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FORM 8-K
CURRENT REPORT
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 4, 1994
Commission Registrant; State of Incorporation; IRS Employer
File Number Address; and Telephone Number Identification No
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1-9513 CMS ENERGY CORPORATION 38-2726431
(A Michigan Corporation)
Fairlane Plaza South, Suite 1100
330 Town Center Drive
Dearborn, Michigan 48126
(313) 436-9261
1-5611 CONSUMERS POWER COMPANY 38-0442310
(A Michigan Corporation)
212 West Michigan Avenue
Jackson, Michigan 49201
(517) 788-1030
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ITEM 5. OTHER EVENTS.
Electric Rate Case Proceedings
As discussed in PART II. OTHER INFORMATION. Item 1. Legal Proceedings
and Note 3 to the Consolidated Financial Statements in the Forms 10-Q for
the Quarter ended September 30, 1993 of CMS Energy Corporation ("CMS
Energy") and its wholly owned subsidiary, Consumers Power Company
("Consumers"), on May 10, 1993, Consumers filed an application with the
Michigan Public Service Commission ("MPSC") seeking an increase in its
base electric rates (MPSC Case No. U-10335). On brief in this proceeding
Consumers revised its requested electric rate increase to approximately
$133 million in 1994 while its requested electric rate increase for 1995
remained at $38 million. The Proposal for Decison (PFD) was issued by the
Administrative Law Judge (ALJ) in this proceeding on March 4, 1994 wherein
the ALJ recommended a rate increase in 1994 of approximately $33 million
with no incremental increase in 1995 to be granted as part of this
proceeding. However, there were inconsistencies between the recommended
final rate relief and the findings in which appeared to understate the
recommended final rate relief of approximately $50 million. On March 8,
1994 an errata to the PFD was issued wherein the recommended final rate
relief was revised to $82,800,000. Under the current schedule exceptions
to the PFD are due March 18 with replies to exceptions due April 1. The
PFD is not binding on the MPSC. An order of the MPSC will be issued
sometime thereafter.
Recent Developments Relating to the Midland Cogeneration Venture Limited
Partnership ("MCV")
On March 4, 1994 the institutional investors who, along with a
partnership in which CMS Midland Holdings Company (a subsidiary of
Consumers) is a partner, are the lessors of the MCV Facility (the "Owner
Participants") filed a lawsuit in federal district court for the southern
district of New York against CMS Energy, Consumers and CMS Midland
Holdings Company. It alleges breach of contract, breach of fiduciary duty
and negligent or willful misrepresentation relating to MCV's failure to
object to the order issued by the MPSC settling issues with respect to the
rate treatment of Consumers purchases of power from the MCV ("Settlement
Order"). Consumers' interpretation of the Settlement Order as it relates
to certain payments to the MCV is the subject of an arbitration between
the MCV and Consumers. The action alleges compensatory and punitive
damages in excess of $1 billion and seeks injunctive relief relative to
Consumers' payments of fixed energy charges to the MCV. CMS Energy and
Consumers believe that at all times they and CMS Midland Holdings have
conducted themselves properly and that the action is without merit. They
also believe that a significant portion of the alleged damages represent
fixed energy charges in dispute in the arbitration. CMS Energy and
Consumers are unable to predict the outcome of this action. The Settlement
Order, the arbitration and related matters are discussed in PART II.
OTHER INFORMATION. Item 1. Legal Proceedings and Note 2 to the
Consolidated Financial Statements in the Forms 10-Q for the Quarter ended
September 30, 1993 of CMS Energy and Consumers.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by
the undersigned hereunto duly authorized.
CMS ENERGY CORPORATION
Dated: March 8, 1994 By: /s/ A M Wright
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Alan M. Wright
Senior Vice President and
Chief Financial Officer
CONSUMERS POWER COMPANY
Dated: March 8, 1994 By: /s/ A M Wright
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Alan M. Wright
Senior Vice President and
Chief Financial Officer
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