Table of Contents
Table of Contents 2
List of Tables 7
Company Snapshot 8
Key Information 8
Company Overview 8
SWOT Snapshot 8
Operational Metrics 9
CMS Energy Corp, Operational Metrics, By Capacity 9
CMS Energy Corp, Operational Metrics, By Generation 9
CMS Energy Corp, Operational Metrics, By Distribution 9
CMS Energy Corp, Operational Metrics, By Customers 10
CMS Energy Corp, Operational Metrics, By Segmental Information 10
CMS Energy Corp, Operational Metrics, By Sales 10
CMS Energy Corp, Wind Farms 11
CMS Energy Corp, Wind Farms, United States 11
CMS Energy Corp, Solar PV Parks 13
CMS Energy Corp, Solar PV Parks, United States 13
CMS Energy Corp, Hydro Power Plants 14
CMS Energy Corp, Hydro Power Plants, United States 14
CMS Energy Corp, Biopower Plants 15
CMS Energy Corp, Biopower Plants, United States 15
CMS Energy Corp, Thermal Power Plants 16
CMS Energy Corp, Thermal Power Plants, United States 16
CMS Energy Corp, Commercial Reactors 18
CMS Energy Corp, Commercial Reactors, United States 18
Business Description 19
Business Overview 19
Electric Utility 19
Overview 19
Capital Expenditure 19
Enterprises 19
Overview 19
Capital Expenditure 19
Gas Utility 19
Overview 19
Capital Expenditure 19
Other Reconciling 19
Overview 19
Capital Expenditure 20
Major Products and Services 21
History 22
SWOT Analysis 24
Overview 24
CMS Energy Corp Strengths 24
Midstream Operations 24
Business Performance: Electric Utility 24
Integrated Electric Operations 24
CMS Energy Corp Weaknesses 25
Working Capital Deficit 25
CMS Energy Corp Opportunities 25
Increase in Demand for Electricity: the US 25
Business Expansions 25
Initiatives for Greenhouse Gas Reduction 25
CMS Energy Corp Threats 25
Dodd-Frank Act 25
Operational Issues 26
Environmental Laws and Regulations 26
Financial Ratios – Capital Market Ratios 27
Financial Ratios – Annual Ratios 27
Financial Ratios – Interim Ratios 29
Key Employees 30
Key Employee Biographies 32
Company Statement 34
Locations And Subsidiaries 36
Head Office 36
Other Locations & Subsidiaries 36
Financial Deals Landscape 38
CMS Energy Corp, Deals Summary 38
CMS Energy Corp, Power, Deal Details 39
Asset Transactions 39
CMS Enterprises Completes Acquisition of Northwest Ohio Wind Project in Ohio, US from Starwood Energy Group Global 39
Consumers Energy to Acquire Gratiot Farms Wind Project in Michigan, US from Tradewind Energy 40
CMS Enterprises to Acquire Delta Solar Power Project in Michigan, US from groSolar 41
Consumers Energy Invests USD90 Million in Cross Winds Energy Park Phase II in Michigan, US 42
Partnerships 43
SunPower Forms Partnership with Consumers Energy 43
Debt Offering 44
Consumers Energy Raises USD550 Million in Public offering of 4.05% Bonds Due 2048 44
Consumers Energy Raises USD350 Million in Public Offering of 3.95% Bonds Due 2047 46
CMS Energy Raises USD350 Million in Public Offering of 3.45% Notes Due 2027 48
Consumers Energy Raises USD450 Million in Public Offering of 3.25% Bonds Due 2046 50
CMS Energy Raises USD250 Million in Public Offering of 3.6% Notes Due 2025 52
Consumers Energy Raises USD250 Million in Public Offering of 4.1% Bonds Due 2045 54
Consumers Energy Raises USD250 Million in Public Offering of 3.125% Bonds Due 2024 56
Consumers Energy Raises USD250 Million in Public Offering of 4.35% Bonds Due 2064 58
CMS Energy Completes Public Offering Of 3.875% Notes Due 2024 For US$250 Million 60
CMS Energy Completes Public Offering Of 4.875% Notes Due 2044 For US$300 Million 62
Consumers Energy Completes Public Offering Of 3.95% Bonds Due 2043 For US$425 Million 64
CMS Energy Completes Public Offering Of 4.7% Senior Notes Due 2042 For US$250 Million 66
