(Mark One) | |||||
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 | |||||
OR | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
FOR THE TRANSITION PERIOD FROM TO
|
Registrant, State or Other Jurisdiction
of Incorporation or Organization |
||||||||||||||
Commission file number |
Address of Principal Executive Offices, Zip Code
and Telephone Number |
I.R.S. Employer Identification No. | ||||||||||||
1-31447 | CenterPoint Energy, Inc. | 74-0694415 | ||||||||||||
(a Texas corporation) | ||||||||||||||
1111 Louisiana | ||||||||||||||
Houston, | Texas | 77002 | ||||||||||||
(713) | 207-1111 | |||||||||||||
1-3187 | CenterPoint Energy Houston Electric, LLC | 22-3865106 | ||||||||||||
(a Texas limited liability company) | ||||||||||||||
1111 Louisiana | ||||||||||||||
Houston, | Texas | 77002 | ||||||||||||
(713) | 207-1111 | |||||||||||||
1-13265 | CenterPoint Energy Resources Corp. | 76-0511406 | ||||||||||||
(a Delaware corporation) | ||||||||||||||
1111 Louisiana | ||||||||||||||
Houston, | Texas | 77002 | ||||||||||||
(713) | 207-1111 | |||||||||||||
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 o
|
No | þ | |||||||||||
CenterPoint Energy Houston Electric, LLC
|
Yes o
|
No | þ | |||||||||||
CenterPoint Energy Resources Corp.
|
Yes o
|
No | þ |
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. (using the definition of beneficial ownership contained in Rule 13d-3 promulgated pursuant to Securities Exchange Act of 1934 and excluding shares held by directors and executive officers)
|
$10,142,624,694 | |||||||
CenterPoint Energy Houston Electric, LLC
|
None | |||||||
CenterPoint Energy Resources Corp. | None |
CenterPoint Energy, Inc.
|
551,579,922 | 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 | ||||||||||||||
Page | ||||||||||||||
Item 1. | Business | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||||
Item 2. | Properties | |||||||||||||
Item 3. | Legal Proceedings | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
PART II | ||||||||||||||
Item 5. |
Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|||||||||||||
Item 6. | Selected Financial Data | |||||||||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 8. | Financial Statements and Supplementary Data | |||||||||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||||||||
Item 9A. | Controls and Procedures | |||||||||||||
Item 9B. | Other Information | |||||||||||||
PART III | ||||||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | |||||||||||||
Item 11. | Executive Compensation | |||||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |||||||||||||
Item 14. | Principal Accounting Fees and Services | |||||||||||||
PART IV | ||||||||||||||
Item 15. | Exhibits and Financial Statement Schedules | |||||||||||||
Item 16. | Form 10-K Summary |
GLOSSARY | ||||||||
ACE | Affordable Clean Energy | |||||||
ADFIT | Accumulated deferred federal income taxes | |||||||
AFUDC | Allowance for funds used during construction | |||||||
AGC | Alcoa Generating Corporation, a subsidiary of Alcoa, Inc. | |||||||
AMAs | Asset Management Agreements | |||||||
AMI | Advanced Metering Infrastructure | |||||||
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 | AT&T Inc. | |||||||
AT&T Common | AT&T 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 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 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 | |||||||
CECA | Clean Energy Cost Adjustment | |||||||
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 Corp. | CenterPoint Energy Resources Corp. | |||||||
CERC | CERC Corp., together with its subsidiaries | |||||||
CERCLA | Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended | |||||||
CES | CenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp. until its divestiture on June 1, 2020 | |||||||
Change in Control Plan |
CenterPoint Energy Change in Control Plan (As Amended and Restated Effective May 1, 2017)
|
|||||||
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 | |||||||
Code | The Internal Revenue Code of 1986, as amended | |||||||
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 | |||||||
Compensation Committee | Compensation Committee of the Board of Directors of CenterPoint Energy | |||||||
COVID-19 | Novel coronavirus disease 2019, and any mutations or variants thereof, and related global outbreak that was subsequently declared a pandemic by the World Health Organization | |||||||
COVID-19 ERP | COVID-19 Electricity Relief Program | |||||||
CPP | Clean Power Plan |
GLOSSARY | ||||||||
CSIA | Compliance and System Improvement Adjustment | |||||||
CVR | Conservation Voltage Reduction | |||||||
DA | Distribution Automation | |||||||
DCRF | Distribution Cost Recovery Factor | |||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||||
DOT | U.S. Department of Transportation | |||||||
DRR | Distribution Replacement Rider | |||||||
DSMA | Demand Side Management Adjustment | |||||||
Dth | Dekatherms | |||||||
EBITDA | Earnings before income taxes, depreciation and amortization | |||||||
ECA | Environmental Cost Adjustment | |||||||
EDF Renewables | EDF Renewables Development, Inc. | |||||||
EDIT | Excess deferred income taxes | |||||||
EECR | Energy Efficiency Cost Recovery | |||||||
EECRF | Energy Efficiency Cost Recovery Factor | |||||||
EEFC | Energy Efficiency Funding Component | |||||||
EEFR | Energy Efficiency Funding Rider | |||||||
EGT | Enable Gas Transmission, LLC | |||||||
EIN | Employer Identification Number | |||||||
ELG | Effluent Limitation Guidelines | |||||||
Elk GP Merger Sub | Elk GP Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer | |||||||
Elk Merger Sub | Elk Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer | |||||||
Enable | Enable Midstream Partners, LP | |||||||
Enable GP | Enable GP, LLC, a Delaware limited liability company and the general partner of Enable | |||||||
Enable Merger | The proposed merger of Elk Merger Sub with and into Enable and the merger of Elk GP Merger Sub with and into Enable GP, in each case on the terms and subject to the conditions set forth in the Enable Merger Agreement, with Enable and Enable GP surviving as wholly-owned subsidiaries of Energy Transfer | |||||||
Enable Merger Agreement |
Agreement and Plan of Merger by and among Energy Transfer, Elk Merger Sub LL, Elk GP Merger Sub, Enable, Enable GP and, solely for the purposes of Section 2.1(a)(i) therein, Energy Transfer GP, and solely for the purposes of Section 1.1(b)(i) therein, CenterPoint Energy
|
|||||||
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 | |||||||
Energy Transfer | Energy Transfer LP, a Delaware limited partnership | |||||||
Energy Transfer GP |
LE GP, LLC, a Delaware limited liability company and sole general partner of Energy Transfer
|
|||||||
Energy Transfer Series G Preferred Units | Energy Transfer Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units | |||||||
EPA | Environmental Protection Agency | |||||||
EPAct of 2005 | Energy Policy Act of 2005 | |||||||
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 | |||||||
ERCOT ISO | ERCOT Independent System Operator | |||||||
ERISA | Employee Retirement Income Security Act of 1974 | |||||||
ERO | Electric Reliability Organization |
GLOSSARY | ||||||||
ESG | Energy Systems Group, LLC, a wholly-owned subsidiary of Vectren | |||||||
ESPC | Energy Savings Performance Contracting | |||||||
FAC | Fuel Adjustment Clause | |||||||
February 2021 Winter Storm Event | The extreme and unprecedented winter weather event in February 2021 resulting in electricity generation supply shortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures. | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FIP | Funding Improvement Plan | |||||||
First Amendment | First Amendment to the Change in Control Plan, effective March 1, 2021 | |||||||
Fitch | Fitch Ratings, Inc. | |||||||
Form 10-Q | Quarterly Report on Form 10-Q | |||||||
FPA | Federal Power Act | |||||||
FRP | Formula Rate Plan | |||||||
GHG | Greenhouse gases | |||||||
GRIP | Gas Reliability Infrastructure Program | |||||||
GWh | Gigawatt-hours | |||||||
HLPSA | Hazardous Liquid Pipeline Safety Act of 1979 | |||||||
Houston Electric | CenterPoint Energy Houston Electric, LLC and its subsidiaries | |||||||
HVAC | Heating, ventilation and air conditioning | |||||||
IBEW | International Brotherhood of Electrical Workers | |||||||
ICA | Interstate Commerce Act of 1887 | |||||||
ICPA | Inter-Company Power Agreement | |||||||
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 | Indiana Electric, Indiana North and Indiana South, collectively | |||||||
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 | |||||||
Internal Spin | CERC’s contribution of its equity investment in Enable to CNP Midstream (detailed in Note 11 to the consolidated financial statements) | |||||||
IRP | Integrated Resource Plan | |||||||
IRS | Internal Revenue Service | |||||||
IURC | Indiana Utility Regulatory Commission | |||||||
kV | Kilovolt | |||||||
KW | Kilowatt | |||||||
LDC | Local Distribution Company | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | Liquefied natural gas | |||||||
LPSC | Louisiana Public Service Commission | |||||||
LTIPs | Long-term incentive plans | |||||||
MCRA | MISO Cost and Revenue Adjustment | |||||||
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., which closed on the Merger Date | |||||||
Merger Agreement | Agreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub |
GLOSSARY | ||||||||
Merger Date | February 1, 2019 | |||||||
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 | |||||||
MISO | Midcontinent Independent System Operator | |||||||
MLP | Master Limited Partnership | |||||||
MMcf | Million cubic feet | |||||||
Moody’s | Moody’s Investors Service, Inc. | |||||||
MP2018 | 2018 pension mortality improvement scale developed annually by the Society of Actuaries | |||||||
MP2019 | 2019 pension mortality improvement scale developed annually by the Society of Actuaries | |||||||
MPSC | Mississippi Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
MRT | Enable Mississippi River Transmission, LLC | |||||||
Mva | Megavolt amperes | |||||||
MW | Megawatt | |||||||
NECA | National Electrical Contractors Association | |||||||
NERC | North American Electric Reliability Corporation | |||||||
NGA | Natural Gas Act of 1938 | |||||||
NGLs | Natural gas liquids | |||||||
NGPA | Natural Gas Policy Act of 1978 | |||||||
NGPSA | Natural Gas Pipeline Safety Act of 1968 | |||||||
NOLs | Net operating losses | |||||||
NRG | NRG Energy, Inc. | |||||||
NYSE | New York Stock Exchange | |||||||
OCC | Oklahoma Corporation Commission | |||||||
OGE | OGE Energy Corp. | |||||||
OPGW | Optical Ground Wire | |||||||
OPEIU | Office & Professional Employees International Union | |||||||
OVEC | Ohio Valley Electric Corporation | |||||||
PBRC | Performance Based Rate Change | |||||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | |||||||
Pipes Act | Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2020 | |||||||
PowerTeam Services | PowerTeam Services, LLC, a Delaware limited liability company, now known as Artera Services, LLC | |||||||
PRPs | Potentially responsible parties | |||||||
PSR Amendments | Federal Pipeline Safety Regulations Amendments | |||||||
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 | |||||||
RCRA Mechanism | Reliability Cost and Revenue Adjustment mechanism | |||||||
Registrants | CenterPoint Energy, Houston Electric and CERC, collectively | |||||||
Reliant Energy | Reliant Energy, Incorporated | |||||||
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 |
GLOSSARY | ||||||||
RRA | Rate Regulation Adjustment | |||||||
RSP | Rate Stabilization Plan | |||||||
SEC | Securities and Exchange Commission | |||||||
SESH | Southeast Supply Header, LLC | |||||||
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 | |||||||
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 | |||||||
STIP | Short-term Incentive Plan | |||||||
SIGECO | Southern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
S&P | S&P Global Ratings, a division of S&P Global Inc. | |||||||
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 | |||||||
Texas RE | Texas Reliability Entity | |||||||
TSCR | Tax Savings Credit Rider | |||||||
UESC | Utility Energy Services Contract | |||||||
USW | United Steelworkers Union | |||||||
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 the Merger Date | |||||||
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 | |||||||
VUSI | Vectren Utility Services, Inc., a wholly-owned subsidiary of Vectren | |||||||
ZENS | 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 | |||||||
ZENS-Related Securities | As of both December 31, 2020 and 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 | |||||||
Residential |
Commercial/
Industrial |
Total Customers | |||||||||||||||
Texas Gulf Coast | 2,303,315 | 296,512 | 2,599,827 |
Residential | Commercial/Industrial | Total Customers | |||||||||||||||
Indiana | 130,159 | 19,130 | 149,289 |
2020 | |||||||||||||||||||||||||||||||||||
Total load at peak | 984 | ||||||||||||||||||||||||||||||||||
Generating capability | 1,167 | ||||||||||||||||||||||||||||||||||
Purchase supply (effective capacity) | 37 | ||||||||||||||||||||||||||||||||||
Interruptible contracts & direct load control | 39 | ||||||||||||||||||||||||||||||||||
Total power supply capacity | 1,243 | ||||||||||||||||||||||||||||||||||
Reserve margin at peak | 26 | % |
Residential |
Commercial/
Industrial/Transportation |
Total Customers | |||||||||||||||
Arkansas | 381,961 | 47,931 | 429,892 | ||||||||||||||
Louisiana | 232,265 | 16,429 | 248,694 | ||||||||||||||
Minnesota | 819,249 | 71,425 | 890,674 | ||||||||||||||
Mississippi | 120,082 | 13,018 | 133,100 | ||||||||||||||
Oklahoma | 89,019 | 10,720 | 99,739 | ||||||||||||||
Texas | 1,707,252 | 100,877 | 1,808,129 | ||||||||||||||
Total CERC Natural Gas | 3,349,828 | 260,400 | 3,610,228 | ||||||||||||||
Indiana | 674,936 | 64,851 | 739,787 | ||||||||||||||
Ohio | 303,843 | 24,474 | 328,317 | ||||||||||||||
Total CenterPoint Energy Natural Gas | 4,328,607 | 349,725 | 4,678,332 |
No. of Assets | Storage Capacity (Bcf) | Working Capacity (Bcf) | Maximum Daily Withdrawal Rate (MMcf) | ||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Underground Natural Gas Storage Facility | 9 | 43.6 | 14.2 | 337 | |||||||||||||||||||
CERC | |||||||||||||||||||||||
Underground Natural Gas Storage Facility | 1 | 7.0 | 2.0 | 50 |
On-site Storage Capacity | |||||||||||||||||||||||
No. of Assets | Daily Production Rate (Dth) | Millions of Gallons | Dth | ||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Propane Air-Gas Manufacturing Plant | 13 | 231,000 | 12.9 | 1,187,000 | |||||||||||||||||||
LNG Plant Facility | 1 | 72,000 | 12.0 | 1,000,000 | |||||||||||||||||||
CERC | |||||||||||||||||||||||
Propane Air-Gas Manufacturing Plant | 10 | 198,000 | 11.4 | 1,050,000 | |||||||||||||||||||
LNG Plant Facility | 1 | 72,000 | 12.0 | 1,000,000 |
Storage Capacity (Bcf) | Maximum Peak Daily Delivery (MMcf) | ||||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Upstream Storage Service | 115 | 2,744 | |||||||||||||||||||||
CERC | |||||||||||||||||||||||
Upstream Storage Service | 92 | 2,298 | |||||||||||||||||||||
Number of Employees | Number of Employees Represented by Collective Bargaining Groups | |||||||||||||||||||||||||||||||||||||
Reportable Segment | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||||
Electric | 3,124 | 2,697 | — | 1,665 | 1,442 | — | ||||||||||||||||||||||||||||||||
Natural Gas | 4,048 | — | 3,327 | 1,656 | — | 1,184 | ||||||||||||||||||||||||||||||||
Corporate and Other | 2,369 | — | — | 122 | — | — | ||||||||||||||||||||||||||||||||
Total | 9,541 | 2,697 | 3,327 | 3,443 | 1,442 | 1,184 |
Name | Age | Title | ||||||||||||
Milton Carroll | 70 | Executive Chairman | ||||||||||||
David J. Lesar | 67 | President and Chief Executive Officer | ||||||||||||
Jason P. Wells | 43 | Executive Vice President and Chief Financial Officer | ||||||||||||
Scott E. Doyle | 49 | Executive Vice President, Natural Gas | ||||||||||||
Gregory E. Knight | 53 | Executive Vice President, Customer Transformation and Business Services | ||||||||||||
Kenneth M. Mercado | 58 | Executive Vice President, Electric Operations | ||||||||||||
Kristie L. Colvin | 56 | Senior Vice President and Chief Accounting Officer | ||||||||||||
Lynne Harkel-Rumford | 64 | Senior Vice President and Chief Human Resources Officer | ||||||||||||
Monica Karuturi | 42 | Senior Vice President and General Counsel | ||||||||||||
Jason M. Ryan | 45 | Senior Vice President, Regulatory Services and Government Affairs |
Generation Source | Unit No. | Location | Date in Service |
Capacity
(MW) |
||||||||||||||||||||||
Coal | ||||||||||||||||||||||||||
A.B. Brown | 1 | Posey County | 1979 | 245 | ||||||||||||||||||||||
A.B. Brown | 2 | Posey County | 1986 | 245 | ||||||||||||||||||||||
F.B. Culley | 2 | Warrick County | 1966 | 90 | ||||||||||||||||||||||
F.B. Culley | 3 | Warrick County | 1973 | 270 | ||||||||||||||||||||||
Warrick (1)
|
4 | Warrick County | 1970 | 150 | ||||||||||||||||||||||
Total Coal Capacity | 1,000 | |||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Brown (2)
|
3 | Posey County | 1991 | 80 | ||||||||||||||||||||||
Brown | 4 | Posey County | 2002 | 80 | ||||||||||||||||||||||
Renewable Landfill Gas | Pike County | 2009 | 3 | |||||||||||||||||||||||
Total Gas Capacity | 163 | |||||||||||||||||||||||||
Solar | ||||||||||||||||||||||||||
Oak Hill | Evansville, Indiana | 2018 | 2 | |||||||||||||||||||||||
Volkman | Evansville, Indiana | 2018 | 2 | |||||||||||||||||||||||
Total Solar Capacity | 4 | |||||||||||||||||||||||||
Total Generating Capacity | 1,167 |
Year Ended December 31, | Favorable (Unfavorable) | |||||||||||||||||||||||||||||||
2020 |
2019 (1)
|
2018 | 2020 to 2019 | 2019 to 2018 | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Electric | $ | 230 | $ | 419 | $ | 334 | $ | (189) | $ | 85 | ||||||||||||||||||||||
Natural Gas | 278 | 251 | 98 | 27 | 153 | |||||||||||||||||||||||||||
Total Utility Operations | 508 | 670 | 432 | (162) | 238 | |||||||||||||||||||||||||||
Midstream Investments (2) | (1,116) | 131 | 224 | (1,247) | (93) | |||||||||||||||||||||||||||
Corporate & Other (3) | (159) | (236) | (295) | 77 | 59 | |||||||||||||||||||||||||||
Discontinued Operations | (182) | 109 | (28) | (291) | 137 | |||||||||||||||||||||||||||
Total CenterPoint Energy | $ | (949) | $ | 674 | $ | 333 | $ | (1,623) | $ | 341 |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2020 | 2019 (1) | 2018 | 2020 to 2019 | 2019 to 2018 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 3,470 | $ | 3,519 | $ | 3,232 | $ | (49) | $ | 287 | |||||||||||||||||||
Utility natural gas, fuel and purchased power | 147 | 149 | — | (2) | 149 | ||||||||||||||||||||||||
Revenues less Utility natural gas, fuel and purchased power | 3,323 | 3,370 | 3,232 | (47) | 138 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 1,704 | 1,656 | 1,452 | (48) | (204) | ||||||||||||||||||||||||
Depreciation and amortization | 663 | 739 | 917 | 76 | 178 | ||||||||||||||||||||||||
Taxes other than income taxes | 268 | 261 | 240 | (7) | (21) | ||||||||||||||||||||||||
Goodwill Impairment (2) | 185 | — | — | (185) | — | ||||||||||||||||||||||||
Total expenses | 2,820 | 2,656 | 2,609 | (164) | (47) | ||||||||||||||||||||||||
Operating Income | 503 | 714 | 623 | (211) | 91 | ||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Interest and other finance charges | (220) | (225) | (197) | 5 | (28) | ||||||||||||||||||||||||
Interest income | 3 | 27 | 5 | (24) | 22 | ||||||||||||||||||||||||
Other income (expense), net | 16 | (1) | (8) | 17 | 7 | ||||||||||||||||||||||||
Income before income taxes | 302 | 515 | 423 | (213) | 92 | ||||||||||||||||||||||||
Income tax expense (benefit) | 72 | 96 | 89 | 24 | (7) | ||||||||||||||||||||||||
Net income | $ | 230 | $ | 419 | $ | 334 | $ | (189) | $ | 85 | |||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||
Residential | 32,630 | 31,605 | 30,405 | 3 | % | 4 | % | ||||||||||||||||||||||
Total | 98,647 | 96,866 | 90,409 | 2 | % | 7 | % | ||||||||||||||||||||||
Weather (percentage of normal weather for service area): | |||||||||||||||||||||||||||||
Cooling degree days | 109 | % | 109 | % | 103 | % | — | % | 6 | % | |||||||||||||||||||
Heating degree days | 85 | % | 96 | % | 104 | % | (11) | % | (8) | % | |||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||
Residential | 2,433,474 | 2,372,135 | 2,198,225 | 3 | % | 8 | % | ||||||||||||||||||||||
Total | 2,749,116 | 2,682,228 | 2,485,370 | 2 | % | 8 | % |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2020 | 2019 (1) | 2018 | 2020 to 2019 | 2019 to 2018 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 3,631 | $ | 3,750 | $ | 3,031 | $ | (119) | $ | 719 | |||||||||||||||||||
Cost of revenues (2) | 1,358 | 1,652 | 1,504 | (294) | 148 | ||||||||||||||||||||||||
Revenues less Cost of revenues | 2,273 | 2,098 | 1,527 | 175 | 571 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 1,032 | 1,070 | 833 | 38 | (237) | ||||||||||||||||||||||||
Depreciation and amortization | 454 | 420 | 280 | (34) | (140) | ||||||||||||||||||||||||
Taxes other than income taxes | 237 | 206 | 155 | (31) | (51) | ||||||||||||||||||||||||
Total expenses | 1,723 | 1,696 | 1,268 | (27) | (428) | ||||||||||||||||||||||||
Operating Income | 550 | 402 | 259 | 148 | 143 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Interest expense and other finance charges | (153) | (144) | (122) | (9) | (22) | ||||||||||||||||||||||||
Interest income | 8 | 6 | 1 | 2 | 5 | ||||||||||||||||||||||||
Other expense, net | (2) | (11) | (9) | 9 | (2) | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 403 | 253 | 129 | 150 | 124 | ||||||||||||||||||||||||
Income tax expense | 125 | 2 | 31 | (123) | 29 | ||||||||||||||||||||||||
Net Income | $ | 278 | $ | 251 | $ | 98 | $ | 27 | $ | 153 | |||||||||||||||||||
Throughput (in Bcf): | |||||||||||||||||||||||||||||
Residential | 237 | 246 | 186 | (4) | % | 32 | % | ||||||||||||||||||||||
Commercial and industrial | 439 | 458 | 285 | (4) | % | 61 | % | ||||||||||||||||||||||
Total Throughput | 676 | 704 | 471 | (4) | % | 49 | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Heating degree days | 91 | % | 101 | % | 106 | % | (10) | % | (5) | % | |||||||||||||||||||
Number of customers at end of period: | |||||||||||||||||||||||||||||
Residential | 4,328,607 | 4,252,361 | 3,246,277 | 2 | % | 31 | % | ||||||||||||||||||||||
Commercial and industrial | 349,725 | 349,749 | 260,033 | — | % | 35 | % | ||||||||||||||||||||||
Total | 4,678,332 | 4,602,110 | 3,506,310 | 2 | % | 31 | % |
Favorable (Unfavorable) | ||||||||||||||
2020 to 2019 | 2019 to 2018 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Rate increases exclusive of the TCJA impact below | $ | 108 | $ | 13 | ||||||||||
Eleven months of incremental margin from acquired LDC businesses in the Merger | — | 513 | ||||||||||||
Impacts of COVID-19 | (25) | — | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | 4 | 30 | ||||||||||||
Customer growth | 20 | 14 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (5) | 6 | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | 65 | — | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | 15 | 7 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | (1) | (14) | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | (6) | 2 | ||||||||||||
Total | $ | 175 | $ | 571 | ||||||||||
Operation and maintenance | ||||||||||||||
Labor and benefits | $ | (1) | $ | — | ||||||||||
Eleven months of incremental operation and maintenance from acquired LDC businesses in the Merger | — | (201) | ||||||||||||
Contracted services | 20 | — | ||||||||||||
Support services | (14) | 8 | ||||||||||||
Other operating and maintenance expense, including material and supplies and insurance | 6 | (3) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | (14) | — | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | 1 | 14 | ||||||||||||
Merger related expenses, primarily severance and technology | 40 | (55) | ||||||||||||
Total | $ | 38 | $ | (237) | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | (23) | $ | (12) | ||||||||||
Eleven months of incremental depreciation from acquired LDC businesses in the Merger | — | (128) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | (11) | — | ||||||||||||
Total | $ | (34) | $ | (140) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | 6 | $ | (2) | ||||||||||
Eleven months of incremental taxes from acquired LDC businesses in the Merger | — | (45) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | (6) | — | ||||||||||||
Incremental capital projects placed in service | (31) | (4) | ||||||||||||
Total | $ | (31) | $ | (51) | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | (9) | $ | (22) | ||||||||||
Total | $ | (9) | $ | (22) | ||||||||||
Interest income | ||||||||||||||
Money pool investments with CenterPoint Energy | $ | 2 | $ | 5 | ||||||||||
Total | $ | 2 | $ | 5 | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 9 | $ | (2) | ||||||||||
Total | $ | 9 | $ | (2) |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 to 2019 | 2019 to 2018 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 2,911 | $ | 2,990 | $ | 3,234 | $ | (79) | $ | (244) | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 1,523 | 1,477 | 1,452 | (46) | (25) | ||||||||||||||||||||||||
Depreciation and amortization | 560 | 648 | 917 | 88 | 269 | ||||||||||||||||||||||||
Taxes other than income taxes | 252 | 247 | 240 | (5) | (7) | ||||||||||||||||||||||||
Total | 2,335 | 2,372 | 2,609 | 37 | 237 | ||||||||||||||||||||||||
Operating Income | 576 | 618 | 625 | (42) | (7) | ||||||||||||||||||||||||
Interest and other finance charges | (199) | (203) | (197) | 4 | (6) | ||||||||||||||||||||||||
Interest income | 3 | 27 | 5 | (24) | 22 | ||||||||||||||||||||||||
Other income (expense), net | 7 | (6) | (8) | 13 | 2 | ||||||||||||||||||||||||
Income before income taxes | 387 | 436 | 425 | (49) | 11 | ||||||||||||||||||||||||
Income tax expense (benefit) | 53 | 80 | 89 | 27 | 9 | ||||||||||||||||||||||||
Net income | $ | 334 | $ | 356 | $ | 336 | $ | (22) | $ | 20 | |||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||
Residential | 31,244 | 30,334 | 30,405 | 3 | % | — | % | ||||||||||||||||||||||
Total | 93,768 | 92,180 | 90,409 | 2 | % | 2 | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Cooling degree days | 110 | % | 106 | % | 103 | % | 4 | % | 3 | % | |||||||||||||||||||
Heating degree days | 72 | % | 96 | % | 104 | % | (24) | % | (8) | % | |||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||
Residential | 2,303,315 | 2,243,188 | 2,198,225 | 3 | % | 2 | % | ||||||||||||||||||||||
