Centerpoint Energy Inc - CNP STOCK NEWS

CenterPoint Energy is monitoring Tropical Storm Rafael in the Caribbean Sea and activating emergency response plans as the storm is expected to strengthen into a hurricane by midweek. The company has implemented the Greater Houston Resiliency Initiative, completing its first phase with installation of 1,100 fiberglass poles, vegetation trimming along 2,000 miles of power lines, and 300 automation devices. The second phase, to be completed before June 1, 2025, includes installing 25,000 extreme wind-resistant poles, trimming 4,000 miles of power lines, adding 4,500 trip savers, and undergrounding 400+ miles of power lines. These improvements aim to reduce outage minutes by 125 million annually.

CenterPoint Energy (CNP) reported Q3 2024 earnings of $0.30 per diluted share (GAAP) and $0.31 per diluted share (non-GAAP), down from $0.40 in Q3 2023. The decline was primarily due to increased operating expenses of $0.11 per share from the Greater Houston Resiliency Initiative. The company reiterated its 2024 non-GAAP EPS guidance of $1.61-$1.63 and initiated 2025 guidance of $1.74-$1.76, targeting 8% growth. Growth and regulatory recovery contributed $0.09 per share positively, offset by Hurricane Beryl outages ($0.02) and unfavorable weather variances ($0.04).

CenterPoint Energy has appointed Don Daigler as Senior Vice President of Emergency Preparedness and Response, marking a significant step in improving the company's emergency management capabilities following Hurricane Beryl. This appointment fulfills one of over 40 commitments made under the Greater Houston Resiliency Initiative (GHRI) in August. Daigler brings 40+ years of experience in emergency management and national security, including leadership roles at FEMA and in the electric utility industry. The company has completed 41 of 42 GHRI commitments, with the final one scheduled for completion by end-2024.

CenterPoint Energy has released an independent review by PA Consulting Group regarding its Hurricane Beryl response, which includes 77 recommendations for improving storm readiness, response, and communications. The company has already completed or is implementing 51 recommendations through its Greater Houston Resiliency Initiative (GHRI), with 18 completed and 33 in progress. Key completed actions include replacing the outage map, revising communication strategies, and acquiring additional generators. In-progress improvements focus on expanding TripSaver® reclosers installation, increasing composite poles usage, and revising tree trimming cycles. The remaining 26 recommendations are under evaluation for future implementation.

CenterPoint Energy's lineworkers and apprentices competed in the 40th annual International Lineman's Rodeo in Bonner Springs, Kansas. The event attracted over 200 teams from around the world to compete in tasks based on traditional lineman skills. CenterPoint's team placed 6th among investor-owned utilities and 13th overall. Their 2024 Journeyman team also secured 5th place in the Preform Top Tie Replacement event.

The competition included events like the 'hurt man rescue' and pole climb, graded on safety and proficiency. Approximately 227 lineworker teams and 380 apprentices participated from across the United States and Canada. CenterPoint sent three lineworker teams and eight apprentices to represent the company. The company has been participating in this event for over 30 years, highlighting its commitment to skill development and safety in the lineworker trade.

CenterPoint Energy has been providing mutual assistance support to peer utilities on the East Coast following Hurricanes Helene and Milton. At peak, about 350 CenterPoint leadership, frontline workers, and contractors were deployed to Florida, Georgia, and the Carolinas, helping restore power to thousands of residents. While most frontline workers are returning home, some Houston electric operations leadership will remain in Florida to support ongoing restoration efforts.

The company remains prepared for any operational needs in its Houston and Evansville service territories during the 2024 hurricane season. CenterPoint is also implementing its Greater Houston Resiliency Initiative, which includes installing stronger fiberglass poles, trimming vegetation, and adding automation devices. The company plans further system hardening, strategic undergrounding, and self-healing grid technology enhancements.

CenterPoint Energy Foundation has launched a new Community Generator Donation Program for the Greater Houston Region. The program, part of CenterPoint's Greater Houston Resiliency Initiative (GHRI), will donate 21 backup generators to key locations across 12 counties. Funded by a $5 million grant from the CenterPoint Energy Foundation, this initiative aims to support community resiliency during major weather events or emergencies.

The company is collaborating with local Offices of Emergency Management and county/city leaders to identify optimal locations for the generators. The first two generators were unveiled in Galveston County, with more announcements expected in the coming weeks. These generators can power entire large buildings and will serve as hubs for essential services during outages.

The goal is to have all generators installed and operational by June 1, 2025, ahead of the hurricane season. This program is funded by shareholders and has no impact on customer rates.

CenterPoint Energy has announced a collaboration with Technosylva to enhance resilience and monitor system assets for extreme weather events. The partnership, formalized through a Memorandum of Understanding (MOU), will leverage Technosylva's advanced AI and machine learning technologies to strengthen CenterPoint's preparedness for extreme weather across its network in Texas, Indiana, Ohio, Louisiana, Minnesota, and Mississippi.

This initiative is part of CenterPoint's $21 billion commitment over the next five years to improve electric and natural gas resilience, reliability, and system modernization. Technosylva's platform integrates high-resolution modeling, predictive analytics, and real-time data to provide actionable insights into extreme weather threats to infrastructure. The collaboration aims to position CenterPoint as a national leader in utility resilience and emergency preparedness.

CenterPoint Energy, Inc. (NYSE: CNP) has announced its upcoming third quarter 2024 earnings conference call, scheduled for October 28, 2024, at 7:00 a.m. Central time (8:00 a.m. Eastern time). Investors can access the webcast via the company's investor relations website. CenterPoint Energy is the only investor-owned electric and gas utility based in Texas, serving over 7 million metered customers across six states. As of June 30, 2024, the company owned approximately $41 billion in assets and employed around 9,000 people. With a history spanning more than 150 years, CenterPoint Energy operates in electric transmission and distribution, power generation, and natural gas distribution.