Consumers Energy Completes Public Offering Of 2.85% First Mortgage Bonds Due 2022 For US$375 Million 67
CMS Energy Completes Public Offering Of 5.05% Senior Notes Due 2022 For US$300 Million 68
Recent Developments 70
CMS Energy Corp – Recent Developments 70
Jul 08, 2011: Consumers Energy Receives Approval For 100 MW Lake Winds Energy Park 70
Dec 08, 2016: Palisades Power Purchase Agreement to End Early 70
Apr 26, 2018: CMS Energy Announces First Quarter Earnings of $0.86 Per Share; Reaffirms 2018 Guidance 71
Feb 14, 2018: CMS Energy Delivers Its 15th Year Of Strong Operational And Financial Results; Raises 2018 Guidance 72
Oct 26, 2017: CMS Energy Announces Third Quarter Earnings Of $0.61 Per Share, Or $0.62 Per Share On An Adjusted Basis; Raises 2017 Adjusted Earnings Guidance, And Introduces 2018 Adjusted Earnings Guidance 72
Jul 28, 2017: CMS Energy Announces Second Quarter Earnings Of $0.33 Per Share; Reaffirms 2017 Adjusted Earnings Guidance 73
May 01, 2017: CMS Energy Announces First Quarter Earnings Of $0.71 Per Share; Reaffirms 2017 Earnings Guidance 73
Feb 02, 2017: CMS Energy reports lower Q4 net income, raises guidance for 2017 74
Apr 28, 2016: CMS Energy Announces First Quarter Earnings Of $0.59 Per Share, Reaffirms 2016 Earnings Guidance Of $1.99 To $2.02 Per Share 74
Feb 04, 2016: CMS Energy Announces 2015 Earnings Of $1.89 Per Share; Raises 2016 Earnings Outlook To A Range Of $1.99 To $2.02 Per Share 75
Oct 29, 2015: CMS Energy Announces Third Quarter Earnings Of $0.53 Per Share; Raises Low End Of Adjusted Earnings Guidance To $1.87 To $1.89 Per Share 76
Jul 23, 2015: CMS Energy Announces Second Quarter Earnings Of $0.25 Per Share, Reaffirms Adjusted Earnings Guidance Of $1.86 To $1.89 Per Share 76
Apr 23, 2015: CMS Energy Announces First Quarter Earnings of $0.73 Per Share, Reaffirms Adjusted Earnings Guidance of $1.86 to $1.89 Per Share 77
Jan 29, 2015: CMS Energy Announces 2014 Adjusted Earnings Of $1.77 Per Share; Raising 2015 Adjusted Earnings Guidance To $1.86 To $1.89 Per Share, Up 5% To 7% 78
Jan 22, 2015: CMS Energy’s Board Of Directors Increases Quarterly Dividend On Common Stock By 7.4 Percent, To 29 Cents Per Share 79
Jan 21, 2015: CMS Energy to Announce Fourth Quarter, Full-Year Results, and 2015 Earnings Guidance, on Jan. 29 79
Nov 06, 2014: CMS Energy Chief Financial Officer To Present Business Outlook At Edison Electric Institute Financial Conference 79
Oct 23, 2014: CMS Energy Announces Third Quarter Earnings of $0.34 Per Share; Continues High End Adjusted Earnings Guidance of $1.76 to $1.78 Per Share — Up 6%-7% 79
Oct 23, 2014: CMS Energy Announces Third Quarter Earnings of $0.34 Per Share; Continues High End Adjusted Earnings Guidance of $1.76 to $1.78 Per Share 80
Oct 17, 2014: CMS Energy’s Board Of Directors Declares Quarterly Dividend On Common Stock 81
Aug 08, 2014: CMS Energy’s Utility Unit, Consumers Energy, Declares Quarterly Dividend On Preferred Stock 81
Jul 24, 2014: CMS Energy Announces Second Quarter Earnings of $0.30 Per Share 81
Jul 14, 2014: CMS Energy’s Board Of Directors Declares Quarterly Dividend On Common Stock July 14, 2014 82
Apr 24, 2014: CMS Energy Announces First Quarter Earnings of $0.75 Per Share and Reaffirms Adjusted Earnings Guidance of $1.74 to $1.78 Per Share 82
Apr 24, 2014: CMS Energy Announces First Quarter Earnings of $0.75 Per Share and Reaffirms Adjusted Earnings Guidance of $1.74 to $1.78 Per Share 83
Apr 14, 2014: CMS Energy’s Board of Directors Declares Quarterly Dividend on Common Stock 83
Feb 14, 2014: CMS Energy’s Utility Unit, Consumers Energy, Declares Quarterly Dividend On Preferred Stock 83
