19 April 2002 – CMS Energy Corporation’s independent power unit, CMS Generation Co., today announced it has signed a definitive agreement with Mirant for the sale of CMS’ 47.5 percent equity ownership interest in Toledo Power Co. in the Philippines for $10 million. CMS expects the sale to close later this month.
Proceeds from the sale will be used to repay debt and improve CMS Energy’s balance sheet. Located on the island of Cebu in the Philippines, Toledo Power Co. comprises the 93-megawatt coal- and oil-fueled Sangi generating station and the 42-megawatt oil-fueled Carmen generating station. It is CMS Energy’s sole investment in the Philippines.
CMS Energy Corporation has annual sales of $10 billion and assets of $17 billion throughout the U.S. and in selected foreign markets. In the U.S., where it has 85 per cent of its assets, it owns and operates an electric and natural gas distribution company with 1.7 million electric customers and 1.6 million gas customers; a 15,000 mile natural gas pipeline system and associated storage facilities; the nation’s largest LNG import facility; approximately 8,000 megawatts of power plants; a midstream natural gas gathering and processing company with 700 million cubic feet per day of capacity; an oil and gas exploration and production company with significant domestic gas reserves; and a energy marketing, trading and services company marketing 750r billion cubic feet of natural gas and 52 million megawatt-hours of electricity annually.