CenterPoint Energy Sees up to $1.3 Bln in Restoration Costs After Hurricane Beryl

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(Reuters) – Electric and gas utility CenterPoint Energy (CNP.N) said on Tuesday it expects total costs to restore facilities damaged by Hurricane Beryl to be in the range of $1.2 billion to $1.3 billion.

Earlier this month, Hurricane Beryl made landfall near the coastal town of Matagorda, Texas, causing significant damage to CenterPoint electric subsidiary’s delivery system.

Nearly 2.3 million of CenterPoint’s customers lost power after Hurricane Beryl knocked down trees and electricity infrastructure with its 80 mph winds.

The company expects to incur additional charges in the range of $425 million to $475 million related to storm events that occurred in May, where about 922,000 customers lost power.

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The largest Texas power provider serves about 2.9 million electric customers in the greater Houston area and southwestern Indiana.

Restaurants in and around Houston have sued CenterPoint Energy, seeking more than $100 million in damages, alleging incompetence and negligence in the utility’s efforts to restore power quickly following Hurricane Beryl.

CenterPoint’s net income available to common shareholders rose to $228 million, or 36 cents per share, in the second-quarter, from $106 million, or 17 cents per share, a year earlier, helped by increased demand for electricity during the peak summer months.