Jan 30, 2014: CMS Energy Announces 2013 Earnings Of $1.66 Per Share, Up 7%; Raises 2014 Adjusted Earnings Guidance To $1.74 To $1.78 Per Share, Up 5% To 7% 84
Jan 23, 2014: CMS Energy’s Board of Directors Increases Quarterly Dividend On Common Stock By 6 Percent, To 27 Cents Per Share 85
Nov 15, 2013: CMS Energy’s Utility Unit, Consumers Energy, Declares Quarterly Dividend On Preferred Stock 85
Oct 23, 2013: CMS Energy Announces Third Quarter Earnings Of $0.46 Per Share; Oct. 24 Analyst Day To Be Webcast At 3 pm 85
Oct 21, 2013: CMS Energy’s Board of Directors Declares Quarterly Dividend on Common Stock 85
Oct 17, 2013: CMS Energy To Provide Business And Financial On October 24 86
Jul 25, 2013: CMS Energy Reaffirms Adjusted Earnings Guidance Of $1.63 To $1.66 Per Share; Accelerates Cost Reductions To Avoid Electric And Gas Base Rate 86
Apr 25, 2013: CMS Energy Reports Revenue Of $2 Billion In Q1 2013 86
Feb 21, 2013: CMS Energy Reports Revenue Of $6.3 Billion In 2012 87
Oct 25, 2012: CMS Energy Reports Revenue Of $1.5 Billion In Q3 2012 88
Jul 26, 2012: CMS Energy Reports Revenue Of $1.3 Billion In Q2 2012 89
Apr 26, 2012: CMS Energy Reports Revenue Of $1.7 Billion In Q1 2012 89
Feb 23, 2012: CMS Energy Reports Revenue Of $6.5 Billion In 2011 90
Oct 27, 2011: CMS Energy Reports Revenue Of $1.5 Billion In Q3 2011 91
Jul 28, 2011: CMS Energy Reports Revenue Of $1.4 Billion In Q2 2011 91
Apr 28, 2011: CMS Energy Reports Operating Revenues Of $2.05 Billion In Q1 2011 92
Feb 24, 2011: CMS Energy Reports Operating Revenue Of $6.4 Billion In 2010 93
Oct 28, 2010: CMS Energy Reports Net Income Of $146 Million For Q3 2010 93
Jul 28, 2010: CMS Energy Reports Net Income Of $82 Million In Q2 2010 93
Apr 23, 2010: CMS Energy Reports Operating Revenues Of $1.9 Billion In Q1 2010 94
Mar 01, 2010: CMS Energy Reports Net Income Of $240 Million In 2009 94
Oct 30, 2009: CMS Energy Reports Net Income Of $81 Million In Q3 2009 95
Jul 31, 2009: CMS Energy Reports Net Income Of $79 Million In Q2 2009 95
Apr 30, 2009: CMS Energy Posts Net Income Of $69 Million In Q1 2009 96
Feb 25, 2009: CMS Energy Reports 2008 Results 96
Feb 23, 2009: Consumers Energy Declares Quarterly Dividends 97
Jan 23, 2009: CMS Energy Declares Quarterly Dividends 97
Oct 24, 2008: CMS Energy Declares Quarterly Dividends 97
Aug 07, 2008: CMS Energy Declares Quarterly Dividends 97
Aug 05, 2008: CMS Energy Reports 2Q 2008 Results 97
Jul 25, 2008: CMS Energy Declares Quarterly Dividends 98
May 16, 2008: Consumers Energy Declares Quarterly Dividends 98
May 05, 2008: CMS Energy Declares Q1 2008 Results 98
Apr 25, 2008: CMS Energy Declares Quarterly Dividends 99
Feb 22, 2008: CMS Energy Declares Quarterly Dividends 99
Feb 21, 2008: CMS Energy Reports 2007 Results 99
Nov 16, 2007: CMS Energy Declares Quarterly Dividends 100
Nov 01, 2007: CMS Energy Reports 3Q 2007 Results 100
Aug 10, 2007: CMS Energy Declares Quarterly Dividends 100
Aug 01, 2007: CMS Energy Reports 2Q 2007 Results 101
May 03, 2007: CMS Energy Declares 1Q 2007 Results 101
Apr 24, 2007: CMS Energy Declares Quarterly Dividends 102
Aug 31, 2018: CMS Energy : Consumers Energy working non-stop to restore power following unusual, damaging weather 102
Mar 01, 2018: Two coal-heavy utilities will disclose climate risks after faith-based shareholder pressure 102
Feb 20, 2018: Consumers Energy Announces Clean Energy Breakthrough Goal: 80 Percent Reduction in Carbon Emissions, Zero Coal by 2040 102
Aug 01, 2017: groSolar, CMS Energy start operations of 3.4MW solar project in Wisconsin 103
