Article published May 04, 2006
CMS Energy loses $24 million in quarter
JACKSON, Mich. - CMS Energy Corp., owner of Michigan's largest natural-gas utility, reported a first-quarter loss yesterday of $24 million on the reduced value of the company's gas supply.
The results compared with a profit of $152 million in the first quarter of 2005, CMS said in a statement.
CMS recorded a drop of $74 million in the value of natural-gas supplies for its stake in the Midland Cogeneration power plant in Michigan. The decline must be recorded because CMS renegotiated a contract that allows the company to sell some of the gas instead of producing electricity at above-market prices.
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