CMS Energy(CMS)2025-02-11 14:10Financial Performance - CMS Energy reported a total revenue of 800 million, a 10% increase from 3.20, up from 7.5 billion in 2024 and 2023, and 7.2 billion in 2024 and 2023, and 5.1 billion in 2024, up from 2.1 billion in revenue in 2024, down from 2.7 billion in 2022[80]. Customer Growth and Service - Consumers Energy's customer base grew by 2.5% year-over-year, reaching approximately 3.7 million customers[36]. - In 2024, Consumers served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula[51]. - Consumers' electric deliveries were 37 billion kWh in 2024, including ROA deliveries of 4 billion kWh, compared to 36 billion kWh in 2023[56]. - Consumers' 2024 summer peak demand was 8,030 MW, including ROA demand of 603 MW[58]. Renewable Energy Initiatives - The company plans to invest 500 million investment over the next five years[36]. - The Reliability Roadmap is a five-year strategy aimed at improving the electric distribution system and grid reliability, filed with the MPSC in 2023[29]. - CMS Energy has initiated a new technology development program aimed at improving energy efficiency and reducing operational costs by 15% over the next three years[36]. Regulatory and Market Environment - CMS Energy and Consumers are subject to regulatory oversight by MPSC and FERC, impacting their rates and operations[48]. - The company faces various risks including regulatory changes, economic disruptions, and supply chain issues that could affect financial performance[38]. - Regulatory changes by the MPSC and FERC could impact electric and gas rates, affecting overall financial performance[38]. - The company is monitoring energy market changes, including commodity prices and availability of resources like coal and natural gas[39]. Environmental Compliance and Goals - Consumers plans to reduce methane emissions from its natural gas delivery system by about 80% from 2012 levels by 2030[83]. - The 2023 Energy Law in Michigan mandates a renewable energy standard of 50% by 2030 and 60% by 2035, with a clean energy standard of 80% by 2035 and 100% by 2040[102]. - CMS Energy's commitment to environmental compliance includes managing coal ash and adhering to regulations from agencies like the EPA[39]. Workforce and Employee Engagement - The number of employees at CMS Energy decreased to 8,324 in 2024 from 8,356 in 2023, while Consumers' employees decreased to 8,090 from 8,144[115]. - For the year ended December 31, 2024, CMS Energy and Consumers achieved a 72% positive sentiment for employee engagement, an increase of 11 percentage points from 2023[119]. - The companies reported a 65% positive sentiment for empowerment, up 17 percentage points from 2023[119]. - The diversity, equity, and inclusion index score for the year ended December 31, 2024, was 73%[120]. - The workforce composition includes 26% female employees, 14% racially or ethnically diverse employees, 5% employees with disabilities, and 10% veteran employees[121]. - CMS Energy and Consumers have developed a comprehensive talent strategy, the People Strategy, focusing on building skill sets, cultivating a purpose-driven culture, and creating a breakthrough employee experience[118]. - The companies utilize union apprenticeship programs and yearly trainings to develop skill sets in co-workers[118]. - The companies have established seven business employee resource groups to promote diversity and inclusion[122].