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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE TRANSITION PERIOD FROM __________________ TO __________________

Commission file number 1-31447
CenterPoint Energy, Inc.
(Exact name of registrant as specified in its charter)
Texas
74-0694415
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code

Commission file number 1-3187
CenterPoint Energy Houston Electric, LLC
(Exact name of registrant as specified in its charter)
Texas
22-3865106
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code

Commission file number 1-13265
CenterPoint Energy Resources Corp.
(Exact name of registrant as specified in its charter)
Delaware
76-0511406
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Louisiana
Houston
Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 207-1111
Registrant's telephone number, including area code




Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
CenterPoint Energy, Inc. Common Stock, $0.01 par valueCNPThe New York Stock Exchange
Chicago Stock Exchange, Inc.
CenterPoint Energy, Inc. Depositary Shares for 1/20 of 7.00% Series B Mandatory Convertible Preferred Stock, $0.01 par valueCNP/PBThe New York Stock Exchange
CenterPoint Energy Houston Electric, LLC9.15% First Mortgage Bonds due 2021n/aThe New York Stock Exchange
CenterPoint Energy Houston Electric, LLC6.95% General Mortgage Bonds due 2033n/aThe New York Stock Exchange
CenterPoint Energy Resources Corp.6.625% Senior Notes due 2037n/aThe New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
CenterPoint Energy, Inc.YesþNoo
CenterPoint Energy Houston Electric, LLCYesþNoo
CenterPoint Energy Resources Corp.YesþNoo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
CenterPoint Energy, Inc.YesþNoo
CenterPoint Energy Houston Electric, LLCYesþNoo
CenterPoint Energy Resources Corp.YesþNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
CenterPoint Energy, Inc.
þ
oo
CenterPoint Energy Houston Electric, LLCoo
þ
CenterPoint Energy Resources Corp.oo
þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
CenterPoint Energy, Inc.YesNoþ
CenterPoint Energy Houston Electric, LLCYesNoþ
CenterPoint Energy Resources Corp.YesNoþ

Indicate the number of shares outstanding of each of the issuers’ classes of common stock as of April 29, 2021:
CenterPoint Energy, Inc.
580,495,853shares of common stock outstanding, excluding 166 shares held as treasury stock
CenterPoint Energy Houston Electric, LLC
1,000common shares outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.
CenterPoint Energy Resources Corp.1,000shares of common stock outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc.
            

CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp. meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.



TABLE OF CONTENTS
PART I.FINANCIAL INFORMATION 
Item 1.
 
 
 
 
Item 2.
Consolidated Results of Operations
Results of Operations by Reportable Segment
Item 3.
Item 4.
   
PART II.OTHER INFORMATION 
Item 1.
Item 1A.
Item 6.

i


GLOSSARY
ACEAffordable Clean Energy
AMAAsset Management Agreement
AMSAdvanced Metering System
APSCArkansas Public Service Commission
ARAMAverage rate assumption method
AROAsset retirement obligation
ARPAlternative revenue program
ARPAAmerican Rescue Plan Act of 2021
ASCAccounting Standards Codification
Asset Purchase AgreementAsset Purchase Agreement, dated as of April 29, 2021, by and between CERC Corp. and Southern Col Midco, LLC, a Delaware limited liability company and an affiliate of Summit Utilities, Inc.
ASUAccounting Standards Update
AT&T CommonAT&T Inc. common stock
BcfBillion cubic feet
Bond CompaniesBond Company III, Bond Company IV and Restoration Bond Company, each a wholly-owned, bankruptcy remote entity formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds
Bond Company IIICenterPoint Energy Transition Bond Company III, LLC, a wholly-owned subsidiary of Houston Electric
Bond Company IVCenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric
BTABuild Transfer Agreement
Capital DynamicsCapital Dynamics, Inc.
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCRCoal Combustion Residuals
CEIPCenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp.
CenterPoint EnergyCenterPoint Energy, Inc., and its subsidiaries
CERCCERC Corp., together with its subsidiaries
CERC Corp.CenterPoint Energy Resources Corp.
CESCenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp.
Charter CommonCharter Communications, Inc. common stock
CIPConservation Improvement Program
CNGCompressed Natural Gas
CNP MidstreamCenterPoint Energy Midstream, Inc., a wholly-owned subsidiary of CenterPoint Energy
CODMChief Operating Decision Maker, who is each Registrant’s Chief Operating Executive
Common StockCenterPoint Energy, Inc. common stock, par value $0.01 per share
COVID-19Novel coronavirus disease 2019 and related global outbreak that was subsequently declared a pandemic by the World Health Organization
COVID-19 ERPCOVID-19 Electricity Relief Program
CPCNCertificate of Public Convenience and Necessity
CPPClean Power Plan
CSIACompliance and System Improvement Adjustment
DCRFDistribution Cost Recovery Factor
DRRDistribution Replacement Rider
DSMADemand Side Management Adjustment
ECAEnvironmental Cost Adjustment
ii


