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Exhibit 99.1

 

LOGO   

For more information contact

Media:

Leticia Lowe

Phone    713.207.7702

Investors:

David Mordy

Phone    713.207.6500

 

    For Immediate Release    Page 1 of 5            

 

 

CenterPoint Energy reports first quarter 2016 earnings of $0.36 per

diluted share and reaffirms full year guidance of $1.12 to $1.20

 

    Strong utility performance despite milder weather

 

    Midstream Investments delivers earnings contributions in-line with expectations

Houston, TX – May 10, 2016 - CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $154 million, or $0.36 per diluted share, for the first quarter of 2016, compared with $131 million, or $0.30 per diluted share for the same period of the prior year. On a guidance basis, first quarter 2016 earnings were $0.32 per diluted share, consisting of $0.23 from utility operations and $0.09 from midstream investments.

Operating income for the first quarter of 2016 was $250 million, compared with $256 million in the first quarter of the prior year. Equity income from midstream investments was $60 million for the first quarter of 2016, compared with $52 million for the same period in the prior year.

“2016 is off to a solid start with strong performance from our gas and electric utilities,” said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. “Enable Midstream provided first quarter earnings in-line with expectations as they continue to execute their strategy.”

Electric Transmission & Distribution

The electric transmission & distribution segment reported operating income of $83 million for the first quarter of 2016, consisting of $59 million from the regulated electric transmission & distribution utility operations (TDU) and $24 million related to securitization bonds. Operating income for the first quarter of 2015 was $96 million, consisting of $68 million from the TDU and $28 million related to securitization bonds.

Operating income for the TDU benefited primarily from higher net transmission related revenues ($11 million) and customer growth ($6 million). These benefits were more than offset by higher depreciation ($12 million), lower right of way revenues ($6 million) and higher operations and maintenance expense ($5 million).

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Natural Gas Distribution

The natural gas distribution segment reported operating income of $160 million for the first quarter of 2016, compared with $146 million for the same period of 2015. Operating income benefited from rate increases ($21 million) and customer growth ($2 million). These benefits were partially offset by decreased usage ($4 million), higher depreciation and amortization expenses ($4 million) and higher labor and benefits expenses ($3 million).

Energy Services

The energy services segment reported operating income of $6 million for the first quarter of 2016, which included a mark-to-market accounting loss of $9 million, compared with $13 million for the same period of 2015, which included a mark-to-market loss of $4 million. Excluding mark-to-market losses, the remaining $2 million decrease was margin related, primarily due to reduced weather-related optimization opportunities.

Midstream Investments

The midstream investments segment reported $60 million of equity income for the first quarter of 2016, compared with $52 million in the first quarter of the prior year.

Enable Midstream also declared a quarterly cash distribution on April 26, 2016, of $0.318 per common and subordinated unit. Please refer to Enable’s May 4, 2016, earnings press release for details.

Dividend Declaration

On April 28, 2016, CenterPoint Energy’s board of directors declared a regular quarterly cash dividend of $0.2575 per share of common stock payable on June 10, 2016, to shareholders of record as of the close of business on May 16, 2016.

Outlook for 2016

On a consolidated basis, CenterPoint Energy reaffirms its earnings estimate for 2016 in the range of $1.12 to $1.20 per diluted share.

The guidance range considers utility operations performance to date and certain significant variables that may impact earnings, such as weather, regulatory and judicial proceedings, throughput, commodity prices, effective tax rates, and financing activities. In providing this guidance, the company does not include other potential impacts, such as changes in accounting standards or unusual items, earnings from the change in the value of the ZENS securities and the related stocks, or the timing effects of mark-to-market accounting in the company’s energy service business.

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In providing guidance, the company assumes for midstream investments a 55.4 percent limited partner ownership interest in Enable Midstream and includes the amortization of our basis differential in Enable Midstream. The company’s guidance takes into account such factors as Enable Midstream’s most recent public outlook for 2016 dated May 4, 2016, and effective tax rates. The company does not include other potential impacts such as any changes in accounting standards or Enable Midstream’s unusual items.

