The innovative rate is intended to both attract new business to Michigan and encourage existing businesses to expand their operations in the company’s service territory. Targeted towards very large businesses with 35 MW or more of new electric load, the economic development rate is especially well suited to attract energy intensive activities such as electric vehicle supply chain or semiconductor manufacturing opportunities to Michigan. Consumers Energy has a strong history of supporting industrial customers and helping make Michigan an attractive, competitive option for new businesses to invest and grow.
“We appreciate the MPSC’s quick approval on our economic development rate,” said Brian Rich, Chief Customer Officer at Consumers Energy. “Consumers Energy is committed to ensuring Michigan’s prosperity by helping manufacturing companies to adapt, grow and thrive. We want to go the extra mile to bring new jobs to Michigan.”
This new rate complies with Michigan’s cost-based rate requirements and means existing utility customers won’t pay more to attract new businesses to Michigan.
Other details of the rate include:
- Open to new customers or existing full-service primary customers expanding their permanent operations to add new electric load
- Requires 35 MW or more of new load
- Minimum15-year contract term
- 4-5 cents per kilowatt/hour
Consumers Energy, Michigan’s largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties.