CMS Energy

Last updated
CMS Energy Corporation
Company type Public
Industry Energy
Founded1886;138 years ago (1886)
Headquarters Jackson, Michigan, U.S.
Area served
United States
Key people
Garrick Rochow (President & CEO)
Rejji Hayes (CFO) [1]
Products
RevenueDecrease2.svg US$7.46 billion (2023)
Increase2.svg US$1.24 billion (2023)
Increase2.svg US$887 million (2023)
Total assets Increase2.svg US$33.5 billion (2023)
Total equity Increase2.svg US$7.54 billion (2023)
Number of employees
8,356 (2023)
Subsidiaries Consumers Energy
Website cmsenergy.com
Footnotes /references
[2]
One Energy Plaza (Jackson, Michigan) One Energy Plaza (Jackson, Michigan).jpg
One Energy Plaza (Jackson, Michigan)

CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. [3] Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. [4] [5] Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886. [6]

Contents

CMS Enterprises' primary businesses are independent power production and natural gas transmission. [7]

History

CMS Energy was formed in 1987 as a holding company with its principal subsidiaries as Consumers Energy and CMS Enterprises. [8] On October 23, 1987, CMS Energy became a publicly owned company and was listed at the New York Stock Exchange. The company's history dates back to 1886, when William Augustine Foote and Samuel Jarvis initially approached Jackson, Michigan officials and asked them to support efforts to illuminate Jackson's downtown with electric arc lights. They formed a company, Jackson Electric Light Works in 1888. In 1889, they built a hydro plant project at the Trowbridge Dam on the Kalamazoo River. [9] Foote, after seeing some early success, began consolidating his small power companies and formed Commonwealth Power Company. [6]

In 1907, Foote and Jarvis built Croton Hydro project on the Muskegon River, [10] the first project in the world that could transmit 110,000 volts of electricity. [11] In 1920, Foote and Jarvis offered preferred shares of their company to the public to secure sufficient financing to enter other energy and power generation sectors. [12] [13] Over the next decades the company built several coal-fired, natural gas, nuclear and electric facilities. In 1946, the company formed a strategic partnership with Panhandle Company to convert former natural gas fields to underground natural gas storage areas. [14] CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock Point in Charlevoix, Michigan. [15] [16]

The company announced another nuclear plant, Palisades Nuclear Generating Station on Lake Michigan, [17] [18] which first produced electricity in December, 1971 to serve 400,000 people a day. CMS Energy owned the plant until 2006, when it was sold to Entergy. [19] It then announced a gas reforming plant to furnish heat for Michigan homes in 1971. [20] This plant was the first of its kind in North America to produce synthetic gas, converting impure liquid petroleum into pipeline-quality natural gas. [21]

In 1987, CMS Energy, a holding company with its principal subsidiaries as Consumers Power and CMS Enterprises was formed. Consumers Power was rebranded Consumers Energy in 1997. The firm was one of the first companies to introduce an online billing system in the late 1990s. [22]

In 2001, the firm entered into an exploration agreement with Eritrea for oil exploration in the Dismin Block of the Red Sea. [23]

In 2003, the firm moved its headquarters to One Energy Plaza in Jackson, Michigan. In 2007, the company announced plans to invest $6 billion in Michigan's energy future to support new power plant technology and identify new energy sources.[ citation needed ] In 2014, Consumers Energy opened Cross Winds Energy Park in Michigan's Tuscola County and signed a contract with General Electric to supply 621.79-kilowatt wind turbine engines for the project which has a total generating capacity of 105 megawatts. [24]

Sustainability and Environment

In 2015, 9 percent of CMS Energy's power comes from renewable energy sources. [25] Primary CMS Energy subsidiary Consumers Energy joined the Wildlife Habitat Council as an active member. [26] By 2007, all power facilities received the Clean Corporate Citizen award from the Michigan Department of Environmental Quality. [27] [28]

Awards

Consumers Energy, CMS Energy's primary subsidiary, was named Energy Star Partner of the Year in 2014 and 2015 for excellence in sustainable energy efficiency programs. In 2014, Consumers Energy was ranked among the top 15 most sustainable energy providers. Later that year, CMS Energy received Edison Electric Institute's Index Award for top cumulative shareholder return in the small cap category. [29] The firm received the 2015 Emergency Recovery Award [30] for its electricity restoration efforts during the December 2013 North American storm complex. [31]

Criticism

In December 2011, the non-partisan organization Public Campaign criticized CMS Energy for spending $3.48 million on lobbying and not paying any taxes during 2008-2010, instead getting $29 million in tax rebates, despite making a profit of $415 million, and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives. [32]

Philanthropy

CMS Energy has helped establish and finance numerous research, educational and cultural institutes in the United States. Consumers Energy was given the William Booth Award in 2013 by The Salvation Army in recognition of its long history of philanthropic activities and leadership for the PeopleCare assistance program. [33]

