Cms Energy Corp (NYSE: CMS-PC)

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries including Consumers an electric and gas utility and NorthStar Clean Energy primarily a domestic independent power producer and marketer. The company provides electricity and natural gas services to customers in Michigan’s Lower Peninsula and engages in independent power production and energy marketing through its non‑utility operations. CMS Energy manages its businesses by the nature of services each provides.

CMS Energy generates revenue primarily through the sale of electricity and natural gas to retail customers via its Consumers subsidiary and through independent power production and energy marketing via its NorthStar Clean Energy subsidiary. Consumers’ electric utility operations generated operating revenue of $5.6 billion in 2025 while its gas utility operations generated $2.5 billion in the same year. NorthStar Clean Energy’s operating revenue was $408 million in 2025 derived from independent power production and energy resource management activities. The company’s consolidated operating revenue was $8.5 billion in 2025.

The company operates through the following segments: electric utility gas utility and NorthStar Clean Energy its non‑utility operations and investments.

• The electric utility segment includes the generation purchase distribution and sale of electricity to residential commercial and industrial customers in Michigan’s Lower Peninsula.

• The gas utility segment includes the purchase transmission storage distribution and sale of natural gas to residential commercial and industrial customers in Michigan’s Lower Peninsula.

• The NorthStar Clean Energy segment includes domestic independent power production including the development and operation of renewable generation and the marketing of independent power production through subsidiaries and equity investments.

CMS Energy holds a dominant position in Michigan’s energy market as Consumers serves approximately 6.8 million of the state’s 10 million residents with electric and/or natural gas service. The company faces competition from alternative electric suppliers under Michigan’s retail open access program which is capped at 10 percent of sales and from alternative fuels such as propane oil and electricity in the gas utility business. Its competitive advantages include a regulated rate base long‑term customer relationships and investments in renewable energy and grid modernization.

CMS Energy serves a diverse customer base consisting primarily of residential commercial and industrial customers in Michigan’s Lower Peninsula. Consumers’ electric utility customer base includes a mix of primarily residential commercial and diversified industrial customers while its gas utility customer base similarly consists of residential commercial and diversified industrial customers. NorthStar Clean Energy serves wholesale and retail energy markets through its independent power production and energy marketing activities.