Report: CenterPoint Plans To Pass Beryl-Related Expenses Onto Customers

CenterPoint Energy Inc. plans to pass on to their customers an estimated $2 billion in costs related to the powerful storm that ravaged Houston and the surrounding area.

During an earnings call Tuesday (July 30), Chief Financial Officer Christopher Foster told investors and analysts the company will issue bonds to recover expenses related to the storm. The approval of those bonds would come from the Public Utility Commission of Texas. As a result, Foster estimated residential customers could see a 2% increase in their electricity bills for the next 15 years to pay down the debt, which carries interest.

Beryl drenched Houston with a summer’s worth of rain and brought 75 mph winds with gusts even higher. Over 13 inches of rain fell in some parts of the Houston area. 15 inches is the average for June, July and August.

About 2.7 million customers lost power during the storm – hundreds of thousands went without it for over a week – as a heat wave hit the city, creating dangerous situations for many without an escape from high temperatures. The Beryl-related death toll climbed to more than 20 people in Texas, many of which are due to heat-related illnesses.

Nearly half of the deaths in Harris County have been attributed to heat exposure, according to the Harris County Institute of Forensic Sciences. Experts believe the number of deaths will continue to rise as cleanup is ongoing. Lara Anton, a spokesperson for the Texas Department of State Health Services believes they won’t have a preliminary count until the end of July.