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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE TRANSITION PERIOD FROM __________________ TO __________________

Commission file number 1-31447
CenterPoint Energy, Inc.
(Exact name of registrant as specified in its charter)
Texas
74-0694415
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code

Commission file number 1-3187
CenterPoint Energy Houston Electric, LLC
(Exact name of registrant as specified in its charter)
Texas
22-3865106
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code

Commission file number 1-13265
CenterPoint Energy Resources Corp.
(Exact name of registrant as specified in its charter)
Delaware
76-0511406
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
CenterPoint Energy, Inc. Common Stock, $0.01 par valueCNPThe New York Stock Exchange
NYSE Chicago
CenterPoint Energy Houston Electric, LLC6.95% General Mortgage Bonds due 2033n/aThe New York Stock Exchange
CenterPoint Energy Resources Corp.6.625% Senior Notes due 2037n/aThe New York Stock Exchange




Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
CenterPoint Energy, Inc.YesþNoo
CenterPoint Energy Houston Electric, LLCYesþNoo
CenterPoint Energy Resources Corp.YesþNoo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
CenterPoint Energy, Inc.YesþNoo
CenterPoint Energy Houston Electric, LLCYesþNoo
CenterPoint Energy Resources Corp.YesþNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
CenterPoint Energy, Inc.
þ
oo
CenterPoint Energy Houston Electric, LLCoo
þ
CenterPoint Energy Resources Corp.oo
þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
CenterPoint Energy, Inc.YesNoþ
CenterPoint Energy Houston Electric, LLCYesNoþ
CenterPoint Energy Resources Corp.YesNoþ

Indicate the number of shares outstanding of each of the issuers’ classes of common stock as of July 21, 2022:
CenterPoint Energy, Inc.
629,502,911shares of common stock outstanding, excluding 166 shares held as treasury stock
CenterPoint Energy Houston Electric, LLC
1,000common shares outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.
CenterPoint Energy Resources Corp.1,000shares of common stock outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.
            

CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp. meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.



TABLE OF CONTENTS
PART I.FINANCIAL INFORMATION 
Item 1.
 
 
 
 
Item 2.
Consolidated Results of Operations
Results of Operations by Reportable Segment
Item 3.
Item 4.
   
PART II.OTHER INFORMATION 
Item 1.
Item 1A.
Item 6.

i


GLOSSARY
ACEAffordable Clean Energy
AMAAsset Management Agreement
AROAsset retirement obligation
ARPAlternative revenue program
ARPAAmerican Rescue Plan Act of 2021
ASCAccounting Standards Codification
Asset Purchase AgreementAsset Purchase Agreement, dated as of April 29, 2021, by and between CERC Corp. and Southern Col Midco
AT&TAT&T Inc.
AT&T CommonAT&T common stock
BcfBillion cubic feet
BoardBoard of Directors of CenterPoint Energy, Inc.
Bond CompaniesBond Company IV and Restoration Bond Company, each a wholly-owned, bankruptcy remote entity formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds
Bond Company IVCenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric
BTABuild Transfer Agreement
Capital DynamicsCapital Dynamics, Inc.
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCRCoal Combustion Residuals
CEIPCenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp.
CenterPoint EnergyCenterPoint Energy, Inc., and its subsidiaries
CERCCERC Corp., together with its subsidiaries
CERC Corp.CenterPoint Energy Resources Corp.
CESCenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp.
Charter CommonCharter Communications, Inc. common stock
CIPConservation Improvement Program
CODMChief Operating Decision Maker, who is each Registrant’s Chief Operating Executive
Common StockCenterPoint Energy, Inc. common stock, par value $0.01 per share
Compensation CommitteeCompensation Committee of the Board
COVID-19Novel coronavirus disease 2019, and any mutations or variants thereof, and related global outbreak that was subsequently declared a pandemic by the World Health Organization
COVID-19 ERPCOVID-19 Electricity Relief Program
CPCNCertificate of Public Convenience and Necessity
CPPClean Power Plan
CSIACompliance and System Improvement Adjustment
DCRFDistribution Cost Recovery Factor
DOCU.S. Department of Commerce
DRRDistribution Replacement Rider
DSMADemand Side Management Adjustment
ECAEnvironmental Cost Adjustment
EDITExcess deferred income taxes
EECREnergy Efficiency Cost Recovery
EECRFEnergy Efficiency Cost Recovery Factor
EEFCEnergy Efficiency Funding Component
EEFREnergy Efficiency Funding Rider
ii


