CONSUMERS ENERGY CO
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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Mar 31, 2024 · Filed Apr 25, 2024
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12: Exit Activities
In accordance with its Clean Energy Plan, Consumers plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of March 31, 2024, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $38 million. The regulatory asset will be collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
| In Millions | ||||
|---|---|---|---|---|
| Three Months Ended March 31 | 2024 | 2023 | 1 | |
| Retention benefit liability at beginning of period | $16 | $21 | ||
| Costs deferred as a regulatory asset | 3 | 5 | ||
| Retention benefit liability at the end of the period2 | $19 | $26 | ||
1 Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2 Includes current portion of other liabilities of $8 million at March 31, 2024 and $16 million at March 31, 2023.
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