Oct 28 (Reuters) - Electric and gas utility CenterPoint
Energy ( CNP ) on Monday reported third-quarter profit that
missed Wall Street estimates, hurt by higher maintenance costs
and lower revenue from its electric segment due to Hurricane
Beryl.
The company said it has appointed Don Daigler to lead its
emergency preparedness and response efforts, following criticism
for its power restoration initiatives after Beryl.
Beryl had caused significant damage to CenterPoint electric
subsidiary Houston Electric's delivery system after its landfall
in July, knocking out power for nearly 2.3 million CenterPoint
customers in Texas.
Restaurants in and around Houston had filed a lawsuit
seeking more than $100 million from CenterPoint, alleging
incompetence and negligence in the company's efforts to restore
power.
CenterPoint's third-quarter operations and maintenance
costs, which includes expenses related to storm restoration
efforts and grid upgrades, rose nearly 20% to $775 million.
The company's total quarterly electric revenue declined 1.4%
to $1.24 billion, partly owing to outages related to Beryl.
It posted an adjusted profit of 31 cents per share for the
third quarter, missing analysts' average estimates of 32 cents,
according to data compiled by LSEG.
Houston Electric said as of Sept. 30, it estimates the
total costs of restoring the electric delivery facilities to be
about $1.1 billion, excluding carrying costs.