CMS Energy Corporation reports recurring developments across its Michigan energy business, with Consumers Energy as its principal utility subsidiary. Company news commonly covers earnings results and financial outlooks, common and preferred stock dividends, and updates tied to electric and natural gas service in Michigan.
Consumers Energy updates also include grid reliability, storm response technology, customer energy-efficiency and assistance programs, and regulatory discussions involving utility assets. CMS Energy also reports on its independent power generation businesses and capital-return actions involving listed common stock, preferred securities and depositary shares.
Consumers Energy is fulfilling its commitment to bury 10 miles of power lines in 2024 through its Reliability Roadmap. The company is currently working on projects in Allegan, Allendale, Hillsdale, and Saugatuck, investing $3.7 million in this pilot program. These efforts aim to strengthen the power grid and improve service reliability, even during severe storms.
As part of its long-term strategy, Consumers Energy plans to bury 1,000 miles of power lines within the next five years. This initiative is part of the company's goal to restore power to all customers within 24 hours after severe storms. The Reliability Roadmap also includes other tactics such as increased line clearing, new technology, and more durable iron poles.
Consumers Energy is Michigan's largest energy provider, serving 6.8 million residents across the state's Lower Peninsula.
Consumers Energy plans to break ground on Blackman Solar, a new 30-acre community solar array in Jackson County, Michigan, in spring 2025. The project, approved by Blackman Township, will generate electricity by the end of 2025 as part of the company's Solar Gardens program. Blackman Solar will include nearly 5,000 solar panels, generating up to 2.5 megawatts of renewable electricity for 2,500 future Solar Gardens customers.
This project will be Consumers Energy's fourth owned and operated community solar facility, expanding their MI Sunrise program for income-qualified customers. The company is committed to Michigan's clean energy future, planning to close its final three coal-burning units next summer and aiming to be carbon-neutral by 2040. Consumers Energy serves 6.8 million residents across Michigan's Lower Peninsula.
The cities of Grand Rapids and Kalamazoo have joined Consumers Energy's Renewable Energy Program (REP), marking a significant step towards their climate goals. The program allows customers to match 100% of their energy use with wind and solar power. This partnership supports Consumers Energy's Clean Energy Plan, which aims to eliminate coal by 2025 and achieve net-zero carbon emissions.
Kalamazoo aims to reduce carbon emissions to net-zero by 2050, while Grand Rapids plans to power all municipal operations with renewable energy by 2025. The REP already includes 3 dozen participants, including major corporations and the State of Michigan. In 2025, the program will expand to include residential and small business customers.
Consumers Energy has received approval from the Michigan Public Service Commission for an expanded customer-powered clean energy program. The new Renewable Energy Program, set to launch in 2025, will allow all customers to match 100% of their energy use with cost-effective wind and solar power. Key features include:
1. Removal of caps on utility-scale renewable energy programs
2. Opening large business program to residential and small business customers
3. Introduction of 'Green Giving', enabling subscribers to share clean energy benefits with others
This initiative aligns with Consumers Energy's Clean Energy Plan, which aims to eliminate coal by 2025, achieve net-zero carbon emissions, and meet 90% of customers' energy needs through clean sources.
Consumers Energy (CMS) is offering public tours of its J.H. Campbell Complex in West Michigan on September 21, 2024, marking the beginning of the end for its last coal-fired facility. The complex is scheduled to close by June 1, 2025, as part of the company's Clean Energy Plan to achieve a carbon-neutral energy grid by 2040. This closure will make Consumers Energy one of the first U.S. utility providers to eliminate coal burning.
The Campbell complex consists of three units built between 1962 and 1980. It's the last of 12 coal-fired units that Consumers Energy has been closing since 2016. The company is committed to a just transition for employees and plans to redevelop the site after demolition in 2026 or later. To replace Campbell's energy output, Consumers Energy purchased the Covert Generating Station and continues to develop clean energy projects, including wind farms and solar energy centers.
Consumers Energy (CMS) is promoting safe digging practices for National Safe Digging Day on August 11. Holly Bowers, VP of gas engineering and supply, emphasizes the importance of contacting 8-1-1 before any digging project, as it's both a safety measure and a legal requirement. Key tips include:
- Call MISS DIG (8-1-1) or visit MISSDIG811.org at least 3 business days before digging
- Avoid digging within 4 feet of marked lines
- Use hand tools near marked lines
The company also provides guidelines for dealing with natural gas leaks, including leaving the area immediately and calling 9-1-1 and 800-477-5050. MISS DIG has relocated to Lansing to expand its community education efforts on safe digging practices.
Consumers Energy, the principal subsidiary of CMS Energy, has declared a quarterly dividend on its preferred stock. The Board of Directors announced a $1.125 per share dividend on the $4.50 preferred stock (NYSE: CMS_pb), payable on October 1, 2024, to shareholders of record as of September 3, 2024. CMS Energy, traded on the NYSE under the ticker CMS, is a Michigan-based energy provider with Consumers Energy as its primary business. The company also operates independent power generation businesses. Investors can find additional dividend information, including tax status, in the Tax Information section of CMS Energy's website.
CMS Energy's Board of Directors has declared a quarterly dividend of $0.2625 per depositary share on its 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C. The dividend is payable on October 15, 2024, to shareholders of record as of October 1, 2024. The stock trades under the ticker CMS PRC on the NYSE. CMS Energy, headquartered in Michigan, primarily operates through its Consumers Energy business and also manages independent power generation ventures. Investors can find additional dividend information, including tax status, on the company's website at cmsenergy.com.
NorthStar Clean Energy and General Motors have launched Newport Solar, a 180 MW project in Arkansas designed to power GM facilities in the MISO territory. The project, one of the largest single-axis photovoltaic installations in Arkansas, will supply renewable electricity to GM's assembly plants in Michigan and Missouri. Set to produce approximately 410,000 megawatt-hours of renewable energy annually, it's equivalent to powering over 30,000 Arkansas homes.
Under a 15-year renewable energy purchase agreement, the project's impact is comparable to planting nearly 5 million trees. This collaboration is part of GM's strategy to reduce Scope 2 emissions globally and NorthStar's commitment to providing renewable energy solutions. The ribbon-cutting ceremony is scheduled for August 15, 2024.
CMS Energy reported Q2 2024 earnings per share of $0.65, down from $0.67 in Q2 2023. Adjusted EPS for Q2 2024 was $0.66, compared to $0.75 in Q2 2023. For the first half of 2024, reported EPS was $1.61, up from $1.36 in 2023, while adjusted EPS increased to $1.63 from $1.45. The company reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share and long-term adjusted EPS growth of 6 to 8 percent, with confidence towards the high end. CMS Energy's CEO, Garrick Rochow, highlighted the company's focus on electric and gas system investments to deliver value for customers, including the electric Reliability Roadmap, Natural Gas Delivery Plan, and Clean Energy Plan.