The Texas Energy Fund was created in 2023 with the goal of jump-starting the construction of more natural gas power plants. But in the two years since, experts say the energy market has turned against the development of such plants.
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NRG Energy has secured a multimillion-dollar state loan to construct two new natural gas units at a power plant in Houston.
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Utility company CenterPoint Energy has reached a settlement agreement with several Houston-area municipalities to spend $3.2 billion over the next several years as part of its systemwide resiliency plan.
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The agreement, which is pending approval by the Public Utility Commission of Texas, would reduce CenterPoint's resiliency expenses over the next few years, resulting in fewer costs passed along to customers in the region.
A recent audit of CenterPoint Energy’s management found that the utility company did not adequately assess the risks or potential conflicts of interest before agreeing to an $800 million mobile generator lease.
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The audit was initiated by the Public Utility Commission of Texas (PUCT) after state leaders questioned why CenterPoint had failed to utilize its leased mobile generators during Hurricane Beryl last July.
CenterPoint Energy has reached a deal with the state of Texas to absorb the cost of the 15 large, mobile generators it leased, valued at roughly $880 million. The move follows months of intense criticism and negotiation with lawmakers.
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The utility leased the 15 large, mobile generators at a cost of about $880 million after the widespread power failures tied to the 2021 winter storm. The generators proved largely useless in the wake of last year’s Hurricane Beryl.
The Houston City Council denied a request from CenterPoint Energy for an electricity rate hike and suspended the company’s gas rate increase for 45 days.
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The electricity rate increase would add about $2.22 to the average residential customer’s monthly bill, while the gas increase would come out to an additional $2.88. The rate increase would wipe out savings from a recent settlement between CenterPoint and Houston-area municipalities.
CenterPoint Energy on Thursday said the company is on track to strengthen Houston's energy resiliency ahead of the 2025 hurricane season.
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Houston area CenterPoint Energy customers are slated to begin receiving a discount on monthly residential and small business bills after the company settled its 2024 rate case after months of negotiations.
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The rate decrease is expected to result in a $50 million loss in revenue every year to the company, a monthly rate reduction of $0.82 for residential customers and $1.28 for small business customers, according to CenterPoint.
The Houston City Council is expected to deny CenterPoint Energy’s latest request for a rate increase during a meeting on Wednesday.
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The electricity supplier for much of the Houston region wants to make additional investments to “reliably deliver power.” This type of denial by Houston City Council is “not uncommon,” according to the city’s administration and regulatory affairs department.
Lawmakers and regulators are trying to ensure that the lessons learned from Hurricane Beryl are not forgotten when it comes to the failures of utility companies like CenterPoint Energy.
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The Public Utility Commission of Texas issued a raft of recommendations for utilities, and lawmakers, in the wake of its investigation into CenterPoint Energy’s handling of Hurricane Beryl. But the pending audit may force commissioners to come to terms with their own role in the disaster.
Houston Public Media
