CONSUMERS ENERGY CO, 10-K filed on 2/11/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 17, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-9513    
Entity Registrant Name CMS ENERGY CORPORATION    
Entity Tax Identification Number 38-2726431    
Entity Incorporation, State or Country Code MI    
Entity Address, Address Line One One Energy Plaza    
Entity Address, City or Town Jackson    
Entity Address, State or Province MI    
Entity Address, Postal Zip Code 49201    
City Area Code 517    
Local Phone Number 788-0550    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filer No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 17,701
Entity Common Stock, Shares Outstanding   298,794,638  
Documents Incorporated by Reference CMS Energy’s and Consumers’ proxy statement relating to their 2025 Annual Meetings of Shareholders to be held May 2, 2025.    
Entity Central Index Key 0000811156    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Consumers Energy Company      
Document Information [Line Items]      
Entity File Number 1-5611    
Entity Registrant Name CONSUMERS ENERGY COMPANY    
Entity Tax Identification Number 38-0442310    
Entity Incorporation, State or Country Code MI    
Entity Address, Address Line One One Energy Plaza    
Entity Address, City or Town Jackson    
Entity Address, State or Province MI    
Entity Address, Postal Zip Code 49201    
City Area Code 517    
Local Phone Number 788-0550    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filer No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   84,108,789  
Entity Central Index Key 0000201533    
CMS Energy Corporation Common Stock, $0.01 par value      
Document Information [Line Items]      
Title of 12(b) Security CMS Energy Corporation Common Stock    
Trading Symbol CMS    
Security Exchange Name NYSE    
5.625% Junior Subordinated Notes Due 2078      
Document Information [Line Items]      
Title of 12(b) Security CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078    
Trading Symbol CMSA    
Security Exchange Name NYSE    
5.875% Junior Subordinated Notes Due 2078      
Document Information [Line Items]      
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078    
Trading Symbol CMSC    
Security Exchange Name NYSE    
5.875% Junior Subordinated Notes Due 2079      
Document Information [Line Items]      
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079    
Trading Symbol CMSD    
Security Exchange Name NYSE    
CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C      
Document Information [Line Items]      
Title of 12(b) Security CMS Energy Corporation Depositary Shares    
Trading Symbol CMS PRC    
Security Exchange Name NYSE    
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series      
Document Information [Line Items]      
Title of 12(b) Security Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series    
Trading Symbol CMS-PB    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Detroit, Michigan
Consumers Energy Company  
Document Information [Line Items]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Detroit, Michigan
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Revenue $ 7,515 $ 7,462 $ 8,596
Operating Expenses      
Fuel for electric generation 624 561 905
Purchased power – related parties 71 75 76
Maintenance and other operating expenses 1,638 1,687 1,669
Depreciation and amortization 1,240 1,180 1,126
General taxes 482 447 412
Total operating expenses 6,028 6,227 7,372
Operating Income 1,487 1,235 1,224
Other Income (Expense)      
Non-operating retirement benefits, net 169 180 205
Other income 207 195 19
Other expense (32) (13) (27)
Total other income 344 362 197
Interest Charges      
Interest on long-term debt 700 616 509
Allowance for borrowed funds used during construction (18) (3) (2)
Total interest charges 708 643 519
Income (Loss) Before Income Taxes 1,123 954 902
Income Tax Expense 176 147 93
Income (Loss) From Continuing Operations 947 807 809
Income From Discontinued Operations, Net of Tax of $—, $—, and $1 0 1 4
Net Income 947 808 813
Loss Attributable to Noncontrolling Interests (56) (79) (24)
Net Income 1,003 887 837
Preferred Stock Dividends 10 10 10
Net Income (Loss) Available to Common Stockholders $ 993 $ 877 $ 827
Basic Earnings Per Average Common Share      
Income from continuing operations per average common share available to common stockholders (in dollars per share) $ 3.34 $ 3.01 $ 2.84
Income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0 0.01
Basic earnings per average common share (in dollars per share) 3.34 3.01 2.85
Diluted Earnings Per Average Common Share      
Income from continuing operations per average common share available to common stockholders (in dollars per share) 3.33 3.01 2.84
Income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0 0.01
Diluted earnings per average common share (in dollars per share) $ 3.33 $ 3.01 $ 2.85
Related Party      
Interest Charges      
Other interest expense $ 12 $ 12 $ 12
Nonrelated Party      
Interest Charges      
Other interest expense 14 18 0
Purchased and interchange power      
Operating Expenses      
Cost of goods and services sold 1,333 1,375 1,928
Cost of gas sold      
Operating Expenses      
Cost of goods and services sold $ 640 $ 902 $ 1,256
