Security Ownership of 5% Holders, Directors, Nominees and Executive Officers
## Table 0 ##
(1) Represents shares of the Company’s common stock held and options held by such individuals that were exercisable at the Table Date or within 60 days thereafter.
This does not include options or restricted stock units that vest more than 60 days after the Table Date.
(2) Based on a Form 13G/A filed February 14, 2007 by FMR Corp.  FMR Corp.  lists its address as 82 Devonshire Street, Boston, MA 02109, in such filing.
(3) Includes 110,000 shares of the Company’s common stock that Mr.  Campbell has the right to acquire by exercise of stock options.
(4) Excludes 600,000 unvested restricted stock units.
(5) Includes 40,000 shares of the Company’s common stock that Mr.  Drexler holds indirectly and 190,000 shares of the Company’s common stock that Mr.  Drexler has the right to acquire by exercise of stock options.
(6) Includes 275 shares of the Company’s common stock that Mr.  Fadell holds indirectly, 165,875 shares of the Company’s common stock that Mr.  Fadell has the right to acquire by exercise of stock options within 60 days after the Table Date, 1,157 shares of the Company’s common stock held by Mr.  Fadell’s spouse, and 117,375 shares of the Company’s common stock that Mr.  Fadell’s spouse has the right to acquire by exercise of stock options within 60 days after the Table Date.
Excludes 210,000 unvested restricted stock units held by Mr.  Fadell and 40,000 unvested restricted stock units held by Mr.  Fadell’s spouse.
(7) Consists of 70,000 shares of the Company’s common stock that Mr.  Gore has the right to acquire by exercise of stock options.
(8) Includes 1,300,000 shares of the Company’s common stock that Mr.  Johnson has the right to acquire by exercise of stock options and excludes 450,000 unvested restricted stock units.
(9) Includes 2,000 shares of the Company’s common stock held by Dr.  Levinson’s spouse and 110,000 shares of the Company’s common stock that Dr.  Levinson has the right to acquire by exercise of stock options.
(10) Excludes 450,000 unvested restricted stock units.
availability and fuel costs.
Consumers is obligated to pay capacity charges based upon the amount of capacity available at a given time, whether or not power is delivered to Consumers.
Consumers Gas Utility Gas Utility Operations Consumers’ gas utility operating revenue was $2.827 billion in 2008, $2.621 billion in 2007, and $2.374 billion in 2006.
Consumers’ gas utility operations purchase, transport, store, distribute and sell natural gas.
Consumers is authorized to provide gas utility service in 46 of the 68 counties in Michigan’s Lower Peninsula.
Principal cities served include Flint, Jackson, Kalamazoo, Lansing, Pontiac, Saginaw, Macomb, Royal Oak, Howell, and Livonia, where more than 1.5 million of Consumers’ gas customers are located.
Consumers’ gas utility operations are not dependent upon a single customer, or even a few customers, and the loss of any one or even a few of these customers is not reasonably likely to have a material adverse effect on its financial condition.
Consumers’ gas utility operations are seasonal.
Consumers injects natural gas into storage during the summer months for use during the winter months when the demand for natural gas is higher.
Peak demand occurs in the winter due to colder temperatures and the resulting use of heating fuels.
In 2008, deliveries of natural gas sold through Consumers’ pipeline and distribution network totaled 344 bcf.
Gas Utility Properties: Consumers’ gas distribution and transmission system located throughout Michigan’s Lower Peninsula consists of: ?26,451 miles of distribution mains; ?1,656 miles of transmission lines; ?7 compressor stations with a total of 159,250 installed horsepower; and ?15 gas storage fields with an aggregate storage capacity of 307 bcf and a working storage capacity of 142 bcf.
Gas Supply: In 2008, Consumers purchased 67 percent of the gas it delivered from United States producers and 23 percent from Canadian producers.
Authorized suppliers in the gas customer choice program supplied the remaining 10 percent of gas that Consumers delivered.
Consumers’ firm gas transportation agreements are with ANR Pipeline Company, Great Lakes Gas Transmission, L. P. , Trunkline Gas Co. , Panhandle Eastern Pipe Line Company, and Vector Pipeline.
Consumers uses these agreements to deliver gas to Michigan for ultimate deliveries to market.
Consumers’ firm transportation and city gate arrangements are capable of delivering over 90 percent of Consumers’ total gas supply requirements.
As of December 31, 2008, Consumers’ portfolio of firm transportation from pipelines to Michigan is as follows:
## Table 1 ##
Consumers purchases the balance of its required gas supply under incremental firm transportation contracts, firm city gate contracts and, as needed, interruptible transportation contracts.
The amount of interruptible transportation
79 percent of its 2014 expected coal requirements under contract, as well as a 24-day supply of coal on hand.
In conjunction with its coal supply contracts, Consumers leases a fleet of rail cars and has transportation contracts with various companies to provide rail and vessel services for delivery of purchased coal to Consumers’ generating facilities.
Consumers’ coal transportation contracts expire through 2014; payment obligations under these contracts totaled $227 million.
