Advertisement
U.S. markets open in 7 hours 56 minutes
  • S&P Futures

    4,567.75
    +8.50 (+0.19%)
     
  • Dow Futures

    35,631.00
    +143.00 (+0.40%)
     
  • Nasdaq Futures

    16,064.00
    +40.25 (+0.25%)
     
  • Russell 2000 Futures

    1,810.40
    +4.60 (+0.25%)
     
  • Crude Oil

    78.35
    +0.49 (+0.63%)
     
  • Gold

    2,063.20
    -3.90 (-0.19%)
     
  • Silver

    24.99
    -0.08 (-0.33%)
     
  • EUR/USD

    1.0981
    +0.0006 (+0.05%)
     
  • 10-Yr Bond

    4.2710
    0.0000 (0.00%)
     
  • Vix

    12.98
    +0.29 (+2.29%)
     
  • GBP/USD

    1.2706
    +0.0013 (+0.10%)
     
  • USD/JPY

    146.9780
    -0.0760 (-0.05%)
     
  • Bitcoin USD

    37,910.38
    -129.19 (-0.34%)
     
  • CMC Crypto 200

    782.78
    -2.72 (-0.35%)
     
  • FTSE 100

    7,423.46
    -31.78 (-0.43%)
     
  • Nikkei 225

    33,486.89
    +165.67 (+0.50%)
     

CMS Energy to explore sale of 13 hydroelectric dams

Aug 9 (Reuters) - CMS Energy Corp's unit Consumers Energy said on Wednesday it will explore the sale of its 13 hydroelectric dams, as the energy provider looks to minimize the cost burden on customers.

The utility service provides natural gas and electricity to 6.8 million of Michigan's 10 million residents, according to its website.

"We know the current model for financing our hydroelectric power operations requires customers to pay more than nine times for the cost of energy compared to other sources of generation," said vice president Norm Kapala.

Consumers Energy's 13 dams together produce less than 1% of electricity used by the energy provider's customers, and they are several times more expensive than other energy sources.

Michigan's largest energy provider will be issuing a request for proposal (RFP) to explore the possibility of a sale. The company said no final decision has been made, adding it continues to explore all options. (Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)

Advertisement