CenterPoint Energy to Receive $200 Million Federal Stimulus Grant to Accelerate Current Smart Meter Project and Begin Building I
October 27 2009 - 3:28PM
PR Newswire (US)
HOUSTON, Oct. 27 /PRNewswire-FirstCall/ -- CenterPoint Energy, Inc.
(NYSE: CNP) announced that its electric transmission and
distribution subsidiary, CenterPoint Energy Houston Electric LLC,
has been notified by the U.S. Department of Energy (DOE) that it
has been granted a $200 million award for its advanced metering
system and intelligent grid projects. This award is contingent on
successful negotiation with the DOE. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO) "We are very
pleased that the DOE has agreed to help fund the deployment of our
advanced metering system and the development of the intelligent
grid," said Tom Standish, group president of Regulated Operations
for CenterPoint Energy. "These funds will reduce the amount that
Houston-area electric consumers will have to pay for this
significant upgrade to our electric grid." CenterPoint Energy
Houston Electric will use $150 million of the grant to accelerate
its current smart meter and associated equipment installation that
make up its Advanced Metering System (AMS). The remaining $50
million will be used to accelerate the installation of the first
phase of CenterPoint Energy Houston Electric's Intelligent Grid
that utilizes the AMS and other technologies to build a
self-healing grid, and improve operational efficiency and
reliability. CenterPoint Energy Houston Electric's smart meter
deployment began in March 2009, and the company reached a
significant milestone earlier this month with the installation and
integration of 100,000 fully functional smart meters. By the end of
the year, 145,000 smart meters will be installed along with the
necessary communications infrastructure and computing systems. More
than 2 million smart meters are expected to be installed
system-wide by the project's completion in 2012 with the aid of the
federal grant money. Visit CenterPointEnergy.com/EnergyInSight for
the latest information on the company's current smart meter
program. CenterPoint Energy, Inc., headquartered in Houston, Texas,
is a domestic energy delivery company that includes electric
transmission & distribution, natural gas distribution,
competitive natural gas sales and services, interstate pipelines,
and field services operations. The company serves more than five
million metered customers primarily in Arkansas, Louisiana,
Minnesota, Mississippi, Oklahoma, and Texas. Assets total nearly
$19 billion. With about 8,800 employees, CenterPoint Energy and its
predecessor companies have been in business for more than 135
years. For more information, visit the Web site at
http://www.centerpointenergy.com/. This news release includes
forward-looking statements. Actual events and results may differ
materially from those projected. The statements in this news
release regarding the offering and the use of proceeds thereof are
forward-looking statements that involve risks and uncertainties
including market conditions, changes in CenterPoint Energy's
business plans and other factors discussed in CenterPoint Energy's
Form 10-K for the period ended December 31, 2008, CenterPoint
Energy's Form 10-Q for the period ended March 31, 2009, CenterPoint
Energy's Form 10-Q for the period ended June 30, 2009, and
CenterPoint Energy's other filings with the Securities and Exchange
Commission. For more information contact: Media: Floyd LeBlanc
Phone 713.207.7125 Investors: Marianne Paulsen Phone 713.207.6500
http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO
http://photoarchive.ap.org/ DATASOURCE: CenterPoint Energy, Inc.
CONTACT: Media, Floyd LeBlanc, +1-713-207-7125, or Investors,
Marianne Paulsen, +1-713-207-6500, both of CenterPoint Energy, Inc.
Web Site: http://www.centerpointenergy.com/
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