8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2015

CENTERPOINT ENERGY, INC.

(Exact name of registrant as specified in its charter)

Texas	1-31447	74-0694415
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1111 Louisiana Houston, Texas		77002
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 207-1111

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Conditions.

On August 10, 2015, CenterPoint Energy, Inc. (“CenterPoint Energy”) reported second quarter 2015 earnings. For additional information regarding CenterPoint Energy’s second quarter 2015 earnings, please refer to CenterPoint Energy’s press release attached to this report as Exhibit 99.1 (the “Press Release”), which Press Release is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

CenterPoint Energy is holding a conference call to discuss its second quarter 2015 earnings on August 10, 2015. Information about the call can be found in the press release furnished herewith as Exhibit 99.1. For additional information regarding CenterPoint Energy’s second quarter 2015 earnings, please refer to the supplemental materials which are being posted on CenterPoint Energy’s website and are attached to this report as Exhibit 99.2 (the “Supplemental Materials”), which Supplemental Materials are incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

The information in the Press Release and the Supplemental Materials is being furnished, not filed, pursuant to Item 2.02 and 7.01, respectively. Accordingly, the information in the Press Release and the Supplemental Materials will not be incorporated by reference into any registration statement filed by CenterPoint Energy under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

(d) Exhibits.

EXHIBIT NUMBER	EXHIBIT DESCRIPTION
99.1	Press Release issued August 10, 2015 regarding CenterPoint Energy, Inc.’s second quarter 2015 earnings
99.2	Supplemental Materials regarding CenterPoint Energy, Inc.’s second quarter 2015 earnings

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CENTERPOINT ENERGY, INC.
Date: August 10, 2015	By:	/s/ Kristie L. Colvin
		Kristie L. Colvin
		Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX

EXHIBIT NUMBER	EXHIBIT DESCRIPTION
99.1	Press Release issued August 10, 2015 regarding CenterPoint Energy, Inc.’s second quarter 2015 earnings
99.2	Supplemental Materials regarding CenterPoint Energy, Inc.’s second quarter 2015 earnings

EX-99.1

Exhibit 99.1

	For more information contact                             Media: Leticia Lowe Phone 713.207.7702 Investors: David Mordy Phone 713.207.6500
For Immediate Release	Page 1 of 6

CenterPoint Energy reports second-quarter 2015 earnings of

$0.18 per diluted share; reaffirms full-year guidance of

$1.00 – $1.10 per diluted share

• Company continues to execute strategy for timely recovery of capital through key rate filings in Texas and Minnesota

• Enable Midstream reaffirmed 2015 distribution growth guidance and provided outlook of 3-7% per-unit annual distribution growth through 2017

• Company targets annual dividend growth in line with EPS growth through 2018

Houston, TX – August 10, 2015 - CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $77 million, or $0.18 per diluted share, for the second quarter of 2015, compared with $107 million, or $0.25 per diluted share for the same period of the prior year. On a guidance basis, for the second quarter 2015, CenterPoint Energy earned 19 cents per diluted share consisting of 13 cents from utility operations and 6 cents from midstream investments.

Utility operations produced $186 million of operating income for the second quarter of 2015, equal to operating income for the same quarter of the prior year. Equity income from midstream investments was $43 million for the second quarter of 2015, compared with $71 million for the same period in the prior year.

“We remain focused on investing in infrastructure to meet the needs of our growing customer base. Our utilities delivered strong financial results, and we continue to seek timely recovery of our investments,” said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. “Additionally, Enable is performing as expected in a challenging commodity market, and we remain confident in their growth strategy.”

Business Segments

Electric Transmission & Distribution

The electric transmission & distribution segment reported operating income of $158 million for the second quarter of 2015, consisting of $131 million from the regulated electric transmission & distribution utility operations (TDU) and $27 million related to securitization bonds. Operating income for the second quarter of 2014 was $145 million, consisting of $115 million from the TDU and $30 million related to securitization bonds.

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Operating income for the TDU benefited primarily from higher usage largely due to a return to more normal weather ($13 million), higher net transmission-related revenues ($8 million) and continued strong customer growth ($5 million). These benefits were partially offset by reduced equity return related to true-up proceeds ($5 million).

Natural Gas Distribution

The natural gas distribution segment reported operating income of $19 million for the second quarter of 2015, compared with $30 million for the same period of 2014. Operating income was lower, primarily due to reduced usage as a result of colder than normal weather in 2014 ($5 million) and higher depreciation expense ($6 million).

Energy Services

The energy services segment reported operating income of $9 million for the second quarter of 2015, which included a mark-to-market accounting gain of $2 million, compared with $11 million for the same period of 2014, which included a mark-to-market accounting gain of $6 million. Excluding mark-to-market accounting gains, the $2 million increase in operating income in the second quarter of 2015 was due to improved margins and a decrease in operation and maintenance expenses.

Midstream Investments

The midstream investments segment reported $43 million of equity income for the second quarter of 2015, compared with $71 million in the same quarter of the prior year.

Cash distributions received in the second quarter of 2015 were $73 million. Further, Enable Midstream declared a quarterly cash distribution on July 22, 2015, from which CenterPoint Energy expects to receive approximately $74 million. This represents an increase of approximately 1.1 percent over the prior quarterly distribution.

Enable Midstream provided outlook for per unit distributions to grow at 3-7 percent annually through 2017. Please refer to their August 5, 2015, earnings press release for details.

Dividend Declaration

On July 24, 2015, CenterPoint Energy’s board of directors declared a regular quarterly cash dividend of $0.2475 per share of common stock payable on September 10, 2015, to shareholders of record as of the close of business on August 14, 2015.

