CMS Energy Corporation

Overview

CMS Energy Corporation is a Michigan holding company formed in 1987. Its principal assets are Consumers Energy, an electric and natural gas utility serving Michigan’s Lower Peninsula, and NorthStar Clean Energy, a domestic independent power producer and marketer. The company reports results across three segments:

• Electric Utility (Consumers Electric Utility)
• Gas Utility (Consumers Gas Utility)
• NorthStar Clean Energy (non-utility operations and investments)

2025 consolidated leadership and scale

• Consolidated operating revenue (2025):
  • CMS Energy: $8.5 billion
  • Consumers Energy: $8.1 billion
  • NorthStar Clean Energy: $408 million
• Employees (as of December 31, 2025):
  • CMS Energy (including Consumers): 8,350 full-time and part-time employees
  • Consumers: 8,095 full-time and part-time employees
  • Union representation: 44% of CMS Energy’s employees; 45% of Consumers’ employees
• Customers served by Consumers (Lower Peninsula, Michigan):
  • Electric customers: 1.9 million
  • Gas customers: 1.8 million

Segment details

1) Consumers Electric Utility

• 2025 electric utility operating revenue: $5.6 billion (2024: $5.1B; 2023: $4.7B)
• 2025 electric deliveries: 37 billion kWh (including ROA deliveries of 3 billion kWh)
• Net bundled sales: 34 billion kWh (2024: 33B)
• Peak demand: Summer 2025 reached 8,500 MW (including ROA demand of 552 MW)
• Generation and supply mix (highlights):
  • 2025 total owned generation capacity: 5,940 MW; owned generation produced 24,236 GWh
  • Purchased power and interchange capacity: 3,250 MW; 11,667 GWh purchased; net interchange power: -502 GWh
  • Total electric supply: 35,903 GWh; distribution/transmission loss: 2,094 GWh
  • 2025 electric supply from Consumers’ coal units: 20% of supplied electricity; coal-fired units burned ~4 million tons of coal and generated 7,320 GWh
• Generation plan and carbon goals:
  • Coal unit retirements and changes: D.E. Karn coal units retired (515 MW) planned for 2023; J.H. Campbell (1,407 MW) retirement subject to emergency orders; Covert Generating Station acquired in 2023 (1,200 MW)
  • Renewable expansion targets: up to 9,000 MW solar; up to 4,000 MW wind; up to 2.5 GW energy storage (planning reflected in 2025–2035 targets)
  • Clean energy targets: approximately 60% renewable energy by 2035; 100% clean energy by 2040 for Consumers
  • J.H. Campbell emergency operations: Consumers operated units to support MISO reliability; some 2025 generation was used for emergency compliance, with 3,608 GWh supplied to MISO

2) Consumers Gas Utility

• 2025 gas utility operating revenue: $2.5 billion (2024: $2.1B; 2023: $2.4B)
• Gas system footprint:
  • Transmission: 2,337 miles
  • Storage fields: 14 fields (total storage capacity 300 Bcf; working gas 153 Bcf)
  • Distribution mains: 28,433 miles
  • Compressor stations: 8 (147,393 installed and available horsepower)
• Gas deliveries and storage:
  • 2025 total natural gas deliveries (pipeline and distribution, including off-system): 396 Bcf
  • 2025 winter storage contribution: 46% of winter deliveries came from storage
• Environmental and delivery plans:
  • Methane Reduction Plan: target net-zero methane emissions by 2030; 80% reduction from 2012 baseline through aging-pipe replacement, infrastructure rehabilitation/retirements, and new technologies
  • GHG reduction goal: 25% reduction in customer greenhouse gas emissions by 2035
  • Natural Gas Delivery Plan: rolling 10-year investment plan to deliver safe, reliable, clean, affordable gas; includes energy waste reduction, carbon offsets, and renewable natural gas (in construction; commercial operation expected in 2026)

3) NorthStar Clean Energy (non-utility operations and investments)

• 2025 operating revenue: $408 million (2024: $316M; 2023: $297M)
• Independent power production (ownership interests as of Dec 31, 2025):
  • Total ownership capacity: about 2,085 MW gross; 1,665 MW CMS Energy ownership share
  • Net generation attributable to CMS Energy: ~6,018 GWh
  • Facility locations include Dearborn, MI; Jackson County, AR; Gaylord, MI; Comstock, MI; multiple solar sites in Genesee, Alpena, Saginaw, Delta Township, and others; Paulding County, OH (solar/storage); Filer City, MI (coal; 73 MW owned 50%); New Bern, NC and Flint/Grayling, MI (wood waste)
• Energy Resource Management (ERM):
  • ERM buys and sells energy commodities to support NorthStar facilities
  • 2025 ERM marketing volumes: 2 Bcf natural gas and 7,625 GWh electricity
  • 2025 ERM operating revenue: $331 million (2024: $247M; 2023: $233M)

Regulatory and environmental framework

• Regulation: CMS Energy and Consumers are regulated by the Federal Energy Regulatory Commission (wholesale electricity, interconnections, tariffs) and by the Michigan Public Service Commission for retail rates and services.
• Michigan energy legislation (2023): raised renewable targets (50% by 2030; 60% by 2035), established a clean energy standard (80% by 2035; 100% by 2040), expanded the distributed generation cap to 10% of five-year peak load, and enhanced planning and affordability requirements.
• Environmental strategy: net-zero methane by 2030; 25% reduction in customer GHG emissions by 2035; emphasis on environmental justice and carbon-offset programs.
• J.H. Campbell emergency orders: U.S. DOE emergency orders affected unit operation and cost recovery; cost recovery discussions are ongoing at FERC.

Key takeaways

• CMS Energy is a Michigan-based holding company whose core operations are Consumers Energy (electric and gas distribution in the Lower Peninsula) and NorthStar Clean Energy (renewable and other generation), supported by ERM energy marketing.
• 2025 consolidated scale:
  • CMS Energy operating revenue: $8.5 billion
  • Consumers operating revenue: $8.1 billion
  • NorthStar operating revenue: $408 million
• Consumers serves about 1.9 million electric and 1.8 million gas customers; electric deliveries were about 37 billion kWh in 2025 (net bundled sales ~34 billion kWh).
• The workforce totals about 8,350 employees across CMS Energy (including Consumers), with Consumers accounting for about 8,095 employees; union representation is around the mid-40% range.
• The company’s transition plans focus on large renewable capacity additions (up to 9,000 MW solar and 4,000 MW wind), coal unit retirements, deployment of energy storage, and targets of roughly 60% renewable energy by 2035 and 100% clean energy by 2040 for Consumers.