CenterPoint Energy, Inc.: Choosing Texas: 14GW Expected Eligible in Batch Zero Submission; +$1.2bn Capex in 2026-2030; 2Q26 Beat

Research evidence excerpt

CenterPoint Energy, Inc.: Choosing Texas: 14GW Expected Eligible in Batch Zero Submission; +$1.2bn Capex in 2026-2030; 2Q26 Beat

J P M O R G A N North America Equity Research

28 July 2026

CenterPoint Energy, Inc. Neutral

CNP, CNP US

Choosing Texas: 14GW Expected Eligible in Batch Zero Price (22 Jul 26):$43.68

Submission; +$1.2bn Capex in 2026-2030; 2Q26 Beat

Head of North America Power,

• Choosing Texas; Batch Zero filings point to 9GW eligible energized Utilities, Midstream, LNG, and Nuclear

through 2028 and a 14GW opportunity through 2031. CNP submitted

17GW to ERCOT’s Batch Zero process, from which it expects to energize Jeremy Tonet, CFA AC

14GW of base (fully allocated) or studied (partially allocated) load eligible (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

through 2031, representing a >65% increase on the company’s current Houston

Diana Niles Electric peak demand of 21GW. Company expectations point to 9GW of

(1-212) 622-3328

energized load through 2028, +1GW compared to 1Q26’s 8GW. Comparing diana.niles@jpmorgan.com

2028 energization expectations and the 14GW energization opportunity to the

Aidan C Kelly

company’s prior 12.2GW energization expectations through 2029, we see CNP (1-212) 622-4912

demonstrating positive momentum for large load development in Houston, aidan.x.kelly@jpmchase.com

though we would not be surprised to see investors wait to start baking in more J.P. Morgan Securities LLC

value until Batch Zero base/studied load decisions arrive next week.

• Capital plan increases +$1.2bn to $66.7bn; we believe upside remains.

CenterPoint raised its 2026-2035 capex by $1.2bn, within the next five years,

to support accelerating large load demand and updated Downtown Houston

Revitalization estimates; the company continues to describe incremental