Dividend Growth Outlook

CenterPoint Energy is targeting 4-6 percent annual earnings per share growth on a guidance basis through 2018, inclusive of midstream investments, and anticipates dividend growth to be in line with EPS growth. CenterPoint Energy remains committed to providing a secure dividend with stable, competitive growth. Consistent with this strategy, CenterPoint Energy’s board of directors will continue to review quarterly dividends, which will be based upon factors such as recent and projected earnings growth and financial liquidity.

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Page 3 of 6        

Outlook for 2015

CenterPoint Energy reaffirms that its earnings estimate for 2015 utility operations is in the range of $0.71 - $0.75 per diluted share. The company expects its 2015 earnings estimate from midstream investments to be in the range of $0.29 - $0.35 per diluted share. On a consolidated basis, CenterPoint Energy reaffirms earnings on a guidance basis for 2015 in the range of $1.00 - $1.10 per diluted share. We anticipate utility operations earnings for 2015 near the high end of the range while midstream investments’ earnings are anticipated to be near the low end of the range provided.

The utility operations guidance range considers performance to date and certain significant variables that may impact earnings, such as weather, regulatory and judicial proceedings, throughput, commodity prices, effective tax rates, and financing activities. In providing this guidance, the company does not include other potential impacts, such as changes in accounting standards or unusual items, earnings from the change in the value of the ZENS securities and the related stocks, or the timing effects of mark-to-market accounting in the company’s energy service business.

In providing guidance for equity investments in midstream operations, the company assumes a 55.4 percent limited partner ownership interest in Enable Midstream and includes the amortization of our basis differential in Enable Midstream. The company’s guidance takes into account such factors as Enable Midstream’s most recent public outlook for 2015 dated August 5, 2015, and effective tax rates. The company does not include other potential impacts such as any changes in accounting standards or Enable Midstream’s unusual items.

Page 4 of 6        

CenterPoint Energy, Inc. and Subsidiaries

Reconciliation of Net Income and diluted EPS to the basis used in providing 2015 annual earnings guidance

	Quarter Ended						Six Months Ended
	June 30, 2015						June 30, 2015
	Net Income (in millions)			EPS			Net Income (in millions)			EPS
Consolidated as reported	$	77		$	0.18		$	208		$	0.48
Midstream Investments		(27	)		(0.06	)		(60	)		(0.14	)
Utility Operations (1)		50		$	0.12			148		$	0.34
Timing effects impacting CES (2):
Mark-to-market (gain) losses		(2	)		(0.01	)		1			-
ZENS-related mark-to-market (gains) losses:
Marketable securities (3)		(51	)		(0.12	)		(40	)		(0.09	)
Indexed debt securities (4)		60			0.14			44			0.10
Utility operations earnings on an adjusted guidance basis	$	57		$	0.13		$	153		$	0.35
Per the basis used in providing 2015 earnings guidance:
Utility Operations on a guidance basis	$	57		$	0.13		$	153		$	0.35
Midstream Investments		27			0.06			60			0.14
2015 Consolidated on guidance basis	$	84		$	0.19		$	213		$	0.49

⁽¹⁾  CenterPoint earnings excluding Midstream Investments

⁽²⁾  Energy Services segment

⁽³⁾  Time Warner Inc., Time Warner Cable Inc., Time Inc. and AOL Inc.

⁽⁴⁾  Includes amount associated with Verizon tender offer for AOL, Inc common stock

Page 5 of 6        

Filing of Form 10-Q for CenterPoint Energy, Inc.

Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended June 30, 2015. A copy of that report is available on the company’s website, under the Investors section. Other filings the company makes with the SEC and certain documents relating to its corporate governance can also be found under the Investors section.

Webcast of Earnings Conference Call

CenterPoint Energy’s management will host an earnings conference call on Monday, August 10, 2015, at 10:30 a.m. Central time or 11:30 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call on the company’s website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website for at least one year.

CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution and energy services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 55.4 percent limited partner interest in Enable Midstream Partners, a publicly traded master limited partnership it jointly controls with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. With more than 7,400 employees, CenterPoint Energy and its predecessor companies have been in business for more than 140 years. For more information, visit the website at www.CenterPointEnergy.com.

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future earnings, and future financial performance and results of operations, including, but not limited to earnings guidance, targeted dividend growth rate and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Factors that could affect actual results include (1) state and federal legislative and regulatory actions or developments affecting various aspects of CenterPoint Energy’s businesses (including the businesses of Enable Midstream Partners (Enable Midstream)), including, among others, energy deregulation or re-regulation, pipeline integrity and safety, health care reform, financial reform, tax legislation, and actions regarding the rates charged by CenterPoint Energy’s regulated businesses; (2) state and federal legislative and regulatory actions or developments relating to the environment, including those related to global climate change; (3) timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (4) the timing and outcome of any audits, disputes or other proceedings related to taxes; (5) problems with construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or in cost overruns that cannot be recouped in rates; (6) industrial, commercial and residential growth in CenterPoint Energy’s service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns; (7) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, and the effects of geographic and seasonal commodity price differentials, and the impact of commodity changes on producer related activities; (8) weather variations and other natural phenomena, including the impact on operations and capital from severe weather events; (9) any direct or indirect effects on CenterPoint Energy’s facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt its businesses or the businesses of third parties, or other catastrophic events; (10) the impact of unplanned facility outages; (11) timely and appropriate regulatory actions allowing securitization or other recovery of costs associated with any future hurricanes or natural disasters; (12) changes in interest rates or rates of inflation; (13) commercial bank and financial market conditions, CenterPoint Energy’s access to capital, the cost of such capital, and the results of its financing and refinancing efforts, including availability of funds in the debt capital markets; (14) actions by credit rating agencies; (15) effectiveness of CenterPoint Energy’s risk

Page 6 of 6        

management activities; (16) inability of various counterparties to meet their obligations; (17) non-payment for services due to financial distress of CenterPoint Energy’s customers; (18) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.), a wholly owned subsidiary of NRG Energy, Inc., and its subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (19) the ability of retail electric providers, and particularly the largest customers of the TDU, to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the outcome of litigation brought by or against CenterPoint Energy or its subsidiaries; (21) CenterPoint Energy’s ability to control costs, invest planned capital, or execute growth projects; (22) the investment performance of pension and postretirement benefit plans; (23) potential business strategies, including restructurings, joint ventures, and acquisitions or dispositions of assets or businesses, for which no assurance can be given that they will be completed or will provide the anticipated benefits to CenterPoint Energy; (24) acquisition and merger activities involving CenterPoint Energy or its competitors; (25) future economic conditions in regional and national markets and their effects on sales, prices and costs; (26) the performance of Enable Midstream, the amount of cash distributions CenterPoint Energy receives from Enable Midstream, and the value of its interest in Enable Midstream, and factors that may have a material impact on such performance, cash distributions and value, including certain of the factors specified above and: (A) the integration of the operations of the businesses contributed to Enable Midstream; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of Enable Midstream’s business plan; (C) competitive conditions in the midstream industry, and actions taken by Enable Midstream’s customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable Midstream; (D) the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by Enable Midstream, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable Midstream’s interstate pipelines; (E) the demand for natural gas, NGLs and transportation and storage services; (F) changes in tax status; (G) access to growth capital; and (H) the availability and prices of raw materials for current and future construction projects; (27) effective tax rate; (28) other factors discussed in CenterPoint Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as well as in CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, and June 30, 2015, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to presenting its financial results in accordance with generally accepted accounting principles (GAAP), CenterPoint Energy also provides guidance based on adjusted diluted earnings per share, which is a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance that excludes or includes amounts that are not normally excluded or included in the most directly comparable GAAP financial measure. A reconciliation of net income and diluted earnings per share to the basis used in providing 2015 guidance is provided in this news release.

Management evaluates financial performance in part based on adjusted diluted earnings per share and believes that presenting this non-GAAP financial measure enhances an investor’s understanding of CenterPoint Energy’s overall financial performance by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods by excluding items that Management does not believe most accurately reflect its fundamental business performance, which items include the items reflected in the reconciliation table of this news release. This non-GAAP financial measure should be considered as a supplement and complement to, and not as a substitute for, or superior to, the most directly comparable GAAP financial measure and may be different than non-GAAP financial measures used by other companies.

###

CenterPoint Energy, Inc. and Subsidiaries

Statements of Consolidated Income

(Millions of Dollars)

(Unaudited)

	Quarter Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Revenues:
Electric Transmission & Distribution	$	705		$	698		$	1,317		$	1,327
Natural Gas Distribution		427			532			1,620			2,019
Energy Services		408			676			1,058			1,760
Other Operations		3			3			7			7
Eliminations		(11	)		(25	)		(37	)		(66	)
Total		1,532			1,884			3,965			5,047
Expenses:
Natural gas		529			880			1,883			2,923
Operation and maintenance		488			469			986			948
Depreciation and amortization		239			256			456			491
Taxes other than income taxes		90			93			198			204
Total		1,346			1,698			3,523			4,566
Operating Income		186			186			442			481
Other Income (Expense) :
Gain on marketable securities		79			72			62			42
Loss on indexed debt securities		(91	)		(50	)		(67	)		(7	)
Interest and other finance charges		(89	)		(89	)		(178	)		(173	)
Interest on transition and system restoration bonds		(27	)		(30	)		(55	)		(60	)
Equity in earnings of unconsolidated affiliates		43			71			95			162
Other - net		13			9			24			18
Total		(72	)		(17	)		(119	)		(18	)
Income Before Income Taxes		114			169			323			463
Income Tax Expense		37			62			115			171
Net Income	$	77		$	107		$	208		$	292

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

CenterPoint Energy, Inc. and Subsidiaries

Selected Data From Statements of Consolidated Income

(Millions of Dollars, Except Share and Per Share Amounts)

(Unaudited)

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Basic Earnings Per Common Share	$	0.18	$	0.25	$	0.48	$	0.68
Diluted Earnings Per Common Share	$	0.18	$	0.25	$	0.48	$	0.68
Dividends Declared per Common Share	$	0.2475	$	0.2375		0.4950	$	0.4750
Weighted Average Common Shares Outstanding (000):
- Basic		430,235		429,773		430,096		429,470
- Diluted		431,733		431,409		431,594		431,106
Operating Income by Segment
Electric Transmission & Distribution:
Electric Transmission and Distribution Operations	$	131	$	115	$	199	$	190
Transition and System Restoration Bond Companies		27		30		55		60
Total Electric Transmission & Distribution		158		145		254		250
Natural Gas Distribution		19		30		165		192
Energy Services		9		11		22		37
Other Operations		-		-		1		2
Total	$	186	$	186	$	442	$	481

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

CenterPoint Energy, Inc. and Subsidiaries

Results of Operations by Segment

(Millions of Dollars)

(Unaudited)

