Dearborn

The Michigan Public Service Commission has approved orders forDearborn, MI-based CMS Energy Corp. that authorize securitizationof $469 million in stranded electric utility costs, expand the gascustomer choice program and authorize accounting changes tomitigate future increases in the cost of natural gas.

In a complete about-face, Dearborn, MI-based CMS Energy Corp.has jettisoned major financial restructuring plans to create atracking stock for its Consumers Energy unit. Low stock marketvaluations of utility companies forced the decision, according tocompany officials, and instead CMS plans to gain $700 million byselling some non-strategic assets and reducing its debt – a planexpected to offer more value to shareholders. The news comes alongwith word that first-quarter earnings were down to 70 cents perdiluted share, compared with 80 cents per diluted share for thesame period in 1999.