CMS Energy(US:CMS)2022-02-09 16:00Financial Performance - CMS Energy's consolidated operating revenue was $7.3 billion in 2021, up from $6.4 billion in 2020 and $6.6 billion in 2019[46]. - Consumers' consolidated operating revenue was $7.0 billion in 2021, compared to $6.2 billion in 2020 and $6.4 billion in 2019[49]. - Operating revenue for 2021 was $7,329 million, an increase of 14.2% from $6,418 million in 2020[457]. - Net income for 2021 reached $1,330 million, a significant increase of 76.7% compared to $752 million in 2020[462]. - Basic earnings per share for 2021 were $4.66, up from $2.65 in 2020, reflecting a growth of 75.7%[460]. - Operating income for 2021 was $1,146 million, a decrease of 6.8% from $1,230 million in 2020[457]. - Total operating expenses increased to $6,183 million in 2021, up 19.2% from $5,188 million in 2020[457]. - Comprehensive income for 2021 was $1,357 million, an increase from $739 million in 2020[462]. - Net income for Consumers Energy Company was $868 million in 2021, up from $816 million in 2020, reflecting a growth of 6.4%[486]. - Operating income for Consumers Energy Company was $1,175 million in 2021, slightly down from $1,221 million in 2020, indicating a decrease of 3.8%[483]. Revenue and Deliveries - Consumers served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula in 2021[52]. - Consumers' electric utility operations generated operating revenue of $5.0 billion in 2021, an increase from $4.4 billion in 2020 and 2019[53]. - In 2021, Consumers' electric deliveries were 36 billion kWh, with net bundled sales of 33 billion kWh[56]. - Consumers' gas deliveries totaled 347 bcf in 2021, a decrease from 360 bcf in 2020[94]. Generation and Capacity - Total owned generation capacity for Consumers was 5,300 MW in 2021, with total electric supply of 34,386 GWh[65]. - In 2021, Consumers generated a total of 34,386 GWh of electricity, a slight decrease from 34,620 GWh in 2020[1]. - Coal generation accounted for 32% of the energy provided, producing 10,861 GWh from 6 million tons of coal[82]. - Natural gas generation contributed 16% of the total energy, yielding 5,555 GWh from 40 bcf of natural gas[86]. Environmental Goals - Consumers plans to retire coal-fueled generation units by the end of 2025, including the D.E. Karn units in 2023 and J.H. Campbell units in 2025[63]. - Consumers aims to achieve net-zero carbon emissions from its electric business by 2040, with a goal of meeting 90% of customer needs with clean energy sources[63]. - Consumers provided 13% of its electricity from renewable sources in 2021, with a goal to meet 90% of customer needs with clean energy by 2040[119]. - Consumers plans to achieve net-zero methane emissions from its natural gas delivery system by 2030, aiming for an 80% reduction by replacing aging infrastructure[96]. Workforce and Employee Engagement - CMS Energy's total workforce increased to 9,778 employees in 2021, up from 9,345 in 2020, with full-time employees rising to 8,504[132]. - The employee engagement index score was 81% in 2021, ranking in the first quartile of U.S. utilities, while the empowerment index score was 63%[138]. - Consumers aims to achieve a diversity, equity, and inclusion index score of 80% in 2022, having reached 78% in 2021[142]. Financial Position and Expenditures - Net cash provided by operating activities increased to $1,819 million in 2021 from $1,276 million in 2020, marking a rise of 42.6%[467]. - Capital expenditures in 2021 were $2,076 million, a decrease from $2,311 million in 2020, reflecting a reduction of 10.1%[469]. - Long-term debt rose to $12,046 million in 2021 from $11,744 million in 2020, indicating an increase of 2.6%[475]. - Total stockholders' equity increased to $6,631 million in 2021 from $5,496 million in 2020, a growth of 20.6%[475]. Regulatory Assets and Liabilities - Total current regulatory assets increased to $46 million in 2022 from $42 million in 2021, reflecting a growth of approximately 9.5%[530]. - Total non-current regulatory assets decreased to $2,259 million in 2022 from $2,653 million in 2021, representing a decline of about 14.9%[530]. - Total regulatory assets amounted to $2,305 million in 2022, down from $2,695 million in 2021, indicating a decrease of approximately 14.5%[530]. - Total current regulatory liabilities slightly decreased to $146 million in 2022 from $151 million in 2021, a reduction of about 3.3%[530]. Risk Management - CMS Energy and Consumers are exposed to market risks including interest rates, commodity prices, and investment security prices[448]. - The company utilizes risk management contracts such as swaps, options, futures, and forward contracts to mitigate market risks[448]. - CMS Energy and Consumers have a combination of fixed-rate and variable-rate debt instruments to manage interest-rate risk[450]. - The company has established policies for entering into risk management contracts under the direction of its risk committee[448].