CMS Energy participates in internship and cooperative education programs to build career opportunities in Michigan. Consumers Energy has also worked on early childhood development and education in Michigan and has also received Wildlife Habitat Council (WHC) compliant certificates for its efforts to promote environmental education. [34]

See also

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References

  1. ↑ "Leadership". Archived from the original on 10 July 2015. Retrieved 9 July 2015.
  2. ↑ "CMS Energy 2023 Annual Report". U.S. Securities and Exchange Commission. 8 February 2024. Retrieved 28 March 2024.
  3. ↑ Bruce Corning (30 June 2015). "SunTrust Robinson Humphrey Rating Update on CMS Energy Corporation (NYSE:CMS)" . Retrieved 9 July 2015.
  4. ↑ "Ally Financial Larger Than S&P 500 Component CMS Energy". Forbes . Retrieved 9 July 2015.
  5. ↑ Tarryl Jackson (7 May 2012). "CMS Energy brought in $6.5 billion in revenue in 2011, making this year's Fortune 500 list". Mlive. Retrieved 9 July 2015.
  6. 1 2 "The world's 10 longest running energy utility companies". 29 April 2015. Retrieved 9 July 2015.
  7. ↑ "CMS Energy Corp (CMS)". Reuters. Retrieved 9 July 2015.
  8. ↑ "CMS Energy Corporation Stock Quote & Summary Data". Nasdaq . Retrieved 9 July 2015.
  9. ↑ "Congratulating Consumers Energy Company On Its 125th Anniversary". Gpo.gov . Retrieved 9 July 2015.
  10. ↑ "Croton: Providing Electricity for a Century". 1 November 2007. Retrieved 9 July 2015.
  11. ↑ Jeff Alexander. "Historic Croton Dam changed West Michigan". Muskegon Chronicle. Archived from the original on 2007-09-30. Retrieved 9 July 2015.
  12. ↑ "X's Profiting Partnership .Where Your Savings Earn And Grow". The Owosso Argus-Press. 26 January 1931. Retrieved 9 July 2015.
  13. ↑ "Consumers Power Co. - Company Profile, Information, Business Description, History, Background Information on Consumers Power Co" . Retrieved 9 July 2015.
  14. ↑ "Worrying .About Debts?". The Owosso Argus-Press. 14 April 1948. Retrieved 9 July 2015.
  15. ↑ "Consumers Power May Close Big Rock Plant ". The Argus-Press. 7 January 1983. Retrieved 9 July 2015.
  16. ↑ "Going Out in Style: Big Rock Point Retires after 35 Years". VQK Communications. Archived from the original on 2006-05-10. Retrieved 23 April 2006.
  17. ↑ "Palisades Power Plant". Archived from the original on 10 July 2015. Retrieved 9 July 2015.
  18. ↑ "Consumers To Dedicate New Generating Plant ". The Owosso Argus-Press. 20 September 1963. Retrieved 9 July 2015.
  19. ↑ Julie Mack (27 August 2014). "Palisades owner Entergy bet on future of nuclear power -- and it has proven a gamble" . Retrieved 9 July 2015.
  20. ↑ "Nuclear Plant Is Operating". The Owosso Argus-Press. 4 January 1972. Retrieved 9 July 2015.
  21. ↑ "Consumers Power Is Building First Gas Reforming Plant ". The Argus-Press. 10 January 1973. Retrieved 9 July 2015.
  22. ↑ "Documenting History in the Making". Smithsonian Institution. Retrieved 9 July 2015.
  23. ↑ "Eritrea has Petroleum Oil and Gas". Madote. Retrieved 9 July 2015.
  24. ↑ "Ribbon-cutting planned for Cross Winds Energy Park". The Washington Times . 28 October 2014. Retrieved 9 July 2015.
  25. ↑ "CEO expects Michigan to expand renewable standard in 2015". 28 April 2014. Retrieved 9 July 2015.
  26. ↑ "Two Consumers Energy Generating Facilities Receive International Recognition from Wildlife Habitat Council". 15 December 2014. Retrieved 9 July 2015.
  27. ↑ "ENVIRONMENT". Archived from the original on 10 July 2015. Retrieved 9 July 2015.
  28. ↑ "CMS Energy Hikes Dividend". Nasdaq . Retrieved 9 July 2015.
  29. ↑ "EEI Financial Conference" (PDF). Retrieved 9 July 2015.
  30. ↑ "CMS Energy Announces First Quarter Earnings of $0.73 Per Share, Reaffirms Adjusted Earnings Guidance of $1.86 to $1.89 Per Share" . Retrieved 9 July 2015.
  31. ↑ "Ice storm effects linger as tens of thousands still in dark" . Retrieved 9 July 2015.
  32. ↑ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010". International Business Times. Archived from the original on 7 January 2012. Retrieved 26 December 2011.
  33. ↑ "Salvation Army PeopleCare program" . Retrieved 9 July 2015.
  34. ↑ "Consumers Energy Employee Receives Michigan Gatekeeper of the Year Award". Boston.com. 29 June 2015. Retrieved 9 July 2015.
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