During 2013, four percent of the energy Consumers provided to customers was generated by gas-fueled generating sites, which burned 12 bcf of natural gas and produced a combined total of 1,415 GWh of electricity.
In order to obtain the gas it needs, Consumers’ electric utility purchases gas from the market near the time of consumption, at prices that allow it to compete in the electric generation market.
For D. E.  Karn, units 3 and 4, and the Zeeland plant, Consumers purchases gas from the market and transports the gas to the facilities on a firm basis.
For its smaller combustion turbines, Consumers’ electric utility purchases and transports gas to its facilities as a bundled-rate tariff customer of either the gas utility or DTE Gas.
The cost of all fuels consumed, shown in the following table, fluctuates with the mix of fuel used.
## Table 2 ##
Electric Utility Competition: Consumers’ electric utility business is subject to actual and potential competition from many sources, in both the wholesale and retail markets, as well as in electric generation, electric delivery, and retail services.
A Michigan statute enacted in 2000 allows Consumers’ electric customers to buy electric generation service from Consumers or from alternative electric suppliers.
The 2008 Energy Law revised the statute by limiting alternative electric supply to ten percent of Consumers’ weather-adjusted retail sales for the preceding calendar year.
At December 31, 2013, Consumers’ electric deliveries under the ROA program were at the ten-percent limit and alternative electric suppliers were providing 787 MW of electric generation service to 310 ROA customers.
In December 2013, a bill was introduced to the Michigan House of Representatives that, if enacted, would revise the 2008 Energy Law by removing the ten-percent limit and allowing all of Consumers’ electric customers to take service from alternative electric suppliers.
Presently, the proportion of Consumers’ electric deliveries under the ROA program and on the ROA waiting list is 25 percent.
The bill also proposes to deregulate electric generation service in Michigan within two years.
No definitive action has been taken on this bill or on a similar bill introduced to the Michigan Senate in February 2013.
The Senate bill, if enacted, would revise the 2008 Energy Law and allow customers on the ROA program waiting list to take service from alternative electric suppliers.
The Senate bill also proposes an increase in the cap of six percentage points per year from 2014 through 2016.
Consumers is unable to predict the outcome of these legislative proposals.
In addition, the Michigan legislature has conducted hearings on the subject of energy competition.
If the ROA limit were increased or if electric generation service in Michigan were deregulated, it could have a material adverse effect on Consumers’ financial results and operations.
F INANCING  A CTIVITIES Presented in the following table are specific components of net cash provided by (used in) financing activities for the years ended December 31, 2013, 2012, and 2011:
## Table 3 ##
For 2013, net cash provided by financing activities at CMS Energy increased $149 million compared with 2012 and net cash provided by financing activities at Consumers increased $203 million compared with 2012.
These increases were due primarily to an increase in net debt issuances, offset partially by an increase in common stock dividends and a decrease in proceeds from Consumers’ revolving accounts receivable sales program.
For 2012, net cash provided by financing activities at CMS Energy increased $240 million compared with 2011 and net cash used in financing activities at Consumers decreased by $204 million compared with 2011.
These changes were due primarily to proceeds from Consumers’ revolving accounts receivable sales program and an increase in net debt issuances to fund Consumers’ capital investment program.
CAPITAL RESOURCES AND LIQUIDITY CMS Energy uses dividends from its subsidiaries and external financing and capital transactions to invest in its utility and non-utility businesses, retire debt, pay dividends, and fund its other obligations.
The ability of CMS Energy’s subsidiaries, including Consumers, to pay dividends to CMS Energy depends upon each subsidiary’s revenues, earnings, cash needs, and other factors.
In addition, Consumers’ ability to pay dividends is restricted by certain terms included in its debt covenants and articles of incorporation, and potentially by provisions under the Federal Power Act and the Natural Gas Act and FERC requirements.
For additional details on Consumers’ dividend restrictions, see Note 4, Financings and Capitalization – Dividend Restrictions.
For the year ended December 31, 2013, Consumers paid $406 million in common stock dividends to CMS Energy.
