CenterPoint Energy and Vectren complete merger
Combined company well positioned to advance its vision to lead the nation in delivering energy, service and value
2019-02-01T06:00:00Z

Houston and Evansville, Ind. – Feb. 1, 2019 – CenterPoint Energy, Inc. (NYSE: CNP) and Vectren Corporation (NYSE: VVC) today announced the successful completion of their merger. The combined company, which is named CenterPoint Energy and headquartered in Houston, has regulated electric and natural gas utility businesses in eight states that serve more than 7 million metered customers and a competitive energy businesses' footprint in nearly 40 states.

"Today, we come together as one company. With a greater level of business operations, resources and capabilities, we plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services," said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "It is a time of transformation for our industry, and I believe CenterPoint Energy will be well positioned to deliver traditional energy services with innovative solutions that meet customers' evolving needs and expectations."

With the merger, CenterPoint Energy has assets totaling approximately $29 billion, an enterprise value of $27 billion and approximately 14,000 employees. CenterPoint Energy's businesses include:

  • Electric utility business CenterPoint Energy maintains the wires, poles and electric infrastructure serving 2.4 million metered customers in the greater Houston area and 145,000 customers in Indiana. The company also owns and operates nearly 1,300 megawatts of power generation capacity in Indiana. CenterPoint Energy's Texas electric utility business is headquartered in Houston and its Indiana electric utility business is headquartered in Evansville, Ind.
  • Natural gas utility business – CenterPoint Energy sells and delivers natural gas to 4.5 million homes and businesses in eight states: Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas, including the high-growth areas of Houston and Minneapolis. The company's natural gas utility business is headquartered in Evansville.
  • Competitive energy businesses – CenterPoint Energy's competitive energy businesses include: natural gas marketing and energy-related services; energy efficiency, sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily natural gas. The company's competitive energy businesses are led from Houston.

CenterPoint Energy will continue to trade under the ticker symbol "CNP" on the New York Stock Exchange (NYSE) and the Chicago Stock Exchange.

Under the terms of the merger agreement, which was announced on April 23, 2018, Vectren shareholders will receive $72.00, along with a prorated dividend of $0.41145, in cash for each share of Vectren common stock owned as of the close of business on Feb. 1, 2019. Additionally, Vectren common stock, which previously traded under the ticker symbol "VVC," has ceased trading on and was delisted from the NYSE effective today.

"I look forward to watching the newly combined company thrive in this evolving industry," said Carl Chapman, outgoing Vectren chairman, president and chief executive officer. "CenterPoint Energy was the right partner for Vectren and I am confident this merger will have a positive impact on all stakeholders. I sincerely thank the employees and shareholders who have been part of the Vectren journey."

A CenterPoint Energy fact sheet can be found here.

 

CenterPoint Energy

Headquartered in Houston, Texas, CenterPoint Energy, Inc. is an energy delivery company with regulated utility businesses in eight states and a competitive energy businesses footprint in nearly 40 states. Through its electric transmission & distribution, power generation and natural gas distribution businesses, the company serves more than 7 million metered customers primarily in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. CenterPoint Energy's competitive energy businesses include natural gas marketing and energy-related services; energy efficiency, sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily natural gas. The company also owns 54.0 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 14,000 employees and nearly $29 billion in assets, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-Looking Statement

The statements in this press release contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this press release are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.  When used in this press release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to benefits of the merger, integration plans and expected synergies and anticipated future financial measures and operating performance and results, including estimates for growth and other matters affecting future operations. Each forward-looking statement contained in this press release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) difficulties that may arise in successfully integrating the businesses of CenterPoint Energy and Vectren, which may result in the combined company not operating as efficiently and effectively as anticipated; (2) the ability of the combined company to achieve expected cost savings and synergies or it taking longer than expected for those savings and synergies to materialize; (3) potential unexpected costs or unexpected liabilities associated with the merger; (4) potential differences in the actual credit ratings of CenterPoint Energy, Vectren or their subsidiaries from the companies' anticipated ratings; (5) future regulatory or legislative actions that could adversely affect the combined company; (6) other economic, business or competitive factors that could adversely affect the combined company and (7) other factors discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, CenterPoint Energy's Quarterly Report on Form 10-Q for the quarters ended March 31, 2018, June 30, 2018 and September 30, 2018 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

 

 

 Recent News

 

 

CenterPoint Energy awards nearly $230,000 in grants to communities to fund safety-related projects

Houston – June 13, 2024 – This year, CenterPoint Energy's Community Safety Grant program awarded more than 90 grants totaling nearly $230,000 in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas to fund safety-related equipment and projects in local communities.​​

“At CenterPoint Energy, safety is one of our core values and influences every decision we make as we provide safe and reliable energy solutions for the customers and communities we're honored to serve," said June Deadrick, Vice President, Community Relations at CenterPoint Energy. “Through our Community Safety Grant Program, we support the work our emergency responders, local officials and many others do to help support the health and safety of our customers across our local communities."

