Centerpoint Energy Inc - CNP STOCK NEWS

CenterPoint Energy has announced the appointment of Dean Seavers as a new member of its Board of Directors, effective December 16, 2024. Dean Seavers brings extensive leadership experience to the board, having previously held executive roles in various energy and utility companies. His addition aims to bolster CenterPoint's strategic initiatives and operational excellence.

CenterPoint Energy (NYSE: CNP) has announced a quarterly dividend increase, declaring a regular cash dividend of $0.2200 per share on Common Stock. This represents a $0.010 increase from the previous quarter's dividend. The dividend will be payable on March 13, 2025, to shareholders of record as of February 20, 2025. The dividend growth rate aligns with the upper range of the company's previously announced 6-8% non-GAAP earnings per share growth target.

CenterPoint Energy has launched a '12 Days of Holiday Safety' campaign to prepare customers for the 2025 winter storm season. The initiative combines daily safety tips with social media outreach, following the company's efforts to winterize its electric and gas infrastructure.

The campaign will provide safety resources through email and social media, covering topics like holiday lighting, cooking safety, outage tracking, candle safety, smoke detector testing, fireplace safety, tree care, space heater safety, energy conservation, emergency preparedness, warming center locations, and Power Alert Service enrollment. All resources will be available at CenterPointEnergy.com/ReadyForWinter.

CenterPoint Energy has reported significant progress in Phase Two of its Greater Houston Resiliency Initiative (GHRI), installing over 7,060 storm-resilient poles in less than 100 days. Recent achievements include clearing 400+ miles of power lines from high-risk vegetation, undergrounding 40 miles of power lines, and installing 20 self-healing automation devices.

The initiative, aimed at building the most resilient coastal grid, is expected to reduce customer outage time by more than 125 million minutes annually. Future plans through May 31, 2025, include installing 4,500 automated reliability devices and establishing 100 new weather monitoring stations before the 2025 hurricane season.

CenterPoint Energy has announced comprehensive winter storm readiness actions for the 2025 season in Texas. The company has completed three critical preparations: inspecting and testing cold-weather critical equipment, submitting formal winter preparedness declarations to regulatory agencies, and coordinating emergency plans with utility partners.

Key actions include inspecting all 270 substations, installing heaters to prevent ice damage, maintaining freeze protection equipment, and conducting emergency training. The company participated in a joint exercise with ERCOT and other utility partners to prepare for extreme cold-weather events. Additionally, CenterPoint will launch a customer winter storm safety campaign to share vital safety information and resources with the Greater Houston community.

CenterPoint Energy has filed a settlement agreement with the Minnesota Public Utilities Commission for its 2023 rate case, which will adjust natural gas distribution service rates in 2024 and 2025. The agreement, reached with multiple intervening parties, aims to maintain safety and reliability for over 920,000 customers across 260 Minnesota communities. The settlement will enable infrastructure upgrades, support low-carbon technologies, and ensure compliance with federal regulations. The company plans to invest in pipeline replacement, system upgrades, and facility relocations. The Commission's decision is expected in 2025.

CenterPoint Energy has released its first progress update on Phase Two of the Greater Houston Resiliency Initiative (GHRI). In the first two months, the company has installed nearly 4,600 storm-resilient poles, placed over 100 miles of power lines underground, cleared more than 800 miles of hazardous vegetation, and installed self-healing automation devices. The initiative aims to reduce outage minutes by 125 million annually and build the most resilient coastal grid nationwide. Additionally, the company has completed all 42 critical actions committed post-Hurricane Beryl, including trimming vegetation from 2,000+ power line miles and installing 1,100+ storm-resilient poles.

CenterPoint Energy has completed all 42 initial post-Hurricane Beryl commitments ahead of schedule, focusing on strengthening its electric system and improving storm response. Phase One achievements include hardening 350 miles of power lines, trimming vegetation across 2,000+ miles, installing 1,100+ storm-resilient poles, and adding 300+ automated devices to reduce outages.

The company is now advancing to Phase Two of the Greater Houston Resiliency Initiative (GHRI), scheduled for completion before June 1, 2025. This phase includes installing 25,000 extreme-wind-standard poles, managing vegetation across 4,000 miles, adding 4,500 trip savers, and undergrounding 400+ miles of power lines, expected to reduce outage minutes by 125 million annually.

CenterPoint Energy has filed a securitization plan with the Public Utility Commission of Texas to manage approximately $450 million in emergency response costs from the May 2024 Derecho storm. The plan aims to spread costs over 15 years, resulting in an estimated $1 per month impact on customer bills while saving them over $50 million in interest charges. The Derecho caused about $5 billion in damages across Houston, requiring over 7,700 workers to restore power. The company restored service to 80% of affected customers within 72 hours, replacing 400 miles of electrical wires, 1,600 transformers, and 1,600 power poles. The final PUCT decision is expected in 2025.