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 announced a bold initiative to eliminate coal as a fuel source by 2025, significantly ahead of its previous schedule. This move positions the company as a leader in Michigan's clean energy transformation. The plan aims to utilize 90% clean energy by 2040 and develop 8,000 megawatts of solar energy. The closure of coal-fired units at the Campbell complex is projected to save customers up to $650 million by 2040.
Consumers Energy warns Michigan residents about ongoing energy scams, advising on how to recognize and report them. Scammers impersonate utility representatives, demanding immediate payments through specific methods like prepaid cards. Chris Bush, director of corporate security, emphasizes the importance of customer safety. Residents are urged to avoid sharing personal information and to verify identities of those claiming to be from Consumers Energy. The utility supplies energy to 6.8 million residents across Michigan.
CMS Energy (NYSE: CMS) announced the sale of its subsidiary, EnerBank USA, to Regions Bank for $960 million. The deal is expected to close in Q4 2021, pending regulatory approvals. CMS has reaffirmed its 2021 adjusted earnings guidance of $2.83 - $2.87 per share and introduced 2022 guidance of $2.85 - $2.87 per share, excluding EnerBank. The CEO highlighted that this transaction enhances CMS’s risk profile and reinforces its long-term growth prospects of 6 to 8 percent adjusted EPS growth. Proceeds will fund safety and reliability initiatives in clean energy transformation.
Consumers Energy has launched the PowerMIFleet program to assist Michigan businesses in transitioning to electric vehicles (EVs). The initiative allocates $3 million in rebates for charging infrastructure, aiming to promote carbon-free EV use. This program supplements the existing PowerMIDrive, which has provided over 800 rebates for charging stations in two years. Consumers Energy plans to establish 200 fast charging sites and over 2,000 chargers statewide in the next three years.
Consumers Energy is launching a new Summer Peak Rate effective June 1, allowing 1.6 million residential electric customers in Michigan to lower their energy bills. This initiative, part of the Clean Energy Plan, encourages households to shift energy use away from peak hours, from 2 to 7 p.m. weekdays. Customers may experience an increase of $2 per month or less, with potential savings from energy-efficient practices. The company aims to eliminate the need for new power plants by optimizing energy consumption.
CMS Energy has announced the retirement of Glenn Barba, vice president, controller, and chief accounting officer, effective September 1, 2021. Scott McIntosh, currently vice president of tax, will succeed him. Barba has been a key player at CMS for over two decades, significantly contributing to the company's solid financial performance. McIntosh has been with the company since 2004, managing various regulatory and tax matters. CMS Energy operates primarily through Consumers Energy and offers independent power generation services.
The Board of Directors of CMS Energy has announced a quarterly dividend of $1.125 per share on its preferred stock, which is payable on July 1, 2021. Shareholders of record as of June 7, 2021 will receive this payment. CMS Energy, based in Michigan, operates Consumers Energy, its principal subsidiary, alongside independent power generation businesses. This dividend declaration underscores the company's commitment to providing returns to its investors.
The Consumers Energy Foundation has awarded $500,000 to four environmental projects in Michigan, celebrating Earth Month. This funding is a part of its commitment to sustainability and clean energy, aiming for net-zero carbon emissions by 2040. The recipients include Huron Pines Resource Conservation Council, Au Sable Institute, Southwest Michigan Land Conservancy, and Bay Area Community Foundation, each receiving grants to enhance land, water, and air quality across the state. The Foundation's total grant budget for the year is $1.5 million, with more awards scheduled.
CMS Energy reported first-quarter earnings per share of $1.21 for 2021, up from $0.85 in 2020. Adjusted EPS also increased to $1.21 from $0.86 year-over-year. Customer investments and cost performance were key drivers of this growth. The company reaffirmed its 2021 guidance for adjusted earnings between $2.83 and $2.87 per share, reflecting a growth rate of 6% to 8%. CMS Energy is committed to a $13.2 billion investment plan focused on renewable energy and improving system safety and reliability.
On April 22, 2021, CMS Energy's Board of Directors declared a quarterly dividend of 43.50 cents per share on its common stock (CUSIP: 125896100). The dividend is payable on May 28, 2021, to shareholders of record as of May 7, 2021. CMS Energy, based in Michigan, operates primarily through Consumers Energy and also owns independent power generation businesses.