UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) June 23, 2022
Commission | Registrant; State of Incorporation; | IRS Employer | ||
File Number | Address; and Telephone Number | Identification No. | ||
1-9513 |
CMS ENERGY CORPORATION (A Michigan Corporation) |
38-2726431 | ||
1-5611 |
CONSUMERS ENERGY COMPANY (A
Michigan Corporation) |
38-0442310 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
CMS Energy Corporation Common Stock, $0.01 par value | CMS | New York Stock Exchange | ||
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 | CMSA | New York Stock Exchange | ||
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078 | CMSC | New York Stock Exchange | ||
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 | CMSD | New York Stock Exchange | ||
Cumulative Redeemable Perpetual Preferred Stock, Series C | ||||
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series | CMS-PB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company: CMS Energy Corporation ¨ Consumers Energy Company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
CMS Energy Corporation ¨ Consumers Energy Company ¨
Item 8.01. Other Matters.
On June 23, 2022, the Michigan Public Service Commission approved Consumers Energy Company’s (“Consumers”) integrated resource plan (“IRP”) settlement agreement with a diverse group of stakeholders. Consumers’ IRP provides a 20-year blueprint to meet Michigan’s energy needs while protecting the environment for future generations. This approval clears the way for Consumers, a wholly-owned subsidiary of CMS Energy Corporation (“CMS Energy”), to stop burning coal to generate electricity by 2025 15 years faster than previously planned and provide reliable electricity for Michigan. The News Release is attached as Exhibit 99 and is incorporated by reference herein.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Index | |
99 | Consumers News Release dated June 23, 2022 |
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
CMS ENERGY CORPORATION | ||
Dated: June 23, 2022 | By: | /s/ Rejji P. Hayes |
Rejji P. Hayes | ||
Executive Vice President and Chief Financial Officer | ||
CONSUMERS ENERGY COMPANY | ||
Dated: June 23, 2022 | By: | /s/ Rejji P. Hayes |
Rejji P. Hayes | ||
Executive Vice President and Chief Financial Officer |
Exhibit 99
Landmark
Plan to Accelerate End of Coal Era, Provide
Reliability and Protect Environment Earns Approval
JACKSON, Mich., June 23, 2022 – A key regulatory decision today cleared the way for Consumers Energy to stop burning coal to generate electricity by 2025 — 15 years faster than previously planned — and provide reliable electricity for Michigan.
The Michigan Public Service Commission (MPSC) approved Consumers Energy’s agreement with a diverse group of stakeholders on updates to its Clean Energy Plan, a 20-year blueprint to meet Michigan’s energy needs while protecting the environment for future generations.
A broad coalition of supporters for the plan includes customer groups, environmental organizations, MPSC staff, energy industry representatives and the Michigan Attorney General.
Consumers Energy is one of the first utilities in the nation to go coal-free.
“This is a historic moment in Michigan’s clean energy transformation journey,” said Garrick Rochow, President and CEO of Consumers Energy. “The Clean Energy Plan is a sea change that positions our company as a national leader and empowers us to deliver reliable energy while protecting the planet for decades to come.”
The updates to Consumers Energy’s Clean Energy Plan — first approved in 2019 — include:
● | COAL PLANT RETIREMENTS BY 2025: closes all three units at the J.H. Campbell coal plant in West Olive in 2025 in addition to two units at the D.E. Karn coal plant in 2023 (as per the 2018 Clean Energy Plan) and will be among the first utilities in the nation to go coal-free by 2025. |
● | SYSTEM RELIABILITY: ensures supply reliability through the purchase of the Covert Generating Station in Van Buren County, a natural gas-fired power plant. Additionally, we plan to purchase 700 megawatts of electric capacity — roughly the equivalent of a power plant — from a variety of sources through a one-time request for proposal (RFP). |
● | RISE OF SOLAR: continues the rapid transition to clean, renewable sources by adding nearly 8,000 megawatts (MW) of solar power by 2040 ensuring |
90 percent of our capacity comes from clean sources. Learn more at ConsumersEnergy.com/MiSolar | ||
● | BATTERY DEPLOYMENT: accelerates energy storage with a total of 75 MW of energy storage by 2027, achieving 550 MW by 2040. |
● | AFFORDABLE ENERGY: creates price stability and helps customers save an estimated $600 million dollars through 2040 compared to the current plan. Consumers Energy would also continue its successful energy waste reduction programs that have saved customers nearly $5 billion since 2009. In addition, the company has committed to continue to fund utility bill assistance programs for low-income customers. |
“Together, we’ve created the best Clean Energy Plan for Michigan,” Rochow said. “We’re building a dramatically different energy landscape in which customers won’t have to choose between protecting the planet and their pocketbooks. We will do both while making sure our state has the reliable power it needs.”
Consumers Energy, Michigan’s largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties.
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Media Contacts: Katie Carey, 517-740-1739, or Brian Wheeler, 517-740-1545
For more information about Consumers Energy, go to
www.ConsumersEnergy.com.
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