 606 | 1,111 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 509 | 470 | |||||||||
Benefit obligations | 84 | 80 | |||||||||
Regulatory liabilities | 1,216 | 1,219 | |||||||||
Non-current liabilities held for sale | — | 27 | |||||||||
Other | 437 | 418 | |||||||||
Total other liabilities | 2,246 | 2,214 | |||||||||
Long-Term Debt | 2,582 | 2,546 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Stockholder’s Equity: | |||||||||||
Common stock | — | — | |||||||||
Additional paid-in capital | 1,829 | 2,116 | |||||||||
Retained earnings | 506 | 515 | |||||||||
Accumulated other comprehensive income | 10 | 10 | |||||||||
Total stockholder’s equity | 2,345 | 2,641 | |||||||||
Total Liabilities and Stockholder’s Equity
|
$ | 7,779 | $ | 8,512 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 76 | $ | 159 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization | 226 | 218 | |||||||||
Depreciation and amortization on assets held for sale | — | 10 | |||||||||
Amortization of deferred financing costs | 7 | 8 | |||||||||
Deferred income taxes | 19 | 26 | |||||||||
Goodwill impairment and loss from reclassification to held for sale | 93 | — | |||||||||
Write-down of natural gas inventory | 3 | 5 | |||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues, net | 402 | 653 | |||||||||
Accounts receivable/payable–affiliated companies | (8) | (9) | |||||||||
Inventory | (3) | (47) | |||||||||
Taxes receivable | — | (4) | |||||||||
Accounts payable | (180) | (458) | |||||||||
Fuel cost recovery | (5) | 68 | |||||||||
Interest and taxes accrued | (18) | (23) | |||||||||
Non-trading derivatives, net | (13) | (60) | |||||||||
Margin deposits, net | 65 | (33) | |||||||||
Net regulatory assets and liabilities | (23) | (1) | |||||||||
Other current assets | 4 | 11 | |||||||||
Other current liabilities | (7) | (9) | |||||||||
Other assets | 7 | (3) | |||||||||
Other liabilities | 8 | 2 | |||||||||
Other operating activities, net | (7) | — | |||||||||
Net cash provided by operating activities | 646 | 513 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (624) | (546) | |||||||||
Decrease (increase) in notes receivable–affiliated companies | (9) | 27 | |||||||||
Proceeds from divestiture (Note 3) | 286 | — | |||||||||
Other investing activities, net | 8 | 4 | |||||||||
Net cash used in investing activities | (339) | (515) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase in short-term borrowings, net | 31 | — | |||||||||
Proceeds from commercial paper, net | 30 | 100 | |||||||||
Dividends to parent | (80) | (119) | |||||||||
Capital distribution to parent associated with the sale of CES | (286) | — | |||||||||
Other financing activities, net | (2) | (2) | |||||||||
Net cash used in financing activities | (307) | (21) | |||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | — | (23) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 2 | 25 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 2 | $ | 2 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | |||||||||||||||||||||||||||||||||||
Balance, end of period | 1,000 | — | 1,000 | — | 1,000 | — | 1,000 | — | |||||||||||||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 1,829 | 2,015 | 2,116 | 2,015 | |||||||||||||||||||||||||||||||||||||||||||
Capital distribution to parent associated
with the sale of CES |
— | — | (286) | — | |||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1) | — | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 1,829 | 2,015 | 1,829 | 2,015 | |||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 518 | 486 | 515 | 423 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (4) | (7) | 76 | 159 | |||||||||||||||||||||||||||||||||||||||||||
Dividend to parent | (8) | (16) | (80) | (119) | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | — | — | (5) | — | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 506 | 463 | 506 | 463 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income
|
|||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 10 | 5 | 10 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 10 | 5 | 10 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Total Stockholder’s Equity | $ | 2,345 | $ | 2,483 | $ | 2,345 | $ | 2,483 |
Issued, Not Yet Effective Accounting Standards | ||||||||||||||||||||
ASU Number and Name | Description | Effective Date |
Financial Statement Impact
upon Adoption |
|||||||||||||||||
ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity |
This standard eliminates the cash conversion and beneficial conversion feature models in ASC 470-20 that require separate accounting for embedded features as a component of equity. It simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. The standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share (EPS) calculation and the average market price to calculate the diluted EPS denominator. Additional disclosures will also be required upon adoption.
Transition method: modified retrospective
|
January 1, 2022
Early adoption is permitted starting January 1, 2021 |
CenterPoint Energy is currently assessing the impact that the adoption of this standard may have on its financial position, results of operations, cash flows and disclosures related to its Series B Preferred Stock and Series C Preferred Stock.
|
December 31, 2019 | ||||||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | Energy Services Disposal Group | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Receivables, net | $ | 192 | $ | 445 | $ | 637 | $ | 445 | ||||||||||||||||||
Accrued unbilled revenues | 109 | 8 | 117 | 8 | ||||||||||||||||||||||
Natural gas inventory | — | 67 | 67 | 67 | ||||||||||||||||||||||
Materials and supplies | 6 | — | 6 | — | ||||||||||||||||||||||
Non-trading derivative assets | — | 136 | 136 | 136 | ||||||||||||||||||||||
Other | 4 | 35 | 39 | 35 | ||||||||||||||||||||||
Total current assets held for sale | 311 | 691 | 1,002 | 691 | ||||||||||||||||||||||
Property, plant and equipment, net | 295 | 26 | 321 | 26 | ||||||||||||||||||||||
Goodwill
|
220 | 62 | 282 | 62 | ||||||||||||||||||||||
Non-trading derivative assets | — | 58 | 58 | 58 | ||||||||||||||||||||||
Other | 234 | 67 | 301 | 67 | ||||||||||||||||||||||
Total non-current assets held for sale | 749 | 213 | 962 | 213 | ||||||||||||||||||||||
Total assets held for sale | $ | 1,060 | $ | 904 | $ | 1,964 | $ | 904 | ||||||||||||||||||
Accounts payable | $ | 45 | $ | 299 | $ | 344 | $ | 299 | ||||||||||||||||||
Taxes accrued | 2 | — | 2 | — | ||||||||||||||||||||||
Non-trading derivative liabilities | — | 44 | 44 | 44 | ||||||||||||||||||||||
Other | 40 | 25 | 65 | 25 | ||||||||||||||||||||||
Total current liabilities held for sale | 87 | 368 | 455 | 368 | ||||||||||||||||||||||
Non-trading derivative liabilities | — | 14 | 14 | 14 | ||||||||||||||||||||||
Benefit obligations | — | 4 | 4 | 4 | ||||||||||||||||||||||
Other | 16 | 9 | 25 | 9 | ||||||||||||||||||||||
Total non-current liabilities held for sale | 16 | 27 | 43 | 27 | ||||||||||||||||||||||
Total liabilities held for sale | $ | 103 | $ | 395 | $ | 498 | $ | 395 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | Energy Services Disposal Group | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | — | $ | 377 | $ | — | $ | 740 | $ | — | $ | 1,117 | $ | — | $ | 740 | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-utility cost of revenues | — | 96 | — | 715 | — | 811 | — | 715 | ||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | — | 235 | — | 17 | — | 252 | — | 17 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 15 | — | 3 | — | 18 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | — | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | — | 347 | — | 735 | — | 1,082 | — | 735 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations before income taxes
|
— | 30 | — | 5 | — | 35 | — | 5 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on classification to held for sale, net (2) | (9) | — | 3 | — | (6) | — | 3 | — | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (1) | 15 | 1 | 1 | — | 16 | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from Discontinued Operations
|
$ | (8) | $ | 15 | $ | 2 | $ | 4 | $ | (6) | $ | 19 | $ | 2 | $ | 3 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 |
2019 (1)
|
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | Energy Services Disposal Group | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 250 | $ | 849 | $ | 1,167 | $ | 2,834 | $ | 1,417 | $ | 3,683 | $ | 1,167 | $ | 2,834 | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-utility cost of revenues | 50 | 228 | 1,108 | 2,701 | 1,158 | 2,929 | 1,108 | 2,701 | ||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | 184 | 526 | 34 | 51 | 218 | 577 | 34 | 51 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 39 | — | 10 | — | 49 | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 1 | 1 | 3 | — | 4 | 1 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 235 | 794 | 1,145 | 2,762 | 1,380 | 3,556 | 1,145 | 2,762 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations before income taxes
|
15 | 55 | 22 | 72 | 37 | 127 | 22 | 72 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on classification to held for sale, net (2) | (102) | — | (96) | — | (198) | — | (90) | — | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 24 | 21 | (3) | 17 | 21 | 38 | (2) | 15 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from Discontinued Operations
|
$ | (111) | $ | 34 | $ | (71) | $ | 55 | $ | (182) | $ | 89 | $ | (66) | $ | 57 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 |
2019 (1)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Energy Services Disposal Group | ||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | — | $ | 39 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||||||
Amortization of intangible assets in Non-utility cost of revenues | — | 15 | — | — | — | — | ||||||||||||||||||||||||||||||||
Write-down of natural gas inventory | — | — | 3 | 5 | 3 | 5 | ||||||||||||||||||||||||||||||||
Capital expenditures | 16 | 53 | 1 | 12 | 1 | 12 | ||||||||||||||||||||||||||||||||
Non-cash transactions: | ||||||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | 2 | 1 | 4 | 1 | 4 | 1 |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2020
|
2019 | 2020 | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Transportation revenue | $ | — | $ | 33 | $ | — | $ | 33 | ||||||||||||||||||
Natural gas expense | — | 10 | — | 10 | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2020 (1)
|
2019 |
2020 (1)
|
2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Transportation revenue | $ | 34 | $ | 81 | $ | 34 | $ | 81 | ||||||||||||||||||
