SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JUNE 18, 2003
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CENTERPOINT ENERGY, INC.
(Exact name of registrant as specified in its charter)
TEXAS 1-31447 74-0694415
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1111 LOUISIANA
HOUSTON, TEXAS 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 207-1111
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CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC
(Exact name of registrant as specified in its charter)
TEXAS 1-3187 22-3865106
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1111 LOUISIANA
HOUSTON, TEXAS 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 207-1111
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ITEM 5. OTHER EVENTS.
On June 18, 2003, the Public Utility Commission of Texas (Texas Utility
Commission) ruled that the filing by CenterPoint Energy Houston Electric, LLC
(CenterPoint Houston) for recovery of its stranded costs and regulatory assets
as provided by the Texas electric restructuring law will be made on March 31,
2004. CenterPoint Houston, a wholly owned subsidiary of CenterPoint Energy,
Inc., had requested, and the Texas Utility Commission had initially proposed,
a filing date of January 12, 2004. Under the Texas electric restructuring law,
the Texas Utility Commission is required to conduct true-up proceedings for
each investor-owned utility whose generation assets were "unbundled" from its
transmission and distribution assets in order to quantify and reconcile the
amount of stranded costs and certain regulatory assets. The law requires a
final order to be issued by the Texas Utility Commission not more than 150 days
after a proper filing is made by the regulated utility.
Any delay in the final order date will result in a delay in the
securitization of CenterPoint Houston's stranded costs and the start of recovery
of certain carrying costs through non-bypassable charges to CenterPoint
Houston's customers.
In addition, this delay means that the calculation of the market value
of the Texas Genco Holdings, Inc. common stock for purposes of the Texas Utility
Commission's stranded cost determination might be more or less than the purchase
price calculated under the option held by Reliant Resources, Inc. to purchase
CenterPoint Energy's 81% ownership interest in Texas Genco Holdings. Under the
option, the purchase price will be based on market prices during the 120 trading
days ending on January 9, 2004, but under the filing schedule prescribed by the
Texas Utility Commission, the value of that ownership interest for the stranded
cost determination will be based on market prices during the 120 trading days
ending on March 30, 2004. If Reliant Resources exercises its option at a lower
price than the market value used by the Texas Utility Commission, CenterPoint
Houston would be unable to recover the difference from the stranded cost true
up proceeding.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTERPOINT ENERGY, INC.
Date: June 20, 2003 By: /s/ JAMES S. BRIAN
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James S. Brian
Senior Vice President and
Chief Accounting Officer
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTERPOINT ENERGY HOUSTON
ELECTRIC, LLC
Date: June 20, 2003 By: /s/ JAMES S. BRIAN
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James S. Brian
Senior Vice President and
Chief Accounting Officer