CenterPoint Energy, a state-regulated utility that maintains poles and wires for over two million electricity customers, had millions of dollars in “excess revenue” last year. At its meeting Friday morning, the Texas Public Utilities Commission considered whether something should be done about that.
A report from the PUC’s staff said that last year alone CenterPoint had “excess revenue” of almost $47 million. News 88.7 reported earlier how company executives this summer bragged to investors that for the last three years, the utility had been earning “well in excess” of the amount authorized by the PUC.
But at the meeting, PUC staff member Darryl Tietjen told the commissioners: “We have recommended the commission take no action for any of the companies we have reviewed.”
The commissioners agreed.
Thomas Brocato, a lawyer representing cities in CenterPoint’s territory, had hoped the commission would have considered lowering CenterPoint’s rates.
“They’ve got a pretty long history of over-earning and that’s frustrating, disappointing,” Bracato told News 88.7.
CenterPoint says it will actually ask for a rate increase next year.