HOUSTON, April 3, 2017 /PRNewswire/ -- CenterPoint Energy, Inc.'s (NYSE: CNP) electric utility submitted a proposal to the Electric Reliability Council of Texas (ERCOT) requesting its endorsement for CenterPoint to enhance existing, and construct new, electric transmission infrastructure. This project would meet the unprecedented load growth of the petrochemical industry in the Freeport, Texas area. This growth includes new committed load expected to total approximately 1,340 megawatts, which is planned to go into service at varying stages between 2017 and 2019. The company expects to have the proposed enhancements complete by summer 2019 and the proposed new line is anticipated to be in service in 2021.
The approximately $250 million transmission project includes enhancements to two existing substations and construction of a new 345 kilovolt double-circuit transmission line. Capital expenditures for the project would be incremental to the five-year capital plan as disclosed in the 2016 Form 10-K.
"We are fortunate to serve an area that continues to experience growth and expansion in the petrochemical industry," said Kenny Mercado, senior vice president of CenterPoint Energy's Electric Operations. "This project is critical to reliability due to the magnitude of new load being added to the area."
The proposed project timeline takes into consideration the typical lead times necessary to implement the proposed enhancements and construction, including review by ERCOT and the Public Utility Commission of Texas. The company anticipates a decision by the fourth quarter of 2017.
Forward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as future construction and expansion of electric transmission lines and facilities, future regulatory actions, future economic conditions and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 54.1 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 7,700 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.
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SOURCE CenterPoint Energy, Inc.