CenterPoint Energy sells off Arkansas, Oklahoma gas businesses to Summit Utilities
CenterPoint Energy Inc. officially divested itself of its natural gas distribution utilities in Arkansas and Oklahoma last week with the completion of a sale to Summit Utilities, Inc.
The sale includes the Texas-based company’s approximately 17,000 miles of pipeline running through Arkansas, Oklahoma, and Texarkana. However, it will continue maintaining operations in Indiana, Louisiana, Minnesota, Mississippi, Ohio, and Texas. The transaction was approved by the Arkansas Public Service Commission, Oklahoma Corporation Commission, and Federal Energy Regulatory Commission.
“Completing the sale of these natural gas distribution businesses will help us achieve a number of our strategic goals, including efficiently funding our long-term capital investment plans across our regulated utility businesses without issuing external equity, driving industry-leading rate base growth, and allowing us to focus our efforts on executing our plan across fewer jurisdictions,” CenterPoint President and CEO Dave Lesar said.
As a result of the sale, Summit will immediately assume responsibility for CenterPoint’s former customers in Arkansas, Oklahoma, and Texarkana.
Summit will immediately assume responsibility for serving CenterPoint Energy’s former customers in Arkansas, Oklahoma, and Texarkana. For CenterPoint, Lesar added that its most recent analysis now puts the company with an updated five-year capital plan of more than $18 billion and a 10-year capital plan of more than $40 billion, meaning plenty of funding to invest in safety, reliability, growth and clean energy.
