What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-20 · 173 added, 167 removed, 420 unchanged (45% of the section changed)

2 unchanged sentences

Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf.

Each registrant makes no representation as to information relating exclusively to the other registrants or the subsidiaries of CenterPoint Energy other than itself or its subsidiaries.

Each registrant makes no representation as to information relating exclusively to the other registrants or the subsidiaries of CenterPoint Energy, Inc.

other than itself or its subsidiaries.

Except as discussed in Note 12 to the consolidated financial statements, no registrant has an obligation in respect of any other registrant’s debt securities, and holders of such debt securities should not consider the financial resources or results of operations of any registrant other than the obligor in making a decision with respect to such securities.

The discussion of CenterPoint Energy’s consolidated financial information includes the financial results of Houston Electric and CERC, which, along with CenterPoint Energy, are collectively referred to as the Registrants.

The discussion of CenterPoint Energy’s consolidated financial information includes the financial results of Houston Electric and CERC.

Where appropriate, information relating to a specific registrant has been segregated and labeled as such.

Unless the context indicates otherwise, specific references to Houston Electric and CERC also pertain to CenterPoint Energy.

In this Form 10-K, the terms “our,” “we” and “us” are used as abbreviated references to CenterPoint Energy, Inc.

together with its consolidated subsidiaries.

In this combined Form 10-K, the terms “our,” “we” and “us” are used as abbreviated references to CenterPoint Energy, Inc.

together with its consolidated subsidiaries, including Houston Electric and CERC, unless stated otherwise.

CenterPoint Energy is a public utility holding company.

CenterPoint Energy’s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution facilities.

As of December 31, 2023, CenterPoint Energy’s indirect, wholly-owned subsidiaries include:

CenterPoint Energy’s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems.

As of December 31, 2024, CenterPoint Energy’s indirect, wholly-owned subsidiaries included:

• Houston Electric, which provides electric transmission service to transmission service customers in the ERCOT region and distribution service to REPs serving the Texas Gulf Coast area that includes the city of Houston.

Bond Companies are wholly-owned, bankruptcy remote entities formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds.

• CERC Corp., which (i) directly owns and operates natural gas distribution systems in Louisiana, Minnesota, Mississippi and Texas, (ii) indirectly, through Indiana Gas and VEDO, owns and operates natural gas distribution systems in Indiana and Ohio, respectively, and (iii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP.

Bond Company IV is a wholly-owned, bankruptcy-remote entity formed solely for the purpose of purchasing and owning transition property through the issuance of Securitization Bonds;

• CERC Corp., which (i) directly owns and operates natural gas distribution systems in Louisiana, Minnesota, Mississippi and Texas, (ii) indirectly, through Indiana Gas and CEOH, owns and operates natural gas distribution systems in Indiana and Ohio, respectively, and (iii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP;

• SIGECO, which provides energy delivery services to electric and natural gas customers located in and near Evansville in southwestern Indiana and owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market.

3 unchanged sentences

For a discussion of net income by segment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations by Reportable Segment” in Item 7 of Part II of this report.

Discontinued Operations.

From time to time, we consider the acquisition or the disposition of assets or businesses.

For a discussion of discontinued operations and divestitures, see Note 4 to the consolidated financial statements.

Subsequent Events.

On February 19, 2024, CenterPoint Energy, through its subsidiary CERC Corp., entered into the LAMS Asset Purchase Agreement to sell its Louisiana and Mississippi natural gas local distribution company businesses.

On June 30, 2023, CenterPoint Energy completed the sale of its indirect subsidiary, Energy Systems Group, to an unaffiliated third party.

On February 19, 2024, CenterPoint Energy, through its subsidiary CERC Corp., entered into the LAMS Asset Purchase Agreement to sell its Louisiana and Mississippi natural gas LDC businesses.

The transaction is expected to close in the first quarter of 2025.

2 unchanged sentences

713-207-1111).

We make available free of charge on our Internet website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the

Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC.

The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

Additionally, we make available free of charge on our Internet website:

We make available free of charge on CenterPoint Energy’s Internet website, http://www.centerpointenergy.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC.

The SEC maintains an Internet website

that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

Additionally, we make available free of charge on CenterPoint Energy’s Internet website:

• our Code of Ethics for our Chief Executive Officer and Senior Financial Officers;

2 unchanged sentences

• our Corporate Governance Guidelines;

• the charters of the audit, compensation, and governance, environmental and sustainability committees of our Board of Directors.

• the charters of the Audit, Human Capital and Compensation, Governance, Environmental and Sustainability, and Safety and Operations committees of our Board of Directors.

Any shareholder who so requests may obtain a printed copy of any of these documents from us.

Changes in or waivers of our Code of Ethics for our Chief Executive Officer and Senior Financial Officers and waivers of our Ethics and Compliance Code for directors or executive officers will be posted on our Internet website within five business days of such change or waiver and maintained for at least 12 months or timely reported on Item 5.05 of Form 8-K.

Our website address is www.centerpointenergy.co m .

Investors should also note that we announce material financial information in SEC filings, press releases and public conference calls.

Based on guidance from the SEC, we may use the investor relations section of our website to communicate with our investors.

Based on guidance from the SEC, we may use the investor relations section of our Internet website to communicate with our investors.

It is possible that the financial and other information posted there could be deemed to be material information.

Except to the extent explicitly stated herein, documents and information on our website are not incorporated by reference herein.

Except to the extent explicitly stated herein, documents and information on our Internet website are not incorporated by reference herein.

Electric (CenterPoint Energy)

The Electric reportable segment is comprised of Houston Electric and Indiana Electric.

For information regarding the properties of the Electric reportable segment, please read “Properties — Electric (CenterPoint Energy and Houston Electric)” in Item 2 of this report, which information is incorporated herein by reference.

For information regarding the properties of the Electric reportable segment, see “Properties — Electric (CenterPoint Energy and Houston Electric)” in Item 2 of this report, which information is incorporated herein by reference.

Houston Electric (CenterPoint Energy and Houston Electric)

Houston Electric is a transmission and distribution electric utility that operates wholly within the state of Texas.

Houston Electric does not make direct retail or wholesale sales of electric energy or own or operate any power generation generating facilities other than TEEEF.

Houston Electric does not make direct retail or wholesale sales of electric energy or own or operate any power generating facilities other than leased TEEEF.

Electric Transmission

7 unchanged sentences

Rates for these services are established pursuant to rate proceedings conducted before municipalities that have original jurisdiction and the PUCT.

Temporary Generation.

As allowed by a law enacted by the Texas legislature after the February 2021 Winter Storm Event and amended in 2023, Houston Electric is leasing TEEEF that can aid in restoring power to customers during certain significant power outages that are

impacting its distribution system.