Total | 2,599,827 | 2,534,286 | 2,485,370 | 3 | % | 2 | % |
Favorable (Unfavorable) | ||||||||||||||
2020 to 2019 | 2019 to 2018 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Customer rates and impact of the change in rate design | $ | (298) | $ | (4) | ||||||||||
Impacts of COVID-19 | (31) | — | ||||||||||||
Weather impacts and other usage | (7) | (28) | ||||||||||||
Impacts from increased peak demand in 2019, collected in rates in 2020 | 19 | — | ||||||||||||
Transmission Revenues, including TCOS and TCRF and impact of the change in rate design, inclusive of costs billed by transmission providers | 364 | 67 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (32) | 15 | ||||||||||||
Equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | (14) | (29) | ||||||||||||
Customer growth | 35 | 28 | ||||||||||||
Miscellaneous revenues, primarily related to service connections | 7 | 15 | ||||||||||||
AMS, offset in depreciation and amortization below | (3) | (29) | ||||||||||||
Bond Companies | (124) | (281) | ||||||||||||
Energy efficiency, offset in operation and maintenance | 5 | 2 | ||||||||||||
Total | $ | (79) | $ | (244) | ||||||||||
Operation and maintenance | ||||||||||||||
Transmission costs billed by transmission providers, offset in revenues | $ | (61) | $ | (57) | ||||||||||
Labor and benefits | (2) | 15 | ||||||||||||
Contract services | 6 | 6 | ||||||||||||
Support services | (6) | 24 | ||||||||||||
All other operation and maintenance expense, including materials and supplies and insurance | 14 | — | ||||||||||||
Merger related expenses, primarily severance and technology | 2 | (10) | ||||||||||||
Bond Companies | 1 | 1 | ||||||||||||
Energy efficiency, offset in revenues | — | (4) | ||||||||||||
Total | $ | (46) | $ | (25) | ||||||||||
Depreciation and amortization | ||||||||||||||
Ongoing additions to plant-in-service | $ | (31) | $ | (19) | ||||||||||
AMS, offset by revenues | 3 | 28 | ||||||||||||
Bond Companies | 116 | 260 | ||||||||||||
Total | $ | 88 | $ | 269 | ||||||||||
Taxes other than income taxes | ||||||||||||||
Incremental capital projects placed in service | $ | (4) | $ | (1) | ||||||||||
Franchise fees and other taxes | (1) | (6) | ||||||||||||
Total | $ | (5) | $ | (7) | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | (8) | $ | (25) | ||||||||||
Bond Companies | 12 | 19 | ||||||||||||
Total | $ | 4 | $ | (6) | ||||||||||
Interest income | ||||||||||||||
Investments in CenterPoint Energy Money Pool | $ | (20) | $ | 20 | ||||||||||
Bond Companies | (4) | 2 | ||||||||||||
Total | $ | (24) | $ | 22 | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 13 | $ | 2 | ||||||||||
Total | $ | 13 | $ | 2 | ||||||||||
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 to 2019 | 2019 to 2018 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 2,763 | $ | 3,018 | $ | 3,031 | $ | (255) | $ | (13) | |||||||||||||||||||
Cost of Revenues (1) | 1,117 | 1,430 | 1,504 | (313) | (74) | ||||||||||||||||||||||||
Revenues less Cost of Revenues | 1,646 | 1,588 | 1,527 | 58 | 61 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 798 | 824 | 833 | 26 | 9 | ||||||||||||||||||||||||
Depreciation and amortization | 304 | 293 | 280 | (11) | (13) | ||||||||||||||||||||||||
Taxes other than income taxes | 182 | 161 | 155 | (21) | (6) | ||||||||||||||||||||||||
Total expenses | 1,284 | 1,278 | 1,268 | (6) | (10) | ||||||||||||||||||||||||
Operating Income | 362 | 310 | 259 | 52 | 51 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Interest expense and other finance charges | (111) | (116) | (122) | 5 | 6 | ||||||||||||||||||||||||
Interest income | — | 5 | 1 | (5) | 4 | ||||||||||||||||||||||||
Other income (expense), net | (7) | (13) | (9) | 6 | (4) | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 244 | 186 | 129 | 58 | 57 | ||||||||||||||||||||||||
Income tax expense (benefit) | 97 | (3) | 31 | (100) | 34 | ||||||||||||||||||||||||
Income From Continuing Operations | 147 | 189 | 98 | (42) | 91 | ||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $(2), $17, and $37, respectively) | (66) | 23 | 110 | (89) | (87) | ||||||||||||||||||||||||
Net Income | $ | 81 | $ | 212 | $ | 208 | $ | (131) | $ | 4 | |||||||||||||||||||
Throughput (in BCF): | |||||||||||||||||||||||||||||
Residential | 167 | 188 | 186 | (11) | % | 1 | % | ||||||||||||||||||||||
Commercial and industrial | 260 | 292 | 285 | (11) | % | 2 | % | ||||||||||||||||||||||
Total Throughput | 427 | 480 | 471 | (11) | % | 2 | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Heating degree days | 91 | % | 101 | % | 106 | % | (10) | % | (5) | % | |||||||||||||||||||
Number of customers at end of period: | |||||||||||||||||||||||||||||
Residential | 3,349,828 | 3,287,343 | 3,246,277 | 2 | % | 1 | % | ||||||||||||||||||||||
Commercial and industrial | 260,400 | 260,872 | 260,033 | — | % | — | % | ||||||||||||||||||||||
Total | 3,610,228 | 3,548,215 | 3,506,310 | 2 | % | 1 | % |
Favorable (Unfavorable) | ||||||||||||||
2020 to 2019 | 2019 to 2018 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Rate increases exclusive of the TCJA impact below | $ | 62 | $ | 13 | ||||||||||
Impacts of COVID-19 | (22) | — | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | 2 | 30 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (4) | 6 | ||||||||||||
Customer growth | 14 | 14 | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | 18 | 11 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | (8) | (14) | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | (4) | 1 | ||||||||||||
Total | $ | 58 | $ | 61 | ||||||||||
Operation and maintenance | ||||||||||||||
Labor and benefits, primarily due to headcount | $ | (4) | $ | (15) | ||||||||||
Contracted services | 24 | — | ||||||||||||
Support services | (6) | 8 | ||||||||||||
Other operation and maintenance expense, including material and supplies and insurance | 4 | 12 | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | 8 | 14 | ||||||||||||
Merger related expenses, primarily severance and technology | — | (10) | ||||||||||||
Total | $ | 26 | $ | 9 | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | (11) | $ | (13) | ||||||||||
Total | $ | (11) | $ | (13) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | 4 | $ | (2) | ||||||||||
Incremental capital projects placed in service | (25) | (4) | ||||||||||||
Total | $ | (21) | $ | (6) | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects | $ | 5 | $ | 6 | ||||||||||
Total | $ | 5 | $ | 6 | ||||||||||
Interest income | ||||||||||||||
Money pool investments with CenterPoint Energy | $ | (5) | $ | 4 | ||||||||||
Total | $ | (5) | $ | 4 | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 6 | $ | (4) | ||||||||||
Total | $ | 6 | $ | (4) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities
|
$ | 1,995 | $ | 899 | $ | 729 | $ | 1,638 | $ | 918 | $ | 466 | $ | 2,136 | $ | 1,115 | $ | 814 | |||||||||||||||||||||||||||||||||||
Investing activities
|
(1,265) | (564) | (452) | (8,421) | (1,495) | (662) | (1,207) | (911) | (697) | ||||||||||||||||||||||||||||||||||||||||||||
Financing activities
|
(834) | (416) | (278) | 2,776 | 442 | 173 | 3,053 | (108) | (104) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 compared to 2019 | 2019 compared to 2018 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Changes in net income after adjusting for non-cash items | $ | (1,869) | $ | (129) | $ | (3) | $ | 299 | $ | (234) | $ | 9 | |||||||||||||||||||||||
Changes in working capital | 726 | 98 | 227 | (856) | 60 | (320) | |||||||||||||||||||||||||||||
Change in equity in earnings of unconsolidated affiliates
|
1,658 | — | — | 77 | — | 184 | |||||||||||||||||||||||||||||
Change in distributions from unconsolidated affiliates (1)
|
(148) | — | — | (6) | — | (176) | |||||||||||||||||||||||||||||
Higher pension contribution | 23 | — | — | (40) | — | — | |||||||||||||||||||||||||||||
Other | (33) | 12 | 39 | 28 | (23) | (45) | |||||||||||||||||||||||||||||
$ | 357 | $ | (19) | $ | 263 | $ | (498) | $ | (197) | $ | (348) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 compared to 2019 | 2019 compared to 2018 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of marketable securities | $ | — | $ | — | $ | — | $ | (398) | $ | — | $ | — | |||||||||||||||||||||||
Proceeds from the sale of assets | (5) | — | — | 5 | — | — | |||||||||||||||||||||||||||||
Purchase of investments | 6 | — | — | (6) | — | — | |||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | 5,991 | — | — | (5,991) | — | — | |||||||||||||||||||||||||||||
Net change in capital expenditures (1)
|
(90) | (33) | (39) | (855) | (103) | (143) | |||||||||||||||||||||||||||||
Net change in notes receivable from unconsolidated affiliates | — | 962 | (123) | — | (481) | 228 | |||||||||||||||||||||||||||||
Change in distributions from Enable in excess of cumulative earnings | 38 | — | — | 12 | — | (47) | |||||||||||||||||||||||||||||
Proceeds from divestitures | 1,215 | — | 365 | — | — | — | |||||||||||||||||||||||||||||
Other | 1 | 2 | 7 | 19 | — | (3) | |||||||||||||||||||||||||||||
$ | 7,156 | $ | 931 | $ | 210 | $ | (7,214) | $ | (584) | $ | 35 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 compared to 2019 | 2019 compared to 2018 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Net changes in commercial paper outstanding | $ | (2,652) | $ | — | $ | (197) | $ | 3,434 | $ | — | $ | 855 | |||||||||||||||||||||||
Proceeds from issuances of preferred stock, net | 723 | — | — | (1,740) | — | — | |||||||||||||||||||||||||||||
Proceeds from issuance of Common Stock, net | 672 | — | — | (1,844) | — | — | |||||||||||||||||||||||||||||
Net changes in long-term debt outstanding, excluding commercial paper | (2,539) | (170) | (93) | (397) | 274 | (599) | |||||||||||||||||||||||||||||
Net changes in debt and equity issuance costs | 12 | 5 | (4) | 27 | (4) | 5 | |||||||||||||||||||||||||||||
Net changes in short-term borrowings | — | — | — | 39 | — | 39 | |||||||||||||||||||||||||||||
Distributions to ZENS note holders | — | — | — | 398 | — | — | |||||||||||||||||||||||||||||
Decreased (increased) payment of Common Stock dividends | 185 | — | — | (78) | — | — | |||||||||||||||||||||||||||||
Increased payment of Preferred Stock dividends | (19) | — | — | (107) | — | — | |||||||||||||||||||||||||||||
Net change in notes payable from affiliated companies | — | 9 | — | — | 58 | 570 | |||||||||||||||||||||||||||||
Contribution from parent | — | (528) | 88 | — | 390 | (831) | |||||||||||||||||||||||||||||
Dividend to parent | — | (175) | 40 | — | (167) | 240 | |||||||||||||||||||||||||||||
Capital contribution to parent associated with the sale of CES | — | — | (286) | — | — | — | |||||||||||||||||||||||||||||
Other | 8 | 1 | 1 | (9) | (1) | (2) | |||||||||||||||||||||||||||||
$ | (3,610) | $ | (858) | $ | (451) | $ | (277) | $ | 550 | $ | 277 |
CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Estimated capital expenditures | $ | 3,379 | $ | 1,721 | $ | 986 | ||||||||||||||
Scheduled principal payments on Securitization Bonds | 211 | 211 | — | |||||||||||||||||
Minimum contributions to pension plans and other post-retirement plans | 70 | 1 | 3 | |||||||||||||||||
Maturing CenterPoint Energy term loans | 700 | — | — | |||||||||||||||||
Maturing CenterPoint Energy and VUHI senior notes | 555 | — | — | |||||||||||||||||
Maturing Houston Electric first mortgage bonds | 102 | 102 | — | |||||||||||||||||
Maturing Houston Electric general mortgage bonds | 300 | 300 | — |
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||||
CenterPoint Energy | (in millions) | ||||||||||||||||||||||||||||||||||
Electric | $ | 1,281 | $ | 1,960 | $ | 1,828 | $ | 1,996 | $ | 1,850 | $ | 1,434 | |||||||||||||||||||||||
Natural Gas | 1,139 | 1,402 | 1,291 | 1,762 | 1,479 | 1,593 | |||||||||||||||||||||||||||||
Corporate and Other | 95 | 17 | 23 | 34 | 32 | 27 | |||||||||||||||||||||||||||||
Discontinued Operations (1) (3)
|
21 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 2,536 | $ | 3,379 | $ | 3,142 | $ | 3,792 | $ | 3,361 | $ | 3,054 | |||||||||||||||||||||||
Houston Electric (2)
|
$ | 1,021 | $ | 1,721 | $ | 1,513 | $ | 1,210 | $ | 1,093 | $ | 1,283 | |||||||||||||||||||||||
CERC | |||||||||||||||||||||||||||||||||||
Natural Gas | $ | 797 | $ | 986 | $ | 848 | $ | 1,250 | $ | 944 | $ | 1,035 | |||||||||||||||||||||||
Discontinued Operations (1)
|
3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 800 | $ | 986 | $ | 848 | $ | 1,250 | $ | 944 | $ | 1,035 |
Contractual Obligations | Total | 2021 | 2022-2023 | 2024-2025 | 2026 and thereafter | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||||||||||||||
Securitization Bonds | $ | 747 | $ | 211 | $ | 375 | $ | 161 | $ | — | ||||||||||||||||||||||
Other long-term debt (1)
|
12,710 | 1,669 | 2,885 | 1,074 | 7,082 | |||||||||||||||||||||||||||
Interest payments — Securitization Bonds (2)
|
50 | 22 | 24 | 4 | — | |||||||||||||||||||||||||||
Interest payments — other long-term debt (2)
|
5,904 | 435 | 778 | 684 | 4,007 | |||||||||||||||||||||||||||
Short-term borrowings | 24 | 24 | — | — | — | |||||||||||||||||||||||||||
Operating leases (3)
|
37 | 8 | 12 | 7 | 10 | |||||||||||||||||||||||||||
Benefit obligations (4)
|
— | — | — | — | — | |||||||||||||||||||||||||||
Non-trading derivative liabilities | 30 | 3 | 13 | 3 | 11 | |||||||||||||||||||||||||||
Commodity and other commitments (5)
|
4,631 | 725 | 1,029 | 947 | 1,930 | |||||||||||||||||||||||||||
Total contractual cash obligations (6)
|
$ | 24,133 | $ | 3,097 | $ | 5,116 | $ | 2,880 | $ | 13,040 | ||||||||||||||||||||||
Houston Electric | ||||||||||||||||||||||||||||||||
Securitization Bonds | $ | 747 | $ | 211 | $ | 375 | $ | 161 | $ | — | ||||||||||||||||||||||
Other long-term debt (1)
|
4,272 | 402 | 500 | — | 3,370 | |||||||||||||||||||||||||||
Interest payments — Securitization Bonds (2)
|
50 | 22 | 24 | 4 | — | |||||||||||||||||||||||||||
Interest payments — other long-term debt (2)
|
2,997 | 163 | 303 | 274 | 2,257 | |||||||||||||||||||||||||||
Operating leases (3)
|
1 | 1 | — | — | — | |||||||||||||||||||||||||||
Benefit obligations (4)
|
— | — | — | — | — | |||||||||||||||||||||||||||
Total contractual cash obligations (6)
|
$ | 8,067 | $ | 799 | $ | 1,202 | $ | 439 | $ | 5,627 | ||||||||||||||||||||||
CERC | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 2,428 | $ | — | $ | 647 | $ | — | $ | 1,781 | ||||||||||||||||||||||
Interest payments — long-term debt (1)
|
1,333 | 88 | 169 | 153 | 923 | |||||||||||||||||||||||||||
Short-term borrowings | 24 | 24 | — | — | — | |||||||||||||||||||||||||||
Operating leases (3)
|
24 | 4 | 8 | 5 | 7 | |||||||||||||||||||||||||||
Benefit obligations (4)
|
— | — | — | — | — | |||||||||||||||||||||||||||
Commodity and other commitments (5)
|
3,122 | 491 | 603 | 481 | 1,547 | |||||||||||||||||||||||||||
Total contractual cash obligations (6)
|
$ | 6,931 | $ | 607 | $ | 1,427 | $ | 639 | $ | 4,258 |
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 were effective with October 2020 usage and began to 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 | 2 | September 2020 | December 2020 | December 2020 | Based on ROE of 9.95% with 50 basis point (+/-) earnings band. For the test year ended June 2020 and net of TCJA effects considered outside the earnings band, North Louisiana had a $3 million increase to annual revenue based on an adjusted ROE of 6.21% and South Louisiana had a $1 million decrease to annual revenue based on an adjusted ROE of 10.79%. | |||||||||||||||||||||||||||
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 |
See discussion above under Minnesota Base Rate Case.
|
Mechanism |
Annual Increase (Decrease) (1)
(in millions)
|
Filing
Date |
Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
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 | 2 | October 2020 | January 2021 | January 2021 | 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)
|
29 | October 2020 | September 2021 | TBD |
See discussion above under Indiana South Base Rate Case.
|
|||||||||||||||||||||||||||
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 | 2 | October 2020 | January 2021 | January 2021 | 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. | |||||||||||||||||||||||||||
Rate Case (1)
|
21 | December 2020 | October 2021 | TBD |
See discussion above under Indiana North Base Rate Case.
|
|||||||||||||||||||||||||||
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 | N/A | September 2020 | January 2021 | January 2021 | 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 | 9 |
May
2020 |
September
2020 |
December 2020 | 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 | 3 | August 2020 | November 2020 | November 2020 | 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. |
Mechanism |
Annual Increase (Decrease) (1)
(in millions)
|
Filing
Date |
Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
TDSIC (1)
|
3 | February 2021 | May 2021 | TBD |
Requested an increase of $28 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 less than $1 million.
|
|||||||||||||||||||||||||||
CECA (1)
|
8 | February 2021 | TBD | TBD |
Reflects an $8 million annual increase in current revenues through a non-traditional rate making approach related to a 50 MW universal solar array placed in service in January 2021.
|
Amount Utilized as of February 22, 2021 | ||||||||||||||||||||||||||||||||||||||
Registrant | Size of Facility | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | 2,400 | $ | — | $ | 11 | $ | 1,502 | 0.21% | February 4, 2024 | ||||||||||||||||||||||||||||
CenterPoint Energy (1)
|
400 | — | — | 86 | 0.18% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Houston Electric | 300 | — | — | — | —% | February 4, 2024 | ||||||||||||||||||||||||||||||||
CERC | 900 | — | — | 255 | 0.18% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Total
|
$ | 4,000 | $ | — | $ | 11 | $ | 1,843 |
Weighted Average Interest Rate | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Money pool investments
|
0.21% | $ | (248) | $ | — |
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 | Stable | BBB | Stable | BBB | Stable | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Vectren Corp. Issuer Rating | n/a | n/a | BBB+ | Stable | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | VUHI Senior Unsecured Debt | A3 | Stable | BBB+ | Stable | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Indiana Gas Senior Unsecured Debt
|
n/a | n/a | BBB+ | Stable | n/a | n/a | |||||||||||||||||||||||||||||||||||||
CenterPoint Energy | SIGECO Senior Secured Debt | A1 | Stable | A | Stable | n/a | n/a | |||||||||||||||||||||||||||||||||||||
Houston Electric |
Houston Electric Senior Secured Debt
|
A2 | Stable | A | Stable | A | Stable | |||||||||||||||||||||||||||||||||||||
CERC |
CERC Corp. Senior Unsecured Debt
|
A3 | Stable | BBB+ | Stable | A- | Stable |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
CenterPoint Energy | (in millions) | ||||||||||||||||
Minimum funding requirements for qualified pension plans | $ | 76 | $ | 86 | $ | 60 | |||||||||||
Employer contributions to the qualified pension plans | 76 | 86 | 60 | ||||||||||||||
Employer contributions to the non-qualified benefit restoration plans | 10 | 23 | 9 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
Revenues: | |||||||||||||||||
Utility revenues | $ | 7,049 | $ | 7,202 | $ | 6,199 | |||||||||||
Non-utility revenues | 369 | 362 | 78 | ||||||||||||||
Total | 7,418 | 7,564 | 6,277 | ||||||||||||||
Expenses: | |||||||||||||||||
Utility natural gas, fuel and purchased power | 1,488 | 1,762 | 1,464 | ||||||||||||||
Non-utility cost of revenues, including natural gas | 257 | 257 | 40 | ||||||||||||||
Operation and maintenance | 2,744 | 2,775 | 2,271 | ||||||||||||||
Depreciation and amortization | 1,189 | 1,225 | 1,230 | ||||||||||||||
Taxes other than income taxes | 516 | 474 | 404 | ||||||||||||||
Goodwill impairment | 185 | — | — | ||||||||||||||
Total | 6,379 | 6,493 | 5,409 | ||||||||||||||
Operating Income | 1,039 | 1,071 | 868 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Gain (loss) on marketable securities | 49 | 282 | (22) | ||||||||||||||
Loss on indexed debt securities | (60) | (292) | (232) | ||||||||||||||
Interest expense and other finance charges | (501) | (528) | (361) | ||||||||||||||
Interest expense on Securitization Bonds | (28) | (39) | (59) | ||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates, net | (1,428) | 230 | 307 | ||||||||||||||
Interest income | 3 | 17 | 24 | ||||||||||||||
Interest income from Securitization Bonds | 1 | 5 | 4 | ||||||||||||||
Other income, net | 60 | 28 | 22 | ||||||||||||||
Total | (1,904) | (297) | (317) | ||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | (865) | 774 | 551 | ||||||||||||||
Income tax expense (benefit) | (274) | 92 | 155 | ||||||||||||||
Income (Loss) from Continuing Operations | (591) | 682 | 396 | ||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $21, $46, and $(9), respectively)
|
(182) | 109 | (28) | ||||||||||||||
Net Income (Loss) | (773) | 791 | 368 | ||||||||||||||
Income allocated to preferred shareholders | 176 | 117 | 35 | ||||||||||||||
Income (Loss) Available to Common Shareholders | $ | (949) | $ | 674 | $ | 333 | |||||||||||
Basic earnings (loss) per common share - continuing operations | $ | (1.45) | $ | 1.12 | $ | 0.80 | |||||||||||
Basic earnings (loss) per common share - discontinued operations | (0.34) | 0.22 | (0.06) | ||||||||||||||
Basic Earnings (Loss) Per Common Share | $ | (1.79) | $ | 1.34 | $ | 0.74 | |||||||||||
Diluted earnings (loss) per common share - continuing operations | $ | (1.45) | $ | 1.12 | $ | 0.80 | |||||||||||
Diluted earnings (loss) per common share - discontinued operations | (0.34) | 0.21 | (0.06) | ||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | (1.79) | $ | 1.33 | $ | 0.74 | |||||||||||
Weighted Average Common Shares Outstanding, Basic | 531 | 502 | 449 | ||||||||||||||
Weighted Average Common Shares Outstanding, Diluted | 531 | 505 | 452 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Net Income (Loss) | $ | (773) | $ | 791 | $ | 368 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Adjustment to pension and other postemployment plans (net of tax expense (benefit) of $-0-, $4 and $(2), respectively)
|
(5) | 12 | (10) | ||||||||||||||
Net deferred gain (loss) from cash flow hedges (net of tax expense (benefit) of $-0-, $(1) and $(4), respectively)
|
— | (2) | (15) | ||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax expense of $-0-, $-0- and $-0-, respectively)
|
— | 1 | — | ||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax of $4, $-0-, and $-0-, respectively)
|
15 | — | — | ||||||||||||||
Other comprehensive loss from unconsolidated affiliates (net of tax of $-0-, $-0-, and $-0-, respectively)
|
(2) | (1) | — | ||||||||||||||
Total | 8 | 10 | (25) | ||||||||||||||
Comprehensive income (loss) | (765) | 801 | 343 | ||||||||||||||
Income allocated to preferred shareholders | 176 | 117 | 35 | ||||||||||||||
Comprehensive income (loss) available to common shareholders | $ | (941) | $ | 684 | $ | 308 |
December 31,
2020 |
December 31,
2019 |
||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($139 and $216 related to VIEs, respectively)
|
$ | 147 | $ | 241 | |||||||
Investment in marketable securities | 871 | 822 | |||||||||
Accounts receivable ($23 and $26 related to VIEs, respectively), less allowance for credit losses of $52 and $21, respectively
|
676 | 702 | |||||||||
Accrued unbilled revenues, less allowance for credit losses of $5 and $-0-, respectively
|
505 | 469 | |||||||||
Natural gas and coal inventory | 203 | 209 | |||||||||
Materials and supplies | 297 | 263 | |||||||||
Taxes receivable | 82 | 106 | |||||||||
Current assets held for sale | — | 1,002 | |||||||||
Prepaid expense and other current assets ($15 and $19 related to VIEs, respectively)
|
139 | 123 | |||||||||
Total current assets | 2,920 | 3,937 | |||||||||
Property, Plant and Equipment, net | 22,362 | 20,624 | |||||||||
Other Assets: | |||||||||||
Goodwill | 4,697 | 4,882 | |||||||||
Regulatory assets ($633 and $788 related to VIEs, respectively)
|
2,094 | 2,117 | |||||||||
Investment in unconsolidated affiliates
|
783 | 2,408 | |||||||||
Preferred units - unconsolidated affiliate
|
363 | 363 | |||||||||
Non-current assets held for sale | — | 962 | |||||||||
Other
|
252 | 236 | |||||||||
Total other assets | 8,189 | 10,968 | |||||||||
Total Assets | $ | 33,471 | $ | 35,529 |
December 31,
2020 |
December 31,
2019 |
||||||||||
(in millions, except par value
and shares) |
|||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | 24 | $ | — | |||||||
Current portion of VIE Securitization Bonds long-term debt | 211 | 231 | |||||||||
Indexed debt, net | 15 | 19 | |||||||||
Current portion of other long-term debt | 1,669 | 618 | |||||||||
Indexed debt securities derivative | 953 | 893 | |||||||||
Accounts payable | 853 | 884 | |||||||||
Taxes accrued | 265 | 239 | |||||||||
Interest accrued | 145 | 158 | |||||||||
Dividends accrued | 136 | — | |||||||||
Customer deposits | 119 | 124 | |||||||||
Non-trading derivative liabilities | 3 | 7 | |||||||||
Current liabilities held for sale | — | 455 | |||||||||
Other | 432 | 350 | |||||||||
Total current liabilities | 4,825 | 3,978 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 3,603 | 3,928 | |||||||||
Non-trading derivative liabilities | 27 | 15 | |||||||||
Benefit obligations | 680 | 750 | |||||||||
Regulatory liabilities | 3,448 | 3,474 | |||||||||
Non-current liabilities held for sale | — | 43 | |||||||||
Other | 1,019 | 738 | |||||||||
Total other liabilities | 8,777 | 8,948 | |||||||||
Long-term Debt: | |||||||||||
VIE Securitization Bonds, net | 536 | 746 | |||||||||
Other long-term debt, net | 10,985 | 13,498 | |||||||||
Total long-term debt, net | 11,521 | 14,244 | |||||||||
Commitments and Contingencies (Note 16) | |||||||||||
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, $977 aggregate liquidation preference, 977,400 shares outstanding
|
950 | 950 | |||||||||
Series C Preferred Stock, $0.01 par value, $625 aggregate liquidation preference, 625,000 shares outstanding
|
623 | — | |||||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 551,355,861 shares and 502,242,061 shares outstanding, respectively
|
6 | 5 | |||||||||
Additional paid-in capital | 6,914 | 6,080 | |||||||||
Retained earnings (accumulated deficit) | (845) | 632 | |||||||||
Accumulated other comprehensive loss | (90) | (98) | |||||||||
Total shareholders’ equity | 8,348 | 8,359 | |||||||||
Total Liabilities and Shareholders’ Equity
|
$ | 33,471 | $ | 35,529 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | (773) | $ | 791 | $ | 368 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 1,189 | 1,225 | 1,230 | ||||||||||||||