CMS Energy has entered into two continuous equity offering programs permitting it to sell, from time to time through “at the market” offerings, common stock having an aggregate sales price of up to

<table><tr><td>Name of Beneficial Owner</td><td>Shares of Common Stock Beneficially Owned-1</td><td></td><td>Percent of Common Stock Outstanding</td></tr><tr><td>Fidelity Investments</td><td>56,583,870</td><td>-2</td><td>6.49%</td></tr><tr><td>Steven P. Jobs</td><td>5,546,451</td><td></td><td>*</td></tr><tr><td>William V. Campbell</td><td>112,900</td><td>-3</td><td>*</td></tr><tr><td>Timothy D. Cook</td><td>13,327</td><td>-4</td><td>*</td></tr><tr><td>Millard S. Drexler</td><td>230,000</td><td>-5</td><td>*</td></tr><tr><td>Tony Fadell</td><td>288,702</td><td>-6</td><td>*</td></tr><tr><td>Albert A. Gore, Jr.</td><td>70,000</td><td>-7</td><td>*</td></tr><tr><td>Ronald B. Johnson</td><td>1,450,620</td><td>-8</td><td>*</td></tr><tr><td>Arthur D. Levinson</td><td>365,015</td><td>-9</td><td>*</td></tr><tr><td>Peter Oppenheimer</td><td>14,873</td><td>-10</td><td>*</td></tr><tr><td>Eric E. Schmidt</td><td>12,284</td><td>-11</td><td>*</td></tr><tr><td>Jerome B. York</td><td>90,000</td><td>-12</td><td>*</td></tr><tr><td>All current executive officers and directors as a group (14 persons)</td><td>8,352,396</td><td>-13</td><td>1.00%</td></tr></table>
<table><tr><td></td><td> Volume   (dekatherms/day)</td><td colspan="2"> Expiration</td></tr><tr><td>ANR Pipeline Company</td><td>50,000</td><td>March</td><td>2017</td></tr><tr><td>Great Lakes Gas Transmission, L.P</td><td>100,000</td><td>March</td><td>2011</td></tr><tr><td>Great Lakes Gas Transmission, L.P</td><td>50,000</td><td>March</td><td>2017</td></tr><tr><td>Trunkline Gas Company</td><td>240,000</td><td>October</td><td>2012</td></tr><tr><td>Panhandle Eastern Pipe Line Company (starting 4/01/09)</td><td>50,000</td><td>October</td><td>2009</td></tr><tr><td>Panhandle Eastern Pipe Line Company (starting 4/01/10)</td><td>50,000</td><td>October</td><td>2010</td></tr><tr><td>Panhandle Eastern Pipe Line Company (starting 4/01/11)</td><td>50,000</td><td>October</td><td>2011</td></tr><tr><td>Panhandle Eastern Pipe Line Company (starting 4/01/12)</td><td>50,000</td><td>October</td><td>2012</td></tr><tr><td>Panhandle Eastern Pipe Line Company (starting 4/01/13)</td><td>50,000</td><td>October</td><td>2013</td></tr><tr><td>Panhandle Eastern Pipe Line Company</td><td>50,000</td><td>October</td><td>2013</td></tr><tr><td>Vector Pipeline</td><td>50,000</td><td>March</td><td>2012</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2"><i>Cost Per Million Btu</i></td></tr><tr><td>Fuel Consumed</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Coal</td><td>$2.90</td><td>$2.98</td><td>$2.94</td><td>$2.51</td><td>$2.37</td></tr><tr><td>Gas</td><td>4.68</td><td>3.16</td><td>4.95</td><td>5.57</td><td>6.57</td></tr><tr><td>Oil</td><td>19.47</td><td>19.08</td><td>18.55</td><td>10.98</td><td>9.59</td></tr><tr><td>Weighted average fuel cost</td><td>$3.07</td><td>$3.05</td><td>$3.18</td><td>$2.71</td><td>$2.56</td></tr></table>
<table><tr><td><i></i></td><td></td><td></td><td></td><td></td><td rowspan="2">In Millions 2011</td><td></td></tr><tr><td>Years Ended December 31</td><td>2013</td><td>2012</td><td>Change</td><td>2012</td><td>Change</td></tr><tr><td> CMS Energy, including Consumers</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance of FMBs, senior notes, and other debt</td><td>$1,456</td><td>$2,017</td><td>$-561</td><td>$2,017</td><td>$725</td><td>$1,292</td></tr><tr><td>Retirement of debt</td><td>-1,047</td><td>-1,829</td><td>782</td><td>-1,829</td><td>-708</td><td>-1,121</td></tr><tr><td>Issuance of common stock</td><td>36</td><td>30</td><td>6</td><td>30</td><td>29</td><td>1</td></tr><tr><td>Redemption of preferred stock</td><td>-7</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Payments of common and preferred stock dividends</td><td>-273</td><td>-252</td><td>-21</td><td>-252</td><td>-211</td><td>-41</td></tr><tr><td>Other financing activities</td><td>25</td><td>75</td><td>-50</td><td>75</td><td>-34</td><td>109</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>$190</td><td>$41</td><td>$149</td><td>$41</td><td>$-199</td><td>$240</td></tr><tr><td> Consumers</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance of FMBs</td><td>$750</td><td>$1,075</td><td>$-325</td><td>$1,075</td><td>$-</td><td>$1,075</td></tr><tr><td>Retirement of debt</td><td>-466</td><td>-1,064</td><td>598</td><td>-1,064</td><td>-80</td><td>-984</td></tr><tr><td>Payment of common and preferredstock dividends</td><td>-408</td><td>-395</td><td>-13</td><td>-395</td><td>-376</td><td>-19</td></tr><tr><td>Redemption of preferred stock</td><td>-7</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Stockholder contribution from CMS Energy</td><td>150</td><td>150</td><td>-</td><td>150</td><td>125</td><td>25</td></tr><tr><td>Other financing activities</td><td>30</td><td>80</td><td>-50</td><td>80</td><td>-27</td><td>107</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>$49</td><td>$-154</td><td>$203</td><td>$-154</td><td>$-358</td><td>$204</td></tr></table>

Question: What is the average growth rate of Issuance of FMBs, senior notes, and other debt between 2012 and 2013?