GLOSSARY
Elk GP Merger SubElk GP Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer
Elk Merger SubElk Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer
EnableEnable Midstream Partners, LP
Enable Common UnitsEnable common units, representing limited partner interests in Enable
Enable GPEnable GP, LLC, Enable’s general partner
Enable MergerThe merger of Elk Merger Sub with and into Enable and the merger of Elk GP Merger Sub with and into Enable GP, in each case on the terms and subject to the conditions set forth in the Enable Merger Agreement, with Enable and Enable GP surviving as wholly-owned subsidiaries of Energy Transfer, which closed on December 2, 2021
Enable Merger Agreement
Agreement and Plan of Merger by and among Energy Transfer, Elk Merger Sub, Elk GP Merger Sub, Enable, Enable GP and, solely for the purposes of Section 2.1(a)(i) therein, Energy Transfer GP, and solely for the purposes of Section 1.1(b)(i) therein, CenterPoint Energy, Inc.
Enable Series A Preferred UnitsEnable’s 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Enable
Energy ServicesOffered competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrial customers and electric and natural gas utilities through CES and CEIP
Energy Services Disposal GroupSubstantially all of the businesses within CenterPoint Energy’s and CERC’s Energy Services reporting unit that were sold under the Equity Purchase Agreement
Energy Systems GroupEnergy Systems Group, LLC, a wholly-owned subsidiary of Vectren
Energy TransferEnergy Transfer LP, a Delaware limited partnership
Energy Transfer Common UnitsEnergy Transfer common units, representing limited partner interests in Energy Transfer
Energy Transfer GPLE GP, LLC, a Delaware limited liability company and sole general partner of Energy Transfer
Energy Transfer Series G Preferred UnitsEnergy Transfer Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Energy Transfer
EPAEnvironmental Protection Agency
Equity Purchase AgreementEquity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Symmetry Energy Solutions Acquisition, LLC (f/k/a Athena Energy Services Buyer, LLC)
ERCOTElectric Reliability Council of Texas
February 2021 Winter Storm EventThe extreme and unprecedented winter weather event in February 2021 (Winter Storm Uri) that resulted in electricity generation supply shortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures
FERCFederal Energy Regulatory Commission
FitchFitch Ratings, Inc.
Form 10-QQuarterly Report on Form 10-Q
GHGGreenhouse gases
GRIPGas Reliability Infrastructure Program
GWhGigawatt-hours
Houston ElectricCenterPoint Energy Houston Electric, LLC and its subsidiaries
IDEMIndiana Department of Environmental Management
Indiana ElectricOperations of SIGECO’s electric transmission and distribution services, and includes its power generating and wholesale power operations
Indiana GasIndiana Gas Company, Inc., formerly a wholly-owned subsidiary of Vectren, acquired by CERC on June 30, 2022
Indiana NorthGas operations of Indiana Gas
Indiana SouthGas operations of SIGECO
iii


GLOSSARY
Indiana UtilitiesThe combination of Indiana Electric, Indiana North and Indiana South
Interim Condensed Financial StatementsUnaudited condensed consolidated interim financial statements and combined notes
IRPIntegrated Resource Plan
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
LIBORLondon Interbank Offered Rate
LPSCLouisiana Public Service Commission
LTIPLong-term Incentive Plan
MergerThe merger of Merger Sub with and into Vectren on the terms and subject to the conditions set forth in the Merger Agreement, with Vectren continuing as the surviving corporation and as a wholly-owned subsidiary of CenterPoint Energy, Inc.
Merger AgreementAgreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub
Merger SubPacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy
MESCenterPoint Energy Mobile Energy Solutions, Inc. (now known as Mobile Energy Solutions, Inc.), previously a wholly-owned subsidiary of CERC Corp.
MGPManufactured gas plant
MISOMidcontinent Independent System Operator
MLPMaster Limited Partnership
Moody’sMoody’s Investors Service, Inc.
MPSCMississippi Public Service Commission
MPUCMinnesota Public Utilities Commission
MWMegawatt
NERCNorth American Electric Reliability Corporation
NOLsNet operating losses
NRGNRG Energy, Inc.
OUCCIndiana Office of Utility Consumer Counselor
Posey SolarPosey Solar, LLC, a special purpose entity
PowerTeam ServicesPowerTeam Services, LLC, a Delaware limited liability company, now known as Artera Services, LLC
PPAPower Purchase Agreement
PRPsPotentially responsible parties
PUCOPublic Utilities Commission of Ohio
PUCTPublic Utility Commission of Texas
Railroad CommissionRailroad Commission of Texas
RCRAResource Conservation and Recovery Act of 1976
RegistrantsCenterPoint Energy, Houston Electric and CERC, collectively
REPRetail electric provider
Restoration Bond CompanyCenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston Electric
RestructuringCERC Corp.’s common control acquisition of Indiana Gas and VEDO from VUH on June 30, 2022
ROEReturn on equity
ROURight of use
RRARate Regulation Adjustment
RSPRate Stabilization Plan
S&PS&P Global Ratings
iv


