CenterPoint Energy Accelerates Houston Load to 10 GW, Extends $65 B Capital Plan
CenterPoint Energy delivered Q4 adjusted EPS of $0.45 and 2025 adjusted EPS of $1.76, each reflecting 9% growth year-over-year, and raised its annual dividend by 9%. Management reaffirmed 2026 non-GAAP EPS guidance of $1.89-$1.91 and accelerated Houston Electric peak load growth to 10 GW by 2029, boosting its $65 billion capital plan.
1. Q4 and Full-Year Earnings Performance
CenterPoint reported Q4 non-GAAP EPS of $0.45 and full-year 2025 EPS of $1.76, each up 9% versus 2024. GAAP results were $0.40 in Q4 and $1.60 for the year, which included $0.11 from goodwill dispositions and $0.07 related to temporary generation unit depreciation.
2. Dividend Growth and 2026 Guidance
The company achieved a 9% dividend per share increase in 2025 and reaffirmed its 2026 non-GAAP EPS guidance at $1.89 to $1.91, marking an 8% midpoint gain year-over-year. Long-term targets remain at 7% to 9% annual EPS growth through 2035.
3. Houston Electric Load Forecast Acceleration
CenterPoint now expects peak load to rise by 50%—an extra 10 GW—by 2029, two years ahead of prior plans, driven by reshoring of advanced manufacturing and data center demand. Of that, 2.5 GW are under construction and 5 GW are firmly committed, supporting flat delivery rates through broader fixed-cost recovery.
4. Capital Plan Expansion and Regulatory Tailwinds
The 10-year capital plan now exceeds $65 billion through 2035 with an additional $500 million for a third 765 kV import line. Near-zero federal cash taxes through 2035 are expected to improve credit metrics by 60–70 bps. The company has priced $1.2 billion in securitization bonds and anticipates $800 million net from the Ohio sale, while its Ohio gas LDC rate case set a $53.1 million revenue requirement and 9.79% ROE.