Today the regulated operations of Reliant Energy became CenterPoint Energy, Inc.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO )
"Meet CenterPoint Energy -- a new company with proud traditions of quality and commitment developed over more than a century of delivering energy," said David McClanahan, president and chief executive officer of CenterPoint Energy. "We are pleased to reach this milestone in our company's history. Delivering reliable natural gas and electric service, and taking care of the wires, poles and pipes that supply our customers' critical energy needs, is what we do best.
"We have a clearly defined and focused strategy to achieve our vision of being recognized as America's leading energy delivery company. We're all about service, committed to providing the highest level of service at the best price possible, with core values of accountability, initiative, integrity and respect leading everything we do.
"We will continue to concentrate on operational excellence by identifying and sharing best practices throughout the company and by adopting common business models that take advantage of company scale. And when appropriate, we will grow through acquisitions in our core businesses and by finding opportunities where we can capitalize on our core assets and skills.
"CenterPoint Energy is operated by some of the most experienced talent in the energy business, with more than 11,000 highly skilled employees. We have an attractive and diverse service territory with some of the highest-demand and highest-growth areas in the country, including Houston and Minneapolis," said McClanahan.
"The name CenterPoint Energy is a recognition of the vital role we play in the center of the energy chain between producers and the customers," he added.
On Monday, CenterPoint Energy completed the spin-off of Reliant Resources, Inc., a competitive energy services company. The separation of CenterPoint Energy and Reliant Resources offers advantages to consumers by allowing each business to focus on what it does best. Shareholders now have two distinctly different investment opportunities.
"Our overall investment objectives are simple and straightforward. We are committed to maximizing total shareholder return through a competitive dividend and reasonable growth. We are well positioned for the future with the company's overall large scale, diverse set of electric and natural gas assets, geographic diversity and relatively predictable and stable cash flow," said McClanahan.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electricity transmission and distribution, natural gas distribution and sales, interstate pipeline and gathering operations, and more than 14,000 megawatts of power generation in Texas. The company serves nearly five million customers in Arkansas, Illinois, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Oklahoma, Texas, and Wisconsin. Assets total nearly $19 billion.
CenterPoint Energy became the new holding company for the regulated operations of the former Reliant Energy, Inc. in August 2002.
With more than 11,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 130 years. For more information, visit our Web site at http://www.centerpointenergy.com/ .
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SOURCE: CenterPoint Energy, Inc.
CONTACT: media, Leticia Lowe, +1-713-207-7702, or investors, Marianne
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Web site: http://www.centerpointenergy.com/