Depreciation and amortization on assets held for sale | — | 62 | 13 | ||||||||||||||
Amortization of deferred financing costs | 28 | 29 | 48 | ||||||||||||||
Deferred income taxes | (429) | 69 | 48 | ||||||||||||||
Amortization of intangible assets in Non-utility cost of revenues | 2 | 24 | — | ||||||||||||||
Goodwill impairment and loss from reclassification to held for sale | 175 | 48 | — | ||||||||||||||
Goodwill impairment | 185 | — | — | ||||||||||||||
Loss on early extinguishment of debt | 2 | — | — | ||||||||||||||
Unrealized loss (gain) on marketable securities | (49) | (282) | 22 | ||||||||||||||
Loss (gain) on indexed debt securities | 60 | 292 | 232 | ||||||||||||||
Write-down of natural gas inventory | 3 | 4 | 2 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 1,428 | (230) | (307) | ||||||||||||||
Distributions from unconsolidated affiliates | 113 | 261 | 267 | ||||||||||||||
Pension contributions | (86) | (109) | (69) | ||||||||||||||
Changes in other assets and liabilities, excluding acquisitions: | |||||||||||||||||
Accounts receivable and unbilled revenues, net | 90 | 226 | (154) | ||||||||||||||
Inventory | 9 | (52) | 1 | ||||||||||||||
Taxes receivable | 24 | (106) | — | ||||||||||||||
Accounts payable | 2 | (455) | 220 | ||||||||||||||
Fuel cost recovery | (21) | 92 | 33 | ||||||||||||||
Non-trading derivatives, net | — | (64) | 103 | ||||||||||||||
Margin deposits, net | 72 | (56) | 5 | ||||||||||||||
Interest and taxes accrued | 24 | 54 | 40 | ||||||||||||||
Net regulatory assets and liabilities | (86) | (114) | 28 | ||||||||||||||
Other current assets | (20) | (22) | — | ||||||||||||||
Other current liabilities | 28 | (107) | (24) | ||||||||||||||
Other assets | 12 | 103 | 6 | ||||||||||||||
Other liabilities | 13 | (54) | 12 | ||||||||||||||
Other, net | — | 9 | 12 | ||||||||||||||
Net cash provided by operating activities | 1,995 | 1,638 | 2,136 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | (2,596) | (2,506) | (1,651) | ||||||||||||||
Acquisitions, net of cash acquired | — | (5,991) | — | ||||||||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 80 | 42 | 30 | ||||||||||||||
Proceeds from sale of marketable securities | — | — | 398 | ||||||||||||||
Proceeds from divestitures (Note 4) | 1,215 | — | — | ||||||||||||||
Proceeds for sale of assets | — | 5 | — | ||||||||||||||
Purchase of investments | — | (6) | — | ||||||||||||||
Other, net | 36 | 35 | 16 | ||||||||||||||
Net cash used in investing activities | (1,265) | (8,421) | (1,207) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Decrease in short-term borrowings, net | — | — | (39) | ||||||||||||||
Borrowings from revolving credit facilities | 1,050 | 135 | — | ||||||||||||||
Repayments of revolving credit facilities | (1,050) | (135) | — | ||||||||||||||
Proceeds from (payments of) commercial paper, net | (761) | 1,891 | (1,543) | ||||||||||||||
Proceeds from long-term debt | 799 | 2,916 | 2,495 | ||||||||||||||
Payments of long-term debt | (1,724) | (1,302) | (484) | ||||||||||||||
Payment of debt issuance costs | (8) | (20) | (47) | ||||||||||||||
Payment of dividends on Common Stock | (392) | (577) | (499) | ||||||||||||||
Payment of dividends on preferred stock | (137) | (118) | (11) | ||||||||||||||
Proceeds from issuance of Common Stock, net | 672 | — | 1,844 | ||||||||||||||
Proceeds from issuance of preferred stock, net | 723 | — | 1,740 | ||||||||||||||
Distribution to ZENS holders | — | — | (398) | ||||||||||||||
Other, net | (6) | (14) | (5) | ||||||||||||||
Net cash provided by (used in) financing activities | (834) | 2,776 | 3,053 | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (104) | (4,007) | 3,982 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 271 | 4,278 | 296 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | 167 | $ | 271 | $ | 4,278 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
(in millions of dollars and shares, except authorized shares and per share amounts) | |||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock, $0.01 par value; authorized 20,000,000 shares
|
|||||||||||||||||||||||||||||||||||
Balance, beginning of year | 2 | $ | 1,740 | 2 | $ | 1,740 | — | $ | — | ||||||||||||||||||||||||||
Issuances of Series A Preferred Stock | — | — | — | — | 1 | 790 | |||||||||||||||||||||||||||||
Issuances of Series B Preferred Stock | — | — | — | — | 1 | 950 | |||||||||||||||||||||||||||||
Issuances of Series C Preferred Stock, net of issuance costs | 1 | 723 | — | — | — | — | |||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock and Series C Preferred Stock | — | (100) | — | — | — | — | |||||||||||||||||||||||||||||
Balance, end of year | 3 | 2,363 | 2 | 1,740 | 2 | 1,740 | |||||||||||||||||||||||||||||
Common Stock, $0.01 par value; authorized 1,000,000,000 shares
|
|||||||||||||||||||||||||||||||||||
Balance, beginning of year | 502 | 5 | 501 | 5 | 431 | 4 | |||||||||||||||||||||||||||||
Issuances related to benefit and investment plans | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||
Issuances of Common Stock | 48 | 1 | — | — | 70 | 1 | |||||||||||||||||||||||||||||
Balance, end of year | 551 | 6 | 502 | 5 | 501 | 5 | |||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 6,080 | 6,072 | 4,209 | ||||||||||||||||||||||||||||||||
Issuances related to benefit and investment plans | 30 | 8 | 19 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs | 672 | — | 1,844 | ||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock and Series C Preferred Stock | 100 | — | — | ||||||||||||||||||||||||||||||||
Recognition of beneficial conversion feature | 32 | — | — | ||||||||||||||||||||||||||||||||
Balance, end of year | 6,914 | 6,080 | 6,072 | ||||||||||||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 632 | 349 | 543 | ||||||||||||||||||||||||||||||||
Net income (loss) | (773) | 791 | 368 | ||||||||||||||||||||||||||||||||
Common Stock dividends declared (see Note 13) | (480) | (433) | (523) | ||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends declared (see Note 13) | (73) | (24) | (26) | ||||||||||||||||||||||||||||||||
Series B Preferred Stock dividends declared (see Note 13) | (85) | (51) | (28) | ||||||||||||||||||||||||||||||||
Series C Preferred Stock dividends declared (see Note 13) | (27) | — | — | ||||||||||||||||||||||||||||||||
Amortization of beneficial conversion feature | (32) | — | — | ||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | (7) | — | — | ||||||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | 15 | ||||||||||||||||||||||||||||||||
Balance, end of year | (845) | 632 | 349 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | (98) | (108) | (68) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 8 | 10 | (25) | ||||||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | (15) | ||||||||||||||||||||||||||||||||
Balance, end of year | (90) | (98) | (108) | ||||||||||||||||||||||||||||||||
Total Shareholders’ Equity | $ | 8,348 | $ | 8,359 | $ | 8,058 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenues | $ | 2,911 | $ | 2,990 | $ | 3,234 | |||||||||||
Expenses: | |||||||||||||||||
Operation and maintenance | 1,523 | 1,477 | 1,452 | ||||||||||||||
Depreciation and amortization | 560 | 648 | 917 | ||||||||||||||
Taxes other than income taxes | 252 | 247 | 240 | ||||||||||||||
Total | 2,335 | 2,372 | 2,609 | ||||||||||||||
Operating Income | 576 | 618 | 625 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest expense and other finance charges | (171) | (164) | (138) | ||||||||||||||
Interest expense on Securitization Bonds | (28) | (39) | (59) | ||||||||||||||
Interest income | 2 | 22 | 1 | ||||||||||||||
Interest income from Securitization Bonds | 1 | 5 | 4 | ||||||||||||||
Other, net | 7 | (6) | (8) | ||||||||||||||
Total | (189) | (182) | (200) | ||||||||||||||
Income Before Income Taxes | 387 | 436 | 425 | ||||||||||||||
Income tax expense | 53 | 80 | 89 | ||||||||||||||
Net Income | $ | 334 | $ | 356 | $ | 336 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Net income | $ | 334 | $ | 356 | $ | 336 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Net deferred loss from cash flow hedges (net of tax expense (benefit) of $-0-, $-0-, and $(4), respectively)
|
— | (1) | (14) | ||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax of $4, $-0-, and $-0-, respectively)
|
15 | — | — | ||||||||||||||
Other comprehensive income (loss) | 15 | (1) | (14) | ||||||||||||||
Comprehensive income | $ | 349 | $ | 355 | $ | 322 |
December 31, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($139 and $216 related to VIEs, respectively)
|
$ | 139 | $ | 216 | |||||||
Accounts and notes receivable, net ($23 and $26 related to VIEs, respectively), less allowance for credit losses of $1 and $1, respectively
|
268 | 238 | |||||||||
Accounts and notes receivable—affiliated companies | 7 | 523 | |||||||||
Accrued unbilled revenues | 113 | 117 | |||||||||
Materials and supplies | 195 | 147 | |||||||||
Prepaid expenses and other current assets ($15 and $19 related to VIEs, respectively)
|
47 | 49 | |||||||||
Total current assets | 769 | 1,290 | |||||||||
Property, Plant and Equipment, net | 9,663 | 9,032 | |||||||||
Other Assets: | |||||||||||
Regulatory assets ($633 and $788 related to VIEs, respectively)
|
848 | 915 | |||||||||
Other | 36 | 25 | |||||||||
Total other assets | 884 | 940 | |||||||||
Total Assets | $ | 11,316 | $ | 11,262 | |||||||
December 31, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of VIE Securitization Bonds long-term debt | $ | 211 | $ | 231 | |||||||
Current portion of other long-term debt | 402 | — | |||||||||
Accounts payable | 281 | 268 | |||||||||
Accounts and notes payable—affiliated companies | 96 | 76 | |||||||||
Taxes accrued | 158 | 123 | |||||||||
Interest accrued | 71 | 69 | |||||||||
Other | 117 | 63 | |||||||||
Total current liabilities | 1,336 | 830 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 1,041 | 1,030 | |||||||||
Benefit obligations | 75 | 75 | |||||||||
Regulatory liabilities | 1,252 | 1,288 | |||||||||
Other | 95 | 69 | |||||||||
Total other liabilities | 2,463 | 2,462 | |||||||||
Long-Term Debt, net: | |||||||||||
VIE Securitization Bonds, net | 536 | 746 | |||||||||
Other long-term debt, net | 3,870 | 3,973 | |||||||||
Total long-term debt, net | 4,406 | 4,719 | |||||||||
Commitments and Contingencies (Note 16) | |||||||||||
Member’s Equity: | |||||||||||
Common stock | — | — | |||||||||
Additional paid-in capital | 2,548 | 2,486 | |||||||||
Retained earnings | 563 | 780 | |||||||||
Accumulated other comprehensive loss | — | (15) | |||||||||
Total member’s equity | 3,111 | 3,251 | |||||||||
Total Liabilities and Member’s Equity | $ | 11,316 | $ | 11,262 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 334 | $ | 356 | $ | 336 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 560 | 648 | 917 | ||||||||||||||
Amortization of deferred financing costs | 11 | 12 | 11 | ||||||||||||||
Deferred income taxes | (42) | (24) | (38) | ||||||||||||||
Changes in other assets and liabilities: | |||||||||||||||||
Accounts and notes receivable, net | (26) | 38 | 11 | ||||||||||||||
Accounts receivable/payable–affiliated companies | 47 | (23) | 20 | ||||||||||||||
Inventory | (48) | (12) | (16) | ||||||||||||||
Accounts payable | 28 | 13 | (1) | ||||||||||||||
Taxes receivable | — | 5 | (5) | ||||||||||||||
Interest and taxes accrued | 43 | 13 | (2) | ||||||||||||||
Non-trading derivatives, net | 15 | (25) | 5 | ||||||||||||||
Net regulatory assets and liabilities | (11) | (48) | (97) | ||||||||||||||
Other current assets | (8) | (5) | (2) | ||||||||||||||
Other current liabilities | 5 | (9) | (26) | ||||||||||||||
Other assets | (7) | 5 | (3) | ||||||||||||||
Other liabilities | 11 | (12) | 17 | ||||||||||||||
Other, net | (13) | (14) | (12) | ||||||||||||||
Net cash provided by operating activities | 899 | 918 | 1,115 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | (1,058) | (1,025) | (922) | ||||||||||||||
Decrease (increase) in notes receivable–affiliated companies | 481 | (481) | — | ||||||||||||||
Other, net | 13 | 11 | 11 | ||||||||||||||
Net cash used in investing activities | (564) | (1,495) | (911) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from long-term debt | 299 | 696 | 398 | ||||||||||||||
Payments of long-term debt | (231) | (458) | (434) | ||||||||||||||
Dividend to parent | (551) | (376) | (209) | ||||||||||||||
Increase (decrease) in notes payable–affiliated companies
|
8 | (1) | (59) | ||||||||||||||
Payment of debt issuance costs | (3) | (8) | (4) | ||||||||||||||
Contribution from parent | 62 | 590 | 200 | ||||||||||||||
Other, net | — | (1) | — | ||||||||||||||
Net cash provided by (used in) financing activities | (416) | 442 | (108) | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (81) | (135) | 96 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of the Year | 235 | 370 | 274 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of the Year | $ | 154 | $ | 235 | $ | 370 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | ||||||||||||||||||||||||||
Balance, end of year | 1,000 | — | 1,000 | — | 1,000 | — | |||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 2,486 | 1,896 | 1,696 | ||||||||||||||||||||||||||||||||
Contribution from parent | 62 | 590 | 200 | ||||||||||||||||||||||||||||||||
Balance, end of year | 2,548 | 2,486 | 1,896 | ||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 780 | 800 | 673 | ||||||||||||||||||||||||||||||||
Net income | 334 | 356 | 336 | ||||||||||||||||||||||||||||||||
Dividend to parent | (551) | (376) | (209) | ||||||||||||||||||||||||||||||||
Balance, end of year | 563 | 780 | 800 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | (15) | (14) | — | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 15 | (1) | (14) | ||||||||||||||||||||||||||||||||
Balance, end of year
|
— | (15) | (14) | ||||||||||||||||||||||||||||||||
Total Member’s Equity | $ | 3,111 | $ | 3,251 | $ | 2,682 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Utility revenues | $ | 2,711 | $ | 2,951 | $ | 2,967 | |||||||||||
Non-utility revenues | 52 | 67 | 64 | ||||||||||||||
Total | 2,763 | 3,018 | 3,031 | ||||||||||||||
Expenses: | |||||||||||||||||
Utility natural gas | 1,100 | 1,391 | 1,464 | ||||||||||||||
Non-utility cost of revenue, including natural gas | 17 | 39 | 40 | ||||||||||||||
Operation and maintenance | 798 | 824 | 833 | ||||||||||||||
Depreciation and amortization | 304 | 293 | 280 | ||||||||||||||
Taxes other than income taxes | 182 | 161 | 155 | ||||||||||||||
Total | 2,401 | 2,708 | 2,772 | ||||||||||||||
Operating Income | 362 | 310 | 259 | ||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest expense and other finance charges | (111) | (116) | (122) | ||||||||||||||
Interest income | — | 5 | 1 | ||||||||||||||
Other, net | (7) | (13) | (9) | ||||||||||||||
Total | (118) | (124) | (130) | ||||||||||||||
Income From Continuing Operations Before Income Taxes | 244 | 186 | 129 | ||||||||||||||
Income tax expense (benefit) | 97 | (3) | 31 | ||||||||||||||
Income From Continuing Operations | 147 | 189 | 98 | ||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $(2), $17, and $37, respectively)
|
(66) | 23 | 110 | ||||||||||||||
Net Income | $ | 81 | $ | 212 | $ | 208 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Net income | $ | 81 | $ | 212 | $ | 208 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Adjustment to other postemployment plans (net of tax expense of $1, $2 and $1, respectively)
|
— | 5 | 1 | ||||||||||||||
Net deferred loss from cash flow hedges (net of tax expense (benefit) of $-0-, $-0- and $-0-, respectively)
|
— | — | (1) | ||||||||||||||
Other comprehensive income | — | 5 | — | ||||||||||||||
Comprehensive income | $ | 81 | $ | 217 | $ | 208 |
December 31, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets:
|
|||||||||||
Cash and cash equivalents | $ | 1 | $ | 2 | |||||||
Accounts receivable, less allowance for credit losses of $45 and $15, respectively
|
233 | 322 | |||||||||
Accrued unbilled revenue, less allowance for credit losses of $4 and $-0-, respectively
|
260 | 249 | |||||||||
Accounts and notes receivable — affiliated companies | 8 | 10 | |||||||||
Material and supplies | 58 | 71 | |||||||||
Natural gas inventory | 121 | 135 | |||||||||
Current assets held for sale | — | 691 | |||||||||
Prepaid expenses and other current assets | 26 | 9 | |||||||||
Total current assets | 707 | 1,489 | |||||||||
Property, Plant and Equipment, Net | 6,558 | 5,809 | |||||||||
Other Assets: | |||||||||||
Goodwill | 757 | 757 | |||||||||
Regulatory assets | 220 | 191 | |||||||||
Non-current assets held for sale | — | 213 | |||||||||
Other | 66 | 53 | |||||||||
Total other assets | 1,043 | 1,214 | |||||||||
Total Assets | $ | 8,308 | $ | 8,512 |
December 31, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | 24 | $ | — | |||||||
Accounts payable | 296 | 333 | |||||||||
Accounts and notes payable–affiliated companies | 50 | 47 | |||||||||
Taxes accrued | 74 | 84 | |||||||||
Interest accrued | 28 | 38 | |||||||||
Customer deposits | 76 | 74 | |||||||||
Current liabilities held for sale | — | 368 | |||||||||
Other | 178 | 167 | |||||||||
Total current liabilities | 726 | 1,111 | |||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | 584 | 470 | |||||||||
Benefit obligations | 83 | 80 | |||||||||
Regulatory liabilities | 1,226 | 1,219 | |||||||||
Non-current liabilities held for sale | — | 27 | |||||||||
Other | 694 | 418 | |||||||||
Total other liabilities | 2,587 | 2,214 | |||||||||
Long-Term Debt | 2,428 | 2,546 | |||||||||
Commitments and Contingencies (Note 16) | |||||||||||
Stockholder’s Equity: | |||||||||||
Common stock | — | — | |||||||||
Additional paid-in capital | 2,046 | 2,116 | |||||||||
Retained earnings | 511 | 515 | |||||||||
Accumulated other comprehensive income | 10 | 10 | |||||||||
Total stockholder’s equity | 2,567 | 2,641 | |||||||||
Total Liabilities and Stockholder’s Equity | $ | 8,308 | $ | 8,512 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 81 | $ | 212 | $ | 208 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 304 | 293 | 280 | ||||||||||||||
Depreciation and amortization on assets held for sale | — | 12 | 13 | ||||||||||||||
Amortization of deferred financing costs | 8 | 9 | 9 | ||||||||||||||
Deferred income taxes | 91 | 7 | 64 | ||||||||||||||
Goodwill impairment and loss from reclassification to held for sale | 93 | 48 | — | ||||||||||||||
Loss on early extinguishment of debt | 2 | — | — | ||||||||||||||
Write-down of natural gas inventory | 3 | 4 | 2 | ||||||||||||||
Equity in (earnings) losses of unconsolidated affiliates, net of distributions | — | — | (184) | ||||||||||||||
Distributions from unconsolidated affiliates | — | — | 176 | ||||||||||||||
Changes in other assets and liabilities: | |||||||||||||||||
Accounts receivable and unbilled revenues, net | 151 | 252 | (155) | ||||||||||||||
Accounts receivable/payable–affiliated companies | 4 | (6) | 9 | ||||||||||||||
Inventory | 63 | (12) | 17 | ||||||||||||||
Accounts payable | (72) | (305) | 163 | ||||||||||||||
Fuel cost recovery | (21) | 86 | 33 | ||||||||||||||
Interest and taxes accrued | (15) | 2 | 13 | ||||||||||||||
Non-trading derivatives, net | (12) | (60) | 98 | ||||||||||||||
Margin deposits, net | 65 | (56) | 5 | ||||||||||||||
Net regulatory assets and liabilities | (31) | (10) | 50 | ||||||||||||||
Other current assets | (1) | 1 | 4 | ||||||||||||||
Other current liabilities | 10 | 22 | (3) | ||||||||||||||
Other assets | 15 | 5 | 5 | ||||||||||||||
Other liabilities | (1) | (38) | 6 | ||||||||||||||
Other, net | (8) | — | 1 | ||||||||||||||
Net cash provided by operating activities | 729 | 466 | 814 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | (815) | (776) | (633) | ||||||||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | — | — | 47 | ||||||||||||||
(Increase) decrease in notes receivable–affiliated companies | (9) | 114 | (114) | ||||||||||||||
Proceeds from divestitures (Note 4) | 365 | — | — | ||||||||||||||
Other, net | 7 | — | 3 | ||||||||||||||
Net cash used in investing activities | (452) | (662) | (697) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Decrease in short-term borrowings, net | — | — | (39) | ||||||||||||||
Proceeds from (payments of) commercial paper, net | (30) | 167 | (688) | ||||||||||||||
Proceeds from long-term debt | 500 | — | 599 | ||||||||||||||
Payments of long-term debt | (593) | — | — | ||||||||||||||
Payment of debt issuance costs | (4) | — | (5) | ||||||||||||||
Dividends to parent | (80) | (120) | (360) | ||||||||||||||
Contribution from parent | 217 | 129 | 960 | ||||||||||||||
Capital distribution to parent associated with the sale of CES | (286) | — | — | ||||||||||||||
Increase (decrease) in notes payable–affiliated companies | — | — | (570) | ||||||||||||||
Other, net | (2) | (3) | (1) | ||||||||||||||
Net cash provided by (used in) financing activities | (278) | 173 | (104) | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (1) | (23) | 13 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 2 | 25 | 12 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | 1 | $ | 2 | $ | 25 | |||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 1,000 | $ | — | 1,000 | $ | — | 1,000 | $ | — | ||||||||||||||||||||||||||
Balance, end of year | 1,000 | — | 1,000 | — | 1,000 | — | |||||||||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 2,116 | 2,015 | 2,528 | ||||||||||||||||||||||||||||||||
Contribution from parent | 217 | 129 | 960 | ||||||||||||||||||||||||||||||||
Capital distribution to parent associated with the sale of CES | (286) | — | — | ||||||||||||||||||||||||||||||||
Capital distribution to parent associated with Internal Spin | — | (28) | (1,473) | ||||||||||||||||||||||||||||||||
Other | (1) | — | — | ||||||||||||||||||||||||||||||||
Balance, end of year | 2,046 | 2,116 | 2,015 | ||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 515 | 423 | 574 | ||||||||||||||||||||||||||||||||
Net income | 81 | 212 | 208 | ||||||||||||||||||||||||||||||||
Dividend to parent | (80) | (120) | (360) | ||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | (5) | — | — | ||||||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | 1 | ||||||||||||||||||||||||||||||||
Balance, end of year | 511 | 515 | 423 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income
|
|||||||||||||||||||||||||||||||||||
Balance, beginning of year | 10 | 5 | 6 | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | 5 | — | ||||||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | (1) | ||||||||||||||||||||||||||||||||
Balance, end of year | 10 | 10 | 5 | ||||||||||||||||||||||||||||||||
Total Stockholder’s Equity | $ | 2,567 | $ | 2,641 | $ | 2,443 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and AFUDC debt (1)
|
$ | 27 | $ | 8 | $ | 3 | $ | 36 | $ | 8 | $ | 3 | $ | 8 | $ | 6 | $ | 2 | |||||||||||||||||||||||||||||||||||
AFUDC equity (2)
|
25 | 14 | 3 | 22 | 15 | 3 | 12 | 10 | 2 |
Year Ended December 31, | ||||||||||||||||||||||||||
2020 (1)
|
2019 |
2020 (1)
|
2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
LIFO inventory | $ | 92 | $ | 97 | $ | 55 | $ | 58 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Useful Lives | Property, Plant and Equipment, Gross | Accumulated Depreciation & Amortization | Property, Plant and Equipment, Net | Property, Plant and Equipment, Gross | Accumulated Depreciation & Amortization | Property, Plant and Equipment, Net | |||||||||||||||||||||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||||||||||||||||||||
Electric transmission and distribution | 36 | $ | 15,225 | $ | 4,785 | $ | 10,440 | $ | 14,360 | $ | 4,634 | $ | 9,726 | ||||||||||||||||||||||||||||
Electric generation (1)
|
27 | 1,922 | 754 | 1,168 | 1,780 | 698 | 1,082 | ||||||||||||||||||||||||||||||||||
Natural gas distribution | 29 | 14,022 | 4,019 | 10,003 | 12,787 | 3,766 | 9,021 | ||||||||||||||||||||||||||||||||||
Other property
|
15 | 1,345 | 594 | 751 | 1,397 | 602 | 795 | ||||||||||||||||||||||||||||||||||
Total
|
$ | 32,514 | $ | 10,152 | $ | 22,362 | $ | 30,324 | $ | 9,700 | $ | 20,624 | |||||||||||||||||||||||||||||
Houston Electric | |||||||||||||||||||||||||||||||||||||||||
Electric transmission | 46 | $ | 3,686 | $ | 700 | $ | 2,986 | $ | 3,358 | $ | 674 | $ | 2,684 | ||||||||||||||||||||||||||||
Electric distribution | 34 | 8,225 | 2,696 | 5,529 | 7,876 | 2,586 | 5,290 | ||||||||||||||||||||||||||||||||||
Other transmission and distribution property | 22 | 1,682 | 534 | 1,148 | 1,595 | 537 | 1,058 | ||||||||||||||||||||||||||||||||||
Total
|
$ | 13,593 | $ | 3,930 | $ | 9,663 | $ | 12,829 | $ | 3,797 | $ | 9,032 | |||||||||||||||||||||||||||||
CERC | |||||||||||||||||||||||||||||||||||||||||
Natural gas distribution | 29 | $ | 8,928 | $ | 2,392 | $ | 6,536 | $ | 8,024 | $ | 2,243 | $ | 5,781 | ||||||||||||||||||||||||||||
Other property | 19 | 44 | 22 | 22 | 55 | 27 | 28 | ||||||||||||||||||||||||||||||||||
Total
|
$ | 8,972 | $ | 2,414 | $ | 6,558 | $ | 8,079 | $ | 2,270 | $ | 5,809 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | $ | 961 | $ | 368 | $ | 289 | $ | 879 | $ | 339 | $ | 277 | $ | 623 | $ | 342 | $ | 261 | |||||||||||||||||||||||||||||||||||
Amortization of securitized regulatory assets
|
155 | 155 | — | 271 | 271 | — | 531 | 531 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other amortization
|
73 | 37 | 15 | 75 | 38 | 16 | 76 | 44 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 1,189 | $ | 560 | $ | 304 | $ | 1,225 | $ | 648 | $ | 293 | $ | 1,230 | $ | 917 | $ | 280 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 539 | $ | 42 | $ | 325 | $ | 258 | $ | 34 | $ | 221 | |||||||||||||||||||||||
Addition from Merger with Vectren
|
— | — | — | 116 | — | — | |||||||||||||||||||||||||||||
Accretion expense (1)
|
16 | 1 | 11 | 16 | 1 | 10 | |||||||||||||||||||||||||||||
Revisions in estimates (2)
|
232 | — | 235 | 149 | 7 | 94 | |||||||||||||||||||||||||||||
Ending balance
|
$ | 787 | $ | 43 | $ | 571 | $ | 539 | $ | 42 | $ | 325 |
Cash and cash equivalents | $ | 16 | ||||||
Other current assets | 577 | |||||||
Property, plant and equipment, net | 5,147 | |||||||
Identifiable intangibles | 297 | |||||||
Regulatory assets | 338 | |||||||
Other assets | 141 | |||||||
Total assets acquired | 6,516 | |||||||
Current liabilities | 648 | |||||||
Regulatory liabilities | 938 | |||||||
Other liabilities | 886 | |||||||
Long-term debt | 2,401 | |||||||
Total liabilities assumed | 4,873 | |||||||
Net assets acquired | 1,643 | |||||||
Goodwill | 4,339 | |||||||
Total purchase price consideration | $ | 5,982 |
Weighted Average Useful Lives | Estimated Fair Value | |||||||||||||
(in years) | (in millions) | |||||||||||||
Operation and maintenance agreements | 24 | $ | 12 | |||||||||||
