UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): September 17, 2004
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CenterPoint Energy, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Texas
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(State or Other Jurisdiction of Incorporation)
1-31447 74-0694415
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(Commission File Number) (IRS Employer Identification No.)
1111 Louisiana, Houston, Texas 77002
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(Address of Principal Executive Offices) (Zip Code)
(713) 207-1111
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(Registrant's Telephone Number, Including Area Code)
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CenterPoint Energy Houston Electric, LLC
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(Exact Name of Registrant as Specified in Its Charter)
Texas
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(State or Other Jurisdiction of Incorporation)
1-3187 22-3865106
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(Commission File Number) (IRS Employer Identification No.)
1111 Louisiana, Houston, Texas 77002
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(Address of Principal Executive Offices) (Zip Code)
(713) 207-1111
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(Registrant's Telephone Number, Including Area Code)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS.
Following the September 17, 2004 public meeting of the Public Utility
Commission of Texas (the Texas Commission), CenterPoint Energy, Inc. (the
Company) believes that the Texas Commission has substantially completed its
deliberations on the true-up application filed in March 2004 by CenterPoint
Energy Houston Electric, LLC (CEHE), an indirect wholly owned subsidiary of the
Company. Based on deliberations during four public meetings held to discuss
CEHE's application, the Company estimates that the Texas Commission will reduce
the $3.7 billion requested in the true-up application, excluding interest, by
approximately $1.9 to $2.0 billion. The Texas Commission has not completed its
deliberations regarding interest on the Company's stranded costs. The Texas
Commission is not expected to issue its formal written decision until October,
and it is possible that the Texas Commission could modify its views prior to
issuing its formal written decision. Based on its analysis of the Texas
Commission's deliberations, the Company anticipates recording an after-tax
charge to earnings in the third quarter of 2004 of approximately $1 billion. The
ultimate amount of such charge will depend upon the final action of the Texas
Commission.
CEHE expects to seek rehearing of the Texas Commission's rulings once
they have been reduced to a final written order, and, to the extent sufficient
relief is not obtained through rehearing, to contest certain of the Texas
Commission's rulings through appeals to Texas state courts. The Company and CEHE
believe that significant aspects of the decisions made to date by the Texas
Commission are contrary to both the statute by which the legislature
restructured the electric industry in Texas and the regulations and orders the
Texas Commission has issued in implementing that statute. Although the Company
and CEHE believe they have meritorious arguments, no prediction can be made as
to the ultimate outcome of rehearings or appeals.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Some of the statements in this report are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. You
can generally identify our forward-looking statements by the words "could,"
"will," "intend," "expect" or other similar words. We have based our
forward-looking statements on our management's beliefs and assumptions based on
information available to our management at the time the statements are made. We
caution you that assumptions, beliefs, expectations, intentions and projections
about future events may and often do vary materially from actual results.
The timing and the outcome of the true-up proceeding and any legal
proceedings related thereto could cause actual results to differ materially from
those expressed or implied in forward-looking statements. You should not place
undue reliance on forward-looking statements. Each forward-looking statement
speaks only as of the date of the particular statement.
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.
Date: September 21, 2004 CENTERPOINT ENERGY, INC.
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.
Date: September 21, 2004 CENTERPOINT ENERGY HOUSTON
ELECTRIC, LLC
By: /s/ James S. Brian
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James S. Brian
Senior Vice President and
Chief Accounting Officer