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Consumers Energy has donated a historic locomotive, previously used to supply coal to the J.H. Campbell coal plant, to the Friends of Coopersville and Marne Railway in West Olive, Michigan. This donation follows the company's commitment to transition to a coal-free operation by 2025, aiming for cleaner energy solutions. The locomotive, a Center Cab 125 Ton Switcher, was manufactured in 1979 and had the capacity to pull approximately 33 coal cars. Consumers Energy serves 6.7 million residents across Michigan and plans to incorporate nearly 8,000 MW of solar energy by 2040.
The Board of Directors of CMS Energy has declared a dividend of $0.2625 per depositary share on its 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C. This dividend is payable on April 15, 2023 to shareholders of record as of the close of business on April 1, 2023. CMS Energy, based in Michigan, operates Consumers Energy as its main business while also owning independent power generation facilities.
The Board of Directors of Consumers Energy, a subsidiary of CMS Energy (NYSE: CMS), declared a quarterly dividend of $1.125 per share on the $4.50 preferred stock (NYSE: CMS.PRB).
This dividend will be payable on April 1, 2023, to shareholders of record as of the close of business on March 6, 2023. CMS Energy, based in Michigan, operates independent power generation businesses alongside its utility services.
Consumers Energy reported a significant achievement in 2022, with nearly 20% fewer customer outages compared to the previous year. This improvement followed extensive upgrades to their electric grid, including the completion of over 2,000 electric projects. The company reduced the duration of outages by nearly half, restoring over 96% of outages in under 24 hours. Key investments included the trimming of vegetation along more miles of lines, the inspection of over 30,000 miles of lines, and the replacement of 10,000 poles with sturdier materials. These efforts are part of a broader $5.4 billion Electric Reliability Plan aimed at enhancing grid resilience in Michigan.
The Board of Directors of CMS Energy has announced an increase in the quarterly dividend for common stock to 48.75 cents per share, up from 46 cents. This adjustment, effective February 28, 2023, signifies a commitment to delivering strong financial performance. Based on a closing price of $63.19, the increase results in an annualized yield of 3 percent. CEO Garrick Rochow stated that this decision reflects the successful execution of the company’s strategy and their confidence in delivering consistent results for investors. The annualized dividend now stands at $1.95 per share.
CMS Energy has updated the tax status of its 2022 common stock dividends, originally announced on January 13, 2023. The dividend per share was set at 0.4600 with record dates on February 11, May 6, August 5, and November 4, 2022. All dividends paid in 2022 are classified as ordinary dividends, with 0.4324 designated as qualified dividends. Notably, 59% is categorized as a return of capital in multiple instances. Shareholders should consult tax advisors regarding their specific tax treatment. Additional details are available on the CMS Energy investor relations website.
Consumers Energy, based in Michigan, has announced a $25 million initiative to assist customers struggling with energy bills, consisting of $15 million in automatic bill credits for electric customers and $10 million targeted at low-income households. This contribution, approved by the Michigan Public Service Commission, highlights the company's commitment to supporting its customers, especially during the challenging winter months. Since the beginning of the previous year, Consumers Energy has provided over $37 million in aid for energy costs and basic needs.
Consumers Energy, based in Michigan, has announced a $25 million initiative to assist households and businesses struggling with energy bills. This contribution includes $15 million in automatic bill credits for electric customers and $10 million for financially vulnerable households, all approved by the Michigan Public Service Commission. Since the start of last year, the company has allocated over $37 million to help with energy bills. The automatic credits will be applied over the next 12 months, with no action required from customers. The initiative aims to alleviate challenges posed by inflation and rising energy costs.
CMS Energy, located in Michigan, announced the tax status of its 2022 common stock dividends on January 13, 2023. The dividends are allocated for U.S. federal income tax purposes, with a per-share dividend of $0.4600 for four payment dates. The record dates spanned from February 11, 2022, to November 4, 2022, with payment amounts varying between ordinary and capital gains. Notably, 59% of the dividends are classified as a return of capital. Shareholders are advised to consult tax advisors regarding their specific tax implications. For further details, visit www.cmsenergy.com.
CMS Energy will reveal its 2022 year-end results along with a business and financial outlook on February 2, 2023, at 9:30 a.m. EST. A webcast of the event will be available on its website, with an audio replay accessible after three hours, archived for 30 days.
CMS Energy operates in Michigan, primarily through Consumers Energy, and is listed on the NYSE under the symbol CMS. For more details, visit cmsenergy.com.
