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 has completed an upgrade to the Freedom Compressor Station in Michigan, investing $260 million as part of its $11 billion Natural Gas Delivery Plan. The installation of new, high-tech compressor units replaces outdated equipment, enhancing gas flow monitoring and efficiency to reduce emissions. Serving over 4 million customers, the station is essential for managing natural gas supply, especially during winter months when demand peaks. The upgrade aligns with Consumers Energy's commitment to a cleaner, more resilient natural gas future.
CMS Energy announces the retirement of Guy Packard, VP of Electric Operations, after 37 years, effective September 16. Chris Laird will succeed him, bringing extensive experience in electric operations. The company also introduces a new role, VP of Renewables Development, appointing David N. Hicks, effective September 21. Hicks has a strong background in renewable energy, having developed over 11,000 megawatts of clean energy projects. The company aims to expand its renewable portfolio significantly with a plan to add 8,000 megawatts of solar and 550 megawatts of battery storage by 2040.
Consumers Energy and the State of Michigan announced a 20-year agreement to power 1,274 government buildings exclusively with clean energy, marking a significant commitment to environmental sustainability. This initiative will generate approximately 68 megawatts of emission-free renewable energy, equating to the greenhouse gas emissions from over 20,000 cars. The plan supports Consumers Energy's Clean Energy Plan, aiming to close coal-fired plants by 2025 and achieve carbon neutrality by 2040. This partnership positions Michigan as a leader in clean energy transformation.
Consumers Energy has initiated a public feedback campaign concerning its 13 dams on five Michigan rivers. This initiative aims to gather opinions from local communities to inform future decisions as dam licenses expire between 2034 and 2041. The company has engaged Public Sector Consultants to facilitate surveys and community meetings from August to October 2022. Public input will guide operational strategies, emphasizing the significance of safety, regulatory compliance, and community impacts in their long-term planning.
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 October 15, 2022, to shareholders of record by October 1, 2022. CMS Energy, primarily operating through Consumers Energy, is based in Michigan and also holds independent power generation operations. This dividend signifies the company's commitment to returning value to its shareholders.
The Board of Directors of Consumers Energy, a subsidiary of CMS Energy, has declared a quarterly dividend of $1.125 per share on its $4.50 preferred stock (NYSE: CMS-PB). The dividend will be payable on October 1, 2022, to shareholders of record by the end of business on September 6, 2022. This declaration reflects the company's commitment to providing returns to its shareholders while continuing its operations in Michigan's energy sector.
CMS Energy reported a Q2 2022 EPS of $0.50, down from $0.61 in Q2 2021. Adjusted EPS for the quarter was $0.53, compared to $0.55 the previous year. For the first half of 2022, the company achieved $1.71 EPS, down from $1.82 in 2021, while adjusted EPS rose to $1.73 from $1.64. CMS reaffirmed its 2022 adjusted earnings guidance of $2.85 to $2.89 per share and long-term growth of 6-8%. The firm secured regulatory approvals for its natural gas rate case and plans to eliminate coal generation by 2025, enhancing its financial outlook.
The Board of Directors of CMS Energy has declared a quarterly dividend of 46 cents per share on its common stock. This dividend is payable on August 31, 2022, to shareholders of record on August 5, 2022. CMS Energy, based in Michigan, primarily operates through Consumers Energy and has interests in independent power generation businesses.
Consumers Energy has provided over 2,000 incentives for electric vehicle (EV) chargers at various locations in Michigan in less than three years. The number of EVs within the company's territory has surged 18% in the past quarter to over 18,000 vehicles. Additionally, the use of fast chargers has increased sixfold, reaching 18,000 sessions in the last year. Consumers Energy aims to power 1 million EVs by 2030 and is committed to transitioning to a carbon-neutral grid by 2040, as part of its comprehensive Clean Energy Plan.
CMS Energy will announce its 2022 second quarter results along with a business and financial outlook on July 28, 2022, at 9:30 a.m. EDT. A webcast of the presentation will be accessible through cmsenergy.com, with an audio replay available three hours post-event for 30 days. CMS Energy operates primarily through Consumers Energy and also has independent power generation businesses.