HOUSTON — CenterPoint Energy saw its third quarter profits sink as the company’s businesses recorded higher operating costs and electricity distribution suffered due to milder weather.
Houston-based CenterPoint delivers electricity and natural gas to customers primarily in the Gulf region. The company reported profits of $143 million for the third quarter of 2014 compared to profits of $151 million in the same period the year before.
“We continue to execute our robust capital plan supported by strong customer growth across our service territories,” said CEO Scott Prochazka in a written statement. “We are on-track to achieve our expected earnings for the year and remain well positioned to deliver long-term growth.”
The company said its electricity transmission business reported an operating income of $232 million for the third quarter of 2014, compared to $239 million in the same quarter last year. About $202 million of income in 2014 came from regulated utility operations and $30 million from securitization bonds, the company said.
Income for the transmission segment was boosted by customer growth but more than offset by higher operating and maintenance expenses, as well as decreased usage that came with tame weather.
CenterPoint’s natural gas distribution businesses posted an $8 million operating loss of the recent quarter, compared to an operating income of $5 million in the previous year’s period. The tally was boosted by strong economic activity in CenterPoint’s service area, but again offset by higher operating costs and expenses.
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