	Electric Transmission & Distribution
	Quarter Ended									Six Months Ended
	June 30,						% Diff			June 30,						% Diff
	2015			2014			Fav/(Unfav)			2015			2014			Fav/(Unfav)
Results of Operations:
Revenues:
Electric transmission and distribution utility	$	585		$	554			6	%	$	1,099		$	1,056			4	%
Transition and system restoration bond companies		120			144			(17	%)		218			271			(20	%)
Total		705			698			1	%		1,317			1,327			(1	%)
Expenses:
Operation and maintenance		315			300			(5	%)		622			588			(6	%)
Depreciation and amortization		84			83			(1	%)		167			164			(2	%)
Taxes other than income taxes		55			56			2	%		111			114			3	%
Transition and system restoration bond companies		93			114			18	%		163			211			23	%
Total		547			553			1	%		1,063			1,077			1	%
Operating Income	$	158		$	145			9	%	$	254		$	250			2	%
Operating Income:
Electric transmission and distribution operations	$	131		$	115			14	%	$	199		$	190			5	%
Transition and system restoration bond companies		27			30			(10	%)		55			60			(8	%)
Total Segment Operating Income	$	158		$	145			9	%	$	254		$	250			2	%
Electric Transmission & Distribution Operating Data:
Actual MWH Delivered
Residential		7,483,440			6,981,075			7	%		12,896,234			12,263,459			5	%
Total		21,751,298			20,608,379			6	%		39,766,074			38,327,190			4	%
Weather (average for service area):
Percentage of 10-year average:
Cooling degree days		102	%		87	%		15	%		97	%		83	%		14	%
Heating degree days		8	%		205	%		(197	%)		130	%		138	%		(8	%)
Number of metered customers - end of period:
Residential		2,054,777			2,008,293			2	%		2,054,777			2,008,293			2	%
Total		2,322,164			2,272,293			2	%		2,322,164			2,272,293			2	%
	Natural Gas Distribution
	Quarter Ended									Six Months Ended
	June 30,						% Diff			June 30,						% Diff
	2015			2014			Fav/(Unfav)			2015			2014			Fav/(Unfav)
Results of Operations:
Revenues	$	427		$	532			(20	%)	$	1,620		$	2,019			(20	%)
Natural gas		152			251			39	%		908			1,290			30	%
Gross Margin		275			281			(2	%)		712			729			(2	%)
Expenses:
Operation and maintenance		169			168			(1	%)		355			355			-
Depreciation and amortization		55			49			(12	%)		110			97			(13	%)
Taxes other than income taxes		32			34			6	%		82			85			4	%
Total		256			251			(2	%)		547			537			(2	%)
Operating Income	$	19		$	30			(37	%)	$	165		$	192			(14	%)
Natural Gas Distribution Operating Data:
Throughput data in BCF
Residential		19			21			(10	%)		116			128			(9	%)
Commercial and Industrial		56			55			2	%		144			151			(5	%)
Total Throughput		75			76			(1	%)		260			279			(7	%)
Weather (average for service area)
Percentage of 10-year average:
Heating degree days		92	%		141	%		(49	%)		109	%		128	%		(19	%)
Number of customers - end of period:
Residential		3,112,902			3,080,462			1	%		3,112,902			3,080,462			1	%
Commercial and Industrial		249,142			246,055			1	%		249,142			246,055			1	%
Total		3,362,044			3,326,517			1	%		3,362,044			3,326,517			1	%

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

CenterPoint Energy, Inc. and Subsidiaries

Results of Operations by Segment

(Millions of Dollars)

(Unaudited)

	Energy Services
	Quarter Ended							Six Months Ended
	June 30,				% Diff			June 30,					% Diff
	2015		2014		Fav/(Unfav)			2015			2014		Fav/(Unfav)
Results of Operations:
Revenues	$	408	$	676		(40	%)	$	1,058		$	1,760		(40	%)
Natural gas		388		653		41	%		1,012			1,698		40	%
Gross Margin		20		23		(13	%)		46			62		(26	%)
Expenses:
Operation and maintenance		9		10		10	%		21			22		5	%
Depreciation and amortization		1		1		-			2			2		-
Taxes other than income taxes		1		1		-			1			1		-
Total		11		12		8	%		24			25		4	%
Operating Income	$	9	$	11		(18	%)	$	22		$	37		(41	%)
Mark-to-market gain (loss)	$	2	$	6		(67	%)	$	(2	)	$	10		(120	%)
Energy Services Operating Data:
Throughput data in BCF		136		139		(2	%)		321			323		(1	%)
Number of customers - end of period		18,073		17,746		2	%		18,073			17,746		2	%
	Other Operations
	Quarter Ended							Six Months Ended
	June 30,				% Diff			June 30,					% Diff
	2015		2014		Fav/(Unfav)			2015			2014		Fav/(Unfav)
Results of Operations:
Revenues	$	3	$	3		-		$	7		$	7		-
Expenses		3		3		-			6			5		(20	%)
Operating Income	$	-	$	-		-		$	1		$	2		(50	%)

Capital Expenditures by Segment

(Millions of Dollars)

(Unaudited)

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Capital Expenditures by Segment
Electric Transmission & Distribution	$	220	$	183	$	428	$	370
Natural Gas Distribution		153		147		244		230
Energy Services		-		1		1		2
Other Operations		8		12		17		27
Total	$	381	$	343	$	690	$	629

Interest Expense Detail

(Millions of Dollars)

(Unaudited)

	Quarter Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Interest Expense Detail
Amortization of Deferred Financing Cost	$	7		$	7		$	13		$	13
Capitalization of Interest Cost		(2	)		(3	)		(5	)		(6	)
Transition and System Restoration Bond Interest Expense		27			30			55			60
Other Interest Expense		84			85			170			166
Total Interest Expense	$	116		$	119		$	233		$	233

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

CenterPoint Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Millions of Dollars)

(Unaudited)

	June 30,		December 31,
	2015		2014
ASSETS
Current Assets:
Cash and cash equivalents	$	245	$	298
Other current assets		2,264		2,970
Total current assets		2,509		3,268
Property, Plant and Equipment, net		10,911		10,502
Other Assets:
Goodwill		840		840
Regulatory assets		3,324		3,527
Investment in unconsolidated affiliates		4,471		4,521
Other non-current assets		547		542
Total other assets		9,182		9,430
Total Assets	$	22,602	$	23,200
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term borrowings	$	24	$	53
Current portion of transition and system restoration bonds long-term debt		381		372
Indexed debt		149		152
Current portion of other long-term debt		397		271
Other current liabilities		2,174		2,627
Total current liabilities		3,125		3,475
Other Liabilities:
Accumulated deferred income taxes, net		4,863		4,757
Regulatory liabilities		1,269		1,206
Other non-current liabilities		1,181		1,205
Total other liabilities		7,313		7,168
Long-term Debt:
Transition and system restoration bonds		2,466		2,674
Other		5,148		5,335
Total long-term debt		7,614		8,009
Shareholders’ Equity		4,550		4,548
Total Liabilities and Shareholders’ Equity	$	22,602	$	23,200