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Tax effect of discontinued operations $ 0 $ 0 $ 1
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net Income $ 947 $ 808 $ 813
Retirement Benefits Liability      
Net gain arising during the period 2 5 1
Prior service credit adjustment 1 0 0
Amortization of net actuarial loss 2 2 4
Amortization of prior service credit 0 (1) (1)
Derivatives      
Unrealized gain on investments 0 0 2
Reclassification adjustments included in net income 0 0 1
Other Comprehensive Income 5 6 7
Comprehensive Income 952 814 820
Comprehensive Loss Attributable to Noncontrolling Interests (56) (79) (24)
Comprehensive Income $ 1,008 $ 893 $ 844
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net gain (loss) arising during the period, tax $ 1 $ 2 $ 0
Prior service credit adjustment, tax 0 0 0
Amortization of net actuarial loss, tax 0 0 1
Amortization of prior service credit, tax 0 0 0
Unrealized gain on derivative instruments, tax 0 0 1
Reclassification adjustments included in net income , tax $ 0 $ 0 $ 0
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net Income $ 947 $ 808 $ 813
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,240 1,180 1,126
Deferred income taxes and investment tax credits 142 157 89
Bad debt expense 33 34 50
Postretirement benefits contributions (13) (12) (12)
Gain from sale of EnerBank 0 0 (5)
Other non‑cash operating activities and reconciling adjustments (241) (274) (93)
Changes in assets and liabilities      
Accounts receivable and accrued revenue (155) 241 (677)
Inventories 164 185 (450)
Accounts payable and accrued rate refunds 15 (136) 4
Other current assets and liabilities 42 (21) 14
Other non‑current assets and liabilities 196 147 (4)
Net cash provided by operating activities 2,370 2,309 855
Cash Flows from Investing Activities      
Net proceeds from sale of EnerBank 0 0 5
Cost to retire property and other investing activities (160) (167) (107)
Net cash used in investing activities (3,054) (3,386) (2,476)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,962 3,551 1,899
Retirement of debt (952) (2,132) (106)
Increase (decrease) in notes payable (28) 73 20
Issuance of common stock 286 192 69
Payment of dividends on common and preferred stock (626) (579) (544)
Proceeds from the sale of membership interest in VIE to tax equity investor 0 86 49
Contributions from noncontrolling interests 5 6 2
Distributions to noncontrolling interests (12) (12) (4)
Other financing costs (21) (42) (58)
Net cash provided by financing activities 614 1,143 1,327
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (70) 66 (294)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 248 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 178 248 182
Cash transactions      
Interest paid (net of amounts capitalized) 677 607 490
Income taxes paid (proceeds from sale of renewable energy tax credits), net (69) 15 1
Non‑cash transactions      
Capital expenditures not paid 517 265 228
ASP gain      
Cash Flows from Investing Activities      
Proceeds from sale of ASP business 124 0 0
Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (3,018) (2,407) (2,374)
Covert Plant Acquisition      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) $ 0 $ (812) $ 0
v3.25.0.1
CMS Energy Corporation Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 103 $ 227
Restricted cash and cash equivalents 75 21
Inventories at average cost    
Gas in underground storage 435 587
Materials and supplies 299 267
Generating plant fuel stock 35 84
Deferred property taxes 448 426
Regulatory assets 229 203
Prepayments and other current assets 103 80
Total current assets 2,790 2,839
Plant, Property, and Equipment    
Plant, property, and equipment, gross 34,932 33,135
Less accumulated depreciation and amortization 9,569 9,007
Plant, property, and equipment, net 25,363 24,128
Construction work in progress 2,098 944
Total plant, property, and equipment 27,461 25,072
Other Non‑current Assets    
Regulatory assets 3,569 3,683
Accounts receivable 20 22
Investments 69 76
Postretirement benefits 1,627 1,468
Other 384 357
Total other non‑current assets 5,669 5,606
Total Assets 35,920 33,517
Current Liabilities    
Current portion of long-term debt and finance leases 1,195 980
Notes payable 65 93
Accrued rate refunds 38 54
Accrued interest 156 142
Accrued taxes 654 612
Regulatory liabilities 111 56
Other current liabilities 209 149
Total current liabilities 3,521 2,895
Non‑current Liabilities    
Long-term debt 15,194 14,508
Non-current portion of finance leases 112 62
Regulatory liabilities 4,067 3,894
Postretirement benefits 96 106
Asset retirement obligations 728 771
Deferred investment tax credit 122 126
Deferred income taxes 2,925 2,615
Other non‑current liabilities 407 415
Total non‑current liabilities 23,651 22,497
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,009 5,705
Accumulated other comprehensive loss (41) (46)
Retained earnings 2,035 1,658
Total common stockholders’ equity 8,006 7,320
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 8,230 7,544
Noncontrolling interests 518 581
Total equity 8,748 8,125
Total Liabilities and Equity 35,920 33,517
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $23 in 2024 and $21 in 2023 1,049 933
Current Liabilities    
Accounts payable 1,085 802
Related Party    
Current Assets    