CenterPoint awards grants of up to $2,500 through this program to support local communities in filling funding gaps that may exist in acquiring safety materials. Each community that CenterPoint serves can submit a grant application with information on a safety-related problem, issue or need in the community and how a Community Safety Grant could address those needs.  

Since launching the program in 2003, CenterPoint Energy has funded more than 1,600 safety-related projects and awarded over $3.25 million in grants to communities throughout the company's six-state footprint for their safety initiatives. These grants have enabled communities to install public AEDs (automated external defibrillators), update emergency communication equipment, purchase personal protective equipment for first responders, install traffic control signs, purchase gas monitoring devices and many other projects. 

To learn more about how CenterPoint is supporting the communities it serves, visit CenterPointEnergy.com/Community


CenterPoint Energy encourages customers to plan ahead as hurricane season begins

​​Houston June 7, 2024 – As the Houston area and surrounding communities enter the 2024 hurricane season, CenterPoint Energy is reminding all customers – especially those who depend on electricity for life-sustaining equipment – to have an emergency plan in place in the event of severe weather. With the May 16 derecho bringing an early start to the severe weather season, safety and storm preparedness remain top-of-mind for the company's workforce. ​

“Last month's sudden, destructive storms and the trail of significant damages left in their wake reinforced the importance of always being prepared," said Lynnae Wilson, Senior Vice President, Electric Business. “2024 is expected to be a very active hurricane season, and history has shown time and again that the path and intensity of these storms can be highly unpredictable."

The 2024 National Oceanic and Atmospheric Administration (NOAA) predictions forecast a range of 17 to 25 named storms. According to NOAA, 8 to 13 of the predicted named storms are forecasted to become hurricanes with winds 74 mph or higher, including four to seven major hurricanes with winds 111 mph or higher.

Customers should develop an emergency plan and assemble a hurricane preparedness kit that includes essential items such as non-perishable food, water, flashlights, batteries, a first aid kit, any necessary medications, a battery-powered radio and a portable charger for mobile devices. The company also encourages customers to enroll in CenterPoint's Power Alert Service® to receive outage details, estimated restoration time and community-wide restoration updates.

“CenterPoint wants to assure our customers that we are prepared for the 2024 hurricane season," Wilson said. “We understand and take seriously the fact that severe weather will cause outages that impact our customers' lives. That is why we will be ready to deploy the resources necessary to restore service as safely and quickly as possible."

If electricity is a necessity, customers or their caregivers should make other arrangements for on-site back-up capabilities or alternatives in the event of an outage. CenterPoint encourages customers who depend on electricity for life-sustaining equipment to ask their doctor to submit an application for critical care customer status to the utility for their area.

According to the guidance below from the National Hurricane Center and National Oceanic and Atmospheric Administration's Saffir-Simpson Hurricane Wind Scale, customers should be prepared to be without electric service according to the following guidelines:

HURRICANE CATEGORYWIND
SPEED
TYPE OF DAMAGE
AND ESTIMATED OUTAGE*
CATEGORY 1Winds
 74 – 95 mph
Extensive damage to power lines and poles likely will result in power outages that could last a few to several days.
CATEGORY 2Winds
 96 – 110 mph
Near-total power loss is expected with outages that could last from several days to weeks.
CATEGORY 3Winds
 111 – 129 mph
Electricity and water will be unavailable for several days to weeks after the storm passes.
CATEGORY 4Winds
 130 – 156 mph
Most trees will be snapped or uprooted and power poles downed. Fallen trees and power poles will isolate residential areas. Power outages will last for weeks to possibly months.
CATEGORY 5Winds
 157 mph and up
Fallen trees and power poles will isolate residential areas. Power outages will last for weeks to possibly months.

*Individual restoration times will vary.

