Document_and_Entity_Supplement
Document and Entity Supplemental Information Document (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 24, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CENTERPOINT ENERGY INC. | ' | ' |
Entity Central Index Key | '0001130310 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 429,795,830 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $9,975,930,939 |
Condensed_Statements_of_Consol
Condensed Statements of Consolidated Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $1,884 | $1,894 | $5,047 | $4,282 |
Expenses: | ' | ' | ' | ' |
Natural gas | 880 | 880 | 2,923 | 2,104 |
Operation and maintenance | 469 | 446 | 948 | 930 |
Depreciation and amortization | 256 | 253 | 491 | 493 |
Taxes other than income taxes | 93 | 92 | 204 | 200 |
Total | 1,698 | 1,671 | 4,566 | 3,727 |
Operating Income | 186 | 223 | 481 | 555 |
Other Income (Expense): | ' | ' | ' | ' |
Gain on marketable securities | 72 | 30 | 42 | 104 |
Loss on indexed debt securities | -50 | -27 | -7 | -78 |
Interest and other finance charges | -89 | -85 | -173 | -183 |
Interest on transition and system restoration bonds | -30 | -34 | -60 | -69 |
Equity in earnings of unconsolidated affiliates, net | 71 | 37 | 162 | 42 |
Other, net | 9 | 0 | 18 | 6 |
Total | -17 | -79 | -18 | -178 |
Income Before Income Taxes | 169 | 144 | 463 | 377 |
Income tax expense | 62 | 244 | 171 | 330 |
Net Income (Loss) | $107 | ($100) | $292 | $47 |
Basic Earnings (Loss) Per Share | $0.25 | ($0.23) | $0.68 | $0.11 |
Diluted Earnings (Loss) Per Share | $0.25 | ($0.23) | $0.68 | $0.11 |
Dividends Declared Per Share | $0.24 | $0.21 | $0.48 | $0.42 |
Weighted Average Shares Outstanding, Basic | 429,773,000 | 428,571,000 | 429,470,000 | 428,268,000 |
Weighted Average Shares Outstanding, Diluted | 431,409,000 | 430,554,000 | 431,106,000 | 430,246,000 |
Condensed_Statements_of_Consol1
Condensed Statements of Consolidated Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $107 | ($100) | $292 | $47 |
Other comprehensive income: | ' | ' | ' | ' |
Adjustment related to pension and other postretirement plans (net of tax of $2, $1, $3 and $3) | 2 | 2 | 3 | 5 |
Total | 2 | 2 | 3 | 5 |
Comprehensive income (loss) | $109 | ($98) | $295 | $52 |
Condensed_Statements_of_Consol2
Condensed Statements of Consolidated Comprehensive Income Comprehensive Income Parentheticals (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Tax | $2 | $1 | $3 | $3 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents ($188 and $207 related to VIEs, respectively) | $206 | $208 |
Investment in marketable securities | 809 | 767 |
Accounts receivable ($94 and $60 related to VIEs, respectively), less bad debt reserve of $26 and $28, respectively | 834 | 851 |
Accrued unbilled revenues | 186 | 398 |
Natural gas inventory | 140 | 140 |
Materials and supplies | 155 | 145 |
Non-trading derivative assets | 26 | 24 |
Prepaid expenses and other current assets ($51 and $41 related to VIEs, respectively) | 173 | 125 |
Total current assets | 2,529 | 2,658 |
Property, Plant and Equipment: | ' | ' |
Property, plant and equipment | 14,674 | 14,138 |
Less: accumulated depreciation and amortization | 4,695 | 4,545 |
Property, plant and equipment, net | 9,979 | 9,593 |
Other Assets: | ' | ' |
Goodwill | 840 | 840 |
Regulatory assets ($2,971 and $3,179 related to VIEs, respectively) | 3,519 | 3,726 |
Notes receivable - affiliated companies | 363 | 363 |
Non-trading derivative assets | 12 | 10 |
Investment in unconsolidated affiliates | 4,517 | 4,518 |
Other | 161 | 162 |
Total other assets | 9,412 | 9,619 |
Total Assets | 21,920 | 21,870 |
Current Liabilities: | ' | ' |
Short-term borrowings | 42 | 43 |
Current portion of VIE transition and system restoration bonds long-term debt | 363 | 354 |
Indexed debt | 147 | 143 |
Current portion of other long-term debt | 200 | 0 |
Indexed debt securities derivative | 462 | 455 |
Accounts payable | 519 | 689 |
Taxes accrued | 129 | 184 |
Interest accrued | 135 | 124 |
Non-trading derivative liabilities | 12 | 17 |
Accumulated deferred income taxes, net | 662 | 608 |
Other | 355 | 402 |
Total current liabilities | 3,026 | 3,019 |
Other Liabilities: | ' | ' |
Accumulated deferred income taxes, net | 4,508 | 4,542 |
Non-trading derivative liabilities | 2 | 4 |
Benefit obligations | 773 | 802 |
Regulatory liabilities | 1,225 | 1,152 |
Other | 206 | 205 |
Total other liabilities | 6,714 | 6,705 |
Long-term Debt: | ' | ' |
VIE transition and system restoration bonds | 2,847 | 3,046 |
Other | 4,908 | 4,771 |
Total long-term debt | 7,755 | 7,817 |
Commitments and Contingencies (Note 12) | ' | ' |
Shareholders’ Equity: | ' | ' |
Common stock (429,795,830 shares and 428,798,446 shares outstanding, respectively) | 4 | 4 |
Additional paid-in capital | 4,162 | 4,157 |
Retained earnings | 346 | 258 |
Accumulated other comprehensive loss | -87 | -90 |
Total shareholders’ equity | 4,425 | 4,329 |
Total Liabilities and Shareholders’ Equity | $21,920 | $21,870 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Balance Sheets Parentheticals (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Commitments and Contingencies (Note 12) | ' | ' |
Total common stock outstanding (in shares) | 429,795,830 | 428,798,446 |
Cash and cash equivalents | 206 | 208 |
Bad Debt Reserve | 26 | 28 |
Accounts receivable, net | 834 | 851 |
Prepaid expenses and other current assets | 173 | 125 |
Regulatory assets | 3,519 | 3,726 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Cash and cash equivalents | 188 | 207 |
Accounts receivable, net | 94 | 60 |
Prepaid expenses and other current assets | 51 | 41 |
Regulatory assets | $2,971 | $3,179 |
Condensed_Statements_of_Consol3
Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $292 | $47 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 491 | 493 |
Amortization of deferred financing costs | 14 | 16 |
Deferred income taxes | 13 | 257 |
Unrealized gain on marketable securities | -42 | -104 |
Unrealized loss on indexed debt securities | 7 | 78 |
Write-down of natural gas inventory | 0 | 3 |
Equity in earnings of unconsolidated affiliates, net of distributions | 2 | -25 |
Pension contributions | -34 | -37 |
Changes in other assets and liabilities: | ' | ' |
Accounts receivable and unbilled revenues, net | 211 | 66 |
Inventory | -10 | -12 |
Taxes receivable | 0 | -21 |
Accounts payable | -174 | -108 |
Fuel cost recovery | -42 | 116 |
Non-trading derivatives, net | -11 | 0 |
Margin deposits, net | -2 | 7 |
Interest and taxes accrued | -44 | -63 |
Net regulatory assets and liabilities | 46 | 56 |
Other current assets | 17 | 19 |
Other current liabilities | -50 | -17 |
Other assets | 8 | -3 |
Other liabilities | 21 | 17 |
Other, net | -1 | 5 |
Net cash provided by operating activities | 712 | 790 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -625 | -586 |
Decrease (increase) in restricted cash of transition and system restoration bond companies | -10 | 2 |
Payments to Acquire Interest in Subsidiaries and Affiliates | -1 | 0 |
Cash contribution to Enable | 0 | -38 |
Proceeds from sale of marketable securities | 0 | 9 |
Other, net | -23 | -12 |
Net cash used in investing activities | -659 | -625 |
Cash Flows from Financing Activities: | ' | ' |
Decrease in short-term borrowings, net | -1 | -1 |
Payment of commercial paper, net | -77 | 0 |
Proceeds from long-term debt | 600 | 1,050 |
Payments of long-term debt | -373 | -1,195 |
Cash paid for debt retirement | -1 | 0 |
Debt issuance costs | -6 | 0 |
Redemption of indexed debt securities | 0 | -8 |
Payment of common stock dividends | -204 | -178 |
Other, net | 7 | 18 |
Net cash used in financing activities | -55 | -314 |
Net Decrease in Cash and Cash Equivalents | -2 | -149 |
Cash and Cash Equivalents at Beginning of Period | 208 | 646 |
Cash and Cash Equivalents at End of Period | 206 | 497 |
Cash Payments: | ' | ' |
Interest, net of capitalized interest | 203 | 247 |
Income taxes, net | 140 | 67 |
Non-cash transactions: | ' | ' |
Accounts payable related to capital expenditures | $78 | $80 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Background and Basis of Presentation | ' | |
Background and Basis of Presentation | ||
General. Included in this Quarterly Report on Form 10-Q (Form 10-Q) of CenterPoint Energy, Inc. are the condensed consolidated interim financial statements and notes (Interim Condensed Financial Statements) of CenterPoint Energy, Inc. and its subsidiaries (collectively, CenterPoint Energy). The Interim Condensed Financial Statements are unaudited, omit certain financial statement disclosures and should be read with the Annual Report on Form 10-K of CenterPoint Energy for the year ended December 31, 2013 (CenterPoint Energy Form 10-K). | ||
Background. CenterPoint Energy, Inc. is a public utility holding company. CenterPoint Energy’s operating subsidiaries own and operate electric transmission and distribution facilities and natural gas distribution facilities and own an interest in Enable Midstream Partners, LP (Enable) as described in Note 7. As of June 30, 2014, CenterPoint Energy’s indirect wholly owned subsidiaries included: | ||
• | CenterPoint Energy Houston Electric, LLC (CenterPoint Houston), which engages in the electric transmission and distribution business in the Texas Gulf Coast area that includes the city of Houston; and | |
• | CenterPoint Energy Resources Corp. (CERC Corp. and, together with its subsidiaries, CERC), which owns and operates natural gas distribution systems (Gas Operations). A wholly owned subsidiary of CERC Corp. offers variable and fixed-price physical natural gas supplies primarily to commercial and industrial customers and electric and gas utilities. As of June 30, 2014, CERC Corp. also owned approximately 55.4% of the limited partner interests in Enable, which owns, operates and develops natural gas and crude oil infrastructure assets. | |
As of June 30, 2014, CenterPoint Energy had four variable interest entities (VIEs) consisting of transition and system restoration bond companies, which it consolidates. The consolidated VIEs are wholly owned bankruptcy remote special purpose entities that were formed specifically for the purpose of securitizing transition and system restoration property. Creditors of CenterPoint Energy have no recourse to any assets or revenues of the transition and system restoration bond companies. The bonds issued by these VIEs are payable only from and secured by transition and system restoration property, and the bondholders have no recourse to the general credit of CenterPoint Energy. | ||
Basis of Presentation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
CenterPoint Energy’s Interim Condensed Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the respective periods. Amounts reported in CenterPoint Energy’s Condensed Statements of Consolidated Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy and energy services, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. | ||
For a description of CenterPoint Energy’s reportable business segments, see Note 14. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which significantly changes the existing accounting guidance on discontinued operations. Under ASU 2014-08, only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be reported as a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. ASU 2014-08 should be applied to components classified as held for sale after its effective date. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The adoption is expected to reduce the number of disposals that meet the definition of a discontinued operation. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which supersedes most current revenue recognition guidance. ASU 2014-09 provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted, and entities have the option of using either a full retrospective or a modified retrospective adoption approach. Accordingly, CenterPoint Energy will adopt ASU 2014-09 on January 1, 2017, and is currently evaluating the impact that this standard will have on its financial position, results of operations, cash flows and disclosures. | |
Management believes that other recently issued standards, which are not yet effective, will not have a material impact on CenterPoint Energy’s consolidated financial position, results of operations or cash flows upon adoption. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
CenterPoint Energy’s net periodic cost includes the following components relating to pension and postretirement benefits: | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||
Benefits (1) | Benefits | Benefits (1) | Benefits | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 11 | $ | 1 | $ | 11 | $ | 1 | ||||||||
Interest cost | 25 | 5 | 23 | 5 | ||||||||||||
Expected return on plan assets | (31 | ) | (2 | ) | (34 | ) | (2 | ) | ||||||||
Amortization of prior service cost (credit) | 2 | (1 | ) | 2 | — | |||||||||||
Amortization of net loss | 11 | 1 | 16 | 1 | ||||||||||||
Amortization of transition obligation | — | 2 | — | 2 | ||||||||||||
Net periodic cost | $ | 18 | $ | 6 | $ | 18 | $ | 7 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||
Benefits (1) | Benefits | Benefits (1) | Benefits | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 21 | $ | 1 | $ | 22 | $ | 1 | ||||||||
Interest cost | 50 | 11 | 46 | 10 | ||||||||||||
Expected return on plan assets | (62 | ) | (4 | ) | (68 | ) | (4 | ) | ||||||||
Amortization of prior service cost (credit) | 5 | (1 | ) | 4 | — | |||||||||||
Amortization of net loss | 22 | 1 | 32 | 3 | ||||||||||||
Amortization of transition obligation | — | 3 | — | 4 | ||||||||||||
Net periodic cost | $ | 36 | $ | 11 | $ | 36 | $ | 14 | ||||||||
________________ | ||||||||||||||||
-1 | Net periodic cost in these tables is before considering amounts subject to overhead allocations for capital expenditure projects or for amounts subject to deferral for regulatory purposes. | |||||||||||||||
CenterPoint Energy's changes in accumulated comprehensive loss related to defined benefit and postretirement plans are as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension and Postretirement Plans | Pension and Postretirement Plans | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning Balance | $ | (87 | ) | $ | (129 | ) | $ | (88 | ) | $ | (132 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||
Prior service cost (1) | 1 | — | 1 | 1 | ||||||||||||
Actuarial losses (1) | 3 | 3 | 5 | 7 | ||||||||||||
Total reclassifications from accumulated other comprehensive loss | 4 | 3 | 6 | 8 | ||||||||||||
Tax expense | (2 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Net current period other comprehensive income | 2 | 2 | 3 | 5 | ||||||||||||
Ending Balance | $ | (85 | ) | $ | (127 | ) | $ | (85 | ) | $ | (127 | ) | ||||
________________ | ||||||||||||||||
-1 | These other comprehensive components are included in the computation of net periodic cost. | |||||||||||||||
CenterPoint Energy expects to contribute a total of approximately $96 million to its pension plans in 2014, of which approximately $31 million and $34 million, respectively, was contributed during the three and six months ended June 30, 2014. | ||||||||||||||||
CenterPoint Energy expects to contribute a total of approximately $17 million to its postretirement benefits plan in 2014, of which approximately $4 million and $8 million, respectively, was contributed during the three and six months ended June 30, 2014. |
Regulatory_Accounting
Regulatory Accounting | 6 Months Ended |
Jun. 30, 2014 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | ' |
Regulatory Matters | ' |
Regulatory Accounting | |
As of June 30, 2014, CenterPoint Energy has not recognized an allowed equity return of $476 million because such return will be recognized as it is recovered in rates. During the three months ended June 30, 2014 and 2013, CenterPoint Houston recognized approximately $17 million and $12 million, respectively, of the allowed equity return not previously recognized. During the six months ended June 30, 2014 and 2013, CenterPoint Houston recognized approximately $32 million and $20 million, respectively, of the allowed equity return not previously recognized. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