GLOSSARY
EDITExcess deferred income taxes
EECREnergy Efficiency Cost Recovery
EECRFEnergy Efficiency Cost Recovery Factor
EEFCEnergy Efficiency Funding Component
EEFREnergy Efficiency Funding Rider
ELGEffluent Limitation Guidelines
Elk GP Merger SubElk GP Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer
Elk Merger SubElk Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer
EnableEnable Midstream Partners, LP
Enable GPEnable GP, LLC, Enable’s general partner
Enable MergerThe proposed merger of Elk Merger Sub with and into Enable and the merger of Elk GP Merger Sub with and into Enable GP, in each case on the terms and subject to the conditions set forth in the Enable Merger Agreement, with Enable and Enable GP surviving as wholly-owned subsidiaries of Energy Transfer
Enable Merger Agreement
Agreement and Plan of Merger by and among Energy Transfer, Elk Merger Sub LLC, Elk GP Merger Sub, Enable, Enable GP and, solely for the purposes of Section 2.1(a)(i) therein, Energy Transfer GP, and solely for the purposes of Section 1.1(b)(i) therein, CenterPoint Energy
Enable Series A Preferred UnitsEnable’s 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Enable
Energy ServicesOffered competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrial customers and electric and natural gas utilities through CES and CEIP
Energy Services Disposal GroupSubstantially all of the businesses within CenterPoint Energy’s and CERC’s Energy Services reporting unit that were sold under the Equity Purchase Agreement
Energy TransferEnergy Transfer LP, a Delaware limited partnership
Energy Transfer GPLE GP, LLC, a Delaware limited liability company and sole general partner of Energy Transfer
Energy Transfer Series G Preferred UnitsEnergy Transfer Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
EPAEnvironmental Protection Agency
Equity Purchase AgreementEquity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Symmetry Energy Solutions Acquisition, LLC (f/k/a Athena Energy Services Buyer, LLC)
ERCOTElectric Reliability Council of Texas
ESGEnergy Systems Group, LLC, a wholly-owned subsidiary of Vectren
February 2021 Winter Storm EventThe extreme and unprecedented winter weather event in February 2021 (Winter Storm Uri) resulting in electricity generation supply shortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures
FERCFederal Energy Regulatory Commission
FitchFitch Ratings, Inc.
Form 10-QQuarterly Report on Form 10-Q
FRPFormula Rate Plan
GHGGreenhouse gases
GRIPGas Reliability Infrastructure Program
GSRGas Supply Rate
GWhGigawatt-hours
Houston ElectricCenterPoint Energy Houston Electric, LLC and its subsidiaries
IDEMIndiana Department of Environmental Management
iii