On December 19, 2024, Houston Electric announced a proposal to release certain of Houston Electric’s TEEEF to the San Antonio area prior to the summer of 2025 for a period of up to two years, during which Houston Electric would not receive revenue or profit from ERCOT and would not charge Houston-area customers for these TEEEF units.

As of December 31, 2024, Houston Electric leased 505 MW of TEEEF.

For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Executive Summary — Significant Events — May 2024 Storm Events and Hurricane Beryl” in Item 7 of Part II of this report, as well as Note 7 and Note 19 to the consolidated financial statements.

Bond Companies

1 unchanged sentence

These consolidated special purpose subsidiaries are wholly-owned, bankruptcy-remote entities that were formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds, and conducting activities incidental thereto.

The Securitization Bonds issued by Bond Company IV are repaid through charges imposed on customers in Houston Electric’s service territory.

On August 15, 2022, Restoration Bond Company repaid in full its last outstanding system restoration bonds at maturity.

The Securitization Bonds issued by Bond Company IV were repaid through charges imposed on customers in Houston Electric’s service territory.

Restoration Bond Company repaid in full its last outstanding system restoration bonds at maturity on August 15, 2022, and was subsequently dissolved in 2024.

On October 15, 2024, Bond Company IV repaid in full its last outstanding transition bonds at maturity.

For further discussion of the Securitization Bonds issued by Bond Company IV and the outstanding balances as of December 31, 2024 and 2023, see Note 12 to the consolidated financial statements.

2 unchanged sentences

Each REP is licensed by, and must meet minimum creditworthiness criteria established by, the PUCT.

Houston Electric does not have long-term contracts with any of its customers.

It operates using a continuous billing cycle, with meter readings being conducted and invoices being distributed to REPs each business day.

Houston Electric does not have long-term contracts with any of its customers, but rather operates using a continuous billing cycle, with meter readings being conducted and invoices being distributed to REPs each business day.

For information regarding Houston Electric’s major customers, see Note 16 to the consolidated financial statements.

3 unchanged sentences

Texas Gulf Coast

67 2,506,284 312,059 2,818,343

There are no other electric transmission and distribution utilities in Houston Electric’s service area.

For another provider of transmission and distribution services to provide such services in Houston Electric’s territory, it would be required to obtain a certificate of convenience and necessity from the PUCT and, depending on the location of the facilities, may also be required to obtain franchises from one or more municipalities.

For another provider of transmission and distribution services to provide such services in Houston Electric’s territory, it would be required to obtain a CCN from the PUCT and, depending on the location of the facilities, may also be required to obtain franchises from one or more municipalities.

Houston Electric is not aware of any other party intending to enter this business in its service area at this time.

3 unchanged sentences

Houston Electric holds non-exclusive franchises from certain incorporated municipalities in its service territory.

In exchange for the payment of fees, these franchises give Houston Electric the right to use the streets and public rights-of-way of these municipalities to construct, operate and maintain its transmission and distribution system and to use that system to conduct its electric delivery business and for other purposes that the franchises permit.

conduct its electric delivery business and for other purposes that the franchises permit.

The terms of the franchises, with various expiration dates, typically range from 30 to 40 years.

Indiana Electric (CenterPoint Energy)

Indiana Electric consists of SIGECO’s electric transmission and distribution services, including its power generating and wholesale power operations.

As of December 31, 2023, Indiana Electric supplied electric service to the following:

Indiana Electric consists of SIGECO’s electric transmission and distribution services, including its electric generation assets and wholesale power operations.

The table below reflects the number of metered customers to whom Indiana Electric supplied electric service as of December 31, 2024:

Residential Commercial/Industrial Total Customers

7 unchanged sentences

Reserve margin at peak 35 %

(1) Indiana Electric procured bi-lateral capacity contracts starting in the 2023-2024 MISO planning year to support the generation transition.

(1) Indiana Electric procured bi-lateral capacity contracts starting in the 2023-2024 MISO planning year.

These contracts were procured before MISO moved to a seasonal construct, which allowed several generating units to receive accreditation in the summer season that would not have received any accreditation under MISO's previous annual construct.

This resulted in a reserve margin that is higher than normal in the summer, but was limited to the summer season.

The winter peak load for the 2022-2023 season of approximately 785 MW occurred on December 23, 2022.

Indiana Electric has entered into various PPAs to purchase solar power to meet its future generation needs as reported in the table below.

PPA with Location Expected Date in Service Capacity

(MW) Term (in Years)

Clenera Warrick County, Indiana 2025 100 25

Oriden Vermillion County, Indiana 2025 185 15

Origis Knox County, Indiana 2025 150 20

For further information about Indiana Electric’s solar power activities, see “Item 2.

The winter peak load for the 2023-2024 season of approximately 835 MW occurred on January 16, 2024.

Solar and Wind

Indiana Electric has entered into various PPAs to purchase solar power and wind power to meet its future generation needs as reported in the table below:

Power Type Counterparty Location Expected Date in Service Capacity

Solar Clenera, LLC Warrick County, Indiana 2026 100 25

Solar Oriden Vermillion County, Indiana 2026 185 15

Solar Origis Knox County, Indiana 2026 150 20

Wind NextEra Energy, Inc.

Knox County, Illinois 2026 147 25

For further information about Indiana Electric’s solar power and wind power activities, see “Item 2.

Properties” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Regulatory Matters” in Item 7 of Part II of this report, which discussion is incorporated herein by reference.

12 unchanged sentences

(MW) Purchased in 2024

Coal OVEC (1)

Indiana and Ohio n/a 32 186

Coal OVEC (1) Indiana and Ohio 2040 32 178

Wind Benton County Wind Farm, LLC Benton County, Indiana 2028 30 83

4 unchanged sentences

Indiana Electric is a member of the MISO, a FERC-approved regional transmission organization.

The MISO serves the electric transmission needs of much of the Midcontinent region and maintains operational control over Indiana Electric’s electric transmission facilities as well as other utilities in the region.

Indiana Electric is an active participant in the MISO energy markets, where it bids its generation into the Day Ahead and Real Time markets and procures power for its retail customers at Locational Marginal Price as determined by the MISO market.

Indiana Electric is an active participant in the MISO energy markets, bidding its owned generation into the Day Ahead and Real Time markets and procuring power for its retail customers at Locational Marginal Pricing as determined by the MISO market.

MISO-related purchase and sale transactions are recorded using settlement information provided by the MISO.

3 unchanged sentences

Net sales (2) —

(1) Represents volume intervals when purchases from the MISO were in excess of generation sold to the MISO.

(2) Represents volume intervals when sales to the MISO were in excess of purchases from the MISO.

(1) Represents intervals when purchases from the MISO were in excess of generation sold to the MISO.

(2) Represents intervals when sales to the MISO were in excess of purchases from the MISO.

Net sales were insignificant during 2024 primarily due to the retirement of SIGECO’s A.B.