CenterPoint Energy, Inc. and Subsidiaries

Reconciliation of Net Income and diluted EPS to the basis used in providing 2016 annual earnings guidance

 

     Quarter Ended
March 31, 2016
 
     Net Income
(in millions)
     EPS  

Consolidated as reported

   $ 154       $ 0.36   

Midstream Investments

     (37      (0.09
  

 

 

    

 

 

 

Utility Operations (1)

     117         0.27   
  

 

 

    

 

 

 

Timing effects impacting CES(2):

     

Mark-to-market (gains) losses

     6         0.01   

ZENS-related mark-to-market (gains) losses:

     

Marketable securities (3)

     (58      (0.13

Indexed debt securities

     36         0.08   
  

 

 

    

 

 

 

Utility operations earnings on an adjusted guidance basis

   $ 101       $ 0.23   
  

 

 

    

 

 

 

Per the basis used in providing 2016 earnings guidance:

     

Utility Operations on a guidance basis

   $ 101       $ 0.23   

Midstream Investments

     37         0.09   
  

 

 

    

 

 

 

2016 Consolidated on a guidance basis

   $ 138       $ 0.32   
  

 

 

    

 

 

 

 

(1) CenterPoint earnings excluding Midstream Investments
(2) Energy Services segment
(3) Time Warner Inc., Time Warner Cable Inc., and Time Inc.


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Filing of Form 10-Q for CenterPoint Energy, Inc.

Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended March 31, 2016. A copy of that report is available on the company’s website, under the Investors section. Other filings the company makes with the SEC and certain documents relating to its corporate governance can also be found under the Investors section.

Webcast of Earnings Conference Call

CenterPoint Energy’s management will host an earnings conference call on Tues., May 10, 2016, at 10 a.m. Central time or 11 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call on the company’s website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website for at least one year.

CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 55.4 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 7,400 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, and future financial performance and results of operations, including, but not limited to earnings guidance, targeted dividend growth rate and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Factors that could affect actual results include (1) state and federal legislative and regulatory actions or developments affecting various aspects of CenterPoint Energy’s businesses (including the businesses of Enable Midstream Partners (Enable Midstream)), including, among others, energy deregulation or re-regulation, pipeline integrity and safety, health care reform, financial reform, tax legislation, and actions regarding the rates charged by CenterPoint Energy’s regulated businesses; (2) state and federal legislative and regulatory actions or developments relating to the environment, including those related to global climate change; (3) recording of non-cash goodwill, long-lived asset or other than temporary impairment charges by or related to Enable Midstream; (4) timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (5) the timing and outcome of any audits, disputes or other proceedings related to taxes; (6) problems with construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or in cost overruns that cannot be recouped in rates; (7) industrial, commercial and residential growth in CenterPoint Energy’s service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns; (8) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, and the effects of geographic and seasonal commodity price differentials, and the impact of commodity changes on producer related activities; (9) weather variations and other natural phenomena, including the impact on operations and capital from severe weather events; (10) any direct or indirect effects on CenterPoint Energy’s facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt its businesses or the businesses of third parties, or other catastrophic events; (11) the impact of unplanned facility outages; (12) timely and appropriate regulatory

 

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actions allowing securitization or other recovery of costs associated with any future hurricanes or natural disasters; (13) changes in interest rates or rates of inflation; (14) commercial bank and financial market conditions, CenterPoint Energy’s access to capital, the cost of such capital, and the results of its financing and refinancing efforts, including availability of funds in the debt capital markets; (15) actions by credit rating agencies; (16) effectiveness of CenterPoint Energy’s risk management activities; (17) inability of various counterparties to meet their obligations; (18) non-payment for services due to financial distress of CenterPoint Energy’s and Enable Midstream’s customers; (19) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.), a wholly owned subsidiary of NRG Energy, Inc., and its subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the ability of retail electric providers, and particularly the largest customers of the TDU, to satisfy their obligations to CenterPoint Energy and its subsidiaries; (21) the outcome of litigation; (22) CenterPoint Energy’s ability to control costs, invest planned capital, or execute growth projects; (23) the investment performance of pension and postretirement benefit plans; (24) potential business strategies, including restructurings, joint ventures, and acquisitions or dispositions of assets or businesses, for which no assurance can be given that they will be completed or will provide the anticipated benefits to CenterPoint Energy; (25) acquisition and merger activities and successful integration of such activities, involving CenterPoint Energy or its competitors; (26) the ability to recruit, effectively transition and retain management and key employees and maintain good labor relations; (27) future economic conditions in regional and national markets and their effects on sales, prices and costs; (28) the performance of Enable Midstream, the amount of cash distributions CenterPoint Energy receives from Enable Midstream, and the value of its interest in Enable Midstream, and factors that may have a material impact on such performance, cash distributions and value, including certain of the factors specified above and: (A) the integration of the operations of the businesses contributed to Enable Midstream; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of Enable Midstream’s business plan; (C) competitive conditions in the midstream industry, and actions taken by Enable Midstream’s customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable Midstream; (D) the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by Enable Midstream, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable Midstream’s interstate pipelines; (E) the demand for crude oil, natural gas, NGLs and transportation and storage services; (F) changes in tax status; (G) access to growth capital; and (H) the availability and prices of raw materials for current and future construction projects; (29) effective tax rate; (30) the effect of changes in and application of accounting standards and pronouncements; (31) other factors discussed in CenterPoint Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as in CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to presenting its financial results in accordance with generally accepted accounting principles (GAAP), CenterPoint Energy also provides guidance based on adjusted diluted earnings per share, which is a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance that excludes or includes amounts that are not normally excluded or included in the most directly comparable GAAP financial measure. A reconciliation of net income and diluted earnings per share to the basis used in providing 2016 guidance is provided in this news release.

