CenterPoint Energy has emphasized its commitment towards resolving its 2024 rate case, having completed the first phase of the Greater Houston Resiliency Initiative. The company is actively making advancements in the second phase as it aims to fortify the energy grid ahead of the 2025 hurricane season. CenterPoint plans to file its updated multi-year system resiliency plan by January 2025. As the company moved forward with settlement talks for the 2024 CenterPoint Energy Houston Electric (CEHE) rate case, it highlighted that it withdrew the original request in August 2024 due to feedback and the need to enhance the resilience of the energy system.
The PJCT received the CEHE rate case filing on March 6, 2024. Over recent weeks, feedback has driven CenterPoint to re-engage in settlement discussions with stakeholders, underlining its commitment to delivering resilient and affordable energy solutions. CenterPoint is determined to reach an agreement that balances customer affordability with investments in system improvement and vegetation management, having invested more in its system in 2023 than anticipated.
In the first phase of the Greater Houston Resiliency Initiative, over 1,100 reinforced fiberglass poles were installed, more than 2,000 miles of vegetation were trimmed, and 300 automation devices were placed throughout the region. These efforts targeted enhancing resiliency to mitigate outages during the hurricane season. The second phase, considered the most ambitious in CenterPoint's history, encompasses actions over the next eight months to ensure readiness for the 2025 hurricane season and will involve new measures to extend the self-healing grid and reduce the frequency and duration of outages.
By June 1, 2025, CenterPoint plans to have installed or replaced 25,000 poles conforming to extreme wind standards, managed vegetation along 4,000 miles of lines, fitted 4,500 automation devices including Intelligent Grid Switching Devices, and strategically undergrounded over 400 miles of power lines, aiming to reduce outage minutes by 125 million annually. As part of its future outlook, CenterPoint Energy anticipates filing an updated system resiliency plan by January 2025, with a modest estimated bill increase of $1.25 per month for residential customers.
CenterPoint Energy, the only investor-owned electric and gas utility in Texas, serves a large customer base across several U.S. states with over 9,000 employees. The company remains focused on strategic initiatives to enhance operational resiliency and financial stability, while managing the complexities of future regulatory and legislative developments. For further updates and financial information, stakeholders are encouraged to visit CenterPoint Energy's Investor Relations website. Forward-looking statements within this release involve risks and uncertainties impacting business strategies and financial outcomes.