Customer relationships | 18 | 200 | ||||||||||||
Construction backlog | 1 | 27 | ||||||||||||
Trade names | 10 | 58 | ||||||||||||
Total
|
$ | 297 |
(in millions) | ||||||||
Operating revenues | $ | 2,729 | ||||||
Net income | 190 | |||||||
Year Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
(in millions) | |||||||||||||||||
Operating revenues | $ | 12,547 | $ | 13,282 | |||||||||||||
Net income | 812 | (1) | 458 | (2) | |||||||||||||
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 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 |
2019 (1)
|
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 250 | $ | 1,190 | $ | 1,167 | $ | 3,767 | $ | 4,503 | $ | 1,417 | $ | 4,957 | $ | 4,503 | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-utility cost of revenues | 50 | 309 | 1,108 | 3,597 | 4,459 | 1,158 | 3,906 | 4,459 | ||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | 184 | 714 | 34 | 68 | 66 | 218 | 782 | 66 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 50 | — | 12 | 13 | — | 62 | 13 | ||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | 1 | 2 | 3 | 2 | 2 | 4 | 4 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill Impairment | — | — | — | 48 | — | — | 48 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 235 | 1,075 | 1,145 | 3,727 | 4,540 | 1,380 | 4,802 | 4,540 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations before income taxes
|
15 | 115 | 22 | 40 | (37) | 37 | 155 | (37) | ||||||||||||||||||||||||||||||||||||||||||
Loss on classification to held for sale, net (2) | (102) | — | (96) | — | — | (198) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 24 | 29 | (3) | 17 | (9) | 21 | 46 | (9) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from Discontinued Operations
|
$ | (111) | $ | 86 | $ | (71) | $ | 23 | $ | (28) | $ | (182) | $ | 109 | $ | (28) |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
CERC | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenues | $ | 1,167 | $ | 3,767 | $ | 4,503 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Non-utility cost of revenues | 1,108 | 3,597 | 4,459 | |||||||||||||||||
Operation and maintenance | 34 | 68 | 66 | |||||||||||||||||
Depreciation and amortization | — | 12 | 13 | |||||||||||||||||
Taxes other than income taxes | 3 | 2 | 2 | |||||||||||||||||
Goodwill Impairment | — | 48 | — | |||||||||||||||||
Total | 1,145 | 3,727 | 4,540 | |||||||||||||||||
Equity in earnings of unconsolidated affiliate, net | — | — | 184 | |||||||||||||||||
Income (loss) from Discontinued Operations before income taxes | 22 | 40 | 147 | |||||||||||||||||
Loss on classification to held for sale, net (1)
|
(90) | — | — | |||||||||||||||||
Income tax expense (benefit) | (2) | 17 | 37 | |||||||||||||||||
Net income (loss) from Discontinued Operations | $ | (66) | $ | 23 | $ | 110 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2020 |
2019 (1)
|
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | — | $ | 50 | $ | — | $ | 12 | $ | 13 | ||||||||||||||||||||||
Amortization of intangible assets in Non-utility cost of revenues | — | 19 | — | — | — | |||||||||||||||||||||||||||
Write-down of natural gas inventory | — | — | 3 | 4 | 2 | |||||||||||||||||||||||||||
Capital expenditures | 18 | 67 | 3 | 12 | 21 | |||||||||||||||||||||||||||
Non-cash transactions: | ||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | — | — | — | 2 | 2 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 (1)
|
2019 | 2018 |
2020 (1)
|
2019 | 2018 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Transportation revenue | $ | 34 | $ | 101 | $ | 104 | $ | 34 | $ | 101 | $ | 104 | ||||||||||||||||||||||||||
Natural gas expense | 48 | 125 | 107 | 47 | 124 | 107 |
Year Ended December 31, | ||||||||||||||||||||||||||
2020 (1)
|
2019 (2)
|
2020 | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Pipeline construction and repair services capitalized | $ | 34 | $ | 162 | $ | — | $ | 20 | ||||||||||||||||||
Pipeline construction and repair service charges in operations and maintenance expense
|
1 | 4 | 1 | 4 |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | 3,451 | $ | 3,586 | $ | 313 | $ | 7,350 | ||||||||||||||||||
Other (1)
|
19 | 45 | 4 | 68 | ||||||||||||||||||||||
Total revenues | $ | 3,470 | $ | 3,631 | $ | 317 | $ | 7,418 | ||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
Electric (2) | Natural Gas (2) | Corporate and Other (2) | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | 3,507 | $ | 3,714 | $ | 290 | $ | 7,511 | ||||||||||||||||||
Other (1)
|
12 | 36 | 5 | 53 | ||||||||||||||||||||||
Total revenues | $ | 3,519 | $ | 3,750 | $ | 295 | $ | 7,564 | ||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | 3,235 | $ | 3,042 | $ | 5 | $ | 6,282 | ||||||||||||||||||
Other (1)
|
(3) | (11) | 9 | (5) | ||||||||||||||||||||||
Total revenues | $ | 3,232 | $ | 3,031 | $ | 14 | $ | 6,277 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue from contracts | $ | 2,896 | $ | 2,984 | $ | 3,235 | |||||||||||
Other (1)
|
15 | 6 | (1) | ||||||||||||||
Total revenues
|
$ | 2,911 | $ | 2,990 | $ | 3,234 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenue from contracts | $ | 2,714 | $ | 2,979 | $ | 3,042 | ||||||||||||||
Other (1)
|
49 | 39 | (11) | |||||||||||||||||
Total revenues | $ | 2,763 | $ | 3,018 | $ | 3,031 |
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 December 31, 2020 | 604 | 505 | 27 | 18 | |||||||||||||||||||||||||
Increase
|
$ | 38 | $ | 36 | $ | 21 | $ | (12) |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Liabilities | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Opening balance as of December 31, 2019 | $ | 210 | $ | 117 | $ | 3 | |||||||||||||||||
Closing balance as of December 31, 2020 | 225 | 113 | 3 | ||||||||||||||||||||
Increase (decrease)
|
$ | 15 | $ | (4) | $ | — |
Accounts Receivable |
Other Accrued
Unbilled Revenues |
||||||||||||||||
(in millions) | |||||||||||||||||
Opening balance as of December 31, 2019 | $ | 222 | $ | 249 | |||||||||||||
Closing balance as of December 31, 2020 | 214 | 261 | |||||||||||||||
Increase (decrease)
|
$ | (8) | $ | 12 |
Rolling 12 Months | Thereafter | Total | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenue expected to be recognized on contracts in place as of December 31, 2020: | |||||||||||||||||||||||
Corporate and Other
|
$ | 267 | $ | 570 | $ | 837 | |||||||||||||||||
$ | 267 | $ | 570 | $ | 837 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bad debt expense | $ | 24 | $ | — | $ | 18 | $ | 18 | $ | — | $ | 14 | $ | 16 | $ | — | $ | 16 |
December 31, 2019 | Impairment |
December 31,
2020 |
|||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric | $ | 1,121 | $ | 185 | $ | 936 | |||||||||||||||||
Natural Gas | 3,323 | — | 3,323 | ||||||||||||||||||||
Corporate and Other | 438 | — | 438 | ||||||||||||||||||||
Total | $ | 4,882 | $ | 185 | $ | 4,697 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | Gross Carrying Amount | Accumulated Amortization | Net Balance | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 33 | $ | (8) | $ | 25 | $ | 33 | $ | (4) | $ | 29 | |||||||||||||||||||||||||||||
Trade names | 16 | (3) | 13 | 16 | (1) | 15 | |||||||||||||||||||||||||||||||||||
Construction backlog (1)
|
5 | (5) | — | 5 | (4) | 1 | |||||||||||||||||||||||||||||||||||
Operation and maintenance
agreements (1)
|
12 | (1) | 11 | 12 | — | 12 | |||||||||||||||||||||||||||||||||||
Other | 2 | (1) | 1 | 2 | (1) | 1 | |||||||||||||||||||||||||||||||||||
Total | $ | 68 | $ | (18) | $ | 50 | $ | 68 | $ | (10) | $ | 58 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Amortization expense of intangible assets recorded in
Depreciation and amortization (1) (2)
|
$ | 6 | $ | 5 | $ | — | ||||||||||||||
Amortization expense of intangible assets recorded in
Non-utility cost of revenues, including natural gas (2) |
2 | 4 | — |
Amortization
Expense (1)
|
|||||
(in millions) | |||||
2021 | $ | 6 | |||
2022 | 6 | ||||
2023 | 6 | ||||
2024 | 5 | ||||
2025 | 5 |
December 31, 2020 | ||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||
Amortization Through | (in millions) | Amortization Through | (in millions) | Amortization Through | (in millions) | |||||||||||||||||||||
Regulatory Assets: | ||||||||||||||||||||||||||
Current regulatory assets (1)
|
2021 | $ | 33 | n/a | $ | — | 2021 | $ | 33 | |||||||||||||||||
Non-current regulatory assets: | ||||||||||||||||||||||||||
Securitized regulatory assets
|
2024 | 633 | 2024 | 633 | n/a | — | ||||||||||||||||||||
Unrecognized equity return
|
Various | (150) | (2) | 2024 | (137) | (2) | Various | (13) | ||||||||||||||||||
Unamortized loss on reacquired debt (3)
|
2055 | 57 | 2046 | 55 | n/a | — | ||||||||||||||||||||
Pension and postretirement-related regulatory
asset (3)
|
Various (a) | 591 | Various (a) | 31 | Various (a) | 21 | ||||||||||||||||||||
Hurricane Harvey restoration costs (3)
|
Various | 59 | 2025 | 55 | TBD (b) | 4 | ||||||||||||||||||||
Hurricane Laura restoration costs | TBD (b) | 36 | TBD (b) | 36 | TBD (b) | — | ||||||||||||||||||||
Regulatory assets related to TCJA (3) (4)
|
2025 | 25 | 2025 | 20 | 2023 | 5 | ||||||||||||||||||||
Relief Program Incremental Costs (COVID-19) | TBD | 25 | TBD | 5 | TBD | 17 | ||||||||||||||||||||
Asset retirement obligation (3)
|
Perpetual | 135 | Perpetual | 26 | Perpetual | 107 | ||||||||||||||||||||
Other regulatory assets-not earning a return (5)
|
2056 | 165 | 2049 | 83 | 2056 | 44 | ||||||||||||||||||||
Other regulatory assets
|
Various | 518 | Various | 41 | Various | 35 | ||||||||||||||||||||
Total non-current regulatory assets | 2,094 | 848 | 220 | |||||||||||||||||||||||
Total regulatory assets
|
2,127 | 848 | 253 | |||||||||||||||||||||||
Regulatory Liabilities: | ||||||||||||||||||||||||||
Current regulatory liabilities (6)
|
2021 | 72 | 2021 | 43 | 2021 | 29 | ||||||||||||||||||||
Non-current regulatory liabilities: | ||||||||||||||||||||||||||
Regulatory liabilities related to TCJA (4)
|
Various | 1,484 | TBD | 764 | Various | 421 | ||||||||||||||||||||
Estimated removal costs
|
Various | 1,470 | Various | 231 | Various | 656 | ||||||||||||||||||||
Other regulatory liabilities
|
Various | 494 | Various | 257 | Various | 149 | ||||||||||||||||||||
Total non-current regulatory liabilities | 3,448 | 1,252 | 1,226 | |||||||||||||||||||||||
Total regulatory liabilities
|
3,520 | 1,295 | 1,255 | |||||||||||||||||||||||
Total regulatory assets and liabilities, net
|
$ | (1,393) | $ | (447) | $ | (1,002) |
December 31, 2019 | |||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Regulatory Assets: | |||||||||||||||||
Current regulatory assets (1)
|
$ | 12 | $ | — | $ | 12 | |||||||||||
Non-current regulatory assets: | |||||||||||||||||
Securitized regulatory assets
|
788 | 788 | — | ||||||||||||||
Unrecognized equity return | (168) | (2) | (168) | (2) | — | ||||||||||||
Unamortized loss on reacquired debt (3)
|
62 | 62 | — | ||||||||||||||
Pension and postretirement-related regulatory
asset (3)
|
637 | 34 | 22 | ||||||||||||||
Hurricane Harvey restoration costs (3)
|
68 | 64 | 4 | ||||||||||||||
Regulatory assets related to TCJA (3) (4)
|
30 | 23 | 7 | ||||||||||||||
Asset retirement obligation (3)
|
131 | 26 | 94 | ||||||||||||||
Other regulatory assets-not earning a return (5)
|
147 | 57 | 48 | ||||||||||||||
Other regulatory assets
|
422 | 29 | 16 | ||||||||||||||
Total non-current regulatory assets | 2,117 | 915 | 191 | ||||||||||||||
Total regulatory assets
|
2,129 | 915 | 203 | ||||||||||||||
Regulatory Liabilities: | |||||||||||||||||
Current regulatory liabilities (6)
|
47 | — | 47 | ||||||||||||||
Non-current regulatory liabilities: | |||||||||||||||||
Regulatory liabilities related to TCJA (4)
|
1,582 | 821 | 442 | ||||||||||||||
Estimated removal costs
|
1,429 | 244 | 637 | ||||||||||||||
Other regulatory liabilities
|
463 | 223 | 140 | ||||||||||||||
Total non-current regulatory liabilities | 3,474 | 1,288 | 1,219 | ||||||||||||||
Total regulatory liabilities
|
3,521 | 1,288 | 1,266 | ||||||||||||||
Total regulatory assets and liabilities, net
|
$ | (1,392) | $ | (373) | $ | (1,063) |
CenterPoint Energy and Houston Electric | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Allowed equity return recognized | $ | 31 | $ | 45 | $ | 74 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
LTIP compensation expense (1)
|
$ | 38 | $ | 28 | $ | 26 | |||||||||||
Income tax benefit recognized | 9 | 7 | 6 | ||||||||||||||
Actual tax benefit realized for tax deductions | 5 | 12 | 5 |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Shares
(Thousands) |
Weighted-Average
Grant Date Fair Value |
Remaining Average
Contractual Life (Years) |
Aggregate
Intrinsic
Value (2) (Millions)
|
||||||||||||||||||||
Performance Awards (1)
|
|||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2019 | 3,332 | $ | 28.36 | ||||||||||||||||||||
Granted | 2,022 | 23.82 | |||||||||||||||||||||
Forfeited or canceled | (1,128) | 26.89 | |||||||||||||||||||||
Vested and released to participants | (326) | 26.64 | |||||||||||||||||||||
Outstanding and nonvested as of December 31, 2020 | 3,900 | $ | 26.58 | 1.2 | $ | 51 | |||||||||||||||||
Stock Unit Awards | |||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2019 | 966 | $ | 28.46 | ||||||||||||||||||||
Granted | 980 | 21.53 | |||||||||||||||||||||
Forfeited or canceled | (129) | 27.67 | |||||||||||||||||||||
Vested and released to participants | (528) | 22.51 | |||||||||||||||||||||
Outstanding and nonvested as of December 31, 2020 | 1,289 | $ | 25.71 | 1.2 | $ | 28 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions, except for per unit amounts) | |||||||||||||||||
Performance Awards | |||||||||||||||||
Weighted-average grant date fair value per unit of awards granted | $ | 23.82 | $ | 31.16 | $ | 26.74 | |||||||||||
Total intrinsic value of awards received by participants | 9 | 36 | 12 | ||||||||||||||
Vested grant date fair value | 9 | 20 | 9 | ||||||||||||||
Stock Unit Awards | |||||||||||||||||
Weighted-average grant date fair value per unit of awards granted | $ | 21.53 | $ | 31.07 | $ | 26.62 | |||||||||||
Total intrinsic value of awards received by participants | 12 | 15 | 9 | ||||||||||||||
Vested grant date fair value | 12 | 9 | 7 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Service cost (1)
|
$ | 43 | $ | 40 | $ | 37 | |||||||||||
Interest cost (2)
|
75 | 96 | 79 | ||||||||||||||
Expected return on plan assets (2)
|
(112) | (105) | (107) | ||||||||||||||
Amortization of prior service cost (2)
|
— | 9 | 9 | ||||||||||||||
Amortization of net loss (2)
|
41 | 52 | 43 | ||||||||||||||
Settlement cost (2) (3)
|
2 | 2 | — | ||||||||||||||
Curtailment gain (2) (4)
|
— | (1) | — | ||||||||||||||
Net periodic cost | $ | 49 | $ | 93 | $ | 61 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | 3.20 | % | 4.35 | % | 3.65 | % | |||||||||||
Expected return on plan assets | 5.75 | 6.00 | 6.00 | ||||||||||||||
Rate of increase in compensation levels | 4.95 | 4.60 | 4.45 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in millions, except for actuarial assumptions) | |||||||||||
Change in Benefit Obligation | |||||||||||
Benefit obligation, beginning of year | $ | 2,453 | $ | 2,013 | |||||||
Plan obligations assumed in Merger | — | 332 | |||||||||
Service cost | 43 | 40 | |||||||||
Interest cost | 75 | 96 | |||||||||
Benefits paid | (207) | (244) | |||||||||
Actuarial (gain) loss (1)
|
143 | 216 | |||||||||
Plan amendment | — | 1 | |||||||||
Curtailment | — | (1) | |||||||||
Benefit obligation, end of year | 2,507 | 2,453 | |||||||||
Change in Plan Assets | |||||||||||
Fair value of plan assets, beginning of year | 2,005 | 1,516 | |||||||||
Plan assets assumed in Merger | — | 286 | |||||||||
Employer contributions | 86 | 109 | |||||||||
Benefits paid | (207) | (244) | |||||||||
Actual investment return | 251 | 338 | |||||||||
Fair value of plan assets, end of year | 2,135 | 2,005 | |||||||||
Funded status, end of year | $ | (372) | $ | (448) | |||||||
Amounts Recognized in Balance Sheets | |||||||||||
Current liabilities-other | $ | (8) | $ | (8) | |||||||
Other liabilities-benefit obligations | (364) | (440) | |||||||||
Net liability, end of year | $ | (372) | $ | (448) | |||||||
Actuarial Assumptions | |||||||||||
Discount rate (2)
|
2.45 | % | 3.20 | % | |||||||
Expected return on plan assets (3)
|
5.00 | 5.75 | |||||||||
Rate of increase in compensation levels | 5.05 | 4.95 | |||||||||
Interest crediting rate | 2.25 | 3.25 |
December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Pension
(Qualified) |
Pension
(Non-qualified) |
Pension
(Qualified) |
Pension
(Non-qualified) |
||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,427 | $ | 68 | $ | 2,352 | $ | 68 | |||||||||||||||
Projected benefit obligation | 2,440 | 68 | 2,385 | 68 | |||||||||||||||||||
Fair value of plan assets | 2,135 | — | 2,005 | — |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost (1)
|
$ | 2 | $ | — | $ | 1 | $ | 3 | $ | 1 | $ | 1 | $ | 2 | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||
Interest cost (2)
|
11 | 5 | 3 | 15 | 7 | 5 | 13 | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets (2)
|
(5) | (4) | (1) | (5) | (4) | (1) | (5) | (4) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) (2)
|
(4) | (5) | 1 | (5) | (6) | 1 | (5) | (5) | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Net postretirement benefit cost (credit)
|
$ | 4 | $ | (4) | $ | 4 | $ | 8 | $ | (2) | $ | 6 | $ | 5 | $ | (1) | $ | 5 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 3.25 | % | 3.25 | % | 3.25 | % | 3.20 | % | 3.20 | % | 3.20 | % | 3.60 | % | 3.60 | % | 3.60 | % | |||||||||||||||||||||||||||||||||||
Expected return on plan assets
|
3.95 | 4.05 | 3.35 | 4.60 | 4.70 | 4.15 | 4.55 | 4.75 | 3.85 |
December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions, except for actuarial assumptions) | |||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 356 | $ | 162 | $ | 102 | $ | 331 | $ | 166 | $ | 110 | |||||||||||||||||||||||
Plan obligations assumed in Merger | — | — | — | 37 | — | — | |||||||||||||||||||||||||||||
Service cost | 2 | — | 1 | 3 | 1 | 1 | |||||||||||||||||||||||||||||
Interest cost | 11 | 5 | 3 | 15 | 7 | 5 | |||||||||||||||||||||||||||||
Participant contributions | 6 | 2 | 2 | 8 | 2 | 4 | |||||||||||||||||||||||||||||
Benefits paid | (22) | (10) | (6) | (26) | (13) | (8) | |||||||||||||||||||||||||||||
Plan amendment | — | — | — | 9 | 3 | 5 | |||||||||||||||||||||||||||||
Actuarial (gain) loss (1) | 13 | 9 | 3 | (21) | (4) | (15) | |||||||||||||||||||||||||||||
Benefit obligation, end of year | 366 | 168 | 105 | 356 | 162 | 102 | |||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 128 | 101 | 27 | 114 | 89 | 25 | |||||||||||||||||||||||||||||
Employer contributions | 10 | 3 | 3 | 17 | 10 | 3 | |||||||||||||||||||||||||||||
Participant contributions | 6 | 2 | 2 | 8 | 2 | 4 | |||||||||||||||||||||||||||||
Benefits paid | (22) | (10) | (6) | (26) | (13) | (8) | |||||||||||||||||||||||||||||
Actual investment return | 12 | 10 | 2 | 15 | 13 | 3 | |||||||||||||||||||||||||||||
Fair value of plan assets, end of year | 134 | 106 | 28 | 128 | 101 | 27 | |||||||||||||||||||||||||||||
Funded status, end of year | $ | (232) | $ | (62) | $ | (77) | $ | (228) | $ | (61) | $ | (75) | |||||||||||||||||||||||
Amounts Recognized in Balance Sheets | |||||||||||||||||||||||||||||||||||
Current liabilities-other | $ | (9) | $ | — | $ | (3) | $ | (8) | $ | — | $ | (3) | |||||||||||||||||||||||
Other liabilities-benefit obligations | (223) | (62) | (74) | (220) | (61) | (72) | |||||||||||||||||||||||||||||
Net liability, end of year | $ | (232) | $ | (62) | $ | (77) | $ | (228) | $ | (61) | $ | (75) | |||||||||||||||||||||||
Actuarial Assumptions | |||||||||||||||||||||||||||||||||||
Discount rate (2) | 2.50 | % | 2.50 | % | 2.50 | % | 3.25 | % | 3.25 | % | 3.25 | % | |||||||||||||||||||||||
Expected return on plan assets (3) | 3.20 | 3.30 | 2.85 | 3.95 | 4.05 | 3.35 | |||||||||||||||||||||||||||||
Medical cost trend rate assumed for the next year - Pre-65 | 5.25 | 5.25 | 5.25 | 5.50 | 5.50 | 5.50 | |||||||||||||||||||||||||||||
Medical/prescription drug cost trend rate assumed for the next year - Post-65 | 19.70 | 19.70 | 19.70 | 5.75 | 5.75 | 5.75 | |||||||||||||||||||||||||||||
Prescription drug cost trend rate assumed for the next year - Pre-65 | 7.50 | 7.50 | 7.50 | 8.00 | 8.00 | 8.00 | |||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | |||||||||||||||||||||||||||||
Year that the cost trend rates reach the ultimate trend rate - Pre-65 | 2028 | 2028 | 2028 | 2028 | 2028 | 2028 | |||||||||||||||||||||||||||||
Year that the cost trend rates reach the ultimate trend rate - Post-65 | 2029 | 2029 | 2029 | 2029 | 2029 | 2029 |
December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Pension
Benefits |
Postretirement
Benefits |
Pension
Benefits |
Postretirement
Benefits |
||||||||||||||||||||||||||||||||
CenterPoint Energy | CenterPoint Energy | CERC | CenterPoint Energy | CenterPoint Energy | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | 109 | $ | (14) | $ | (12) | $ | 105 | $ | (16) | $ | (12) | |||||||||||||||||||||||
Unrecognized prior service cost | — | 7 | 7 | — | 7 | 7 | |||||||||||||||||||||||||||||
Net amount recognized in accumulated other comprehensive loss (gain)
|
$ | 109 | $ | (7) | $ | (5) | $ | 105 | $ | (9) | $ | (5) |
Pension
Benefits |
Postretirement
Benefits |
||||||||||||||||
CenterPoint Energy | CenterPoint Energy | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Net loss (gain) | $ | 11 | $ | 2 | $ | — | |||||||||||
Amortization of net loss | (7) | — | — | ||||||||||||||
Amortization of prior service cost | — | — | — | ||||||||||||||
Total recognized in comprehensive income | $ | 4 | $ | 2 | $ | — | |||||||||||
Total recognized in net periodic costs and Other comprehensive income | $ | 53 | $ | 6 | $ | 4 |
Minimum | Maximum | ||||||||||
U.S. equity | 19 | % | 29 | % | |||||||
International equity | 8 | % | 18 | % | |||||||
Real estate | 3 | % | 9 | % | |||||||
Fixed income | 52 | % | 62 | % | |||||||
Cash | 0 | % | 2 | % |
Fair Value Measurements as of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ | 29 | $ | — | $ | — | $ | 29 | $ | (7) | $ | — | $ | — | $ | (7) | |||||||||||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment grade or above | — | 767 | — | 767 | — | 699 | — | 699 | |||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. companies | 76 | — | — | 76 | 69 | — | — | 69 | |||||||||||||||||||||||||||||||||||||||
Cash received as collateral from securities lending
|
81 | — | — | 81 | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 225 | — | — | 225 | 232 | — | — | 232 | |||||||||||||||||||||||||||||||||||||||
Mortgage backed securities | — | 5 | — | 5 | — | 8 | — | 8 | |||||||||||||||||||||||||||||||||||||||
Asset backed securities | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||
Municipal bonds | — | 43 | — | 43 | — | 44 | — | 44 | |||||||||||||||||||||||||||||||||||||||
Mutual funds (2)
|
301 | — | — | 301 | 270 | — | — | 270 | |||||||||||||||||||||||||||||||||||||||
International government bonds | — | 18 | — | 18 | — | 21 | — | 21 | |||||||||||||||||||||||||||||||||||||||
Obligation to return cash received as collateral from securities lending
|
(81) | — | — | (81) | (61) | — | — | (61) | |||||||||||||||||||||||||||||||||||||||
Total investments at fair value | $ | 631 | $ | 836 | $ | — | $ | 1,467 | $ | 564 | $ | 775 | $ | — | $ | 1,339 | |||||||||||||||||||||||||||||||
Investments measured by net asset value per share or its equivalent (1) (2)
|
668 | 666 | |||||||||||||||||||||||||||||||||||||||||||||
Total Investments
|
$ | 2,135 | $ | 2,005 |
As of December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Mutual Funds | Common Collective Trust Funds | Mutual Funds | Common Collective Trust Funds | ||||||||||||||||||||
International equities | 14 | % | 37 | % | 31 | % | 29 | % | |||||||||||||||
U.S. equities | 55 | % | 3 | % | 49 | % | 51 | % | |||||||||||||||
Real estate | 5 | % | 1 | % | 1 | % | 6 | % | |||||||||||||||
Fixed income | 27 | % | 59 | % | 19 | % | 14 | % |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||
U.S. equities | 13 | % | 23 | % | 13 | % | 23 | % | 15 | % | 25 | % | |||||||||||||||||||||||
International equities | 3 | % | 13 | % | 3 | % | 13 | % | 2 | % | 12 | % | |||||||||||||||||||||||
Fixed income | 69 | % | 79 | % | 69 | % | 79 | % | 68 | % | 78 | % | |||||||||||||||||||||||
Cash | 0 | % | 2 | % | 0 | % | 2 | % | 0 | % | 2 | % |
Fair Value Measurements as of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||||||||||||||||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
(Level 1) |
(Level 2) |
(Level 3) |
Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | 134 | $ | — | $ | — | $ | 134 | $ | 128 | $ | — | $ | — | $ | 128 | |||||||||||||||||||||||||||||||
Houston Electric | 106 | — | — | 106 | 101 | — | — | 101 | |||||||||||||||||||||||||||||||||||||||
CERC | 28 | — | — | 28 | 27 | — | — | 27 |
As of December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
Fixed income | 74 | % | 74 | % | 72 | % | 71 | % | 71 | % | 69 | % | |||||||||||||||||||||||
U.S. equities | 19 | % | 18 | % | 21 | % | 21 | % | 21 | % | 24 | % | |||||||||||||||||||||||
International equities | 7 | % | 8 | % | 7 | % | 8 | % | 8 | % | 7 | % |
Contributions in 2020 | Expected Minimum Contributions in 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Qualified pension plans | $ | 76 | $ | — | $ | — | $ | 53 | $ | — | $ | — | |||||||||||||||||||||||
Non-qualified pension plans | 10 | — | — | 8 | — | — | |||||||||||||||||||||||||||||
Postretirement benefit plans | 10 | 3 | 3 | 9 | 1 | 3 |
Pension
Benefits |
Postretirement Benefits | ||||||||||||||||||||||
CenterPoint
Energy |
CenterPoint
Energy |
Houston Electric | CERC | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
2021 | $ | 174 | $ | 17 | $ | 8 | $ | 4 | |||||||||||||||
2022 | 176 | 18 | 9 | 5 | |||||||||||||||||||
2023 | 176 | 20 | 9 | 5 | |||||||||||||||||||
2024 | 175 | 21 | 10 | 5 | |||||||||||||||||||
2025 | 173 | 21 | 10 | 6 | |||||||||||||||||||
2026-2030 | 775 | 109 | 53 | 30 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment benefits
|
$ | 1 | $ | 1 | $ | — | $ | 2 | $ | 1 | $ | 1 | $ | 3 | $ | 4 | $ | 1 | |||||||||||||||||||||||||||||||||||
Deferred compensation plans
|
4 | 1 | — | 4 | 1 | — | 3 | 1 | — |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Postemployment benefits | $ | 8 | $ | 3 | $ | 5 | $ | 11 | $ | 3 | $ | 7 | |||||||||||||||||||||||
Deferred compensation plans | 43 | 7 | 2 | 41 | 8 | 3 | |||||||||||||||||||||||||||||
Split-dollar life insurance arrangements | 32 | 1 | — | 32 | 1 | — |
Percentage of Employees Covered | |||||||||||||||||||||||
Agreement Expiration | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||
