Louisiana
CenterPoint Energy to sell Louisiana, Mississippi gas assets in $1.2B deal (NYSE:CNP)
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CenterPoint Energy (NYSE:CNP) said Tuesday it agreed to sell its Louisiana and Mississippi natural gas local distribution businesses to Bernhard Capital Partners for $1.2B.
The assets include ~12K miles of main pipeline in Louisiana and Mississippi serving 380K metered customers.
CenterPoint said the sale will not change its targeted utility non-GAAP earnings per share growth rate of 8% in 2024, and the mid-to-high end of 6%-8% annually during 2025-30.
“The transaction will allow us to optimize our portfolio of utility operations and efficiently recycle ~$1B in after-tax cash proceeds into our service territory, [and] redeploy ~$1B of future capital expenditures intended for Louisiana and Mississippi into jurisdictions with less regulatory lag,” President and CEO Jason Wells said.
CenterPoint (CNP) also reported Q4 adjusted earnings of $0.32/share, in line with analyst expectations, and reiterated FY 2024 EPS of $1.61-$1.63.