Here is what Mlive reports dated 9/27/2024: “Michigan electric, gas utilities get approval for multimillion-dollar rate hikes…Rate increases for other Michigan utility customers are still likely in the coming months, as regulators are currently entertaining requests from the state’s two largest power providers, DTE Energy and Consumers Energy, to up electric rates for millions of their customers.” This comes after 2 previous rate increases for Consumers Energy and DTE.
This is despite significant decline in coal and gas prices, as shown here and here, and thus decline in a major cost factor.
From a review of financial reports such as at https://s26.q4cdn.com/888045447/files/doc_financials/2023/ar/AnnualReport2023-WEB-READY.pdf , here are some of the factors :
- Increased expenditures on renewables
- Increased earnings
- Increased executive compensation
For example: “According to our data, CMS Energy Corporation has a market capitalization of US$18b, and paid its CEO total annual compensation worth US$9.6m over the year to December 2023. Notably, that’s an increase of 11% over the year before … CMS Energy Corporation’s earnings per share (EPS) grew 5.5% per year over the last three years. It saw its revenue drop 14% over the last year.” ( https://simplywall.st/stocks/us/utilities/nyse-cms/cms-energy/news/this-is-why-shareholders-will-hold-back-on-a-pay-rise-for-cm )
There are concerns that the relationship between the MPSC and the utility monopolies is too cozy and too far removed from the citizens of Ottawa County. Ottawa County has legal tools to change that if it should simply avail of them.