GLOSSARY
Indiana ElectricOperations of SIGECO’s electric transmission and distribution services, and includes its power generating and wholesale power operations
Indiana GasIndiana Gas Company, Inc., a wholly-owned subsidiary of Vectren
Indiana NorthGas operations of Indiana Gas
Indiana SouthGas operations of SIGECO
Indiana UtilitiesThe combination of Indiana Electric, Indiana North and Indiana South
Infrastructure ServicesProvided underground pipeline construction and repair services through VISCO and its wholly-owned subsidiaries, Miller Pipeline, LLC and Minnesota Limited, LLC
Infrastructure Services Disposal GroupBusinesses within the Infrastructure Services reporting unit that were sold under the Securities Purchase Agreement
Interim Condensed Financial StatementsUnaudited condensed consolidated interim financial statements and combined notes
IRPIntegrated Resource Plan
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
kVKilovolt
LIBORLondon Interbank Offered Rate
LNGLiquefied Natural Gas
LPSCLouisiana Public Service Commission
MergerThe merger of Merger Sub with and into Vectren on the terms and subject to the conditions set forth in the Merger Agreement, with Vectren continuing as the surviving corporation and as a wholly-owned subsidiary of CenterPoint Energy, Inc.
Merger AgreementAgreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub
Merger SubPacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy
MESCenterPoint Energy Mobile Energy Solutions, Inc., a wholly-owned subsidiary of CERC Corp.
MGPManufactured gas plant
MLPMaster Limited Partnership
Moody’sMoody’s Investors Service, Inc.
MPSCMississippi Public Service Commission
MPUCMinnesota Public Utilities Commission
MWMegawatts
NERCNorth American Electric Reliability Corporation
NGLsNatural gas liquids
NOLsNet operating losses
NRGNRG Energy, Inc.
OCCOklahoma Corporation Commission
OGEOGE Energy Corp.
PBRCPerformance Based Rate Change
Posey SolarPosey Solar, LLC, a special purpose entity
PowerTeam ServicesPowerTeam Services, LLC, a Delaware limited liability company, now known as Artera Services, LLC
PPAPower Purchase Agreement
PRPsPotentially responsible parties
PUCOPublic Utilities Commission of Ohio
PUCTPublic Utility Commission of Texas
Railroad CommissionRailroad Commission of Texas
RCRAResource Conservation and Recovery Act of 1976
iv


GLOSSARY
RegistrantsCenterPoint Energy, Houston Electric and CERC, collectively
REPRetail electric provider
Restoration Bond CompanyCenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston Electric
ROEReturn on equity
ROURight of use
RRARate Regulation Adjustment
RSPRate Stabilization Plan
SECSecurities and Exchange Commission
Securities Purchase AgreementSecurities Purchase Agreement, dated as of February 3, 2020, by and among Vectren Utility Services, Inc., PowerTeam Services and, solely for purposes of Section 10.17 of the Securities Purchase Agreement, Vectren
Securitization BondsTransition and system restoration bonds
Series A Preferred StockCenterPoint Energy’s Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
Series B Preferred StockCenterPoint Energy’s 7.00% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
Series C Preferred StockCenterPoint Energy’s Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share
SIGECOSouthern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren
S&PS&P Global Ratings
SRCSales Reconciliation Component
Symmetry Energy Solutions AcquisitionSymmetry Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a Athena Energy Services Buyer, LLC) and subsidiary of Energy Capital Partners, LLC
TBDTo be determined
TCJATax reform legislation informally called the Tax Cuts and Jobs Act of 2017
TCOSTransmission Cost of Service
TCRFTransmission Cost Recovery Factor
TDSICTransmission, Distribution and Storage System Improvement Charge
TDUTransmission and distribution utility
TenaskaTenaska Wind Holdings, LLC
Texas RETexas Reliability Entity
TOBTariffed On Bill
Utility HoldingUtility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy
VectrenVectren Corporation, a wholly-owned subsidiary of CenterPoint Energy as of February 1, 2019
VEDOVectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of Vectren
VIEVariable interest entity
VISCOVectren Infrastructure Services Corporation, formerly a wholly-owned subsidiary of Vectren
Vistra Energy Corp.Texas-based energy company focused on the competitive energy and power generation markets, whose major subsidiaries include Luminant and TXU Energy
VRPVoluntary Remediation Program
VUHIVectren Utility Holdings, Inc., a wholly-owned subsidiary of Vectren
v


GLOSSARY
ZENS2.0% Zero-Premium Exchangeable Subordinated Notes due 2029
ZENS-Related SecuritiesAs of both March 31, 2021 and December 31, 2020, consisted of AT&T Common and Charter Common
2020 Form 10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed with the SEC on February 25, 2021
vi


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

From time to time the Registrants make statements concerning their expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will” or other similar words.

The Registrants have based their forward-looking statements on management’s beliefs and assumptions based on information reasonably available to management at the time the statements are made. The Registrants caution you that assumptions, beliefs, expectations, intentions and projections about future events may and often do vary materially from actual results. Therefore, the Registrants cannot assure you that actual results will not differ materially from those expressed or implied by the Registrants’ forward-looking statements. In this Form 10-Q, unless context requires otherwise, the terms “our,” “we” and “us” are used as abbreviated references to CenterPoint Energy, Inc. together with its consolidated subsidiaries, including Houston Electric, CERC and Vectren.

