Lawton, OK – Nov. 4, 2021 – CenterPoint Energy announced today that its Oklahoma customers may see an increase in their natural gas bills when compared to those last winter, assuming normal winter weather, due primarily to natural gas market conditions. The utility serves about 100,000 customers in the state.
Based on expected natural gas commodity costs and normal winter weather, CenterPoint Energy's Oklahoma customers can expect to pay on average $95 per month this winter during the five-month heating season of November through March. By comparison, last year's average bill amount for the five-month period was about $71 per month.
The actual bill impact will vary by customer depending on the size and age of the home, number of gas appliances, number of people in the household, thermostat settings, levels of insulation and other factors.
According to the Winter Fuels Outlook report issued in October by the U.S. Energy Information Administration: "On average across the United States, we expect prices for all fuels to be higher than in recent winters. Rising wholesale commodity prices for natural gas, crude oil, and petroleum products are being passed through to retail prices. Although we attribute price increases over the past year to several factors, the main reason wholesale prices of natural gas, crude oil and petroleum products have risen is that fuel demand has increased from recent lows faster than production."
As a regulated utility, CenterPoint Energy does not mark up, or profit from, the purchase and sale of natural gas in Oklahoma. Only gas costs actually incurred and approved by the Oklahoma Corporation Commission are recovered from customers. Natural gas is a commodity bought and sold in a national deregulated market and prices fluctuate daily due to supply-and-demand pressures. CenterPoint Energy purchases natural gas on behalf of its customers and then passes those costs on to customers through a gas cost adjustment, which is listed on the bill as "Gas Supply Rate."
"We encourage our customers to prepare now for the winter heating season ahead," said Cindy Westcott, CenterPoint Energy Vice President for Arkansas and Oklahoma. "Whether it's payment assistance options or energy efficiency improvements, we're available to help our customers manage their heating costs. It's also important to remember that, even with higher natural gas prices this winter heating season, bills should still remain lower than customers experienced in the late 2000s when natural gas prices were at record levels nationwide."
CenterPoint Energy offers a number of options to help customers manage their natural gas bills.
- Average Monthly Billing: Under this billing plan, a customer's monthly bill amounts are evened out across the year to ease the impact of winter payment peaks by spreading the costs over a 12-month period. Customers can enroll for free at www.centerpointenergy.com/averagemonthlybilling or by calling 866-275-5265.
- Payment Assistance: Any customer who thinks they may have trouble paying their natural gas bill should contact CenterPoint Energy right away to set up a payment plan. Customers should not wait until they receive a disconnection/shut-off notice or their natural gas service has been disconnected. Visit www.centerpointenergy.com/paymentassistance or call CenterPoint Energy customer service at 866-275-5265.
- Low Income Home Energy Assistance Program (LIHEAP): This federally-funded program helps pay heating costs for income-eligible residential customers. Learn more about the program and how to apply at www.okdhslive.org.
- Energy efficiency programs and rebates: CenterPoint Energy offers a wide range of energy efficiency tips, appliance rebates and energy-saving tools to help customers lower their natural gas bills. Visit www.centerpointenergy.com/saveenergy.
Forward Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news 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. Any statements in this news release regarding future events, such as the expected prices of natural gas and the subsequent impact on customer bills, assumptions regarding winter weather, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news 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) the impact of COVID-19; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; (5) effects of competition; (6) weather variations; (7) changes in business plans; and (8) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.
About CenterPoint Energy
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 Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of September 30, 2021, the company owned approximately $37 billion in assets and also owned 53.7 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 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.