CenterPoint Energy is exposed to various market risks. These risks arise from transactions entered into in the normal course of business. CenterPoint Energy utilizes derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices and weather on its operating results and cash flows. Such derivatives are recognized in CenterPoint Energy’s Condensed Consolidated Balance Sheets at their fair value unless CenterPoint Energy elects the normal purchase and sales exemption for qualified physical transactions. A derivative may be designated as a normal purchase or sale if the intent is to physically receive or deliver the product for use or sale in the normal course of business. | |||||||||||||
CenterPoint Energy has a Risk Oversight Committee composed of corporate and business segment officers that oversees all commodity price, weather and credit risk activities, including CenterPoint Energy’s marketing, risk management services and hedging activities. The committee’s duties are to establish CenterPoint Energy’s commodity risk policies, allocate board-approved commercial risk limits, approve the use of new products and commodities, monitor positions and ensure compliance with CenterPoint Energy’s risk management policies, procedures and limits established by CenterPoint Energy’s board of directors. | |||||||||||||
CenterPoint Energy’s policies prohibit the use of leveraged financial instruments. A leveraged financial instrument, for this purpose, is a transaction involving a derivative whose financial impact will be based on an amount other than the notional amount or volume of the instrument. | |||||||||||||
(a) | Non-Trading Activities | ||||||||||||
Derivative Instruments. CenterPoint Energy enters into certain derivative instruments to manage physical commodity price risk and does not engage in proprietary or speculative commodity trading. These financial instruments do not qualify or are not designated as cash flow or fair value hedges. | |||||||||||||
Weather Hedges. CenterPoint Energy has weather normalization or other rate mechanisms that mitigate the impact of weather on its gas operations in Arkansas, Louisiana, Mississippi and Oklahoma. Gas operations in Texas and Minnesota and electric operations in Texas do not have such mechanisms. As a result, fluctuations from normal weather may have a significant positive or negative effect on Gas Operations’ results in these jurisdictions and on CenterPoint Houston’s results in its service territory. | |||||||||||||
CenterPoint Energy entered into heating-degree day swaps for certain Gas Operations jurisdictions to mitigate the effect of fluctuations from normal weather on its results of operations and cash flows for the winter heating season, which contained a bilateral dollar cap of $15 million in 2012 - 2013 and $16 million in 2013 - 2014. In 2013, CenterPoint Energy also entered into a similar winter weather hedge for the CenterPoint Houston service territory, which contained a bilateral dollar cap of $8 million. The swaps are based on ten-year normal weather. During the three months ended June 30, 2014 and 2013, CenterPoint Energy recognized losses of $-0- and $3 million, respectively, related to these swaps. During the six months ended June 30, 2014 and 2013, CenterPoint Energy recognized losses of $8 million and $6 million, respectively, related to these swaps. Weather hedge gains and losses are included in revenues in the Condensed Statements of Consolidated Income. | |||||||||||||
(b) | Derivative Fair Values and Income Statement Impacts | ||||||||||||
The following tables present information about CenterPoint Energy’s derivative instruments and hedging activities. The first four tables provide a balance sheet overview of CenterPoint Energy’s Derivative Assets and Liabilities as of June 30, 2014 and December 31, 2013, while the last two tables provide a breakdown of the related income statement impacts for the three and six months ended June 30, 2014 and 2013. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
June 30, 2014 | |||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | ||||||||||
as hedging instruments | Location | Assets | Liabilities | ||||||||||
Fair Value | Fair Value | ||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives (1) (2) | Current Assets: Non-trading derivative assets | $ | 31 | $ | 5 | ||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 14 | 2 | ||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 1 | 13 | ||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | — | 2 | ||||||||||
Indexed debt securities derivative | Current Liabilities | — | 462 | ||||||||||
Total | $ | 46 | $ | 484 | |||||||||
_____________ | |||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 603 billion cubic feet (Bcf) or a net 97 Bcf long position. Of the net long position, basis swaps constitute 97 Bcf. | ||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $24 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above. | ||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | |||||||||||||
June 30, 2014 | |||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||
(in millions) | |||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (6 | ) | $ | 26 | ||||||
Other Assets: Non-trading derivative assets | 14 | (2 | ) | 12 | |||||||||
Current Liabilities: Non-trading derivative liabilities | (18 | ) | 6 | (12 | ) | ||||||||
Other Liabilities: Non-trading derivative liabilities | (4 | ) | 2 | (2 | ) | ||||||||
Total | $ | 24 | $ | — | $ | 24 | |||||||
________________ | |||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | ||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | ||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
December 31, 2013 | |||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | ||||||||||
as hedging instruments | Location | Assets | Liabilities | ||||||||||
Fair Value | Fair Value | ||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Non-trading derivative assets | $ | 28 | $ | 4 | ||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 10 | — | ||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 4 | 21 | ||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | 1 | 5 | ||||||||||
Indexed debt securities derivative | Current Liabilities | — | 455 | ||||||||||
Total | $ | 43 | $ | 485 | |||||||||
_______________ | |||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607 Bcf or a net 46 Bcf long position. Of the net long position, basis swaps constitute 99 Bcf. | ||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above, offset by collateral netting of less than $1 million. | ||||||||||||
-3 | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. | ||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | |||||||||||||
December 31, 2013 | |||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||
(in millions) | |||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (8 | ) | $ | 24 | ||||||
Other Assets: Non-trading derivative assets | 11 | (1 | ) | 10 | |||||||||
Current Liabilities: Non-trading derivative liabilities | (25 | ) | 8 | (17 | ) | ||||||||
Other Liabilities: Non-trading derivative liabilities | (5 | ) | 1 | (4 | ) | ||||||||
Total | $ | 13 | $ | — | $ | 13 | |||||||
________________ | |||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | ||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | ||||||||||||
Realized and unrealized gains and losses on derivatives are recognized in the Condensed Statements of Consolidated Income as revenue for physical natural gas sales derivative contracts and as natural gas expense for financial natural gas derivatives and other physical natural gas derivatives. Unrealized gains and losses on indexed debt securities are recorded as Other Income (Expense) in the Condensed Statements of Consolidated Income. | |||||||||||||
Income Statement Impact of Derivative Activity | |||||||||||||
Three Months Ended June 30, | |||||||||||||
Total derivatives not designated | Income Statement Location | 2014 | 2013 | ||||||||||
as hedging instruments | |||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives | Gains (Losses) in Revenues | $ | 5 | $ | 27 | ||||||||
Natural gas derivatives (1) | Gains (Losses) in Expenses: Natural Gas | 4 | (18 | ) | |||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (50 | ) | (27 | ) | ||||||||
Total | $ | (41 | ) | $ | (18 | ) | |||||||
Income Statement Impact of Derivative Activity | |||||||||||||
Six Months Ended June 30, | |||||||||||||
Total derivatives not designated | Income Statement Location | 2014 | 2013 | ||||||||||
as hedging instruments | |||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives | Gains (Losses) in Revenues | $ | (96 | ) | $ | 13 | |||||||
Natural gas derivatives (1) | Gains (Losses) in Expenses: Natural Gas | 114 | (2 | ) | |||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (7 | ) | (78 | ) | ||||||||
Total | $ | 11 | $ | (67 | ) | ||||||||
________________ | |||||||||||||
-1 | The Gains (Losses) in Expenses: Natural Gas includes $-0- and $2 million during the three and six months ended June 30, 2014, respectively, related to physical forwards purchased from Enable. | ||||||||||||
(c) | Credit Risk Contingent Features | ||||||||||||
CenterPoint Energy enters into financial derivative contracts containing material adverse change provisions. These provisions could require CenterPoint Energy to post additional collateral if the Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc. credit ratings of CenterPoint Energy, Inc. or its subsidiaries are downgraded. The total fair value of the derivative instruments that contain credit risk contingent features that are in a net liability position at both June 30, 2014 and December 31, 2013 was $1 million. The aggregate fair value of assets that were posted as collateral was less than $1 million at both June 30, 2014 and December 31, 2013. If all derivative contracts (in a net liability position) containing credit risk contingent features were triggered at June 30, 2014 and December 31, 2013, less than $1 million and $1 million, respectively, of additional assets would be required to be posted as collateral. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined below and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: | ||||||||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are exchange-traded derivatives and equity securities. | ||||||||||||||||||||
Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Fair value assets and liabilities that are generally included in this category are derivatives with fair values based on inputs from actively quoted markets. A market approach is utilized to value CenterPoint Energy’s Level 2 assets or liabilities. | ||||||||||||||||||||
Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Unobservable inputs reflect CenterPoint Energy’s judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. CenterPoint Energy develops these inputs based on the best information available, including CenterPoint Energy’s own data. A market approach is utilized to value CenterPoint Energy’s Level 3 assets or liabilities. Currently, CenterPoint Energy’s Level 3 assets and liabilities are comprised of physical forward contracts and options. Level 3 physical forward contracts are valued using a discounted cash flow model which includes illiquid forward price curve locations (ranging from $2.62 to $4.98 per one million British thermal units) as an unobservable input. Level 3 options are valued through Black-Scholes (including forward start) option models which include option volatilities (ranging from 0 to 62%) as an unobservable input. CenterPoint Energy’s Level 3 derivative assets and liabilities consist of both long and short positions (forwards and options) and their fair value is sensitive to forward prices and volatilities. If forward prices decrease, CenterPoint Energy’s long forwards lose value whereas its short forwards gain in value. If volatility decreases, CenterPoint Energy’s long options lose value whereas its short options gain in value. | ||||||||||||||||||||
CenterPoint Energy determines the appropriate level for each financial asset and liability on a quarterly basis and recognizes transfers between levels at the end of the reporting period. For the six months ended June 30, 2014, there were no transfers between Level 1 and 2. CenterPoint Energy also recognizes purchases of Level 3 financial assets and liabilities at their fair market value at the end of the reporting period. | ||||||||||||||||||||
The following tables present information about CenterPoint Energy’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by CenterPoint Energy to determine such fair value. | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | as of | ||||||||||||||||
for Identical Assets | Inputs | Inputs | 30-Jun-14 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 812 | $ | — | $ | — | $ | — | $ | 812 | ||||||||||
Investments, including money | 51 | — | — | — | 51 | |||||||||||||||
market funds | ||||||||||||||||||||
Natural gas derivatives | 3 | 37 | 6 | (8 | ) | 38 | ||||||||||||||
Total assets | $ | 866 | $ | 37 | $ | 6 | $ | (8 | ) | $ | 901 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 462 | $ | — | $ | — | $ | 462 | ||||||||||
Natural gas derivatives | 1 | 19 | 2 | (8 | ) | 14 | ||||||||||||||
Total liabilities | $ | 1 | $ | 481 | $ | 2 | $ | (8 | ) | $ | 476 | |||||||||
________________ | ||||||||||||||||||||
-1 | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $-0- posted with the same counterparties. | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | as of | ||||||||||||||||
for Identical Assets | Inputs | Inputs | 31-Dec-13 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 770 | $ | — | $ | — | $ | — | $ | 770 | ||||||||||
Investments, including money | 61 | — | — | — | 61 | |||||||||||||||
market funds | ||||||||||||||||||||
Natural gas derivatives (2) | 5 | 33 | 5 | (9 | ) | 34 | ||||||||||||||
Total assets | $ | 836 | $ | 33 | $ | 5 | $ | (9 | ) | $ | 865 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 455 | $ | — | $ | — | $ | 455 | ||||||||||
Natural gas derivatives | 1 | 27 | 2 | (9 | ) | 21 | ||||||||||||||
Total liabilities | $ | 1 | $ | 482 | $ | 2 | $ | (9 | ) | $ | 476 | |||||||||
________________ | ||||||||||||||||||||
-1 | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. | |||||||||||||||||||
-2 | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | |||||||||||||||||||
The following table presents additional information about assets or liabilities, including derivatives that are measured at fair value on a recurring basis for which CenterPoint Energy has utilized Level 3 inputs to determine fair value: | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||
Derivative assets and liabilities, net | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Beginning balance | $ | 1 | $ | 3 | $ | 3 | $ | 2 | ||||||||||||
Total gains | 2 | 1 | — | 3 | ||||||||||||||||
Total settlements | 1 | — | 2 | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | (1 | ) | — | |||||||||||||||
Ending balance (1) | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||
The amount of total gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ | 1 | $ | 2 | $ | 2 | $ | 3 | ||||||||||||
________________ | ||||||||||||||||||||
-1 | CenterPoint Energy did not have significant Level 3 purchases, sales or transfers out of Level 3 during the three or six months ended June 30, 2014 or 2013. | |||||||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||||||
The fair values of cash and cash equivalents, investments in debt and equity securities classified as “trading” and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (ZENS) indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by the market price. These assets and liabilities, which are not measured at fair value in the Condensed Consolidated Balance Sheets but for which the fair value is disclosed, would be classified as Level 1 or Level 2 in the fair value hierarchy. | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Notes receivable - affiliated companies | $ | 363 | $ | 369 | $ | 363 | $ | 363 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Long-term debt | $ | 8,318 | $ | 9,103 | $ | 8,171 | $ | 8,670 | ||||||||||||
Unconsolidated_Affiliates_Note
Unconsolidated Affiliates (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||||||
