Houston – Feb. 16, 2023 – As part of the company's 10-year capital investment plan, CenterPoint Energy today announced its continued commitment to invest in and harden electric infrastructure in the Texas Medical Center (TMC) area.
Totaling approximately $200 million, CenterPoint Energy's investments will further strengthen the safety, reliability and resiliency of its electric system and help reduce the impact of severe weather events on customers. The investments will consist of a new substation, several system-hardening projects benefiting the area, and reinforced transmission and distribution lines and electric equipment. These projects are expected to be completed by 2025.
"CenterPoint Energy's top priority is to provide safe and reliable service to customers across our service territory," said Lynnae Wilson, CenterPoint Energy's Senior Vice President, Electric Business. "At the same time, we always strive to support economic growth for our region, while seeking to keep customer charges affordable."
Wilson added, "The Texas Medical Center is a cornerstone of our great city, as it is the largest medical complex in the world. As the TMC and surrounding areas continue to expand, we are committed to supporting the millions of patients who visit these important facilities, along with frontline medical professionals reporting to work every day, to have reliable and resilient electric service."
TMC, the world's largest medical complex, is on a mission to further accelerate and grow in innovation, research, development, production and patient care. The TMC Innovation Factory is set to expand with the opening of the TMC Innovation Factory Labs in the first quarter of 2023. When completed, TMC Helix Park, TMC's 37-acre life science campus, will include more than 6 million square feet of developed space.
"Strategically located substations and hardening projects are crucial parts of our investment plan to continue to satisfy load growth, accommodate new generation, and maintain reliability requirements. We believe we have developed an economically and environmentally sound approach to achieve these important commitments to our communities," said Wilson.
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 timing, amount and allocation of planned investments by CenterPoint Energy, the anticipated benefits from such investments, including any reduction in or other impact to customer bills, and the timing of project completion, 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 disruption to the global supply chain; (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, 2021, CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 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 Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of September 30, 2022, the company owned approximately $35 billion in assets. With approximately 8,900 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.