Finance History|11 Wall Street — REI Stopped and CNP Opened
· 2002-10
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Finance History|11 Wall Street — REI Stopped and CNP Opened
kevin
People treat CenterPoint Energy as a Houston utility that always printed CNP.
The 2002 issuer was a new holding company built so Reliant Energy could satisfy the Texas Electric Choice Plan.
CenterPoint Energy, Inc. was created on 31 August 2002 as part of that Reliant Energy restructuring.
Reliant Energy completed the spin-off of Reliant Resources, its 83 percent owned competitive energy subsidiary, on 30 September 2002.
The remaining regulated delivery businesses sat under the new holding company.
CenterPoint's own investor pages record that the shares began trading under CNP on 1 October 2002 on the New York and Chicago Stock Exchanges.
No new primary float was sold that morning. REI holders woke up as CNP holders after the competitive book left as RRI.
Houston Lighting and Power common had first listed on the New York Stock Exchange on 16 August 1943. That older line is the ancestor, not the 2002 paper.
The mechanism is a statutory unbundling. Texas required the wires to sit in a different company from the merchant plants.
The pin is the Broad Street facade of the Exchange, where REI last printed and where CNP opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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