CONSUMERS ENERGY CO
For the period ended Jun 30, 2024. Filed Jul 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 25, 2024
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10: Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
CMS Energy
The segments reported for CMS Energy are:
electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
| In Millions | ||||
|---|---|---|---|---|
| Three Months Ended | Six Months Ended | |||
| June 30 | 2024 | 2023 | 2024 | 2023 |
| CMS Energy, including Consumers | ||||
| Operating revenue | ||||
| Electric utility | $1,226 | $1,128 | $2,358 | $2,219 |
| Gas utility | 307 | 357 | 1,272 | 1,476 |
| NorthStar Clean Energy | 74 | 70 | 153 | 144 |
| Total operating revenue – CMS Energy | $1,607 | $1,555 | $3,783 | $3,839 |
| Consumers | ||||
| Operating revenue | ||||
| Electric utility | $1,226 | $1,128 | $2,358 | $2,219 |
| Gas utility | 307 | 357 | 1,272 | 1,476 |
| Total operating revenue – Consumers | $1,533 | $1,485 | $3,630 | $3,695 |
| CMS Energy, including Consumers | ||||
| Net income (loss) available to common stockholders | ||||
| Electric utility | $170 | $147 | $267 | $217 |
| Gas utility | 15 | 23 | 184 | 177 |
| NorthStar Clean Energy | 16 | 3 | 47 | 10 |
| Other reconciling items | (6) | 22 | (18) | (7) |
| Total net income available to common stockholders – CMS Energy | $195 | $195 | $480 | $397 |
| Consumers | ||||
| Net income (loss) available to common stockholder | ||||
| Electric utility | $170 | $147 | $267 | $217 |
| Gas utility | 15 | 23 | 184 | 177 |
| Other reconciling items | (8) | (4) | 1 | 4 |
| Total net income available to common stockholder – Consumers | $177 | $166 | $452 | $398 |
| In Millions | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| CMS Energy, including Consumers | ||
| Plant, property, and equipment, gross | ||
| Electric utility1 | $19,557 | $19,302 |
| Gas utility1 | 12,638 | 12,383 |
| NorthStar Clean Energy | 1,464 | 1,420 |
| Other reconciling items | 21 | 30 |
| Total plant, property, and equipment, gross – CMS Energy | $33,680 | $33,135 |
| Consumers | ||
| Plant, property, and equipment, gross | ||
| Electric utility1 | $19,557 | $19,302 |
| Gas utility1 | 12,638 | 12,383 |
| Other reconciling items | 29 | 38 |
| Total plant, property, and equipment, gross – Consumers | $32,224 | $31,723 |
| CMS Energy, including Consumers | ||
| Total assets | ||
| Electric utility1 | $20,122 | $19,358 |
| Gas utility1 | 12,469 | 12,353 |
| NorthStar Clean Energy | 1,659 | 1,604 |
| Other reconciling items | 105 | 202 |
| Total assets – CMS Energy | $34,355 | $33,517 |
| Consumers | ||
| Total assets | ||
| Electric utility1 | $20,180 | $19,417 |
| Gas utility1 | 12,512 | 12,397 |
| Other reconciling items | 26 | 38 |
| Total assets – Consumers | $32,718 | $31,852 |
1 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
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