CEHE

AcronymDefinition
CEHECenterpoint Energy Houston Electric (Houston, TX)
CEHECentre for Environmental Health Engineering (UK)
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Based on current credit ratings, the CenterPoint Energy facility has a drawn cost of LIBOR plus 175 basis points, and the CEHE facility and CERC facility each have a drawn cost of LIBOR plus 150 basis points.
In today's filing, CEHE is also requesting to reconcile its current Advanced Metering System (AMS) costs incurred as of March 31, 2010, and to revise its estimated AMS costs to complete the project reflecting the Department of Energy (DOE) stimulus grant.
Under the terms of the settlement, CEHE agreed to provide rate credits of approximately $8 million per year to retail and wholesale customers until a total of $32 million has been credited.
CEHE owns, operates and maintains the network of power lines that delivers electricity in the greater Houston area.
Specifically, CEHE does not bear commodity or supply risk, and the responsibility of provider of last resort has not been retained by CEHE.
In preparing today's filing, CEHE used a 2005 test year adjusted for updated cost data where appropriate.
Barclays Capital and Wachovia Bank, National Association served as joint lead arrangers for the CEHE facility.
In addition to the potential for modest volatility in credit measures due to weather and other changes in customer usage patterns, CEHE faces significant customer concentration risk as its direct counterparties now consist of only a few certified retail electric providers (REPs).
31 billion term loan and the balance will be used to reduce CNP's equity investment in CEHE.
The new loan is secured by CEHE general mortgage bonds and has an interest rate of LIBOR plus 75 basis points, a 900 basis point reduction from the rate on the loan that matured today.
CNP and its subsidiaries CEHE and CERC have all recently accessed the long-term debt capital markets at reasonable terms and spreads.
CEHE has the ability to earn a return on its transmission and distribution investments with minimal regulatory lag.