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Centerpoint Energy Inc.

Centerpoint Energy Inc. (CNP)

CenterPoint Energy, Inc., incorporated on August 31, 2001, is a public utility holding company. The Company's operating subsidiaries own and operate electric transmission and distribution facilities, and natural gas distribution facilities, and own interests in Enable Midstream Partners, LP (Enable). The Company's segments include Electric Transmission & Distribution, Natural Gas Distribution, Energy Services, Midstream Investments and Other Operations. Its Electric Transmission & Distribution segment provides electric transmission and distribution services to retail electric providers (REPs). Its Natural Gas Distribution segment offers intrastate natural gas sales to and natural gas transportation and distribution for residential, commercial and industrial customers. Its Energy Services segment includes non-rate regulated gas sales to, and transportation and storage services for, commercial and industrial customers. Its Midstream Investments segment includes equity investment in Enable that owns, operates and develops natural gas and crude oil assets. Its Other Operations segment includes office buildings and other real estate used in its business operations and other corporate operations, which support all of its business operations.

The Company's indirect subsidiaries include CenterPoint Energy Houston Electric, LLC (CenterPoint Houston), which is engaged in the electric transmission and distribution business in the Texas Gulf Coast area that includes the city of Houston, and CenterPoint Energy Resources Corp. (CERC Corp. and, together with its subsidiaries, CERC), which owns and operates natural gas distribution systems (NGD). A subsidiary of CERC Corp. offers variable and fixed-price physical natural gas supplies to commercial and industrial customers, and electric and gas utilities.

Electric Transmission & Distribution

CenterPoint Houston is a transmission and distribution electric utility that operates within the state of Texas. CenterPoint Houston constructs and maintains transmission facilities and provides transmission services. In the Electric Reliability Council of Texas, Inc. (ERCOT), end users purchase their electricity directly from certificated REPs. CenterPoint Houston delivers electricity for REPs in its certificated service area by carrying lower-voltage power from the substation to the retail electric customer. CenterPoint Houston's distribution network receives electricity from the transmission grid through power distribution substations and delivers electricity to end users through distribution feeders. CenterPoint Houston's operations include construction and maintenance of distribution facilities, metering services, outage response services and call center operations.

CenterPoint Houston's electric transmission business, along with those of other owners of transmission facilities in Texas, supports the operation of the ERCOT independent system operator (ISO). The transmission business has planning, design, construction, operation and maintenance responsibility for the portion of the transmission grid and for the load-serving substations it owns, within its certificated area. CenterPoint Houston participates with the ERCOT ISO and other ERCOT utilities to plan, design, obtain regulatory approval for and construct new transmission lines necessary to increase bulk power transfer capability and to remove existing constraints on the ERCOT transmission grid.

As of December 31, 2016, Houston Electric owned 28,702 pole miles of overhead distribution lines and 3,692 circuit miles of overhead transmission lines, including 287 circuit miles operated at 69,000 volts, 2,188 circuit miles operated at 138,000 volts and 1,217 circuit miles operated at 345,000 volts. As of December 31, 2016, Houston Electric owned 23,937 circuit miles of underground distribution lines and 26 circuit miles of underground transmission lines, including two circuit miles operated at 69,000 volts and 24 circuit miles operated at 138,000 volts. As of December 31, 2016, Houston Electric owned 232 major substation sites having a total installed rated transformer capacity of 60,854 megavolt amperes. As of December 31, 2016, Houston Electric operated 14 regional service centers located on a total of 292 acres of land. These service centers consist of office buildings, warehouses and repair facilities that are used in the business of transmitting and distributing electricity.

Natural Gas Distribution

As of December 31, 2016, CERC Corp.'s natural gas distribution business (NGD) was engaged in regulated intrastate natural gas sales to, and natural gas transportation for, approximately 3.4 million residential, commercial, industrial and transportation customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. The metropolitan areas served in each state by NGD are Houston, Texas; Minneapolis, Minnesota; Little Rock, Arkansas; Shreveport, Louisiana; Biloxi, Mississippi, and Lawton, Oklahoma. NGD also provides unregulated services in Minnesota consisting of residential appliance repair and maintenance services along with heating, ventilating and air conditioning (HVAC) equipment sales.

NGD is engaged in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of its state regulatory authorities. These price stabilization activities include use of storage gas and contractually establishing structured prices (fixed price, costless collars and caps) with its physical gas suppliers. As of December 31, 2016, NGD owned and operated an underground natural gas storage facility with a capacity of seven billion cubic feet (Bcf). As of December 31, 2016, it had a working capacity of two Bcf available for use during the heating season and a maximum daily withdrawal rate of 50 million cubic feet (MMcf). As of December 31, 2016, it also owned eight propane-air plants with a total production rate of 180,000 Dekatherms (DTH) per day and on-site storage facilities for 12 million gallons of propane. As of December 31, 2016, it owns a liquefied natural gas plant facility with 12 million-gallon liquefied natural gas storage tank and a production rate of 72,000 DTH per day.

Energy Services

CERC offers variable and fixed-priced physical natural gas supplies to commercial and industrial customers, and electric and gas utilities through CenterPoint Energy Services, Inc. (CES) and its subsidiary, CenterPoint Energy Intrastate Pipelines, LLC (CEIP). CES offers a range of natural gas management services to gas utilities, industrial customers, electric generators, smaller commercial and industrial customers, municipalities, educational institutions and hospitals. These services include load forecasting, supply acquisition, daily swing volume management, invoice consolidation, storage asset management, firm and interruptible transportation administration and forward price management. CES also offers a portfolio of physical delivery services designed to meet customers' supply and price risk management needs. These customers are served directly, through interconnects with various interstate and intrastate pipeline companies, and portably, through its mobile energy solutions business.