IBEW Local 66 | May 2023 | 15 | % | 53 | % | — | |||||||||||||||||
OPEIU Local 12 | May 2021 | 2 | % | — | 3 | % | |||||||||||||||||
OPEIU Mankato | March 2021 | — | % | — | — | % | |||||||||||||||||
Gas Workers Union Local 340 | April 2025 | 4 | % | — | 12 | % | |||||||||||||||||
IBEW Locals 1393 and USW Locals 12213 & 7441 | December 2023 | 3 | % | — | — | % | |||||||||||||||||
IBEW Locals 949 | December 2025 | 3 | % | — | 7 | % | |||||||||||||||||
USW Locals 13-227 | June 2022 | 4 | % | — | 13 | % | |||||||||||||||||
USW Locals 13-1 | July 2022 | — | % | — | 1 | % | |||||||||||||||||
IBEW Local 702 | June 2022 | 3 | % | — | — | ||||||||||||||||||
Teamsters Local 135 | September 2021 | 1 | % | — | — | ||||||||||||||||||
UWUA Local 175 | October 2021 | 1 | % | — | — | ||||||||||||||||||
Total
|
36 | % | 53 | % | 36 | % |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Hedging Classification | Notional Principal | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Economic hedge (1)
|
$ | 84 | $ | 84 | ||||||||||||||||||||||
December 31, 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
|
$ | — | $ | 3 | $ | — | $ | 7 | ||||||||||||||||||||
Natural gas derivatives (1)
|
Other Liabilities: Non-trading derivative liabilities
|
— | 7 | — | 15 | ||||||||||||||||||||||||
Interest rate derivatives | Other Liabilities | — | 20 | — | 10 | ||||||||||||||||||||||||
Indexed debt securities derivative (2)
|
Current Liabilities | — | 953 | — | 893 | ||||||||||||||||||||||||
Total | $ | — | $ | 983 | $ | — | $ | 925 |
Year Ended December 31, | ||||||||||||||||||||||||||
Income Statement Location | 2020 | 2019 | 2018 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Effects of derivatives not designated as hedging instruments on the income statement: | ||||||||||||||||||||||||||
Indexed debt securities derivative
|
Loss on indexed debt securities | (60) | (292) | (232) | ||||||||||||||||||||||
Interest rate derivatives
|
Gains in Other Income (Expense)
|
— | — | 2 | ||||||||||||||||||||||
Total CenterPoint Energy
|
$ | (60) | $ | (292) | $ | (230) |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in millions) | ||||||||||||||
Aggregate fair value of derivatives with credit-risk-related contingent features in a liability position | $ | 20 | $ | 10 | ||||||||||
Fair value of collateral already posted | 7 | — | ||||||||||||
Additional collateral required to be posted if credit risk contingent features triggered (1)
|
3 | — |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 |
Level 2 | Level 3 | Total |
Level 1 |
Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate equities | $ | 873 | $ | — | $ | — | $ | 873 | $ | 825 | $ | — | $ | — | $ | 825 | |||||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1)
|
43 | — | — | 43 | 49 | — | — | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 916 | $ | — | $ | — | $ | 916 | $ | 874 | $ | — | $ | — | $ | 874 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed debt securities derivative
|
$ | — | $ | 953 | $ | — | $ | 953 | $ | — | $ | 893 | $ | — | $ | 893 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives
|
— | 20 | — | 20 | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | — | 10 | — | 10 | — | 22 | — | 22 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 983 | $ | — | $ | 983 | $ | — | $ | 925 | $ | — | $ | 925 |
December 31, 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)
|
$ | 26 | $ | — | $ | — | $ | 26 | $ | 32 | $ | — | $ | — | $ | 32 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 26 | $ | — | $ | — | $ | 26 | $ | 32 | $ | — | $ | — | $ | 32 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 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 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy (1)
|
Houston Electric (1)
|
CERC |
CenterPoint Energy (1)
|
Houston Electric (1)
|
CERC | ||||||||||||||||||||||||||||||
Long-term debt, including current maturities
|
(in millions) | ||||||||||||||||||||||||||||||||||
Carrying amount
|
$ | 13,401 | $ | 5,019 | $ | 2,428 | $ | 15,093 | $ | 4,950 | $ | 2,546 | |||||||||||||||||||||||
Fair value
|
15,226 | 5,957 | 2,855 | 16,067 | 5,457 | 2,803 |
December 31, 2020 | December 31, 2019 | ||||||||||
(in millions) | |||||||||||
Enable | $ | 782 | $ | 2,406 | |||||||
Other | 1 | 2 | |||||||||
Total | $ | 783 | $ | 2,408 |
Year Ended December 31, | |||||||||||||||||
2020 (1)
|
2019 (2)
|
2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Enable (1)
|
$ | (1,428) | $ | 229 | $ | 307 | |||||||||||
Other | — | 1 | — | ||||||||||||||
Total | $ | (1,428) | $ | 230 | $ | 307 |
As of December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Limited Partner Interest (1)
|
Common Units |
Enable Series A Preferred Units (2)
|
Limited Partner Interest (1)
|
Common Units |
Enable Series A Preferred Units (2)
|
||||||||||||||||||||||||||||||
CenterPoint Energy | 53.7 | % | 233,856,623 | 14,520,000 | 53.7 | % | 233,856,623 | 14,520,000 | |||||||||||||||||||||||||||
OGE | 25.5 | % | 110,982,805 | — | 25.5 | % | 110,982,805 | — | |||||||||||||||||||||||||||
Public unitholders | 20.8 | % | 90,710,464 | — | 20.8 | % | 90,361,937 | — | |||||||||||||||||||||||||||
Total Units Outstanding | 100.0 | % | 435,549,892 | 14,520,000 | 100.0 | % | 435,201,365 | 14,520,000 |
Management
Rights (1)
|
Incentive Distribution Rights (2)
|
||||||||||
CenterPoint Energy (3)
|
50 | % | 40 | % | |||||||
OGE | 50 | % | 60 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Per Unit | Cash Distribution | Per Unit | Cash Distribution | Per Unit | Cash Distribution | |||||||||||||||||||||||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||
Enable common units | $ | 0.8263 | $ | 193 | $ | 1.2970 | $ | 303 | $ | 1.2720 | $ | 297 | ||||||||||||||||||||||||||
Enable Series A Preferred Units (1)
|
2.5000 | 36 | 2.5000 | 36 | 2.5000 | 36 | ||||||||||||||||||||||||||||||||
Total | $ | 229 | $ | 339 | $ | 333 |
CenterPoint Energy and CERC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Natural gas expenses, including transportation and storage costs (1)
|
$ | 86 | $ | 86 | $ | 86 | ||||||||||||||
Reimbursement of support services (2)
|
— | — | 4 | |||||||||||||||||
CenterPoint Energy and CERC | ||||||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
CenterPoint Energy | (in millions) | |||||||||||||
Accounts payable for natural gas purchases from Enable | $ | 9 | $ | 9 | ||||||||||
Accounts receivable for amounts billed for services provided to Enable | 1 | 2 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Operating revenues | $ | 2,463 | $ | 2,960 | $ | 3,431 | ||||||||||||||
Cost of sales, excluding depreciation and amortization | 965 | 1,279 | 1,819 | |||||||||||||||||
Depreciation and amortization | 420 | 433 | 398 | |||||||||||||||||
Goodwill impairment | 28 | 86 | — | |||||||||||||||||
Operating income | 465 | 569 | 648 | |||||||||||||||||
Net income attributable to Enable common units | 52 | 360 | 485 | |||||||||||||||||
Reconciliation of Equity in Earnings (Losses), net: | ||||||||||||||||||||
CenterPoint Energy’s interest | $ | 28 | $ | 193 | $ | 262 | ||||||||||||||
Basis difference amortization (1)
|
87 | 47 | 47 | |||||||||||||||||
Loss on dilution, net of proportional basis difference recognition | (2) | (11) | (2) | |||||||||||||||||
Impairment of CenterPoint Energy’s equity method investment in Enable | (1,541) | — | — | |||||||||||||||||
CenterPoint Energy’s equity in earnings (losses), net | $ | (1,428) | $ | 229 | $ | 307 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in millions) | ||||||||||||||
Current assets | $ | 381 | $ | 389 | ||||||||||
Non-current assets | 11,348 | 11,877 | ||||||||||||
Current liabilities | 582 | 780 | ||||||||||||
Non-current liabilities | 4,052 | 4,077 | ||||||||||||
Non-controlling interest | 26 | 37 | ||||||||||||
Preferred equity | 362 | 362 | ||||||||||||
Accumulated other comprehensive loss | (6) | (3) | ||||||||||||
Enable partners’ equity | 6,713 | 7,013 | ||||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in millions) | ||||||||||||||
Reconciliation of Investment in Enable: | ||||||||||||||
CenterPoint Energy’s ownership interest in Enable partners’ equity | $ | 3,601 | $ | 3,767 | ||||||||||
CenterPoint Energy’s basis difference (1)
|
(2,819) | (1,361) | ||||||||||||
CenterPoint Energy’s equity method investment in Enable | $ | 782 | $ | 2,406 |
Shares Held at December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
AT&T Common | 10,212,945 | 10,212,945 | ||||||||||||
Charter Common | 872,503 | 872,503 | ||||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(in shares) | ||||||||||||||
AT&T Common | 0.7185 | 0.7185 | ||||||||||||
Charter Common | 0.061382 | 0.061382 | ||||||||||||
ZENS-Related
Securities |
Debt
Component of ZENS |
Derivative
Component of ZENS |
|||||||||||||||
(in millions) | |||||||||||||||||
Balance as of December 31, 2017 | $ | 960 | $ | 122 | $ | 668 | |||||||||||
Accretion of debt component of ZENS | — | 21 | — | ||||||||||||||
2% interest paid | — | (17) | — | ||||||||||||||
Sale of ZENS-Related Securities | (398) | — | — | ||||||||||||||
Distribution to ZENS holders | — | (102) | (46) | ||||||||||||||
Gain on indexed debt securities | — | — | (21) | ||||||||||||||
Loss on ZENS-Related Securities | (22) | — | — | ||||||||||||||
Balance as of December 31, 2018 | 540 | 24 | 601 | ||||||||||||||
Accretion of debt component of ZENS | — | 17 | — | ||||||||||||||
2% interest paid | — | (17) | — | ||||||||||||||
Distribution to ZENS holders | — | (5) | — | ||||||||||||||
Loss on indexed debt securities | — | — | 292 | ||||||||||||||
Gain on ZENS-Related Securities | 282 | — | — | ||||||||||||||
Balance as of December 31, 2019 | 822 | 19 | 893 | ||||||||||||||
Accretion of debt component of ZENS | — | 17 | — | ||||||||||||||
2% interest paid | — | (16) | — | ||||||||||||||
Distribution to ZENS holders | — | (5) | — | ||||||||||||||
Loss on indexed debt securities | — | — | 60 | ||||||||||||||
Gain on ZENS-Related Securities | 49 | — | — | ||||||||||||||
Balance as of December 31, 2020 | $ | 871 | $ | 15 | $ | 953 |
Declaration Date | Record Date | Payment Date |
Per Share (1)
|
Total
(in millions) |
||||||||||||||||||||||
December 10, 2020 | February 18, 2021 | March 11, 2021 | $ | 0.1600 | $ | 88 | ||||||||||||||||||||
October 29, 2020 | November 19, 2020 | December 10, 2020 | 0.1500 | 83 | ||||||||||||||||||||||
July 29, 2020 | August 20, 2020 | September 10, 2020 | 0.1500 | 82 | ||||||||||||||||||||||
April 24, 2020 | May 21, 2020 | June 11, 2020 | 0.1500 | 82 | ||||||||||||||||||||||
February 3, 2020 | February 20, 2020 | March 12, 2020 | 0.2900 | 145 | ||||||||||||||||||||||
Total 2020 | $ | 0.9000 | $ | 480 | ||||||||||||||||||||||
October 17, 2019 | November 21, 2019 | December 12, 2019 | $ | 0.2875 | $ | 144 | ||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 12, 2019 | 0.2875 | 145 | ||||||||||||||||||||||
April 25, 2019 | May 16, 2019 | June 13, 2019 | 0.2875 | 144 | ||||||||||||||||||||||
Total 2019 | $ | 0.8625 | $ | 433 |
Declaration Date | Record Date | Payment Date |
Per Share (1)
|
Total
(in millions) |
||||||||||||||||||||||
December 12, 2018 | February 21, 2019 | March 14, 2019 | $ | 0.2875 | $ | 144 | ||||||||||||||||||||
October 23, 2018 | November 15, 2018 | December 13, 2018 | 0.2775 | 139 | ||||||||||||||||||||||
July 26, 2018 | August 16, 2018 | September 13, 2018 | 0.2775 | 120 | ||||||||||||||||||||||
April 26, 2018 | May 17, 2018 | June 14, 2018 | 0.2775 | 120 | ||||||||||||||||||||||
Total 2018 | $ | 1.1200 | $ | 523 | ||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Per Share |
Total
(in millions) |
||||||||||||||||||||||
December 10, 2020 | February 15, 2021 | March 1, 2021 | $ | 30.6250 | $ | 24 | ||||||||||||||||||||
July 29, 2020 | August 14, 2020 | September 1, 2020 | 30.6250 | 24 | ||||||||||||||||||||||
February 3, 2020 | February 14, 2020 | March 2, 2020 | 30.6250 | 25 | ||||||||||||||||||||||
Total 2020 | $ | 91.8750 | $ | 73 | ||||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 3, 2019 | $ | 30.6250 | $ | 24 | ||||||||||||||||||||
Total 2019 | $ | 30.6250 | $ | 24 | ||||||||||||||||||||||
December 12, 2018 | February 15, 2019 | March 1, 2019 | $ | 32.1563 | $ | 26 | ||||||||||||||||||||
Total 2018 | $ | 32.1563 | $ | 26 |
Declaration Date | Record Date | Payment Date | Per Share |
Total
(in millions) |
||||||||||||||||||||||
December 10, 2020 | February 15, 2021 | March 1, 2021 | $ | 17.5000 | $ | 17 | ||||||||||||||||||||
October 29, 2020 | November 13, 2020 | December 1, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
July 29, 2020 | August 14, 2020 | September 1, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
April 24, 2020 | May 15, 2020 | June 1, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
February 3, 2020 | February 14, 2020 | March 2, 2020 | 17.5000 | 17 | ||||||||||||||||||||||
Total 2020 | $ | 87.5000 | $ | 85 | ||||||||||||||||||||||
October 17, 2019 | November 15, 2019 | December 2, 2019 | $ | 17.5000 | $ | 17 | ||||||||||||||||||||
July 31, 2019 | August 15, 2019 | September 3, 2019 | 17.5000 | 17 | ||||||||||||||||||||||
April 25, 2019 | May 15, 2019 | June 3, 2019 | 17.5000 | 17 | ||||||||||||||||||||||
Total 2019 | $ | 52.5000 | $ | 51 | ||||||||||||||||||||||
December 12, 2018 | February 15, 2019 | March 1, 2019 | $ | 17.5000 | $ | 17 | ||||||||||||||||||||
October 23, 2018 | November 15, 2018 | December 1, 2018 | 11.6667 | 11 | ||||||||||||||||||||||
Total 2018 | $ | 29.1667 | $ | 28 |
Declaration Date | (1) | Record Date | Payment Date | Per Share |
Total
(in millions) |
|||||||||||||||||||||
December 10, 2020 | February 18, 2021 | March 11, 2021 | $ | 0.1600 | $ | 7 | ||||||||||||||||||||
October 29, 2020 | November 19, 2020 | December 10, 2020 | 0.1500 | 6 | ||||||||||||||||||||||
July 29, 2020 | August 20, 2020 | September 10, 2020 | 0.1500 | 7 | ||||||||||||||||||||||
April 24, 2020 | May 21, 2020 | June 11, 2020 | 0.1500 | 7 | ||||||||||||||||||||||
Total 2020 | $ | 0.6100 | $ | 27 | ||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Series A Preferred Stock | $ | 49 | $ | 49 | $ | 18 | |||||||||||
Series B Preferred Stock | 68 | 68 | 17 | ||||||||||||||
Series C Preferred Stock | 27 | — | — | ||||||||||||||
Preferred dividend requirement
|
144 | 117 | 35 | ||||||||||||||
Amortization of beneficial conversion feature | 32 | — | — | ||||||||||||||
Total income allocated to preferred shareholders
|
$ | 176 | $ | 117 | $ | 35 |
Applicable Market Value of the Common Stock | Conversion Rate per Share of Series B Preferred Stock | |||||||
Greater than $32.6990 (threshold appreciation price)
|
30.5820 shares of Common Stock
|
|||||||
Equal to or less than $32.6990 but greater than or equal to $27.2494
|
Between 30.5820 and 36.6980 shares of Common Stock, determined by dividing $1,000 by the applicable market value
|
|||||||
Less than $27.2494 (initial price)
|
36.6980 shares of Common Stock
|
Applicable Market Value of the Common Stock | Conversion Rate per Depository Share | |||||||
Greater than $32.6990 (threshold appreciation price)
|
1.5291 shares of Common Stock
|
|||||||
Equal to or less than $32.6990 but greater than or equal to $27.2494
|
Between 1.5291 and 1.8349 shares of Common Stock, determined by dividing $50 by the applicable market value
|
|||||||
Less than $27.2494 (initial price)
|
1.8349 shares of Common Stock
|
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | (98) | $ | (15) | $ | 10 | $ | (108) | $ | (14) | $ | 5 | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||||||||||||||||
Remeasurement of pension and other postretirement plans | (12) | — | — | 7 | — | 7 | |||||||||||||||||||||||||||||
Deferred loss from interest rate derivatives (1)
|
— | — | — | (3) | (1) | — | |||||||||||||||||||||||||||||
Reclassified to earnings | — | — | — | 1 | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates | (2) | — | — | (1) | — | — | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||||
Prior service cost (2)
|
— | — | 1 | 1 | — | — | |||||||||||||||||||||||||||||
Actuarial losses (2)
|
7 | — | — | 8 | — | — | |||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges (3)
|
19 | 19 | — | — | — | — | |||||||||||||||||||||||||||||
Tax benefit (expense) | (4) | (4) | (1) | (3) | — | (2) | |||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 8 | 15 | — | 10 | (1) | 5 | |||||||||||||||||||||||||||||
Ending Balance | $ | (90) | $ | — | $ | 10 | $ | (98) | $ | (15) | $ | 10 |
December 31,
2020 |
December 31,
2019 |
||||||||||||||||||||||
Long-Term |
Current (1)
|
Long-Term |
Current (1)
|
||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
CenterPoint Energy: | |||||||||||||||||||||||
ZENS due 2029 (2)
|
$ | — | $ | 15 | $ | — | $ | 19 | |||||||||||||||
CenterPoint Energy senior notes 2.50% to 4.25% due 2021 to 2049 (3)
|
2,700 | 500 | 3,200 | — | |||||||||||||||||||
CenterPoint Energy variable rate term loan 0.865% due 2021
|
— | 700 | 1,000 | — | |||||||||||||||||||
CenterPoint Energy pollution control bonds 5.125% due 2028 (5)
|
68 | — | 68 | — | |||||||||||||||||||
CenterPoint Energy commercial paper (6) (7)
|
1,078 | — | 1,633 | — | |||||||||||||||||||
VUHI senior notes 3.72% to 6.10% due 2021 to 2045
|
377 | 55 | 432 | 100 | |||||||||||||||||||
VUHI commercial paper (6) (7)
|
92 | — | 268 | — | |||||||||||||||||||
VUHI variable rate term loan | — | — | — | 300 | |||||||||||||||||||
VCC variable rate term loan | — | — | — | 200 | |||||||||||||||||||
IGC senior notes 6.34% to 7.08% due 2025 to 2029
|
96 | — | 96 | — | |||||||||||||||||||
SIGECO first mortgage bonds 0.875% to 6.72% due 2022 to 2055 (4)
|
293 | — | 293 | — | |||||||||||||||||||
Other debt | 6 | 12 | 18 | 18 | |||||||||||||||||||
Unamortized debt issuance costs | (17) | — | (22) | — | |||||||||||||||||||
Unamortized discount and premium, net | (6) | — | (7) | — | |||||||||||||||||||
Houston Electric debt (see details below) | 4,406 | 613 | 4,719 | 231 | |||||||||||||||||||
CERC debt (see details below) | 2,428 | 24 | 2,546 | — | |||||||||||||||||||
Total CenterPoint Energy debt | $ | 11,521 | $ | 1,919 | $ | 14,244 | $ | 868 |
Houston Electric: | |||||||||||||||||||||||
First mortgage bonds 9.15% due 2021 (8)
|
$ | — | $ | 102 | $ | 102 | $ | — | |||||||||||||||
General mortgage bonds 1.85% to 6.95% due 2021 to 2050
|
3,912 | 300 | 3,912 | — | |||||||||||||||||||
Restoration Bond Company:
|
|||||||||||||||||||||||
System restoration bonds 4.243% due 2022
|
69 | 66 | 134 | 62 | |||||||||||||||||||
Bond Company III: | |||||||||||||||||||||||
Transition bonds 5.234% due 2020
|
— | — | — | 29 | |||||||||||||||||||
Bond Company IV: | |||||||||||||||||||||||
Transition bonds 3.028% due 2024
|
467 | 145 | 613 | 140 | |||||||||||||||||||
Unamortized debt issuance costs | (28) | — | (27) | — | |||||||||||||||||||
Unamortized discount and premium, net | (14) | — | (15) | — | |||||||||||||||||||
Total Houston Electric debt | $ | 4,406 | $ | 613 | $ | 4,719 | $ | 231 |
CERC (9):
|
|||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Inventory financing | $ | — | $ | 24 | $ | — | $ | — | |||||||||||||||
Total CERC short-term borrowings | — | 24 | — | — | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes 1.75% to 6.625% due 2023 to 2047
|
$ | 2,100 | $ | — | $ | 2,193 | $ | — | |||||||||||||||
Commercial paper (6) (7)
|
347 | — | 377 | — | |||||||||||||||||||
Unamortized debt issuance costs | (15) | — | (13) | — | |||||||||||||||||||
Unamortized discount and premium, net | (4) | — | (11) | — | |||||||||||||||||||
Total CERC long-term debt | 2,428 | — | 2,546 | — | |||||||||||||||||||
Total CERC debt | $ | 2,428 | $ | 24 | $ | 2,546 | $ | — |
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
December 31, 2020 (2)
|
Termination
Date |
||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
March 3, 2016 | CenterPoint Energy | $ | 3,300 | 1.500% | 65% | (3) | 53.9% | March 3, 2022 | ||||||||||||||||||||||||||||||
July 14, 2017 |
CenterPoint Energy (4)
|
400 | 1.125% | 65% | 49.7% | July 14, 2022 | ||||||||||||||||||||||||||||||||
March 3, 2016 | Houston Electric | 300 | 1.250% | 65% | (3) | 53.1% | March 3, 2022 | |||||||||||||||||||||||||||||||
March 3, 2016 |
CERC
|
900 | 1.125% | 65% | 48.9% | March 3, 2022 | ||||||||||||||||||||||||||||||||
Total | $ | 4,900 |
December 31, 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)
|
$ | — | $ | 11 | $ | 1,078 | 0.23 | % | $ | — | $ | 6 | $ | 1,633 | 1.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy (2)
|
— | — | 92 | 0.22 | % | — | — | 268 | 2.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | — | — | — | — | % | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CERC | — | — | 347 | 0.23 | % | — | 1 | 377 | 1.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 11 | $ | 1,517 | $ | — | $ | 7 | $ | 2,278 |
CenterPoint
Energy (1)
|
Houston
Electric (1)
|
CERC | Securitization Bonds | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
2021 | $ | 1,868 | $ | 613 | $ | — | $ | 211 | |||||||||||||||
2022 | 2,542 | 519 | 347 | 219 | |||||||||||||||||||
2023 | 713 | 356 | 300 | 156 | |||||||||||||||||||
2024 | 1,184 | 162 | — | 162 | |||||||||||||||||||
2025 | 51 | — | — | — |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
CenterPoint Energy - Continuing Operations | |||||||||||||||||
Current income tax expense (benefit): | |||||||||||||||||
Federal | $ | (1) | $ | 30 | $ | 77 | |||||||||||
State | 32 | 15 | 6 | ||||||||||||||
Total current expense | 31 | 45 | 83 | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | (257) | 55 | (6) | ||||||||||||||
State | (48) | (8) | 78 | ||||||||||||||
Total deferred expense (benefit) | (305) | 47 | 72 | ||||||||||||||
Total income tax expense (benefit) | $ | (274) | $ | 92 | $ | 155 | |||||||||||
CenterPoint Energy - Discontinued Operations | |||||||||||||||||
Current income tax expense: | |||||||||||||||||
Federal | $ | 117 | $ | 18 | $ | 12 | |||||||||||
State | 28 | 6 | 3 | ||||||||||||||
Total current expense | 145 | 24 | 15 | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | (102) | 19 | (19) | ||||||||||||||
State | (22) | 3 | (5) | ||||||||||||||
Total deferred expense (benefit) | (124) | 22 | (24) | ||||||||||||||
Total income tax expense (benefit) | $ | 21 | $ | 46 | $ | (9) | |||||||||||
Houston Electric | |||||||||||||||||
Current income tax expense: | |||||||||||||||||
Federal | $ | 76 | $ | 84 | $ | 109 | |||||||||||
State | 19 | 20 | 18 | ||||||||||||||
Total current expense | 95 | 104 | 127 | ||||||||||||||
Deferred income tax benefit: | |||||||||||||||||
Federal | (42) | (24) | (38) | ||||||||||||||
Total deferred benefit | (42) | (24) | (38) | ||||||||||||||
Total income tax expense | $ | 53 | $ | 80 | $ | 89 | |||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
CERC - Continuing Operations | |||||||||||||||||
Current income tax expense (benefit): | |||||||||||||||||
State | $ | 4 | $ | 5 | $ | (3) | |||||||||||
Total current expense (benefit) | 4 | 5 | (3) | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | 26 | 26 | 9 | ||||||||||||||
State | 67 | (34) | 25 | ||||||||||||||
Total deferred expense (benefit) | 93 | (8) | 34 | ||||||||||||||
Total income tax expense (benefit) | $ | 97 | $ | (3) | $ | 31 | |||||||||||
CERC - Discontinued Operations | |||||||||||||||||
Current income tax expense: | |||||||||||||||||
State | — | 2 | 7 | ||||||||||||||
Total current expense | — | 2 | 7 | ||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | — | 13 | 30 | ||||||||||||||
State | (2) | 2 | — | ||||||||||||||
Total deferred expense (benefit) | (2) | 15 | 30 | ||||||||||||||
Total income tax expense (benefit) | $ | (2) | $ | 17 | $ | 37 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
CenterPoint Energy - Continuing Operations (1) (2) (3) | |||||||||||||||||
Income (loss) before income taxes | $ | (865) | $ | 774 | $ | 551 | |||||||||||
Federal statutory income tax rate | 21 | % | 21 | % | 21 | % | |||||||||||
Expected federal income tax expense (benefit) | (182) | 163 | 116 | ||||||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | (15) | 30 | 23 | ||||||||||||||
State valuation allowance, net of federal income tax | 1 | (4) | 11 | ||||||||||||||
State law change, net of federal income tax | — | (21) | 32 | ||||||||||||||
Excess deferred income tax amortization | (76) | (55) | (24) | ||||||||||||||
Goodwill impairment | 39 | — | — | ||||||||||||||
Net operating loss carryback | (37) | — | — | ||||||||||||||
Other, net | (4) | (21) | (3) | ||||||||||||||
Total | (92) | (71) | 39 | ||||||||||||||
Total income tax expense (benefit) | $ | (274) | $ | 92 | $ | 155 | |||||||||||
Effective tax rate | 32 | % | 12 | % | 28 | % | |||||||||||
CenterPoint Energy - Discontinued Operations (4)(5) | |||||||||||||||||
Income (loss) before income taxes | $ | (161) | $ | 155 | $ | (37) | |||||||||||
Federal statutory income tax rate | 21 | % | 21 | % | 21 | % | |||||||||||
Expected federal income tax expense (benefit) | (34) | 32 | (8) | ||||||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | (5) | 6 | (1) | ||||||||||||||
Goodwill impairment | 25 | 8 | — | ||||||||||||||
Tax impact of sale of Energy Services and Infrastructure Services Disposal Groups | 30 | — | — | ||||||||||||||
Other, net | 5 | — | — | ||||||||||||||
Total | 55 | 14 | (1) | ||||||||||||||
Total income tax expense (benefit) | $ | 21 | $ | 46 | $ | (9) | |||||||||||
Effective tax rate | (13) | % | 30 | % | 24 | % |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions) | |||||||||||||||||
Houston Electric (6) (7) (8) | |||||||||||||||||
Income before income taxes | $ | 387 | $ | 436 | $ | 425 | |||||||||||
Federal statutory income tax rate | 21 | % | 21 | % | 21 | % | |||||||||||
Expected federal income tax expense | 81 | 92 | 89 | ||||||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | 15 | 16 | 14 | ||||||||||||||
Excess deferred income tax amortization | (42) | (21) | (9) | ||||||||||||||
Other, net | (1) | (7) | (5) | ||||||||||||||
Total | (28) | (12) | — | ||||||||||||||
Total income tax expense | $ | 53 | $ | 80 | $ | 89 | |||||||||||
Effective tax rate | 14 | % | 18 | % | 21 | % | |||||||||||
CERC - Continuing Operations (9) (10) (11) | |||||||||||||||||
Income before income taxes | $ | 244 | $ | 186 | $ | 129 | |||||||||||
Federal statutory income tax rate | 21 | % | 21 | % | 21 | % | |||||||||||
Expected federal income tax expense | 51 | 39 | 27 | ||||||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | 55 | (15) | 5 | ||||||||||||||
State law change, net of federal income tax | — | (4) | — | ||||||||||||||
State valuation allowance, net of federal income tax | 1 | (4) | 11 | ||||||||||||||
Excess deferred income tax amortization | (16) | (18) | (15) | ||||||||||||||
Other, net | 6 | (1) | 3 | ||||||||||||||
Total | 46 | (42) | 4 | ||||||||||||||