Management evaluates financial performance in part based on adjusted diluted earnings per share and believes that presenting this non-GAAP financial measure enhances an investor’s understanding of CenterPoint Energy’s overall financial performance by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods by excluding items that Management does not believe most accurately reflect its fundamental business performance, which items include the items reflected in the reconciliation table of this news release. This non-GAAP financial measure should be considered as a supplement and complement to, and not as a substitute for, or superior to, the most directly comparable GAAP financial measure and may be different than non-GAAP financial measures used by other companies.

###


CenterPoint Energy, Inc. and Subsidiaries

Statements of Consolidated Income

(Millions of Dollars)

(Unaudited)

 

     Quarter Ended
March 31,
 
     2016     2015  

Revenues:

    

Electric Transmission & Distribution

   $ 660      $ 612   

Natural Gas Distribution

     895        1,193   

Energy Services

     439        650   

Other Operations

     4        4   

Eliminations

     (14     (26
  

 

 

   

 

 

 

Total

     1,984        2,433   
  

 

 

   

 

 

 

Expenses:

    

Natural gas

     852        1,354   

Operation and maintenance

     521        498   

Depreciation and amortization

     260        217   

Taxes other than income taxes

     101        108   
  

 

 

   

 

 

 

Total

     1,734        2,177   
  

 

 

   

 

 

 

Operating Income

     250        256   
  

 

 

   

 

 

 

Other Income (Expense) :

    

Gain (loss) on marketable securities

     90        (17

Gain (loss) on indexed debt securities

     (56     24   

Interest and other finance charges

     (87     (89

Interest on securitization bonds

     (24     (28

Equity in earnings of unconsolidated affiliate

     60        52   

Other - net

     7        11   
  

 

 

   

 

 

 

Total

     (10     (47
  

 

 

   

 

 

 

Income Before Income Taxes

     240        209   

Income Tax Expense

     86        78   
  

 

 

   

 

 

 

Net Income

   $ 154      $ 131   
  

 

 

   

 

 

 

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.


CenterPoint Energy, Inc. and Subsidiaries

Selected Data From Statements of Consolidated Income

(Millions of Dollars, Except Share and Per Share Amounts)

(Unaudited)

 

     Quarter Ended
March 31,
 
     2016      2015  

Basic Earnings Per Common Share

   $ 0.36       $ 0.30   
  

 

 

    

 

 

 

Diluted Earnings Per Common Share

   $ 0.36       $ 0.30   
  

 

 

    

 

 

 

Dividends Declared per Common Share

     0.2575       $ 0.2475   

Weighted Average Common Shares Outstanding (000):

     

- Basic

     430,407         429,955   

- Diluted

     432,594         431,183   

Operating Income by Segment

     

Electric Transmission & Distribution:

     

Electric Transmission and Distribution Operations

   $ 59       $ 68   

Transition and System Restoration Bond Companies

     24         28   
  

 

 

    

 

 

 

Total Electric Transmission & Distribution

     83         96   

Natural Gas Distribution

     160         146   

Energy Services

     6         13   

Other Operations

     1         1   
  

 

 

    

 

 

 

Total

   $ 250       $ 256   
  

 

 

    

 

 

 

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.


