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 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 reported earnings per share of $2.85 for 2022, down from $4.66 in 2021. Adjusted EPS increased to $2.89 from $2.65 year-over-year. The company announced an 11-cent increase in the annual dividend to $1.95 for 2023. Additionally, CMS Energy raised its 2023 adjusted earnings guidance to a range of $3.06 to $3.12 per share and reaffirmed long-term adjusted EPS growth of 6% to 8%. CEO Garrick Rochow highlighted the company's strong performance and commitment to customers and investors. A webcast discussing these results is scheduled for February 2 at 9:30 a.m. EST.
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.
Consumers Energy has invested $164 million to upgrade the South Oakland Macomb Network pipeline, enhancing the delivery of natural gas to nearly 2 million Michigan homes and businesses. This project, completed in late 2022, involved replacing almost 30 miles of old pipes and installing 17 miles of new infrastructure. The upgrades will enable faster and safer gas delivery while mitigating environmental impact. These efforts align with the company's long-term Natural Gas Delivery Plan and commitment to modernizing its operations.
Consumers Energy is launching an independent study in 2023 to assess the economic impact of its 13 river hydro facilities on local communities in Michigan. This initiative follows 2022 community engagement meetings. The study aims to inform decisions regarding the future of the dams, whose federal licenses will expire starting in 2034. Options under consideration include relicensing, selling, removing, or replacing the dams. Public Sector Consultants will conduct the study, focusing on the economic contributions of each facility to community recreational and tax bases.