Unconsolidated Affiliates | |||||||||||||||||
On May 1, 2013 (the Closing Date) CERC Corp., OGE Energy Corp. (OGE) and ArcLight Capital Partners, LLC (ArcLight) closed on the formation of Enable. CenterPoint Energy has the ability to significantly influence the operating and financial policies of Enable and, accordingly, accounts for its investment in Enable using the equity method of accounting. Under the equity method, CenterPoint Energy will adjust its investment in Enable each period for contributions made, distributions received, CenterPoint Energy’s share of Enable’s comprehensive income and accretion of differences, as appropriate. CenterPoint Energy evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. | |||||||||||||||||
CenterPoint Energy’s investment in Enable is considered to be a VIE because the power to direct the activities that most significantly impact Enable’s economic performance does not reside with the holders of equity investment at risk. However, CenterPoint Energy is not considered the primary beneficiary of Enable since it does not have the power to direct the activities of Enable that are considered most significant to the economic performance of Enable. CenterPoint Energy’s maximum exposure to loss related to Enable is limited to its equity investment as presented in the Condensed Consolidated Balance Sheet at June 30, 2014, CERC Corp.’s guarantee of collection of Enable’s $1.1 billion senior notes due 2019 and 2024 (Guaranteed Senior Notes) and other guarantees discussed in Note 12, CERC Corp.’s $363 million notes receivable from Enable and outstanding current accounts receivable from Enable. CERC Corp.’s guarantee of Enable’s Guaranteed Senior Notes is subordinated to all senior debt of CERC and is subject to automatic release on May 1, 2016. The $363 million of notes receivable from Enable bears interest at an annual rate of 2.10% to 2.45% and matures in 2017. CenterPoint Energy recorded interest income of $2 million and $1 million during the three months ended June 30, 2014 and 2013, respectively, and $4 million and $1 million during the six months ended June 30, 2014 and 2013, respectively, for interest earned on or after the Closing Date and had interest receivable from Enable of $5 million and $4 million as of June 30, 2014 and December 31, 2013, respectively, on its notes receivable from Enable. | |||||||||||||||||
Effective on the Closing Date, CenterPoint Energy and Enable entered into a Services Agreement, Employee Transition Agreement, Transitional Services Agreement and other agreements (collectively, Transition Agreements) whereby CenterPoint Energy agreed to provide certain support services to Enable such as accounting, legal, risk management and treasury functions for an initial term ending on April 30, 2016. The support services automatically extend year-to-year at the end of the initial term, unless terminated by Enable with at least 90 days’ notice. Enable may terminate the initial support services at any time with 180 days’ notice if approved by the board of Enable's general partner. Additionally, CenterPoint Energy agreed to provide seconded employees to Enable to support its operations for an initial term ending on December 31, 2014, unless revised by mutual agreement with CenterPoint Energy, OGE and Enable prior to that date. | |||||||||||||||||
CenterPoint Energy billed Enable for reimbursement of transitional services, including the costs of seconded employees, $37 million and $28 million during the three months ended June 30, 2014 and 2013, respectively, and $82 million and $28 million during the six months ended June 30, 2014 and 2013, respectively, under the Transition Agreements for transition services incurred on or after the Closing Date. Actual transitional services costs are recorded net of reimbursements received from Enable. Effective April 1, 2014, Enable’s general partner, CenterPoint Energy and OGE agreed to reduce certain governance related costs billed to Enable for transition services. CenterPoint Energy had accounts receivable from Enable of $20 million and $21 million as of June 30, 2014 and December 31, 2013, respectively, for amounts billed for transitional services, including the cost of seconded employees. | |||||||||||||||||
Enable, at its discretion, has the right to select and offer employment to seconded employees from CenterPoint Energy. CenterPoint Energy did not transfer any employees to Enable at formation of the partnership or at any time during the period from the Closing Date through June 30, 2014. As of June 30, 2014, CenterPoint Energy determined it cannot reasonably estimate the impact of the costs associated with the termination of employees related to the formation of Enable or transfer of employees from CenterPoint Energy to Enable, including the impact of the changes to the actuarial determination of employee benefit plan obligations. Pursuant to the Transition Agreements, Enable has agreed to reimburse CenterPoint Energy for severance and termination costs related to the termination of CenterPoint Energy's seconded employees, regardless of whether such seconded employees are offered employment by Enable. | |||||||||||||||||
On April 16, 2014, Enable completed its initial public offering (IPO) of 28,750,000 common units, at a price of $20.00 per unit, which included 3,750,000 common units sold by ArcLight pursuant to an over-allotment option that was fully exercised by the underwriters. Enable received $464 million in net proceeds from the sale of the units, after deducting underwriting fees, structuring fees and other offering costs. In connection with Enable’s IPO, a portion of CenterPoint Energy’s common units were converted into subordinated units, as discussed further below. Subsequent to the IPO, Enable continues to be equally controlled by CenterPoint Energy and OGE; each own 50% of the management rights in the general partner of Enable. CenterPoint Energy and OGE also own a 40% and 60% economic interest, respectively, in the incentive distribution rights held by the general partner of Enable. | |||||||||||||||||
As a result of Enable’s IPO, CenterPoint Energy’s limited partner interest in Enable was reduced from approximately 58.3% to approximately 54.7%. CenterPoint Energy accounted for the dilution of its investment in Enable as a result of Enable’s IPO as a failed partial sale of in-substance real estate. CenterPoint Energy did not receive any cash from Enable’s IPO and, as such, CenterPoint Energy did not recognize a gain or loss. CenterPoint Energy’s basis difference in Enable was reduced for the impact of the Enable IPO. | |||||||||||||||||
In accordance with the Enable formation agreements, CenterPoint Energy had certain put rights, and Enable had certain call rights, exercisable with respect to the 25.05% interest in Southeast Supply Header, LLC (SESH) retained by CenterPoint Energy on the Closing Date, under which CenterPoint Energy would contribute its retained interest in SESH, in exchange for a specified number of limited partner units in Enable and a cash payment, payable either from CenterPoint Energy to Enable or from Enable to CenterPoint Energy, to the extent of changes in the value of SESH subject to certain restrictions. Specifically, the rights were and are exercisable with respect to (1) a 24.95% interest in SESH (24.95% Put), which closed on May 30, 2014 as discussed below and (2) a 0.1% interest in SESH, which may be exercised no earlier than June 2015 for 25,341 common units in Enable. | |||||||||||||||||
On May 30, 2014, CenterPoint Energy closed its 24.95% Put and contributed to Enable its 24.95% interest in SESH in exchange for 6,322,457 common units of Enable, which increased CenterPoint Energy’s limited partner interest in Enable from approximately 54.7% to approximately 55.4%. No cash payment was required to be made pursuant to the Enable formation agreements in connection with CenterPoint Energy’s exercise of the 24.95% Put. CenterPoint Energy accounted for the contribution of its 24.95% interest in SESH to Enable in exchange for common units of Enable as a non-monetary transaction of in-substance real estate equity method investments. As such, CenterPoint Energy recorded the 6,322,457 common units at the historical cost of the contributed 24.95% interest in SESH of $198 million and recorded no gain or loss in connection with its exercise of the 24.95% Put. As a result, CenterPoint Energy’s basis difference in Enable was reduced for the impact of its exercise of the 24.95% Put. | |||||||||||||||||
CenterPoint Energy incurred natural gas expenses, including transportation and storage costs, of $27 million and $28 million, during the three months ended June 30, 2014 and 2013, respectively, and $75 million and $28 million during the six months ended June 30, 2014 and 2013, respectively, for transactions with Enable occurring on or after the Closing Date. CenterPoint Energy had accounts payable to Enable of $15 million and $22 million at June 30, 2014 and December 31, 2013, respectively, from such transactions. | |||||||||||||||||
As of June 30, 2014, CenterPoint Energy held an approximate 55.4% limited partner interest in Enable consisting of 94,126,366 common units and 139,704,916 subordinated units and a 0.1% interest in SESH. The principal difference between Enable common units and subordinated units is that in any quarter during the subordination period, holders of the subordinated units are not entitled to receive any distribution of available cash until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. If Enable does not pay distributions on its subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. At the end of the subordination period, CenterPoint Energy’s subordinated units in Enable will be converted to common units in Enable on a one-for-one basis. On June 30, 2014, Enable’s common units closed at $26.19 per unit on the New York Stock Exchange. | |||||||||||||||||
Investment in Unconsolidated Affiliates: | |||||||||||||||||
June 30, | December 31, 2013 | ||||||||||||||||
2014 | |||||||||||||||||
(in millions) | |||||||||||||||||
Enable | $ | 4,517 | $ | 4,319 | |||||||||||||
SESH (1) | — | 199 | |||||||||||||||
Total | $ | 4,517 | $ | 4,518 | |||||||||||||
-1 | On May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates, net: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Enable (1) | $ | 69 | $ | 33 | $ | 157 | $ | 33 | |||||||||
SESH (2) | 2 | 4 | 5 | 9 | |||||||||||||
Total | $ | 71 | $ | 37 | $ | 162 | $ | 42 | |||||||||
-1 | On May 1, 2013, CenterPoint Energy formed Enable with OGE and ArcLight. | ||||||||||||||||
-2 | On each of May 1, 2013 and May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||
Summarized unaudited consolidated income information for Enable is as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 (1) | 2014 | 2013 (1) | ||||||||||||||
(in millions) | |||||||||||||||||
Operating revenues | $ | 826 | $ | 502 | $ | 1,828 | $ | 502 | |||||||||
Cost of sales, excluding depreciation and amortization | 478 | 295 | 1,111 | 295 | |||||||||||||
Operating income | 139 | 75 | 301 | 75 | |||||||||||||
Net income attributable to Enable | 120 | 65 | 269 | 65 | |||||||||||||
CenterPoint Energy's approximate interest | $ | 67 | $ | 38 | $ | 154 | $ | 38 | |||||||||
Basis difference accretion (amortization) | 2 | (5 | ) | 3 | (5 | ) | |||||||||||
CenterPoint Energy's equity in earnings, net | $ | 69 | $ | 33 | $ | 157 | $ | 33 | |||||||||
-1 | The summarized income information for Enable and CenterPoint Energy’s equity in earnings, net of basis difference amortization, presented for the three and six months ended June 30, 2013 reflects Enable’s operating results with the contributions from both OGE and CenterPoint Energy recorded at historical cost for the two-month period from the Closing Date to June 30, 2013. | ||||||||||||||||
Enable concluded that its formation was considered a business combination, in which the fair value of the consideration paid for Enogex, LLC (Enogex), the businesses contributed by OGE, was allocated to the assets acquired and liabilities assumed by Enable on the Closing Date. In the third quarter of 2013, Enable completed its valuation of Enogex, and Enogex's assets, liabilities and equity, and the related depreciation and amortization for the two-month period ended June 30, 2013, was accordingly adjusted to estimated fair value as of the Closing Date. CenterPoint Energy’s equity in earnings, net of basis difference, in the second quarter of 2013 was not materially different as a result of the final fair value determination. | |||||||||||||||||
Summarized unaudited consolidated balance sheet information for Enable is as follows: | |||||||||||||||||
June 30, | 31-Dec-13 | ||||||||||||||||
2014 | |||||||||||||||||
(in millions) | |||||||||||||||||
Current assets | $ | 923 | $ | 549 | |||||||||||||
Non-current assets | 10,815 | 10,683 | |||||||||||||||
Current liabilities | 584 | 720 | |||||||||||||||
Non-current liabilities | 2,343 | 2,331 | |||||||||||||||
Non-controlling interest | 32 | 33 | |||||||||||||||
Enable partners' capital | 8,779 | 8,148 | |||||||||||||||
CenterPoint Energy's ownership interest in Enable's partner capital | $ | 4,862 | $ | 4,753 | |||||||||||||
CenterPoint Energy's basis difference | (345 | ) | (434 | ) | |||||||||||||
CenterPoint Energy's investment in Enable | $ | 4,517 | $ | 4,319 | |||||||||||||
Cash distributions received from Enable and SESH were approximately $90 million and $4 million, respectively, during the three months ended June 30, 2014 and were $-0- and $8 million, respectively, during the three months ended June 30, 2013. Cash distributions received from Enable and SESH were approximately $157 million and $7 million, respectively, during the six months ended June 30, 2014 and were $-0- and $17 million, respectively, during the six months ended June 30, 2013. |
Goodwill
Goodwill | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||
Goodwill | ||||
Goodwill by reportable business segment as of both June 30, 2014 and December 31, 2013 is as follows (in millions): | ||||
Natural Gas Distribution | $ | 746 | ||
Energy Services | 83 | |||
Other Operations | 11 | |||
Total | $ | 840 | ||
Capital_Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2014 | |
Class of Stock Disclosures [Abstract] | ' |
Capital Stock | ' |
Capital Stock | |
CenterPoint Energy, Inc. has 1,020,000,000 authorized shares of capital stock, comprised of 1,000,000,000 shares of $0.01 par value common stock and 20,000,000 shares of $0.01 par value preferred stock. At June 30, 2014, 429,795,996 shares of CenterPoint Energy, Inc. common stock were issued and 429,795,830 shares were outstanding. At December 31, 2013, 428,798,612 shares of CenterPoint Energy, Inc. common stock were issued and 428,798,446 shares were outstanding. Outstanding common shares exclude 166 treasury shares at both June 30, 2014 and December 31, 2013. |
ShortTerm_Borrowings_and_Longt
Short-Term Borrowings and Long-term Debt | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Short-term Borrowings and Long-term Debt [Text Block] | ' | |||||||||||||||||||||||||||
Short-term Borrowings and Long-term Debt | ||||||||||||||||||||||||||||
(a) | Short-term Borrowings | |||||||||||||||||||||||||||
Inventory Financing. Gas Operations has asset management agreements associated with its utility distribution service in Arkansas, north Louisiana and Oklahoma that extend through 2015. Pursuant to the provisions of the agreements, Gas Operations sells natural gas and agrees to repurchase an equivalent amount of natural gas during the winter heating seasons at the same cost, plus a financing charge. These transactions are accounted for as a financing and had an associated principal obligation of $42 million and $43 million as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
(b) | Long-term Debt | |||||||||||||||||||||||||||
On March 17, 2014, CenterPoint Energy Houston Electric, LLC issued $600 million principal amount of 4.50% General Mortgage Bonds due 2044. | ||||||||||||||||||||||||||||
Debt Repayments. Approximately $44 million aggregate principal amount of pollution control bonds issued on behalf of CenterPoint Houston were redeemed on March 3, 2014 at 101% of their principal amount plus accrued interest. The bonds had an interest rate of 4.25%, were scheduled to mature in 2017 and were collateralized by general mortgage bonds of CenterPoint Houston. | ||||||||||||||||||||||||||||