Natural gas expense | 48 | 90 | 47 | 89 |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Pipeline construction and repair services capitalized | $ | — | $ | 45 | $ | — | $ | 3 | ||||||||||||||||||
Pipeline construction and repair service charges in operations and maintenance expense
|
— | 1 | — | 1 | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2020 (1)
|
2019 (2)
|
2020 | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Pipeline construction and repair services capitalized | $ | 34 | $ | 112 | $ | — | $ | 12 | ||||||||||||||||||
Pipeline construction and repair service charges in operations and maintenance expense
|
1 | 5 | 1 | 2 |
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Houston Electric
T&D |
Indiana
Electric Integrated |
Natural Gas Distribution |
Corporate
and Other |
Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 828 | $ | 157 | $ | 550 | $ | 75 | $ | 1,610 | ||||||||||||||||||||||
Other (1)
|
— | — | 10 | 2 | 12 | |||||||||||||||||||||||||||
Total revenues | $ | 828 | $ | 157 | $ | 560 | $ | 77 | $ | 1,622 | ||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Houston Electric
T&D |
Indiana
Electric Integrated |
Natural Gas Distribution |
Corporate
and Other |
Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 2,188 | $ | 414 | $ | 2,475 | $ | 240 | $ | 5,317 | ||||||||||||||||||||||
Other (1)
|
(2) | — | 44 | 5 | 47 | |||||||||||||||||||||||||||
Total revenues | $ | 2,186 | $ | 414 | $ | 2,519 | $ | 245 | $ | 5,364 |
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Houston Electric
T&D |
Indiana
Electric Integrated |
Natural Gas Distribution |
Corporate
and Other |
Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 861 | $ | 165 | $ | 527 | $ | 91 | $ | 1,644 | ||||||||||||||||||||||
Other (1)
|
(2) | — | 14 | 2 | 14 | |||||||||||||||||||||||||||
Total revenues | $ | 859 | $ | 165 | $ | 541 | $ | 93 | $ | 1,658 | ||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Houston Electric
T&D |
Indiana
Electric Integrated (2) |
Natural Gas Distribution (2) |
Corporate
and Other (2) |
Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 2,319 | $ | 388 | $ | 2,603 | $ | 210 | $ | 5,520 | ||||||||||||||||||||||
Other (1)
|
(6) | — | 26 | 5 | 25 | |||||||||||||||||||||||||||
Total revenues | $ | 2,313 | $ | 388 | $ | 2,629 | $ | 215 | $ | 5,545 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenue from contracts | $ | 828 | $ | 861 | $ | 2,188 | $ | 2,319 | |||||||||||||||
Other (1)
|
— | (2) | (6) | (9) | |||||||||||||||||||
Total revenues
|
$ | 828 | $ | 859 | $ | 2,182 | $ | 2,310 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Natural Gas Distribution |
Corporate
and Other |
Total | Natural Gas Distribution |
Corporate
and Other |
Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 414 | $ | 3 | $ | 417 | $ | 403 | $ | 5 | $ | 408 | ||||||||||||||||||||||||||
Other (1)
|
8 | 1 | 9 | 12 | — | 12 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 422 | $ | 4 | $ | 426 | $ | 415 | $ | 5 | $ | 420 | ||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Natural Gas Distribution |
Corporate
and Other |
Total | Natural Gas Distribution |
Corporate
and Other |
Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts
|
$ | 1,865 | $ | 8 | $ | 1,873 | $ | 2,123 | $ | 6 | $ | 2,129 | ||||||||||||||||||||||||||
Other (1)
|
45 | 2 | 47 | 29 | — | 29 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 1,910 | $ | 10 | $ | 1,920 | $ | 2,152 | $ | 6 | $ | 2,158 |
Accounts Receivable | Other Accrued Unbilled Revenues |
Contract
Assets |
Contract Liabilities | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Opening balance as of December 31, 2019 | $ | 566 | $ | 469 | $ | 6 | $ | 30 | |||||||||||||||
Closing balance as of September 30, 2020
|
568 | 285 | 22 | 20 | |||||||||||||||||||
Increase (decrease)
|
$ | 2 | $ | (184) | $ | 16 | $ | (10) |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Liabilities | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Opening balance as of December 31, 2019 | $ | 210 | $ | 117 | $ | 3 | |||||||||||||||||
Closing balance as of September 30, 2020
|
321 | 124 | 4 | ||||||||||||||||||||
Increase
|
$ | 111 | $ | 7 | $ | 1 |
Accounts Receivable | Other Accrued Unbilled Revenues | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Opening balance as of December 31, 2019 | $ | 222 | $ | 249 | |||||||||||||||||||||||||
Closing balance as of September 30, 2020
|
123 | 91 | |||||||||||||||||||||||||||
Decrease
|
$ | (99) | $ | (158) |
Rolling 12 Months | Thereafter | Total | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenue expected to be recognized on contracts in place as of September 30, 2020:
|
|||||||||||||||||||||||
Corporate and Other
|
$ | 209 | $ | 590 | $ | 799 | |||||||||||||||||
$ | 209 | $ | 590 | $ | 799 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Service cost (1)
|
$ | 10 | $ | 10 | $ | 32 | $ | 30 | |||||||||||||||
Interest cost (2)
|
18 | 25 | 56 | 73 | |||||||||||||||||||
Expected return on plan assets (2)
|
(28) | (27) | (85) | (79) | |||||||||||||||||||
Amortization of prior service cost (2)
|
— | 2 | — | 6 | |||||||||||||||||||
Amortization of net loss (2)
|
10 | 13 | 31 | 39 | |||||||||||||||||||
Settlement cost (2) (3)
|
1 | 1 | 2 | 2 | |||||||||||||||||||
Curtailment gain (2) (4)
|
— | — | — | (1) | |||||||||||||||||||
Net periodic cost | $ | 11 | $ | 24 | $ | 36 | $ | 70 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Service cost (1) | $ | 1 | $ | — | $ | 1 | $ | 2 | $ | — | $ | — | |||||||||||||||||||||||
Interest cost (2) | 2 | 1 | — | 4 | 1 | 2 | |||||||||||||||||||||||||||||
Expected return on plan assets (2) | (1) | (1) | (1) | (3) | (1) | — | |||||||||||||||||||||||||||||
Amortization of prior service cost (credit) (2) | (1) | (1) | 1 | (1) | (1) | — | |||||||||||||||||||||||||||||
Net periodic cost (income) | $ | 1 | $ | (1) | $ | 1 | $ | 2 | $ | (1) | $ | 2 | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Service cost (1) | $ | 2 | $ | — | $ | 1 | $ | 3 | $ | — | $ | 1 | |||||||||||||||||||||||
Interest cost (2) | 8 | 4 | 2 | 12 | 5 | 4 | |||||||||||||||||||||||||||||
Expected return on plan assets (2) | (4) | (3) | (1) | (6) | (3) | (1) | |||||||||||||||||||||||||||||
Amortization of prior service cost (credit) (2) | (3) | (4) | 1 | (3) | (4) | — | |||||||||||||||||||||||||||||
Net periodic cost (income) | $ | 3 | $ | (3) | $ | 3 | $ | 6 | $ | (2) | $ | 4 |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Expected minimum contribution to pension plans during 2020 | $ | 84 | $ | — | $ | — | |||||||||||
Expected contribution to postretirement benefit plans in 2020 | 11 | 3 | 3 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Pension plans | $ | 79 | $ | — | $ | — | $ | 84 | $ | — | $ | — | |||||||||||||||||||||||
Postretirement benefit plans | 2 | 1 | 1 | 8 | 3 | 2 |
CenterPoint Energy and Houston Electric | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Allowed equity return recognized
|
$ | 10 | $ | 14 | $ | 24 | $ | 38 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Hedging Classification | Notional Principal | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Economic hedge (1) | $ | 84 | $ | 84 | ||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Balance Sheet Location |
Derivative
Assets Fair Value |
Derivative
Liabilities Fair Value |
Derivative
Assets Fair Value |
Derivative
Liabilities Fair Value |
||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||||||||||
Natural gas derivatives (1)
|
Current Liabilities: Non-trading derivative liabilities
|
$ | — | $ | 1 | $ | — | $ | 7 | |||||||||||||||||||||||
Natural gas derivatives (1)
|
Other Liabilities: Non-trading derivative liabilities
|
— | 6 | — | 15 | |||||||||||||||||||||||||||
Interest rate derivatives
|
Other Liabilities | — | 24 | — | 10 | |||||||||||||||||||||||||||
Indexed debt securities derivative (2) | Current Liabilities | — | 918 | — | 893 | |||||||||||||||||||||||||||
Total | $ | — | $ | 949 | $ | — | $ | 925 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Income Statement Location | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Effects of derivatives not designated as hedging instruments on the income statement:
|
||||||||||||||||||||||||||||||||
Indexed debt securities derivative
|
Gain (loss) on indexed debt securities
|
$ | (84) | $ | (62) | $ | (25) | $ | (216) | |||||||||||||||||||||||
Total
|
$ | (84) | $ | (62) | $ | (25) | $ | (216) |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 |
Level 2 | Level 3 | Total |
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate equities | $ | 838 | $ | — | $ | — | $ | 838 | $ | 825 | $ | — | $ | — | $ | 825 | ||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1)
|
44 | — | — | 44 | 49 | — | — | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 882 | $ | — | $ | — | $ | 882 | $ | 874 | $ | — | $ | — | $ | 874 | ||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed debt securities derivative
|
$ | — | $ | 918 | $ | — | $ | 918 | $ | — | $ | 893 | $ | — | $ | 893 | ||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives
|
— | 24 | — | 24 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives
|
— | 7 | — | 7 | — | 22 | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 949 | $ | — | $ | 949 | $ | — | $ | 925 | $ | — | $ | 925 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 |
Level 2 | Level 3 | Total |
Level 1 |
Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1)
|
$ | 27 | $ | — | $ | — | $ | 27 | $ | 32 | $ | — | $ | — | $ | 32 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 27 | $ | — | $ | — | $ | 27 | $ | 32 | $ | — | $ | — | $ | 32 | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 |
Level 2 | Level 3 | Total |
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate equities | $ | 2 | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1)
|
11 | — | — | 11 | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13 | $ | — | $ | — | $ | 13 | $ | 13 | $ | — | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
||||||||||||||||||||
|
(in millions) | ||||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Long-term debt, including current maturities (1)
|
$ | 13,268 | $ | 14,982 | $ | 15,093 | $ | 16,067 | |||||||||||||||
Houston Electric | |||||||||||||||||||||||
Long-term debt, including current maturities (1)
|
$ | 5,089 | $ | 5,968 | $ | 4,950 | $ | 5,457 | |||||||||||||||
CERC | |||||||||||||||||||||||
Long-term debt, including current maturities
|
$ | 2,582 | $ | 2,973 | $ | 2,546 | $ | 2,803 |
September 30, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
Enable | $ | 748 | $ | 2,406 | |||||||
Other | 1 | 2 | |||||||||
Total | $ | 749 | $ | 2,408 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Enable | $ | (67) | $ | 77 | $ | (1,499) | $ | 213 | |||||||||||||||
Other | — | — | — | — | |||||||||||||||||||
Total | $ | (67) | $ | 77 | $ | (1,499) | $ | 213 |