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

CenterPoint Energy, Inc. and Subsidiaries

Condensed Statements of Consolidated Cash Flows

(Millions of Dollars)

(Unaudited)

	Six Months Ended June 30,
	2015			2014
Cash Flows from Operating Activities:
Net income	$	208		$	292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		470			505
Deferred income taxes		4			13
Write-down of natural gas inventory		2			-
Changes in net regulatory assets		78			46
Changes in other assets and liabilities		354			(143	)
Other, net		6			(1	)
Net Cash Provided by Operating Activities		1,122			712
Net Cash Used in Investing Activities		(671	)		(659	)
Net Cash Used in Financing Activities		(504	)		(55	)
Net Decrease in Cash and Cash Equivalents		(53	)		(2	)
Cash and Cash Equivalents at Beginning of Period		298			208
Cash and Cash Equivalents at End of Period	$	245		$	206

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc.

EX-99.2

August 10, 2015

Second Quarter 2015 Earnings Call

•

Regulatory Update

•

Guidance Reaffirmed

•

Dividend to Grow with Earnings

Exhibit 99.2

investors.centerpointenergy.com

2

Cautionary Statement

This

presentation

contains

statements

concerning

our

expectations,

beliefs,

plans,

objectives,

goals,

strategies,

future

events

or

performance

or

underlying

assumptions

(including

future

dividends)

and

other statements that are not historical facts.  These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance

on forward-looking statements. Actual results may differ materially from those expressed or implied by these statements.  You can generally identify our forward-looking statements by the words “anticipate,”

“believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,”  “intend,”  “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will,” or other similar words.  The absence of these

words, however, does not mean that the statements are not forward-looking.

We have based our forward-looking statements on our management's beliefs and assumptions based on information currently available to our management at the time the statements are made.  We

caution you that assumptions, beliefs, expectations, intentions, and projections about future events may and often do vary materially from actual results.  Therefore, we cannot assure you that actual results will

not differ materially from those expressed or implied by our forward-looking statements.

Some of the factors that could cause actual results to differ from those expressed or implied by our forward-looking statements include but are not limited to the timing and impact of future regulatory,

legislative and IRS decisions, financial market conditions, future market conditions, economic and employment conditions, customer growth and other factors described in CenterPoint Energy, Inc.’s Form 10-K

for

the

period

ended

December

31,

2014

under

“Risk

Factors”

and

“Management’s

Discussion

and

Analysis

of

Financial

Condition

and

Results

of

Operations

-

Certain

Factors

Affecting

Future

Earnings,”

in

CenterPoint Energy, Inc.’s Form 10-Q for the quarter ended June 30, 2015 under “Cautionary Statement Regarding Forward-Looking Information,” “Risk Factors” and “Management’s Discussion and Analysis of

Financial

Condition

and

Results

of

Operations

of

CenterPoint

Energy,

Inc.

and

Subsidiaries”

and

in

other

filings

with

the

SEC

by

CenterPoint

Energy,

which

can

be

found

at

www.centerpointenergy.com

on

the

Investor

Relations

page

or

on

the

SEC’s

website

at

www.sec.gov

.

This presentation contains time sensitive information that is accurate as of the date hereof.  Some of the information in this presentation in unaudited and may be subject to change.  We undertake no

obligation to update the information presented herein except as required by law.

Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investors page of our website.  In the future, we will

continue to use these channels to distribute material information about the Company and to communicate important information about the Company, key personnel, corporate initiatives, regulatory

updates

and

other

matters.

Information

that

we

post

on

our

website

could

be

deemed

material;

therefore,

we

encourage

investors,

the

media,

our

customers,

business

partners

and

others

interested

in

our

Company to review the information we post on our website.

Use of Non-GAAP Financial Measures

In addition to presenting its financial results in accordance with generally accepted accounting principles (“GAAP”), CenterPoint Energy also provides guidance based on adjusted diluted earnings per

share,

which

is

a

non-GAAP

financial

measure.

Generally,

a

non-GAAP

financial

measure

is

a

numerical

measure

of

a

company’s

historical

or

future

financial

performance

that

excludes

or

includes

amounts

that

are

not

normally

excluded

or

included

in

the

most

directly

comparable

GAAP

financial

measure.

A

full

reconciliation

of

net

income

and

diluted

earnings

per

share

to

the

basis

used

in

providing

guidance

is

provided in this presentation on slide 22. Additionally, on slides 18 and 23, management presents a further adjustment and reconciliation of adjusted diluted earnings per share to a 2014 baseline metric, which

provides

management’s

starting

point

for

forecasting

earnings

growth,

by

adjusting

for

unusual

weather

impacts,

true-up

variations

and

an

unusual

energy

efficiency

bonus.

These

additional

adjustments

are

provided

to

further

explain

the

basis

for

management’s

guidance

estimate.

These

non-GAAP

financial

measure

should

be

considered

as

a

supplement

and

complement

to,

and

not

as

a

substitute

for,

or

superior to, the most directly comparable GAAP financial measure and may be different than non-GAAP financial measures used by other companies.

Management evaluates financial performance in part based on adjusted diluted earnings per share and believes that presenting this non-GAAP financial measure enhances an investor’s understanding of

CenterPoint

Energy’s

overall

financial

performance

by

providing

them

with

an

additional

meaningful

and

relevant

comparison

of

current

and

anticipated

future

results

across

periods

by

excluding

items

that

Management

does

not

believe

most

accurately

reflect

its

fundamental

business

performance,

which

items

include

the

items

reflected

in

the

reconciliation

table

on

page

22

of

this

presentation.