GLOSSARY
Scope 1 emissionsDirect source of emissions from a company’s operations
Scope 2 emissionsIndirect source of emissions from a company’s energy usage
Scope 3 emissionsIndirect source of emissions from a company’s end-users
SECSecurities and Exchange Commission
Securities Purchase AgreementSecurities Purchase Agreement, dated as of February 3, 2020, by and among Vectren Utility Services, Inc., PowerTeam Services and, solely for purposes of Section 10.17 of the Securities Purchase Agreement, Vectren
Securitization BondsTransition and system restoration bonds
Series A Preferred StockCenterPoint Energy’s Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
Series B Preferred StockCenterPoint Energy’s 7.00% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
Series C Preferred StockCenterPoint Energy’s Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
SIGECOSouthern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren
Southern Col MidcoSouthern Col Midco, LLC, a Delaware limited liability company and an affiliate of Summit Utilities, Inc.
SRCSales Reconciliation Component
Symmetry Energy Solutions AcquisitionSymmetry Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a Athena Energy Services Buyer, LLC) and subsidiary of Energy Capital Partners, LLC
TBDTo be determined
TCJATax reform legislation informally called the Tax Cuts and Jobs Act of 2017
TCOSTransmission Cost of Service
TCRFTransmission Cost Recovery Factor
TDSICTransmission, Distribution and Storage System Improvement Charge
TDUTransmission and distribution utility
TEEEFTemporary Emergency Electric Energy Facilities
TenaskaTenaska Wind Holdings, LLC
Texas RETexas Reliability Entity
Transition Services AgreementTransition Services Agreement by and between CenterPoint Energy Service Company, LLC and Southern Col Midco
VectrenVectren, LLC, which converted its corporate structure from Vectren Corporation on June 30, 2022, a wholly-owned subsidiary of CenterPoint Energy as of February 1, 2019
VEDOVectren Energy Delivery of Ohio, LLC, which converted its corporate structure from Vectren Energy Delivery of Ohio, Inc. on June 13, 2022, formerly a wholly-owned subsidiary of Vectren, acquired by CERC on June 30, 2022
VIEVariable interest entity
Vistra Energy Corp.Texas-based energy company focused on the competitive energy and power generation markets, whose major subsidiaries include Luminant and TXU Energy
VRPVoluntary Remediation Program
VUHVectren Utility Holdings, LLC, which converted its corporate structure from Vectren Utility Holdings, Inc. on June 30, 2022, a wholly-owned subsidiary of Vectren
VUH PPNsVUH’s private senior guaranteed notes
WBD CommonWarner Bros. Discovery, Inc. Series A common stock
v


GLOSSARY
ZENS2.0% Zero-Premium Exchangeable Subordinated Notes due 2029
ZENS-Related SecuritiesAs of December 31, 2021, consisted of AT&T Common and Charter Common and, as of June 30, 2022, consisted of AT&T Common, Charter Common and WBD Common
2021 Form 10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on February 22, 2022
vi


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

From time to time the Registrants make statements concerning their expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will” or other similar words.

The Registrants have based their forward-looking statements on management’s beliefs and assumptions based on information reasonably available to management at the time the statements are made. The Registrants caution you that assumptions, beliefs, expectations, intentions and projections about future events may and often do vary materially from actual results. Therefore, the Registrants cannot assure you that actual results will not differ materially from those expressed or implied by the Registrants’ forward-looking statements. In this Form 10-Q, unless context requires otherwise, the terms “our,” “we” and “us” are used as abbreviated references to CenterPoint Energy, Inc. together with its consolidated subsidiaries, including Houston Electric, CERC and SIGECO.