The following are some of the factors that could cause actual results to differ from those expressed or implied by the Registrants’ forward-looking statements and apply to all Registrants unless otherwise indicated:

the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, Enable’s ability to redeem the Enable Series A Preferred Units in certain circumstances and the value of CenterPoint Energy’s interest in Enable, and factors that may have a material impact on such performance, cash distributions and value, including factors such as:
competitive conditions in the midstream industry, and actions taken by Enable’s customers and competitors, including drilling, production and capital spending decisions of third parties and the extent and timing of the entry of additional competition in the markets served by Enable;
the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly prices of natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable’s interstate pipelines and its commodity risk management activities;
economic effects of the actions of certain crude oil-exporting countries and the Organization of Petroleum Exporting Countries, which have resulted in a substantial decrease in oil and natural gas prices, and the combined impact of these events and COVID-19 on commodity prices;
the demand for crude oil, natural gas, NGLs and transportation and storage services;
environmental and other governmental regulations, including the availability of drilling permits and the regulation of hydraulic fracturing;
recording of goodwill, long-lived asset or other than temporary impairment charges by or related to Enable;
the timing of payments from Enable’s customers under existing contracts, including minimum volume commitment payments;
changes in tax status; and
access to debt and equity capital;
the integration of the businesses acquired in the Merger, including the integration of technology systems; the outcome of shareholder litigation filed against Vectren that could reduce the benefits of the Merger; the ability to realize additional benefits and commercial opportunities from the Merger, including the development of new opportunities and the performance of projects undertaken by ESG, which are subject to, among other factors, the level of success in bidding contracts and cancellation and/or reductions in the scope of projects by customers, and obligations related to warranties, guarantees and other contractual and legal obligations;
the recording of impairment charges;
industrial, commercial and residential growth in our service territories and changes in market demand, including the demand for our non-utility products and services and effects of energy efficiency measures and demographic patterns;
timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment, including the timing and recovery of natural gas purchase costs associated with the February 2021 Winter Storm Event;
future economic conditions in regional and national markets and their effect on sales, prices and costs;
weather variations and other natural phenomena, including the impact of severe weather events on operations and capital, including impacts from the February 2021 Winter Storm Event;
CenterPoint Energy’s or Enable’s business strategies and strategic initiatives, restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including the announced sale of our Natural Gas businesses in
vii