This

non-GAAP

financial measure should be considered as a supplement and complement to, and not as a substitute for, or superior to, the most directly comparable GAAP financial measure and may be different than non-GAAP

financial measures used by other companies.

investors.centerpointenergy.com

3

Scott Prochazka

–

President and CEO

Earnings Call Discussion Highlights

Solid Second Quarter Results

Utility

Operations Update

Midstream

Investment Update

investors.centerpointenergy.com

$0.13

$0.10

$0.06

$0.11

2015

2014

$0.12

$0.14

$0.06

$0.11

2015

2014

4

Second Quarter 2015 Performance Highlights

Q2 GAAP EPS

Q2 2015 vs Q2 2014 Drivers

(EPS on a Guidance Basis)

$0.21

$0.18

$0.19

Q2 EPS on a Guidance Basis

2Q15 Utility Operations EPS on a Guidance Basis vs 2Q14 Baseline

$0.25

Favorable Variance 

Unfavorable Variance

Note:  Refer to slide 22 for reconciliation to GAAP measures

and slide 2 for information on non-GAAP measures

Rate Relief

Midstream   

Investments

Equity Return

related to True-up

Customer Growth

$0.13

$0.10

2015

2014 Baseline

investors.centerpointenergy.com

5

Midstream Investments

Enable Q2 Outlook

3-7% per unit distribution growth outlook for 2016 and 2017

Enable 2016 volume growth outlook

High single digit growth in natural gas gathering volumes

~25% growth in natural gas processing volumes

Doubling of crude oil gathering volumes

Producers continue to invest significant capital in the plays around Enable’s footprint,

including the SCOOP, STACK, Cana Woodford and Cleveland Sands plays.  Enable has

connected more wells year-to-date through July 2015 than the same period one year

ago

To support rich gas volume growth in the Anadarko Basin, Enable continues to add

natural gas processing infrastructure

A 200 MMcf/d plant in Grady County, Oklahoma, expected in service during the

first quarter of 2016

Wildhorse

plant, a newly announced 200 MMcf/d plant in Garvin County,

Oklahoma, expected in service during the first quarter of 2017

Quarterly cash distribution increased to $0.316 per unit for the 2

nd

quarter,

representing an approximately 1% increase over the prior quarter

Source:  Enable Midstream Partners August 5

th

, 2015, Press Release and Q2 Earnings Call

investors.centerpointenergy.com

6

Severe Storms Impacted Houston in April, May

and June

investors.centerpointenergy.com

7

Tracy Bridge –

EVP & President, Electric Division

Earnings Call Discussion Highlights

Electric Results

Houston Growth

Regulatory Update

Raising our high voltage transmission towers to accommodate

the new Highway US-99 corridor and to serve load growth

investors.centerpointenergy.com

$115

$131

$131

$13

$5

$8

($5)

($2)

($3)

$-

$20

$40

$60

$80

$100

$120

$140

$160

Q2 2014 TDU

Core Operating

Income

Usage,

primarily

weather

Customer

growth

Rate relief

Equity Return,

primarily

related to true-

up proceeds

O&M expense

Depreciation

and other

Q2 2015 TDU

Core Operating

Income

Electric Transmission and Distribution Operating

Income Drivers:  2

nd

Quarter 2014 vs

2

nd

Quarter 2015

8

2% YoY

Customer

Growth

1

1

Houston Electric’s customer count increased from 2,272,293 as of  June 30, 2014, to 2,322,164 as of June 30, 2015

2

Q2 2014 O&M versus Q2 2015 O&M, excluding costs with revenue offset

3

Net transmission related revenue

4

Right of Way revenue for 2Q 2015 was slightly above $1 million, in-line with 2Q 2014; YTD ROW revenue is approximately $9 million

4

2% YoY

O&M

Increase

2

3

investors.centerpointenergy.com

9

Houston Electric:  Residential Customers and Weather

Normalized Residential Load vs. Houston Employment

2015 Residential customer growth rate through June 30, 2015: 2% annualized

Sources:

1

Company

Provided

2

Texas

Workforce

Commission

(Houston,

Sugarland,

Woodlands

Metro)

1

1

2

Residential customer 

count grew 46,484 Q2

2014 to Q2 2015

Over 2% residential

customer compound annual

growth rate since 1990

investors.centerpointenergy.com

Electric Transmission and Distribution: 

Regulatory Update

DCRF –

Distribution Cost Recovery Factor; TCOS –

Transmission Cost of Service; EECRF –

Energy Efficiency Cost Recovery Factor

10

Mechanism

Expected

Effective Date

Annual Revenue

Increase

-

$MM

Comments

Docket #

DCRF

Sept 2015

$13.0

(Settlement)

Settlement

unanimously approved on

July 30, 2015

44572

TCOS

3Q

2015

$13.7

(Requested)

Filed on June 26, 2015; based on an

incremental

increase in net plant of

$87.6 MM

44881

EECRF

1Q 2016

$6.6

(Requested Incentive)

Filed June 1, 2015; recovers expected

program costs and a $6.6 MM

performance

incentive related to 2014’s

energy efficiency program results

44783

Project

Expected In-

Service

Capital -

$MM

Comments

Docket #

Brazos Valley

Connection

Mid-2018

$276 –

383

(Estimated)

Routing and need decisions expected

during 4Q 2015

44547

Rate Filings:

Other Filings:

investors.centerpointenergy.com

11

Joe McGoldrick –

EVP & President, Gas Division

Earnings Call Discussion Highlights

Gas Operations Results

Regulatory

Update

Minnesota Belt Line Project

Energy Services Update

Using horizontal directional drilling to construct and install a

new pipeline under the bed of the Arkansas River

investors.centerpointenergy.com

$30

$26

$19

$19

($5)