Approximately $56 million aggregate principal amount of pollution control bonds issued on behalf of CenterPoint Houston were purchased by CenterPoint Houston on March 3, 2014 at 101% of their principal amount plus accrued interest pursuant to the mandatory tender provisions of the bonds. The bonds had an interest rate of 5.60% prior to CenterPoint Houston's purchase and have a variable rate thereafter. The bonds mature in 2027 and are collateralized by general mortgage bonds of CenterPoint Houston. The purchased pollution control bonds may be remarketed. | ||||||||||||||||||||||||||||
Approximately $84 million aggregate principal amount of pollution control bonds issued on behalf of CenterPoint Houston were redeemed on June 2, 2014 at 100% of their principal amount plus accrued interest. The bonds had an interest rate of 4.25%, were scheduled to mature in 2017 and were collateralized by general mortgage bonds of CenterPoint Houston. | ||||||||||||||||||||||||||||
Credit Facilities. As of June 30, 2014 and December 31, 2013, CenterPoint Energy, CenterPoint Houston and CERC Corp. had the following revolving credit facilities and utilization of such facilities (in millions): | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Size of | Loans | Letters | Commercial | Loans | Letters | Commercial | ||||||||||||||||||||||
Facility | of Credit | Paper | of Credit | Paper | ||||||||||||||||||||||||
CenterPoint Energy | $ | 1,200 | $ | — | $ | 6 | $ | 41 | $ | — | $ | 6 | $ | — | ||||||||||||||
CenterPoint Houston | 300 | — | 4 | — | — | 4 | — | |||||||||||||||||||||
CERC Corp. | 600 | — | — | — | — | — | 118 | |||||||||||||||||||||
Total | $ | 2,100 | $ | — | $ | 10 | $ | 41 | $ | — | $ | 10 | $ | 118 | ||||||||||||||
CenterPoint Energy’s $1.2 billion revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at the London Interbank Offered Rate (LIBOR) plus 125 basis points based on CenterPoint Energy’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Energy’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Energy’s consolidated capitalization. The financial covenant limit will temporarily increase from 65% to 70% if CenterPoint Houston experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that CenterPoint Houston has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive twelve-month period, all or part of which CenterPoint Houston intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. | ||||||||||||||||||||||||||||
CenterPoint Houston’s $300 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 112.5 basis points based on CenterPoint Houston’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Houston’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Houston's consolidated capitalization. | ||||||||||||||||||||||||||||
CERC Corp.’s $600 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 150 basis points based on CERC Corp.’s current credit ratings. The revolving credit facility contains a financial covenant which limits CERC’s consolidated debt to an amount not to exceed 65% of CERC’s consolidated capitalization. | ||||||||||||||||||||||||||||
CenterPoint Energy, CenterPoint Houston and CERC Corp. were in compliance with all financial covenants in their respective revolving credit facilities as of June 30, 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rate reported for both the three and six months ended June 30, 2014 was 37%, compared to 169% and 88%, respectively, for the same periods in 2013. The higher effective rate for the three and six months ended June 30, 2013 was primarily associated with the formation of Enable. As a result of the formation of Enable, a deferred tax liability of $225 million was recorded for the book-to-tax basis difference in CenterPoint Energy’s investment resulting from the goodwill that was contributed by CenterPoint Energy. In addition, CenterPoint Energy recognized a tax benefit of $29 million associated with the remeasurement of state deferred taxes related to Enable's formation. | |
CenterPoint Energy reported no uncertain tax liability as of June 30, 2014 and expects no significant change to the uncertain tax liability over the next twelve months ending June 30, 2015. The consolidated federal income tax return filed for the year ended December 31, 2012 is currently under audit by the Internal Revenue Service, and all other consolidated federal income tax returns have been audited and settled through tax year 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
Commitments and Contingencies | ||
(a) | Natural Gas Supply Commitments | |
Natural gas supply commitments include natural gas contracts related to CenterPoint Energy’s Natural Gas Distribution and Energy Services business segments, which have various quantity requirements and durations, that are not classified as non-trading derivative assets and liabilities in CenterPoint Energy’s Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013 as these contracts meet an exception as “normal purchases contracts” or do not meet the definition of a derivative. Natural gas supply commitments also include natural gas transportation contracts that do not meet the definition of a derivative. As of June 30, 2014, minimum payment obligations for natural gas supply commitments are approximately $259 million for the remaining six months in 2014, $528 million in 2015, $454 million in 2016, $384 million in 2017, $376 million in 2018 and $174 million after 2018. | ||
(b) | Legal, Environmental and Other Regulatory Matters | |
Legal Matters | ||
Gas Market Manipulation Cases. CenterPoint Energy, CenterPoint Houston or their predecessor, Reliant Energy, Incorporated (Reliant Energy), and certain of their former subsidiaries have been named as defendants in certain lawsuits described below. Under a master separation agreement between CenterPoint Energy and a former subsidiary, Reliant Resources, Inc. (RRI), CenterPoint Energy and its subsidiaries are entitled to be indemnified by RRI and its successors for any losses, including certain attorneys’ fees and other costs, arising out of these lawsuits. In May 2009, RRI sold its Texas retail business to a subsidiary of NRG and RRI changed its name to RRI Energy, Inc. In December 2010, Mirant Corporation merged with and became a wholly owned subsidiary of RRI, and RRI changed its name to GenOn Energy, Inc. (GenOn). In December 2012, NRG acquired GenOn through a merger in which GenOn became a wholly owned subsidiary of NRG. None of the sale of the retail business, the merger with Mirant Corporation, or the acquisition of GenOn by NRG alters RRI’s (now GenOn’s) contractual obligations to indemnify CenterPoint Energy and its subsidiaries, including CenterPoint Houston, for certain liabilities, including their indemnification obligations regarding the gas market manipulation litigation, nor does it affect the terms of existing guarantee arrangements for certain GenOn gas transportation contracts discussed below. | ||
A large number of lawsuits were filed against numerous gas market participants in a number of federal and western state courts in connection with the operation of the natural gas markets in 2000-2002. CenterPoint Energy and its affiliates have since been released or dismissed from all but one such case. CenterPoint Energy Services, Inc. (CES), a subsidiary of CERC Corp., is a defendant in a case now pending in federal court in Nevada alleging a conspiracy to inflate Wisconsin natural gas prices in 2000-2002. In July 2011, the court issued an order dismissing the plaintiffs’ claims against other defendants in the case, each of whom had demonstrated Federal Energy Regulatory Commission jurisdictional sales for resale during the relevant period, based on federal preemption. The plaintiffs appealed this ruling to the United States Court of Appeals for the Ninth Circuit, which reversed the trial court's dismissal of the plaintiffs' claims. In August 2013, the other defendants filed a petition for review with the U.S. Supreme Court, which the court granted on July 1, 2014. CenterPoint Energy believes that CES is not a proper defendant in this case and will continue to pursue a dismissal. CenterPoint Energy does not expect the ultimate outcome of this matter to have a material impact on its financial condition, results of operations or cash flows. | ||
Environmental Matters | ||
Manufactured Gas Plant Sites. CERC and its predecessors operated manufactured gas plants (MGPs) in the past. There are seven MGP sites in CERC’s Minnesota service territory. CERC believes it never owned or operated, and therefore has no liability with respect to, two of these sites. With respect to two other sites, CERC has completed state ordered remediation, other than ongoing monitoring and water treatment. | ||
At June 30, 2014, CERC had recorded a liability of $13 million for remediation of these Minnesota sites. The estimated range of possible remediation costs for the sites for which CERC believes it may have responsibility was $6 million to $41 million based on remediation continuing for 30 to 50 years. The cost estimates are based on studies of a site or industry average costs for remediation of sites of similar size. The actual remediation costs will be dependent upon the number of sites to be remediated, the participation of other potentially responsible parties (PRPs), if any, and the remediation methods used. The Minnesota Public Utilities Commission includes approximately $285,000 annually in rates to fund normal ongoing remediation costs. As of June 30, 2014, CERC had collected $6 million from insurance companies to be used for future environmental remediation. | ||
In addition to the Minnesota sites, the United States Environmental Protection Agency and other regulators have investigated MGP sites that were owned or operated by CERC or may have been owned by one of its former affiliates. CERC and CenterPoint Energy do not expect the ultimate outcome of these investigations will have a material adverse impact on the financial condition, results of operations or cash flows of either CenterPoint Energy or CERC. | ||
Asbestos. Some facilities owned by CenterPoint Energy contain or have contained asbestos insulation and other asbestos-containing materials. CenterPoint Energy or its subsidiaries have been named, along with numerous others, as a defendant in lawsuits filed by a number of individuals who claim injury due to exposure to asbestos. Some of the claimants have worked at locations owned by subsidiaries of CenterPoint Energy, but most existing claims relate to facilities previously owned by CenterPoint Energy’s subsidiaries, some of which are currently owned by an affiliate of NRG. CenterPoint Energy anticipates that additional claims like those received may be asserted in the future. In 2004 and early 2005, CenterPoint Energy sold its generating business, to which most of these claims relate, to a company which is now an affiliate of NRG. Under the terms of the arrangements regarding separation of the generating business from CenterPoint Energy and its sale of that business, ultimate financial responsibility for uninsured losses from claims relating to the generating business has been assumed by the NRG affiliate, but CenterPoint Energy has agreed to continue to defend such claims to the extent they are covered by insurance maintained by CenterPoint Energy, subject to reimbursement of the costs of such defense by the NRG affiliate. Although their ultimate outcome cannot be predicted at this time, CenterPoint Energy intends to continue vigorously contesting claims that it does not consider to have merit and, based on its experience to date, does not expect these matters, either individually or in the aggregate, to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||
Other Environmental. From time to time CenterPoint Energy identifies the presence of environmental contaminants on property where its subsidiaries conduct or have conducted operations. Other such sites involving contaminants may be identified in the future. CenterPoint Energy has and expects to continue to remediate identified sites consistent with its legal obligations. From time to time CenterPoint Energy has received notices from regulatory authorities or others regarding its status as a PRP in connection with sites found to require remediation due to the presence of environmental contaminants. In addition, CenterPoint Energy has been named from time to time as a defendant in litigation related to such sites. Although the ultimate outcome of such matters cannot be predicted at this time, CenterPoint Energy does not expect, based on its experience to date, these matters, either individually or in the aggregate, to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||
Other Proceedings | ||
CenterPoint Energy is involved in other legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. From time to time, CenterPoint Energy is also a defendant in legal proceedings with respect to claims brought by various plaintiffs against broad groups of participants in the energy industry. Some of these proceedings involve substantial amounts. CenterPoint Energy regularly analyzes current information and, as necessary, provides accruals for probable liabilities on the eventual disposition of these matters. CenterPoint Energy does not expect the disposition of these matters to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||
(c) | Guarantees | |
Prior to the distribution of CenterPoint Energy’s ownership in RRI to its shareholders, CERC had guaranteed certain contractual obligations of what became RRI’s trading subsidiary. When the companies separated, RRI agreed to secure CERC against obligations under the guarantees RRI had been unable to extinguish by the time of separation. Pursuant to such agreement, as amended in December 2007, RRI (now GenOn) agreed to provide to CERC cash or letters of credit as security against CERC’s obligations under its remaining guarantees for demand charges under certain gas transportation agreements if and to the extent changes in market conditions expose CERC to a risk of loss on those guarantees based on an annual calculation, with any required collateral to be posted each December. The undiscounted maximum potential payout of the demand charges under these transportation contracts, which will be in effect until 2018, was approximately $51 million as of June 30, 2014. Based on market conditions in the fourth quarter of 2013 at the time the most recent annual calculation was made under the agreement, GenOn was not obligated to post any security. If GenOn should fail to perform the contractual obligations, CERC could have to honor its guarantee and, in such event, any collateral then provided as security may be insufficient to satisfy CERC’s obligations. | ||
CenterPoint Energy has provided guarantees (CenterPoint Midstream Guarantees) with respect to the performance of certain obligations of Enable under long-term gas gathering and treating agreements with an indirect wholly owned subsidiary of Encana Corporation and an indirect wholly owned subsidiary of Royal Dutch Shell plc. As of June 30, 2014, CenterPoint Energy had guaranteed Enable's obligations up to an aggregate amount of $100 million under these agreements. Under the terms of the omnibus agreement entered into in connection with the closing of the formation of Enable, Enable and CenterPoint Energy have agreed to use commercially reasonable efforts and cooperate with each other to terminate the CenterPoint Midstream Guarantees and to release CenterPoint Energy from such guarantees by causing Enable or one of its subsidiaries to enter into substitute guarantees or to assume the CenterPoint Midstream Guarantees as applicable. | ||
CERC Corp. has also provided a guarantee of collection of $1.1 billion of Enable's Guaranteed Senior Notes. This guarantee is subordinated to all senior debt of CERC Corp. and is subject to automatic release on May 1, 2016. | ||