September 30, 2020 | ||||||||||||||||||||
Limited Partner Interest (1)
|
Common Units (2)
|
Enable Series A Preferred Units (3)
|
||||||||||||||||||
CenterPoint Energy | 53.7 | % | 233,856,623 | 14,520,000 | ||||||||||||||||
OGE | 25.5 | % | 110,982,805 | — | ||||||||||||||||
Public unitholders | 20.8 | % | 90,629,240 | — | ||||||||||||||||
Total units outstanding | 100.0 | % | 435,468,668 | 14,520,000 |
September 30, 2020 | |||||||||||
Management
Rights (1)
|
Incentive Distribution Rights (2)
|
||||||||||
CenterPoint Energy (3)
|
50 | % | 40 | % | |||||||
OGE | 50 | % | 60 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Per Unit | Cash Distribution | Per Unit | Cash Distribution | Per Unit | Cash Distribution | Per Unit | Cash Distribution | ||||||||||||||||||||||||||||||||||||||||
(in millions, except per unit amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Enable common units (1) | $ | 0.16525 | $ | 39 | $ | 0.3305 | $ | 77 | $ | 0.6610 | $ | 155 | $ | 0.9665 | $ | 226 | |||||||||||||||||||||||||||||||
Enable Series A Preferred Units | 0.62500 | 9 | 0.6250 | 9 | 1.8750 | 27 | 1.8750 | 27 | |||||||||||||||||||||||||||||||||||||||
Total CenterPoint Energy | $ | 48 | $ | 86 | $ | 182 | $ | 253 |
CenterPoint Energy and CERC | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural gas expenses, includes transportation and storage costs
|
$ | 17 | $ | 17 | $ | 61 | $ | 62 |
CenterPoint Energy and CERC | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
Accounts payable for natural gas purchases from Enable | $ | 6 | $ | 9 | |||||||
Accounts receivable for amounts billed for services provided to Enable | 1 | 2 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating revenues | $ | 596 | $ | 699 | $ | 1,759 | $ | 2,229 | |||||||||||||||
Cost of sales, excluding depreciation and amortization
|
250 | 263 | 653 | 958 | |||||||||||||||||||
Depreciation and amortization | 105 | 108 | 314 | 323 | |||||||||||||||||||
Goodwill and long-lived assets impairments | — | — | 28 | — | |||||||||||||||||||
Operating income | 100 | 175 | 326 | 507 | |||||||||||||||||||
Net income (loss) attributable to Enable common units | (173) | 123 | (35) | 351 | |||||||||||||||||||
Reconciliation of Equity in Earnings (Losses), net: | |||||||||||||||||||||||
CenterPoint Energy’s interest | $ | (93) | $ | 66 | $ | (19) | $ | 189 | |||||||||||||||
Basis difference amortization (1) | 26 | 11 | 62 | 35 | |||||||||||||||||||
Loss on dilution, net of proportional basis difference recognition
|
— | — | (1) | (11) | |||||||||||||||||||
Impairment of CenterPoint Energy’s equity method investment in Enable
|
— | — | (1,541) | — | |||||||||||||||||||
CenterPoint Energy’s equity in earnings (losses), net
|
$ | (67) | $ | 77 | $ | (1,499) | $ | 213 |
September 30, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
Current assets | $ | 373 | $ | 389 | |||||||
Non-current assets | 11,402 | 11,877 | |||||||||
Current liabilities | 644 | 780 | |||||||||
Non-current liabilities | 4,055 | 4,077 | |||||||||
Non-controlling interest | 26 | 37 | |||||||||
Preferred equity | 362 | 362 | |||||||||
Accumulated other comprehensive loss | (7) | (3) | |||||||||
Enable partners’ equity | 6,695 | 7,013 | |||||||||
Reconciliation of Investment in Enable: | |||||||||||
CenterPoint Energy’s ownership interest in Enable partners’ equity | $ | 3,592 | $ | 3,767 | |||||||
CenterPoint Energy’s basis difference (1)
|
(2,844) | (1,361) | |||||||||
CenterPoint Energy’s equity method investment in Enable | $ | 748 | $ | 2,406 |
December 31, 2019 | Impairment | September 30, 2020 | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Indiana Electric Integrated (1)
|
$ | 1,121 | $ | 185 | $ | 936 | |||||||||||||||||||||||
Natural Gas Distribution | 3,312 | — | 3,312 | ||||||||||||||||||||||||||
Corporate and Other | 449 | — | 449 | ||||||||||||||||||||||||||
Total | $ | 4,882 | $ | 185 | $ | 4,697 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 33 | $ | (7) | $ | 26 | $ | 33 | $ | (4) | $ | 29 | ||||||||||||||||||||||||||
Trade names | 16 | (3) | 13 | 16 | (1) | 15 | ||||||||||||||||||||||||||||||||
Construction backlog (1)
|
5 | (4) | 1 | 5 | (4) | 1 | ||||||||||||||||||||||||||||||||
Operation and maintenance agreements (1)
|
12 | (1) | 11 | 12 | — | 12 | ||||||||||||||||||||||||||||||||
Other | 2 | (1) | 1 | 2 | (1) | 1 | ||||||||||||||||||||||||||||||||
Total | $ | 68 | $ | (16) | $ | 52 | $ | 68 | $ | (10) | $ | 58 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Amortization expense of intangible assets recorded in Depreciation and amortization (1)
|
$ | 2 | $ | 1 | $ | 5 | $ | 2 | ||||||||||||||||||
Amortization expense of intangible assets recorded in Non-utility cost of revenues, including natural gas (1)
|
— | 1 | 1 | 4 |
Amortization
Expense (1)
|
|||||
CenterPoint Energy | |||||
(in millions) | |||||
Remaining three months of 2020 | $ | 2 | |||
2021 | 6 | ||||
2022 | 6 | ||||
2023 | 6 | ||||
2024 | 5 | ||||
2025 | 5 |
Shares Held | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
AT&T Common | 10,212,945 | 10,212,945 | |||||||||
Charter Common | 872,503 | 872,503 | |||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(in shares) | |||||||||||
AT&T Common | 0.7185 | 0.7185 | |||||||||
Charter Common | 0.061382 | 0.061382 | |||||||||
Execution
Date |
Registrant |
Size of
Facility |
Draw Rate of LIBOR plus (1)
|
Financial Covenant Limit on Debt for Borrowed Money to Capital Ratio |
Debt for Borrowed Money to Capital
Ratio as of
September 30, 2020 (2)
|
Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
March 3, 2016 | CenterPoint Energy | $ | 3,300 | 1.500% | 65% | (3) | 53.4% | March 3, 2022 | ||||||||||||||||||||||||||||||
July 14, 2017 |
CenterPoint Energy (4)
|
400 | 1.125% | 65% | 52.5% | July 14, 2022 | ||||||||||||||||||||||||||||||||
March 3, 2016 | Houston Electric | 300 | 1.250% | 65% | (3) | 53.2% | March 3, 2022 | |||||||||||||||||||||||||||||||
March 3, 2016 | CERC | 900 | 1.125% | 65% | 52.7% | March 3, 2022 | ||||||||||||||||||||||||||||||||
Total
|
$ | 4,900 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Registrant | Loans |
Letters
of Credit |
Commercial
Paper |
Weighted Average Interest Rate | Loans |
Letters
of Credit |
Commercial
Paper |
Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||
(in millions, except weighted average interest rate) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy (1)
|
$ | — | $ | 8 | $ | 638 | 0.19 | % | $ | — | $ | 6 | $ | 1,633 | 1.95 | % | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy (2)
|
— | — | 176 | 0.19 | % | — | — | 268 | 2.08 | % | |||||||||||||||||||||||||||||||||||||||||||
Houston Electric | — | — | — | — | % | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||
CERC | — | — | 407 | 0.17 | % | — | 1 | 377 | 1.94 | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 8 | $ | 1,221 | $ | — | $ | 7 | $ | 2,278 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
CenterPoint Energy - Continuing operations (1) (2)
|
(9) | % | 15 | % | 29 | % | 12 | % | |||||||||||||||
CenterPoint Energy - Discontinued operations (3) (4)
|
— | % | 46 | % | (13) | % | 30 | % | |||||||||||||||
Houston Electric (5)
|
14 | % | 18 | % | 15 | % | 18 | % | |||||||||||||||
CERC - Continuing operations (6) (7)
|
60 | % | 23 | % | 13 | % | 9 | % | |||||||||||||||
CERC - Discontinued operations (8) (9)
|
33 | % | 40 | % | 3 | % | 21 | % |
CenterPoint Energy | CERC | ||||||||||
(in millions) | |||||||||||
Remaining three months of 2020 | $ | 224 | $ | 163 | |||||||
2021 | 662 | 486 | |||||||||
2022 | 496 | 325 | |||||||||
2023 | 418 | 271 | |||||||||
2024 | 340 | 246 | |||||||||
2025 | 290 | 220 | |||||||||
2026 and beyond | 1,817 | 1,496 |
September 30, 2020 | |||||||||||
CenterPoint Energy | CERC | ||||||||||
(in millions, except years) | |||||||||||
Amount accrued for remediation | $ | 12 | $ | 7 | |||||||
Minimum estimated remediation costs | 7 | 4 | |||||||||
Maximum estimated remediation costs | 54 | 32 | |||||||||
Minimum years of remediation | 5 | 30 | |||||||||
Maximum years of remediation | 50 | 50 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions, except per share and share amounts) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 127 | $ | 251 | $ | (791) | $ | 545 | |||||||||||||||
Less: Preferred stock dividend requirement (Note 19) | 36 | 29 | 102 | 88 | |||||||||||||||||||
Less: Amortization of beneficial conversion feature (Note 19) | 16 | — | 25 | — | |||||||||||||||||||
Less: Undistributed earnings allocated to preferred shareholders (1)
|
— | — | — | — | |||||||||||||||||||
Income (loss) available to common shareholders from continuing operations - basic and diluted
|
75 | 222 | (918) | 457 | |||||||||||||||||||
Income (loss) available to common shareholders from discontinued operations - basic and diluted
|
(6) | 19 | (182) | 89 | |||||||||||||||||||
Income (loss) available to common shareholders - basic and diluted | $ | 69 | $ | 241 | $ | (1,100) | $ | 546 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding - basic | 544,811,000 | 502,228,000 | 525,160,000 | 501,986,000 | |||||||||||||||||||
Plus: Incremental shares from assumed conversions: | |||||||||||||||||||||||
Restricted stock (4)
|
3,377,000 | 2,852,000 | — | 2,852,000 | |||||||||||||||||||
Series B Preferred Stock (2)
|
— | — | — | — | |||||||||||||||||||
Series C Preferred Stock (3)
|
— | — | — | — | |||||||||||||||||||
Weighted average common shares outstanding - diluted | 548,188,000 | 505,080,000 | 525,160,000 | 504,838,000 | |||||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||
Basic earnings (loss) per common share - continuing operations
|
$ | 0.14 | $ | 0.44 | $ | (1.75) | $ | 0.91 | |||||||||||||||
Basic earnings (loss) per common share - discontinued operations
|
(0.01) | 0.04 | (0.35) | 0.18 | |||||||||||||||||||
Basic Earnings (Loss) Per Common Share | $ | 0.13 | $ | 0.48 | $ | (2.10) | $ | 1.09 | |||||||||||||||
Diluted earnings (loss) per common share - continuing operations
|
$ | 0.14 | $ | 0.44 | $ | (1.75) | $ | 0.91 | |||||||||||||||
Diluted earnings (loss) per common share - discontinued operations
|
(0.01) | 0.03 | (0.35) | 0.17 | |||||||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | 0.13 | $ | 0.47 | $ | (2.10) | $ | 1.08 |
Registrant | Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Midstream Investments | ||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | X | X | X | X | ||||||||||||||||||||||||||||||||||||||||
Houston Electric | X | |||||||||||||||||||||||||||||||||||||||||||
CERC | X |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from
External Customers |
Equity in Earnings of Unconsolidated Affiliates | Net Income (Loss) |
Revenues from
External Customers |
