DEARBORN, Mich., May 1, 2002 — CMS Energy Corp. announced Wednesday that its principle subsidiary, Consumers Energy, has closed on the sale of its electric transmission system for approximately $290 million in cash to a limited partnership whose general partner is Washington, D.C.-based Trans-Elect.
The sale marks the first time in the United States in which a utility company has sold its electric transmission system to an independent transmission company, CMS Energy said.
With the closing of this sale, CMS Energy has received approximately $2.4 billion of cash from asset sales, securitization proceeds and proceeds from LNG monetization out of its $2.9 billion program to improve its balance sheet.
CMS Energy Corporation has annual sales of $10 billion and assets of $16 billion throughout the U.S. and in selected foreign markets.
CMS Energy, which has 85 percent of its assets in the United States, owns and operates an electric and natural gas distribution company with 1.7 million electric customers and 1.6 million gas customers; a 16,000 mile natural gas pipeline system and associated storage facilities; interest in the nation’s largest LNG import facility; approximately 8,000 megawatts of power plants; a midstream natural gas gathering and processing company with 385 million cubic feet per day of capacity; an oil and gas exploration and production company with significant domestic gas reserves; and an energy marketing, trading and services company marketing 1.8 trillion cubic feet of natural gas and more than 72 million megawatt-hours of electricity annually.
For more information on CMS Energy, please visit their web site at: www.cmsenergy.com/