As of June 30, 2014, no amounts had been recorded in the Condensed Consolidated Balance Sheets related to these guarantees. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings (loss) per share calculations: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except share and per share amounts) | ||||||||||||||||
Net income (loss) | $ | 107 | $ | (100 | ) | $ | 292 | $ | 47 | |||||||
Basic weighted average shares outstanding | 429,773,000 | 428,571,000 | 429,470,000 | 428,268,000 | ||||||||||||
Plus: Incremental shares from assumed conversions: | ||||||||||||||||
Stock options | — | 108,000 | — | 103,000 | ||||||||||||
Restricted stock | 1,636,000 | 1,875,000 | 1,636,000 | 1,875,000 | ||||||||||||
Diluted weighted average shares | 431,409,000 | 430,554,000 | 431,106,000 | 430,246,000 | ||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ | 0.25 | $ | (0.23 | ) | $ | 0.68 | $ | 0.11 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ | 0.25 | $ | (0.23 | ) | $ | 0.68 | $ | 0.11 | |||||||
Reportable_Business_Segments
Reportable Business Segments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reportable Business Segments | ' | ||||||||||||||||
Reportable Business Segments | |||||||||||||||||
CenterPoint Energy’s determination of reportable business segments considers the strategic operating units under which CenterPoint Energy manages sales, allocates resources and assesses performance of various products and services to wholesale or retail customers in differing regulatory environments. CenterPoint Energy uses operating income as the measure of profit or loss for its business segments. | |||||||||||||||||
CenterPoint Energy’s reportable business segments include the following: Electric Transmission & Distribution, Natural Gas Distribution, Energy Services, Midstream Investments and Other Operations. The electric transmission and distribution function (CenterPoint Houston) is reported in the Electric Transmission & Distribution business segment. Natural Gas Distribution consists of intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial, industrial and institutional customers. Energy Services represents CenterPoint Energy’s non-rate regulated gas sales and services operations. Midstream Investments consists primarily of CenterPoint Energy’s investment in Enable and its retained interest in SESH. Other Operations consists primarily of other corporate operations which support all of CenterPoint Energy’s business operations. | |||||||||||||||||
Prior to May 1, 2013, CenterPoint Energy also reported an Interstate Pipelines business segment, which included CenterPoint Energy’s interstate natural gas pipeline operations, and a Field Services business segment, which included CenterPoint Energy’s non-rate regulated natural gas gathering, processing and treating operations. The formation of Enable closed on May 1, 2013. Enable now owns substantially all of CenterPoint Energy’s former Interstate Pipelines and Field Services business segments, except for a 0.1% interest in SESH. As a result, effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable and equity earnings associated with its interest in SESH under a new Midstream Investments segment, and no longer has Interstate Pipelines and Field Services reporting segments prospectively. | |||||||||||||||||
Financial data for business segments is as follows (in millions): | |||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||
Revenues from | Net | Operating | |||||||||||||||
External | Intersegment | Income | |||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 698 | (1) | $ | — | $ | 145 | ||||||||||
Natural Gas Distribution | 526 | 6 | 30 | ||||||||||||||
Energy Services | 657 | 19 | 11 | ||||||||||||||
Midstream Investments (3) | — | — | — | ||||||||||||||
Other Operations | 3 | — | — | ||||||||||||||
Eliminations | — | (25 | ) | — | |||||||||||||
Consolidated | $ | 1,884 | $ | — | $ | 186 | |||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||
Revenues from | Net | Operating | |||||||||||||||
External | Intersegment | Income (Loss) | |||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 656 | (1) | $ | — | $ | 165 | ||||||||||
Natural Gas Distribution | 524 | 5 | 25 | ||||||||||||||
Energy Services | 622 | 6 | 3 | ||||||||||||||
Interstate Pipelines | 41 | (2) | 13 | (2) | 20 | (2) | |||||||||||
Field Services | 48 | (2) | 7 | (2) | 20 | (2) | |||||||||||
Midstream Investments (3) | — | — | — | ||||||||||||||
Other Operations | 3 | — | (10 | ) | |||||||||||||
Eliminations | — | (31 | ) | — | |||||||||||||
Consolidated | $ | 1,894 | $ | — | $ | 223 | |||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
Revenues from | Net | Operating | Total Assets | ||||||||||||||
External | Intersegment | Income | as of June 31, 2014 | ||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 1,327 | (1) | $ | — | $ | 250 | $ | 9,809 | ||||||||
Natural Gas Distribution | 2,004 | 15 | 192 | 4,989 | |||||||||||||
Energy Services | 1,709 | 51 | 37 | 896 | |||||||||||||
Midstream Investments (3) | — | — | — | 4,517 | |||||||||||||
Other Operations | 7 | — | 2 | 2,902 | (4) | ||||||||||||
Eliminations | — | (66 | ) | — | (1,193 | ) | |||||||||||
Consolidated | $ | 5,047 | $ | — | $ | 481 | $ | 21,920 | |||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||
Revenues from | Net | Operating | Total Assets | ||||||||||||||
External | Intersegment | Income (Loss) | as of December | ||||||||||||||
Customers | Revenues | 31, 2013 | |||||||||||||||
Electric Transmission & Distribution | $ | 1,188 | (1) | $ | — | $ | 249 | $ | 9,605 | ||||||||
Natural Gas Distribution | 1,567 | 13 | 164 | 4,976 | |||||||||||||
Energy Services | 1,210 | 15 | 10 | 895 | |||||||||||||
Interstate Pipelines | 133 | (2) | 53 | (2) | 72 | (2) | — | ||||||||||
Field Services | 178 | (2) | 18 | (2) | 73 | (2) | — | ||||||||||
Midstream Investments (3) | — | — | — | 4,518 | |||||||||||||
Other Operations | 6 | — | (13 | ) | 3,026 | (4) | |||||||||||
Eliminations | — | (99 | ) | — | (1,150 | ) | |||||||||||
Consolidated | $ | 4,282 | $ | — | $ | 555 | $ | 21,870 | |||||||||
________________ | |||||||||||||||||
-1 | Sales to affiliates of NRG in the three months ended June 30, 2014 and 2013 represented approximately $164 million and $148 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the three months ended June 30, 2014 and 2013 represented approximately $41 million and $37 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of NRG in the six months ended June 30, 2014 and 2013 represented approximately $330 million and $291 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the six months ended June 30, 2014 and 2013 represented approximately $81 million and $73 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | ||||||||||||||||
-2 | Results reflected in the three months ended June 30, 2013 represent only the month of April 2013. Results reflected in the six months ended June 30, 2013 represent only January 2013 through April 2013. | ||||||||||||||||
-3 | Midstream Investments reported equity earnings of $69 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the three months ended June 30, 2014. Midstream Investments reported equity earnings of $157 million from Enable and $5 million of equity earnings from CenterPoint Energy’s interest in SESH for the six months ended June 30, 2014. Midstream Investments reported equity earnings of $33 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the months of May and June 2013. Included in total assets of Midstream Investments as of June 30, 2014 and December 31, 2013 is $4,517 million and $4,319 million, respectively, related to CenterPoint Energy’s investment in Enable and $-0- and $199 million, respectively, related to CenterPoint Energy’s interest in SESH. | ||||||||||||||||
-4 | Included in total assets of Other Operations as of June 30, 2014 and December 31, 2013 are pension and other postemployment related regulatory assets of $605 million and $627 million, respectively. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
On July 24, 2014, CenterPoint Energy’s board of directors declared a regular quarterly cash dividend of $0.2375 per share of common stock payable on September 10, 2014, to shareholders of record as of the close of business on August 15, 2014. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||||||||||
CenterPoint Energy’s net periodic cost includes the following components relating to pension and postretirement benefits: | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||
Benefits (1) | Benefits | Benefits (1) | Benefits | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 11 | $ | 1 | $ | 11 | $ | 1 | ||||||||
Interest cost | 25 | 5 | 23 | 5 | ||||||||||||
Expected return on plan assets | (31 | ) | (2 | ) | (34 | ) | (2 | ) | ||||||||
Amortization of prior service cost (credit) | 2 | (1 | ) | 2 | — | |||||||||||
Amortization of net loss | 11 | 1 | 16 | 1 | ||||||||||||
Amortization of transition obligation | — | 2 | — | 2 | ||||||||||||
Net periodic cost | $ | 18 | $ | 6 | $ | 18 | $ | 7 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||
Benefits (1) | Benefits | Benefits (1) | Benefits | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 21 | $ | 1 | $ | 22 | $ | 1 | ||||||||
Interest cost | 50 | 11 | 46 | 10 | ||||||||||||
Expected return on plan assets | (62 | ) | (4 | ) | (68 | ) | (4 | ) | ||||||||
Amortization of prior service cost (credit) | 5 | (1 | ) | 4 | — | |||||||||||
Amortization of net loss | 22 | 1 | 32 | 3 | ||||||||||||
Amortization of transition obligation | — | 3 | — | 4 | ||||||||||||
Net periodic cost | $ | 36 | $ | 11 | $ | 36 | $ | 14 | ||||||||
________________ | ||||||||||||||||
-1 | Net periodic cost in these tables is before considering amounts subject to overhead allocations for capital expenditure projects or for amounts subject to deferral for regulatory purposes. | |||||||||||||||
CenterPoint Energy's changes in accumulated comprehensive loss related to defined benefit and postretirement plans are as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension and Postretirement Plans | Pension and Postretirement Plans | |||||||||||||||
(in millions) | ||||||||||||||||
Beginning Balance | $ | (87 | ) | $ | (129 | ) | $ | (88 | ) | $ | (132 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||
Prior service cost (1) | 1 | — | 1 | 1 | ||||||||||||
Actuarial losses (1) | 3 | 3 | 5 | 7 | ||||||||||||
Total reclassifications from accumulated other comprehensive loss | 4 | 3 | 6 | 8 | ||||||||||||
Tax expense | (2 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Net current period other comprehensive income | 2 | 2 | 3 | 5 | ||||||||||||
Ending Balance | $ | (85 | ) | $ | (127 | ) | $ | (85 | ) | $ | (127 | ) | ||||
________________ | ||||||||||||||||
-1 | These other comprehensive components are included in the computation of net periodic cost. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Derivative Instruments Table | ' | ||||||||||||
The following tables present information about CenterPoint Energy’s derivative instruments and hedging activities. The first four tables provide a balance sheet overview of CenterPoint Energy’s Derivative Assets and Liabilities as of June 30, 2014 and December 31, 2013, while the last two tables provide a breakdown of the related income statement impacts for the three and six months ended June 30, 2014 and 2013. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
June 30, 2014 | |||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | ||||||||||
as hedging instruments | Location | Assets | Liabilities | ||||||||||
Fair Value | Fair Value | ||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives (1) (2) | Current Assets: Non-trading derivative assets | $ | 31 | $ | 5 | ||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 14 | 2 | ||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 1 | 13 | ||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | — | 2 | ||||||||||
Indexed debt securities derivative | Current Liabilities | — | 462 | ||||||||||
Total | $ | 46 | $ | 484 | |||||||||
_____________ | |||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 603 billion cubic feet (Bcf) or a net 97 Bcf long position. Of the net long position, basis swaps constitute 97 Bcf. | ||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $24 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above. | ||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | |||||||||||||
June 30, 2014 | |||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||
(in millions) | |||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (6 | ) | $ | 26 | ||||||
Other Assets: Non-trading derivative assets | 14 | (2 | ) | 12 | |||||||||
Current Liabilities: Non-trading derivative liabilities | (18 | ) | 6 | (12 | ) | ||||||||
Other Liabilities: Non-trading derivative liabilities | (4 | ) | 2 | (2 | ) | ||||||||
Total | $ | 24 | $ | — | $ | 24 | |||||||
________________ | |||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | ||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | ||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
December 31, 2013 | |||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | ||||||||||
as hedging instruments | Location | Assets | Liabilities | ||||||||||
Fair Value | Fair Value | ||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Non-trading derivative assets | $ | 28 | $ | 4 | ||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 10 | — | ||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 4 | 21 | ||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | 1 | 5 | ||||||||||
Indexed debt securities derivative | Current Liabilities | — | 455 | ||||||||||
Total | $ | 43 | $ | 485 | |||||||||
_______________ | |||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607 Bcf or a net 46 Bcf long position. Of the net long position, basis swaps constitute 99 Bcf. | ||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above, offset by collateral netting of less than $1 million. | ||||||||||||
-3 | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. | ||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | |||||||||||||
December 31, 2013 | |||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||
(in millions) | |||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (8 | ) | $ | 24 | ||||||
Other Assets: Non-trading derivative assets | 11 | (1 | ) | 10 | |||||||||
Current Liabilities: Non-trading derivative liabilities | (25 | ) | 8 | (17 | ) | ||||||||
Other Liabilities: Non-trading derivative liabilities | (5 | ) | 1 | (4 | ) | ||||||||
Total | $ | 13 | $ | — | $ | 13 | |||||||
________________ | |||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | ||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | ||||||||||||
Income Statement Impact of Derivative Activity Table | ' | ||||||||||||
Realized and unrealized gains and losses on derivatives are recognized in the Condensed Statements of Consolidated Income as revenue for physical natural gas sales derivative contracts and as natural gas expense for financial natural gas derivatives and other physical natural gas derivatives. Unrealized gains and losses on indexed debt securities are recorded as Other Income (Expense) in the Condensed Statements of Consolidated Income. | |||||||||||||
Income Statement Impact of Derivative Activity | |||||||||||||
Three Months Ended June 30, | |||||||||||||
Total derivatives not designated | Income Statement Location | 2014 | 2013 | ||||||||||
as hedging instruments | |||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives | Gains (Losses) in Revenues | $ | 5 | $ | 27 | ||||||||
Natural gas derivatives (1) | Gains (Losses) in Expenses: Natural Gas | 4 | (18 | ) | |||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (50 | ) | (27 | ) | ||||||||
Total | $ | (41 | ) | $ | (18 | ) | |||||||
Income Statement Impact of Derivative Activity | |||||||||||||
Six Months Ended June 30, | |||||||||||||
Total derivatives not designated | Income Statement Location | 2014 | 2013 | ||||||||||
as hedging instruments | |||||||||||||
(in millions) | |||||||||||||
Natural gas derivatives | Gains (Losses) in Revenues | $ | (96 | ) | $ | 13 | |||||||
Natural gas derivatives (1) | Gains (Losses) in Expenses: Natural Gas | 114 | (2 | ) | |||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (7 | ) | (78 | ) | ||||||||
Total | $ | 11 | $ | (67 | ) | ||||||||
