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CMS Energy (CMS) Commences Operations at 201MW Wind Farm
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CMS Energy Corp.’s (CMS - Free Report) subsidiary Consumers Energy recently announced the start of operation at its fifth wind project — Heartland Farms Wind — in Gratiot County, MI. This should further strengthen the company’s position in the expanding clean energy market.
Details of the Project
The wind farm features 72 turbines that can provide 201 megawatts (MW) of energy to power about 80,000 Michigan households. It has been built by Invenergy and taken over by Consumers Energy.
The newly completed $358 million wind project joins Lake Winds Energy Park (Mason County), Cross Winds Energy Park (Tuscola County), Gratiot Farms Wind (Gratiot County) and Crescent Wind (Hillsdale County).
CMS’ Transition in Energy Space
Electric utilities in the United States are rapidly shifting their focus away from fossil fuels toward cleaner energy sources to reduce carbon emissions and ultimately attain zero-carbon goals.
As part of its clean energy portfolio expansion strategy, CMS Energy has a capital expenditure plan of $3.1 billion, including wind, solar and hydroelectric generation resources for the 2023-2027 period. The company is on track to reach net-zero methane emissions by 2030 and net-zero carbon emissions by 2040. CMS Energy is focused on adding nearly 8,000 MW of solar generation by 2040 and purchasing an existing natural gas-fueled generating unit.
The company now operates five wind parks in Michigan: Lake Winds Energy Park (100 MW), Cross Winds Energy Park (231 MW), the Crescent Wind Farm (166 MW), the Gratiot Farms Wind Project (150 MW) and the Heartland Wind Farm (201 MW). Combined, they will produce energy to power about 330,000 households. The latest addition of Heartland Farm to its portfolio can be expected to have put CMS a step ahead in achieving its zero-emission goals.
Peer Moves
Other utility players that are expanding their renewables portfolio to reap the benefit of the enhancing renewable energy space are Consolidated Edison Inc. (ED - Free Report) , Entergy Corp. (ETR - Free Report) and American Electric Power Co. Inc. (AEP - Free Report) .
During third-quarter 2023, Consolidated Edison installed roughly 26 MW of customer-owned solar capacity, 11 MW of customer-owned battery storage and 550 EV plugs. In March 2023, the company completed the sale of all of the assets of its Clean Energy Businesses to RWE Renewables America, LLC, for $6.8 billion.
ED’s long-term (three-to five-years) earnings growth rate is pegged at 2%. The stock’s price soared 11.1% in the past three months.
Entergy intends to retire all coal-fired capacity by the end of 2030 and aims to invest $2.5 billion in renewables during the 2024-2026 period. The company plans to add more than 6,000 MW of renewable capacity by the end of 2026. As of November 2023, it had a portfolio of 834 MW in service and 1,567 MW projects approved or in progress.
ETR’s long-term earnings growth rate is 6.4%. The stock’s price surged 14% in the past three months.
American Electric Power currently operates 6,100 MW of renewable energy. For 2023-2027, AEP has a capital expenditure plan of $43 billion, out of which $8.6 billion is focused on regulated renewables. On Dec 26, 2023, the company entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC to Exus North America Holdings, LLC.
AEP’s long-term earnings growth rate is 4.8%. The stock’s price rose 14% in the past three months.
Price Performance
Over the past three months, shares of CMS have rallied 13.3% compared with the industry’s 12.7% rise.
Image: Bigstock
CMS Energy (CMS) Commences Operations at 201MW Wind Farm
CMS Energy Corp.’s (CMS - Free Report) subsidiary Consumers Energy recently announced the start of operation at its fifth wind project — Heartland Farms Wind — in Gratiot County, MI. This should further strengthen the company’s position in the expanding clean energy market.
Details of the Project
The wind farm features 72 turbines that can provide 201 megawatts (MW) of energy to power about 80,000 Michigan households. It has been built by Invenergy and taken over by Consumers Energy.
The newly completed $358 million wind project joins Lake Winds Energy Park (Mason County), Cross Winds Energy Park (Tuscola County), Gratiot Farms Wind (Gratiot County) and Crescent Wind (Hillsdale County).
CMS’ Transition in Energy Space
Electric utilities in the United States are rapidly shifting their focus away from fossil fuels toward cleaner energy sources to reduce carbon emissions and ultimately attain zero-carbon goals.
As part of its clean energy portfolio expansion strategy, CMS Energy has a capital expenditure plan of $3.1 billion, including wind, solar and hydroelectric generation resources for the 2023-2027 period. The company is on track to reach net-zero methane emissions by 2030 and net-zero carbon emissions by 2040. CMS Energy is focused on adding nearly 8,000 MW of solar generation by 2040 and purchasing an existing natural gas-fueled generating unit.
The company now operates five wind parks in Michigan: Lake Winds Energy Park (100 MW), Cross Winds Energy Park (231 MW), the Crescent Wind Farm (166 MW), the Gratiot Farms Wind Project (150 MW) and the Heartland Wind Farm (201 MW). Combined, they will produce energy to power about 330,000 households. The latest addition of Heartland Farm to its portfolio can be expected to have put CMS a step ahead in achieving its zero-emission goals.
Peer Moves
Other utility players that are expanding their renewables portfolio to reap the benefit of the enhancing renewable energy space are Consolidated Edison Inc. (ED - Free Report) , Entergy Corp. (ETR - Free Report) and American Electric Power Co. Inc. (AEP - Free Report) .
During third-quarter 2023, Consolidated Edison installed roughly 26 MW of customer-owned solar capacity, 11 MW of customer-owned battery storage and 550 EV plugs. In March 2023, the company completed the sale of all of the assets of its Clean Energy Businesses to RWE Renewables America, LLC, for $6.8 billion.
ED’s long-term (three-to five-years) earnings growth rate is pegged at 2%. The stock’s price soared 11.1% in the past three months.
Entergy intends to retire all coal-fired capacity by the end of 2030 and aims to invest $2.5 billion in renewables during the 2024-2026 period. The company plans to add more than 6,000 MW of renewable capacity by the end of 2026. As of November 2023, it had a portfolio of 834 MW in service and 1,567 MW projects approved or in progress.
ETR’s long-term earnings growth rate is 6.4%. The stock’s price surged 14% in the past three months.
American Electric Power currently operates 6,100 MW of renewable energy. For 2023-2027, AEP has a capital expenditure plan of $43 billion, out of which $8.6 billion is focused on regulated renewables. On Dec 26, 2023, the company entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC to Exus North America Holdings, LLC.
AEP’s long-term earnings growth rate is 4.8%. The stock’s price rose 14% in the past three months.
Price Performance
Over the past three months, shares of CMS have rallied 13.3% compared with the industry’s 12.7% rise.
Image Source: Zacks Investment Research
Zacks Rank
CMS Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.