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Exhibit 99(a)
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[CMS ENERGY LOGO] NEWS RELEASE
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An International Energy company Tel: 313 436 9253 Tel: 313 436 9253
Fax: 313 436 9321 Fax: 313 436 9321
KELLY M. FARR JOHN P. BARNETT
Director of Communications Public Information Director
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CMS ENERGY WRITES DOWN ITS INVESTMENT IN LOY YANG POWER PLANT
DEARBORN, Mich., December 11, 2000 -- CMS Energy Corporation (NYSE:CMS)
today announced it has written down its entire investment in the Loy Yang Power
plant in Australia during the fourth quarter of this year. The write down, which
will have the effect of reducing equity by approximately $267 million after
taxes and currency translation effects, is a result of the inability to attract
a serious purchaser for the plant and the probability of continued unfavorable
electric market prices in Victoria, Australia, which determine Loy Yang Power's
sales revenue.
"Writing down our investment in Loy Yang will also result in CMS Energy
no longer being required to recognize Loy Yang losses," said Alan M. Wright, CMS
Energy's executive vice president, chief financial and administrative officer.
"While the write down of Loy Yang will reduce our all-inclusive reported
earnings for 2000, it does not change our previous guidance for sustainable
earnings for this year and thereafter."
CMS Energy announced in the first quarter that it planned to sell its
50 percent ownership interest in the 2000 megawatt Loy Yang Power plant and that
the price could result in a significant loss. CMS Energy intends to ultimately
sell its interest in the plant, but has established no deadline for such a
transaction.
This news release contains "forward-looking statements" that are
subject to risks and uncertainties. The words "anticipates", "believes",
"estimates", "expects", "intends", and "plans", and variations of such words
and similar expressions, are intended to identify forward looking statements.
They should be read in conjunction with the "Forward-Looking Statements
Cautionary Factors" in CMS Energy's and Consumers' Form 10-K, Item 1
(incorporated by reference herein) that discusses important factors that could
cause CMS Energy's and Consumers' results to differ materially from those
anticipated in such statements.
CMS Energy Corporation has annual sales of more than $7 billion and
assets of about $15 billion throughout the U.S. and around the world with
businesses in electric and natural gas utility operations; independent power
production; natural gas pipelines, gathering, processing and storage; oil and
gas exploration and production; and energy marketing, services and trading.
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For more information on CMS Energy,
please visit our web site at: www.cmsenergy.com/
Media contacts: Kelly M. Farr, 313/436-9253 or John P. Barnett, 713/989-7556
Investor Relations contact: CMS Energy Investor Relations, 517/788-2590