Accounts receivable – related parties 14 11
Current Liabilities    
Accounts payable $ 8 $ 7
v3.25.0.1
CMS Energy Corporation Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable and accrued revenue, allowance $ 23 $ 21
Common stock authorized (in shares) 350,000,000.0 350,000,000.0
Common stock outstanding (in shares) 298,800,000 294,400,000
Preferred stock authorized (in shares) 10,000,000  
Series C Preferred Stock Depositary Shares    
Preferred stock authorized (in shares) 9,200,000 9,200,000
Preferred stock outstanding (in shares) 9,200,000 9,200,000
v3.25.0.1
CMS Energy Corporation Consolidated Statements of Changes in Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Derivative instruments
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
Beginning of period (in shares) at Dec. 31, 2021   289,758              
Total Equity at Beginning of Period at Dec. 31, 2021 $ 7,188 $ 3 $ 5,406 $ (59) $ (56) $ (3) $ 1,057 $ 224 $ 557
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued (in shares)   1,704              
Common stock issued     93            
Common stock repurchased (in shares)   (151)              
Common stock repurchased     (9)            
Common stock reacquired (in shares)   (43)              
Common stock reacquired     0            
Net gain arising during the period 1       1        
Prior service credit adjustment 0       0        
Amortization of net actuarial loss 4       4        
Amortization of prior service credit (1)       (1)        
Unrealized gain on investments 2         2      
Reclassification adjustments included in net income 1         1      
Net income (loss) 813           837   (24)
Dividends declared on common stock             (534)    
Dividends declared on preferred stock             (10)    
Sale of membership interest in VIE to tax equity investor                 49
Contributions from noncontrolling interests                 2
Distributions to noncontrolling interests                 (4)
End of period (in shares) at Dec. 31, 2022   291,268              
Total Equity at End of Period at Dec. 31, 2022 $ 7,595 $ 3 5,490 (52) (52) 0 1,350 224 580
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 1.8400                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 1.0500                
Common stock issued (in shares)   3,355              
Common stock issued     222            
Common stock repurchased (in shares)   (119)              
Common stock repurchased     (7)            
Common stock reacquired (in shares)   (64)              
Common stock reacquired     0            
Net gain arising during the period $ 5       5        
Prior service credit adjustment 0       0        
Amortization of net actuarial loss 2       2        
Amortization of prior service credit (1)       (1)        
Unrealized gain on investments 0         0      
Reclassification adjustments included in net income 0         0      
Net income (loss) $ 808           887   (79)
Dividends declared on common stock             (569)    
Dividends declared on preferred stock             (10)    
Sale of membership interest in VIE to tax equity investor                 86
Contributions from noncontrolling interests                 6
Distributions to noncontrolling interests                 (12)
End of period (in shares) at Dec. 31, 2023 294,400 294,440              
Total Equity at End of Period at Dec. 31, 2023 $ 8,125 $ 3 5,705 (46) (46) 0 1,658 224 581
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 1.9500                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 1.0500                
Common stock issued (in shares)   4,673              
Common stock issued     315            
Common stock repurchased (in shares)   (181)              
Common stock repurchased     (11)            
Common stock reacquired (in shares)   (142)              
Common stock reacquired     0            
Net gain arising during the period $ 2       2        
Prior service credit adjustment 1       1        
Amortization of net actuarial loss 2       2        
Amortization of prior service credit 0       0        
Unrealized gain on investments 0         0      
Reclassification adjustments included in net income 0         0      
Net income (loss) $ 947           1,003   (56)
Dividends declared on common stock             (616)    
Dividends declared on preferred stock             (10)    
Sale of membership interest in VIE to tax equity investor                 0
Contributions from noncontrolling interests                 5
Distributions to noncontrolling interests                 (12)
End of period (in shares) at Dec. 31, 2024 298,800 298,790              
Total Equity at End of Period at Dec. 31, 2024 $ 8,748 $ 3 $ 6,009 $ (41) $ (41) $ 0 $ 2,035 $ 224 $ 518
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 2.0600                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 1.0500                
v3.25.0.1
Consumers Energy Company Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Revenue $ 7,515 $ 7,462 $ 8,596
Operating Expenses      
Operating Income 1,487 1,235 1,224
Other Income (Expense)      
Non-operating retirement benefits, net 169 180 205
Other income 207 195 19
Other expense (32) (13) (27)
Total other income 344 362 197
Interest Charges      
Interest on long-term debt 700 616 509
