JACKSON, Mich., July 25, 2001 – The Michigan Court of Appeals, by a 3-0 vote, has upheld an order by the Michigan Public Service Commission (MPSC) that authorized Consumers Energy to issue up to $468 million of securitization bonds as part of the utility’s implementation of the state’s electric restructuring law.
In an order issued yesterday, a three-judge panel of the court rejected an appeal by the Attorney General of Michigan that had held up issuance of the bonds.
“We are pleased with the court’s affirmation of the MPSC order,” said David W. Joos, president and CEO – Electric, Consumers Energy. “We expect to issue the bonds later this year.”
The Customer Choice and Electricity Reliability Act signed into law in June 2000 required Consumers Energy to reduce customer rates by five percent. The rate cut was to be financed by savings achieved by the issuance of low- cost bonds, which now can be sold.
Consumers Energy, the principal subsidiary of CMS Energy, is Michigan’s largest utility providing natural gas and electricity to more than six million of the state’s 10 million residents in all 68 Lower Peninsula counties.
For more information about Consumers Energy, visit the Website at www.consumersenergy.com
SOURCE: Consumers Energy