The following are some of the factors that could cause actual results to differ from those expressed or implied by the Registrants’ forward-looking statements and apply to all Registrants unless otherwise indicated:

CenterPoint Energy’s business strategies and strategic initiatives, restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including the completed sale of our Natural Gas businesses in Arkansas and Oklahoma, the exit from midstream and the Restructuring, which we cannot assure will have the anticipated benefits to us;
industrial, commercial and residential growth in our service territories and changes in market demand, including the demand for our non-utility products and services and effects of energy efficiency measures and demographic patterns;
our ability to fund and invest planned capital and the timely recovery of our investments, including those related to Indiana Electric’s generation transition plan as part of its most recent IRP;
our ability to successfully construct, operate, repair and maintain electric generating facilities, natural gas facilities, mobile generation and electric transmission facilities, including complying with applicable environmental standards and the implementation of a well-balanced energy and resource mix, as appropriate;
timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment, including the timing and amount of recovered natural gas costs in some jurisdictions associated with the February 2021 Winter Storm Event and those related to Houston Electric’s mobile generation;
future economic conditions in regional and national markets and their effect on sales, prices and costs;
weather variations and other natural phenomena, including the impact of severe weather events on operations and capital, such as impacts from the February 2021 Winter Storm Event;
increases in commodity prices;
volatility in the markets for natural gas as a result of, among other factors, armed conflicts, including the conflict in Ukraine and the related sanctions on certain Russian entities;
changes in rates of inflation;
continued disruptions to the global supply chain, including tariffs and other legislation impacting the supply chain, that could prevent CenterPoint Energy from securing the resources needed to, among other things, fully execute on its 10-year capital plan or achieve its net zero and carbon emissions reduction goals;
non-payment for our services due to financial distress of our customers and the ability of REPs, including REP affiliates of NRG and Vistra Energy Corp., to satisfy their obligations to CenterPoint Energy and Houston Electric, including the negative impact on such ability related to the February 2021 Winter Storm Event;
the COVID-19 pandemic and its continuing effect on our industries and the communities we serve, U.S. and world financial markets and supply chains and changes in customer and stakeholder behaviors relating thereto;
state and federal legislative and regulatory actions or developments affecting various aspects of our businesses, including, among others, energy deregulation or re-regulation, pipeline integrity and safety and changes in regulation and legislation pertaining to trade, health care, finance and actions regarding the rates charged by our regulated businesses;
direct or indirect effects on our facilities, resources, operations and financial condition resulting from terrorism, cyber attacks or intrusions, including as a result of global conflict such as the conflict in Ukraine, data security breaches or other attempts to disrupt our businesses or the businesses of third parties, or other catastrophic events such as fires, ice, earthquakes, explosions, leaks, floods, droughts, hurricanes, tornadoes and other severe weather events, pandemic health events or other occurrences;
vii


the effective tax rate, including as a result of tax legislation, including the effects of the CARES Act, as well as any changes in tax laws under the current or future administrations, and uncertainties involving state commissions’ and local municipalities’ regulatory requirements and determinations regarding the treatment of EDIT and our rates;
our ability to mitigate weather impacts through normalization or rate mechanisms, and the effectiveness of such mechanisms;
actions by credit rating agencies, including any potential downgrades to credit ratings;
matters affecting regulatory approval, legislative actions, construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or cancellation or in cost overruns that cannot be recouped in rates;
local, state and federal legislative and regulatory actions or developments relating to the environment, including, among others, those related to global climate change, air emissions, carbon, waste water discharges and the handling and disposal of CCR that could impact operations, cost recovery of generation plant costs and related assets, and CenterPoint Energy’s net zero and carbon emissions reduction goals;
the impact of unplanned facility outages or other closures;
the sufficiency of our insurance coverage, including availability, cost, coverage and terms and ability to recover claims;
the availability and prices of raw materials and services and changes in labor for current and future construction projects and operations and maintenance costs, including our ability to control such costs;
impacts from CenterPoint Energy’s pension and postretirement benefit plans, such as the investment performance and increases to net periodic costs as a result of plan settlements and changes in discount rates;
changes in interest rates and their impact on costs of borrowing and the valuation of CenterPoint Energy’s pension benefit obligation;
commercial bank and financial market conditions, our access to capital, the cost of such capital, and the results of our financing and refinancing efforts, including availability of funds in the debt capital markets;
inability of various counterparties to meet their obligations to us;
the extent and effectiveness of our risk management activities;
timely and appropriate regulatory actions, which include actions allowing securitization, for any future hurricanes or other severe weather events, or natural disasters or other recovery of costs, including stranded coal generation asset costs;
acquisition and merger activities involving us or our competitors, including the ability to successfully complete merger, acquisition and divestiture plans;
our ability to recruit, effectively transition and retain management and key employees and maintain good labor relations;
changes in technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative sources of generation, and their adoption by consumers;
the impact of climate change and alternate energy sources on the demand for natural gas and electricity generated or transmitted by us;
the timing and outcome of any audits, disputes and other proceedings related to taxes;
the recording of impairment charges;
political and economic developments, including energy and environmental policies under the current administration;
the transition to a replacement for the LIBOR benchmark interest rate;
CenterPoint Energy’s ability to execute on its strategy, initiatives, targets and goals, including its net zero and carbon emissions reduction goals and its operations and maintenance goals;
the outcome of litigation, including litigation related to the February 2021 Winter Storm Event;
the development of new opportunities and the performance of projects undertaken by Energy Systems Group, which are subject to, among other factors, the level of success in bidding contracts and cancellation and/or reductions in the scope of projects by customers, and obligations related to warranties, guarantees and other contractual and legal obligations;
the effect of changes in and application of accounting standards and pronouncements; and
other factors discussed in “Risk Factors” in Item 1A of Part I of the Registrants’ combined 2021 Form 10-K, which are incorporated herein by reference, in Item 1A of Part II of this combined Form 10-Q, and in other reports the Registrants file from time to time with the SEC.