Allowance for borrowed funds used during construction (18) (3) (2)
Total interest charges 708 643 519
Income (Loss) Before Income Taxes 1,123 954 902
Income Tax Expense 176 147 93
Net Income 1,003 887 837
Preferred Stock Dividends 10 10 10
Net Income (Loss) Available to Common Stockholders 993 877 827
Related Party      
Interest Charges      
Other interest expense 12 12 12
Nonrelated Party      
Interest Charges      
Other interest expense 14 18 0
Consumers Energy Company      
Operating Revenue 7,200 7,166 8,151
Operating Expenses      
Fuel for electric generation 511 435 662
Purchased and interchange power 1,285 1,331 1,867
Purchased power – related parties 71 75 76
Cost of gas sold 637 897 1,243
Maintenance and other operating expenses 1,520 1,586 1,582
Depreciation and amortization 1,191 1,137 1,088
General taxes 470 437 400
Total operating expenses 5,685 5,898 6,918
Operating Income 1,515 1,268 1,233
Other Income (Expense)      
Non-operating retirement benefits, net 157 171 195
Other income 85 49 17
Other expense (30) (12) (25)
Total other income 212 208 187
Interest Charges      
Interest on long-term debt 488 415 325
Allowance for borrowed funds used during construction (13) (3) (2)
Total interest charges 518 448 335
Income (Loss) Before Income Taxes 1,209 1,028 1,085
Income Tax Expense 200 161 140
Net Income 1,009 867 945
Preferred Stock Dividends 2 2 2
Net Income (Loss) Available to Common Stockholders 1,007 865 943
Consumers Energy Company | Related Party      
Interest Charges      
Other interest expense 31 20 12
Consumers Energy Company | Nonrelated Party      
Interest Charges      
Other interest expense $ 12 $ 16 $ 0
v3.25.0.1
Consumers Energy Company Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income $ 1,003 $ 887 $ 837
Retirement Benefits Liability      
Net gain arising during the period 2 5 1
Amortization of net actuarial loss 2 2 4
Other Comprehensive Income 5 6 7
Comprehensive Income 1,008 893 844
Consumers Energy Company      
Net Income 1,009 867 945
Retirement Benefits Liability      
Net gain arising during the period 3 (1) 15
Amortization of net actuarial loss 1 1 2
Other Comprehensive Income 4 0 17
Comprehensive Income $ 1,013 $ 867 $ 962
v3.25.0.1
Consumers Energy Company Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net gain (loss) arising during the period, tax $ 1 $ 2 $ 0
Amortization of net actuarial loss, tax 0 0 1
Consumers Energy Company      
Net gain (loss) arising during the period, tax 1 0 5
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0
v3.25.0.1
Consumers Energy Company Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net Income $ 1,003 $ 887 $ 837
Adjustments to reconcile net income to net cash provided by operating activities      
Deferred income taxes and investment tax credits 142 157 89
Bad debt expense 33 34 50
Postretirement benefits contributions (13) (12) (12)
Other non‑cash operating activities and reconciling adjustments (241) (274) (93)
Changes in assets and liabilities      
Accounts receivable and accrued revenue (155) 241 (677)
Inventories 164 185 (450)
Accounts payable and accrued rate refunds 15 (136) 4
Other current assets and liabilities 42 (21) 14
Other non‑current assets and liabilities 196 147 (4)
Net cash provided by operating activities 2,370 2,309 855
Cash Flows from Investing Activities      
Cost to retire property and other investing activities (160) (167) (107)
Net cash used in investing activities (3,054) (3,386) (2,476)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,962 3,551 1,899
Retirement of debt (952) (2,132) (106)
Increase (decrease) in notes payable (28) 73 20
Other financing costs (21) (42) (58)
Net cash provided by financing activities 614 1,143 1,327
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (70) 66 (294)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 248 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 178 248 182
Cash transactions      
Interest paid (net of amounts capitalized) 677 607 490
Income taxes paid (proceeds from sale of renewable energy tax credits), net (69) 15 1
Non‑cash transactions      
Capital expenditures not paid 517 265 228
ASP gain      
Cash Flows from Investing Activities      
Proceeds from sale of ASP business 124 0 0
Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (3,018) (2,407) (2,374)
Covert Plant Acquisition      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) 0 (812) 0
Consumers Energy Company      
Cash Flows from Operating Activities      
Net Income 1,009 867 945
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,191 1,137 1,088
Deferred income taxes and investment tax credits 115 156 134
Bad debt expense 33 34 50
Postretirement benefits contributions (9) (9) (9)
Other non‑cash operating activities and reconciling adjustments (137) (123) (87)
Changes in assets and liabilities      
Accounts receivable and accrued revenue (153) 219 (660)
Inventories 164 186 (447)
Accounts payable and accrued rate refunds 19 (127) (9)
Other current assets and liabilities 75 (35) 18
Other non‑current assets and liabilities 139 125 (29)
Net cash provided by operating activities 2,446 2,430 994
Cash Flows from Investing Activities      
Cost to retire property and other investing activities (154) (141) (105)
Net cash used in investing activities (2,872) (3,201) (2,344)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,297 2,666 1,799
