CMS ENERGY CORP

CMS Energy Corporation (NASDAQ: CMS) is an energy company headquartered in Michigan that operates primarily through two major subsidiaries: Consumers Energy Company, an electric and gas utility, and NorthStar Clean Energy, a domestic independent power producer and marketer. The company's website is www.cmsenergy.com.

Consumers Energy serves approximately 6.8 million of Michigan's 10 million residents through its electric and gas utility operations. The company operates a substantial generation and distribution infrastructure across Michigan's Lower Peninsula, serving 1.9 million electric customers and 1.8 million gas customers. Consumers' customer base consists primarily of residential, commercial, and diversified industrial customers. The electric utility segment generated $5.6 billion in operating revenue in 2025, while the gas utility segment generated $2.5 billion. Combined, Consumers' operations account for the substantial majority of CMS Energy's total assets, income, and operating revenue.

Consumers operates an extensive electric distribution system comprising over 82,000 miles of overhead distribution lines and 10,000 miles of underground lines, along with 1,102 substations. The company's gas utility operates 2,337 miles of transmission lines, 28,433 miles of distribution mains, and 14 gas storage fields with 300 Bcf of total storage capacity. In 2025, Consumers delivered 37 billion kilowatt-hours of electricity and 396 billion cubic feet of natural gas.

Consumers' electric supply mix reflects a strategic transition toward clean energy. The company operates owned generation capacity of 5,940 megawatts and maintains additional capacity through long-term power purchase agreements totaling 3,250 megawatts. NorthStar Clean Energy operates independent power production facilities totaling 2,085 megawatts of gross capacity, including solar, wind, natural gas, coal, and wood waste generation across multiple states.

CMS Energy's consolidated operating revenue reached $8.5 billion in 2025. The company operates three reportable business segments: electric utility, gas utility, and NorthStar Clean Energy non-utility operations. The company is executing a multi-faceted strategy to achieve 60 percent renewable energy by 2035 and 100 percent clean energy by 2040, including planned coal generation retirements and significant investments in renewable energy resources.