Brown coal generating facilities in 2023 and SIGECO’s exit from joint operations in the Warrick 4 coal generating facility on January 1, 2024.

Interconnections

1 unchanged sentence

and Big Rivers Electric Corporation providing the ability to simultaneously interchange approximately 645 MW during peak load periods.

Indiana Electric, as required as a member of the MISO, has turned over operational control of the interchange facilities and its own transmission assets to the MISO.

Indiana Electric, as required as a member of the MISO, has turned over operational control of the interchange facilities

and its own transmission assets to the MISO.

Indiana Electric, in conjunction with the MISO, must operate the bulk electric transmission system in accordance with NERC Reliability Standards.

3 unchanged sentences

SIGECO has a special purpose subsidiary, SIGECO Securitization Subsidiary, which it consolidates.

This consolidated special purpose subsidiary is a wholly-owned, bankruptcy remote entity that was formed solely for the purpose of facilitating the securitization financing of qualified costs in the second quarter of 2023 associated with the completed retirement of SIGECO’s A.B.

Brown coal generation facilities through the issuance of SIGECO Securitization Bonds.

This consolidated special purpose subsidiary is a wholly-owned, bankruptcy-remote entity that was formed solely for the purpose of facilitating the securitization financing of qualified costs.

The obligations of the SIGECO Securitization Bonds are repaid through charges imposed on customers in Indiana Electric’s service territory.

11 unchanged sentences

CenterPoint Energy’s and CERC’s Natural Gas also provided services in Minnesota consisting of residential appliance repair and maintenance services along with HVAC equipment sales and home repair protection plans to natural gas customers in Indiana, Mississippi, Ohio and Texas through a third party as of December 31, 2024.

For information regarding the properties of the Natural Gas reportable segment, please read “Properties — Natural Gas (CenterPoint Energy and CERC)” in Item 2 of this report, which information is incorporated herein by reference.

For information regarding the properties of the Natural Gas reportable segment, read “Properties — Natural Gas (CenterPoint Energy and CERC)” in Item 2 of this report, which information is incorporated herein by reference.

On February 19, 2024, CenterPoint Energy, through its subsidiary CERC Corp., entered into the LAMS Asset Purchase Agreement to sell its Louisiana and Mississippi natural gas LDC businesses.

The transaction was approved by final orders issued by the MPSC on December 3, 2024 and by the LPSC on December 17, 2024.

The transaction is expected to close in the first quarter of 2025.

24 unchanged sentences

The demand for natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal and affected by variations in weather conditions.

In 2023, approximately 65% and 66%, respectively, of CenterPoint Energy’s and CERC’s Natural Gas total throughput occurred in the first and fourth quarters.

In 2024, approximately 64% and 65% of CenterPoint Energy’s and CERC’s Natural Gas total throughput occurred in the first and fourth quarters, respectively.

These patterns reflect the higher demand for natural gas for heating purposes during the colder months.

Supply and Transportation

In 2023, CenterPoint Energy’s Natural Gas purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to three-year terms.

In 2024, CenterPoint Energy’s Natural Gas purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to three years.

Major suppliers are those that account for greater than 10% of CenterPoint Energy’s or CERC’s annual natural gas supply purchases.

2 unchanged sentences

Tenaska Marketing Ventures, LLC 33 % 31 %

BP Energy Company

Macquarie Energy, LLC

Koch Energy Services, LLC 8 % 10 %

Total of major suppliers 55 % 54 %

Numerous other suppliers provided the remainder of CenterPoint Energy’s and CERC’s natural gas supply requirements.

CenterPoint Energy’s and CERC’s Natural Gas transports their natural gas supplies through various intrastate and interstate pipelines under contracts with remaining terms, including extensions, varying from one to ten years.

CenterPoint Energy’s and CERC’s Natural Gas anticipates that these gas supply and transportation contracts will be renewed or replaced prior to their expiration.

24 unchanged sentences

CenterPoint Energy’s Corporate and Other also consisted of energy performance contracting and sustainable infrastructure services by Energy Systems Group through June 30, 2023, the date of the sale of Energy Systems Group.

For additional information on the sale of Energy Systems Group, see Note 4 to the consolidated financial statements.

The Registrants are subject to regulation by various federal, state and local governmental agencies, including the regulations described below.

57 unchanged sentences

Substantially all of CenterPoint Energy’s and CERC’s Natural Gas is subject to cost-of-service rate regulation by the relevant state public utility commissions and, in Texas, by those municipalities that have retained original jurisdiction.

In certain of the jurisdictions in which they operate, CenterPoint Energy’s and CERC’s Natural Gas has annual rate adjustment mechanisms that provide for changes in rates dependent upon certain changes in invested capital, earned returns on equity or actual margins realized.

In certain of the jurisdictions in which they operate, CenterPoint Energy’s and CERC’s Natural Gas have annual rate adjustment mechanisms that provide for changes in rates dependent upon certain changes in invested capital, earned returns on equity or actual margins realized.

For a discussion of certain of CenterPoint Energy’s and CERC’s Natural Gas’ ongoing regulatory proceedings, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Regulatory Matters” in Item 7 of Part II of this report, which discussion is incorporated herein by reference.

9 unchanged sentences

Further, Section 113 of the PIPES Act directed PHMSA to develop regulations to require natural gas pipeline operators to implement leak detection and repair programs, as well as requirements for mitigating emissions in operations.

A proposed rule was published on May 18, 2023.

Additional sections of the PIPES Act directed PHMSA to develop regulations requiring natural gas distribution operators to identify and address specific risks associated with piping materials with known issues.

Over-pressurization, extreme weather and geohazards require certain actions associated with emergency response and require operators to identify and maintain certain records associated with system operating characteristics and controls.

A proposed rule was published on September 7, 2023.

The PIPES Act of 2023 was approved by the House Transportation and Infrastructure Committee on December 6, 2023 to reauthorize PHMSA’s safety programs for the next four years.

Final versions of the Section 113 Leak Detection and Repair, and Safety of Natural Gas Distribution Pipelines, 2020 PIPES Act rules remain frozen until a Department of Transportation appointee can review and proceed further.

In January 2021, PHMSA published a final rule amending the federal Pipeline Safety Regulations to ease regulatory burdens on the construction, operation, and maintenance of gas transmission, distribution, and gathering systems.

3 unchanged sentences

Changes to the amount of pipe subject to integrity management, whether by expansion of the definition of the type of areas subject to integrity management procedures or of the applicability of such procedures outside of those defined areas, may also affect the costs incurred.

Implementation by PHMSA of the PIPES Act, in particular Section 113, acts reauthorizing PHMSA or other future acts may result in other regulations or the reinterpretation of existing regulations that could impact compliance costs.

Implementation by PHMSA of the PIPES Act, in particular the final rule implementing Section 113, acts reauthorizing PHMSA or other future acts may result in other regulations or the reinterpretation of existing regulations that could impact compliance costs.

