CenterPoint expects Houston storm-related costs to be $100 million
HOUSTON - CenterPoint Energy is expected to request securitization bonds to recover costs related to storm damage after downed transformers and other severe damage.
According to the company, they expect the costs for restoration efforts to be at least $100 million and will seek approval from the Public Utility Commission of Texas in late 2024.
CenterPoint gave FOX 26 this statement:
"Right now, our focus remains on continuing to work around the clock until every last customer can be restored that can receive service.
CenterPoint Energy has not determined the full cost of restoration efforts but expects that costs will be at least $100 million. The Company expects that it would seek approval from the Public Utility Commission of Texas in late 2024 to apply for securitization bonds to recover storm-related costs.
This is a standard process for recovery efforts that has been used on previous restoration efforts following extreme weather situations allowing costs to be spread out over time to reduce impacts to monthly energy bills. If approved, it is expected that these costs would start being incurred on customer bills in mid-2025."
Based on the statement, customers may see changes in their bills in 2025 depending on their request from PUC being approved.
DOWNLOAD THE FOX 26 HOUSTON APP BY CLICKING HERE
Since the May 16 severe storm, CenterPoint has had to replace more than 800 miles of electrical wires, more than 700 transformers, and approximately 2,000 poles.
On Saturday, the company announced Highway 290 will be closed in both directions from 9 to 9:30 a.m. as they work on transmission line repairs.