CMS ENERGY CORP (CMS)

CMS Energy is an energy company operating primarily in Michigan. It was formed as a Michigan corporation in 1987 and is the parent holding company of Consumers Energy, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer. NorthStar Clean Energy, through its subsidiaries and equity investments, develops and operates renewable generation and markets independent power production. Consumers accounts for the substantial majority of CMS Energy's total assets, income and operating revenue. CMS Energy's consolidated operating revenue was $8.5 billion in 2025 and $7.5 billion in both 2024 and 2023.

The company operates in three principal business segments: electric utility, gas utility, and NorthStar Clean Energy (its non-utility operations and investments). Consumers' electric utility business generates, purchases, distributes and sells electricity, and produced operating revenue of $5.6 billion in 2025. Its 2025 electric supply of about 35.9 TWh came from owned generation (natural gas, coal, renewables, oil and pumped-storage hydro) and from purchased power, including long-term power purchase agreements and the MISO energy market. Owned generation capacity was about 5,940 MW, including the Covert, Jackson and Zeeland gas plants, J.H. Campbell coal units, the Ludington pumped-storage facility, wind farms, solar and battery storage. Its distribution system includes high-voltage and standard overhead and underground lines and 1,102 substations. Consumers also owns gas transmission, storage and distribution facilities. Its Electric Supply Plan targets 60 percent renewable energy by 2035 and 100 percent clean energy by 2040, with plans for up to 9,000 MW of solar and 4,000 MW of wind. Retirement of the J.H. Campbell coal plant has been temporarily extended under U.S. Department of Energy emergency orders.

Consumers has served Michigan customers since 1886 and provides electricity and/or natural gas to 6.8 million of Michigan's 10 million residents. In 2025 it served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula. Its customers are primarily residential, commercial and diversified industrial, and it does not depend on any single customer or a few customers. Electric deliveries were 37 billion kWh in 2025, with net bundled sales of 34 billion kWh, and demand is seasonal, peaking in summer. Summer 2025 peak demand was 8,500 MW. Consumers' consolidated operating revenue was $8.1 billion in 2025.

Consumers' rates and certain other aspects of its business are regulated by the MPSC and FERC and are subject to NERC reliability standards. It is interconnected to the high-voltage transmission system owned by METC and operated by MISO, and it meets MISO reserve margin requirements. It buys natural gas from the market for generation, using agents and transportation contracts, and buys coal under supply, railcar lease and rail transportation contracts. Competition comes from alternative electric suppliers under Michigan's retail choice (ROA) program, which is capped at 10 percent of sales and was at that limit at year-end 2025. It also comes from data center and industrial customer relocation outside its territory, municipal electric systems and customer self-generation.