CenterPoint and Vectren formalize their merger
CenterPoint Energy Inc. and Vectren Corporation have announced their successful merger into a combined company called CenterPoint Energy, completed during the first quarter of this year.
The new company, based in Houston, now includes regulated natural gas and electric utility businesses in eight states, serving more than 7 million metered customers. It also includes a competitive energy businesses footprint in nearly 40 states, according to a news release from CenterPoint Energy.
“With a greater level of business operations, resources and capabilities, we plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services,” said Scott M. Prochazka, president and CEO of CenterPoint Energy. “It is a time of transformation for our industry, and I believe CenterPoint Energy will be well positioned to deliver traditional energy services with innovative solutions that meet customers’ evolving needs and expectations.”
With the merger, the company has assets totaling about $29 billion, an enterprise value of $27 billion and some 14,000 employees, the release stated.
On the natural gas side, CenterPoint Energy sells and delivers natural gas to 4.5 million homes and businesses in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. Evansville, Illinois, is home to the company’s natural gas utility business. Its competitive energy businesses include natural gas marketing and energy-related services; energy efficiency, sustainability and infrastructure modernization solutions; and construction and repair services for pipeline systems, primarily natural gas.
The company said it is investing in modernizing its natural gas infrastructure and is committed to continuing to eliminate cast-iron pipe in all of its territories.