Jun 29, 2017: CMS Energy and Consumers Energy Name JF Brossoit as Senior Vice President of Transformation, Operations Support and Engineering; Dan Malone to Retire Nov. 1 103
May 22, 2017: CMS Energy and Consumers Energy Names Brandon Hofmeister, David Mengebier, and Lauren Youngdahl Snyder to New Leadership Positions effective July 1 104
May 22, 2017: CMS Energy: Consumers Energy Investing Nearly $440 Million To Enhance Safety, Reliability Of Natural Gas System 104
May 15, 2017: Consumers Energy Proposes Program to Help Large Michigan Businesses Use 100 Percent Renewable Energy 106
May 01, 2017: CMS Energy and Consumers Energy Executive Vice President and Chief Financial Officer Tom Webb Named Vice Chairman; Rejj 106
Feb 23, 2017: CMS Energy Announces Leadership Changes Focused on World-Class Performance, Workforce 107
Nov 17, 2016: CMS Energy Names Jean-Francois Brossoit as Vice President of Transformation and Shared Services 107
Aug 09, 2016: CMS Energy Strengthens Senior Leadership Team 107
Jan 26, 2016: CMS Energy And Consumers Energy President And CEO John Russell To Retire; Patti Poppe Named President And CEO 108
Jan 21, 2016: CMS Energy Announces New Chief Compliance Officer 108
Jul 15, 2015: John G. Sznewajs, Vice President, Treasurer And Chief Financial Officer Of Masco, Joins CMS Energy And Consumers Energy Boards Of Directors 109
Jul 15, 2015: John G. Sznewajs, Vice President, Treasurer And Chief Financial Officer Of Masco Corporation, Joins CMS Energy And Consumers Energy Boards Of Directors 109
May 26, 2015: Consumers Energy Commits Nearly $200 Million Toward Natural Gas Line Safety, Reliability; Creates Michigan Jobs 110
May 22, 2015: Consumers Energy Provides Nearly 500,000 Upgraded Meters to Improve Electric Service in Michigan 111
Jan 22, 2015: Myrna M. Soto, Senior Vice President Of Comcast And Deborah H. Butler, Executive Vice President Of Norfolk Southern Join CMS Energy And Consumers Energy Boards Of Directors 111
Jan 22, 2015: Myrna M. Soto, Senior Vice President of Comcast Corp., and Deborah H. Butler, Executive Vice President of Norfolk Southern Corp., Join CMS Energy and Consumers Energy Boards of Directors 112
Dec 17, 2014: CMS Energy Names Annette Gardiner as Vice President of Shared Services 112
Oct 13, 2014: Consumers Energy Maximizing Underground Natural Gas Storage to Benefit Michigan Residents 113
Sep 16, 2014: U.S. Settlement with Michigan Utility to Reduce Emissions at Its Coal-Fired Power Plants, Fund Projects to Benefit Environment and Communities 113
Aug 27, 2014: CMS Energy’s Chief Financial Officer To Present Company Overview At Barclays Capital CEO Energy/Power Conference 114
Jun 30, 2014: Consumers Energy Invests in New Technologies to Deliver Reliable Electricity 114
May 12, 2014: Consumers Energy Teams Up with Food Banks to Distribute 85,000 Energy-Efficient Light Bulbs to Michigan Families 115
Apr 29, 2014: CMS Energy Names Brian Rich as Vice President and Chief Information Officer 115
Apr 04, 2014: CMS Energy Announces Nominees For Board of Directors 116
Nov 15, 2013: Kurt L. Darrow, Chairman, President And CEO Of La-Z-Boy Inc., Joins CMS Energy And Consumers Energy Boards Of Directors 116
Nov 05, 2013: CMS Energy Chief Executive Officer To Present Business Outlook At Edison Electric Institute Financial Conference 116
Oct 15, 2013: Consumers Energy Drops Natural Gas Costs By 44 Percent Over Past Five Years – Customer Savings Of $50 This Winter 116
Oct 01, 2013: CMS Energy Announces Legal Department Changes 117
Jul 26, 2013: Consumers Energy Dedicates $175 Million Natural Gas System Upgrade At Ray Compressor Station 117
Oct 13, 2011: CFTP Urges US Congress To Review Deficiencies In FERC’s Order 1000 118
