Thu, Jul 25, 2:55 PM (44 days ago)
CMS Energy and Consumers Energy's Form 10-Q for the quarter ended June 30, 2024, highlights key financial metrics and operational updates. CMS Energy reported a net income available to common stockholders of $480 million for the first half of 2024, up from $397 million in the same period in 2023, driven by rate increases and higher earnings at NorthStar Clean Energy. Quarterly net income remained flat at $195 million. The electric utility segment saw a $23 million increase in quarterly net income, while the gas utility's quarterly net income dropped by $8 million. Cash flow from operations was $1.66 billion, down from $1.71 billion year-over-year, primarily due to lower collections and gas prices. Capital expenditures were $1.29 billion, and proceeds from the sale of the ASP business provided $124 million. The company expects stable electric and gas deliveries over the next five years, with significant planned investments in infrastructure and clean energy. Regulatory developments include a $325 million electric rate increase request and a $35 million gas rate increase approval. The company remains committed to its "triple bottom line" strategy of people, planet, and profit.