CenterPoint Energy completes sale of natgas distribution businesses

CenterPoint Energy announced that it has successfully completed the previously announced sale of its natural gas distribution utilities in Arkansas and Oklahoma to Summit Utilities. The assets include approximately 17,000 miles of main pipeline in Arkansas, Oklahoma and Texarkana, serving more than 500,000 residential and business customers. 

The transaction received all necessary federal and state regulatory approvals, including from the Arkansas Public Service Commission, Oklahoma Corporation Commission and Federal Energy Regulatory Commission. Summit will immediately assume responsibility for serving CenterPoint Energy's former customers in Arkansas, Oklahoma and Texarkana. 

CenterPoint Energy Executive Vice President, Utility Operations Scott Doyle said, "We want to thank our employees and those of Summit for the successful completion of this transaction. We will be working together for a seamless transition for the benefit of the customers throughout the service territories." 

CenterPoint Energy President and CEO Dave Lesar said, "Completing the sale of these natural gas distribution businesses will help us achieve a number of our strategic goals, including efficiently funding our long-term capital investment plans across our regulated utility businesses without issuing external equity, driving industry-leading rate base growth, and allowing us to focus our efforts on executing our plan across fewer jurisdictions." 

Lesar added, "At our recent Analyst Day, we outlined a pathway towards becoming a premium utility, including an updated five-year capital plan of more than $18 B, as well as a first-ever 10-year capital plan of more than $40 B to serve our growing customer base. These investments will be dedicated to safety, reliability, growth and enabling clean energy investments to benefit our customers and investors." 

• Most Read
• Most Commented