CMS Energy Corporation (CMS Energy) has declared an increase in quarterly dividend by 40%, to 12.5% per share up from nine cents, on its common stock and 56.25 cents for the company's 4.50% cumulative convertible preferred stock, Series B. The common stock dividend is payable on February 27, 2009 to shareholders of record on February 6, 2009. The cumulative convertible preferred stock dividend is payable on March 2, 2009, to the shareholders of record on February 15, 2009.
The Board’s decision to increase the common stock dividend reflects the company’s improved financial strength, even in this challenging economy, and the fundamental soundness of our business strategy, said David Joos, CMS Energy’s president and chief executive officer.
We plan to invest more than $6 billion in our utility operations over the next five years. Our plan calls for making substantial investments in key areas, primarily energy efficiency, renewable energy, environmental and customer service enhancements, and new power generation.
We expect to continue to increase our payout ratio over time as we implement our growth plan and grow our earnings, however, that will be at a slower pace in light of our aggressive capital investment plan, Joos said.