In addition, CenterPoint Energy and CERC may be subject to the DOT’s enforcement actions and penalties if they fail to comply with pipeline regulations.

25 unchanged sentences

The Registrants believe that they are in substantial compliance with these environmental laws and regulations.

Global Climate Change

Greenhouse Gas and Climate Change-Related Regulation and Compliance (CenterPoint Energy)

There is increasing attention being paid in the United States and worldwide to the issue of climate change.

As a result, from time to time, regulatory agencies have considered the modification of existing laws or regulations or the adoption of new laws or regulations addressing the emissions of GHG on the state, federal, or international level.

On August 3, 2015, the EPA released its CPP rule, which required a 32% reduction in carbon emissions from 2005 levels.

The final rule was published in the Federal Register on October 23, 2015, and that action was immediately followed by litigation ultimately resulting in the U.S.

Supreme Court staying implementation of the rule.

On July 8, 2019, the EPA published the ACE rule, which (i) repealed the CPP rule;

(ii) replaced the CPP rule with a program that requires states to implement a program of energy efficiency improvement targets for individual coal-fired electric generating units;

and (iii) amended the implementing regulations for Section 111(d) of the Clean Air Act.

On January 19, 2021, the majority of the ACE rule — including the CPP repeal, CPP replacement, and the timing-related portions of the Section 111(d) implementing rule — was struck down by the U.S.

Court of Appeals for the D.C.

Circuit and on October 29, 2021, the U.S.

Supreme Court agreed to consider four petitions filed by various coal interests and a coalition of 19 states.

On June 30, 2022, the U.S.

Supreme Court ruled that the EPA exceeded its authority in promulgating the CPP.

On May 11, 2023, the EPA announced proposed emission limits and guidelines for carbon dioxide from fossil fuel-fired power plants under Section 111 of the Clean Air Act which, if finalized, apply new GHG performance standards for those existing coal-fired units expected to continue operation beyond December 31, 2029.

We will continue to evaluate the applicability of the rule to the existing and new gas-fired generating units, but would note that CenterPoint Energy does not currently have plans to operate any of its coal-fired units beyond December 2029.

The Biden administration recommitted the United States to the Paris Agreement, which has driven a renewed regulatory push to require further GHG emission reductions from the energy sector.

On April 22, 2021, President Biden announced new goals of 50% reduction of economy-wide GHG emissions, and 100% carbon-free electricity by 2035, which formed the basis of the United States’ commitments announced in Glasgow, and most recently the international climate negotiations held in Dubai, and concluded in December 2023, included for the first time language in the agreement to “transition away from fossil fuels” so as to achieve net zero emissions by 2050.

In September 2021, CenterPoint Energy announced its net zero emissions goals for both Scope 1 emissions and certain Scope 2 emissions by 2035 as well as a goal to reduce certain Scope 3 emissions by 20% to 30% by 2035.

Because Texas is an

unregulated market and customers choose their generation providers, CenterPoint Energy’s Scope 2 estimates do not take into account Texas electric transmission and distribution assets in the line loss calculation and, in addition, exclude emissions related to purchased power in Indiana between 2024 and 2026 as estimated.

CenterPoint Energy’s Scope 3 emissions estimates are based on the total natural gas supply delivered to residential and commercial customers as reported in the U.S.

The EPA released its initial GHG regulation for fossil fuel-fired electric generating units in 2015.

Since then, various iterations of GHG regulations have been promulgated, withdrawn and litigated, and the current rule applicable to fossil fuel-fired electric generating units was finalized in April 2024.

In April 2024, the EPA finalized the current New Source Performance Standards for Greenhouse Gas Emissions From New, Modified, Reconstructed Fossil Fuel-Fired Units;

and Repeal of the Affordable Clean Energy Rule, which applies new GHG performance standards for those existing coal-fired power plants expected to continue operation beyond December 31, 2029.

The rule is currently being challenged by a variety of stakeholders in litigation before the Circuit Court of Appeals for the D.C.

In October 2024, the U.S.

Supreme Court declined to stay the implementation of the rule while the rule is on judicial review.

On February 19, 2021, the United States formally rejoined the Paris Agreement, which drove a renewed regulatory push to require further GHG emission reductions from the energy sector, and led negotiations at the global climate conference in Glasgow, Scotland.

On April 22, 2021, the United States announced goals of 50% reduction of economy-wide GHG emissions, and 100% carbon-free electricity by 2035 from a 2021 baseline, which formed the basis of the U.S.

commitments announced in Glasgow.

Nevertheless, on January 20, 2025, President Trump signed an executive order to withdraw the United States from the Paris Agreement, marking a significant shift in U.S.

climate policy.

Pursuant to the terms of the Paris Agreement, the withdrawal will take effect on January 27, 2026.

Additionally, in January 2025, President Trump signed a series of executive orders that, among other things, (i) call upon the EPA to submit a report on the continuing applicability of its endangerment finding for GHGs under the Clean Air Act and issue guidance on the “social cost of carbon” to consider whether such metric should be eliminated, (ii) direct federal executive departments and agencies to initiate a regulatory freeze for certain rules that have not taken effect, pending review by the newly appointed agency head, (iii) temporarily halt certain federal government agencies from issuing approvals, permits and loans for onshore wind projects pending the completion of certain assessments and reviews and (iv) pause the disbursement of funds appropriated through the IRA and the Infrastructure Investments and Jobs Act.

Because Texas is an unregulated market, CenterPoint Energy’s Scope 2 emissions estimates do not take into account Texas electric transmission and distribution assets in the line loss calculation and, in addition, exclude emissions related to purchased power in Indiana between 2024 and 2026 as estimated.

CenterPoint Energy’s Scope 3 emissions estimates are based on the total

natural gas supply delivered to residential and commercial customers as reported in the U.S.

Energy Information Administration (EIA) Form EIA-176 reports and do not take into account the emissions of transport customers and emissions related to upstream extraction.

These emission goals are expected to be used to position CenterPoint Energy to comply with anticipated future regulatory requirements from the current and future administrations to further reduce GHG emissions.

For more information regarding CenterPoint Energy’s net zero and carbon emission reduction goals and their related risks, see “Risk Factors — Risk Factors Affecting Regulatory, Environmental and Legal Risks — CenterPoint Energy is subject to operational and financial risks ...” CenterPoint Energy’s and CERC’s revenues, operating costs and capital requirements could be adversely affected as a result of any regulatory action that would require installation of new control technologies or a modification of their operations or would have the effect of reducing the consumption of natural gas.

The IRA established the Methane Emissions Reduction Program, which imposes a charge on methane emissions from certain natural gas transmission facilities, and on December 2, 2023, the EPA finalized rules that target reductions in methane emissions, which are likely to increase costs related to production, transmission and storage of natural gas.

Houston Electric, in contrast to some electric utilities including Indiana Electric, does not generate electricity, other than TEEEF, and thus is not directly exposed to the risk of high capital costs and regulatory uncertainties that face electric utilities that burn fossil fuels to generate electricity.

These emission goals are expected to be used to position CenterPoint Energy to comply with anticipated future regulatory requirements from any future administrations to further reduce GHG emissions.

For more information regarding CenterPoint Energy’s net zero and GHG emissions reduction goals and their related risks, see “Risk Factors — Risk Factors Affecting Regulatory, Environmental and Legal Risks — CenterPoint Energy is subject to operational and financial risks ...” CenterPoint Energy’s and CERC’s revenues, operating costs and capital requirements could be adversely affected as a result of any regulatory action that would require installation of new control technologies or a modification of their operations or would have the effect of reducing the consumption of natural gas.

The IRA established the Methane Emissions Reduction Program, which imposes a charge on methane emissions from certain natural gas transmission facilities, the rules for which were finalized on November 18, 2024, and the EPA published final, new regulations targeting reductions in methane emissions on March 8, 2024, which may increase costs related to production, transmission and storage of natural gas.

CenterPoint Energy’s net zero emissions goals are aligned with Indiana Electric’s generation transition plan and are expected to position Indiana Electric to comply with anticipated future regulatory requirements related to GHG emissions reductions.

Houston Electric, in contrast to some electric utilities including Indiana Electric, does not generate electricity, other than through TEEEF, and thus is not directly exposed to the risk of high capital costs and regulatory uncertainties that face electric utilities that burn fossil fuels to generate electricity.

Nevertheless, Houston Electric’s and Indiana Electric’s revenues could be adversely affected to the extent any resulting regulatory action has the effect of reducing consumption of electricity by ultimate consumers within their respective service territories.

2 unchanged sentences

Further, certain local government bodies have introduced or are considering requirements and/or incentives to reduce energy consumption by certain specified dates.

For example, Minneapolis has adopted carbon emission reduction goals in an effort to decrease reliance on fossil natural gas.

Additionally, cities in Minnesota within CenterPoint Energy’s Natural Gas operational footprint are considering initiatives focused on electrification that could eliminate natural gas use in buildings.

For example, Minneapolis has adopted carbon emission reduction goals in an effort to decrease reliance on natural gas.

Additionally, cities in Minnesota within CenterPoint Energy’s Natural Gas operational footprint are considering initiatives to eliminate natural gas use in buildings and focus on electrification.

Also, Minnesota cities may consider seeking legislative authority for the ability to enact voluntary enhanced energy standards for all development projects.

1 unchanged sentence

Further, our third-party suppliers, vendors and partners may also be impacted by climate change laws and regulations, which could impact CenterPoint Energy’s business by, among other things, causing permitting and construction delays, project cancellations or increased project costs passed on to CenterPoint Energy.

Conversely, regulatory actions that effectively promote the consumption of natural gas because of its lower emissions characteristics would be expected to benefit CenterPoint Energy and CERC and their natural gas-related businesses.

Conversely, regulatory actions that effectively promote the consumption of natural gas because of its lower emissions characteristics relative to other fossil fuels would be expected to benefit CenterPoint Energy and CERC and their natural gas-related businesses.

At this time, however, we cannot quantify the magnitude of the impacts from possible new regulatory actions related to GHG emissions, either positive or negative, on the Registrants’ businesses.

On March 6, 2024, the SEC adopted final rules that require the Registrants to disclose certain climate-related information in registration statements and annual reports.

Litigation challenging the new rule was filed by multiple parties in multiple jurisdictions, which have been consolidated and assigned to the U.S.

Court of Appeals for the Eighth Circuit.

On April 4, 2024, the SEC announced that it is voluntarily delaying the implementation of the climate disclosure regulations while the U.S.

Court of Appeals considers the litigation.

While a majority of the reporting requirements would have been applicable to the Registrants in the fiscal year beginning in 2025, with the addition of assurance reporting for GHG inventories starting in 2029 for large accelerated filers, as of April 12, 2024, the effective date of the final rules has been delayed indefinitely and the SEC has indicated that it will publish a document in the Federal Register at the conclusion of the stay addressing a new effective date for the final rules.

On February 11, 2025, the SEC notified the U.S.

Court of Appeals of a statement issued by the SEC’s Acting Chairman regarding, among other things, the fact that the majority of current SEC Commissioners had previously voted against adopting the rules, and requested that the U.S.

Court of Appeals not schedule the case for argument to provide time for the SEC to deliberate and determine the appropriate next steps in the cases.

The Registrants continue to evaluate the impact of the final rules on their respective consolidated financial statements and related disclosures.

Compliance costs and other effects associated with climate change, reductions in GHG emissions and obtaining renewable energy sources remain uncertain.

2 unchanged sentences

Currently, CenterPoint Energy does not purchase carbon credits.

In connection with its net zero emissions goals, CenterPoint Energy expects to purchase carbon credits in the future;

In connection with its net zero and GHG emissions goals, CenterPoint Energy expects to purchase carbon credits in the future;

however, CenterPoint Energy does not currently expect the number of credits, or cost for those credits, to be material.

To the extent climate changes may occur and such climate changes result in warmer temperatures in the Registrants’ service territories, financial results from the Registrants’ businesses could be adversely impacted.

For example, CenterPoint Energy’s and CERC’s Natural Gas could be adversely affected through lower natural gas sales.

On the other hand, warmer temperatures in CenterPoint Energy’s and Houston Electric’s electric service territory may increase revenues from transmission and distribution and generation through increased demand for electricity for cooling.

Another possible result of climate change is more frequent and more severe weather events, such as hurricanes, tornadoes and flooding.

Since many of the Registrants’ facilities are located along or near the Texas gulf coast, increased or more severe hurricanes or tornadoes could increase costs to repair damaged facilities and restore service to customers.

When the Registrants cannot deliver electricity or natural gas to customers, or customers cannot receive services, the Registrants’ financial results can be impacted by lost revenues, and they generally must seek approval from regulators to recover restoration costs.

To the extent the Registrants are unable to recover those costs, or if higher rates resulting from recovery of such costs result in reduced demand for services, the Registrants’ future financial results may be adversely impacted.

For further information on climate change trends and uncertainties, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Regulatory Matters — Climate Change Trends and Uncertainties” in Item 7 of Part II of this report.

Air Emissions

12 unchanged sentences

Waters of the United States

Under the Obama administration, the EPA promulgated a set of rules that included a comprehensive regulatory overhaul of defining “waters of the United States” for the purposes of determining federal jurisdiction.

The Trump administration signaled its intent to repeal and replace the Obama-era rules.

In accordance with this intent, the EPA promulgated a rule in early 2018 that postponed the effectiveness of the Obama-era rules until 2020.