Equity in Earnings of Unconsolidated Affiliates | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric T&D | $ | 828 | (1) | $ | — | $ | 157 | $ | 859 | (1) | $ | — | $ | 185 | ||||||||||||||||||||||||||||||||||||||||||
Indiana Electric Integrated | 157 | — | 31 | 165 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas Distribution | 560 | — | 5 | 541 | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Midstream Investments (2)
|
— | (67) | (62) | — | 77 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | 77 | — | (4) | 93 | — | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations | $ | 1,622 | $ | (67) | 127 | $ | 1,658 | $ | 77 | 251 | ||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations, net | (6) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 121 | $ | 270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from
External Customers |
Equity in Earnings of Unconsolidated Affiliates | Net Income (Loss) |
Revenues from
External Customers |
Equity in Earnings of Unconsolidated Affiliates | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric T&D | $ | 2,186 | (1) | $ | — | $ | 281 | $ | 2,313 | (1) | $ | — | $ | 315 | ||||||||||||||||||||||||||||||||||||||||||
Indiana Electric Integrated | 414 | — | (121) | 388 | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas Distribution | 2,519 | — | 242 | 2,629 | — | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Midstream Investments (2)
|
— | (1,499) | (1,165) | — | 213 | 124 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | 245 | — | (28) | 215 | — | (84) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations | $ | 5,364 | $ | (1,499) | (791) | $ | 5,545 | $ | 213 | 545 | ||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations, net | (182) | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | (973) | $ | 634 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Affiliates of NRG | $ | 243 | $ | 231 | $ | 573 | $ | 547 | ||||||||||||||||||
Affiliates of Vistra Energy Corp. | 128 | 83 | 301 | 196 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Revenues from
External Customers |
Net Income (Loss) |
Revenues from
External Customers |
Net Income (Loss) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Distribution | $ | 422 | $ | 1 | $ | 415 | $ | 5 | |||||||||||||||
Corporate and Other | 4 | (7) | 5 | (15) | |||||||||||||||||||
Continuing Operations | $ | 426 | (6) | $ | 420 | (10) | |||||||||||||||||
Discontinued Operations, net | 2 | 3 | |||||||||||||||||||||
Consolidated | $ | (4) | $ | (7) | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Revenues from
External Customers |
Net Income (Loss) |
Revenues from
External Customers |
Net Income (Loss) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Distribution | $ | 1,910 | $ | 155 | $ | 2,152 | $ | 134 | |||||||||||||||
Corporate and Other | 10 | (13) | 6 | (32) | |||||||||||||||||||
Continuing Operations | $ | 1,920 | 142 | $ | 2,158 | 102 | |||||||||||||||||
Discontinued Operations, net | (66) | 57 | |||||||||||||||||||||
Consolidated | $ | 76 | $ | 159 |
Total Assets | |||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
CenterPoint
Energy |
CERC |
CenterPoint
Energy |
CERC | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Houston Electric T&D | $ | 11,296 | $ | — | $ | 11,264 | $ | — | |||||||||||||||
Indiana Electric Integrated | 3,142 | — | 3,168 | — | |||||||||||||||||||
Natural Gas Distribution | 14,297 | 7,809 | 14,105 | 7,698 | |||||||||||||||||||
Midstream Investments | 805 | — | 2,473 | — | |||||||||||||||||||
Corporate and Other, net of eliminations | 3,165 | (30) | 2,555 | (90) | |||||||||||||||||||
Continuing Operations | 32,705 | 7,779 | 33,565 | 7,608 | |||||||||||||||||||
Assets Held for Sale | — | — | 1,964 | 904 | |||||||||||||||||||
Consolidated | $ | 32,705 | $ | 7,779 | $ | 35,529 | $ | 8,512 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash Payments/Receipts: | |||||||||||||||||||||||||||||||||||
Interest, net of capitalized interest | $ | 324 | $ | 176 | $ | 88 | $ | 364 | $ | 203 | $ | 88 | |||||||||||||||||||||||
Income tax payments, net | 117 | 33 | 4 | 174 | 93 | 3 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Non-cash transactions: | |||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | 220 | 121 | 72 | 178 | 91 | 75 | |||||||||||||||||||||||||||||
ROU assets obtained in exchange for lease liabilities (1)
|
14 | — | 5 | 43 | 1 | 28 | |||||||||||||||||||||||||||||
Beneficial conversion feature
|
32 | — | — | — | — | — | |||||||||||||||||||||||||||||
Amortization of beneficial conversion feature
|
(25) | — | — | — | — | — |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 185 | $ | 172 | $ | 2 | $ | 241 | $ | 216 | $ | 2 | |||||||||||||||||||||||
Restricted cash included in Prepaid expenses and other current assets
|
23 | 16 | — | 30 | 19 | — | |||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Condensed Statements of Consolidated Cash Flows
|
$ | 208 | $ | 188 | $ | 2 | $ | 271 | $ | 235 | $ | 2 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||
(in millions, except interest rates) | |||||||||||||||||||||||
Money pool investments (borrowings) (1)
|
$ | 25 | $ | — | $ | 481 | $ | — | |||||||||||||||
Weighted average interest rate
|
0.19 | % | 0.19 | % | 1.98 | % | 1.98 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense) (1) | $ | — | $ | — | $ | 5 | $ | 1 | $ | — | $ | — | $ | 14 | $ | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate service charges | $ | 48 | $ | 52 | $ | 38 | $ | 31 | $ | 142 | $ | 156 | $ | 132 | $ | 106 | ||||||||||||||||||||||||||||||||||
Net affiliate service charges (billings)
|
(4) | 4 | (3) | 3 | (14) | 14 | (7) | 7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to parent | $ | 52 | $ | 8 | $ | 60 | $ | 16 | $ | 457 | $ | 80 | $ | 100 | $ | 119 | ||||||||||||||||||||||||||||||||||
Cash contribution from parent | — | — | — | — | — | — | 590 | — | ||||||||||||||||||||||||||||||||||||||||||
Capital distribution to parent associated with the sale of CES
|
— | — | — | — | — | 286 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment from parent (1)
|
35 | 23 | — | — | 35 | 23 | — | — |
Declaration Date | Record Date | Payment Date |
Per Share (1)
|
Total
(in millions) |
||||||||||||||||||||||
February 3, 2020 | February 20, 2020 | March 12, 2020 | $ | 0.2900 | $ | 145 | ||||||||||||||||||||
April 24, 2020 | May 21, 2020 | June 11, 2020 | 0.1500 | 82 | ||||||||||||||||||||||
July 29, 2020 | August 20, 2020 | September 10, 2020 | 0.1500 | 82 | ||||||||||||||||||||||
Total 2020 | $ | 0.5900 | $ | 309 | ||||||||||||||||||||||
December 12, 2018 | February 21, 2019 | March 14, 2019 | $ | 0.2875 | $ | 144 | ||||||||||||||||||||
April 25, 2019 | May 16, 2019 | June 13, 2019 | 0.2875 | 144 | ||||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 12, 2019 | 0.2875 | 145 | ||||||||||||||||||||||
Total 2019 | $ | 0.8625 | $ | 433 |
Declaration Date | Record Date | Payment Date | Per Share |
Total
(in millions) |
||||||||||||||||||||||
February 3, 2020 | February 14, 2020 | March 2, 2020 | $ | 30.6250 | $ | 25 | ||||||||||||||||||||
July 29, 2020 | August 14, 2020 | September 1, 2020 | 30.6250 | 24 | ||||||||||||||||||||||
Total 2020 | $ | 61.2500 | $ | 49 | ||||||||||||||||||||||
December 12, 2018 | February 15, 2019 | March 1, 2019 | $ | 32.1563 | $ | 26 | ||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 3, 2019 | 30.6250 | 24 | ||||||||||||||||||||||
Total 2019 | $ | 62.7813 | $ | 50 |
Declaration Date | Record Date | Payment Date | Per Share |
Total
(in millions) |
||||||||||||||||||||||
February 3, 2020 | February 14, 2020 | March 2, 2020 | $ | 17.5000 | $ | 17 | ||||||||||||||||||||
April 24, 2020 | May 15, 2020 | June 1, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
July 29, 2020 | August 14, 2020 | September 1, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
Total 2020 | $ | 52.5000 | $ | 51 | ||||||||||||||||||||||
December 12, 2018 | February 15, 2019 | March 1, 2019 | $ | 17.5000 | $ | 17 | ||||||||||||||||||||
April 25, 2019 | May 15, 2019 | June 3, 2019 | 17.5000 | 17 | ||||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 3, 2019 | 17.5000 | 17 | ||||||||||||||||||||||
Total 2019 | $ | 52.5000 | $ | 51 |
Declaration Date | Record Date | Payment Date | Per Share |
Total
(in millions) |
||||||||||||||||||||||
April 24, 2020 | (1) | May 21, 2020 | June 11, 2020 | $ | 0.1500 | $ | 7 | |||||||||||||||||||
July 29, 2020 | August 20, 2020 | September 10, 2020 | 0.1500 | 7 | ||||||||||||||||||||||
Total 2020 | $ | 0.3000 | $ | 14 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Series A Preferred Stock | $ | 12 | $ | 12 | $ | 37 | $ | 37 | |||||||||||||||
Series B Preferred Stock | 17 | 17 | 51 | 51 | |||||||||||||||||||
Series C Preferred Stock | 7 | — | 14 | — | |||||||||||||||||||
Preferred dividend requirement
|
36 | 29 | 102 | 88 | |||||||||||||||||||
Amortization of beneficial conversion feature | 16 | — | 25 | — | |||||||||||||||||||
Total income allocated to preferred shareholders
|
$ | 52 | $ | 29 | $ | 127 | $ | 88 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | (84) | $ | — | $ | 10 | $ | (105) | $ | (15) | $ | 5 | |||||||||||||||||||||||
Other comprehensive loss before reclassifications: | |||||||||||||||||||||||||||||||||||
Deferred loss from interest rate derivatives (1)
|
— | — | — | (2) | — | — | |||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates | 1 | — | — | (2) | — | — | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss:
|
|||||||||||||||||||||||||||||||||||
Actuarial losses (2)
|
2 | — | — | 2 | — | — | |||||||||||||||||||||||||||||
Tax expense
|
(1) | — | — | — | — | — | |||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 2 | — | — | (2) | — | — | |||||||||||||||||||||||||||||
Ending Balance | $ | (82) | $ | — | $ | 10 | $ | (107) | $ | (15) | $ | 5 | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | (98) | $ | (15) | $ | 10 | $ | (108) | $ | (14) | $ | 5 | |||||||||||||||||||||||
Other comprehensive loss before reclassifications: | |||||||||||||||||||||||||||||||||||
Deferred loss from interest rate derivatives (1)
|
— | — | — | (3) | (1) | — | |||||||||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates
|
(2) | — | — | (2) | — | — | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss:
|
|||||||||||||||||||||||||||||||||||
Prior service cost (2)
|
1 | — | — | 1 | — | — | |||||||||||||||||||||||||||||
Actuarial losses (2)
|
5 | — | — | 6 | — | — | |||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income | — | — | — | 1 | — | — | |||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges (3)
|
19 | 19 | — | — | — | — | |||||||||||||||||||||||||||||
Tax expense
|
(7) | (4) | — | (2) | — | — | |||||||||||||||||||||||||||||
Net current period other comprehensive income (loss)
|
16 | 15 | — | 1 | (1) | — | |||||||||||||||||||||||||||||
Ending Balance | $ | (82) | $ | — | $ | 10 | $ | (107) | $ | (15) | $ | 5 |
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Share | ||||||||||||||||||||||||||||
Common Stock | October 29, 2020 | November 19, 2020 | December 10, 2020 | $ | 0.1500 | |||||||||||||||||||||||||||
Series B Preferred Stock | October 29, 2020 | November 13, 2020 | December 1, 2020 | 17.5000 | ||||||||||||||||||||||||||||
Series C Preferred Stock (1)
|
October 29, 2020 | November 19, 2020 | December 10, 2020 | 0.1500 |
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Unit Distribution |
Expected Cash Distribution
(in millions) |
|||||||||||||||||||||||||||
Enable common units | November 3, 2020 | November 17, 2020 | November 24, 2020 | $ | 0.16525 | $ | 39 | |||||||||||||||||||||||||
Enable Series A Preferred Units | November 3, 2020 | November 3, 2020 | November 13, 2020 | 0.62500 | 9 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 | 2019 | Increase (Decrease) | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Houston Electric T&D | $ | 157 | $ | 185 | $ | (28) | $ | 281 | $ | 315 | $ | (34) | ||||||||||||||||||||||||||
Indiana Electric Integrated | 31 | 34 | (3) | (121) | 41 | (1) | (162) | |||||||||||||||||||||||||||||||
Natural Gas Distribution | 5 | 6 | (1) | 242 | 149 | (2) | 93 | |||||||||||||||||||||||||||||||
Total Utility Operations | 193 | 225 | (32) | 402 | 505 | (103) | ||||||||||||||||||||||||||||||||
Midstream Investments (3)
|
(62) | 50 | (112) | (1,165) | 124 | (1,289) | ||||||||||||||||||||||||||||||||
Corporate & Other (4)
|
(56) | (53) | (3) | (155) | (172) | 17 | ||||||||||||||||||||||||||||||||
Discontinued Operations | (6) | 19 | (25) | (182) | 89 | (271) | ||||||||||||||||||||||||||||||||
Total CenterPoint Energy | $ | 69 | $ | 241 | (172) | $ | (1,100) | $ | 546 | (1,646) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 | 2019 | Increase (Decrease) | ||||||||||||||||||||||||||||||
(in millions, except operating statistics) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 828 | $ | 859 | $ | (31) | $ | 2,186 | $ | 2,313 | $ | (127) | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Operation and maintenance | 381 | 359 | 22 | 1,104 | 1,086 | 18 | |||||||||||||||||||||||||||||
Depreciation and amortization | 151 | 168 | (17) | 420 | 519 | (99) | |||||||||||||||||||||||||||||
Taxes other than income taxes | 64 | 63 | 1 | 192 | 186 | 6 | |||||||||||||||||||||||||||||
Total expenses | 596 | 590 | 6 | 1,716 | 1,791 | (75) | |||||||||||||||||||||||||||||
Operating Income | 232 | 269 | (37) | 470 | 522 | (52) | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Interest expense and other finance charges | (50) | (50) | — | (149) | (154) | (5) | |||||||||||||||||||||||||||||
Interest income | 1 | 9 | (8) | 3 | 22 | (19) | |||||||||||||||||||||||||||||
Other income (expense), net | — | (2) | 2 | 4 | (5) | 9 | |||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 183 | 226 | (43) | 328 | 385 | (57) | |||||||||||||||||||||||||||||
Income tax expense | 26 | 41 | (15) | 47 | 70 | (23) | |||||||||||||||||||||||||||||
Net Income (1)
|
$ | 157 | $ | 185 | (28) | $ | 281 | $ | 315 | (34) | |||||||||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||||||||
Residential | 11,237 | 11,224 | — | % | 25,028 | 24,392 | 3 | % | |||||||||||||||||||||||||||
Total | 28,031 | 28,379 | (1) | % | 71,293 | 71,417 | — | % | |||||||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||||||||
Cooling degree days | 106 | % | 110 | % | (4) | % | 109 | % | 106 | % | 3 | % | |||||||||||||||||||||||
Heating degree days | — | % | — | % | — | % | 68 | % | 93 | % | (25) | % | |||||||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||||||||
Residential | 2,291,038 | 2,232,740 | 3 | % | 2,291,038 | 2,232,740 | 3 | % | |||||||||||||||||||||||||||
Total | 2,586,093 | 2,523,450 | 2 | % | 2,586,093 | 2,523,450 | 2 | % |
Increase (Decrease) | ||||||||||||||
Three Months Ended September 30, 2020 vs 2019 | Nine Months Ended September 30, 2020 vs 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Customer rates and impact of the change in rate design | $ | (119) | $ | (205) | ||||||||||
Impacts of COVID-19 | (15) | (32) | ||||||||||||
Weather impacts and other usage | 2 | 3 | ||||||||||||
Impacts from increased peak demand in 2019, collected in rates in 2020 | 4 | 11 | ||||||||||||
Transmission Revenues, including TCOS and TCRF and impact of the change in rate design, inclusive of costs billed by transmission providers | 126 | 230 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (14) | (22) | ||||||||||||
Equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | (4) | (14) | ||||||||||||
Customer growth | 11 | 27 | ||||||||||||
Miscellaneous revenues, primarily related to service connections | 3 | 4 | ||||||||||||
AMS, offset in depreciation and amortization below | — | (2) | ||||||||||||
Bond Companies | (25) | (126) | ||||||||||||
Energy efficiency, offset in operation and maintenance | — | (1) | ||||||||||||
Total | $ | (31) | $ | (127) | ||||||||||
Operation and maintenance | ||||||||||||||
Transmission costs billed by transmission providers, offset in revenues | $ | 15 | $ | 41 | ||||||||||
Labor and benefits, primarily due to timing of short-term incentive compensation | 6 | (2) | ||||||||||||
Contract services | (4) | (10) | ||||||||||||
Support services | 6 | 1 | ||||||||||||
All other operation and maintenance expense, including materials and supplies and insurance | (4) | (6) | ||||||||||||
Merger severance costs | 3 | (3) | ||||||||||||
Bond Companies | — | (2) | ||||||||||||
Energy efficiency, offset in revenues | — | (1) | ||||||||||||
Total | $ | 22 | $ | 18 | ||||||||||
Depreciation and amortization | ||||||||||||||
Ongoing additions to plant-in-service | $ | 7 | $ | 21 | ||||||||||
AMS, offset by revenues | — | (2) | ||||||||||||
Bond Companies | (24) | (118) | ||||||||||||
Total | $ | (17) | $ | (99) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Incremental capital projects placed in service | $ | 1 | $ | 4 | ||||||||||
Franchise fees and other taxes | — | 2 | ||||||||||||
Total | $ | 1 | $ | 6 | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | 2 | $ | 5 | ||||||||||
Bond Companies | (2) | (10) | ||||||||||||
Total | $ | — | $ | (5) | ||||||||||
Interest income | ||||||||||||||
Investments in CenterPoint Energy Money Pool | $ | (7) | $ | (16) | ||||||||||
Bond Companies | (1) | (3) | ||||||||||||
Total | $ | (8) | $ | (19) | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 2 | $ | 9 | ||||||||||
Total | $ | 2 | $ | 9 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 |
2019 (1)
|
Increase (Decrease) | ||||||||||||||||||||||||||||||
(in millions, except operating statistics) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 157 | $ | 165 | $ | (8) | $ | 414 | $ | 388 | $ | 26 | |||||||||||||||||||||||
Utility natural gas, fuel and purchased power | 41 | 46 | (5) | 108 | 112 | (4) | |||||||||||||||||||||||||||||
Revenues less Utility natural gas, fuel and purchased power | 116 | 119 | (3) | 306 | 276 | 30 | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Operation and maintenance | 46 | 42 | 4 | 128 | 136 | (8) | |||||||||||||||||||||||||||||
Depreciation and amortization | 26 | 25 | 1 | 77 | 66 | 11 | |||||||||||||||||||||||||||||
Taxes other than income taxes | 4 | 4 | — | 12 | 10 | 2 | |||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | 185 | — | 185 | |||||||||||||||||||||||||||||
Total expenses | 76 | 71 | 5 | 402 | 212 | 190 | |||||||||||||||||||||||||||||
Operating Income | 40 | 48 | (8) | (96) | 64 | (160) | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Interest expense and other finance charges | (5) | (6) | (1) | (16) | (16) | — | |||||||||||||||||||||||||||||
Other income, net | 3 | 1 | 2 | 6 | 3 | 3 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 38 | 43 | (5) | (106) | 51 | (157) | |||||||||||||||||||||||||||||
Income tax expense | 7 | 9 | (2) | 15 | 10 | 5 | |||||||||||||||||||||||||||||
Net Income (Loss) | $ | 31 | $ | 34 | (3) | $ | (121) | $ | 41 | (162) | |||||||||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||||||||
Residential | 438 | 457 | (4) | % | 1,085 | 978 | 11 | % | |||||||||||||||||||||||||||
Total | 1,421 | 1,555 | (9) | % | 3,630 | 3,568 | 2 | % | |||||||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||||||||
Cooling degree days | 104 | % | 113 | % | (9) | % | 104 | % | 114 | % | (10) | % | |||||||||||||||||||||||
Heating degree days | 99 | % | 99 | % | — | % | 93 | % | 95 | % | (2) | % | |||||||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||||||||
Residential | 129,817 | 128,381 | 1 | % | 129,817 | 128,381 | 1 | % | |||||||||||||||||||||||||||
Total | 148,925 | 147,337 | 1 | % | 148,925 | 147,337 | 1 | % |
Increase (Decrease) | |||||||||||||||||
Three Months Ended September 30, 2020 vs 2019 | Nine Months Ended September 30, 2020 vs 2019 | ||||||||||||||||
(in millions) | |||||||||||||||||
Revenues less Utility natural gas, fuel and purchased power | |||||||||||||||||
Impacts of COVID-19 | $ | (4) | $ | (10) | |||||||||||||
Weather impacts and other usage | (2) | (3) | |||||||||||||||
Electric infrastructure revenue, primarily from TDSIC | 3 | 9 | |||||||||||||||
Nine months in 2020 versus eight months in 2019 | — | 34 | |||||||||||||||
Total | $ | (3) | $ | 30 | |||||||||||||
Operation and maintenance | |||||||||||||||||
Generation plant, primarily from increased plant outages in 2019 | $ | 2 | $ | (8) | |||||||||||||
Transmission and distribution electric operations and infrastructure | 2 | 1 | |||||||||||||||
Support services | 1 | 1 | |||||||||||||||
Merger-related severance and incentive compensation costs in 2019 | (1) | (19) | |||||||||||||||
Nine months in 2020 versus eight months in 2019 | — | 17 | |||||||||||||||
Total | $ | 4 | $ | (8) | |||||||||||||
Depreciation and amortization | |||||||||||||||||
Ongoing additions to plant-in-service | $ | 1 | $ | 3 | |||||||||||||
Nine months in 2020 versus eight months in 2019 | — | 8 | |||||||||||||||
Total | $ | 1 | $ | 11 | |||||||||||||
Taxes other than income taxes | |||||||||||||||||
Incremental capital projects placed in service | $ | — | $ | 1 | |||||||||||||
Nine months in 2020 versus eight months in 2019 | — | 1 | |||||||||||||||
Total | $ | — | $ | 2 | |||||||||||||
Goodwill impairment | |||||||||||||||||
See Note 10 for further information | $ | — | $ | 185 | |||||||||||||
Total | $ | — | $ | 185 | |||||||||||||
Interest expense and other finance charges | |||||||||||||||||
Debt refinancing at lower rates | $ | (1) | $ | — | |||||||||||||
Total | $ | (1) | $ | — | |||||||||||||
Other income (expense), net | |||||||||||||||||
AFUDC equity on capital projects | $ | 2 | $ | 3 | |||||||||||||
Total | $ | 2 | $ | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 |
2019 (1)
|
Increase (Decrease) | ||||||||||||||||||||||||||||||
(in millions, except operating statistics) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 560 | $ | 541 | $ | 19 | $ | 2,519 | $ | 2,629 | $ | (110) | |||||||||||||||||||||||
Cost of revenues (2)
|
131 | 136 | (5) | 888 | 1,145 | (257) | |||||||||||||||||||||||||||||
Revenues less Cost of revenues | 429 | 405 | 24 | 1,631 | 1,484 | 147 | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Operation and maintenance | 239 | 226 | 13 | 738 | 780 | (42) | |||||||||||||||||||||||||||||
Depreciation and amortization | 115 | 108 | 7 | 339 | 310 | 29 | |||||||||||||||||||||||||||||
Taxes other than income taxes | 52 | 43 | 9 | 175 | 149 | 26 | |||||||||||||||||||||||||||||
Total expenses | 406 | 377 | 29 | 1,252 | 1,239 | 13 | |||||||||||||||||||||||||||||
Operating Income | 23 | 28 | (5) | 379 | 245 | 134 | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Interest expense and other finance charges | (29) | (24) | 5 | (90) | (71) | 19 | |||||||||||||||||||||||||||||
Interest income | 2 | 5 | (3) | 5 | 6 | (1) | |||||||||||||||||||||||||||||
Other expense, net | — | (5) | 5 | (2) | (6) | 4 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | (4) | 4 | (8) | 292 | 174 | 118 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | (9) | (2) | (7) | 50 | 25 | 25 | |||||||||||||||||||||||||||||
Net Income | $ | 5 | $ | 6 | (1) | $ | 242 | $ | 149 | 93 | |||||||||||||||||||||||||
Throughput (in BCF): | |||||||||||||||||||||||||||||||||||
Residential | 18 | 16 | 13 | % | 157 | 160 | (2) | % | |||||||||||||||||||||||||||
Commercial and Industrial | 84 | 88 | (5) | % | 317 | 326 | (3) | % | |||||||||||||||||||||||||||
Total | 102 | 104 | (2) | % | 474 | 486 | (2) | % | |||||||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||||||||
Heating degree days | 100 | % | 18 | % | 82 | % | 90 | % | 100 | % | (10) | % | |||||||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||||||||
Residential | 4,295,169 | 4,194,232 | 2 | % | 4,295,169 | 4,194,232 | 2 | % | |||||||||||||||||||||||||||
Commercial and Industrial | 346,641 | 344,858 | 1 | % | 346,641 | 344,858 | 1 | % | |||||||||||||||||||||||||||
Total | 4,641,810 | 4,539,090 | 2 | % | 4,641,810 | 4,539,090 | 2 | % |
Increase (Decrease) | ||||||||||||||
Three Months Ended September 30, 2020 vs 2019 | Nine Months Ended September 30, 2020 vs 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Rate increases exclusive of the TCJA impact below | $ | 24 | $ | 92 | ||||||||||
Impacts of COVID-19 | (4) | (19) | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | (3) | (1) | ||||||||||||
Customer growth | 5 | 14 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (2) | (1) | ||||||||||||
Nine months in 2020 versus eight months in 2019 in Indiana and Ohio jurisdictions | — | 65 | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | 2 | 4 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | 1 | — | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | 1 | (7) | ||||||||||||
Total | $ | 24 | $ | 147 | ||||||||||
Operation and maintenance | ||||||||||||||
Labor and benefits, primarily from lower headcount in 2019 | $ | 13 | $ | 4 | ||||||||||
Contracted services | (8) | (16) | ||||||||||||
Support services | 8 | 7 | ||||||||||||
Other operating and maintenance expense, including material and supplies and insurance | (2) | (6) | ||||||||||||
Nine months in 2020 versus eight months in 2019 in Indiana and Ohio jurisdictions | — | 14 | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | 1 | — | ||||||||||||
Merger severance costs | 1 | (45) | ||||||||||||
Total | $ | 13 | $ | (42) | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | 7 | $ | 18 | ||||||||||
Nine months in 2020 versus eight months in 2019 in Indiana and Ohio jurisdictions | — | 11 | ||||||||||||
Total | $ | 7 | $ | 29 | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | 1 | $ | (7) | ||||||||||
Nine months in 2020 versus eight months in 2019 in Indiana and Ohio jurisdictions | — | 6 | ||||||||||||
Incremental capital projects placed in service | 8 | 27 | ||||||||||||
Total | $ | 9 | $ | 26 | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | 5 | $ | 16 | ||||||||||
Nine months in 2020 versus eight months in 2019 in Indiana and Ohio jurisdictions | — | 3 | ||||||||||||
Total | $ | 5 | $ | 19 | ||||||||||
Interest income | ||||||||||||||
Money pool investments with CenterPoint Energy | $ | (3) | $ | (1) | ||||||||||
Total | $ | (3) | $ | (1) | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 5 | $ | 4 | ||||||||||
Total | $ | 5 | $ | 4 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 | 2019 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Net income (1)
|
$ | 157 | $ | 185 | $ | (28) | $ | 277 | $ | 312 | $ | (35) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 | 2019 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Distribution | $ | 1 | $ | 5 | $ | (4) | $ | 155 | $ | 134 | $ | 21 | |||||||||||||||||||||||||||||
Corporate & Other (1)
|
(7) | (15) | 8 | (13) | (32) | 19 | |||||||||||||||||||||||||||||||||||
Discontinued Operations | 2 | 3 | (1) | (66) | 57 | (123) | |||||||||||||||||||||||||||||||||||
Total CERC | $ | (4) | $ | (7) | $ | 3 | $ | 76 | $ | 159 | $ | (83) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Increase (Decrease) | 2020 | 2019 | Increase (Decrease) | ||||||||||||||||||||||||||||||
(in millions, except operating statistics) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 422 | $ | 415 | $ | 7 | $ | 1,910 | $ | 2,152 | $ | (242) | |||||||||||||||||||||||
Cost of revenues (1)
|
108 | 116 | (8) | 730 | 1,007 | (277) | |||||||||||||||||||||||||||||
Revenues less Cost of revenues | 314 | 299 | 15 | 1,180 | 1,145 | 35 | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Operation and maintenance | 185 | 173 | 12 | 568 | 592 | (24) | |||||||||||||||||||||||||||||
Depreciation and amortization | 78 | 72 | 6 | 226 | 218 | 8 | |||||||||||||||||||||||||||||
Taxes other than income taxes | 39 | 34 | 5 | 133 | 120 | 13 | |||||||||||||||||||||||||||||
Total expenses | 302 | 279 | 23 | 927 | 930 | (3) | |||||||||||||||||||||||||||||
Operating Income | 12 | 20 | (8) | 253 | 215 | 38 | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Interest expense and other finance charges | (21) | (16) | 5 | (62) | (54) | 8 | |||||||||||||||||||||||||||||
Interest income | 1 | 2 | (1) | 4 | 5 | (1) | |||||||||||||||||||||||||||||
Other income (expense), net | (1) | (3) | 2 | (5) | (8) | 3 | |||||||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | (9) | 3 | (12) | 190 | 158 | 32 | |||||||||||||||||||||||||||||
Income tax expense | (10) | (2) | (8) | 35 | 24 | 11 | |||||||||||||||||||||||||||||
Net Income | $ | 1 | $ | 5 | (4) | $ | 155 | $ | 134 | 21 | |||||||||||||||||||||||||
Throughput (in BCF): | |||||||||||||||||||||||||||||||||||
Residential | 14 | 12 | 17 | % | 110 | 125 | (12) | % | |||||||||||||||||||||||||||
Commercial and Industrial | 48 | 53 | (9) | % | 189 | 214 | (12) | % | |||||||||||||||||||||||||||
Total | 62 | 65 | (5) | % | 299 | 339 | (12) | % | |||||||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||||||||
Heating degree days | 100 | % | 18 | % | 82 | % | 90 | % | 100 | % | (10) | % | |||||||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||||||||
Residential | 3,329,032 | 3,250,810 | 2 | % | 3,329,032 | 3,250,810 | 2 | % | |||||||||||||||||||||||||||
Commercial and Industrial | 258,660 | 257,655 | — | % | 258,660 | 257,655 | — | % | |||||||||||||||||||||||||||
Total | 3,587,692 | 3,508,465 | 2 | % | 3,587,692 | 3,508,465 | 2 | % |
Increase (Decrease) | ||||||||||||||
Three Months Ended September 30, 2020 vs 2019 | Nine Months Ended September 30, 2020 vs 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Rate increases exclusive of the TCJA impact below | $ | 14 | $ | 52 | ||||||||||
Impacts of COVID-19 | (3) | (15) | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | (3) | (2) | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (2) | — | ||||||||||||
Customer growth | 4 | 9 | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | 3 | 3 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | 1 | (8) | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | 1 | (4) | ||||||||||||
Total | $ | 15 | $ | 35 | ||||||||||
Operation and maintenance | ||||||||||||||
Labor and benefits, primarily from lower headcount in 2019 | $ | 13 | $ | 7 | ||||||||||
Contracted services | (7) | (17) | ||||||||||||
Support services | 5 | 1 | ||||||||||||
Other operating and maintenance expense, including material and supplies and insurance | — | (4) | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | 1 | (8) | ||||||||||||
Merger severance costs | — | (3) | ||||||||||||
Total | $ | 12 | $ | (24) | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | 6 | $ | 8 | ||||||||||
Total | $ | 6 | $ | 8 | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | 1 | $ | (4) | ||||||||||
Incremental capital projects placed in service | 4 | 17 | ||||||||||||
Total | $ | 5 | $ | 13 | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | 5 | $ | 8 | ||||||||||
Total | $ | 5 | $ | 8 | ||||||||||
Interest income | ||||||||||||||
Money pool investments with CenterPoint Energy | $ | (1) | $ | (1) | ||||||||||
Total | $ | (1) | $ | (1) | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 2 | $ | 3 | ||||||||||
Total | $ | 2 | $ | 3 | ||||||||||
Income tax savings (expense) | ||||||||||||||
Incremental taxable income | 8 | (11) | ||||||||||||
Total increase (decrease) | 8 | (11) | ||||||||||||
Total increase (decrease) | #REF! | #REF! | ||||||||||||
Income tax expense: | ||||||||||||||
Taxable income | ||||||||||||||
Total decrease |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in): | |||||||||||||||||||||||||||||||||||
Operating activities | $ | 1,439 | $ | 552 | $ | 646 | $ | 1,086 | $ | 595 | $ | 513 | |||||||||||||||||||||||
Investing activities | (683) | (283) | (339) | (7,775) | (1,504) | (515) | |||||||||||||||||||||||||||||
Financing activities | (819) | (316) | (307) | 2,708 | 786 | (21) |
CenterPoint Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Changes in net income after adjusting for non-cash items | $ | (1,804) | $ | (131) | $ | (2) | |||||||||||
Changes in working capital | 569 | 84 | 126 | ||||||||||||||
Change in equity in earnings of unconsolidated affiliates | 1,712 | — | — | ||||||||||||||
Change in distributions from unconsolidated affiliates (1)
|
(117) | — | — | ||||||||||||||
Lower pension contribution | 10 | — | — | ||||||||||||||
Other | (17) | 4 | 9 | ||||||||||||||
$ | 353 | $ | (43) | $ | 133 | ||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Mergers and acquisitions, net of cash acquired
|
$ | 5,991 | $ | — | $ | — | |||||||||||
Capital expenditures | (67) | (6) | (78) | ||||||||||||||
Net change in notes receivable from affiliated companies | — | 1,228 | (36) | ||||||||||||||
Change in distributions from Enable in excess of cumulative earnings | 46 | — | — | ||||||||||||||
Proceeds from divestitures | 1,136 | — | 286 | ||||||||||||||
Other | (14) | (1) | 4 | ||||||||||||||
$ | 7,092 | $ | 1,221 | $ | 176 | ||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Net changes in commercial paper outstanding | $ | (2,641) | $ | — | $ | (70) | |||||||||||
Increased proceeds from issuances of preferred stock | 723 | — | — | ||||||||||||||
Increased proceeds from issuances of common stock | 672 | — | — | ||||||||||||||
Net changes in long-term debt outstanding, excluding commercial paper | (2,452) | (167) | — | ||||||||||||||
Net changes in debt issuance costs | 15 | 5 | — | ||||||||||||||
Net changes in short-term borrowings | 37 | 5 | 31 | ||||||||||||||
Decreased payment of Common Stock dividends | 124 | — | — | ||||||||||||||
Increased payment of preferred stock dividends | (13) | — | — | ||||||||||||||
Net change in notes payable from affiliated companies | — | 1 | — | ||||||||||||||
Contribution from parent | — | (590) | — | ||||||||||||||
Dividend to parent | — | (357) | 39 | ||||||||||||||
Capital contribution to parent associated with the sale of CES | — | — | (286) | ||||||||||||||
Other | 8 | 1 | — | ||||||||||||||
$ | (3,527) | $ | (1,102) | $ | (286) |
CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Estimated capital expenditures | $ | 515 | $ | 225 | $ | 53 | ||||||||||||||
Scheduled principal payments on Securitization Bonds | 71 | 71 | — | |||||||||||||||||
Redemption of CERC Corp.’s 4.50% Senior Notes due 2021 | 593 | — | 593 | |||||||||||||||||
ERCOT loan | 5 | 5 | — |
Mechanism |
Annual Increase (Decrease) (1)
(in millions)
|
Filing
Date |
Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy and Houston Electric (PUCT) | ||||||||||||||||||||||||||||||||
EECRF | $11 |
June
2020 |
March
2021 |
October 2020 | The requested amount is comprised primarily of the following: 2021 Program and Evaluation, Measurement and Verification costs of $39 million, 2019 over recovery of ($1) million and 2019 earned bonus of $12 million. A settlement was approved in October 2020 consisting of 2021 Program and Evaluation, Measurement and Verification costs of $39 million, 2019 over recovery of ($1) million, 2019 earned bonus of $11 million and a black box reduction to revenue requirement of ($1) million. | |||||||||||||||||||||||||||
Rate Case | 13 |
April
2019 |
April
2020 |
March 2020 |
See discussion above under Houston Electric Base Rate Case.
|
|||||||||||||||||||||||||||
TCOS | 17 | March 2020 |
May
2020 |
May
2020 |
Based on net change in invested capital of $204 million. | |||||||||||||||||||||||||||
TCOS | 16 |
July
2020 |
September 2020 | September 2020 | Based on net change in invested capital of $140 million. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Beaumont/East Texas (Railroad Commission) | ||||||||||||||||||||||||||||||||
Rate Case | 4 |
November
2019 |
November 2020 |
June
2020 |
Unanimous settlement agreement approved by the Railroad Commission in June 2020 provides for a $4 million annual increase in current revenues, a refund for an Unprotected EDIT Rider amortized over three years of which $2 million is refunded in the first year and establishes a 9.65% ROE and a 56.95% equity ratio for future GRIP filings for the Beaumont/East Texas jurisdiction. New rates will be effective with October 2020 usage and will be reflected on customers’ bills in November 2020. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - South Texas, Houston and Texas Coast (Railroad Commission) | ||||||||||||||||||||||||||||||||
GRIP | 18 |
March
2020 |
June
2020 |
June
2020 |
Based on net change in invested capital of $143 million. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Arkansas (APSC) | ||||||||||||||||||||||||||||||||
FRP | (12) |
April
2020 |
October 2020 | September 2020 | Based on ROE of 9.5% with 50 basis point (+/-) earnings band. Revenue reduction of $12 million based on prior test year true-up earned return on equity of 11.79% combined with projected test year return on equity of 9.43%. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Louisiana (LPSC) | ||||||||||||||||||||||||||||||||
RSP (1)
|
2 | September 2020 | December 2020 | TBD | Based on ROE of 9.95% with 50 basis point (+/-) earnings band. The North Louisiana increase, net of TCJA effects considered outside the earnings band, is $3 million based on a test year ended June 2020 and adjusted earned ROE of 5.97%. South Louisiana adjusted ROE of 10.42% for the test year ended June 2020 is inside the band; a decrease of $1 million results from TCJA effects considered outside the earnings band. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Minnesota (MPUC) | ||||||||||||||||||||||||||||||||
Decoupling (1)
|
N/A | September 2020 | September 2020 | TBD | Represents under-recovery of approximately $2 million recorded for and during the period July 1, 2019 through June 30, 2020, including approximately $1 million related to the period July 1, 2018 through June 30, 2019. | |||||||||||||||||||||||||||
CIP Financial Incentive | 9 |
May
2020 |
October 2020 | August 2020 | CIP Financial Incentive based on 2019 activity. | |||||||||||||||||||||||||||
Rate Case (1)
|
62 | October 2019 | TBD | TBD | Reflects a proposed 10.15% ROE on a 51.39% equity ratio. Interim rates reflecting an annual increase of $53 million were implemented on January 1, 2020. In September 2020, a settlement that addressed all issues except the Inclusive Financing/Tariffed On Bill Financing (TOB) proposal by the City of Minneapolis was signed by a majority of all parties and was filed with the Office of Administrative Hearings. A stipulation between the City of Minneapolis and CenterPoint Energy addressing the TOB proposal was filed on September 2, 2020. The settlement reflects a $38.5 million increase and is still subject to approval by the MPUC. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Oklahoma (OCC) | ||||||||||||||||||||||||||||||||
PBRC | (2) |
March
2020 |
July
2020 |
July
2020 |
Based on ROE of 10% with 50 basis point (+/-) earnings band. Revenue credit of approximately $2 million based on 2019 test year adjusted earned ROE of 15.37%. The OCC approved a unanimous settlement agreement that provides for a revenue credit to customers of $2 million, paid out monthly for the next twelve months. |
Mechanism |
Annual Increase (Decrease) (1)
(in millions)
|
Filing
Date |
Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Mississippi (MPSC) | ||||||||||||||||||||||||||||||||
RRA | 2 |
May
2020 |
September 2020 | September 2020 | Based on ROE of 9.292% with 100 basis point (+/-) earnings band. Revenue increase of $2 million based on 2019 test year adjusted earned ROE of 7.90%. | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana South - Gas (IURC) | ||||||||||||||||||||||||||||||||
CSIA | 1 |
April
2020 |
July
2020 |
July
2020 |
Requested an increase of $13 million to rate base, which reflects a $1 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $1 million annually. | |||||||||||||||||||||||||||
CSIA (1)
|
2 | October 2020 | January 2021 | TBD | Requested an increase of $13 million to rate base, which reflects a $2 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $(1) million annually. | |||||||||||||||||||||||||||
Rate Case (1)
|
30 | October 2020 | September 2021 | TBD | Requested an increase of approximately $30 million to operating revenues based on an ROE of 10.15% and an overall rate of return of 6.18% on rate base of $469 million. Projected test year of 2021, with phase one rates in place in September 2021 and phase two rates in place at completion of projected test year. | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana North - Gas (IURC) | ||||||||||||||||||||||||||||||||
CSIA | 4 |
April
2020 |
July
2020 |
July
2020 |
Requested an increase of $35 million to rate base, which reflects a $4 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $14 million annually. | |||||||||||||||||||||||||||
CSIA (1)
|
2 | October 2020 | January 2021 | TBD | Requested an increase of $32 million to rate base, which reflects a $2 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in an increase of $(1) million to the previous credit provided, and a change in the total (over)/under-recovery variance of $(6) million annually. | |||||||||||||||||||||||||||
CenterPoint Energy - Ohio (PUCO) | ||||||||||||||||||||||||||||||||
TSCR | N/A |
January
2019 |
July
2020 |
July
2020 |
Application to flow back to customers certain benefits from the TCJA. Initial impact reflects credits for 2018 of $(10) million and 2019 of $(9) million, and 2020 of $(7) million, with mechanism that began upon approval from the PUCO effective July 1, 2020. | |||||||||||||||||||||||||||
TSCR (1)
|
N/A | September 2020 | January 2021 | TBD | Application to flow back to customers certain benefits from the TCJA. Impact reflects credits for 2021 of $(7) million and includes a reconciliation through August 31, 2020 of $(14) million. | |||||||||||||||||||||||||||
DRR (1)
|
10 |
May
2020 |
September
2020 |
TBD | Requested an increase of $67 million to rate base for investments made in 2019, which reflects a $10 million annual increase in current revenues. A change in (over)/under-recovery variance of $2 million annually is also included in rates. | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana Electric (IURC) | ||||||||||||||||||||||||||||||||
TDSIC | 4 |
February
2020 |
May
2020 |
May
2020 |
Requested an increase of $34 million to rate base, which reflects a $4 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes a change in (over)/under-recovery variance of $2 million annually. | |||||||||||||||||||||||||||
ECA | 10 |
May
2020 |
August 2020 | October 2020 | Requested an increase of $49 million to rate base, which reflects a $10 million annual increase in current revenues. 80% of the revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also included a change in (over)/under-recovery variance of $4 million annually. | |||||||||||||||||||||||||||
TDSIC (1)
|
3 | August 2020 | November 2020 | TBD | Requested an increase of $36 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of the revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes a change in (over)/under-recovery variance of $(1) million. |
Amount Utilized as of October 23, 2020 | ||||||||||||||||||||||||||||||||||||||
Registrant | Size of Facility | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | 3,300 | $ | — | $ | 8 | $ | 601 | 0.17% | March 3, 2022 | ||||||||||||||||||||||||||||