Retirement of debt (389) (1,654) (28)
Stockholder contribution 735 475 685
Return of stockholder contribution (320) 0 0
Payment of dividends on common and preferred stock (797) (697) (771)
Other financing costs (9) (21) (22)
Net cash provided by financing activities 489 767 1,366
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 63 (4) 16
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 56 60 44
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 119 56 60
Cash transactions      
Interest paid (net of amounts capitalized) 484 417 309
Income taxes paid (proceeds from sale of renewable energy tax credits), net (19) 31 (2)
Non‑cash transactions      
Capital expenditures not paid 395 264 210
Consumers Energy Company | Nonrelated Party      
Cash Flows from Financing Activities      
Increase (decrease) in notes payable (28) 73 20
Consumers Energy Company | Related Party      
Cash Flows from Financing Activities      
Increase (decrease) in notes payable 0 (75) (317)
Consumers Energy Company | ASP gain      
Cash Flows from Investing Activities      
Proceeds from sale of ASP business 124 0 0
Consumers Energy Company | Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (2,842) (2,248) (2,239)
Consumers Energy Company | Covert Plant Acquisition      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) $ 0 $ (812) $ 0
v3.25.0.1
Consumers Energy Company Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 103 $ 227
Restricted cash and cash equivalents 75 21
Inventories at average cost    
Gas in underground storage 435 587
Materials and supplies 299 267
Generating plant fuel stock 35 84
Deferred property taxes 448 426
Regulatory assets 229 203
Prepayments and other current assets 103 80
Total current assets 2,790 2,839
Other Non‑current Assets    
Regulatory assets 3,569 3,683
Accounts and notes receivable – related parties 20 22
Postretirement benefits 1,627 1,468
Other 384 357
Total other non‑current assets 5,669 5,606
Total Assets 35,920 33,517
Current Liabilities    
Current portion of long-term debt and finance leases 1,195 980
Notes payable 65 93
Accrued rate refunds 38 54
Accrued interest 156 142
Accrued taxes 654 612
Regulatory liabilities 111 56
Other current liabilities 209 149
Total current liabilities 3,521 2,895
Non‑current Liabilities    
Long-term debt 15,194 14,508
Non-current portion of finance leases 112 62
Regulatory liabilities 4,067 3,894
Postretirement benefits 96 106
Asset retirement obligations 728 771
Deferred investment tax credit 122 126
Deferred income taxes 2,925 2,615
Other non‑current liabilities 407 415
Total non‑current liabilities 23,651 22,497
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,009 5,705
Accumulated other comprehensive loss (41) (46)
Retained earnings 2,035 1,658
Total common stockholders’ equity 8,006 7,320
Cumulative preferred stock 224 224
Total stockholders’ equity 8,230 7,544
Total Liabilities and Equity 35,920 33,517
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $23 in 2024 and $21 in 2023 1,049 933
Current Liabilities    
Accounts payable 1,085 802
Related Party    
Current Liabilities    
Accounts payable 8 7
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 44 35
Restricted cash and cash equivalents 75 21
Inventories at average cost    
Gas in underground storage 435 587
Materials and supplies 291 257
Generating plant fuel stock 30 80
Deferred property taxes 448 426
Regulatory assets 229 203
Prepayments and other current assets 86 65
Total current assets 2,674 2,594
Plant, Property, and Equipment    
Plant, property, and equipment, gross 33,434 31,723
Less accumulated depreciation and amortization 9,310 8,796
Plant, property, and equipment, net 24,124 22,927
Construction work in progress 1,766 845
Total plant, property, and equipment 25,890 23,772
Other Non‑current Assets    
Regulatory assets 3,569 3,683
Postretirement benefits 1,514 1,367
Other 323 313
Total other non‑current assets 5,524 5,486
Total Assets 34,088 31,852
Current Liabilities    
Current portion of long-term debt and finance leases 456 731
Notes payable 65 93
Accrued rate refunds 38 54
Accrued interest 130 110
Accrued taxes 678 614
Regulatory liabilities 111 56
Other current liabilities 185 128
Total current liabilities 2,592 2,563
Non‑current Liabilities    
Non-current portion of finance leases 69 39
Regulatory liabilities 4,067 3,894
Postretirement benefits 70 77
Asset retirement obligations 694 739
Deferred investment tax credit 122 126
Deferred income taxes 3,053 2,789
Other non‑current liabilities 349 364
Total non‑current liabilities 20,065 18,489
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 8,174 7,759
Accumulated other comprehensive loss (11) (15)
Retained earnings 2,390 2,178
Total common stockholders’ equity 11,394 10,763
Cumulative preferred stock 37 37
Total stockholders’ equity 11,431 10,800
Total Liabilities and Equity 34,088 31,852
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $23 in 2024 and $21 in 2023 1,019 909
Other Non‑current Assets    
Accounts receivable 26 28
Current Liabilities    
Accounts payable 917 764
Non‑current Liabilities    
Long-term debt 10,818 10,037
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 17 11
Other Non‑current Assets    
Accounts and notes receivable – related parties 92 95