Total income tax expense (benefit) | $ | 97 | $ | (3) | $ | 31 | |||||||||||
Effective tax rate | 40 | % | (2) | % | 24 | % | |||||||||||
CERC - Discontinued Operations (12) (13) | |||||||||||||||||
Income (loss) before income taxes | $ | (68) | $ | 40 | $ | 147 | |||||||||||
Federal statutory income tax rate | 21 | % | 21 | % | 21 | % | |||||||||||
Expected federal income tax expense (benefit) | (14) | 8 | 31 | ||||||||||||||
Increase in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | (2) | 3 | 7 | ||||||||||||||
Goodwill impairment | 10 | 8 | — | ||||||||||||||
Other, net | 4 | (2) | (1) | ||||||||||||||
Total | 12 | 9 | 6 | ||||||||||||||
Total income tax expense (benefit) | $ | (2) | $ | 17 | $ | 37 | |||||||||||
Effective tax rate | 3 | % | 43 | % | 25 | % |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in millions) | |||||||||||
CenterPoint Energy | |||||||||||
Deferred tax assets: | |||||||||||
Benefits and compensation | $ | 141 | $ | 152 | |||||||
Regulatory liabilities | 435 | 447 | |||||||||
Loss and credit carryforwards | 103 | 111 | |||||||||
Asset retirement obligations | 152 | 89 | |||||||||
Indexed debt securities derivative | 47 | 34 | |||||||||
Other | 52 | 40 | |||||||||
Valuation allowance | (26) | (25) | |||||||||
Total deferred tax assets | 904 | 848 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | 2,790 | 2,656 | |||||||||
Investment in unconsolidated affiliates | 624 | 1,010 | |||||||||
Regulatory assets | 325 | 344 | |||||||||
Investment in marketable securities and indexed debt | 649 | 586 | |||||||||
Other | 119 | 180 | |||||||||
Total deferred tax liabilities | 4,507 | 4,776 | |||||||||
Net deferred tax liabilities | $ | 3,603 | $ | 3,928 | |||||||
Houston Electric | |||||||||||
Deferred tax assets: | |||||||||||
Regulatory liabilities | $ | 201 | $ | 195 | |||||||
Benefits and compensation | 17 | 14 | |||||||||
Asset retirement obligations | 9 | 9 | |||||||||
Other | 9 | 7 | |||||||||
Total deferred tax assets | 236 | 225 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | 1,159 | 1,129 | |||||||||
Regulatory assets | 118 | 126 | |||||||||
Total deferred tax liabilities | 1,277 | 1,255 | |||||||||
Net deferred tax liabilities | $ | 1,041 | $ | 1,030 | |||||||
CERC | |||||||||||
Deferred tax assets: | |||||||||||
Benefits and compensation | $ | 28 | $ | 24 | |||||||
Regulatory liabilities | 147 | 144 | |||||||||
Loss and credit carryforwards | 143 | 183 | |||||||||
Asset retirement obligations | 140 | 80 | |||||||||
Other | 26 | 23 | |||||||||
Valuation allowance | (15) | (15) | |||||||||
Total deferred tax assets | 469 | 439 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | 916 | 821 | |||||||||
Regulatory assets | 53 | 45 | |||||||||
Other | 84 | 43 | |||||||||
Total deferred tax liabilities | 1,053 | 909 | |||||||||
Net deferred tax liabilities | $ | 584 | $ | 470 |
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
(in millions) | |||||||||||
Balance, beginning of year | $ | 8 | $ | — | |||||||
Unrecognized tax benefits assumed through the Merger | — | 9 | |||||||||
Increases related to tax positions of prior years | 3 | — | |||||||||
Decreases related to tax positions of prior years | (4) | (1) | |||||||||
Balance, end of year | $ | 7 | $ | 8 |
Natural Gas and Coal Supply |
Other (1)
|
||||||||||||||||
CenterPoint Energy | CERC | CenterPoint Energy | |||||||||||||||
(in millions) | |||||||||||||||||
2021 | $ | 708 | $ | 491 | $ | 17 | |||||||||||
2022 | 542 | 328 | 12 | ||||||||||||||
2023 | 465 | 275 | 10 | ||||||||||||||
2024 | 387 | 254 | 190 | ||||||||||||||
2025 | 370 | 227 | — | ||||||||||||||
2026 and beyond | 1,930 | 1,547 | — |
December 31, 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 |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in millions, except per share and share amounts) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | (591) | $ | 682 | $ | 396 | |||||||||||
Less: Preferred stock dividend requirement (Note 13) | 144 | 117 | 35 | ||||||||||||||
Less: Amortization of beneficial conversion feature (Note 13) | 32 | — | — | ||||||||||||||
Less: Undistributed earnings allocated to preferred shareholders (1)
|
— | — | — | ||||||||||||||
Income (loss) available to common shareholders from continuing operations - basic and diluted
|
(767) | 565 | 361 | ||||||||||||||
Income (loss) available to common shareholders from discontinued operations - basic and diluted
|
(182) | 109 | (28) | ||||||||||||||
Income (loss) available to common shareholders - basic and diluted | $ | (949) | $ | 674 | $ | 333 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding - basic | 531,031,000 | 502,050,000 | 448,829,000 | ||||||||||||||
Plus: Incremental shares from assumed conversions: | |||||||||||||||||
Restricted stock (2)
|
— | 3,107,000 | 3,636,000 | ||||||||||||||
Series B Preferred Stock (3)
|
— | — | — | ||||||||||||||
Series C Preferred Stock (4)
|
— | — | — | ||||||||||||||
Weighted average common shares outstanding - diluted | 531,031,000 | 505,157,000 | 452,465,000 | ||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
Basic earnings (loss) per common share - continuing operations
|
$ | (1.45) | $ | 1.12 | $ | 0.80 | |||||||||||
Basic earnings (loss) per common share - discontinued operations
|
(0.34) | 0.22 | (0.06) | ||||||||||||||
Basic Earnings (Loss) Per Common Share | $ | (1.79) | $ | 1.34 | $ | 0.74 | |||||||||||
Diluted earnings (loss) per common share - continuing operations
|
$ | (1.45) | $ | 1.12 | $ | 0.80 | |||||||||||
Diluted earnings (loss) per common share - discontinued operations
|
(0.34) | 0.21 | (0.06) | ||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | (1.79) | $ | 1.33 | $ | 0.74 |
Revenues
from External Customers |
Equity in Earnings of Unconsolidated Affiliates |
Depreciation
and Amortization |
Interest Income | Interest Expense |
Income Tax Expense
(Benefit) |
Net Income (Loss) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2020: |
|
||||||||||||||||||||||||||||||||||||||||
Electric | $ | 3,470 | $ | — | $ | 663 | $ | 3 | $ | (220) | $ | 72 | $ | 230 | |||||||||||||||||||||||||||
Natural Gas | 3,631 | — | 454 | 8 | (153) | 125 | 278 | ||||||||||||||||||||||||||||||||||
Midstream Investments | — | (1,428) | — | 1 | (54) | (364) | (1,116) | ||||||||||||||||||||||||||||||||||
Corporate and Other | 317 | — | 72 | 103 | (213) | (107) | 17 | ||||||||||||||||||||||||||||||||||
Eliminations | — | — | — | (111) | 111 | — | — | ||||||||||||||||||||||||||||||||||
Continuing Operations
|
$ | 7,418 | $ | (1,428) | $ | 1,189 | $ | 4 | $ | (529) | $ | (274) | (591) | ||||||||||||||||||||||||||||
Discontinued Operations, net
|
(182) | ||||||||||||||||||||||||||||||||||||||||
Consolidated
|
$ | (773) | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019: | |||||||||||||||||||||||||||||||||||||||||
Electric | $ | 3,519 | $ | — | $ | 739 | $ | 27 | $ | (225) | $ | 96 | $ | 419 | |||||||||||||||||||||||||||
Natural Gas | 3,750 | — | 420 | 6 | (144) | 2 | 251 | ||||||||||||||||||||||||||||||||||
Midstream Investments | — | 229 | — | 8 | (53) | 53 | 131 | ||||||||||||||||||||||||||||||||||
Corporate and Other | 295 | 1 | 66 | 126 | (290) | (59) | (119) | ||||||||||||||||||||||||||||||||||
Eliminations | — | — | — | (145) | 145 | — | — | ||||||||||||||||||||||||||||||||||
Continuing Operations
|
$ | 7,564 | $ | 230 | $ | 1,225 | $ | 22 | $ | (567) | $ | 92 | 682 | ||||||||||||||||||||||||||||
Discontinued Operations, net
|
109 | ||||||||||||||||||||||||||||||||||||||||
Consolidated
|
$ | 791 | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2018: | |||||||||||||||||||||||||||||||||||||||||
Electric | $ | 3,232 | $ | — | $ | 917 | $ | 5 | $ | (197) | $ | 89 | $ | 334 | |||||||||||||||||||||||||||
Natural Gas | 3,031 | — | 280 | 1 | (122) | 31 | 98 | ||||||||||||||||||||||||||||||||||
Midstream Investments | — | 307 | — | — | (10) | 73 | 224 | ||||||||||||||||||||||||||||||||||
Corporate and Other | 14 | — | 33 | 66 | (135) | (38) | (260) | ||||||||||||||||||||||||||||||||||
Eliminations | — | — | — | (44) | 44 | — | — | ||||||||||||||||||||||||||||||||||
Continuing Operations
|
$ | 6,277 | $ | 307 | $ | 1,230 | $ | 28 | $ | (420) | $ | 155 | 396 | ||||||||||||||||||||||||||||
Discontinued Operations, net
|
(28) | ||||||||||||||||||||||||||||||||||||||||
Consolidated
|
$ | 368 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Affiliates of NRG | $ | 749 | $ | 727 | $ | 705 | ||||||||||||||
Affiliates of Vistra Energy Corp. | 404 | 263 | 251 |
Total Assets | Expenditures for Long-lived Assets | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2020 |
|
2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Electric | $ | 14,493 | $ | 14,432 | $ | 10,509 | $ | 1,281 | $ | 1,216 | $ | 952 | |||||||||||||||||||||||
Natural Gas | 14,976 | 14,002 | 7,188 | 1,139 | 1,098 | 638 | |||||||||||||||||||||||||||||
Midstream Investments | 913 | 2,473 | 2,482 | — | — | — | |||||||||||||||||||||||||||||
Corporate and Other, net of eliminations (1)
|
3,089 | 2,658 | 5,805 | 95 | 194 | 110 | |||||||||||||||||||||||||||||
Continuing Operations
|
33,471 |
|
33,565 | 25,984 | 2,515 | 2,508 | 1,700 | ||||||||||||||||||||||||||||
Assets Held for Sale/Discontinued Operations
|
— | 1,964 | 1,109 | 21 | 79 | 20 | |||||||||||||||||||||||||||||
Consolidated
|
$ | 33,471 | $ | 35,529 | $ | 27,093 | $ | 2,536 | $ | 2,587 | $ | 1,720 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Products and Services:
|
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric delivery | $ | 2,941 | $ | 2,911 | $ | — | $ | 3,019 | $ | 2,990 | $ | — | $ | 3,232 | $ | 3,234 | $ | — | ||||||||||||||||||||||||||||||||||||||
Retail electric sales | 515 | — | — | 486 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Wholesale electric sales | 14 | — | — | 14 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Retail gas sales | 3,462 | — | 2,594 | 3,563 | — | 2,831 | 2,857 | — | 2,857 | |||||||||||||||||||||||||||||||||||||||||||||||
Gas transportation and processing
|
15 | — | 15 | 33 | — | 33 | 32 | — | 32 | |||||||||||||||||||||||||||||||||||||||||||||||
Energy products and services
|
471 | — | 154 | 449 | — | 154 | 156 | — | 142 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,418 | $ | 2,911 | $ | 2,763 | $ | 7,564 | $ | 2,990 | $ | 3,018 | $ | 6,277 | $ | 3,234 | $ | 3,031 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Payments/Receipts: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest, net of capitalized interest
|
$ | 471 | $ | 201 | $ | 114 | $ | 436 | $ | 229 | $ | 109 | $ | 363 | $ | 200 | $ | 105 | |||||||||||||||||||||||||||||||||||
Income tax payments, net | 143 | 65 | 4 | 155 | 87 | 7 | 89 | 154 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures
|
153 | 102 | 69 | 236 | 117 | 86 | 201 | 124 | 80 | ||||||||||||||||||||||||||||||||||||||||||||
Capital distribution associated with the Internal Spin (1)
|
— | — | — | — | — | 28 | — | — | 1,473 | ||||||||||||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for lease liabilities (2)
|
15 | 1 | 5 | 44 | 1 | 29 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature | 32 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of beneficial conversion feature | (32) | — | — | — | — | — | — | — | — |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1)
|
$ | 147 | $ | 139 | $ | 1 | $ | 241 | $ | 216 | $ | 2 | |||||||||||||||||||||||
Restricted cash included in Prepaid expenses and other current assets
|
20 | 15 | — | 30 | 19 | — | |||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statements of Consolidated Cash Flows
|
$ | 167 | $ | 154 | $ | 1 | $ | 271 | $ | 235 | $ | 2 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Interest income (expense), net (1)
|
$ | — | $ | — | $ | 18 | $ | 4 | $ | 1 | $ | — |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Corporate service charges | $ | 197 | $ | 212 | $ | 177 | $ | 141 | $ | 190 | $ | 147 | |||||||||||||||||||||||
Net affiliate service charges (billings)
|
(16) | 16 | (8) | 8 | (17) | 17 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash dividends paid to parent | $ | 551 | $ | 80 | $ | 376 | $ | 120 | $ | 209 | $ | 360 | |||||||||||||||||||||||
Cash contribution from parent | 62 | 217 | 590 | 129 | 200 | 960 | |||||||||||||||||||||||||||||
Capital distribution to parent associated with the sale of CES | — | 286 | — | — | — | — | |||||||||||||||||||||||||||||
Capital distribution to parent associated with the Internal Spin (1)
|
— | — | — | 28 | — | 1,473 | |||||||||||||||||||||||||||||
Property, plant and equipment from parent (2)
|
36 | 23 | — | — | — | — |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 9 | $ | — | $ | 5 | $ | 7 | $ | — | $ | 4 | |||||||||||||||||||||||
Short-term lease cost | 14 | 12 | — | 25 | 23 | — | |||||||||||||||||||||||||||||
Total lease cost | $ | 23 | $ | 12 | $ | 5 | $ | 32 | $ | 23 | $ | 4 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease income | $ | 5 | $ | — | $ | 2 | $ | 4 | $ | 2 | $ | 1 | |||||||||||||||||||||||
Variable lease income | 1 | — | — | 2 | — | — | |||||||||||||||||||||||||||||
Total lease income | $ | 6 | $ | — | $ | 2 | $ | 6 | $ | 2 | $ | 1 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy |
Houston
Electric |
CERC | CenterPoint Energy |
Houston
Electric |
CERC | ||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except lease term and discount rate) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating ROU assets (1)
|
$ | 31 | $ | 1 | $ | 19 | $ | 31 | $ | 1 | $ | 18 | |||||||||||||||||||||||||||||||||||||||||
Total leased assets | $ | 31 | $ | 1 | $ | 19 | $ | 31 | $ | 1 | $ | 18 | |||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current operating lease liability (2)
|
$ | 6 | $ | — | $ | 3 | $ | 7 | $ | — | $ | 3 | |||||||||||||||||||||||||||||||||||||||||
Non-current operating lease liability (3)
|
26 | 1 | 18 | 24 | 1 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
Total leased liabilities | $ | 32 | $ | 1 | $ | 21 | $ | 31 | $ | 1 | $ | 18 | |||||||||||||||||||||||||||||||||||||||||
Weighted-average remaining lease term (in years) - operating leases | 6.0 | 4.0 | 7.5 | 6.5 | 5.2 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average discount rate - operating leases | 3.14 | % | 2.59 | % | 3.36 | % | 3.57 | % | 3.52 | % | 3.61 | % |
CenterPoint
Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
2021 | $ | 8 | $ | 1 | $ | 4 | |||||||||||
2022 | 6 | — | 4 | ||||||||||||||
2023 | 6 | — | 4 | ||||||||||||||
2024 | 4 | — | 3 | ||||||||||||||
2025 | 3 | — | 2 | ||||||||||||||
2026 and beyond | 10 | — | 7 | ||||||||||||||
Total lease payments | 37 | 1 | 24 | ||||||||||||||
Less: Interest | 5 | — | 3 | ||||||||||||||
Present value of lease liabilities | $ | 32 | $ | 1 | $ | 21 |
CenterPoint
Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
2021 | $ | 4 | $ | — | $ | 1 | |||||||||||
2022 | 2 | — | — | ||||||||||||||
2023 | 2 | — | — | ||||||||||||||
2024 | 2 | — | — | ||||||||||||||
2025 | 2 | — | — | ||||||||||||||
2026 and beyond | 8 | — | — | ||||||||||||||
Total lease payments to be received | $ | 20 | $ | — | $ | 1 |
Year Ended December 31, 2020 | |||||||||||||||||
CenterPoint
Energy |
Houston
Electric |
CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Operating cash flows from operating leases included in the measurement of lease liabilities | $ | 8 | $ | 1 | $ | 4 | |||||||||||
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Unit Distribution | Expected Cash Distribution | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Enable common units | February 12, 2021 | February 22, 2021 | March 1, 2021 | $ | 0.16525 | $ | 39 | |||||||||||||||||||||||||
Enable Series A Preferred Units | February 12, 2021 | February 12, 2021 | February 12, 2021 | 0.62500 | 9 |
Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||
Audit fees (1)
|
$ | 658,965 | $ | 907,560 | $ | 884,400 | $ | 1,419,000 | |||||||||||||||
Audit-related fees (2)
|
343,000 | 172,500 | 371,500 | 130,500 | |||||||||||||||||||
Total audit and audit-related fees | 1,001,965 | 1,080,060 | 1,255,900 | 1,549,500 | |||||||||||||||||||
Tax fees | — | — | — | — | |||||||||||||||||||
All other fees | — | — | — | — | |||||||||||||||||||
Total fees | $ | 1,001,965 | $ | 1,080,060 | $ | 1,255,900 | $ | 1,549,500 |
CenterPoint Energy
|
|||||
Report of Independent Registered Public Accounting Firm | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2020
|
|||||
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
|||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2020
|
|||||
Houston Electric
|
|||||
Report of Independent Registered Public Accounting Firm | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2019
|
|||||
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
|||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2020
|
|||||
CERC
|
|||||
Report of Independent Registered Public Accounting Firm | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2020
|
|||||
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
|||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2020
|
|||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2020
|
|||||
Combined Notes to Consolidated Financial Statements
|
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2(a) | — | CenterPoint Energy’s Form 8-K dated July 21, 2004 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
2(b) | — |
|
CenterPoint Energy’s Form 8-K dated April 21, 2018
|
1-31447 | 2.1 | X | ||||||||||||||||||||||||||||||||||||||
2(c)(1) | — | Agreement and Plan of Merger among CERC, Houston Lighting and Power Company (“HL&P”), HI Merger, Inc. and NorAm Energy Corp. (“NorAm”) dated August 11, 1996 | Houston Industries’ (“HI’s”) Form 8-K dated August 11, 1996 | 1-7629 | 2 | X | ||||||||||||||||||||||||||||||||||||||
2(c)(2) | — | Amendment to Agreement and Plan of Merger among CERC, HL&P, HI Merger, Inc. and NorAm dated August 11, 1996 | Registration Statement on Form S-4 | 333-11329 | 2(c) | X | ||||||||||||||||||||||||||||||||||||||
2(d) | — | Agreement and Plan of Merger dated December 29, 2000 merging Reliant Resources Merger Sub, Inc. with and into Reliant Energy Services, Inc. | Registration Statement on Form S-3 | 333-54526 | 2 | X | ||||||||||||||||||||||||||||||||||||||
2(e) | — |
CenterPoint Energy’s Form 8-K dated March 14, 2013
|
1-31447 | 2.1 | X | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2(f) | — |
|
CenterPoint Energy’s Form 8-K dated February 3, 2020
|
1-31447 | 2.1 | X | ||||||||||||||||||||||||||||||||||||||
2(g) | — |
CenterPoint Energy’s Form 8-K dated February 24, 2020
|
1-31447 | 2.1 | X | X | ||||||||||||||||||||||||||||||||||||||
3(a) | — | CenterPoint Energy’s Form 8-K dated July 24, 2008 | 1-31447 | 3.2 | X | |||||||||||||||||||||||||||||||||||||||
3(b) | — | Houston Electric’s Form 8-K dated August 31, 2002 | 1-3187 | 3(a) | X | |||||||||||||||||||||||||||||||||||||||
3(c) | — |
|
Houston Electric’s Form 10-Q for the quarter ended June 30, 2011
|
1-3187
|
3.1 | X | ||||||||||||||||||||||||||||||||||||||
3(d) | — |
|
CERC Form 10-K for the year ended December 31, 1997
|
1-13265
|
3(a)(1) | X | ||||||||||||||||||||||||||||||||||||||
3(e) | — |
|
CERC Form 10-K for the year ended December 31, 1997
|
1-13265
|
3(a)(2) | X | ||||||||||||||||||||||||||||||||||||||
3(f) | — |
|
CERC Form 10-K for the year ended December 31, 1998
|
1-13265
|
3(a)(3) | X | ||||||||||||||||||||||||||||||||||||||
3(g) | — |
|
CERC Form 10-Q for the quarter ended June 30, 2003
|
1-13265
|
3(a)(4) | X | ||||||||||||||||||||||||||||||||||||||
3(h) | — |
CenterPoint Energy’s Form 8-K dated February 21, 2017
|
1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
3(i) | — |
|
Houston Electric’s Form 10-Q for the quarter ended June 30, 2011
|
1-3187
|
3.2 | X | ||||||||||||||||||||||||||||||||||||||
3(j) | — |
CERC Form 10-K for the year ended December 31, 1997
|
1-13265 | 3(b) | X | |||||||||||||||||||||||||||||||||||||||
3(k) | — |
|
CenterPoint Energy’s Form 10-K for the year ended December 31, 2011 | 1-31447 | 3(c) | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
3(l) | — |
|
CenterPoint Energy’s Form 8-K dated August 22, 2018
|
1-31447 | 3.1 | X | ||||||||||||||||||||||||||||||||||||||
3(m) | — |
|
CenterPoint Energy’s Form 8-K dated September 25, 2018
|
1-31447 | 3.1 | X | ||||||||||||||||||||||||||||||||||||||
3(n) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
4(a) | — | CenterPoint Energy’s Registration Statement on Form S-4 | 333-69502 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(b) | — |
|
CenterPoint Energy’s Form 8-K dated August 22, 2018
|
1-31447
|
4.1 | X | ||||||||||||||||||||||||||||||||||||||
4(c) | — |
|
CenterPoint Energy’s Form 8-K dated September 25, 2018
|
1-31447
|
4.1 | X | ||||||||||||||||||||||||||||||||||||||
4(d) | — |
|
CenterPoint Energy’s Form 8-K dated September 25, 2018
|
1-31447
|
4.2 | X | ||||||||||||||||||||||||||||||||||||||
4(e) | — |
|
CenterPoint Energy’s Form 8-K dated September 25, 2018
|
1-31447
|
4.3 | X | ||||||||||||||||||||||||||||||||||||||
4(f) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2001 | 1-31447 | 4.3 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(g)(1) | — | Mortgage and Deed of Trust, dated November 1, 1944 between Houston Lighting and Power Company (HL&P) and Chase Bank of Texas, National Association (formerly, South Texas Commercial National Bank of Houston), as Trustee, as amended and supplemented by 20 Supplemental Indentures thereto | HL&P’s Form S-7 filed on August 25, 1977 | 2-59748 | 2(b) | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(2) | — | Twenty-First through Fiftieth Supplemental Indentures to Exhibit 4(g)(1) | HL&P’s Form 10-K for the year ended December 31, 1989 | 1-3187 | 4(a)(2) | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(3) | — | Fifty-First Supplemental Indenture to Exhibit 4(g)(1) dated as of March 25, 1991 | HL&P’s Form 10-Q for the quarter ended June 30, 1991 | 1-3187 | 4(a) | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(4) | — | Fifty-Second through Fifty-Fifth Supplemental Indentures to Exhibit 4(g)(1) each dated as of March 1, 1992 | HL&P’s Form 10-Q for the quarter ended March 31, 1992 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(5) | — | Fifty-Sixth and Fifty-Seventh Supplemental Indentures to Exhibit 4(g)(1) each dated as of October 1, 1992 | HL&P’s Form 10-Q for the quarter ended September 30, 1992 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(6) | — | Fifty-Eighth and Fifty-Ninth Supplemental Indentures to Exhibit 4(g)(1) each dated as of March 1, 1993 | HL&P’s Form 10-Q for the quarter ended March 31, 1993 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(7) | — | Sixtieth Supplemental Indenture to Exhibit 4(g)(1) dated as of July 1, 1993 | HL&P’s Form 10-Q for the quarter ended June 30, 1993 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(8) | — | Sixty-First through Sixty-Third Supplemental Indentures to Exhibit 4(g)(1) each dated as of December 1, 1993 | HL&P’s Form 10-K for the year ended December 31, 1993 | 1-3187 | 4(a)(8) | X | X | |||||||||||||||||||||||||||||||||||||
4(g)(9) | — | Sixty-Fourth and Sixty-Fifth Supplemental Indentures to Exhibit 4(g)(1) each dated as of July 1, 1995 | HL&P’s Form 10-K for the year ended December 31, 1995 | 1-3187 | 4(a)(9) | X | X | |||||||||||||||||||||||||||||||||||||
4(h)(1) | — | Houston Electric’s Form 10-Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(1) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(2) | — | Houston Electric’s Form 10- Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(3) | X | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(h)(3) | — | Houston Electric’s Form 10-Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(4) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2003 | 1-31447 | 4(e)(10) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(5) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 4(e)(10) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(6) | — | CenterPoint Energy’s Form 8-K dated March 13, 2003 | 1-31447 | 4.1 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(7) | — | CenterPoint Energy’s Form 8-K dated March 13, 2003 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(8) | — | CenterPoint Energy’s Form 8-K dated May 16, 2003 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(9) | — | CenterPoint Energy’s Form 8-K dated May 16, 2003 | 1-31447 | 4.1 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(10) | — | Houston Electric’s Form 8-K dated January 6, 2009 | 1-3187 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(11) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2012 | 1-31447 | 4(e)(33) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(12) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2012 | 1-31447 | 4(e)(34) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(13) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2014 | 1-31447 | 4.10 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(14) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2014 | 1-31447 | 4.11 | X | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(h)(15) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2016 | 1-31447 | 4.5 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(16) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2016 | 1-31447 | 4.6 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(17) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2016 | 1-31447 | 4.5 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(18) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2016 | 1-31447 | 4.6 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(19) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2016 | 1-31447 | 4(e)(41) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(20) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2016 | 1-31447 | 4(e)(42) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(21)
|
— |
|
CenterPoint Energy’s Form 10-Q for the quarter ended March 30, 2018 | 1-31447 | 4.9 | X | X | |||||||||||||||||||||||||||||||||||||
4(h)(22)
|
— | CenterPoint Energy’s Form 10-Q for the quarter ended March 30, 2018 | 1-31447 | 4.10 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(23) | — | Houston Electric’s Form 8-K dated January 10, 2019 | 1-3187 | 4.4 | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(24) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2018 | 1-31447 | 4(h)(24) | X | X | ||||||||||||||||||||||||||||||||||||||
4(h)(25) | — |
|
Houston Electric’s Form 8-K dated June 2, 2020 | 1-3187 | 4.4 | X | X | |||||||||||||||||||||||||||||||||||||
4(h)(26) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2020 | 1-31447 | 4.26 | X | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(i)(1) | — | Indenture, dated as of February 1, 1998, between Reliant Energy Resources Corp. (RERC Corp.) and Chase Bank of Texas, National Association, as Trustee | CERC Corp.’s Form 8-K dated February 5, 1998 | 1-13265 | 4.1 | X | X | |||||||||||||||||||||||||||||||||||||
