Feb 20 (Reuters) - Electricity and gas utility CenterPoint Energy said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners. The assets, which serve about 380,000 customers in Louisiana and Mississippi, include 12,000 miles of main pipelines.

"The sale will also enable us to redeploy approximately $1 billion of future capital expenditures intended for Louisiana and Mississippi into jurisdictions with less regulatory lag thereby enhancing the ongoing earnings power of the company," said President and CEO Jason Wells. (Reporting by Kabir Dweit in Bengaluru; Editing by Shinjini Ganguli)