Thereafter, the EPA proposed a new set of rules that would narrow the Clean Water Act’s jurisdiction, which were finalized on April 21, 2020.

That set of rules was vacated by decisions in the U.S.

federal district courts in New Mexico and Arizona, and on November 18, 2021, the EPA released a proposal to reestablish the pre-2015 definition of “waters of the United States” which will become effective upon finalization and publication.

In April 2020 the EPA proposed a new set of rules that sought to clarify the Clean Water Act’s jurisdiction over “waters of the United States,” but that set of rules was later vacated by decisions in the U.S.

federal district courts in New Mexico and Arizona.

On December 30, 2022, the EPA and the U.S.

1 unchanged sentence

However, on May 25, 2023, the U.S.

Supreme Court issued a decision limiting the scope of federal jurisdiction over wetlands, and on August 29, 2023, the EPA issued a final rule that seeks to conform with the U.S.

Supreme Court issued a decision limiting the scope of federal jurisdiction over wetlands in the case of Sackett v.

Environmental Protection Agency , and on August 29, 2023, the EPA issued a final rule that seeks to conform with the U.S.

Supreme Court decision.

As a result of ongoing rulemaking litigation, the Registrants’ operations in all states with the exception of Minnesota fall under the pre-2015 regulatory regime consistent with the Supreme Court decision in Sackett , while operations in Minnesota fall under the 2023 rule, as amended.

CenterPoint Energy is unable to predict the outcome of current or future litigation or regulatory proceedings, but does not expect a material impact on its operations relating to these rules.

CenterPoint Energy will continue to monitor regulatory and legal developments relating to the Clean Water Act that may affect its business.

In 2015, the EPA finalized revisions to the existing steam electric wastewater discharge standards, which set more stringent wastewater discharge limits and effectively prohibited further wet disposal of coal ash in ash ponds.

These new standards are applied at the time of permit renewal and an affected facility must comply with the wastewater discharge limitations no later than December 31, 2023, and the prohibition of wet sluicing of bottom ash no later than December 31, 2025.

In February 2019, the IURC approved Indiana Electric’s ELG Compliance Plan for its F.B.

Culley Generating Station, which was completed in a timely manner and in compliance with the requirements of ELG .

Culley Generating Station, which was completed in compliance with the requirements of ELG .

On April 25, 2024, the EPA released its final Supplemental ELG and Standards for the Steam Electric Generating Point Source Category.

The Registrants currently anticipate that they will be in compliance with the Supplemental ELG Guidelines at the Culley facility due to previous wastewater treatment upgrades.

Cooling Water Intake Structures

1 unchanged sentence

In May 2014, the EPA finalized a regulation requiring installation of “best technology available” to mitigate impingement and entrainment of aquatic species in cooling water intake structures.

Indiana Electric is currently completing the required ecological studies and anticipates timely compliance in 2025.

Indiana Electric is currently completing the required ecological studies and anticipates timely compliance at its F.B.

Culley facility in 2025.

Hazardous Waste

The Registrants’ operations generate wastes, including some hazardous wastes, that are subject to the federal RCRA, and comparable state laws, which impose detailed requirements for the handling, storage, treatment, transport and disposal of hazardous and solid waste.

RCRA currently exempts many natural gas gathering and field processing wastes from classification

as hazardous waste.

Specifically, RCRA excludes from the definition of hazardous waste waters produced and other wastes associated with the exploration, development or production of crude oil and natural gas.

RCRA currently exempts many natural gas gathering and field processing wastes from classification as hazardous waste.

Specifically, RCRA excludes from the definition of hazardous wastewaters produced and other wastes associated with the exploration, development or production of crude oil and natural gas.

However, these oil and gas exploration and production wastes are still regulated under state law and the less stringent non-hazardous waste requirements of RCRA.

6 unchanged sentences

The final rule allows beneficial reuse of ash, and the majority of the ash generated by Indiana Electric’s remaining generating units will continue to be beneficially reused.

The EPA continues to propose amendments to the CCR Rule;

however, under the CCR Rule as it is currently in effect, Indiana Electric is required to perform integrity assessments, including ground water monitoring, at its F.B.

Indiana Electric is required to perform integrity assessments, including ground water monitoring, at its F.B.

Culley and A.B.

5 unchanged sentences

Culley pond (Culley East) and the A.B.

Brown pond fail the aquifer placement location restriction.

Brown pond failed the aquifer placement location restriction.

As a result of this failure, Indiana Electric was required to cease disposal of new ash in the ponds and commence closure of the ponds by April 11, 2021.

8 unchanged sentences

The Culley West pond was closed under CCR provisions applicable to inactive ponds, and closure activities were completed in December 2020.

For further discussion about Indiana Electric’s ash ponds, please see Note 15(d) to the consolidated financial statements.

On May 18, 2023, the EPA issued a proposed revision to the CCR rule that could potentially expand the scope of units regulated under the federal CCR rule (the CCR “Legacy” rule).

The CCR Legacy rule seeks to include legacy CCR surface impoundments (inactive surface impoundments at inactive generating facilities) as well as new “CCR management units” at active or inactive facilities otherwise subject to federal CCR regulations.

The potential impact of the CCR Legacy rule is uncertain at this time, and if finalized could require Registrant to conduct additional CCR investigations.

For further discussion about Indiana Electric’s ash ponds, see Note 14(d) to the consolidated financial statements.

On April 25, 2024, the EPA released its final Hazardous and Solid Waste Management System;

Disposal of Coal Combustion Residuals from Electric Utilities;

Legacy CCR Surface Impoundments rule (CCR Legacy Rule), which was published in the federal register in May 2024.

The CCR Legacy Rule requires companies to investigate previously closed impoundments that were used historically for ash disposal or locations which have had ash placed on them in amounts set forth in the CCR Legacy Rule.

The Registrants have completed their preliminary review of potential sites that will require further investigation under the CCR Legacy Rule and identified certain sites in Indiana for further evaluation.

For further discussion about Indiana Electric’s sites identified pursuant to the CCR Legacy Rule, see Note 14(d) to the consolidated financial statements.

Liability for Remediation

4 unchanged sentences

Liability for Preexisting Conditions

For information about preexisting environmental matters, please see Note 15(d) to the consolidated financial statements.

For information about preexisting environmental matters, see Note 14(d) to the consolidated financial statements.

HUMAN CAPITAL

CenterPoint Energy believes its employees are critical to safely delivering electricity and natural gas across its service territories and seeks to create a diverse, equitable, inclusive and safe work environment.

CenterPoint Energy believes its employees are critical to safely delivering electricity and natural gas across its service territories and seeks to create an open and safe work environment.