Current Liabilities    
Accounts payable 12 13
Non‑current Liabilities    
Long-term debt $ 823 $ 424
v3.25.0.1
Consumers Energy Company Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable and accrued revenue, allowance $ 23 $ 21
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 298.8 294.4
Preferred stock, par value (in dollars per share) $ 0.01  
Preferred stock authorized (in shares) 10.0  
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 23 $ 21
Common stock authorized (in shares) 125.0 125.0
Common stock outstanding (in shares) 84.1 84.1
Preferred stock, par value (in dollars per share) $ 4.50 $ 4.50
Preferred stock authorized (in shares) 7.5 7.5
Preferred stock outstanding (in shares) 0.4 0.4
v3.25.0.1
Consumers Energy Company Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retirement benefits liability
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2021 $ 7,188 $ 3 $ 5,406 $ (59) $ (56) $ 1,057 $ 224 $ 9,279 $ 841 $ 6,599   $ (32) $ 1,834 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   685        
Return of stockholder contribution                   0        
Net gain arising during the period 1       1     15       15    
Amortization of net actuarial loss 4       4     2       2    
Net Income 837             945         945  
Dividends declared on common stock           (534)             (769)  
Dividends declared on preferred stock           (10)             (2)  
Total Equity at End of Period at Dec. 31, 2022 7,595 3 5,490 (52) (52) 1,350 224 10,155 841 7,284 $ (15) (15) 2,008 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   475        
Return of stockholder contribution                   0        
Net gain arising during the period 5       5     (1)       (1)    
Amortization of net actuarial loss 2       2     1       1    
Net Income 887             867         867  
Dividends declared on common stock           (569)             (695)  
Dividends declared on preferred stock           (10)             (2)  
Total Equity at End of Period at Dec. 31, 2023 8,125 3 5,705 (46) (46) 1,658 224 10,800 841 7,759 (15) (15) 2,178 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   735        
Return of stockholder contribution                   (320)        
Net gain arising during the period 2       2     3       3    
Amortization of net actuarial loss 2       2     1       $ 1    
Net Income 1,003             1,009         1,009  
Dividends declared on common stock           (616)             (795)  
Dividends declared on preferred stock           (10)             (2)  
Total Equity at End of Period at Dec. 31, 2024 $ 8,748 $ 3 $ 6,009 $ (41) $ (41) $ 2,035 $ 224 $ 11,431 $ 841 $ 8,174 $ (11)   $ 2,390 $ 37
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Line Items]  
Significant Accounting Policies Significant Accounting Policies
Principles of Consolidation: CMS Energy and Consumers prepare their consolidated financial statements in conformity with GAAP. CMS Energy’s consolidated financial statements comprise CMS Energy, Consumers, NorthStar Clean Energy, and all other entities in which CMS Energy has a controlling financial interest or is the primary beneficiary. Consumers’ consolidated financial statements comprise Consumers and all other entities in which it has a controlling financial interest. CMS Energy uses the equity method of accounting for investments in companies and partnerships that are not consolidated, where they have significant influence over operations and financial policies but are not the primary beneficiary. CMS Energy and Consumers eliminate intercompany transactions and balances.
Use of Estimates: CMS Energy and Consumers are required to make estimates using assumptions that may affect reported amounts and disclosures. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Contingencies: CMS Energy and Consumers record estimated loss contingencies on their consolidated financial statements when it is probable that a loss has been incurred and when the amount of loss can be reasonably estimated. For environmental remediation projects in which the timing of estimated expenditures is considered reliably determinable, CMS Energy and Consumers record the liability at its net present value, using a discount rate equal to the interest rate on monetary assets that are essentially risk-free and have maturities comparable to that of the environmental liability. Unless regulatory accounting applies, CMS Energy and Consumers expense legal fees as incurred; fees incurred but not yet billed are accrued based on estimates of work performed.
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs: Upon the issuance of long-term debt, CMS Energy and Consumers defer issuance costs, discounts, and premiums and amortize those amounts over the terms of the associated debt. Debt issuance costs are presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. Upon the refinancing of long-term debt, Consumers, as a regulated entity, defers any remaining unamortized issuance costs, discounts, and premiums associated with the refinanced debt and amortizes those amounts over the term of the newly issued debt. For the non‑regulated portions of CMS Energy’s business, any remaining unamortized issuance costs, discounts, and premiums associated with extinguished debt are charged to earnings.
