Already the target of investigations ordered by the Governor and regulators following the power debacle caused by Hurricane Beryl, CenterPoint Energy Inc. now wants customers to cover the nearly $2 billion in storm costs. And guess how it will do it? With bonds—just like the controversial bonds in Oklahoma’s notorious Winter Storm Yuri.
CenterPoint is the company that asked Oklahoma Gas and Electric for help in power restoration when an estimated 3 million customers lost electrical power. OG&E responded by sending 105 workers who spent nearly a week around Houston doing the restoration work.
The company reportedly will send bonds to cover the estimated $1.8 billion in storm costs and yes, just like Oklahoma utilities that used bonds to cover 2021 winter storm costs, the CenterPoint customers will pay over an extended period of time. The utility estimates it will take 15 years to meet the bonds and their costs and it will also result in about a 2% increase in residential utility bills.
The bond sale will also require approval of the Texas Railroad Commission.
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