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CenterPoint Energy sees up to $1.3 bln in restoration costs after Hurricane Beryl
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CenterPoint Energy sees up to $1.3 bln in restoration costs after Hurricane Beryl
Jul 30, 2024 4:40 AM

July 30 (Reuters) - Electric and gas utility CenterPoint

Energy ( CNP ) said on Tuesday it expects total costs to restore

facilities damaged by Hurricane Beryl to be in the range of $1.2

billion to $1.3 billion.

Earlier this month, Hurricane Beryl made landfall near the

coastal town of Matagorda, Texas, causing significant damage to

CenterPoint electric subsidiary's delivery system.

Nearly 2.3 million of CenterPoint's customers lost power

after Hurricane Beryl knocked down trees and electricity

infrastructure with its 80 mph winds.

The company expects to incur additional charges in the range

of $425 million to $475 million related to storm events that

occurred in May, where about 922,000 customers lost power.

The largest Texas power provider serves about 2.9 million

electric customers in the greater Houston area and southwestern

Indiana.

Restaurants in and around Houston have sued CenterPoint

Energy ( CNP ), seeking more than $100 million in damages, alleging

incompetence and negligence in the utility's efforts to restore

power quickly following Hurricane Beryl.

CenterPoint's net income available to common shareholders

rose to $228 million, or 36 cents per share, in the

second-quarter, from $106 million, or 17 cents per share, a year

earlier, helped by increased demand for electricity during the

peak summer months.

(Reporting by Vallari Srivastava in Bengaluru; Editing by

Shinjini Ganguli)

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