CenterPoint Energy’s core values—safety, integrity, accountability, initiative and respect—guide how it makes decisions and provide the foundation for a strong culture of ethics where employees are responsible for upholding these values and following CenterPoint Energy’s Ethics and Compliance Code.

13 unchanged sentences

CenterPoint Energy’s human capital priorities include attracting, retaining and developing high performing talent through its talent management activities.

CenterPoint Energy endeavors to maintain a workforce reflective of the available workforce within the communities we serve by attracting quality candidates through its recruitment and selection processes, with the goal of creating a work environment in which every employee is engaged;

aligned with CenterPoint Energy’s strategy, goals and priorities;

and understands how they contribute to its long-term performance.

CenterPoint Energy recruits qualified employees regardless of race, gender, color, sexual orientation, age, religion, or physical or mental disability.

The talent acquisition team has an increased focus with local partnerships to strategically impact all the local communities being served.

This continues to include SERJobs, Houston Area Urban League, Work Texas, Wesley Community Center, Historically Black Colleges and Universities, Hispanic Serving Institutions, and a more robust college partnership in all six states in alignment with CenterPoint Energy Foundation initiatives.

CenterPoint Energy endeavors to attract quality candidates through its recruitment and selection processes.

CenterPoint Energy recruits qualified employees regardless of race, gender, color, sexual orientation, age, religion, national origin, or physical or mental disability.

The talent acquisition team actively promotes CenterPoint Energy on college campuses to create awareness of our offerings to engineering, finance and technical occupations, and maintains relationships with student organizations at many institutions throughout our footprint.

CenterPoint Energy takes a strategic approach to attracting, retaining, and developing its workforce.

CenterPoint Energy’s strategy combines succession planning along with internal talent development as essential elements of overall workforce development strategy.

To support its commitment to safely and reliably delivering electricity and natural gas, CenterPoint Energy focuses on the continuous development of its greatest assets, its employees, building a sustainable leadership pipeline.

CenterPoint Energy’s strategy combines succession planning along with internal talent development as essential elements of overall workforce development.

To support its commitment to delivering electricity and natural gas safely and reliably, CenterPoint Energy focuses on the continuous development of its greatest assets, its employees, to build a sustainable leadership pipeline.

To meet the business's future needs, CenterPoint Energy’s goal is to create great leaders capable of developing their employees, while supporting the business goals and maintaining a high-performing workforce.

3 unchanged sentences

CenterPoint Energy’s processes and progress are reviewed regularly for continuous improvement.

Diversity, Equity and Inclusion.

CenterPoint Energy is dedicated to advancing an inclusive culture and work environment, free from discrimination of any kind, where business results are achieved through the skills, abilities and talents of a diverse workforce.

In 2023, CenterPoint Energy’s DE&I Council continued to focus on the strategic pillars of employee engagement, community and giving, supplier diversity and sustainability, talent acquisition, and customer focus.

The DE&I Council has approved eight ERGs with a 123% increase in events that garnered an 87% increase in employee engagement from 2022 to 2023.

The ERG events range from professional development podcasts to wellness learnings which are all aligned with CenterPoint Energy’s objectives.

These events are available to the employee population.

In 2023, CenterPoint Energy and employees continued to be recognized locally, regionally and nationally for enterprise-wide inclusive initiatives.

As of December 31, 2023, CenterPoint Energy’s workforce was 42% racially and/or ethnically diverse.

Certain members of

CenterPoint Energy’s executive management team have a negative-only modifier related to diversity metrics that could reduce their short-term incentive compensation.

CenterPoint Energy is dedicated to advancing an ethical and high performance work environment where business results are achieved through the experience, skills, abilities and talents of the whole workforce.

CenterPoint Energy aims to create a workplace where every employee is engaged, aligned with our values, strategy, goals and priorities, and understands how each person contributes to the Company’s long-term performance.

In 2024, CenterPoint Energy’s senior leadership team held quarterly town hall meetings with employees to share key Company updates, with employees across the Company participating in person or via video conference.

Compensation and Benefits.

2 unchanged sentences

CenterPoint Energy expects that this will enable it to attract, motivate and retain employees with the skills and competencies necessary to achieve its business strategy.

In addition to competitive compensation, CenterPoint Energy provides its employees with a robust, comprehensive benefits package designed to help employees stay healthy, care for their families, plan for the future and enjoy peace of mind.

In addition to

competitive compensation, CenterPoint Energy provides its employees with a comprehensive benefits package designed to help employees stay healthy, care for their families, plan for the future and enjoy peace of mind.

The benefits package includes medical, dental, vision, life, disability and accidental insurance coverage;

retirement, company match savings plans;

paid time off, family leave, well-being and employee assistance programs.

paid time off, parental leave, wellness and employee assistance programs.

The employee wellness resources encompass support for mental, financial and physical health.

5 unchanged sentences

Foster 46 Executive Vice President and Chief Financial Officer

Lynne Harkel-Rumford 67 Executive Vice President and Chief Human Resources Officer

Monica Karuturi 46 Executive Vice President and General Counsel

Ryan 49 Executive Vice President, Regulatory Services and Government Affairs

Darin Carroll

47 Senior Vice President, Natural Gas Business

Lynnae Wilson

48 Senior Vice President, Electric Business

47 Senior Vice President, Natural Gas Business

Wells has served as President and Chief Executive Officer of CenterPoint Energy and a member of the Board of Directors of CenterPoint Energy since January 5, 2024.

9 unchanged sentences

He is a certified public accountant.

Wells serves on the Executive Committee and Board for the Greater Houston Partnership, Bauer College Board of the C.T.

Bauer College of Business at the University of Houston, the Advisory Board of the Kinder Institute for Urban Research at Rice University, and the Boards of Central Houston, Inc.

Wells serves on the Executive Committee and Board for the Greater Houston Partnership, the Advisory Board of the Kinder Institute for Urban Research at Rice University, and the Boards of Central Houston, Inc.

Anderson Cancer Center.

1 unchanged sentence

Foster has served as Executive Vice President and Chief Financial Officer of CenterPoint Energy since May 2023.

Previously, has served as Executive Vice President and Chief Financial Officer of PG&E Corporation, a publicly traded electric utility holding company serving customers in Northern and Central California through its subsidiary Pacific Gas and Electric Company, since March 2021.

Previously, he served as Executive Vice President and Chief Financial Officer of PG&E Corporation, a publicly traded electric utility holding company serving customers in Northern and Central California through its subsidiary Pacific Gas and Electric Company, from March 2021 to May 2023.

He previously served in various positions of increasing responsibilities at PG&E since 2011, including as Vice President and Interim Chief Financial Officer from September 2020 to March 2021, and Vice President, Treasury and Investor Relations from March 2020 to September 2020.

1 unchanged sentence

He earned his bachelor’s degree from Michigan State University.

Foster serves on the Board of Exploratorium, a San Francisco-based science and technology museum.