Aug 22, 2011: CFTP Files Request With FERC For Rehearing Over Order No. 1000 118
May 20, 2011: CMS Energy Announces Board Of Directors Re-Election 119
May 21, 2010: CMS Energy Announces Changes In Board 119
Mar 24, 2010: CMS Energy Announces Management Changes 119
Mar 01, 2010: Diverse Group Of Electric Utilities Launch Coalition For Fair Transmission Policy 120
Nov 19, 2009: CMS Land Applies For Permit To Treat And Release Water Collected At East Park 121
Jul 01, 2009: CMS Energy Elects Stephen E. Ewing As Board Member 121
May 19, 2009: Consumers Energy Integrates Telvent’s Smart Grid OMS Responder With AMI Technology 122
May 19, 2008: CMS Energy Appoints Executive Director, Federal Affairs 122
May 25, 2001: CMS Energy Announces First Lifting Of Methanol In Equatorial Guinea 123
Oct 11, 1999: CMS Oil And Gas Announces Significant Development Well In Ecuador 123
Appendix 124
Report Scope 124
GlobalData Coverage 124
Benchmarking 124
GlobalData’s Methodology 124
Secondary Research 124
Primary Research 125
Contact Us 125
Disclaimer 125
CMS Energy Corp, Key Facts 8
CMS Energy Corp, Operational Metrics, Capacity 9
CMS Energy Corp, Operational Metrics, Generation 9
CMS Energy Corp, Operational Metrics, Distribution 9
CMS Energy Corp, Operational Metrics, Customers 10
CMS Energy Corp, Operational Metrics, Segmental Information 10
CMS Energy Corp, Operational Metrics, Sales 10
CMS Energy Corp, Wind Farms, United States 11
CMS Energy Corp, Solar PV Parks, United States 13
CMS Energy Corp, Hydro Power Plants, United States 14
CMS Energy Corp, Biopower Plants, United States 15
CMS Energy Corp, Thermal Power Plants, United States 16
CMS Energy Corp, Commercial Reactors, United States 18
Major Products and Services 21
CMS Energy Corp, SWOT Analysis 24
CMS Energy Corp, Ratios based on current share price 27
CMS Energy Corp, Annual Ratios 27
CMS Energy Corp, Interim Ratios 29
CMS Energy Corp, Key Employees 30
CMS Energy Corp, Subsidiaries 36
CMS Energy Corp, Deals Summary 38
CMS Enterprises Completes Acquisition of Northwest Ohio Wind Project in Ohio, US from Starwood Energy Group Global 39
Consumers Energy to Acquire Gratiot Farms Wind Project in Michigan, US from Tradewind Energy 40
CMS Enterprises to Acquire Delta Solar Power Project in Michigan, US from groSolar 41
Consumers Energy Invests USD90 Million in Cross Winds Energy Park Phase II in Michigan, US 42
SunPower Forms Partnership with Consumers Energy 43
Consumers Energy Raises USD550 Million in Public offering of 4.05% Bonds Due 2048 44
Consumers Energy Raises USD350 Million in Public Offering of 3.95% Bonds Due 2047 46
CMS Energy Raises USD350 Million in Public Offering of 3.45% Notes Due 2027 48
Consumers Energy Raises USD450 Million in Public Offering of 3.25% Bonds Due 2046 50
CMS Energy Raises USD250 Million in Public Offering of 3.6% Notes Due 2025 52
Consumers Energy Raises USD250 Million in Public Offering of 4.1% Bonds Due 2045 54
Consumers Energy Raises USD250 Million in Public Offering of 3.125% Bonds Due 2024 56
Consumers Energy Raises USD250 Million in Public Offering of 4.35% Bonds Due 2064 58
CMS Energy Completes Public Offering Of 3.875% Notes Due 2024 For US$250 Million 60
CMS Energy Completes Public Offering Of 4.875% Notes Due 2044 For US$300 Million 62
Consumers Energy Completes Public Offering Of 3.95% Bonds Due 2043 For US$425 Million 64
CMS Energy Completes Public Offering Of 4.7% Senior Notes Due 2042 For US$250 Million 66
Consumers Energy Completes Public Offering Of 2.85% First Mortgage Bonds Due 2022 For US$375 Million 67
CMS Energy Completes Public Offering Of 5.05% Senior Notes Due 2022 For US$300 Million 68