4(i)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2006 | 1-31447 | 4(f)(11) | X | X | ||||||||||||||||||||||||||||||||||||||
4(i)(3) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2008 | 1-31447 | 4.9 | X | X | ||||||||||||||||||||||||||||||||||||||
4(i)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2010 | 1-31447 | 4(f)(15) | X | X | ||||||||||||||||||||||||||||||||||||||
4(i)(5) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2017 | 1-31447 | 4.11 | X | X | ||||||||||||||||||||||||||||||||||||||
4(i)(6) | — |
|
CERC’s Form 10-Q for the quarter ended March 31, 2018
|
1-13265
|
4.4 | X | X | |||||||||||||||||||||||||||||||||||||
4(i)(7) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2020 | 1-31447 | 4.23 | X | X | ||||||||||||||||||||||||||||||||||||||
4(j)(1) | — | CenterPoint Energy’s Form 8-K dated May 19, 2003 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(j)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2017 | 1-31447 | 4.9 | X | |||||||||||||||||||||||||||||||||||||||
4(j)(3) | — |
|
CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2018
|
1-31447
|
4.14 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(j)(4) | — |
|
CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2019
|
1-31447
|
4.2 | X | ||||||||||||||||||||||||||||||||||||||
4(k)(1) | — | Subordinated Indenture dated as of September 1, 1999 | Reliant Energy’s Form 8-K dated September 1, 1999 | 1-3187 | 4.1 | X | ||||||||||||||||||||||||||||||||||||||
4(k)(2) | — | Supplemental Indenture No. 1 dated as of September 1, 1999, between Reliant Energy and Chase Bank of Texas (supplementing Exhibit 4(k)(1) and providing for the issuance Reliant Energy’s 2% Zero-Premium Exchangeable Subordinated Notes Due 2029) | Reliant Energy’s Form 8-K dated September 15, 1999 | 1-3187 | 4.2 | X | ||||||||||||||||||||||||||||||||||||||
4(k)(3) | — | CenterPoint Energy’s Form 8-K12B dated August 31, 2002 | 1-31447 | 4(e) | X | |||||||||||||||||||||||||||||||||||||||
4(k)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2005 | 1-31447 | 4(h)(4) | X | |||||||||||||||||||||||||||||||||||||||
4(l) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(m) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(n) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 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(o) | — |
$400,000,000 Credit Agreement dated as of February 4, 2021 among Vectren Utility $400,000,000 Credit Agreement dated as of February 4, 2021 among VUHI, as Borrower, Indiana Gas, SIGECO and VEDO, as guarantors, Bank of America, N.A., as Administrative Agent, the financial institutions as bank parties thereto and the other parties thereto , Inc., as Borrower, Indiana Gas Company, Inc., Southern Indiana Gas and Electric Company and Vectren Energy Delivery of Ohio, Inc. as guarantors, Bank of America, N.A., as Administrative Agent, the financial institutions as bank parties thereto and the other parties thereto
|
CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.4 | X | ||||||||||||||||||||||||||||||||||||||
4(p)(1) | — | CenterPoint Energy’s Form 8-K dated May 15, 2019 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(q)(1) | — |
Mortgage and Deed of Trust dated as of April 1, 1932 between SIGECO and Bankers Trust Company, as Trustee, as amended and supplemented by 28 Supplemental Indentures thereto
|
Post-Effective Amendment No. 1
Form 8-K dated June 1, 1984 Form 8-K dated March 24, 1986 Form 8-K dated June 3, 1986 |
2-2536
2-62032 2-88923 1-3553 1-3553 1-3553 |
B-1, B-2
(b)(4)(ii)
4(b)(2)
4
4-A
4
|
X
X
X
X
X
X
|
||||||||||||||||||||||||||||||||||||||
4(q)(2) | — | Additional Supplemental Indentures to Exhibit 4(q)(1) | X | |||||||||||||||||||||||||||||||||||||||||
Date as of | File Reference | Exhibit No. | ||||||||||||||||||||||||||||||||||||||||||
July 1, 1985 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1985 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
November 1, 1985 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1985 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
November 15, 1986 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1986 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
January 15, 1987 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1986 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
December 15, 1987 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1987 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
December 13, 1990 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1990 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
April 1, 1993 | 1-3553, SIGECO’s Form 8-K dated April 13, 1993 | 4 |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
June 1, 1993 | 1-3553, SIGECO’s Form 8-K dated June 14, 1993 | 4 | ||||||||||||||||||||||||||||||||||||||||||
1-3553, SIGECO’s Form 10-K for the fiscal year 1993 | 4(a) | |||||||||||||||||||||||||||||||||||||||||||
1-3553, SIGECO’s Form 10-Q for the quarter ended June 30, 1999 | 4(a) | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2001 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2004 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2004 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
Date as of | File Reference | Exhibit No. | ||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2009 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated April 30, 2013 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated September 25, 2014 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated September 10, 2015 | 4.1 |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(r)(1) | — | Indenture dated February 1, 1991 between Indiana Gas Company, Inc. and U.S Bank Trust National Association (formerly known as First Trust National Association, which was formerly known as Bank of America Illinois, which was formerly known as Continental Bank, National Association) | Indiana Gas’s Form 8-K filed February 15, 1991 | 1-6494 | 4(a) | X | ||||||||||||||||||||||||||||||||||||||
4(r)(2) | — | First Supplemental Indenture to Exhibit 4(r)(1), dated as of February 15, 1991 | Indiana Gas’s Form 8-K filed February 15, 1991 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(r)(3) | — | Second Supplemental Indenture to Exhibit 4(r)(1), dated as of September 15, 1991 | Indiana Gas’s Form 8-K filed September 25, 1991 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(r)(4) | — | Third Supplemental Indenture to Exhibit 4(r)(1), dated as of September 15, 1991 | Indiana Gas’s Form 8-K filed September 25, 1991 | 1-6494 | 4(c) | X | ||||||||||||||||||||||||||||||||||||||
4(r)(5) | — | Fourth Supplemental Indenture to Exhibit 4(r)(1), dated as of December 2, 1992 | Indiana Gas’s Form 8-K filed December 8, 1992 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(r)(6) | — | Indiana Gas’s Form 8-K filed December 27, 2000 | 1-6494 | 4 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(1) | — | VUHI’s Form 8-K dated October 19, 2001 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(2) | — | VUHI’s Form 8-K dated October 19, 2001 | 1-16739 | 4.2 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(3) | — | VUHI’s Form 8-K dated November 29, 2001 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(4) | — | VUHI’s Form 8-K dated July 24, 2003 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(5) | — | VUHI’s Form 8-K dated November 18, 2005 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(6) | — | VUHI’s Form 8-K dated October 16, 2006 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s)(7) | — | VUHI’s Form 8-K dated March 10, 2008 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(t) | — | Vectren’s Form 8-K dated April 8, 2011 | 1-15467 | 4.1 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(u) | — | Vectren’s Form 8-K dated November 17, 2011 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(v) | — | Vectren’s Form 8-K dated December 21, 2012 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(w) | — | Vectren’s Form 8-K dated August 22, 2013 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(x) | — | Vectren’s Form 8-K dated June 12, 2015 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(y) | — | Vectren’s Form 8-K dated June 12, 2015 | 1-15467 | 4.2 | X | |||||||||||||||||||||||||||||||||||||||
4(z) | — | Vectren’s Form 8-K dated September 25, 2017 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(aa) | — | Vectren’s Form 8-K dated May 3, 2018 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(bb) | — | Vectren’s Form 8-K dated May 3, 2018 | 1-15467 | 4.2 | X | |||||||||||||||||||||||||||||||||||||||
4(cc) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(dd) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 4.2 | X | |||||||||||||||||||||||||||||||||||||||
4(ee) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 4.3 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(ff) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 4.4 | X | |||||||||||||||||||||||||||||||||||||||
4(gg) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 4.5 | X | |||||||||||||||||||||||||||||||||||||||
†4(hh) | — | X | ||||||||||||||||||||||||||||||||||||||||||
†4(ii) | — | X | ||||||||||||||||||||||||||||||||||||||||||
†4(jj) | — | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(a) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(b)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(b)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(c) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2003 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(d)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(d)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.5 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(e)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(e)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.6 | X | |||||||||||||||||||||||||||||||||||||||
*10(e)(3) | CenterPoint Energy’s Form 8-K dated December 9, 2019 | 1-31447 | 10.1 | X | ||||||||||||||||||||||||||||||||||||||||
*10(f) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2003 | 1-31447 | 10.5 | X | |||||||||||||||||||||||||||||||||||||||
10(g)(1) | — | Stockholder’s Agreement dated as of July 6, 1995 between Houston Industries Incorporated and Time Warner Inc. | Schedule 13-D dated July 6, 1995 | 5-19351 | 2 | X | ||||||||||||||||||||||||||||||||||||||
10(g)(2) | — | Amendment to Exhibit 10(g)(1) dated November 18, 1996 | HI’s Form 10-K for the year ended December 31, 1996 | 1-7629 | 10(x)(4) | X | ||||||||||||||||||||||||||||||||||||||
†10(h) | — | X | ||||||||||||||||||||||||||||||||||||||||||
10(i)(1) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(i)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(bb)(5) | X | |||||||||||||||||||||||||||||||||||||||
10(i)(3) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.5 | X | |||||||||||||||||||||||||||||||||||||||
10(i)(4) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.6 | X | |||||||||||||||||||||||||||||||||||||||
10(i)(5) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.8 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10(j)(1) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(1) | X | |||||||||||||||||||||||||||||||||||||||
10(j)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(2) | X | |||||||||||||||||||||||||||||||||||||||
10(j)(3) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(3) | X | |||||||||||||||||||||||||||||||||||||||
*10(k)(1) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2003 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(k)(2) | — | CenterPoint Energy’s Form 8-K dated February 20, 2008 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(l)(1) | — | CenterPoint Energy’s Form 8-K dated February 20, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(l)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(m) | — |
|
CenterPoint Energy’s Form 10-K for the year ended December 31, 2018 | 1-31447 | 10(m) | X | ||||||||||||||||||||||||||||||||||||||
*10(n)(1) | — |
|
CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018
|
1-31447 | 10.1 | X | ||||||||||||||||||||||||||||||||||||||
*10(n)(2) | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(n)(2) | X | ||||||||||||||||||||||||||||||||||||||||
10(o) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2005 | 1-31447 | 10.1 | X | X | ||||||||||||||||||||||||||||||||||||||
10(p)(1) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.2 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10(p)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(1) | — | CenterPoint Energy’s Schedule 14A dated March 13, 2009 | 1-31447 | A | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(q)(2) | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(3) | — |
CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018
|
1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(4) | — | CenterPoint Energy’s Form 8-K dated February 28, 2012 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(5) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(q)(5) | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(6) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(7) | — |
CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018
|
1-31447 | 10.7 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(8) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(9) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(10) | — | CenterPoint Energy’s Form 8-K/A dated June 30, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(11) | — |
Form of Award Agreement for Restricted Stock Units for Named Executive Officers (Separation) under Exhibit 10(q)(1)
|
CenterPoint Energy’s Form 8-K/A dated June 30, 2020 | 1-31447 | 10.2 | X | ||||||||||||||||||||||||||||||||||||||
†*10(q)(12) | — | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
†*10(q)(13) | — | X | ||||||||||||||||||||||||||||||||||||||||||
*10(q)(14) | — | CenterPoint Energy’s Form 8-K/A dated February 19, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
†10(r) | — | X | ||||||||||||||||||||||||||||||||||||||||||
†10(s) | — | X | ||||||||||||||||||||||||||||||||||||||||||
*10(t)(1) | — | CenterPoint Energy’s Form 8-K dated April 27, 2017 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
†*10(t)(2) | — | X | ||||||||||||||||||||||||||||||||||||||||||
*10(u) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2013 | 1-31447 | 10(zz) | X | |||||||||||||||||||||||||||||||||||||||
*10(v) | — | Vectren’s Form 10-K for the year end December 31, 2001 | 1-15467 | 10.32 | X | |||||||||||||||||||||||||||||||||||||||
*10(w) | — | Vectren’s Form 8-K dated September 29, 2008 | 1-15467 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(x) | — | Vectren’s Form 8-K dated December 17, 2008 | 1-15467 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(y) | — | Vectren’s Form 8-K dated January 5, 2012 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(z) | — | Vectren’s Form 10-K for the year end December 31, 2012 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(aa) | — | Vectren’s Form 8-K dated December 17, 2008 | 1-15467 | 10.1 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(bb) | — | Vectren’s Form 10-Q for the quarter ended September 30, 2013 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(cc) | — | CenterPoint Energy’s Form 8-K dated March 14, 2013 | 1-31447 | 2.1 | X | |||||||||||||||||||||||||||||||||||||||
10(dd) | — | CenterPoint Energy’s Form 8-K dated November 14, 2017 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(ee) | — | CenterPoint Energy’s Form 8-K dated June 22, 2016 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
10(ff) | — | CenterPoint Energy’s Form 8-K dated May 1, 2013 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
10(gg) | — | CenterPoint Energy’s Form 8-K dated May 1, 2013 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
10(hh) | — |
|
CERC’s Form 8-K dated May 27, 2014 | 1-13265 | 10.1 | X | ||||||||||||||||||||||||||||||||||||||
10(ii) | — |
|
CERC’s Form 8-K dated May 27, 2014 | 1-13265 | 10.2 | X | ||||||||||||||||||||||||||||||||||||||
10(jj) | — | CERC’s Form 8-K dated May 27, 2014 | 1-13265 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
10(kk) | — | CenterPoint Energy’s Form 8-K dated January 28, 2016 | 1-31447 | 10.1 | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10(ll) | — | CenterPoint Energy’s Form 8-K dated February 18, 2016 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
10(mm) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(nn) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(oo) | — | CenterPoint Energy’s Form 8-K dated September 15, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(pp) | — | CenterPoint Energy’s Form 8-K dated February 16, 2021 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(qq) | — | CenterPoint Energy’s Form 8-K dated February 16, 2021 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
†21 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.2.1 | — | X |
Exhibit
Number |
Description | Report or Registration Statement |
SEC File or
Registration Number |
Exhibit
Reference |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
†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 | ||||||||||||||||||||||||||||||||||||||||||
99.1 | — | Part II, Item 8 of Enable Midstream Partners, LP’s Form 10-K for the year ended December 31, 2020 | 001-36413 | Item 8 | 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 |
CENTERPOINT ENERGY, INC. | |||||
(Registrant) | |||||
By: /s/ David J. Lesar
|
|||||
David J. Lesar | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ DAVID J. LESAR | President, Chief Executive Officer and | |||||||
David J. Lesar | Director (Principal Executive Officer and Director) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief | |||||||
Jason P. Wells | Financial Officer (Principal Financial Officer) | |||||||
/s/ KRISTIE L. COLVIN | Senior Vice President and Chief | |||||||
Kristie L. Colvin | Accounting Officer (Principal Accounting Officer) | |||||||
/s/ MILTON CARROLL | Executive Chairman of the Board of Directors | |||||||
Milton Carroll | ||||||||
/s/ LESLIE D. BIDDLE | Director | |||||||
Leslie D. Biddle | ||||||||
/s/ WENDOLYNN MONTOYA CLOONAN | Director | |||||||
Wendolynn Montoya Cloonan | ||||||||
/s/ EARL M. CUMMINGS | Director | |||||||
Earl M. Cummings | ||||||||
/s/ SCOTT J. MCLEAN | Director | |||||||
Scott J. McLean | ||||||||
/s/ MARTIN H. NESBITT | Director | |||||||
Martin H. Nesbitt | ||||||||
/s/ THEODORE F. POUND | Director | |||||||
Theodore F. Pound | ||||||||
/s/ SUSAN O. RHENEY | Director | |||||||
Susan O. Rheney | ||||||||
/s/ PHILLIP R. SMITH | Director | |||||||
Phillip R. Smith | ||||||||
/s/ BARRY T. SMITHERMAN | Director | |||||||
Barry T. Smitherman |
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | |||||
(Registrant) | |||||
By: | /s/ KENNETH M. MERCADO | ||||
Kenneth M. Mercado | |||||
Manager |
Signature | Title | |||||||
/s/ KENNETH M. MERCADO | Manager, President and Chief Executive Officer | |||||||
(Kenneth M. Mercado) | (Principal Executive Officer) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief Financial Officer | |||||||
(Jason P. Wells) | (Principal Financial Officer) | |||||||
/s/ KRISTIE L. COLVIN | Senior Vice President and Chief Accounting Officer | |||||||
(Kristie L. Colvin) | (Principal Accounting Officer) |
CENTERPOINT ENERGY RESOURCES CORP. | |||||
(Registrant) | |||||
By: | /s/ SCOTT E. DOYLE | ||||
Scott E. Doyle | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ SCOTT E. DOYLE | Chairman, President and Chief Executive Officer | |||||||
(Scott E. Doyle) | (Principal Executive Officer and Director) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief Financial Officer | |||||||
(Jason P. Wells) | (Principal Financial Officer) | |||||||
/s/ KRISTIE L. COLVIN | Senior Vice President and Chief Accounting Officer | |||||||
(Kristie L. Colvin) | (Principal Accounting Officer) |
• | the designation of the series, |
• | dividend rates and payment dates, |
• | whether dividends will be cumulative, non-cumulative or partially cumulative, and related terms, |
• | redemption rights, |
• | liquidation rights, |
• | sinking fund provisions, |
• | conversion rights, |
• | voting rights, and |
• | any other terms. |
• | the title of the preferred stock, |
• | the maximum number of shares of the series, |
• | the dividend rate or the method of calculating the dividend, the date from which dividends will accrue and whether dividends will be cumulative, |
• | any liquidation preference, |
• | any optional redemption provisions, |
• | any sinking fund or other provisions that would obligate us to redeem or purchase the preferred stock, |
• | any terms for the conversion or exchange of the preferred stock for other securities of us or any other entity, |
• | any voting rights, and |
• | any other preferences and relative, participating, optional or other special rights or any qualifications, limitations or restrictions on the rights of the shares. |
• | acquisition of us by means of a tender offer, |
• | acquisition of control of us by means of a proxy contest or otherwise, or |
• | removal of our incumbent officers and directors. |
• | make nominations in the election of directors, |
• | propose that a director be removed, |
• | propose any repeal or change in the Bylaws, or |
• | propose any other business to be brought before an annual or special meeting of shareholders. |
• | the shareholder’s status as a shareholder, |
• | the number of shares beneficially owned by the shareholder, |
• | a list of the persons with whom the shareholder is acting in concert, and |
• | the number of shares such persons beneficially own. |
• | in connection with an annual meeting of shareholders, not less than 90 days nor more than 180 days prior to the first anniversary of the date on which the immediately preceding year’s annual meeting of shareholders was held; provided that if the date of the annual meeting is advanced by more than 30 days prior to or delayed by more than 60 days after the first anniversary of the preceding year’s annual meeting of shareholders, not earlier than 180 days prior to the annual meeting and not later than the last to occur of (i) the 90th day prior to the annual meeting or (ii) the 10th day following the day on which we first make public announcement of the date of the annual meeting, or |
• | in connection with the nomination of director candidates at a special meeting of shareholders, generally not less than 40 days nor more than 60 days prior to the date of the special meeting. |
• | any breach of the director’s duty of loyalty to us or our shareholders, |
• | any act or omission not in good faith that constitutes a breach of duty of the director to the corporation or that involves intentional misconduct or a knowing violation of law, |
• | a transaction from which the director received an improper benefit, regardless of whether or not the benefit resulted from an action taken within the scope of a director’s duties, and |
• | an act or omission for which the liability of a director is expressly provided for by statute. |
• | senior to our common stock and to each other class or series of our capital stock established after the original issue date of our Series B Preferred Stock (which we refer to as the “initial issue date”) that is expressly made subordinated to our Series B Preferred Stock as to the payment of dividends or amounts payable on a liquidation, dissolution or winding up of our affairs (the “Junior Stock”); |
• | on a parity with our Series A Preferred Stock and any class or series of our capital stock established after the initial issue date that is not expressly made senior or subordinated to our Series B Preferred Stock as to the payment of dividends and amounts payable on a liquidation, dissolution or winding up of our affairs (the “Parity Stock”); |
• | junior to any class or series of our capital stock established after the initial issue date that is expressly made senior to our Series B Preferred Stock as to the payment of dividends or amounts payable on a liquidation, dissolution or winding up of our affairs (the “Senior Stock”); |
• | junior to all of our existing and future indebtedness (including indebtedness outstanding under our credit facilities, our senior notes and our commercial paper) and other liabilities with respect to assets available to satisfy claims against us; and |
• | structurally subordinated to any existing and future indebtedness and other liabilities of our subsidiaries and capital stock of our subsidiaries held by third parties. |
• | by paying cash; |
• | by delivering shares of our common stock (or, as described below, units of exchange property); or |
• | through any combination of paying cash and delivering shares of our common stock (or, as described below, units of exchange property). |
• | to cure any ambiguity, omission, inconsistency or mistake in any such agreement or instrument; |
• | to make any provision with respect to matters or questions relating to our Series B Preferred Stock that is not inconsistent with the provisions of the Statement of Resolution for our Series B Preferred Stock and that does not adversely affect the rights of any holder of our Series B Preferred Stock; or |
• | to make any other change that does not adversely affect the rights of any holder of our Series B Preferred Stock (other than any holder that consents to such change). |
• |
if the applicable market value of our common stock is greater than the threshold appreciation price, then the conversion rate will be 30.5820 shares of our common stock per share of our Series B Preferred Stock (the “minimum conversion rate”), which is approximately equal to $1,000, divided by the threshold appreciation price;
|
• |
if the applicable market value of our common stock is less than or equal to the threshold appreciation price but equal to or greater than the initial price, then the conversion rate will be equal to $1,000, divided by the applicable market value of our common stock, rounded to the nearest ten-thousandth of a share, which will be between 30.5820 and 36.6980 shares of our common stock per share of our Series B Preferred Stock; or
|
• |
if the applicable market value of our common stock is less than the initial price, then the conversion rate will be 36.6980 shares of our common stock per share of our Series B Preferred Stock (the “maximum conversion rate”), which is approximately equal to $1,000, divided by the initial price.
