CenterPoint Energy, the regulated utility that delivers electricity to the Houston area, said Monday that it will sell its natural-gas retail business for $400 million to Energy Capital Partners of New Jersey, a private equity investor.
CenterPoint said it will use the money from the sale of CenterPoint Energy Services to repay a portion of its outstanding debt.
CenterPoint Energy Services provides natural gas sales, storage and supply to about 30,000 commercial and industrial customers, utilities and cities in more than 30 states.
The company is based in Houston and has 300 employees.
“The sale of our gas retail business further positions CenterPoint Energy to focus on the long-term performance of our core electric and natural gas utility businesses,” interim CEO John W. Somerhalder II said.
The sale is expected to be completed in the second quarter.