News Summary
CenterPoint Energy Inc. is divesting its Ohio gas business to concentrate on its Texas operations. This strategic shift, led by CEO Jason Wells, aims to reinvest nearly $1 billion into Texas jurisdictions, responding to growing energy demands as the state continues to expand. The company has appointed Jesus Soto, Jr. as the new Executive Vice President and COO to oversee operations, emphasizing a commitment to sustainable energy solutions and economic growth across Texas. CenterPoint’s planned investment of over $31 billion in the coming years will support their vision for a robust energy future.
Texas: CenterPoint Energy to Sell Ohio Gas Business
CenterPoint Energy Inc., a major utility company headquartered in Houston, Texas, has announced its decision to sell its Ohio gas business in an effort to sharpen its focus on its Texas operations. This strategic shift was communicated by CEO Jason Wells during the company’s second-quarter earnings call on July 24, 2025.
The sale, which is expected to generate nearly $1 billion in capital expenditures, will be pivotal for CenterPoint as it aims to enhance its investment strategies through 2030. The decision to divest the Ohio operations has been driven by a surge in accelerated growth within its electric and gas jurisdictions in Houston and Texas as a whole. This sale marks a significant step in reallocating resources to strengthen logistics and infrastructure within the state, maximizing the potential benefits for local customers.
The divestiture process for the Ohio gas business began in May 2025 and reflects a focused commitment by CenterPoint to concentrate on regions where it sees the most opportunity for advancement. Selling the Ohio operation is anticipated to provide substantial cash flows that the company plans to invest back into its Texas projects and initiatives.
Leadership Changes and Future Investments
In tandem with this operational change, CenterPoint has appointed Jesus Soto, Jr. as the new Executive Vice President and Chief Operating Officer, starting August 11, 2025. Soto, who brings over 30 years of extensive experience from the energy sector, will manage Electric Operations, Gas Operations, Safety, Supply Chain, and Customer Care across the multiple states that CenterPoint services, including Texas.
Soto’s previous roles have included significant leadership positions at Quanta Services, Mears Group, PG&E Corporation, and El Paso Corporation. His academic credentials, which include a bachelor’s and master’s degree in civil engineering from the University of Texas at El Paso and Texas A&M University respectively, as well as an MBA from the University of Phoenix, equip him with the skills needed for this high-profile position.
Wells highlighted Soto’s considerable expertise as being well-suited to meet the economic development demands inherent in major markets, particularly during a period when CenterPoint is projected to invest over $31 billion in its capital plans across its service area in the next five years.
Company Overview
As of March 31, 2025, CenterPoint Energy serves approximately 7 million customers across four states: Indiana, Minnesota, Ohio, and Texas. The company boasts around $44 billion in assets, making it a significant player in the utility sector. The strategic decisions outlined above signal a clear pivot towards bolstering its operations in Texas, aiming to align its growth strategies with the state’s dynamic energy market.
This reorientation is anticipated to better position CenterPoint Energy for future success as it adapts to changing demands and invests in key projects that will benefit its customers while supporting state-wide energy initiatives.
Deeper Dive: News & Info About This Topic
- KHOU: CenterPoint Energy Heads West
- PR Newswire: CenterPoint Energy Names New COO
- Morningstar: CenterPoint Growth Opportunities in Texas
- Click2Houston: CenterPoint Responds to Local Issues
- Google Search: CenterPoint Energy
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