03:38 PM EDT, 08/12/2024 (MT Newswires) -- (Updates with CenterPoint Energy ( CNP ) comment in the third paragraph.)

CenterPoint Energy ( CNP ) faces a probe for potential violations of Texas laws for its conduct during Hurricane Beryl, Ken Paxton, the state's attorney general, said Monday.

The investigation involves allegations of "fraud, waste, and improper use of taxpayer-provided funds," Paxton said in a statement. The company's conduct may have caused "significant harm" to Houston residents through outages, rate increases, and delays in restoring power" during the hurricane, Paxton said.

"Since Hurricane Beryl, we have demonstrated our absolute commitment to transparency and cooperation through our participation in three separate hearings at the Public Utility Commission of Texas, the Senate, and the House," CenterPoint Energy ( CNP ) spokesperson John Sousa said in an email to MT Newswires. "We look forward to cooperating with the Texas attorney general or any other agency and have made clear our commitment to upholding the values of our company."

The company's shares fell 1.5% in recent trading Monday.

Price: 26.09, Change: -0.38, Percent Change: -1.45