The Saffir-Simpson Hurricane Wind Scale's information can be found here

In the event of a severe weather event, remember:

  • Sign up for CenterPoint Energy's Power Alert Service® at CenterPointEnergy.com/PowerAlertService.
  • Stay informed of weather conditions and warnings or advisories issued by local authorities by paying close attention to announcements from local news outlets for important information regarding ongoing conditions and recovery efforts.
  • If you experience an electric outage, do not open freezers and refrigerators any more than necessary, as opening these appliances will allow food to thaw more quickly.
    • Only use a portable generator in a well-ventilated area and never run it inside or in a garage to avoid carbon monoxide fumes, which can be deadly.
    • Never connect a portable electric generator directly to your building's electrical system during a power outage; electricity could backfeed into the power lines and potentially endanger utility workers.
    • Do not turn off your natural gas at the meter; your natural gas meter should be left on to maintain proper pressure in the natural gas piping within the house and to prevent water from entering the lines should flooding occur.
    • If you wish to discontinue natural gas service, the natural gas can be turned off at each appliance. Later, to restore natural gas service to an appliance, you may follow the written instructions located on the appliance for re-lighting. If you are unable to locate the instructions or don't feel comfortable re-lighting, call a qualified plumber/technician.
    • Have your weatherhead, which connects the overhead power line to your home or business, checked for damage. Any weatherhead problems will need to be repaired by a licensed electrician prior to service being restored.

During post-storm recovery and restoration efforts, remember:

  • Stay away from low-hanging, downed power lines or lines that could be submerged in standing water. Treat all downed power lines as if they are energized. Report any low-hanging or downed power lines to CenterPoint Energy by calling 713-207-2222.
  • Water poses a potential electric safety threat because it's a good conductor – always be careful not to touch water, or anything in contact with it, near a downed power line.
  • Any amount of water, including a puddle, can become energized. If you see a downed power line near water, retreat to a safe distance, then call CenterPoint Energy immediately at 713-207-2222 to report it.
  • Flood waters can be hazardous. Always use extreme care when stepping into flooded areas. Submerged outlets or electrical cords can energize water, even from a distance.
  • If your home was flooded, call a licensed plumber or a natural gas appliance technician to inspect your appliances prior to requesting a service reconnection.
  • Boats or other vehicles being used in high water can expose you to danger from power lines at their normal height. Be aware and stay away.
  • If water has risen above the electrical outlets, contact a licensed electrician before turning on the main circuit breaker.
  • If you smell natural gas — which has a distinctive, strong odor, often compared to rotten eggs or sulfur — leave the area immediately on foot, and tell others to leave, too. Do not turn the lights on or off, smoke, strike a match, use a phone or operate anything that might cause a spark, including a flashlight or a generator. Once safely away from the area, call 911 and CenterPoint Energy, and we will send a trained service technician immediately.
  • While conducting clean-up, call 811 to locate utility lines prior to digging on your property.
  • Be cautious around work crews and give them plenty of room to safely assess damage and make repairs.

For additional information and resources on hurricane preparedness, visit CenterPointEnergy.com/StormCenter and follow @CenterPoint for updates during inclement weather events.  

CenterPoint Energy invests more than $70 million in Ohio for safe and reliable natural gas delivery

Dayton, Ohio – June 4, 2024 – CenterPoint Energy is continuing its multi-year effort to replace aging bare steel and cast-iron natural gas pipelines throughout west-central Ohio. This year, CenterPoint is investing more than $70 million in Ohio communities where crews will be retiring nearly 90 miles of pipeline.

“Bare steel and cast-iron pipes can be susceptible to performance issues," said Ashley Babcock, Vice President of Gas Operations, Indiana and Ohio. “This aging infrastructure will be replaced with new industry-grade pipes that meet all current industry and federal requirements. Ongoing investments in our natural gas system remain a top priority. We are committed to maintaining a safe, reliable system to deliver dependable natural gas to Ohio homes and businesses."

The replacement of natural gas mains under streets and sidewalks will be prioritized, followed by service lines that run directly to homes and businesses. Affected sidewalks, yards and streets will be restored as weather conditions allow. Timelines for each project will vary based on the scope of the project, weather and soil conditions. Crews will work as safely and quickly as possible to minimize impact on customers and surrounding areas. 

Customers are urged to keep a safe distance away from any work sites. Additionally, if you smell the "rotten egg" odor of natural gas, avoid anything that could spark a flame and immediately leave on foot to a safe location.  Once at a safe location, call both 911 and CenterPoint Energy at 800-227-1376. 

Since 2009, approximately 760 miles of natural gas pipeline have been replaced in Ohio, which has led to a reduction in leak calls and natural gas emissions from the distribution system.

CenterPoint will be completing work in Bellbrook, Bellefontaine, Bloomingburg, Bradford, Brookville, Centerville, Covington, Dayton, Eaton, Fairborn, Greenville, Kettering, Minster, Piqua, Pleasant Hill, Sedalia, Sidney, Troy, Washington Court House, Wilmington and Wright-Patterson Air Force Base, as well as Xenia.