________________ | |||||||||||||
-1 | The Gains (Losses) in Expenses: Natural Gas includes $-0- and $2 million during the three and six months ended June 30, 2014, respectively, related to physical forwards purchased from Enable. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair value, assets measured on a recurring basis | ' | |||||||||||||||||||
The following tables present information about CenterPoint Energy’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by CenterPoint Energy to determine such fair value. | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | as of | ||||||||||||||||
for Identical Assets | Inputs | Inputs | 30-Jun-14 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 812 | $ | — | $ | — | $ | — | $ | 812 | ||||||||||
Investments, including money | 51 | — | — | — | 51 | |||||||||||||||
market funds | ||||||||||||||||||||
Natural gas derivatives | 3 | 37 | 6 | (8 | ) | 38 | ||||||||||||||
Total assets | $ | 866 | $ | 37 | $ | 6 | $ | (8 | ) | $ | 901 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 462 | $ | — | $ | — | $ | 462 | ||||||||||
Natural gas derivatives | 1 | 19 | 2 | (8 | ) | 14 | ||||||||||||||
Total liabilities | $ | 1 | $ | 481 | $ | 2 | $ | (8 | ) | $ | 476 | |||||||||
________________ | ||||||||||||||||||||
-1 | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $-0- posted with the same counterparties. | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | as of | ||||||||||||||||
for Identical Assets | Inputs | Inputs | 31-Dec-13 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 770 | $ | — | $ | — | $ | — | $ | 770 | ||||||||||
Investments, including money | 61 | — | — | — | 61 | |||||||||||||||
market funds | ||||||||||||||||||||
Natural gas derivatives (2) | 5 | 33 | 5 | (9 | ) | 34 | ||||||||||||||
Total assets | $ | 836 | $ | 33 | $ | 5 | $ | (9 | ) | $ | 865 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 455 | $ | — | $ | — | $ | 455 | ||||||||||
Natural gas derivatives | 1 | 27 | 2 | (9 | ) | 21 | ||||||||||||||
Total liabilities | $ | 1 | $ | 482 | $ | 2 | $ | (9 | ) | $ | 476 | |||||||||
________________ | ||||||||||||||||||||
-1 | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. | |||||||||||||||||||
-2 | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | ' | |||||||||||||||||||
The following table presents additional information about assets or liabilities, including derivatives that are measured at fair value on a recurring basis for which CenterPoint Energy has utilized Level 3 inputs to determine fair value: | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||
Derivative assets and liabilities, net | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Beginning balance | $ | 1 | $ | 3 | $ | 3 | $ | 2 | ||||||||||||
Total gains | 2 | 1 | — | 3 | ||||||||||||||||
Total settlements | 1 | — | 2 | (1 | ) | |||||||||||||||
Transfers into Level 3 | — | — | (1 | ) | — | |||||||||||||||
Ending balance (1) | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||
The amount of total gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ | 1 | $ | 2 | $ | 2 | $ | 3 | ||||||||||||
________________ | ||||||||||||||||||||
-1 | CenterPoint Energy did not have significant Level 3 purchases, sales or transfers out of Level 3 during the three or six months ended June 30, 2014 or 2013. | |||||||||||||||||||
Estimated fair value of financial instruments, debt instruments | ' | |||||||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||||||
The fair values of cash and cash equivalents, investments in debt and equity securities classified as “trading” and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (ZENS) indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by the market price. These assets and liabilities, which are not measured at fair value in the Condensed Consolidated Balance Sheets but for which the fair value is disclosed, would be classified as Level 1 or Level 2 in the fair value hierarchy. | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Notes receivable - affiliated companies | $ | 363 | $ | 369 | $ | 363 | $ | 363 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Long-term debt | $ | 8,318 | $ | 9,103 | $ | 8,171 | $ | 8,670 | ||||||||||||
Unconsolidated_Affiliates_Tabl
Unconsolidated Affiliates (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||
Investment in Unconsolidated Affiliates: | |||||||||||||||||
June 30, | December 31, 2013 | ||||||||||||||||
2014 | |||||||||||||||||
(in millions) | |||||||||||||||||
Enable | $ | 4,517 | $ | 4,319 | |||||||||||||
SESH (1) | — | 199 | |||||||||||||||
Total | $ | 4,517 | $ | 4,518 | |||||||||||||
-1 | On May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||
Equity in Earnings of Unconsolidated Affiliates, net: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Enable (1) | $ | 69 | $ | 33 | $ | 157 | $ | 33 | |||||||||
SESH (2) | 2 | 4 | 5 | 9 | |||||||||||||
Total | $ | 71 | $ | 37 | $ | 162 | $ | 42 | |||||||||
-1 | On May 1, 2013, CenterPoint Energy formed Enable with OGE and ArcLight. | ||||||||||||||||
-2 | On each of May 1, 2013 and May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||
Summarized unaudited consolidated income information for Enable is as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 (1) | 2014 | 2013 (1) | ||||||||||||||
(in millions) | |||||||||||||||||
Operating revenues | $ | 826 | $ | 502 | $ | 1,828 | $ | 502 | |||||||||
Cost of sales, excluding depreciation and amortization | 478 | 295 | 1,111 | 295 | |||||||||||||
Operating income | 139 | 75 | 301 | 75 | |||||||||||||
Net income attributable to Enable | 120 | 65 | 269 | 65 | |||||||||||||
CenterPoint Energy's approximate interest | $ | 67 | $ | 38 | $ | 154 | $ | 38 | |||||||||
Basis difference accretion (amortization) | 2 | (5 | ) | 3 | (5 | ) | |||||||||||
CenterPoint Energy's equity in earnings, net | $ | 69 | $ | 33 | $ | 157 | $ | 33 | |||||||||
-1 | The summarized income information for Enable and CenterPoint Energy’s equity in earnings, net of basis difference amortization, presented for the three and six months ended June 30, 2013 reflects Enable’s operating results with the contributions from both OGE and CenterPoint Energy recorded at historical cost for the two-month period from the Closing Date to June 30, 2013. | ||||||||||||||||
Enable concluded that its formation was considered a business combination, in which the fair value of the consideration paid for Enogex, LLC (Enogex), the businesses contributed by OGE, was allocated to the assets acquired and liabilities assumed by Enable on the Closing Date. In the third quarter of 2013, Enable completed its valuation of Enogex, and Enogex's assets, liabilities and equity, and the related depreciation and amortization for the two-month period ended June 30, 2013, was accordingly adjusted to estimated fair value as of the Closing Date. CenterPoint Energy’s equity in earnings, net of basis difference, in the second quarter of 2013 was not materially different as a result of the final fair value determination. | |||||||||||||||||
Summarized unaudited consolidated balance sheet information for Enable is as follows: | |||||||||||||||||
June 30, | 31-Dec-13 | ||||||||||||||||
2014 | |||||||||||||||||
(in millions) | |||||||||||||||||
Current assets | $ | 923 | $ | 549 | |||||||||||||
Non-current assets | 10,815 | 10,683 | |||||||||||||||
Current liabilities | 584 | 720 | |||||||||||||||
Non-current liabilities | 2,343 | 2,331 | |||||||||||||||
Non-controlling interest | 32 | 33 | |||||||||||||||
Enable partners' capital | 8,779 | 8,148 | |||||||||||||||
CenterPoint Energy's ownership interest in Enable's partner capital | $ | 4,862 | $ | 4,753 | |||||||||||||
CenterPoint Energy's basis difference | (345 | ) | (434 | ) | |||||||||||||
CenterPoint Energy's investment in Enable | $ | 4,517 | $ | 4,319 | |||||||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Schedule of Goodwill [Table Text Block] | ' | |||
Goodwill by reportable business segment as of both June 30, 2014 and December 31, 2013 is as follows (in millions): | ||||
Natural Gas Distribution | $ | 746 | ||
Energy Services | 83 | |||
Other Operations | 11 | |||
Total | $ | 840 | ||
ShortTerm_Borrowings_and_Longt1
Short-Term Borrowings and Long-term Debt Credit Facilities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | |||||||||||||||||||||||||||
Credit Facilities. As of June 30, 2014 and December 31, 2013, CenterPoint Energy, CenterPoint Houston and CERC Corp. had the following revolving credit facilities and utilization of such facilities (in millions): | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Size of | Loans | Letters | Commercial | Loans | Letters | Commercial | ||||||||||||||||||||||
Facility | of Credit | Paper | of Credit | Paper | ||||||||||||||||||||||||
CenterPoint Energy | $ | 1,200 | $ | — | $ | 6 | $ | 41 | $ | — | $ | 6 | $ | — | ||||||||||||||
CenterPoint Houston | 300 | — | 4 | — | — | 4 | — | |||||||||||||||||||||
CERC Corp. | 600 | — | — | — | — | — | 118 | |||||||||||||||||||||
Total | $ | 2,100 | $ | — | $ | 10 | $ | 41 | $ | — | $ | 10 | $ | 118 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings (loss) per share calculations: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions, except share and per share amounts) | ||||||||||||||||
Net income (loss) | $ | 107 | $ | (100 | ) | $ | 292 | $ | 47 | |||||||
Basic weighted average shares outstanding | 429,773,000 | 428,571,000 | 429,470,000 | 428,268,000 | ||||||||||||
Plus: Incremental shares from assumed conversions: | ||||||||||||||||
Stock options | — | 108,000 | — | 103,000 | ||||||||||||
Restricted stock | 1,636,000 | 1,875,000 | 1,636,000 | 1,875,000 | ||||||||||||
Diluted weighted average shares | 431,409,000 | 430,554,000 | 431,106,000 | 430,246,000 | ||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ | 0.25 | $ | (0.23 | ) | $ | 0.68 | $ | 0.11 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ | 0.25 | $ | (0.23 | ) | $ | 0.68 | $ | 0.11 | |||||||
Reportable_Business_Segments_T
Reportable Business Segments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Financial data for business segments is as follows (in millions): | |||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||
Revenues from | Net | Operating | |||||||||||||||
External | Intersegment | Income | |||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 698 | (1) | $ | — | $ | 145 | ||||||||||
Natural Gas Distribution | 526 | 6 | 30 | ||||||||||||||
Energy Services | 657 | 19 | 11 | ||||||||||||||
Midstream Investments (3) | — | — | — | ||||||||||||||
Other Operations | 3 | — | — | ||||||||||||||
Eliminations | — | (25 | ) | — | |||||||||||||
Consolidated | $ | 1,884 | $ | — | $ | 186 | |||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||
Revenues from | Net | Operating | |||||||||||||||
External | Intersegment | Income (Loss) | |||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 656 | (1) | $ | — | $ | 165 | ||||||||||
Natural Gas Distribution | 524 | 5 | 25 | ||||||||||||||
Energy Services | 622 | 6 | 3 | ||||||||||||||
Interstate Pipelines | 41 | (2) | 13 | (2) | 20 | (2) | |||||||||||
Field Services | 48 | (2) | 7 | (2) | 20 | (2) | |||||||||||
Midstream Investments (3) | — | — | — | ||||||||||||||
Other Operations | 3 | — | (10 | ) | |||||||||||||
Eliminations | — | (31 | ) | — | |||||||||||||
Consolidated | $ | 1,894 | $ | — | $ | 223 | |||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
Revenues from | Net | Operating | Total Assets | ||||||||||||||
External | Intersegment | Income | as of June 31, 2014 | ||||||||||||||
Customers | Revenues | ||||||||||||||||
Electric Transmission & Distribution | $ | 1,327 | (1) | $ | — | $ | 250 | $ | 9,809 | ||||||||
Natural Gas Distribution | 2,004 | 15 | 192 | 4,989 | |||||||||||||
Energy Services | 1,709 | 51 | 37 | 896 | |||||||||||||
Midstream Investments (3) | — | — | — | 4,517 | |||||||||||||
Other Operations | 7 | — | 2 | 2,902 | (4) | ||||||||||||
Eliminations | — | (66 | ) | — | (1,193 | ) | |||||||||||
Consolidated | $ | 5,047 | $ | — | $ | 481 | $ | 21,920 | |||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||
Revenues from | Net | Operating | Total Assets | ||||||||||||||
External | Intersegment | Income (Loss) | as of December | ||||||||||||||
Customers | Revenues | 31, 2013 | |||||||||||||||
Electric Transmission & Distribution | $ | 1,188 | (1) | $ | — | $ | 249 | $ | 9,605 | ||||||||
Natural Gas Distribution | 1,567 | 13 | 164 | 4,976 | |||||||||||||
Energy Services | 1,210 | 15 | 10 | 895 | |||||||||||||
Interstate Pipelines | 133 | (2) | 53 | (2) | 72 | (2) | — | ||||||||||
Field Services | 178 | (2) | 18 | (2) | 73 | (2) | — | ||||||||||
Midstream Investments (3) | — | — | — | 4,518 | |||||||||||||
Other Operations | 6 | — | (13 | ) | 3,026 | (4) | |||||||||||
Eliminations | — | (99 | ) | — | (1,150 | ) | |||||||||||
Consolidated | $ | 4,282 | $ | — | $ | 555 | $ | 21,870 | |||||||||
________________ | |||||||||||||||||
-1 | Sales to affiliates of NRG in the three months ended June 30, 2014 and 2013 represented approximately $164 million and $148 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the three months ended June 30, 2014 and 2013 represented approximately $41 million and $37 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of NRG in the six months ended June 30, 2014 and 2013 represented approximately $330 million and $291 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the six months ended June 30, 2014 and 2013 represented approximately $81 million and $73 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | ||||||||||||||||
-2 | Results reflected in the three months ended June 30, 2013 represent only the month of April 2013. Results reflected in the six months ended June 30, 2013 represent only January 2013 through April 2013. | ||||||||||||||||
-3 | Midstream Investments reported equity earnings of $69 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the three months ended June 30, 2014. Midstream Investments reported equity earnings of $157 million from Enable and $5 million of equity earnings from CenterPoint Energy’s interest in SESH for the six months ended June 30, 2014. Midstream Investments reported equity earnings of $33 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the months of May and June 2013. Included in total assets of Midstream Investments as of June 30, 2014 and December 31, 2013 is $4,517 million and $4,319 million, respectively, related to CenterPoint Energy’s investment in Enable and $-0- and $199 million, respectively, related to CenterPoint Energy’s interest in SESH. | ||||||||||||||||
-4 | Included in total assets of Other Operations as of June 30, 2014 and December 31, 2013 are pension and other postemployment related regulatory assets of $605 million and $627 million, respectively. |
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Details) | Jun. 30, 2014 | Apr. 16, 2014 | Mar. 31, 2014 |
Number Of Vies Consolidated In Financial Statements | 4 | ' | ' |
CERC Corp [Member] | Midstream Partnership [Member] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 55.40% | 54.70% | 58.30% |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Defined Benefit Plan, Change in Accumulated Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ($90) | ' | ||||
Amounts reclassified from accumulated other comprehensive loss: | ' | ' | ' | ' | ||||
Net current period other comprehensive income | 2 | 2 | 3 | 5 | ||||
Ending Balance | -87 | ' | -87 | ' | ||||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 11 | [1] | 11 | [1] | 21 | [1] | 22 | [1] |
Interest cost | 25 | [1] | 23 | [1] | 50 | [1] | 46 | [1] |
Expected return on plan assets | -31 | [1] | -34 | [1] | -62 | [1] | -68 | [1] |
Amortization of prior service cost (credit) | 2 | [1] | 2 | [1] | 5 | [1] | 4 | [1] |
Amortization of net loss | 11 | [1] | 16 | [1] | 22 | [1] | 32 | [1] |
Amortization of transition obligation | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net periodic cost | 18 | [1] | 18 | [1] | 36 | [1] | 36 | [1] |
Total contributions to the plans during the period | 31 | ' | 34 | ' | ||||
Total contributions expected in 2014 | 96 | ' | ' | ' | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 1 | 1 | 1 | 1 | ||||
Interest cost | 5 | 5 | 11 | 10 | ||||
Expected return on plan assets | -2 | -2 | -4 | -4 | ||||
Amortization of prior service cost (credit) | -1 | 0 | -1 | 0 | ||||
