They made more than a billion in profit last year (according to them), but they need to raise rates to pay off $1.5B over the next 15 years? Fuck their shareholders, they've already been paid. Centerpoint should be taking some money out of their rainy day fund to pay for the fucking rainy day.
"The company is on negative outlook with the credit rating agencies," Wells said, according to Houston Public Media. "We take very seriously the affordability of our service, and we are proud that the (transmission and distribution) charges that customers experience today are the same as they were in 2014. but we do need as an industry the opportunity to recover just and reasonable expenses so that we can continue to make the significant investments in our infrastructure that help mitigate the risk of these natural disasters as we move forward."
Wells, however, did admit that CenterPoint had earned more than $1 billion in profit over the previous year.
The company said it would seek approval from the Public Utility Commission of Texas to issue bonds to recover $1.5 billion to $1.7 billion of its storm-related costs, Chief Financial Officer Christopher Foster told investors and analysts on an earnings call this week. Foster estimated residential customers could see a two-percent increase in their electricity bills for the next 15 years to pay down the debt, which carries interest.