CenterPoint Energy, Inc. and Subsidiaries

Results of Operations by Segment

(Millions of Dollars)

(Unaudited)

 

     Electric Transmission & Distribution  
     Quarter Ended
March 31,
    % Diff
Fav/(Unfav)
 
     2016     2015    

Results of Operations:

      

Revenues:

      

Electric transmission and distribution utility

   $ 540      $ 514        5

Transition and system restoration bond companies

     120        98        22
  

 

 

   

 

 

   

Total

     660        612        8
  

 

 

   

 

 

   

Expenses:

      

Operation and maintenance

     329        307        (7 %) 

Depreciation and amortization

     95        83        (14 %) 

Taxes other than income taxes

     57        56        (2 %) 

Transition and system restoration bond companies

     96        70        (37 %) 
  

 

 

   

 

 

   

Total

     577        516        (12 %) 
  

 

 

   

 

 

   

Operating Income

   $ 83      $ 96        (14 %) 
  

 

 

   

 

 

   

Operating Income:

      

Electric transmission and distribution operations

   $ 59      $ 68        (13 %) 

Transition and system restoration bond companies

     24        28        (14 %) 
  

 

 

   

 

 

   

Total Segment Operating Income

   $ 83      $ 96        (14 %) 
  

 

 

   

 

 

   

Electric Transmission & Distribution Operating Data:

      

Actual MWH Delivered

      

Residential

     5,019,455        5,412,794        (7 %) 

Total

     18,130,601        18,014,776        1

Weather (average for service area):

      

Percentage of 10-year average:

      

Cooling degree days

     111     57     54

Heating degree days

     86     135     (49 %) 

Number of metered customers - end of period:

      

Residential

     2,095,035        2,043,463        3

Total

     2,364,784        2,310,706        2
     Natural Gas Distribution  
     Quarter Ended
March 31,
    % Diff
Fav/(Unfav)
 
     2016     2015    

Results of Operations:

      

Revenues

   $ 895      $ 1,193        (25 %) 

Natural gas

     445        756        41
  

 

 

   

 

 

   

Gross Margin

     450        437        3
  

 

 

   

 

 

   

Expenses:

      

Operation and maintenance

     189        186        (2 %) 

Depreciation and amortization

     59        55        (7 %) 

Taxes other than income taxes

     42        50        16
  

 

 

   

 

 

   

Total

     290        291        —     
  

 

 

   

 

 

   

Operating Income

   $ 160      $ 146        10
  

 

 

   

 

 

   

Natural Gas Distribution Operating Data:

      

Throughput data in BCF

      

Residential

     73        97        (25 %) 

Commercial and Industrial

     86        88        (2 %) 
  

 

 

   

 

 

   

Total Throughput

     159        185        (14 %) 
  

 

 

   

 

 

   

Weather (average for service area)

      

Percentage of 10-year average:

      

Heating degree days

     87     113     (26 %) 

Number of customers - end of period:

      

Residential

     3,163,094        3,137,337        1

Commercial and Industrial

     254,781        251,811        1
  

 

 

   

 

 

   

Total

     3,417,875        3,389,148        1
  

 

 

   

 

 

   

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.


CenterPoint Energy, Inc. and Subsidiaries

Results of Operations by Segment

(Millions of Dollars)

(Unaudited)

 

     Energy Services  
     Quarter Ended
March 31,
    % Diff
Fav/(Unfav)
 
     2016     2015    

Results of Operations:

      

Revenues

   $ 439      $ 650        (32 %) 

Natural gas

     421        624        33
  

 

 

   

 

 

   

Gross Margin

     18        26        (31 %) 
  

 

 

   

 

 

   

Expenses:

      

Operation and maintenance

     10        12        17

Depreciation and amortization

     1        1        —     

Taxes other than income taxes

     1        —          —     
  

 

 

   

 

 

   

Total

     12        13        8
  

 

 

   

 

 

   

Operating Income

   $ 6      $ 13        (54 %) 
  

 

 

   

 

 

   

Mark-to-market loss

   $ (9   $ (4     (125 %) 
  

 

 

   

 

 

   

Energy Services Operating Data:

      

Throughput data in BCF

     171        185        (8 %) 
  

 

 

   

 

 

   

Number of customers - end of period

     18,073        18,206        (1 %) 
  

 

 

   

 

 

   
     Other Operations  
     Quarter Ended
March 31,
    % Diff
Fav/(Unfav)
 