Amortization of net loss | 1 | 1 | 1 | 3 | ||||
Amortization of transition obligation | 2 | 2 | 3 | 4 | ||||
Net periodic cost | 6 | 7 | 11 | 14 | ||||
Total contributions to the plans during the period | 4 | ' | 8 | ' | ||||
Total contributions expected in 2014 | 17 | ' | ' | ' | ||||
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan, Change in Accumulated Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | -87 | -129 | -88 | -132 | ||||
Amounts reclassified from accumulated other comprehensive loss: | ' | ' | ' | ' | ||||
Prior service cost (1) | 1 | [2] | 0 | [2] | 1 | [2] | 1 | [2] |
Actuarial losses (1) | 3 | [2] | 3 | [2] | 5 | [2] | 7 | [2] |
Total reclassifications from accumulated other comprehensive loss | 4 | 3 | 6 | 8 | ||||
Tax expense | -2 | -1 | -3 | -3 | ||||
Net current period other comprehensive income | 2 | 2 | 3 | 5 | ||||
Ending Balance | ($85) | ($127) | ($85) | ($127) | ||||
[1] | Net periodic cost in these tables is before considering amounts subject to overhead allocations for capital expenditure projects or for amounts subject to deferral for regulatory purposes. | |||||||
[2] | These other comprehensive components are included in the computation of net periodic cost. |
Regulatory_Accounting_Details
Regulatory Accounting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amount of allowed equity return on the true-up balance that has not been recognized | $476 | ' | $476 | ' |
Amount of allowed equity return on the true-up balance that was recognized in the period | $17 | $12 | $32 | $20 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Years | MMcf | |||||||||
MMcf | ||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | |||||
Term of normal weather used as the basis for weather hedges (in years) | ' | ' | 10 | ' | ' | |||||
Gains (Losses) Recognized Related to Weather Hedges | $0 | ($3) | ($8) | ($6) | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 46 | ' | 46 | ' | 43 | |||||
Derivative Liability, Fair Value | 484 | ' | 484 | ' | 485 | |||||
Derivative gross volumes on natural gas contracts (MMcf) | ' | ' | 603,000 | ' | 607,000 | |||||
Net long position (MMcf) | ' | ' | 97,000 | ' | 46,000 | |||||
Amount of net long position constituted by basis swaps (MMcf) | ' | ' | 97,000 | ' | 99,000 | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -41 | -18 | 11 | -67 | ' | |||||
Derivative Instruments, Assets, Physical Forwards Purchased | ' | ' | ' | ' | 1 | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Net Amount Presented in the Consolidated Balance Sheets | 24 | ' | 24 | ' | 13 | |||||
Derivative, fair value, offsets, net | ' | ' | ' | ' | 1 | |||||
Total fair value of the derivative instruments that contain credit risk contingent features that are in a net liability position | 1 | ' | 1 | ' | 1 | |||||
The aggregate fair value of assets already posted as collateral | 1 | ' | 1 | ' | 1 | |||||
Credit Risk Contingent Features assets | 1 | ' | 1 | ' | 1 | |||||
Natural gas derivatives [Member] | ' | ' | ' | ' | ' | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Gross Amounts Recognized | 24 | [1] | ' | 24 | [1] | ' | 13 | [1] | ||
Net Amount Presented in the Consolidated Balance Sheets | 24 | [2] | ' | 24 | [2] | ' | 13 | [2] | ||
Derivative, fair value, offsets, net | 0 | ' | 0 | ' | 0 | |||||
Natural gas derivatives [Member] | Gains (Losses) in Revenue [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5 | 27 | -96 | 13 | ' | |||||
Natural gas derivatives [Member] | Gains (Losses) in Expense: Natural Gas [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4 | [3] | -18 | [3] | 114 | [3] | -2 | [3] | ' | |
Derivative Instruments physical purchase | 0 | ' | 2 | ' | ' | |||||
Natural gas derivatives [Member] | Current Assets [Member] | ' | ' | ' | ' | ' | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Gross Amounts Recognized | 32 | [1] | ' | 32 | [1] | ' | 32 | [1] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | -6 | ' | -6 | ' | -8 | |||||
Net Amount Presented in the Consolidated Balance Sheets | 26 | [2] | ' | 26 | [2] | ' | 24 | [2] | ||
Natural gas derivatives [Member] | Other Assets [Member] | ' | ' | ' | ' | ' | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Gross Amounts Recognized | 14 | [1] | ' | 14 | [1] | ' | 11 | [1] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | -2 | ' | -2 | ' | -1 | |||||
Net Amount Presented in the Consolidated Balance Sheets | 12 | [2] | ' | 12 | [2] | ' | 10 | [2] | ||
Natural gas derivatives [Member] | Current Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Gross Amounts Recognized | -18 | [1] | ' | -18 | [1] | ' | -25 | [1] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 6 | ' | 6 | ' | 8 | |||||
Net Amount Presented in the Consolidated Balance Sheets | -12 | [2] | ' | -12 | [2] | ' | -17 | [2] | ||
Natural gas derivatives [Member] | Other Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | |||||
Gross Amounts Recognized | -4 | [1] | ' | -4 | [1] | ' | -5 | [1] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 2 | ' | 2 | ' | 1 | |||||
Net Amount Presented in the Consolidated Balance Sheets | -2 | [2] | ' | -2 | [2] | ' | -4 | [2] | ||
Indexed Debt Securities Derivative [Member] | Gains (losses) in Other Income (Expense) [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -50 | -27 | -7 | -78 | ' | |||||
Not Designated as Hedging Instrument [Member] | Natural gas derivatives [Member] | Current Assets [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 31 | [4],[5] | ' | 31 | [4],[5] | ' | 28 | [6],[7],[8] | ||
Derivative Liability, Fair Value | 5 | [4],[5] | ' | 5 | [4],[5] | ' | 4 | [6],[7],[8] | ||
Derivative Instruments, Assets, Physical Forwards Purchased | ' | ' | ' | ' | 1 | |||||
Not Designated as Hedging Instrument [Member] | Natural gas derivatives [Member] | Other Assets [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 14 | [4],[5] | ' | 14 | [4],[5] | ' | 10 | [6],[7] | ||
Derivative Liability, Fair Value | 2 | [4],[5] | ' | 2 | [4],[5] | ' | 0 | [6],[7] | ||
Not Designated as Hedging Instrument [Member] | Natural gas derivatives [Member] | Current Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 1 | [4],[5] | ' | 1 | [4],[5] | ' | 4 | [6],[7] | ||
Derivative Liability, Fair Value | 13 | [4],[5] | ' | 13 | [4],[5] | ' | 21 | [6],[7] | ||
Not Designated as Hedging Instrument [Member] | Natural gas derivatives [Member] | Other Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 0 | [4],[5] | ' | 0 | [4],[5] | ' | 1 | [6],[7] | ||
Derivative Liability, Fair Value | 2 | [4],[5] | ' | 2 | [4],[5] | ' | 5 | [6],[7] | ||
Not Designated as Hedging Instrument [Member] | Indexed Debt Securities Derivative [Member] | Current Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value | 0 | ' | 0 | ' | 0 | |||||
Derivative Liability, Fair Value | 462 | ' | 462 | ' | 455 | |||||
Natural Gas Distribution [Member] | 2012 - 2013 [Member] | ' | ' | ' | ' | ' | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | |||||
Weather Hedge, Amount, maximum | 15 | ' | ' | ' | ' | |||||
Natural Gas Distribution [Member] | 2013 - 2014 [Member] | ' | ' | ' | ' | ' | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | |||||
Weather Hedge, Amount, maximum | 16 | ' | ' | ' | ' | |||||
Electric Transmission and Distribution [Member] | ' | ' | ' | ' | ' | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | |||||
Weather Hedge, Amount, maximum | $8 | ' | ' | ' | ' | |||||
[1] | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||||||
[2] | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||||||
[3] | The Gains (Losses) in Expenses: Natural Gas includes $-0- and $2 million during the three and six months ended June 30, 2014, respectively, related to physical forwards purchased from Enable. | |||||||||
[4] | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $24 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above. | |||||||||
[5] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 603Â billion cubic feet (Bcf) or a net 97Â Bcf long position. Of the net long position, basis swaps constitute 97Â Bcf. | |||||||||
[6] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607 Bcf or a net 46Â Bcf long position. Of the net long position, basis swaps constitute 99Â Bcf. | |||||||||
[7] | Natural gas contracts are presented on a net basis in the Condensed Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Condensed Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Condensed Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above, offset by collateral netting of less than $1 million | |||||||||
[8] | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Assets | ' | ' | ' | ' | ' | |||||
Corporate equities | $812 | ' | $812 | ' | $770 | |||||
Investments, including money market funds | 51 | ' | 51 | ' | 61 | |||||
Natural gas derivatives | 46 | ' | 46 | ' | 43 | |||||
Natural gas derivatives, assets | 38 | ' | 38 | ' | 34 | [1] | ||||
Total assets | 901 | ' | 901 | ' | 865 | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Indexed debt securities derivative | 462 | ' | 462 | ' | 455 | |||||
Natural gas derivatives | 484 | ' | 484 | ' | 485 | |||||
Natural gas derivatives, liabilities | 14 | ' | 14 | ' | 21 | |||||
Total liabilities | 476 | ' | 476 | ' | 476 | |||||
Cash collateral posted with counterparties | 0 | ' | 0 | ' | 1 | |||||
Derivative Instruments, Assets, Physical Forwards Purchased | ' | ' | ' | ' | 1 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 1 | 3 | 3 | 2 | ' | |||||
Total gains | 2 | 1 | 0 | 3 | ' | |||||
Total settlements | 1 | 0 | 2 | -1 | ' | |||||
Transfers into Level 3 | 0 | 0 | -1 | 0 | ' | |||||
Ending balance (1) | 4 | [2] | 4 | [2] | 4 | [2] | 4 | [2] | ' | |
The amount of total gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 1 | 2 | 2 | 3 | ' | |||||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' | |||||
Assets | ' | ' | ' | ' | ' | |||||
Corporate equities | 812 | ' | 812 | ' | 770 | |||||
Investments, including money market funds | 51 | ' | 51 | ' | 61 | |||||
Natural gas derivatives | 3 | ' | 3 | ' | ' | |||||
Natural gas derivatives, assets | ' | ' | ' | ' | 5 | |||||
Total assets | 866 | ' | 866 | ' | 836 | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Indexed debt securities derivative | 0 | ' | 0 | ' | 0 | |||||
Natural gas derivatives | 1 | ' | 1 | ' | 1 | |||||
Total liabilities | 1 | ' | 1 | ' | 1 | |||||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | |||||
Assets | ' | ' | ' | ' | ' | |||||
Corporate equities | 0 | ' | 0 | ' | 0 | |||||
Investments, including money market funds | 0 | ' | 0 | ' | 0 | |||||
Natural gas derivatives | 37 | ' | 37 | ' | 33 | |||||
Natural gas derivatives, assets | ' | ' | ' | ' | 33 | |||||
Total assets | 37 | ' | 37 | ' | 33 | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Indexed debt securities derivative | 462 | ' | 462 | ' | 455 | |||||
Natural gas derivatives | 19 | ' | 19 | ' | 27 | |||||
Total liabilities | 481 | ' | 481 | ' | 482 | |||||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | |||||
Assets | ' | ' | ' | ' | ' | |||||
Corporate equities | 0 | ' | 0 | ' | 0 | |||||
Investments, including money market funds | 0 | ' | 0 | ' | 0 | |||||
Natural gas derivatives | 6 | ' | 6 | ' | ' | |||||
Natural gas derivatives, assets | ' | ' | ' | ' | 5 | |||||
Total assets | 6 | ' | 6 | ' | 5 | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Indexed debt securities derivative | 0 | ' | 0 | ' | 0 | |||||
Natural gas derivatives | 2 | ' | 2 | ' | 2 | |||||
Total liabilities | 2 | ' | 2 | ' | 2 | |||||
Netting Adjustments [Member] | ' | ' | ' | ' | ' | |||||
Assets | ' | ' | ' | ' | ' | |||||
Corporate equities | 0 | [3] | ' | 0 | [3] | ' | 0 | [4] | ||
Investments, including money market funds | 0 | [3] | ' | 0 | [3] | ' | 0 | [4] | ||
Natural gas derivatives, netting adjustment | -8 | [3] | ' | -8 | [3] | ' | -9 | [1],[4] | ||
Liabilities | ' | ' | ' | ' | ' | |||||
Indexed debt securities derivative | 0 | [3] | ' | 0 | [3] | ' | 0 | [4] | ||
Natural gas derivatives, netting adjustment | -8 | [3] | ' | -8 | [3] | ' | -9 | [4] | ||
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | |||||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | |||||
Option volatilities | 0.00% | ' | 0.00% | ' | ' | |||||
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | |||||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | |||||
Option volatilities | 62.00% | ' | 62.00% | ' | ' | |||||
Forward Contracts [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | |||||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | |||||
Illiquid forward price per mmbtu | ' | ' | 2.62 | ' | ' | |||||
Forward Contracts [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | |||||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | |||||
Illiquid forward price per mmbtu | ' | ' | 4.98 | ' | ' | |||||
Reported Value Measurement [Member] | ' | ' | ' | ' | ' | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Notes Receivable, Fair Value Disclosure | 363 | ' | 363 | ' | 363 | |||||
Long-term Debt | 8,318 | ' | 8,318 | ' | 8,171 | |||||
Estimate of Fair Value Measurement [Member] | ' | ' | ' | ' | ' | |||||
Liabilities | ' | ' | ' | ' | ' | |||||
Notes Receivable, Fair Value Disclosure | 369 | ' | 369 | ' | 363 | |||||
Long-term Debt | $9,103 | ' | $9,103 | ' | $8,670 | |||||
[1] | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | |||||||||
[2] | CenterPoint Energy did not have significant Level 3 purchases, sales or transfers out of Level 3 during the three or six months ended June 30, 2014 or 2013. | |||||||||
[3] | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $-0- posted with the same counterparties. | |||||||||
[4] | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. |
Unconsolidated_Affiliates_Deta
Unconsolidated Affiliates (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 16, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 16, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | 30-May-14 | Jun. 30, 2014 | 30-May-14 | Jun. 30, 2014 | Jun. 01, 2015 | |||||||||||
SESH [Member] | SESH [Member] | SESH [Member] | SESH [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | OGE [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | ArcLight [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | SESH [Member] | SESH [Member] | SESH [Member] | May 2014 [Member] | Common Stock [Member] | Common Stock [Member] | Subordinated Units [Member] | Scenario, Unspecified [Domain] | ||||||||||||||||
Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | SESH [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Midstream Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||
Term Loan of Affiliate | $51,000,000 | ' | $51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000,000 | ' | $1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Indebtedness to CERC | 363,000,000 | ' | 363,000,000 | ' | 363,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 363,000,000 | ' | 363,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest Income (Expense), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,000,000 | 4,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 5,000,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Transitional Services Costs to be Reimbursed | 37,000,000 | 28,000,000 | 82,000,000 | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Transitional Service cost receivable | 20,000,000 | ' | 20,000,000 | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.19 | ' | $26.19 | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Proceeds from Issuance Initial Public Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | 464,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Incentive Distribution Right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.40% | 54.70% | 58.30% | ' | ' | ' | ' | ' | ' | 0.10% | 25.05% | ' | ' | ' | ' | ' | ' | ||||||||||
Equity Method Investment, Additional Contribution of Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | 24.95% | ' | ' | ' | ' | ||||||||||
equity method investment, Additional Contribution of ownership, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,000,000 | ' | ' | ' | ' | ||||||||||
Cost of natural gas purchases, affiliates | 27,000,000 | 28,000,000 | 75,000,000 | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Due to Affiliate | 15,000,000 | ' | 15,000,000 | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Equity Method Investment, Ownership, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,126,366 | 6,322,457 | 139,704,916 | 25,341 | ||||||||||
Investment in unconsolidated affiliates | 4,517,000,000 | ' | 4,517,000,000 | ' | 4,518,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,517,000,000 | ' | 4,517,000,000 | ' | 4,319,000,000 | 0 | [1] | ' | 199,000,000 | [1] | ' | ' | ' | ' | ' | ||||||||
Equity in earnings of unconsolidated affiliates, net | 71,000,000 | 37,000,000 | 162,000,000 | 42,000,000 | ' | 2,000,000 | [2] | 4,000,000 | [2] | 5,000,000 | [2] | 9,000,000 | [2] | ' | 69,000,000 | [3] | 33,000,000 | [3] | 157,000,000 | [3] | 33,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 826,000,000 | 502,000,000 | [4] | 1,828,000,000 | 502,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cost of sales, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 478,000,000 | 295,000,000 | [4] | 1,111,000,000 | 295,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,000,000 | 75,000,000 | [4] | 301,000,000 | 75,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income attributable to Enable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | 65,000,000 | [4] | 269,000,000 | 65,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
CenterPoint Energy's approximate interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000,000 | 38,000,000 | [4] | 154,000,000 | 38,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basis difference accretion (amortization) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basis Difference Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000,000 | [4] | ' | -5,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
CenterPoint Energy's equity in earnings, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,000,000 | 38,000,000 | [4] | 154,000,000 | 38,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 923,000,000 | ' | 923,000,000 | ' | 549,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Non-current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,815,000,000 | ' | 10,815,000,000 | ' | 10,683,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584,000,000 | ' | 584,000,000 | ' | 720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,343,000,000 | ' | 2,343,000,000 | ' | 2,331,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | 32,000,000 | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Enable partners' capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,779,000,000 | ' | 8,779,000,000 | ' | 8,148,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
CenterPoint Energy's ownership interest in Enable's partner capital | 4,862,000,000 | ' | 4,862,000,000 | ' | 4,753,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total CenterPoint Energy's basis differences | -345,000,000 | ' | -345,000,000 | ' | -434,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
CenterPoint Energy's investment in Enable | 4,517,000,000 | ' | 4,517,000,000 | ' | 4,319,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | ' | ' | ' | ' | ' | 4,000,000 | 8,000,000 | 7,000,000 | 17,000,000 | ' | 90,000,000 | 0 | 157,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Income Loss From Equity Method Investments, net of basis difference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69,000,000 | $33,000,000 | [4] | $157,000,000 | $33,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | On May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||
[2] | On each of May 1, 2013 and May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||
[3] | On May 1, 2013, CenterPoint Energy formed Enable with OGE and ArcLight. | ||||||||||||||||||||||||||||||||||||||||||
[4] | The summarized income information for Enable and CenterPoint Energy’s equity in earnings, net of basis difference amortization, presented for the three and six months ended June 30, 2013 reflects Enable’s operating results with the contributions from both OGE and CenterPoint Energy recorded at historical cost for the two-month period from the Closing Date to June 30, 2013. |
Goodwill_Details
Goodwill (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $840 | $840 |
Natural Gas Distribution [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 746 | 746 |
Energy Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 83 | 83 |
Corporate and Other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $11 | $11 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Capital stock shares authorized (in shares) | 1,020,000,000 | ' |
Common stock shares authorized (in shares) | 1,000,000,000 | ' |
Common stock shares par value (in dollars per share) | $0.01 | ' |
Cumulative preferred stock shares authorized (in shares) | 20,000,000 | ' |
Cumulative preferred stock par value (in dollars per share) | $0.01 | ' |
Total common stock issued (in shares) | 429,795,996 | 428,798,612 |
Total common stock outstanding (in shares) | 429,795,830 | 428,798,446 |
Treasury stock (in shares) | 166 | 166 |
ShortTerm_Borrowings_and_Longt2
Short-Term Borrowings and Long-term Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Bank loans due 2016 [Member] | Bank loans due 2016 [Member] | Bank loans due 2016 [Member] | Bank loans due 2016 [Member] | Bank loans due 2016 [Member] | Bank loans due 2016 [Member] | March 2014 [Member] | March 2014 [Member] | June 2014 [Member] | June 2014 [Member] | Product Financing Arrangement [Member] | Product Financing Arrangement [Member] | Bonds General Mortgage Due 2044 [Member] | ||
CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Energy [Member] | CenterPoint Energy [Member] | CERC Corp [Member] | CERC Corp [Member] | Bonds Pollution Control Due2017 [Member] | Bonds Pollution Control Due2027 [Member] | Bonds Pollution Control Due2017 [Member] | Bonds Pollution Control Due2017 [Member] | CenterPoint Houston [Member] | |||||
CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 5.60% | 4.25% | 4.25% | ' | ' | 4.50% |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-17 | 1-Mar-27 | ' | 1-Dec-17 | ' | ' | 1-Apr-44 |
Extinguishment Of Debt Purchase Price Percentage Of Principal | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | 101.00% | 100.00% | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $44 | $56 | $84 | ' | ' | ' | ' |
Total short term borrowings | 42 | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42 | 43 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 |
Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total credit facility amount | 2,100 | 2,100 | 300 | 300 | 1,200 | 1,200 | 600 | 600 | ' | ' | ' | ' | ' | ' | ' |
Loans Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit outstanding | 10 | 10 | 4 | 4 | 6 | 6 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Commercial Paper Outstanding | 41 | 118 | 0 | 0 | 41 | 0 | 0 | 118 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility borrowing rate | ' | ' | 'LIBOR plus 112.5 | ' | 'London Interbank Offered Rate (LIBOR) plus 125 | ' | 'LIBOR plus 150 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage on limitation of debt to total capitalization under covenant (in hundredths) | ' | ' | 65.00% | ' | 65.00% | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage on limitation of debt to total capitalization under covenant amended (in hundredths) | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
System restoration costs threshold for increase in permitted debt to EBITDA covenant ratio | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive Period for System Restoration Costs to Exceed $100 million (in months) | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Effective Income Tax Rate Reconciliation, Percent | 37.00% | 169.00% | 37.00% | 88.00% |
Deferred income taxes | ' | ' | $13 | $257 |
Midstream Partnership [Member] | ' | ' | ' | ' |
Deferred Tax Liabilities, Goodwill and Intangible Assets | ' | 225 | ' | 225 |
Deferred income taxes | ' | ' | ' | ($29) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Recorded Unconditional Purchase Obligation | ' |
Remainder of 2014 | $259,000,000 |
2015 | 528,000,000 |
2016 | 454,000,000 |
2017 | 384,000,000 |
2018 | 376,000,000 |
After 2018 | 174,000,000 |
Loss Contingency Pending Gas Market Manipulation Lawsuits Number | 1 |
Legal Environmental And Other Regulatory Matters | ' |
Number of remaining sites in the Minnesota service territory (in number of sites) | 7 |
Number of the remaining sites in the Minnesota service territory where the company believes it has no liability (in number of sites) | 2 |
Number of sites where remediation is complete, other than ongoing operations (in number of sites) | 2 |
Amount accrued for remediation of Minnesota sites (in number of sites) | 13,000,000 |
Annual amount included in rates to fund normal on-going remediation costs | 285,000 |
Amount collected from insurance companies to be used for future environmental remediation | 6,000,000 |
Approximate amount of undiscounted maximum obligation under guarantee | 51,000,000 |
CenterPoint Energy [Member] | ' |
Legal Environmental And Other Regulatory Matters | ' |
Guarantee Obligations Maximum Amount Upon Completion Of Gathering Systems | 100,000,000 |
Midstream Partnership [Member] | ' |
Legal Environmental And Other Regulatory Matters | ' |
Approximate amount of undiscounted maximum obligation under guarantee | 1,100,000,000 |
Minimum [Member] | ' |
Legal Environmental And Other Regulatory Matters | ' |
Maximum estimated remediation costs for the Minnesota sites | 6,000,000 |
Years of remediation for the Minnesota sites (in years) | '30 |
Maximum [Member] | ' |
Legal Environmental And Other Regulatory Matters | ' |
Maximum estimated remediation costs for the Minnesota sites | $41,000,000 |
Years of remediation for the Minnesota sites (in years) | '50 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $107 | ($100) | $292 | $47 |
Basic weighted average shares outstanding | 429,773,000 | 428,571,000 | 429,470,000 | 428,268,000 |
Plus: Incremental shares from assumed conversions: | ' | ' | ' | ' |
Stock options | 0 | 108,000 | 0 | 103,000 |
Restricted stock | 1,636,000 | 1,875,000 | 1,636,000 | 1,875,000 |
Diluted weighted average shares | 431,409,000 | 430,554,000 | 431,106,000 | 430,246,000 |
Basic earnings (loss) per share: | ' | ' | ' | ' |
Net income (loss) | $0.25 | ($0.23) | $0.68 | $0.11 |
Diluted earnings (loss) per share: | ' | ' | ' | ' |
Net income (loss) | $0.25 | ($0.23) | $0.68 | $0.11 |
Reportable_Business_Segments_D
Reportable Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||
Midstream Partnership [Member] | Midstream Partnership [Member] | SESH [Member] | SESH [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Electric Transmission and Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Field Services [Member] | Field Services [Member] | Field Services [Member] | Field Services [Member] | Field Services [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | Other Operations [Member] | ||||||||||||||||||||||||||||||||
Affiliates of NRG Energy, Inc. [Member] | Affiliates of NRG Energy, Inc. [Member] | Affiliates of NRG Energy, Inc. [Member] | Affiliates of NRG Energy, Inc. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | Midstream Partnership [Member] | CERC Remaining Interest in SESH [Member] | CERC Remaining Interest in SESH [Member] | CERC Remaining Interest in SESH [Member] | SESH [Member] | SESH [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Operating Segments [Member] | Operating Segments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Equity Method Investment, Additional Contribution of Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Revenues | $1,884 | $1,894 | $5,047 | $4,282 | ' | ' | ' | ' | ' | ($25) | ($31) | ($66) | ($99) | ' | ' | $698 | [1] | $656 | [1] | $1,327 | [1] | $1,188 | [1] | $164 | $148 | $330 | $291 | $41 | $37 | $81 | $73 | $0 | $0 | $0 | $0 | ' | ' | $526 | $524 | $2,004 | $1,567 | ($6) | ($5) | ($15) | ($13) | ' | ' | $657 | $622 | $1,709 | $1,210 | ($19) | ($6) | ($51) | ($15) | ' | ' | $41 | [2] | $133 | [2] | ($13) | [2] | ($53) | [2] | ' | $48 | [2] | $178 | [2] | ($7) | [2] | ($18) | [2] | ' | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | ' | ' | $3 | $3 | $7 | $6 | ' | $0 | $0 | $0 | $0 | ' | ' | ||||||
Operating Income (Loss) | 186 | 223 | 481 | 555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145 | 165 | 250 | 249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 25 | 192 | 164 | ' | ' | ' | ' | ' | ' | 11 | 3 | 37 | 10 | ' | ' | ' | ' | ' | ' | 20 | [2] | 72 | [2] | ' | ' | ' | 20 | [2] | 73 | [2] | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -10 | 2 | -13 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Assets | 21,920 | ' | 21,920 | ' | 21,870 | ' | ' | ' | ' | ' | ' | ' | ' | -1,193 | -1,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,809 | 9,605 | ' | ' | ' | ' | ' | ' | ' | ' | 4,989 | 4,976 | ' | ' | ' | ' | ' | ' | ' | ' | 896 | 895 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,517 | [3] | 4,518 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,902 | [4] | 3,026 | [4] | ||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates, net | 71 | 37 | 162 | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 69 | 157 | ' | 2 | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Investment in unconsolidated affiliates | 4,517 | ' | 4,517 | ' | 4,518 | 4,517 | 4,319 | 0 | [5] | 199 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,517 | 4,517 | 4,517 | 4,319 | ' | ' | ' | 0 | 199 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Segment Reporting Pension Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $605 | ' | $605 | ' | $627 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
[1] | Sales to affiliates of NRG in the three months ended June 30, 2014 and 2013 represented approximately $164 million and $148 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the three months ended June 30, 2014 and 2013 represented approximately $41 million and $37 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of NRG in the six months ended June 30, 2014 and 2013 represented approximately $330 million and $291 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in the six months ended June 30, 2014 and 2013 represented approximately $81 million and $73 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Results reflected in the three months ended June 30, 2013 represent only the month of April 2013. Results reflected in the six months ended June 30, 2013 represent only January 2013 through April 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Midstream Investments reported equity earnings of $69 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the three months ended June 30, 2014. Midstream Investments reported equity earnings of $157 million from Enable and $5 million of equity earnings from CenterPoint Energy’s interest in SESH for the six months ended June 30, 2014. Midstream Investments reported equity earnings of $33 million from Enable and $2 million of equity earnings from CenterPoint Energy’s interest in SESH for the months of May and June 2013. Included in total assets of Midstream Investments as of June 30, 2014 and December 31, 2013 is $4,517 million and $4,319 million, respectively, related to CenterPoint Energy’s investment in Enable and $-0- and $199 million, respectively, related to CenterPoint Energy’s interest in SESH. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Included in total assets of Other Operations as of June 30, 2014 and December 31, 2013 are pension and other postemployment related regulatory assets of $605 million and $627 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | On May 30, 2014, CenterPoint Energy contributed a 24.95% interest in SESH to Enable, leaving CenterPoint Energy with a 0.1% interest in SESH as of June 30, 2014. |
Subsequent_Events_Details
Subsequent Events (Details) (Dividend Declared [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jul. 24, 2014 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Dividends Payable, Date Declared | 24-Jul-14 | ' |
Dividends Payable, Amount Per Share | ' | $0.24 |
Dividends Payable, Date to be Paid, Day, Month and Year | 10-Sep-14 | ' |
Dividends Payable, Date of Record, Day, Month and Year | 15-Aug-14 | ' |