You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Registrants undertake no obligation to update or revise any forward-looking statements. Investors should note that the Registrants announce material financial and other information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, the Registrants may use the Investors section of CenterPoint Energy’s website (www.centerpointenergy.com) to communicate with investors about the Registrants. It is possible that the
viii


financial and other information posted there could be deemed to be material information. The information on CenterPoint Energy’s website is not part of this combined Form 10-Q.
ix

PART I. FINANCIAL INFORMATION

Item 1.     FINANCIAL STATEMENTS

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
2022202120222021
(in millions, except per share amounts)
Revenues:
Utility revenues$1,862 $1,652 $4,571 $4,136 
Non-utility revenues82 90 136 153 
Total1,944 1,742 4,707 4,289 
Expenses:
Utility natural gas, fuel and purchased power413 258 1,511 1,193 
Non-utility cost of revenues, including natural gas56 58 91 98 
Operation and maintenance662 677 1,350 1,346 
Depreciation and amortization327 327 645 634 
Taxes other than income taxes135 126 282 269 
Total1,593 1,446 3,879 3,540 
Operating Income351 296 828 749 
Other Income (Expense):
Gain (loss) on equity securities(61)75 (78)52 
Gain (loss) on indexed debt securities65 (77)171 (51)
Gain on sale  303  
Interest expense and other finance charges(106)(126)(259)(266)
Interest expense on Securitization Bonds(4)(5)(8)(11)
Other income (expense), net(1)18 17 37 
Total(107)(115)146 (239)
Income from Continuing Operations Before Income Taxes244 181 974 510 
Income tax expense (benefit)54 (19)253 30 
Income from Continuing Operations190 200 721 480 
Income from Discontinued Operations (net of tax expense of $-0-, $16, $-0- and $41, respectively)
 51  134 
Net Income190 251 721 614 
Income allocated to preferred shareholders11 30 24 59 
Income Available to Common Shareholders$179 $221 $697 $555 
Basic earnings per common share - continuing operations$0.28 $0.29 $1.11 $0.74 
Basic earnings per common share - discontinued operations 0.09  0.24 
Basic Earnings Per Common Share0.28 0.38 1.11 0.98 
Diluted earnings per common share - continuing operations$0.28 $0.29 $1.10 $0.71 
Diluted earnings per common share - discontinued operations 0.08  0.22 
Diluted Earnings Per Common Share$0.28 $0.37 $1.10 $0.93 
Weighted Average Common Shares Outstanding, Basic629 586 629 569 
Weighted Average Common Shares Outstanding, Diluted632 596 631 596 

See Combined Notes to Interim Condensed Financial Statements
1

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
2022202120222021
(in millions)
Net Income$190 $251 $721 $614 
Other comprehensive income:
Adjustment to pension and other postretirement plans (net of tax of $4, $-0-, $4 and $-0-)
(23)1 (22)3 
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0-, $-0- and $-0-)
  1  
Other comprehensive income from unconsolidated affiliates (net of tax of $-0-, $-0-, $-0- and $-0-)
 1  2 
Total(23)2 (21)5 
Comprehensive income167 253 700 619 
  Income allocated to preferred shareholders11 30 24 59 
Comprehensive income available to common shareholders$156 $223 $676 $560 

