CenterPoint Energy Inc. (NYSE:CNP) on Feb. 29 reported its 4Q11 net income dropped from 4Q10 levels, while adjusted net income for 2011 rose approximately 23.5% from 2010 figures.
“Operationally, our regulated electric and natural gas utilities reported solid results and our field services unit realized growth from the investments we made in several developing shale plays,” CenterPoint’s President and CEO David McClanahan said in the statement announcing the results.
The Houston-based company’s regulated electric transmission & distribution utility operations (TDU) reported income of $93m for 4Q11 compared to $90m in 4Q10. Income from operations of the TDU segment was $62m in 4Q11 compared to $56m in 4Q10; the balance of income during both years “was related to securitization bonds,” according to the company’s statement.
“Operating income for the TDU benefited from higher net transmission revenues, timing of energy efficiency cost recovery and increased throughput primarily from growth of more than 45,000 customers since December 2010,” McClanahan said in the statement. The gains were partially offset by impacts from the recent rate case and higher operation and maintenance expenses, the company continued.
The company reported net income of $117m for 4Q11, a drop from the $124m net income for 4Q10. For the year ended Dec. 31, 2011, the company reported net income of $1.36bn, which included $811m for the final resolution of the appeals of the 2004 true-up order of the Texas Public Utility Commission (Texas PUC) issued in connection with the restructuring of the Texas electric industry. Excluding the true-up amount, adjusted net income for 2011 was $546m compared to $442m for 2010.
CenterPoint Energy is a public utility holding company that operates more than 3,700 circuit miles of high-voltage transmission lines in addition to distribution facilities, interstate pipelines, and natural gas gathering, processing, and treating facilities. It serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas.