Jason P. Wells
Executive Vice President & Chief Financial Officer at CenterPoint Energy
Thank you, Dave, and thank you to all of you for joining us this morning for our fourth quarter call.
As Dave mentioned, and hopefully some of you have noticed, we moved this call a couple of days earlier in the reporting calendar. We heard your feedback last year and are committed to continuing to advance our reporting date over the course of this year and next. Also, with the sale of 70% of our interest in Energy Transfer, and resulting in elimination of separately reporting midstream results, we are now able to simplify our reporting, and focus solely on non-GAAP EPS in 2022 and beyond. This is another important step in further simplifying our story.
Turning to our financial results. On a GAAP EPS basis, as shown on Slide 5, we reported $1.01 for the fourth quarter of 2021 and $2.28 on a full year basis. This includes a net after-tax gain of approximately $550 million from the merger of Enable and Energy Transfer, partially offset by losses on the sale of Energy Transfer Securities.
Looking at Slide 6, we reported $0.36 of non-GAAP EPS for the fourth quarter of 2021 compared to $0.29 for the fourth quarter of 2020. Our non-GAAP EPS was comprised of $0.27 from Utility and another $0.09 Midstream in the fourth quarter of 2021.
Our Utility EPS results included favorable growth in rate recovery, contributing $0.04 this quarter while weather, usage and other added another $0.01 when compared to the fourth quarter of 2020. We are also reaffirming our guidance range of $1.36 to $1.38 of non-GAAP EPS for 2022, which reflects 8% growth over the $1.27 Utility EPS results for 2021.
As Dave mentioned, achieving our 8% growth is not contingent on any benefit from the remaining Energy Transfer Securities we own. For 2022, we plan to exclude, among others, all impacts associated with our Energy Transfer interests, as well as all impacts associated with our Arkansas and Oklahoma gas LDC sales, and the ongoing mark-to-market on our Zen Securities from our non-GAAP results.
Beyond 2022, we continue to expect to grow non-GAAP EPS 8% each year through 2024, and then at the mid to high point of 6% to 8% each year through 2030. Our focus is delivering strong growth each and every year.
Turning to Slide 7. Our capital expenditures for 2021 were $3.6 billion, inclusive of the mobile generation long-term leases, which is approximately $100 million more than what we indicated at our September Analyst Day. I want to spend a moment describing the investment in mobile generation and resulting update to our forecast. This investment gives us an important tool that is in place currently to help mitigate the risk of extended outages for our customers in Texas. In the event, we're asked a shed load by the ERCOT market or in response to certain other widespread power outages.
We procured 500 megawatts of mobile generation valued at approximately $700 million of capital spread across 2021 and 2022, which was previously in our Analyst Day capital plans for $600 million spread across 2021, 2022 and 2023. The increase in cost and acceleration of the investment over our previous plan shared at Analyst Day result in the following.
First, it contributed to approximately $100 million more in capital in 2021. Second, the acceleration will result in an increase of $200 million of capital in 2022. As a result, we are increasing our 2022 capital expenditure guidance to $4 billion and increasing our year-end 2022 rate base guidance by $300 million to $20 billion.
And finally, we have already identified $200 million of incremental capital to replace the capacity in 2023, created by the acceleration of the mobile generation investment. Overall, this results in a $300 million increase in our 5-year capital expenditure plan, which is now expected to be $19.2 billion.
Approximately $200 million of this mobile generation investment will be included in the upcoming Distribution Capital Recovery Tracker or DCRF filing, planned in 2022, with the remaining $500 million balance expected to be included in our 2023 DCRF filing. That means, from an earnings standpoint, we expect the entire mobile generation capital will be included in rates and earning a return on equity September 2023.
As a reminder, we will not be eligible to earn an equity return on this investment until the amounts are included in rates. Overall, this is a great example of the State of Texas providing additional tools to help mitigate the risk of an extended outage, and our team moving quickly to implement these changes for the benefits of our customers and our shareholders.
Turning to the Indiana transition plans for a moment. As Dave mentioned, we still continue to work with stakeholders in Indiana for the successful transition from coal generation. We recently completed hearings on our proposed simple cycle gas plant and anticipate the associated decision in the third quarter of this year. We also recently reduced the size of our initial solar project on Posey County from 300 megawatts to 200 megawatts as a response to the recent materials cost increases and community feedback, and we'll be going back to the commission for approval of this modification later in early second quarter.
We anticipate filing the certificates of public convenience and necessity for the remaining solar and wind build transfer projects during the second and third quarters, respectively. Overall, we continue to work towards a goal of owning 50% of our renewable generation needs contracting for the remaining 50% through power purchase agreements and owning the simple cycle gas plant for reliability purposes. This progress on our renewable generation transition is a key driver in achieving our industry-leading net-zero direct emission school by 2035.
We are further demonstrating our alignment to our net-zero goal by adding an emission reduction component to our long-term employee incentive compensation program this year. And as Dave mentioned, we've recently received a positive update on our ESG rating score from Sustainalytics that now places us in the top quartile of the utility industry. We are very proud of the enhancements we've made towards our environmental, social and governance commitments, and we look forward to continued progress.
Now I want to provide a broader update on our regulatory progress. We are going through a full rate case in Minnesota, and are optimistic that we will reach a settlement before our April evidentiary hearing. Additionally, all of the gas utilities in Minnesota have a separate docket outstanding for the prudency of incremental gas costs resulting from last year's winter store. This is our only jurisdiction with an open prudency review.
Turning to the State of Texas. The Railroad Commission issued a financing order for the statewide securitization bonds. We expect that this will provide a 100% recovery of the $1.1 billion gas costs incurred during last year's winter storm, as well as carrying costs with the recovery spread over a longer time period to minimize bill impact for our customers. These bonds are expected to be issued before mid-2022.
Now turning to strategic transactions. As Dave mentioned, we are very proud of the effort of our employees for completing two major strategic transactions that position us as a purely regulated utility while recycling capital to efficiently fund our industry-leading growth. The closure of the Enable transaction in December is a great example of what the current CenterPoint team is capable of.
After closing the transaction, we completed the sales of a portion of our energy transfer securities and inclusive of the previously announced forward sale of common units, we have now sold approximately 70% of our interests in Energy Transfer, which includes half of the Energy Transfer Series G preferred units at 150 million common units for nearly $800 million of net after-tax proceeds, which were used to pay down parent-level debt. We expect that our remaining Energy Transfer position of 51 million common units and approximately $190 million of Series G preferred units will be sold well before our target timing of year-end 2022.
Turning to the Arkansas and Oklahoma LDC transaction, which closed in January. We received over $1.6 billion of net after-tax proceeds, including approximately $400 million related to the remaining outstanding incremental gas costs. A portion of those proceeds were used to pay down $300 million of CERC level debt to right-size our capital structure, and another $425 million of floating rate notes associated with the incremental gas costs from last year's winter storm. We plan to use the remaining proceeds to efficiently fund our industry-leading rate base growth.
At the CenterPoint parent level, we also paid down $500 million of CenterPoint senior notes, and reduced our commercial paper balance. These actions are in line with our goal to reduce parent-level debt to approximately 20% by year-end 2022. Our current liquidity remains strong at $2.9 billion, including available borrowings under our short-term credit facilities and unrestricted cash. In addition to the previously mentioned debt paydown associated with strategic transactions, we now have the order in place for the state-level securitization in Texas to recover our remaining $1.1 billion of gas costs from last year's winner storm. We plan to use the proceeds from the securitization to pay off the remaining balance of our floating rate short-term notes, and a portion of the fixed rate notes due September 2023. Our long-term FFO to debt objective remains between 14% and 15%, aligning with Moody's methodology, and is consistent with the expectations of the rating agencies.
Now with the statewide securitization in place, Moody's has revised CERC's outlook to stable. This now means that all of our rated entities have a stable outlook with all 3 agencies, underlying is significant credit supportive actions we have taken over the past 1.5 years. With the near-complete exit of midstream, we continue to engage with the agencies on our improved business risk profile and advocate for a lower downgrade threshold. We believe that these improvements in the balance sheet, coupled with our efficient recycling of capital, put us in the position of being able to offer industry-leading growth without the need for external equity. As we continue to express, we take our commitment to be good stewards of your investment very seriously, and realize our obligation to optimize stakeholder value.
And with that, we look forward to more of these shorter earnings calls in the future. I'll turn the call back over to Dave.