Arkansas and Oklahoma, which we cannot assure will be completed or will have the anticipated benefits to us, and the Enable Merger, which we cannot assure will be completed or will have the anticipated benefits to us or Enable;
the outcome of litigation, including litigation related to the February 2021 Winter Storm Event;
the ability of REPs, including REP affiliates of NRG and Vistra Energy Corp., to satisfy their obligations to CenterPoint Energy and Houston Electric, including the negative impact on such ability related to COVID-19 and the February 2021 Winter Storm Event;
the COVID-19 pandemic and its effect on our and Enable’s operations, business and financial condition, our industries and the communities we serve, U.S. and world financial markets and supply chains, potential regulatory actions and changes in customer and stakeholder behaviors relating thereto;
volatility and a substantial decline in the markets for oil and natural gas as a result of the actions of certain crude-oil exporting countries and the Organization of Petroleum Exporting Countries and reduced worldwide consumption due to the COVID-19 pandemic;
state and federal legislative and regulatory actions or developments affecting various aspects of our businesses (including the businesses of Enable), including, among others, energy deregulation or re-regulation, pipeline integrity and safety and changes in regulation and legislation pertaining to trade, health care, finance and actions regarding the rates charged by our regulated businesses;
any direct or indirect effects on our or Enable’s facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt our businesses or the businesses of third parties, or other catastrophic events such as fires, ice, earthquakes, explosions, leaks, floods, droughts, hurricanes, tornadoes, pandemic health events or other occurrences;
tax legislation, including the effects of the CARES Act and of the TCJA (which includes but is not limited to any potential changes to tax rates, tax credits and/or interest deductibility), as well as any changes in tax laws under the Biden administration, and uncertainties involving state commissions’ and local municipalities’ regulatory requirements and determinations regarding the treatment of EDIT and our rates;
our ability to mitigate weather impacts through normalization or rate mechanisms, and the effectiveness of such mechanisms;
actions by credit rating agencies, including any potential downgrades to credit ratings;
matters affecting regulatory approval, legislative actions, construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or cancellation or in cost overruns that cannot be recouped in rates;
local, state and federal legislative and regulatory actions or developments relating to the environment, including, among others, those related to global climate change, air emissions, carbon, waste water discharges and the handling and disposal of CCR that could impact the continued operation, cost recovery of generation plant costs and related assets, and CenterPoint Energy’s carbon emissions reduction targets;
the impact of unplanned facility outages or other closures;
our ability to fund and invest planned capital and the timely recovery of our investments, including those related to Indiana Electric’s generation transition plan as part of its most recent IRP;
our ability to successfully construct and operate electric generating facilities, including complying with applicable environmental standards and the implementation of a well-balanced energy and resource mix, as appropriate;
the sufficiency of our insurance coverage, including availability, cost, coverage and terms and ability to recover claims;
the availability and prices of raw materials and services and changes in labor for current and future construction projects and operations and maintenance costs, including our ability to control such costs;
the investment performance of CenterPoint Energy’s pension and postretirement benefit plans;
changes in interest rates and their impact on costs of borrowing and the valuation of CenterPoint Energy’s pension benefit obligation;
commercial bank and financial market conditions, our access to capital, the cost of such capital, and the results of our financing and refinancing efforts, including availability of funds in the debt capital markets;
changes in rates of inflation;
inability of various counterparties to meet their obligations to us;
non-payment for our services due to financial distress of our customers;
the extent and effectiveness of our and Enable’s risk management and hedging activities, including, but not limited to financial and weather hedges;
timely and appropriate regulatory actions, which include actions allowing securitization, for any future hurricanes or natural disasters or other recovery of costs;
acquisition and merger activities involving us or our competitors, including the ability to successfully complete merger, acquisition and divestiture plans;
our or Enable’s ability to recruit, effectively transition and retain management and key employees and maintain good labor relations;
viii


changes in technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative sources of generation;
the impact of alternate energy sources on the demand for natural gas;
the timing and outcome of any audits, disputes and other proceedings related to taxes;
the effective tax rates;
political and economic developments, including energy and environmental policies under the Biden administration;
the transition to a replacement for the LIBOR benchmark interest rate;
the effect of changes in and application of accounting standards and pronouncements; and
other factors discussed in “Risk Factors” in Item 1A of Part I of the Registrants’ combined 2020 Form 10-K, which are incorporated herein by reference, and in other reports the Registrants file from time to time with the SEC.

You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and the Registrants undertake no obligation to update or revise any forward-looking statements. Investors should note that the Registrants announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, the Registrants may use the Investors section of CenterPoint Energy’s website (www.centerpointenergy.com) to communicate with investors about the Registrants. It is possible that the financial and other information posted there could be deemed to be material information. The information on CenterPoint Energy’s website is not part of this combined Form 10-Q.
ix

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.     FINANCIAL STATEMENTS

CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
Three Months Ended
 March 31,
20212020
(in millions, except per share amounts)
Revenues:
Utility revenues$2,484 $2,073 
Non-utility revenues63 94 
Total2,547 2,167 
Expenses:
Utility natural gas, fuel and purchased power935 609 
Non-utility cost of revenues, including natural gas40 64 
Operation and maintenance669 674 
Depreciation and amortization307 282 
Taxes other than income taxes143 136 
Goodwill impairment 185 
Total2,094 1,950 
Operating Income453 217 
Other Income (Expense):
Loss on marketable securities(23)(144)
Gain on indexed debt securities26 135 
Interest expense and other finance charges(113)(139)
Interest expense on Securitization Bonds(6)(8)
Equity in earnings (loss) of unconsolidated affiliates, net108 (1,475)
Other income (expense), net(8)14 
Total(16)(1,617)
Income (Loss) from Continuing Operations Before Income Taxes437 (1,400)
Income tax expense (benefit)74 (347)
Income (Loss) from Continuing Operations363 (1,053)
Loss from Discontinued Operations (net of tax benefit of $-0- and $17, respectively)
 (146)
Net Income (Loss)363 (1,199)
Income allocated to preferred shareholders29 29 
Income (Loss) Available to Common Shareholders$334 $(1,228)
Basic earnings (loss) per common share - continuing operations
$0.56 $(2.15)
Basic earnings (loss) per common share - discontinued operations
 (0.29)
Basic Earnings (Loss) Per Common Share0.56 (2.44)
Diluted earnings (loss) per common share - continuing operations
$0.56 $(2.15)
Diluted earnings (loss) per common share - discontinued operations
 (0.29)
Diluted Earnings (Loss) Per Common Share$0.56 $(2.44)
Weighted Average Common Shares Outstanding, Basic552 502 
Weighted Average Common Shares Outstanding, Diluted631 502 

