ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
To CMS Energy Corporation:
We have reviewed the accompanying balance sheets of CONSUMERS GAS GROUP
(representing a business unit of Consumers Power Company ("Consumers")
and its wholly-owned subsidiary, Michigan Gas Storage Company) as of June 30, 1996 and 1995, and the
related statements of income, common stockholders' equity and cash flows for the three-month, six-month and
twelve-month periods then ended. These financial statements are the responsibility of the Company's
We conducted our review in accordance with standards established by the American Institute of Certified Public
Accountants. A review of interim financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially
less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to the financial
statements referred to above for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing standards, the balance sheet of
Consumers Gas Group as of December 31, 1995, and the related statements of income, common stockholders'
equity and cash flows for the year then ended (not presented herein), and, in our report dated January 26, 1996,
we expressed an unqualified opinion on those statements. In our opinion, the information set forth in the
accompanying balance sheet as of December 31, 1995, is fairly stated, in all material respects, in relation to the
balance sheet from which it has been derived.
ARTHUR ANDERSEN LLP
August 9, 1996.