Lynne Harkel-Rumford has served as Executive Vice President and Chief Human Resources Officer of CenterPoint Energy since January 2022.

With over 30 years of experience in compensation and benefits matters, Ms.

Harkel-Rumford previously served as Senior Vice President and Chief Human Resources Officer from July 2020 to January 2022;

Vice President, Total Rewards and Technology from September 2014 to July 2020;

and as Associate General Counsel from April 2007 to September 2014.

Harkel-Rumford currently serves on the advisory board of directors of Target Hunger in Houston assisting with Board governance.

Foster serves on the Board of Exploratorium, a San Francisco-based science and technology museum, as well as the Board of Directors of the Houston Parks Board.

Monica Karuturi has served as Executive Vice President and General Counsel of CenterPoint Energy since January 2022.

She previously served as Senior Vice President and General Counsel from July 2020 to January 2022;

Senior Vice President and Deputy General Counsel from April 2019 to July 2020; as Vice President and Associate General Counsel - Corporate and Securities from October 2015 to April 2019; and as Associate General Counsel - Corporate from September 2014 to October 2015.

as Vice President and Deputy General Counsel from April 2019 to July 2020; as Vice President and Associate General Counsel - Corporate and Securities from October 2015 to April 2019; and as Associate General Counsel - Corporate from September 2014 to October 2015.

Prior to joining CenterPoint Energy, Ms.

Karuturi served as counsel for LyondellBasell Industries for corporate and finance matters and strategic transactions.

Karuturi earned her bachelor’s degree from Brown University, master’s degree in health policy and management from Columbia University, and juris doctorate from Georgetown University Law Center.

Karuturi was appointed as a Commissioner of the Texas Access to Justice Commission by the Texas Supreme Court in June 2015 and served in this capacity until June 2021.

She currently serves as Chair of the Houston Bar Foundation.

She was also appointed as Chair of the Houston Bar Foundation in 2021 and served until December 2024.

She currently serves as a member of the Board of Directors of the Houston Zoo.

Ryan has served as Executive Vice President, Regulatory Services and Government Affairs of CenterPoint Energy since January 2022.

He previously served as Senior Vice President, Regulatory Services and Government Affairs from July 2020 to January 2022;

Senior Vice President and General Counsel from April 2019 to July 2020; as Senior Vice President, Regulatory and Government Affairs from February 2019 to April 2019; as Vice President of Regulatory and Government Affairs and Associate General Counsel from March 2017 to February 2019; and as Vice President and Associate General Counsel from September 2014 to March 2017.

as Senior Vice President and General Counsel from April 2019 to July 2020; as Senior Vice

President, Regulatory and Government Affairs from February 2019 to April 2019; as Vice President of Regulatory and Government Affairs and Associate General Counsel from March 2017 to February 2019; and as Vice President and Associate General Counsel from September 2014 to March 2017.

He was appointed to the Texas Diabetes Council by Texas Governor Perry in 2013 for a term ending in 2019; he was reappointed by Texas Governor Abbott in 2019 for a term ending in 2025.

Ryan earned his bachelor’s degree from the Texas McCombs School of Business and juris doctorate from the University of Texas School of Law.

Ryan currently serves on the boards of the Lone Star Flight Museum and the Association of Electric Companies of Texas and on the advisory board of the Strategic AI Program at Houston Christian University.

He also serves on the executive committee of the legal committee of the American Gas Association.

Darin Carroll has served as Senior Vice President, Natural Gas Business of CenterPoint Energy since January 2023.

He previously served as Senior Vice President, Operations Support from January 2022 to January 2023 and as Vice President, Operations Support from February 2019 to January 2022.

Carroll has served as Senior Vice President, Electric Business of CenterPoint Energy since July 2024.

He previously served as Senior Vice President, Natural Gas Business from January 2023 to July 2024;

as Senior Vice President, Operations Support from January 2022 to January 2023;

and as Vice President, Operations Support from February 2019 to January 2022.

Prior to Vectren’s acquisition by CenterPoint Energy, Mr.

Carroll served as Director, Operations from February 2014 to February 2019 of Vectren.

Carroll currently serves on the Executive Committee and Board of Directors of the Junior Achievement of Southeast Texas, and the Boards of Directors of the American Gas Association and Southern Gas Association.

He has also previously been on the Board of Directors of Guardianship Services of Southwestern Indiana and a member of the Indiana Energy Association Gas Operations Committee, Midwest Energy Association Electric Operations Steering Committee, and American Gas Association Field Operations Committee.

He earned his bachelor’s degree from the University of Southern Indiana.

Carroll currently serves on the Executive Committee and Board of Directors of the Junior Achievement of Southeast Texas and as a member of the Research Advisory Committee of the Electric Power Research Institute.

He has also previously been on the Board of Directors of the American Gas Association, the Southern Gas Association, and the Guardianship Services of Southwestern Indiana, as well as a trustee of the American Gas Foundation.

Carroll has also served as a member of the Indiana Energy Association Gas Operations Committee, Midwest Energy Association Electric Operations Steering Committee, and American Gas Association Field Operations Committee.

He earned a bachelor’s degree from the University of Southern Indiana in Evansville, Indiana.

Lynnae Wilson has served as Senior Vice President, Electric Business of CenterPoint Energy since January 2023.

She previously served as Senior Vice President, Houston Electric from January 2022 to January 2023;

as Senior Vice President, High Voltage Operations from August 2020 to January 2022;

and as Chief Business Officer, Indiana Electric, from February 2019 to August 2020.

Prior to Vectren’s acquisition by CenterPoint Energy, Ms.

Wilson served as Vice President, Energy Delivery from June 2016 to February 2019 of Vectren.

Wilson currently serves on the Board of the United Way of Greater Houston and previously served on the Board of ReliabilityFirst Corporation from January 2018 to December 2021.

Leger has served as Senior Vice President, Natural Gas Business of CenterPoint Energy since January 2025.

Leger previously served in various positions of increasing responsibilities at CenterPoint Energy since 2001, including as Interim Senior Vice President, Natural Gas Business from July 2024 to December 2024;

as Senior Vice President, Indiana Electric from January 2022 to July 2024;

as Vice President of Gas Operations, Indiana and Ohio from February 2019 to January 2022;

as Director, District Operations for Little Rock, Arkansas from November 2015 to February 2019;

as Director, Regulatory Affairs from August 2011 to November 2015;

and as Manager, Sales and Conservation Improvement Program from August 2010 to August 2011.

Leger currently serves as a board member for the American Gas Association, Southern Gas Association, United Way of Southwestern Indiana and Golf Gives Back.

He is also a trustee of the American Gas Foundation and a former chair of the Southeast Energy Efficiency Alliance.

In addition, Mr.

Leger served six years in the Louisiana Army National Guard.

He earned two bachelor’s degrees in accounting and marketing from McNeese State University.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business