In addition to offering natural gas management services, CES procures and optimizes transportation and storage assets. CES maintains a portfolio of natural gas supply contracts and firm transportation and storage agreements to meet the natural gas requirements of its customers. CES aggregates supply from various producing regions and offers contracts to buy natural gas with terms ranging from 1 month to over 5 years. In addition, CES participates in the spot natural gas markets to balance daily and monthly purchases and sales obligations. Natural gas supply and transportation capabilities are leveraged through contracts for ancillary services, including physical storage and other balancing arrangements.

Midstream Investments

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable serves production areas in the United States, including several unconventional shale resource plays and local and regional end user markets in the United States. Enable's assets and operations are organized into two segments: gathering and processing, which provides natural gas gathering, processing and fractionation services and crude oil gathering for its producer customers, and transportation and storage, which provides interstate and intrastate natural gas pipeline transportation and storage service to natural gas producers, utilities and industrial customers. Enable's natural gas gathering and processing assets are located in Oklahoma, Texas, Arkansas, Louisiana and Mississippi and serve natural gas production in the Anadarko, Arkoma and Ark-La-Tex basins. Enable also owns a crude oil gathering business in the Bakken Shale formation of the Williston Basin. Enable's natural gas transportation and storage assets extend from western Oklahoma and the Texas Panhandle to Alabama and from Louisiana to Illinois.

Enable provides gathering, compression, treating, dehydration, processing and natural gas liquids (NGL) fractionation for producers engaged in the areas in which Enable operates. Enable's processing plants in the Anadarko basin are interconnected through its super-header system. This system facilitates the flow of natural gas from western Oklahoma and the Wheeler County area in the Texas Panhandle to the Cox City, Thomas, McClure, Calumet, Clinton, South Canadian and Wheeler processing plants. Enable provides fee-based interstate and intrastate transportation and storage services. Enable's transportation and storage assets are designed and built to serve natural gas and electric utility companies in its areas of operation. Enable's storage operations are located in Louisiana, Oklahoma and Illinois.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 81.5c 100%
2013 86.0c 5.5%
2014 96.0c 11.6%
2015 100.0c 4.2%
2016 104.0c 4.0%
2017 108.0c 3.8%
2018 112.0c 3.7%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
14 May 2012 08 Jun 2012 2012 Interim Quarterly Paid 20.25c
14 Aug 2012 10 Sep 2012 2012 Interim Quarterly Paid 20.25c
14 Nov 2012 10 Dec 2012 2012 Interim Quarterly Paid 20.25c
13 Feb 2013 08 Mar 2013 2012 Final Quarterly Paid 20.75c
14 May 2013 10 Jun 2013 2013 Interim Quarterly Paid 20.75c
14 Aug 2013 10 Sep 2013 2013 Interim Quarterly Paid 20.75c
13 Nov 2013 10 Dec 2013 2013 Interim Quarterly Paid 20.75c
12 Feb 2014 10 Mar 2014 2013 Final Quarterly Paid 23.75c
14 May 2014 10 Jun 2014 2014 Interim Quarterly Paid 23.75c
13 Aug 2014 10 Sep 2014 2014 Interim Quarterly Paid 23.75c
12 Nov 2014 10 Dec 2014 2014 Interim Quarterly Paid 23.75c
11 Feb 2015 10 Mar 2015 2014 Final Quarterly Paid 24.75c
13 May 2015 10 Jun 2015 2015 Interim Quarterly Paid 24.75c
12 Aug 2015 10 Sep 2015 2015 Interim Quarterly Paid 24.75c
10 Nov 2015 10 Dec 2015 2015 Interim Quarterly Paid 24.75c
11 Feb 2016 10 Mar 2016 2015 Final Quarterly Paid 25.75c
12 May 2016 10 Jun 2016 2016 Interim Quarterly Paid 25.75c
12 Aug 2016 09 Sep 2016 2016 Interim Quarterly Paid 25.75c
14 Nov 2016 09 Dec 2016 2016 Interim Quarterly Paid 25.75c
14 Feb 2017 10 Mar 2017 2016 Final Quarterly Paid 26.75c
12 May 2017 09 Jun 2017 2017 Interim Quarterly Paid 26.75c
14 Aug 2017 08 Sep 2017 2017 Interim Quarterly Paid 26.75c
15 Nov 2017 08 Dec 2017 2017 Interim Quarterly Paid 26.75c
14 Feb 2018 08 Mar 2018 2017 Final Quarterly Paid 27.75c
16 May 2018 14 Jun 2018 2018 Interim Quarterly Paid 27.75c
15 Aug 2018 13 Sep 2018 2018 Interim Quarterly Paid 27.75c
14 Nov 2018 13 Dec 2018 2018 Interim Quarterly Paid 27.75c
20 Feb 2019 14 Mar 2019 2018 Final Quarterly Paid 28.75c
15 May 2019 13 Jun 2019 2019 Interim Quarterly Paid 28.75c
14 Aug 2019 12 Sep 2019 2019 Interim Quarterly Paid 28.75c
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