CenterPoint Energy Announces Rate Increase to Fund Storm Repairs

June 8, 2024

CenterPoint Energy, the primary electricity provider for the Houston area, has announced an upcoming increase in electricity bills to cover the costs of extensive repairs following the recent storms that ravaged the region. The rate hike is expected to take effect in August 2024 and will remain in place for the next several years.

Reasons for the Rate Increase

The unprecedented storms caused widespread damage to CenterPoint Energy's infrastructure, including downed power lines, damaged transformers, and compromised transmission towers. The company estimates the cost of repairs to exceed $2 billion.

To fund these repairs and ensure continued reliable service, CenterPoint Energy has filed a request with the Public Utility Commission of Texas (PUCT) for a rate increase. The PUCT is responsible for approving or denying rate hike requests.

Estimated Impact on Customers

The rate increase is expected to vary for different customer classes, but residential customers can anticipate an average increase of approximately 10%, while commercial and industrial customers may experience slightly higher increases.

Timeline for Rate Increase

The rate increase is expected to become effective on August 1, 2024. CenterPoint Energy customers will receive updated bills reflecting the new rates shortly thereafter.

Assistance for Low-Income Customers

CenterPoint Energy offers several programs to assist low-income customers who may struggle to pay their energy bills. These programs include payment plans, financial assistance, and energy efficiency measures. Customers are encouraged to contact CenterPoint Energy to inquire about these programs.

Conservation Measures

While the rate increase is unavoidable, CenterPoint Energy encourages customers to implement energy-saving measures to mitigate the impact on their bills. Tips include adjusting thermostats, using energy-efficient appliances, and sealing drafty windows and doors.

Additional Information

CenterPoint Energy has committed to transparent communication regarding the rate increase. The company will provide updates on the repair progress and the expected impact on customers.

Customers with questions or concerns about the rate increase or assistance programs can contact CenterPoint Energy's customer service department at (713) 207-2222.

Conclusion

The rate increase announced by CenterPoint Energy is a necessary step to address the significant costs of repairing the damage caused by the recent storms. The company is committed to providing reliable service and ensuring the safety of its infrastructure. Customers are encouraged to contact CenterPoint Energy for assistance programs if needed and to implement energy-saving measures to manage their energy consumption.