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 Business News
CenterPoint Energy Inc., a prominent energy company headquartered in Houston, is taking significant steps to focus on its Texas operations by formally initiating the sale of its gas business in Ohio. This strategic decision, announced during the company’s second-quarter 2025 earnings call on July 24, is aimed at reallocating nearly $1 billion in capital expenditures through the year 2030 to enhance its services and infrastructure within Texas.
The process to divest the Ohio gas business began in May 2025, a move that reflects the company’s concentration on the accelerated growth and increasing demand for services in their Houston electric and Texas gas jurisdictions. By selling the Ohio operations, CenterPoint aims to recycle cash proceeds into investments that will facilitate their ongoing and future projects within Texas.
To support this intensified focus, CenterPoint Energy has appointed Jesus Soto, Jr. as the Executive Vice President and Chief Operating Officer, effective August 11, 2025. Soto is expected to leverage his extensive experience in the energy sector, which spans over 30 years, to oversee critical departments including Electric Operations, Gas Operations, Safety, Supply Chain, and Customer Care throughout the areas served by CenterPoint.
With its capital plans, CenterPoint is poised to invest over $31 billion across its operational footprint over the next five years. This investment signals the company’s commitment to not only meeting the rising energy demands of Texas but also fostering economic development within the state.
Background on CenterPoint Energy
CenterPoint Energy serves a diverse customer base of approximately 7 million across states including Indiana, Minnesota, Ohio, and Texas. As of March 31, 2025, the company reported assets totaling around $44 billion. The decision to shift focus on Texas operations is seen as a strategic pivot, enabling better service delivery and stronger engagement with Texas communities.
Jesus Soto’s track record includes substantial leadership roles in energy and project management with organizations such as Quanta Services, Mears Group, PG&E Corporation, and El Paso Corporation. His educational background includes a bachelor’s and a master’s degree in civil engineering from the University of Texas at El Paso and Texas A&M University, respectively, along with an MBA from the University of Phoenix. This robust expertise positions Soto to effectively tackle growth challenges and enhance operational efficiencies in key markets for CenterPoint Energy.
As the energy sector continues to evolve, CenterPoint Energy’s strategic redirection reflects not just the dynamics of market demand but also a commitment to strengthening their foundational operations in Texas. This initiative may pave the way for improved services and increased investment in Texas, aligning with the company’s long-term goals and state energy policies.
Overall, the anticipated sale of the Ohio gas business, along with leadership changes and significant capital investment, marks a pivotal evolution for CenterPoint Energy as it concentrates its resources on one of the most critical energy markets in the United States.
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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