     2016     2015    

Results of Operations:

      

Revenues

   $ 4      $ 4        —     

Expenses

     3        3        —     
  

 

 

   

 

 

   

Operating Income

   $ 1      $ 1        —     
  

 

 

   

 

 

   

Capital Expenditures by Segment

(Millions of Dollars)

(Unaudited)

 

     Quarter Ended
March 31,
 
     2016      2015  

Capital Expenditures by Segment

     

Electric Transmission & Distribution

   $ 212       $ 208   

Natural Gas Distribution

     89         91   

Energy Services

     —           1   

Other Operations

     8         9   
  

 

 

    

 

 

 

Total

   $ 309       $ 309   
  

 

 

    

 

 

 

Interest Expense Detail

(Millions of Dollars)

(Unaudited)

 

     Quarter Ended
March 31,
 
     2016     2015  

Interest Expense Detail

    

Amortization of Deferred Financing Cost

   $ 6      $ 6   

Capitalization of Interest Cost

     (2     (3

Transition and System Restoration Bond Interest Expense

     24        28   

Other Interest Expense

     83        86   
  

 

 

   

 

 

 

Total Interest Expense

   $ 111      $ 117   
  

 

 

   

 

 

 

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.


CenterPoint Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Millions of Dollars)

(Unaudited)

 

     March 31,
2016
     December 31,
2015
 
ASSETS      

Current Assets:

     

Cash and cash equivalents

   $ 218       $ 264   

Other current assets

     2,117         2,425   
  

 

 

    

 

 

 

Total current assets

     2,335         2,689   
  

 

 

    

 

 

 

Property, Plant and Equipment, net

     11,718         11,537   
  

 

 

    

 

 

 

Other Assets:

     

Goodwill

     840         840   

Regulatory assets

     3,031         3,129   

Investment in unconsolidated affiliate

     2,580         2,594   

Preferred units – unconsolidated affiliate

     363         —     

Other non-current assets

     137         501   
  

 

 

    

 

 

 

Total other assets

     6,951         7,064   
  

 

 

    

 

 

 

Total Assets

   $ 21,004       $ 21,290   
  

 

 

    

 

 

 
LIABILITIES AND SHAREHOLDERS’ EQUITY      

Current Liabilities:

     

Short-term borrowings

   $ —         $ 40   

Current portion of securitization bonds long-term debt

     400         391   

Indexed debt

     148         145   

Current portion of other long-term debt

     576         328   

Other current liabilities

     1,410         1,554   
  

 

 

    

 

 

 

Total current liabilities

     2,534         2,458   
  

 

 

    

 

 

 

Other Liabilities:

     

Accumulated deferred income taxes, net

     5,116         5,047   

Regulatory liabilities

     1,306         1,276   

Other non-current liabilities

     1,188         1,182   
  

 

 

    

 

 

 

Total other liabilities

     7,610         7,505   
  

 

 

    

 

 

 

Long-term Debt:

     

Securitization bonds

     2,122         2,276   

Other

     5,232         5,590   
  

 

 

    

 

 

 

Total long-term debt

     7,354         7,866   
  

 

 

    

 

 

 

Shareholders’ Equity

     3,506         3,461   
  

 

 

    

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 21,004       $ 21,290   
  

 

 

    

 

 

 

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.


CenterPoint Energy, Inc. and Subsidiaries

Condensed Statements of Consolidated Cash Flows

(Millions of Dollars)

(Unaudited)

 

     Three Months Ended March 31,  
     2016     2015  

Cash Flows from Operating Activities:

    

Net income

   $ 154      $ 131   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     266        224   

Deferred income taxes

     65        7   

Write-down of natural gas inventory

     1        2   

Equity in earnings of unconsolidated affiliate, net of distributions

     (60     20   

Changes in net regulatory assets

     2        58   

Changes in other assets and liabilities

     203        225   

Other, net

     3        (1
  

 

 

   

 

 

 

Net Cash Provided by Operating Activities

     634        666   

Net Cash Used in Investing Activities

     (269     (337

Net Cash Used in Financing Activities

     (411     (393
  

 

 

   

 

 

 

Net Decrease in Cash and Cash Equivalents

     (46     (64

Cash and Cash Equivalents at Beginning of Period

     264        298   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Period

   $ 218      $ 234   
  

 

 

   

 

 

 

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.