$1

$0

($1)

($6)

$0

$5

$10

$15

$20

$25

$30

$35

Q2 2014 Gas

Utility Operating

Income

Usage, primarily

weather

Customer

growth

Rate relief

O&M expense

Depreciation and

other

Q2 2015 Gas

Utility Operating

Income

12

Natural Gas Utilities Operating Income Drivers:

2

nd

Quarter 2014 vs

2

nd

Quarter 2015

1% YoY

Customer

Growth

1

1% YoY

O&M

Growth

2

1

Natural Gas Utilities’ customer count increased from 3,326,517 on June 30, 2014, to 3,362,044 on June 30, 2015

2

Q2 2014 O&M versus Q2 2015 O&M, excluding costs with revenue offset

investors.centerpointenergy.com

Natural Gas Utilities:  Regulatory Update

13

Jurisdiction

Expected

Effective Date

Annual Revenue

Increase

-

$MM

Comments

Docket

#

Minnesota

Interim

Rates

1

:

October 2015

$54.1

(Requested)

Rate case filed August 3,

2015;

based

on a 10.3% ROE and $213MM increase

in rate base

15-424

Texas Coast

September

2015

$4.9

(Settlement)

Pending approval by the TX RRC;

settlement established parameters for

future GRIP filings

GUD

10432

Rate Filings (in process):

Jurisdiction

Effective Date

Annual Revenue

Increase

-

$MM

Comments

Docket

#

South Texas

July

2015

$4.0

Fourth

Annual GRIP

GUD

10435

Beaumont/

East

Texas

July 2015

$5.9

Second Annual GRIP

GUD

10433

Rate Filings (approved):

TX

RRC

–

Texas

Railroad

Commission;

GRIP

–

Gas

Reliability

Infrastructure

Program

1

Interim rate amount to be determined

investors.centerpointenergy.com

The Belt Line

Supplies gas to more than 600,000

customers in the Minneapolis area

Replaces over 60 miles of 20’’ and

24’’ coupled steel pipe installed

primarily in the 1950s

The project is in its 4

th

year and is

expected to be completed in 2023,

requiring over $400 million of capital

Over $70 million invested to date

The new pipe includes:  remotely

controlled valves, upgraded cathodic

protection systems, and thicker,

welded pipe with improved coating

14

Minnesota Belt Line Project

One of many modernization construction projects, Belt Line

is scheduled to be completed in 2023.

The project is intended to improve

system safety and reliability and

reduce O&M costs

investors.centerpointenergy.com

$5

$7

$1

$1

$0

$2

$4

$6

$8

$10

$12

Q2 2014 Energy Services

Operating Income

Margin and Other

O&M Expense

Q2 2015 Energy Services

Operating Income

15

Energy Services Operating Income Drivers:

2

nd

Quarter 2014 vs

2

nd

Quarter 2015

1

2

1

Operating income as reported in Q2 2014 was $11 million.  Chart excludes mark-to-market gain of $6 million

2

Operating income as reported in Q2 2015 was  $9 million.  Chart excludes mark-to-market gain of $2 million

3

Energy Services’ customer count increased from 17,746 on June 30, 2014 to 18,073 on June 30, 2015

1.8% YoY

Customer

Growth

3

Lower

O&M

investors.centerpointenergy.com

16

Bill Rogers –

EVP & CFO

Earnings Call Discussion Highlights

Quarterly Drivers

Dividend to Grow

with Earnings

Financing Plan

Guidance

Reaffirmed

investors.centerpointenergy.com

17

$0.10

$0.10

$0.01

($0.01)

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

2014 Q2 Utility Operations on

a Guidance Basis

Q2 2014 EPS Impact due to

Weather vs. Normal

2014-2015 Equity Return

Variance Primarily from True-

up Proceeds

2014 Q2 Utility Operations

Baseline

Q2 EPS Normalization

GAAP to Guidance Basis to Baseline

Note:  Please refer to slide 22 for the full reconciliation table and slide 2 for

information on non-GAAP measures

Quarter Ended

Quarter Ended

June 30, 2014

June 30, 2015

Net Income

(in millions)

EPS

Net Income

(in millions)

EPS

Consolidated as reported

107

$                          

0.25

$            

77

$                                    

0.18

$                

Midstream Investments

(44)

(0.11)

(27)

(0.06)

Utility Operations

(1)

63

0.14

$            

50

0.12

$                

Per the basis used in providing earnings guidance:

Utility Operations on a guidance basis

44

$                                    

0.10

$                

57

$                                    

0.13

$                

Midstream Investments

44

0.11

27

0.06

Consolidated on guidance basis

88

$                                    

0.21

$                

84

$                                    

0.19

$                

(1)

  CenterPoint earnings excluding Midstream Investments

investors.centerpointenergy.com

18

2014 Q2 Baseline EPS to 2015 Q2 EPS on a

Guidance Basis

The consolidated effective tax rate reported for the six months ended June 30, 2015 was 36% compared to 37% for the same period in 2014. The lower effective tax rate was

primarily due to the lower Texas tax rate enacted on June 15, 2015 and favorable permanent book-tax differences.