See Combined Notes to Interim Condensed Financial Statements
1

Table of Contents
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
 March 31,
20212020
(in millions)
Net Income (Loss)$363 $(1,199)
Other comprehensive income (loss):
Adjustment to pension and other postretirement plans (net of tax of $-0- and $1)
2 1 
Other comprehensive income (loss) from unconsolidated affiliates (net of tax of $-0- and $-0-)
1 (3)
Total3 (2)
Comprehensive income (loss)366 (1,201)
  Income allocated to preferred shareholders29 29 
Comprehensive income (loss) available to common shareholders
$337 $(1,230)

See Combined Notes to Interim Condensed Financial Statements


2

Table of Contents
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

ASSETS
March 31,
2021
December 31,
2020
(in millions)
Current Assets:
Cash and cash equivalents ($142 and $139 related to VIEs, respectively)
$146 $147 
Investment in marketable securities
848 871 
Accounts receivable ($24 and $23 related to VIEs, respectively), less allowance for credit losses of $65 and $52, respectively
780 676 
Accrued unbilled revenues, less allowance for credit losses of $4 and $5, respectively
343 505 
Natural gas and coal inventory67 203 
Materials and supplies
310 297 
Taxes receivable
79 82 
Prepaid expenses and other current assets ($16 and $15 related to VIEs, respectively)
646 139 
Total current assets3,219 2,920 
Property, Plant and Equipment:
Property, plant and equipment
32,991 32,514 
Less: accumulated depreciation and amortization
10,252 10,152 
Property, plant and equipment, net22,739 22,362 
Other Assets:
Goodwill
4,697 4,697 
Regulatory assets ($597 and $633 related to VIEs, respectively)
3,795 2,094 
Investment in unconsolidated affiliates
853 783 
Preferred units – unconsolidated affiliate
363 363 
Other non-current assets240 252 
Total other assets9,948 8,189 
Total Assets$35,906 $33,471 

See Combined Notes to Interim Condensed Financial Statements


3

Table of Contents
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – (continued)
(Unaudited)

LIABILITIES AND SHAREHOLDERS’ EQUITY
March 31,
2021
December 31,
2020
(in millions, except share amounts)
Current Liabilities:
Short-term borrowings$ $24 
Current portion of VIE Securitization Bonds long-term debt
212 211 
Indexed debt, net13 15 
Current portion of other long-term debt1,563 1,669 
Indexed debt securities derivative927 953 
Accounts payable797 853 
Taxes accrued229 265 
Interest accrued119 145 
Dividends accrued 136 
Customer deposits120 119 
Non-trading derivative liabilities2 3 
Other current liabilities344 432 
Total current liabilities4,326 4,825 
Other Liabilities:  
Deferred income taxes, net3,687 3,603 
Non-trading derivative liabilities14 27 
Benefit obligations675 680 
Regulatory liabilities3,407 3,448 
Other non-current liabilities1,033 1,019 
Total other liabilities8,816 8,777 
Long-term Debt:  
VIE Securitization Bonds, net499 536 
Other long-term debt, net13,549 10,985 
Total long-term debt, net14,048 11,521 
Commitments and Contingencies (Note 14)
Shareholders’ Equity:  
Cumulative preferred stock, $0.01 par value, 20,000,000 shares authorized, 2,402,400 shares outstanding, $2,402 liquidation preference (Note 19)
2,363 2,363 
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 551,865,588 shares and 551,355,861 shares outstanding, respectively
6 6 
Additional paid-in capital6,916 6,914 
Accumulated deficit(482)(845)
Accumulated other comprehensive loss(87)(90)
Total shareholders’ equity8,716 8,348 
Total Liabilities and Shareholders’ Equity$35,906 $33,471 

