CenterPoint selected for $50 million grid-technology award

CenterPoint Energy ($CNP) was selected for a $50 million US Department of Energy award to support an advanced substation project in the Houston area. The proposed installation will use Siemens Energy technology intended to improve grid stability and support an electricity system serving approximately 2.9 million customers. The selection adds potential outside funding to the utility’s infrastructure-development plans.

The award remains subject to final negotiations, so selection is not confirmation that the full sum has been received. CenterPoint presents the project as a way to improve reliability and accommodate changing electricity needs, but those benefits depend on implementation. The announcement does not establish a new earnings forecast or guarantee a particular level of savings for customers.

Sources:

• CenterPoint Energy — DOE award selection, PR Newswire release