Derivative Instruments: In order to support ongoing operations, CMS Energy and Consumers may enter into contracts for the future purchase and sale of various commodities, such as electricity, natural gas, and coal. These forward contracts are generally long-term in nature and result in physical delivery of the
commodity at a contracted price. Most of these contracts are not subject to derivative accounting for one or more of the following reasons:
•they do not have a notional amount (that is, a number of units specified in a derivative instrument, such as MWh of electricity or Bcf of natural gas)
•they qualify for the normal purchases and sales exception
•they cannot be net settled due in part to the absence of an active market for the commodity
Consumers also uses FTRs to manage price risk related to electricity transmission congestion. An FTR is a financial instrument that entitles its holder to receive compensation or requires its holder to remit payment for congestion-related transmission charges. Consumers accounts for FTRs as derivatives and changes in the fair value of FTRs are deferred as regulatory assets or liabilities. For details regarding CMS Energy’s and Consumers’ derivative instruments recorded at fair value, see Note 5, Fair Value Measurements.
Electricity Market Transactions: Wholesale electricity market operators require the submission of hourly day-ahead and real-time bids and offers for energy at locations across each region. CMS Energy and Consumers account for such transactions on a net hourly basis in each of the real-time and day-ahead markets, netted across all locations in the energy market. CMS Energy and Consumers record net hourly purchases in purchased and interchange power and net hourly sales in operating revenue on their consolidated statements of income. They record net billing adjustments upon receipt of settlement statements, record accruals for future net purchases and sales adjustments based on historical experience, and reconcile accruals to actual expenses and sales upon receipt of settlement statements.
EPS: CMS Energy calculates basic and diluted EPS using the weighted-average number of shares of common stock and dilutive potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted EPS, includes the effects of nonvested stock awards, forward equity sales, and convertible securities. CMS Energy computes the effect on potential common stock using the treasury stock method. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Diluted EPS excludes the impact of antidilutive securities, which are those securities resulting in an increase in EPS or a decrease in loss per share. For EPS computations, see Note 13, Earnings Per Share—CMS Energy.
Impairment of Long-lived Assets and Equity Method Investments: CMS Energy and Consumers perform tests of impairment if certain triggering events occur that indicate the carrying amount of an asset may not be recoverable or that there has been a decline in value that may be other than temporary.
CMS Energy and Consumers evaluate long-lived assets held in use for impairment by calculating the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. If the undiscounted future cash flows are less than the carrying amount, CMS Energy and Consumers recognize an impairment loss equal to the amount by which the carrying amount exceeds the fair value. CMS Energy and Consumers estimate the fair value of the asset using quoted market prices, market prices of similar assets, or discounted future cash flow analyses.
CMS Energy also assesses equity method investments for impairment whenever there has been a decline in value that is other than temporary. This assessment requires CMS Energy to determine the fair value of the equity method investment. CMS Energy determines fair value using valuation methodologies, including discounted cash flows, and assesses the ability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment. CMS Energy records an impairment if the fair value is less than the carrying amount and the decline in value is considered to be other than temporary.
Investment Tax Credits: CMS Energy and its subsidiaries use the flow-through method of accounting for investment tax credits. Under the flow-through method, the credit is recognized as a reduction to income tax expense when the related plant, property, and equipment is placed into service. For its regulated utility assets, Consumers amortizes its investment tax credits over the life of the related property in accordance with regulatory treatment.
Inventory: CMS Energy and Consumers use the weighted-average cost method for valuing working gas, recoverable base gas in underground storage facilities, and materials and supplies inventory. CMS Energy and Consumers also use this method for valuing coal inventory, and they classify these amounts as generating plant fuel stock on their consolidated balance sheets.
CMS Energy and Consumers account for RECs and emission allowances as inventory and use the weighted-average cost method to remove amounts from inventory. RECs and emission allowances are used to satisfy compliance obligations related to the generation of power. CMS Energy and Consumers classify these amounts within other assets on their consolidated balance sheets.
CMS Energy and Consumers evaluate inventory for impairment as required to ensure that its carrying value does not exceed the lower of cost or net realizable value.
Property Taxes: Property taxes are based on the taxable value of CMS Energy’s and Consumers’ real and personal property assessed by local taxing authorities. CMS Energy and Consumers record property tax expense over the fiscal year of the taxing authority for which the taxes are levied. The deferred property tax balance represents the amount of CMS Energy’s and Consumers’ accrued property tax that will be recognized over future governmental fiscal periods.