CenterPoint Energy (1)
|
400 | — | — | 174 | 0.16% | July 14, 2022 | ||||||||||||||||||||||||||||||||
Houston Electric | 300 | — | — | — | —% | March 3, 2022 | ||||||||||||||||||||||||||||||||
CERC | 900 | — | — | 423 | 0.16% | March 3, 2022 | ||||||||||||||||||||||||||||||||
Total
|
$ | 4,900 | $ | — | $ | 8 | $ | 1,198 |
Weighted Average Interest Rate | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Money pool investments (borrowings)
|
0.18% | $ | 41 | $ | — |
Moody’s | S&P | Fitch | ||||||||||||||||||||||||||||||||||||||||||
Registrant | Borrower/Instrument | Rating | Outlook (1) | Rating | Outlook (2) | Rating | Outlook (3) | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy |
CenterPoint Energy Senior Unsecured Debt
|
Baa2 | Negative | BBB | Negative | BBB | Negative | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Vectren Corp. Issuer Rating | n/a | n/a | BBB+ | Negative | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | VUHI Senior Unsecured Debt | A3 | Stable | BBB+ | Negative | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Indiana Gas Senior Unsecured Debt
|
n/a | n/a | BBB+ | Negative | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | SIGECO Senior Secured Debt | A1 | Stable | A | Negative | n/a | n/a | |||||||||||||||||||||||||||||||||||||
Houston Electric |
Houston Electric Senior Secured Debt
|
A2 | Stable | A | Negative | A | Negative | |||||||||||||||||||||||||||||||||||||
CERC |
CERC Corp. Senior Unsecured Debt
|
A3 | Stable | BBB+ | Negative | BBB+ | Stable |
Exhibit
Number |
Description |
Report or Registration
Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2.1* | CenterPoint Energy’s Form 8-K dated April 21, 2018 | 1-31447 | 2.1 | x | ||||||||||||||||||||||||||||||||||||||||
2.2* | CenterPoint Energy’s Form 8-K dated February 3, 2020 | 1-31447 | x | |||||||||||||||||||||||||||||||||||||||||
2.3* | CenterPoint Energy’s Form 8-K dated February 24, 2020 | 1-31447 | x | x | ||||||||||||||||||||||||||||||||||||||||
3.1 | CenterPoint Energy’s Form 8-K dated July 24, 2008 | 1-31447 | 3.2 | x | ||||||||||||||||||||||||||||||||||||||||
3.2 | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.3 |
|
CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(1) | x | |||||||||||||||||||||||||||||||||||||||
3.4 | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(2) | x | ||||||||||||||||||||||||||||||||||||||||
3.5 | CERC Form 10-K for the year ended December 31, 1998 | 1-13265 | 3(a)(3) | x | ||||||||||||||||||||||||||||||||||||||||
3.6 | CERC Form 10-Q for the quarter ended June 30, 2003 | 1-13265 | 3(a)(4) | x | ||||||||||||||||||||||||||||||||||||||||
3.7 | CenterPoint Energy’s Form 8-K dated February 21, 2017 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.8 | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.2 | x | ||||||||||||||||||||||||||||||||||||||||
3.9 | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(b) | x |
Exhibit
Number |
Description |
Report or Registration
Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
3.10 | CenterPoint Energy’s Form 10-K for the year ended December 31, 2011 | 1-31447 | 3(c) | x | ||||||||||||||||||||||||||||||||||||||||
3.11 | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.12 | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.13 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.1 | CenterPoint Energy’s Registration Statement on Form S-4 | 3-69502 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.2 | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.3 | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.4 | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 4.2 | x | ||||||||||||||||||||||||||||||||||||||||
4.5 | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 4.3 | x | ||||||||||||||||||||||||||||||||||||||||
4.6 | CenterPoint Energy’s Form 8-K dated March 3, 2016 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.7 | CenterPoint Energy’s Form 8-K dated March 3, 2016 | 1-31447 | 4.2 | x | x | |||||||||||||||||||||||||||||||||||||||
4.8 | CenterPoint Energy’s Form 8-K dated March 3, 2016 | 1-31447 | 4.3 | x | x | |||||||||||||||||||||||||||||||||||||||
4.9 | CenterPoint Energy’s Form 8-K dated June 16, 2017 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.10 | CenterPoint Energy’s Form 8-K dated May 25, 2018 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.11 | CenterPoint Energy’s Form 8-K dated June 16, 2017 | 1-31447 | 4.2 | x | x | |||||||||||||||||||||||||||||||||||||||
4.12 | CenterPoint Energy’s Form 8-K dated June 16, 2017 | 1-31447 | 4.3 | x | x |
Exhibit
Number |
Description |
Report or Registration
Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4.13 | Vectren’s Form 8-K dated July 17, 2017 | 1-15467 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.14 | Vectren’s Form 8-K dated September 18, 2018 | 1-15467 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.15 | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2019 | 1-31447 | 4.17 | x | ||||||||||||||||||||||||||||||||||||||||
4.16 | CenterPoint Energy’s Form 8-K dated May 15, 2019 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.17 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.18 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 4.2 | x | ||||||||||||||||||||||||||||||||||||||||
4.19 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 4.3 | x | ||||||||||||||||||||||||||||||||||||||||
4.20 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 4.4 | x | ||||||||||||||||||||||||||||||||||||||||
4.21 |
CenterPoint Energy’s Form 8-K dated May 6, 2020
|
1-31447 | 4.5 | x | ||||||||||||||||||||||||||||||||||||||||
4.22 | CERC’s Form 8-K dated February 5, 1998 | 1-13265 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
+4.23 | x | |||||||||||||||||||||||||||||||||||||||||||
10.1 |
Form 8-K of CenterPoint Energy, Inc. dated June 30, 2020
|
1-31447 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
10.2 |
|
Form 8-K of CenterPoint Energy, Inc. dated June 30, 2020
|
1-31447 | 10.2 | x | |||||||||||||||||||||||||||||||||||||||
10.3 |
|
Form 8-K of CenterPoint Energy, Inc. dated June 30, 2020
|
1-31447 | 10.3 | x |
Exhibit
Number |
Description |
Report or Registration
Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10.4 | Form 8-K of CenterPoint Energy, Inc. dated June 30, 2020 | 1-31447 | 10.4 | x | ||||||||||||||||||||||||||||||||||||||||
10.5 | Form 8-K of CenterPoint Energy, Inc. dated September 15, 2020 | 1-31447 | 10.1 | x | x | x | ||||||||||||||||||||||||||||||||||||||
10.6 | Form 8-K of CenterPoint Energy, Inc. dated May 6, 2020 | 1-31447 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
+31.1.1 | x | |||||||||||||||||||||||||||||||||||||||||||
+31.1.2 | x | |||||||||||||||||||||||||||||||||||||||||||
+31.1.3 | x | |||||||||||||||||||||||||||||||||||||||||||
+31.2.1 | x | |||||||||||||||||||||||||||||||||||||||||||
+31.2.2 | x | |||||||||||||||||||||||||||||||||||||||||||
+31.2.3 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.1.1 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.1.2 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.1.3 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.2.1 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.2.2 | x | |||||||||||||||||||||||||||||||||||||||||||
+32.2.3 | x | |||||||||||||||||||||||||||||||||||||||||||
+101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+101.SCH | Inline XBRL Taxonomy Extension Schema Document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | x | x | x | ||||||||||||||||||||||||||||||||||||||||
+104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | x | x | x |
* | Schedules to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedules will be furnished supplementally to the SEC upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished. |
CENTERPOINT ENERGY, INC. | |||||
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | |||||
CENTERPOINT ENERGY RESOURCES CORP. | |||||
By: | /s/ Kristie L. Colvin | ||||
Kristie L. Colvin | |||||
Senior Vice President and Chief Accounting Officer | |||||
Original Interest Accrual Date: October 1, 2020
Stated Maturity: October 1, 2030
Interest Rate: 1.75%
Interest Payment Dates: April 1 and October 1
Initial Interest Payment Date: April 1, 2021
Regular Record Dates: March 15 and September 15 immediately preceding the applicable Interest Payment Date
|
Redeemable: Yes [X] No [ ]
Redemption Date: At any time.
Redemption Price: 1) On any date prior to July 1, 2030 (the “Par Call Date”) at a price equal to the greater of (i) 100% of the principal amount of this Security or the portion hereof to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Security, or the portion thereof to be redeemed, that would be due if this Security matured on the Par Call Date but for the redemption (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis at the applicable Treasury Rate plus 20 basis points; plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date; or 2) on or after the Par Call Date, at a price equal to 100% of the principal amount of this Security or the portion thereof to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date.
|
Principal Amount | Registered No. T-[ ] | |||||||
$_______________1 | CUSIP 15189Y AF3 |
Aggregate Principal | ||||||||||||||||||||||||||
Amount of Securities | ||||||||||||||||||||||||||
Decrease in Aggregate | Increase in Aggregate | Remaining After | Notation by | |||||||||||||||||||||||
Date of | Principal Amount of | Principal Amount of | Such Decrease or | Security | ||||||||||||||||||||||
Adjustment | Securities | Securities | Increase | Registrar |
/s/ David J. Lesar | |||||
David J. Lesar | |||||
President and Chief Executive Officer |
/s/ Kenneth M. Mercado | |||||
Kenneth M. Mercado | |||||
Manager, President and Chief Executive Officer |
/s/ Scott E. Doyle | ||
Scott E. Doyle | ||
President and Chief Executive Officer |
/s/ Jason P. Wells | |||||
Jason P. Wells
|
|||||
Executive Vice President and Chief Financial Officer |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer |
/s/ David J. Lesar | |||||
David J. Lesar | |||||
President and Chief Executive Officer | |||||
November 5, 2020 |
/s/ Kenneth M. Mercado | |||||
Kenneth M. Mercado | |||||
Manager, President and Chief Executive Officer | |||||
November 5, 2020 |
/s/ Scott E. Doyle | ||
Scott E. Doyle | ||
President and Chief Executive Officer | ||
November 5, 2020 |
/s/ Jason P. Wells | |||||
Jason P. Wells
|
|||||
Executive Vice President and Chief Financial Officer | |||||
November 5, 2020 |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
November 5, 2020 |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
November 5, 2020 |