See Combined Notes to Interim Condensed Financial Statements
4

Table of Contents
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20212020
(in millions)
Cash Flows from Operating Activities:
Net income (loss)$363 $(1,199)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization307 282 
Amortization of deferred financing costs7 7 
Deferred income taxes66 (377)
Goodwill impairment and loss from reclassification to held for sale 214 
Goodwill impairment 185 
Unrealized loss on marketable securities23 144 
Gain on indexed debt securities(26)(135)
Write-down of natural gas inventory 3 
Equity in (earnings) losses of unconsolidated affiliates(108)1,475 
Distributions from unconsolidated affiliates39 70 
Pension contributions(8)(2)
Changes in other assets and liabilities, excluding acquisitions:
Accounts receivable and unbilled revenues, net29 236 
Inventory99 110 
Taxes receivable3 13 
Accounts payable(55)(192)
Non-trading derivatives, net(14)(53)
Margin deposits, net 21 
Interest and taxes accrued(62)(95)
Net regulatory assets and liabilities(2,297)(27)
Other current assets (5)
Other current liabilities(59)(37)
Other non-current assets 19 
Other non-current liabilities17 1 
Other, net(5)4 
Net cash provided by (used in) operating activities(1,681)662 
Cash Flows from Investing Activities:
Capital expenditures(594)(664)
Distributions from unconsolidated affiliate in excess of cumulative earnings 7 
Other, net(10)3 
Net cash used in investing activities(604)(654)
Cash Flows from Financing Activities:
Proceeds from (payments of) commercial paper, net38 (828)
Proceeds from long-term debt2,795  
Payments of long-term debt(388)(63)
Borrowings from revolving credit facilities 1,050 
Payment of debt issuance costs(20) 
Payment of dividends on Common Stock(88)(145)
Payment of dividends on Preferred Stock(48)(42)
Other, net(4)(4)
Net cash provided by (used in) financing activities2,285 (32)
Net Decrease in Cash, Cash Equivalents and Restricted Cash (24)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period167 271 
Cash, Cash Equivalents and Restricted Cash at End of Period $167 $247 

See Combined Notes to Interim Condensed Financial Statements
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Table of Contents
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY
(Unaudited)
 
Three Months Ended March 31,
 20212020
 SharesAmountSharesAmount
 (in millions of dollars and shares)
Cumulative Preferred Stock, $0.01 par value; authorized 20,000,000 shares
Balance, beginning of period3 $2,363 2 $1,740 
Balance, end of period3 2,363 2 1,740 
Common Stock, $0.01 par value; authorized 1,000,000,000 shares
    
Balance, beginning of period551 6 502 5 
Issuances related to benefit and investment plans
1    
Balance, end of period552 6 502 5 
Additional Paid-in-Capital  
Balance, beginning of period6,914  6,080 
Issuances related to benefit and investment plans
2  6 
Balance, end of period6,916  6,086 
Retained Earnings (Accumulated Deficit)   
Balance, beginning of period(845) 632 
Net income (loss)363  (1,199)
Common Stock dividends declared (see Note 19)
  (145)
Preferred Stock dividends declared (see Note 19)  (42)
Adoption of ASU 2016-13 (7)
Balance, end of period(482) (761)
Accumulated Other Comprehensive Loss   
Balance, beginning of period(90) (98)
Other comprehensive income (loss)3  (2)
Balance, end of period
(87) (100)
Total Shareholders’ Equity$8,716  $6,970 

 See Combined Notes to Interim Condensed Financial Statements
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Table of Contents
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC AND SUBSIDIARIES
(AN INDIRECT, WHOLLY-OWNED SUBSIDIARY OF CENTERPOINT ENERGY, INC.)
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)

Three Months Ended March 31,
20212020
(in millions)
Revenues$684 $634 
Expenses:  
Operation and maintenance373 359 
Depreciation and amortization141 129 
Taxes other than income taxes63 64 
Total577 552 
Operating Income107 82 
Other Income (Expense):  
Interest expense and other finance charges(45)(