CMS ENERGY CORP (CMS)

CMS Energy, a Michigan corporation formed in 1987, is an energy holding company whose principal subsidiary is Consumers, a regulated electric and gas utility, along with NorthStar Clean Energy, a domestic independent power producer and marketer engaged in developing and operating renewable generation and marketing power. CMS Energy operates in three segments—electric utility, gas utility, and NorthStar Clean Energy—with Consumers accounting for the substantial majority of consolidated assets, income, and revenue. Consolidated operating revenue was $8.5 billion in 2025 and $7.5 billion in both 2024 and 2023.

Consumers, tracing its Michigan service history to 1886, provides electricity and/or natural gas to 6.8 million of Michigan's 10 million residents, serving 1.9 million electric and 1.8 million gas customers in the Lower Peninsula, with 2025 revenue of $8.1 billion. Its operations are regulated by the MPSC, FERC, and NERC, and its properties—largely held in fee with easements for lines and generation facilities—are subject to a First Mortgage Bond Indenture lien. Consumers' electric utility segment, generating $5.6 billion in 2025 revenue, serves residential, commercial, and industrial customers, delivering 37 billion kWh in 2025 with a summer peak demand of 8,500 MW; its generation mix spans coal, gas, hydro, wind, solar, and battery storage totaling roughly 5,940 MW of owned capacity plus purchased power, though coal retirements (D.E. Karn in 2023, J.H. Campbell pending emergency-order extensions) and additions like the Covert Generating Station and Muskegon Solar Energy Center reflect its transition strategy under the 2023 Energy Law and its Electric Supply/Renewable Energy Plan targeting 60% renewable energy by 2035 and 100% clean energy by 2040.

The company faces competition from alternative electric suppliers under Michigan's capped Retail Open Access program, municipal utilities, customer self-generation, and industrial relocation, which it addresses through cost control and other strategic measures.