|
Applicable Market Value of Our Common Stock |
Number of Shares of Our
Common Stock to Be Received Upon Conversion |
Conversion Value (Applicable
Market Value of Our Common Stock Multiplied by the Number of Shares of Our Common Stock to Be Received Upon Conversion) |
||||||||||||||||||||||||
$20.00 | 36.6980 | $ | 733.96 | |||||||||||||||||||||||
$22.00 | 36.6980 | $ | 807.36 | |||||||||||||||||||||||
$24.00 | 36.6980 | $ | 880.75 | |||||||||||||||||||||||
$26.00 | 36.6980 | $ | 954.15 | |||||||||||||||||||||||
$27.25 | 36.6980 | $ | 1,000.00 | |||||||||||||||||||||||
$28.00 | 35.7143 | $ | 1,000.00 | |||||||||||||||||||||||
$30.00 | 33.3333 | $ | 1,000.00 | |||||||||||||||||||||||
$32.00 | 31.2500 | $ | 1,000.00 | |||||||||||||||||||||||
$32.70 | 30.5820 | $ | 1,000.00 | |||||||||||||||||||||||
$34.00 | 30.5820 | $ | 1,039.79 | |||||||||||||||||||||||
$36.00 | 30.5820 | $ | 1,100.95 | |||||||||||||||||||||||
$38.00 | 30.5820 | $ | 1,162.12 | |||||||||||||||||||||||
$40.00 | 30.5820 | $ | 1,223.28 |
(1) | a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than us, our wholly owned subsidiaries and our or their employee benefit plans, becomes the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of our common stock representing more than 50% of the voting power of our common stock; |
(2) | the consummation of (A) any recapitalization, reclassification or change of our common stock (other than a change only in par value, from par value to no par value or from no par value to par value, or changes resulting from a subdivision or combination of our common stock) as a result of which our common stock would be converted into, would be exchanged for, or would represent solely the right to receive, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of us pursuant to which our common stock will be converted into, will be exchanged for, or will represent solely the right to receive, stock, other securities, other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of us and our subsidiaries, taken as a whole, to any person other than one or more of our wholly-owned subsidiaries; or |
(3) | our common stock (or other exchange property) ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors). |
Stock Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Date | $10.00 | $20.00 | $27.25 | $28.00 | $30.00 | $32.70 | $37.50 | $45.00 | $55.00 | $70.00 | $100.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 1, 2018
|
26.4720 | 29.8600 | 29.7120 | 29.6200 | 29.3320 | 28.9420 | 28.4700 | 28.3480 | 28.6000 | 28.9660 | 29.3820 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2019
|
29.5840 | 32.0480 | 31.3260 | 31.1460 | 30.6100 | 29.9040 | 29.1060 | 29.0280 | 29.2400 | 29.4900 | 29.7720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2020
|
33.0760 | 34.4220 | 33.2700 | 32.9540 | 31.9740 | 30.7620 | 29.7960 | 29.7680 | 29.8980 | 30.0280 | 30.1700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2021
|
36.6980 | 36.6980 | 36.6980 | 35.7140 | 33.3340 | 30.5820 | 30.5820 | 30.5820 | 30.5820 | 30.5820 | 30.5820 |
• | if the stock price is between two stock prices on the table or the effective date is between two effective dates on the table, the fundamental change conversion rate will be determined by straight-line interpolation between the fundamental change conversion rates set forth for the higher and lower stock prices and the earlier and later effective dates, as applicable, based on a 365- or 366-day year, as applicable; |
• | if the stock price is in excess of $100.00 per share (subject to adjustment in the same manner as the prices in the column headings of the table above), then the fundamental change conversion rate will be the minimum conversion rate, subject to adjustment; and |
• | if the stock price is less than $10.00 per share (subject to adjustment in the same manner as the prices in the column headings of the table above), then the fundamental change conversion rate will be the maximum conversion rate, subject to adjustment. |
• | by paying cash; |
• | by delivering shares of our common stock; or |
• | through any combination of paying cash and delivering shares of our common stock. |
• | the fundamental change conversion rate; |
• | the fundamental change dividend make-whole amount and whether we will pay such amount, or any portion thereof, by delivering shares of our common stock and, if applicable, the portion of such amount that will be paid by delivering shares of our common stock; and |
• | the accumulated dividend amount and whether we will pay such amount, or any portion thereof, by delivering shares of our common stock and, if applicable, the portion of such amount that will be paid by delivering shares of our common stock. |
• | the numerator of which is the sum of (i) the number of shares of our common stock outstanding at 5:00 p.m., New York City time, on the date fixed for such determination and (ii) the total number of shares of our common stock constituting such dividend or other distribution, and |
• | the denominator of which is the number of shares of our common stock outstanding at 5:00 p.m., New York City time, on the date fixed for such determination. |
• | the numerator of which is the sum of (i) the number of shares of our common stock outstanding at 5:00 p.m., New York City time, on the date fixed for such determination and (ii) the number of shares of our common stock issuable pursuant to such rights, options or warrants, and |
• |
the denominator of which shall be the sum of (i) the number of shares of our common stock outstanding at 5:00 p.m., New York City time, on the date fixed for such determination and (ii) the number of shares of our common stock equal to the quotient of the aggregate offering price payable to exercise such rights, options or warrants, divided by the current market price of our common stock.
|
• | the numerator of which is the number of shares of our common stock that would be outstanding immediately after, and solely as a result of, such subdivision or combination, and |
• | the denominator of which is the number of shares of our common stock outstanding immediately prior to such subdivision or combination. |
• | any dividend or distribution as to which an adjustment was effected under clause (1) above (or will be so effected in accordance with the one-percent provision); |
• | any issuance of rights, options or warrants described in clause (2) above; |
• | any dividend or distribution of solely cash to all or substantially all holders of our common stock as to which the provisions set forth in clause (5) below shall apply; and |
• | any spin-off as to which the provisions set forth below in this clause (4) shall apply, |
• | the numerator of which is the current market price of our common stock, and |
• |
the denominator of which is the current market price of our common stock minus the fair market value, as determined in good faith by our board of directors, or an authorized committee thereof, on such date fixed for determination, of the portion of the evidences of indebtedness, shares of capital stock, securities, rights, options or warrants to acquire our capital stock, cash or other assets so distributed applicable to one share of our common stock.
|
• | the numerator of which is the sum of (i) the current market price of our common stock and (ii) the current market price of the number of shares of capital stock or similar equity interests so distributed applicable to one share of our common stock as of the tenth trading day after the ex-date for such distribution, and |
• | the denominator of which is the current market price of our common stock. |
• | any regular, quarterly cash dividend that does not exceed $0.2775 per share (the “initial dividend threshold”), |
• | any cash that is distributed in exchange for, or upon conversion of, our common stock in a reorganization event (as described below), |
• | any dividend or distribution in connection with our liquidation, winding-up or dissolution, and |
• | any consideration payable as part of a tender or exchange offer described in clause (6) below, |
• |
the numerator of which is the current market price of our common stock minus the initial dividend threshold (provided that if the dividend or distribution is not a regular, quarterly cash dividend, the initial dividend threshold will be deemed to be zero), and
|
• |
the denominator of which is the current market price of our common stock minus the amount per share of our common stock of such dividend or distribution.
|
• | the numerator of which shall be equal to the sum of: |
• | the denominator of which shall be equal to the product of: |
• | clause (2), clause (4) in the event of an adjustment not relating to a spin-off and clause (5) above, the “current market price” of our common stock is the average VWAP per share of our common stock over the five consecutive trading day period ending on, and including, the trading day immediately preceding the ex-date with respect to the issuance or distribution requiring such computation; |
• | clause (4) above in the event of an adjustment relating to a spin-off, the “current market price” of our common stock, capital stock or similar equity interest, as applicable, is the average VWAP per share over the first ten consecutive trading days commencing on, and including, the trading day immediately following the ex-date of such distribution; and |
• | clause (6) above, the “current market price” of our common stock is the average VWAP per share of our common stock over the five consecutive trading day period commencing on, and including, the trading day immediately following the expiration date of the tender or exchange offer. |
• | the record date for a dividend or distribution on our common stock occurs after the end of the final averaging period and before the mandatory conversion date, and |
• | that dividend or distribution would have resulted in an adjustment of the number of shares of our common stock issuable to the holders of our Series B Preferred Stock had such record date occurred on or before the last trading day of the final averaging period, |
• | any consolidation or merger of us with or into another person (other than a merger or consolidation in which we are the continuing corporation and in which the shares of our common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities or other property of us or another person); |
• | any sale, transfer, lease or conveyance to another person of all or substantially all of our and our subsidiaries’ consolidated property and assets; |
• | any reclassification of our common stock into securities, including securities other than our common stock; or |
• | any statutory exchange of our securities with another person (other than in connection with a merger or consolidation), |
Stock Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Date | $10.00 | $20.00 | $27.25 | $28.00 | $30.00 | $32.70 | $37.50 | $45.00 | $55.00 | $70.00 | $100.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 1, 2018
|
1.3236 | 1.4930 | 1.4856 | 1.4810 | 1.4666 | 1.4471 | 1.4235 | 1.4174 | 1.4300 | 1.4483 | 1.4691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2019
|
1.4792 | 1.6024 | 1.5663 | 1.5573 | 1.5305 | 1.4952 | 1.4553 | 1.4514 | 1.4620 | 1.4745 | 1.4886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2020
|
1.6538 | 1.7211 | 1.6635 | 1.6477 | 1.5987 | 1.5381 | 1.4898 | 1.4884 | 1.4949 | 1.5014 | 1.5085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2021
|
1.8349 | 1.8349 | 1.8349 | 1.7857 | 1.6667 | 1.5291 | 1.5291 | 1.5291 | 1.5291 | 1.5291 | 1.5291 |
• | if the stock price is between two stock prices on the table or the effective date is between two effective dates on the table, the fundamental change conversion rate per depositary share will be determined by straight-line interpolation between the fundamental change conversion rates per depositary share set forth for the higher and lower stock prices and the earlier and later effective dates, as applicable, based on a 365- or 366-day year, as applicable; |
• |
if the stock price is in excess of $100.00 per share (subject to adjustment in the same manner as the prices in the column headings of the table above), then the fundamental change conversion rate per depositary share will be the minimum conversion rate, divided by 20, subject to adjustment; and
|
• |
if the stock price is less than $10.00 per share (subject to adjustment in the same manner as the prices in the column headings of the table above), then the fundamental change conversion rate per depositary share will be the maximum conversion rate, divided by 20, subject to adjustment.
|
Applicable market value of our common stock
|
Conversion rate per depositary share
|
|||||||
Greater than the threshold appreciation price | 1.5291 shares of our common stock | |||||||
Equal to or less than the threshold appreciation price but greater than or equal to the initial price | Between 1.5291 and 1.8349 shares of our common stock, determined by dividing $50 by the applicable market value | |||||||
Less than the initial price | 1.8349 shares of our common stock |
• | to cure any ambiguity, omission, inconsistency or mistake in any such agreement or instrument; |
• | to make any provision with respect to matters or questions relating to our depositary shares that is not inconsistent with the provisions of the deposit agreement and that does not adversely affect the rights, preferences, privileges or voting powers of any holder of our depositary shares; |
• | to make any change reasonably necessary, in our reasonable determination, to reflect each depositary share’s representation of 1/20th of a share of our Series B Preferred Stock; |
• | to make any change reasonably necessary, in our reasonable determination, to comply with the procedures of the depositary and that does not adversely affect the rights, preferences, privileges or voting powers of any holder of our depositary shares; or |
• | to make any other change that does not adversely affect the rights, preferences, privileges or voting powers of any holder of our depositary shares (other than any holder that consents to such change). |
• | upon deposit of the global security with DTC’s custodian, DTC will credit portions of the global security to the accounts of the DTC participants designated by the underwriters; and |
• | ownership of beneficial interests in the global security will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC participants) and the records of DTC participants (with respect to other owners of beneficial interests in the global security). |
• | a limited purpose trust company organized under the laws of the State of New York; |
• | a “banking organization” within the meaning of the New York State Banking Law; |
• | a member of the Federal Reserve System; |
• | a “clearing corporation” within the meaning of the Uniform Commercial Code; and |
• | a “clearing agency” registered under Section 17A of the Exchange Act. |
• | will not be entitled to have securities represented by the global security registered in their names; |
• | will not receive or be entitled to receive physical, certificated securities; and |
• | will not be considered the owners or holders of the securities under the deposit agreement for any purpose, including with respect to the giving of any direction, instruction or approval to the depositary under the deposit agreement. |
• | DTC notifies us at any time that it is unwilling or unable to continue as depositary for the global security and a successor depositary is not appointed within 90 days; or |
• | DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days. |
• | failure to pay principal when due; |
• | failure to pay any interest installment, continued for 60 days; |
• | failure to pay any installment of any fund established under the First Mortgage Indenture for the purchase or redemption of any First Mortgage Bonds, continued for 60 days; |
• | failure to perform any covenant of the company, continued for 90 days after written notice; and |
• | certain events in bankruptcy, reorganization or insolvency. |
• | are general unsecured obligations, | |||||||
• | rank equally in right of payment with all of our other existing and future unsecured and unsubordinated indebtedness, and | |||||||
• | with respect to the assets and earnings of our subsidiaries, structurally rank below all of the liabilities of our subsidiaries. |
• | is payable semi-annually in arrears on each May 1 and November 1, | |||||||
• | is payable to the person in whose name the notes are registered at the close of business on the April 15 and October 15 immediately preceding the applicable interest payment date, which we refer to with respect to the notes as “regular record dates,” | |||||||
• | is computed on the basis of a 360-day year comprised of twelve 30-day months, and |
• | is payable on overdue interest to the extent permitted by law at the same rate as interest is payable on principal. |
• | 100% of the principal amount of the notes to be redeemed, plus | |||||||
• | accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, plus | |||||||
• | the make-whole premium described below, if any. |
• | each interest payment that, but for such redemption, would have been payable on the note or portion thereof being redeemed on each interest payment date occurring after the redemption date (excluding any accrued and unpaid interest for the period prior to the redemption date), and | |||||||
• | the principal amount that, but for such redemption, would have been payable at the final maturity of the note or portion thereof being redeemed, over |
• | liens on any property held or used by us or a subsidiary in connection with the exploration for, development of or production of, oil, gas, natural gas (including liquefied gas and storage gas), other hydrocarbons, helium, coal, metals, minerals, steam, timber, geothermal or other natural resources or synthetic fuels, such properties to include, but not be limited to, our or a subsidiary’s interest in any mineral fee interests, oil, gas or other mineral leases, royalty, overriding royalty or net profits interests, production payments and other similar interests, wellhead production equipment, tanks, field gathering lines, leasehold or field separation and processing facilities, compression facilities and other similar personal property and fixtures, | |||||||
• | liens on oil, gas, natural gas (including liquefied gas and storage gas), other hydrocarbons, helium, coal, metals, minerals, steam, timber, geothermal or other natural resources or synthetic fuels produced or recovered from any property, an interest in which is owned or leased by us or a subsidiary, | |||||||
• | liens (or certain extensions, renewals or refundings thereof) upon any property acquired, constructed or improved before or after the date the notes are first issued, which liens were or are created at the later of the time of acquisition or commercial operation thereof, or within one year thereafter to secure all or a portion of the purchase price thereof or the cost of construction or improvement, or existing thereon at the date of acquisition, provided that every such mortgage, pledge, lien or encumbrance applies only to the property so acquired or constructed and fixed improvements thereon, | |||||||
• | liens upon any property of any entity acquired by any entity that is or becomes a subsidiary after the date the notes are first issued, each of which we refer to as an “acquired entity,” provided that every such mortgage, pledge, lien or encumbrance: |
• | will either: |
• | exist prior to the time the acquired entity becomes a subsidiary, or | |||||||
• | be created at the time the acquired entity becomes a subsidiary or within one year thereafter to secure payment of the acquisition price thereof, and |
• | will only apply to those properties owned by the acquired entity at the time it becomes a subsidiary or thereafter acquired by it from sources other than us or any other subsidiary, |
• | pledges of current assets, in the ordinary course of business, to secure current liabilities, | |||||||
• | deposits, including among others, good faith deposits in connection with tenders, leases of real estate or bids or contracts, or liens, including among others, liens reserved in leases and mechanics’ or materialmen’s liens, to secure certain duties or public or statutory obligations, | |||||||
• | liens upon any office, data processing or transportation equipment, | |||||||
• | liens created or assumed in connection with the issuance of debt securities, the interest on which is excludable from gross income of the holder of such security pursuant to the Internal Revenue Code, for the purpose of financing the acquisition or construction of property to be used by us or a subsidiary, | |||||||
• | pledges or assignments of accounts receivable or conditional sales contracts or chattel mortgages and evidence of indebtedness secured thereby, received in connection with the sale of goods or merchandise to customers, or | |||||||
• | certain liens for taxes, judgments and attachments. |
• | we or such subsidiary would be entitled under the indenture to incur indebtedness secured by a lien on the principal property to be leased, without equally and ratably securing the notes, pursuant to the exceptions provided in the third and fourth bullet points of the second sentence of “— Limitations on Liens” above, or | |||||||
• | within 120 days after the sale or transfer of the principal property, we apply an amount not less than the fair value of such property: |
• | to the payment or other retirement of our long-term indebtedness or long-term indebtedness of a subsidiary, in each case ranking senior to or on parity with the notes, or | |||||||
• | to the purchase at not more than the fair value of principal property (other than that involved in such sale and leaseback transaction). |
• | total current liabilities (excluding indebtedness due within 12 months), | |||||||
• | all reserves for depreciation and other asset valuation reserves, but excluding reserves for deferred federal income taxes, | |||||||
• | all intangible assets such as goodwill, trademarks, trade names, patents and unamortized debt discount and expense carried as an asset, and | |||||||
• | all appropriate adjustments on account of minority interests of other persons holding common stock of any subsidiary, all as reflected in our most recent audited consolidated balance sheet preceding the date of such determination. |
• | obligations for money borrowed, other than unamortized debt discount or premium, | |||||||
• | obligations evidenced by a note or similar instrument given in connection with the acquisition of any business, properties or assets of any kind, | |||||||
• | obligations as lessee under a capital lease, and | |||||||
• | amendments, renewals, extensions, modifications and refundings of any such indebtedness or obligation listed in the three immediately preceding bullet points. |
• | our failure to pay principal or premium, if any, on the notes when due, | |||||||
• | our failure to pay any interest on the notes for 30 days, | |||||||
• | our failure to perform, or our breach in any material respect of, any other covenant or warranty in the indenture, other than a covenant or warranty included in the indenture solely for the benefit of another series of our debt securities issued under the indenture, for 90 days after either the trustee or holders of at least 25% in principal amount of the outstanding notes of that series have given us written notice of the breach in the manner required by the indenture, | |||||||
• | the default by us or any subsidiary, other than a project finance subsidiary, of ours in the payment, when due, after the expiration of any applicable grace period, of principal of indebtedness for money borrowed, other than non-recourse debt, in the aggregate principal amount then outstanding of $50 million or more, or acceleration of any indebtedness for money borrowed in such aggregate principal amount so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such acceleration is not rescinded or such default is not cured within 30 days after notice to us in accordance with the indenture, and |
• | specified events involving bankruptcy, insolvency or reorganization, |
• | the direction is not in conflict with any law or the indenture, | |||||||
• | the trustee may take any other action it deems proper which is not inconsistent with the direction, and | |||||||
• | the trustee will generally have the right to decline to follow the direction if an officer of the trustee determines, in good faith, that the proceeding would involve the trustee in personal liability or would otherwise be contrary to applicable law. (Section 512) |
• | the holder has previously given the trustee written notice of a continuing event of default for the notes, | |||||||
• | holders of at least 25% in principal amount of the outstanding notes have made a written request to the trustee to pursue that remedy, | |||||||
• | the holders have offered reasonable indemnity to the trustee, | |||||||
• | the trustee fails to pursue that remedy within 60 days after receipt of the notice, request and offer of indemnity, and | |||||||
• | during that 60-day period, the holders of a majority in principal amount of the notes do not give the trustee a direction inconsistent with the request. (Section 507) |
• | we will be discharged from our obligations with respect to the notes (“legal defeasance”), or | |||||||
• | we will no longer have any obligation to comply with the restrictive covenants under the indenture, and the related events of default in the third and fourth bullet points under “— Events of Default” above and the restrictions described under “— Consolidation, Merger and Sale of Assets” below will no longer apply to us, but some of our other obligations under the indenture and the notes, including our obligation to make payments on those notes, will survive. |
• | register the transfer or exchange of the notes, | |||||||
• | replace mutilated, destroyed, lost or stolen notes, and | |||||||
• | maintain paying agencies and hold moneys for payment in trust. |
• | the successor person is a corporation, partnership, trust or other entity organized and validly existing under the laws of the United States of America or any state thereof or the District of Columbia, | |||||||
• | the successor person expressly assumes our obligations with respect to the debt securities and the indenture, | |||||||
• | immediately after giving effect to the transaction, no event of default, and no event which, after notice or lapse of time or both, would become an event of default, would occur and be continuing, and | |||||||
• | we have delivered to the trustee the certificates and opinions required under the indenture. (Section 801) |
• | designate additional transfer agents, | |||||||
• | rescind the designation of any transfer agent, or | |||||||
• | approve a change in the office of any transfer agent. |
• | during the period beginning at the opening of business 15 days before the day we mail the notice of redemption for such notes and ending at the close of business on the day the notice is mailed, or | |||||||
• | if we have selected such notes for redemption, in whole or in part, except for the unredeemed portion of such notes. (Section 305) |
• | DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered under Section 17A of the Securities Exchange Act of 1934. | |||||||
• | DTC holds securities that its participants deposit with DTC and facilitates the settlement among participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants’ accounts, thereby eliminating the need for physical movement of securities certificates. | |||||||
• | Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and other organizations. | |||||||
• | DTC is owned by a number of its direct participants and by The New York Stock Exchange, Inc., the American Stock Exchange LLC and the Financial Industry Regulatory Authority, Inc. | |||||||
• | Access to the DTC system is also available to others such as securities brokers and dealers, banks and trust companies that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. | |||||||
• | The rules applicable to DTC and its direct and indirect participants are on file with the SEC. |
• | upon deposit of the global notes with DTC or its custodian, DTC will credit on its internal system the accounts of direct participants designated by the underwriters with portions of the principal amounts of the global notes; and |
• | ownership of the notes will be shown on, and the transfer of ownership thereof will be effected only through, records maintained by DTC or its nominee, with respect to interests of direct participants, and the records of direct and indirect participants, with respect to interests of persons other than participants. |
Name and Position
|
Base Salary
|
|||||||
David J. Lesar
President and Chief Executive Officer |
$ | 1,450,000 | ||||||
Jason P. Wells Executive Vice President and Chief Financial Officer |
$ | 670,000 | ||||||
Kristie L. Colvin*
Senior Vice President and Chief Accounting Officer
|
$ | 390,000 | ||||||
Scott E. Doyle
Executive Vice President - Natural Gas Distribution
|
$ | 525,000 |
CENTERPOINT ENERGY, INC. | ||||||||
By | /s/ David J. Lesar | |||||||
David J. Lesar | ||||||||
President and Chief Executive Officer |
ATTEST: | ||
/s/ Vincent A. Mercaldi | ||
Vincent A. Mercaldi | ||
Corporate Secretary |
/s/ DAVE J. LESAR | |||||
Dave 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/ DAVE J. LESAR | |||||
Dave J. Lesar | |||||
President and Chief Executive Officer | |||||
February 25, 2021 |
/s/ KENNETH M. MERCADO | |||||
Kenneth M. Mercado | |||||
Manager, President and Chief Executive Officer | |||||
February 25, 2021 |
/s/ SCOTT E. DOYLE | ||
Scott E. Doyle | ||
President and Chief Executive Officer | ||
February 25, 2021 |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
February 25, 2021 |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
February 25, 2021 |
/s/ JASON P. WELLS | ||
Jason P. Wells | ||
Executive Vice President and Chief Financial Officer | ||
February 25, 2021 |