CMS Energy Profit Rises

Jackson-based CMS Energy reported net income of $80 million, or 32 cents a share, for the second quarter of 2010. That's up from $75 million, or 32 cents a share, in the same quarter of 2009.

Net income for the six months was $165 million or 67 cents a share, up from $145 million or 62 cents a share in the first half of 2009.

CMS affirmed its 2010 earnings guidance of "about $1.35 per share." The company said that figure would be for "adjusted earnings," which exclude the effects of some one-time downsizing costs, previously disposed assets and discontinued operations.

The company said its actual earnings could vary because of several factors such as legacy issues associated with previously sold assets. Because of those uncertainties, the company isn't providing reported earnings guidance.

CMS president and CEO John Russell said the second quarter results reflected strong operational performance at the company's principal subsidiary, Consumers Energy, a Michigan electric and natural gas utility.

"We are maintaining our focus on providing customers with safe, reliable and affordable service and we continue to tightly manage our costs to help create energy value for customers," Russell said.

Russell pointed out that the renewable energy contracts are part of the company's continuing implementation of its Balanced Energy Initiative, a comprehensive plan to meet the power needs of the utility's 1.8 million electric customers over the next 20 years.

"Our Balanced Energy Initiative includes more than doubling the amount of renewable energy that we supply to customers and continuing our successful energy efficiency programs that are helping customers save energy," Russell said. "Consumers Energy already is Michigan's largest supplier of renewable energy, with 4 percent of the electricity that we supply to customers today coming from renewable sources. By the end of 2012, including the addition of our Lake Winds Energy Park, we project that Michigan-based renewable sources will provide about 8 percent of the power that our customers need."

More at www.cmsenergy.com.

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