Note:  Please refer to slide 22 for the full reconciliation table and slide 2 for

information on non-GAAP measures

$0.10

$0.13

$0.02

$0.00

$0.01

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

2014 Q2 Utility

Operations Baseline

Business Unit Results

(including growth,

weather, usage,

depreciation and other)

Interest Expense

Income Tax Rate

2015 Q2 Utility

Operations on a

Guidance Basis

Quarter Ended

Quarter Ended

June 30, 2014

June 30, 2015

Net Income

(in millions)

EPS

Net Income

(in millions)

EPS

Consolidated as reported

107

$                                  

0.25

$                

77

$                                    

0.18

$                

Midstream Investments

(44)

(0.11)

(27)

(0.06)

Utility Operations

(1)

63

0.14

$                

50

0.12

$                

Per the basis used in providing earnings guidance:

Utility Operations on a guidance basis

44

$                                    

0.10

$                

57

$                                    

0.13

$                

Midstream Investments

44

0.11

27

0.06

Consolidated on guidance basis

88

$                                    

0.21

$                

84

$                                    

0.19

$                

(1)

  CenterPoint earnings excluding Midstream Investments

investors.centerpointenergy.com

Dividend Growth Outlook

CenterPoint is targeting 4-6% annual EPS growth on a

guidance basis through 2018, inclusive of Midstream

Investments

Annual dividend growth in line with EPS growth

CenterPoint’s consolidated payout ratio is expected to

remain above 90% with a utility operations payout

ratio of 60-70%

30-40% of utility operations earnings expected to be

used to fund utility growth

19

investors.centerpointenergy.com

2015

$200 million matured in June 2015

$69 million maturity in October 2015

Anticipate ~ $400 million financing needs

2016

$325 million maturity in May 2016

Anticipate financing needs similar to

2015; dependent on such factors as

bonus depreciation, capital investment

plans and working capital

1

Excludes transition and system restoration bonds

2

If

appropriate,

we

may

consider

equity

financing

through

the

limited

use

of

our

DRIP

and

benefits

plans.

In

2014,

if CenterPoint had issued new shares rather than purchased shares for the Dividend Reinvestment and Savings

Benefit plans, share dilution would have averaged about 1%.  The maximum number of shares that could be

issued under these plans in future years depends upon participation in the plans

Financing Plan

Utilize Debt Capacity and Limited Equity Issuance

2

20

$0

$100

$200

$300

$400

$500

$600

$700

2015

2016

2017

2018

Long-term Debt Maturities ($MM)

1

CNP

CEHE

CERC

50.0%

54.0%

58.0%

62.0%

66.0%

70.0%

2010

2011

2012

2013

2014

2015

Debt/Capital

CNP has substantially reduced

leverage over the last five years

YTD

1

Expect to source majority of financing needs through

commercial paper borrowings and fixed rate debt

2

Appendix

investors.centerpointenergy.com

22

Reconciliation:  Net Income and diluted EPS to the

Basis Used in Providing Annual Earnings Guidance

Note:  For information on non-GAAP measures, please refer to slide 2

Quarter Ended

Quarter Ended

June 30, 2015

June 30, 2014

Net Income

(in millions)

EPS

Net Income

(in millions)

EPS

Consolidated as reported

77

$                                   

0.18

$               

107

$                                 

0.25

$               

Midstream Investments

(27)

(0.06)

(44)

(0.11)

Utility Operations

(1)

50

0.12

$               

63

0.14

$               

Timing effects impacting CES

(2)

:

Mark-to-market (gain) losses

(2)

(0.01)

(4)

(0.01)

$             

ZENS-related mark-to-market (gains) losses:

Marketable securities

(3)

(51)

(0.12)

(47)

(0.11)

$             

Indexed debt securities

(4)

60

0.14

32

0.08

$               

Utility operations earnings on an adjusted guidance basis

57

$                                   

0.13

$               

44

$                                   

0.10

$               

Per the basis used in providing earnings guidance:

Utility Operations on a guidance basis

57

$                                   

0.13

$               

44

$                                   

0.10

$               

Midstream Investments

27

0.06

44

0.11

Consolidated on guidance basis

84

$                                   

0.19

$               

88

$                                   

0.21

$               

(1)

CenterPoint earnings excluding Midstream Investments

(2)

Energy Services segment

(3)

Time Warner Inc., Time Warner Cable Inc., Time Inc. and AOL Inc.

(4)

2015 Includes amount associated with Verizon tender offer for AOL, Inc common stock

investors.centerpointenergy.com

2014 EPS Reconciliation to 2015 Utility Operations

Guidance Range of $0.71 to $0.75 per diluted share

23

2014 Fully Diluted EPS

$          1.42

On

an adjusted guidance basis:

ZENS-related

mark to market gains

(0.12)

CES MTM gain

(0.04)

Pension Curtailment loss

0.01

2014 Consolidated EPS on a guidance basis

$          1.27

Deferred Tax Benefit

(0.07)

2014 Fully Adjusted EPS

$          1.20

Midstream Investments

(0.44)

2014 Fully Adjusted Utility Operations EPS

$          0.76

(1)

The Equity Amortization schedule on page 19 of the supplemental materials posted on February 26, 2015 details the decrease between the 2014 actual and 2015 projected

equity returns  

(2)

Information about the 2008 Energy Efficiency Cost Recovery Factor Appeals is provided in the 2014 10-K

Note:  Please refer to slide 2 for information on non-GAAP measures

1

2

$0.76

$0.70

$0.71 -

$0.75

($0.03)

($0.02)

($0.01)

$0.01 to $0.05

$0.40

$0.45

$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

2014 Fully

Adjusted Utility

Operations EPS

Equity Return

related to True-up

Weather

Energy Efficiency

Remand Bonus

2014 Utility

Operations

Baseline

Growth and Other

Variables

2015 Utility

Operations EPS

Guidance Range

$0.71 to $0.75

Q1

($0.01)

Q2

($0.01)

Q3

($0.01)

Q4

-

Q1

($0.05)

Q2

$0.01

Q3

$0.01

Q4

$0.01

Q1

Q2

Q3

($0.01)

Q4

For 2014, normalized $0.76 of fully

adjusted earnings to a baseline of $0.70. 

In comparing to Q2 of 2014, “baseline”

was equal to guidance.  Adjustments for

each quarter can be seen in the tan

boxes below.