For an interactive map of current projects and more information about CenterPoint Energy's gas infrastructure modernization program, visit CenterPointEnergy.com/PipelineReplacement.

About CenterPoint Energy, Inc.
As the only investor-owned electric and natural gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of April 30, 2023, the company owned approximately $39 billion in assets. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit .

CenterPoint Energy enhances natural gas delivery system in southwestern Indiana

Evansville, Ind. – June 4, 2024 – CenterPoint Energy is continuing its multi-year effort to replace aging bare steel and cast-iron natural gas pipelines throughout southwestern Indiana. For more than 16 years, the utility has invested in its southwestern Indiana natural gas infrastructure to maintain safe delivery and further contribute to reducing operational emissions.

“Bare steel and cast-iron pipes can be susceptible to performance issues," said Ashley Babcock, Vice President of Gas Operations, Indiana and Ohio. “This aging infrastructure will be replaced with new industry-grade pipes that meet all current industry and federal requirements. Ongoing investments in our natural gas system remain a top priority. We are committed to maintaining a safe, reliable system to deliver dependable natural gas to Indiana homes and businesses." 

The replacement of natural gas mains under streets and sidewalks will be prioritized, followed by service lines that run directly to homes and businesses. Affected sidewalks, yards and streets will be restored as weather conditions allow. Timelines for each project will vary based on the scope of the project and weather and soil conditions. Crews will work as safely and quickly as possible to minimize impact on customers and surrounding areas. 

Customers are urged to keep a safe distance away from any work sites. Additionally, if you smell the "rotten egg" odor of natural gas, avoid anything that could spark a flame and immediately leave on foot to a safe location.  Once at a safe location, call both 911 and CenterPoint Energy at 800-227-1376. 

With only one year remaining in the bare-steel cast iron replacement program, investments over the past 16 years have totaled more than $186 million, which has led to a reduction in leak calls and natural gas emissions from the distribution system.

CenterPoint Energy will be completing work in Boonville, Evansville, Fort Branch, Francisco, Mt. Vernon, Newburgh, Oakland City, Princeton, Vincennes and Washington.

For an interactive map of current projects and more information about CenterPoint Energy's gas infrastructure modernization program, visit CenterPointEnergy.com/PipelineReplacement

About CenterPoint Energy, Inc. 
As the only investor owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of March 31, 2024, the company owned approximately $40 billion in assets. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

CenterPoint Energy invests nearly $90 million in Indiana for safe and reliable natural gas delivery

Indianapolis, Ind. – June 4, 2024 – CenterPoint Energy is continuing its multi-year effort to replace aging bare steel and cast-iron natural gas pipelines throughout Indiana. This year, the utility will invest nearly $90 million in its Indiana North natural gas territory with crews retiring nearly 120 miles of pipeline.

“Bare steel and cast-iron pipes can be susceptible to performance issues," said Ashley Babcock, Vice President of Gas Operations, Indiana and Ohio. “This aging infrastructure will be replaced with new industry-grade pipes that meet all current industry and federal requirements. Ongoing investments in our natural gas system remain a top priority. We are committed to maintaining a safe, reliable system to deliver dependable natural gas to Indiana homes and businesses." 

The replacement of natural gas mains under streets and sidewalks will be prioritized, followed by service lines that run directly to homes and businesses. Affected sidewalks, yards and streets will be restored as weather conditions allow. Timelines for each project will vary based on the scope of the project, weather and soil conditions. Crews will work as safely and quickly as possible to minimize impact on customers and surrounding areas. 

Customers are urged to keep a safe distance away from any work sites. Additionally, if you smell the "rotten egg" odor of natural gas, avoid anything that could spark a flame and immediately leave on foot to a safe location.  Once at a safe location, call both 911 and CenterPoint Energy at 800-227-1376. 

CenterPoint Energy will be completing work in Albany, Alexandria, Anderson, Arcadia, Carmel, Chesterfield, Dunkirk, Eaton, Elwood, Farmland, Fishers, Gaston, Hartford City, Ingalls, Marion, Markle, Markleville, Mt. Summit, Muncie, New Castle, Noblesville, Pendleton, Redkey, Richmond, Sheridan, Shideler, Yorktown, Brownsburg, Cloverdale, Covington, Lafayette, Lebanon, Zionsville, Bedford, Bloomington, Columbus, Franklin, Greenwood, Harrodsburg, Mitchell and Seymour.

For an interactive map of current projects and more information about CenterPoint Energy's gas infrastructure modernization program, visit CenterPointEnergy.com/PipelineReplacement

About CenterPoint Energy, Inc. 
As the only investor owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of March 31, 2024, the company owned approximately $40 billion in assets. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.