Summit Utilities Completes Acquisition of CenterPoint Energy Assets

Summit Utilities CEO Kurt Adams (Karen E. Segrave)

Summit Utilities Inc. of Denver announced Monday that it has closed on its acquisition of CenterPoint Energy Inc.’s gas distribution assets in Arkansas, Oklahoma and Texarkana, Texas.

The acquired assets, valued at $2.15 billion, include gas distribution systems that serve about 525,000 customers and 17,000 miles of gas main pipeline across the three states. Summit will also be adding nearly 600 CenterPoint employees to its roster. But the name of the company providing service will change from CenterPoint Energy to Summit Utilities.

Summit President and CEO Kurt Adams, who spoke to Arkansas Business in September about the pending deal, said in a Monday news release that Summit is committed to providing safe and affordable energy products and services to communities and is eager to do so in the new service territories.

The companies said they will spend up to one year migrating operations and services to Summit. During that time, CenterPoint will continue to provide certain services to customers on behalf of Summit Utilities, including aspects of billing, customer support and marketing. Customers don’t have to make any changes to continue their current service.

The transaction was approved by the Oklahoma Corporation Commission and Arkansas Public Service Commission on Nov. 16 and Dec. 6, respectively.