See Combined Notes to Interim Condensed Financial Statements


2

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

June 30,
2022
December 31,
2021
(in millions)
ASSETS
Current Assets:
Cash and cash equivalents ($78 and $92 related to VIEs, respectively)
$555 $230 
Investment in equity securities658 1,439 
Accounts receivable ($37 and $29 related to VIEs, respectively), less allowance for credit losses of $41 and $44, respectively
783 690 
Accrued unbilled revenues, less allowance for credit losses of $2 and $6, respectively
316 513 
Natural gas and coal inventory152 186 
Materials and supplies
484 422 
Non-trading derivative assets
26 9 
Taxes receivable
3 1 
Current assets held for sale
 2,338 
Regulatory assets1,350 1,395 
Prepaid expenses and other current assets ($18 and $19 related to VIEs, respectively)
116 132 
Total current assets4,443 7,355 
Property, Plant and Equipment:
Property, plant and equipment
35,436 33,673 
Less: accumulated depreciation and amortization
10,421 10,189 
Property, plant and equipment, net25,015 23,484 
Other Assets:
Goodwill
4,294 4,294 
Regulatory assets ($318 and $420 related to VIEs, respectively)
2,229 2,321 
Non-trading derivative assets
6 5 
Other non-current assets229 220 
Total other assets6,758 6,840 
Total Assets$36,216 $37,679 

See Combined Notes to Interim Condensed Financial Statements


3

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – (continued)
(Unaudited)

June 30,
2022
December 31,
2021
(in millions, except par value and shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term borrowings$7 $7 
Current portion of VIE Securitization Bonds long-term debt
185 220 
Indexed debt, net8 10 
Current portion of other long-term debt1,579 308 
Indexed debt securities derivative732 903 
Accounts payable1,033 1,196 
Taxes accrued249 378 
Interest accrued144 136 
Dividends accrued 131 
Customer deposits110 111 
Non-trading derivative liabilities 2 
Current liabilities held for sale 562 
Other current liabilities271 323 
Total current liabilities4,318 4,287 
Other Liabilities:  
Deferred income taxes, net3,954 3,904 
Non-trading derivative liabilities 12 
Benefit obligations574 511 
Regulatory liabilities3,269 3,153 
Other non-current liabilities839 836 
Total other liabilities8,636 8,416 
Long-term Debt:  
VIE Securitization Bonds, net240 317 
Other long-term debt, net12,997 15,241 
Total long-term debt, net13,237 15,558 
Commitments and Contingencies (Note 13)
Temporary Equity (Note 18)
2 3 
Shareholders’ Equity:  
Cumulative preferred stock, $0.01 par value, 20,000,000 shares authorized, 800,000 shares and 800,000 shares outstanding, respectively, $800 and $800 liquidation preference, respectively (Note 18)
790 790 
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 629,490,422 shares and 628,923,534 shares outstanding, respectively
6 6 
Additional paid-in capital8,544 8,529 
Retained earnings768 154 
Accumulated other comprehensive loss(85)(64)
Total shareholders’ equity10,023 9,415 
Total Liabilities and Shareholders’ Equity$36,216 $37,679 

See Combined Notes to Interim Condensed Financial Statements
4

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20222021
(in millions)
Cash Flows from Operating Activities:
Net income$721 $614 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization645 634 
Deferred income taxes23 51 
Gain on divestitures(303) 
Loss (gain) on equity securities78 (52)
Loss (gain) on indexed debt securities(171)51 
Equity in earnings of unconsolidated affiliates (175)
Distributions from unconsolidated affiliates 77 
Pension contributions(4)(8)
Changes in other assets and liabilities:
Accounts receivable and unbilled revenues, net64 220 
Inventory15 53 
Taxes receivable(2)4 
Accounts payable(132)(120)
Net regulatory assets and liabilities113 (2,329)
Other current assets and liabilities(164)(100)
Other non-current assets and liabilities30 (16)
Other operating activities, net65 20 
Net cash provided by (used in) operating activities978 (1,076)
Cash Flows from Investing Activities:
Capital expenditures(1,880)(1,383)
Proceeds from sale of marketable securities702  
Proceeds from divestitures2,075  
Other investing activities, net45 7 
Net cash provided by (used in) investing activities942 (1,376)
Cash Flows from Financing Activities:
Decrease in short-term borrowings, net(43)(27)
Payment of obligation for finance lease(