Other: For additional accounting policies, see:
•Note 2, Regulatory Matters
•Note 7, Plant, Property, and Equipment
•Note 8, Leases
•Note 9, Asset Retirement Obligations
•Note 10, Retirement Benefits
•Note 11, Stock-based Compensation
•Note 12, Income Taxes
•Note 13, Earnings Per Share—CMS Energy
•Note 14, Revenue
•Note 18, Variable Interest Entities
Consumers Energy Company  
Significant Accounting Policies [Line Items]  
Significant Accounting Policies Significant Accounting Policies
Principles of Consolidation: CMS Energy and Consumers prepare their consolidated financial statements in conformity with GAAP. CMS Energy’s consolidated financial statements comprise CMS Energy, Consumers, NorthStar Clean Energy, and all other entities in which CMS Energy has a controlling financial interest or is the primary beneficiary. Consumers’ consolidated financial statements comprise Consumers and all other entities in which it has a controlling financial interest. CMS Energy uses the equity method of accounting for investments in companies and partnerships that are not consolidated, where they have significant influence over operations and financial policies but are not the primary beneficiary. CMS Energy and Consumers eliminate intercompany transactions and balances.
Use of Estimates: CMS Energy and Consumers are required to make estimates using assumptions that may affect reported amounts and disclosures. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Contingencies: CMS Energy and Consumers record estimated loss contingencies on their consolidated financial statements when it is probable that a loss has been incurred and when the amount of loss can be reasonably estimated. For environmental remediation projects in which the timing of estimated expenditures is considered reliably determinable, CMS Energy and Consumers record the liability at its net present value, using a discount rate equal to the interest rate on monetary assets that are essentially risk-free and have maturities comparable to that of the environmental liability. Unless regulatory accounting applies, CMS Energy and Consumers expense legal fees as incurred; fees incurred but not yet billed are accrued based on estimates of work performed.
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs: Upon the issuance of long-term debt, CMS Energy and Consumers defer issuance costs, discounts, and premiums and amortize those amounts over the terms of the associated debt. Debt issuance costs are presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. Upon the refinancing of long-term debt, Consumers, as a regulated entity, defers any remaining unamortized issuance costs, discounts, and premiums associated with the refinanced debt and amortizes those amounts over the term of the newly issued debt. For the non‑regulated portions of CMS Energy’s business, any remaining unamortized issuance costs, discounts, and premiums associated with extinguished debt are charged to earnings.
Derivative Instruments: In order to support ongoing operations, CMS Energy and Consumers may enter into contracts for the future purchase and sale of various commodities, such as electricity, natural gas, and coal. These forward contracts are generally long-term in nature and result in physical delivery of the
commodity at a contracted price. Most of these contracts are not subject to derivative accounting for one or more of the following reasons:
•they do not have a notional amount (that is, a number of units specified in a derivative instrument, such as MWh of electricity or Bcf of natural gas)
•they qualify for the normal purchases and sales exception
•they cannot be net settled due in part to the absence of an active market for the commodity
Consumers also uses FTRs to manage price risk related to electricity transmission congestion. An FTR is a financial instrument that entitles its holder to receive compensation or requires its holder to remit payment for congestion-related transmission charges. Consumers accounts for FTRs as derivatives and changes in the fair value of FTRs are deferred as regulatory assets or liabilities. For details regarding CMS Energy’s and Consumers’ derivative instruments recorded at fair value, see Note 5, Fair Value Measurements.
Electricity Market Transactions: Wholesale electricity market operators require the submission of hourly day-ahead and real-time bids and offers for energy at locations across each region. CMS Energy and Consumers account for such transactions on a net hourly basis in each of the real-time and day-ahead markets, netted across all locations in the energy market. CMS Energy and Consumers record net hourly purchases in purchased and interchange power and net hourly sales in operating revenue on their consolidated statements of income. They record net billing adjustments upon receipt of settlement statements, record accruals for future net purchases and sales adjustments based on historical experience, and reconcile accruals to actual expenses and sales upon receipt of settlement statements.
EPS: CMS Energy calculates basic and diluted EPS using the weighted-average number of shares of common stock and dilutive potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted EPS, includes the effects of nonvested stock awards, forward equity sales, and convertible securities. CMS Energy computes the effect on potential common stock using the treasury stock method. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Diluted EPS excludes the impact of antidilutive securities, which are those securities resulting in an increase in EPS or a decrease in loss per share. For EPS computations, see Note 13, Earnings Per Share—CMS Energy.
Impairment of Long-lived Assets and Equity Method Investments: CMS Energy and Consumers perform tests of impairment if certain triggering events occur that indicate the carrying amount of an asset may not be recoverable or that there has been a decline in value that may be other than temporary.
CMS Energy and Consumers evaluate long-lived assets held in use for impairment by calculating the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. If the undiscounted future cash flows are less than the carrying amount, CMS Energy and Consumers recognize an impairment loss equal to the amount by which the carrying amount exceeds the fair value. CMS Energy and Consumers estimate the fair value of the asset using quoted market prices, market prices of similar assets, or discounted future cash flow analyses.
CMS Energy also assesses equity method investments for impairment whenever there has been a decline in value that is other than temporary. This assessment requires CMS Energy to determine the fair value of the equity method investment. CMS Energy determines fair value using valuation methodologies, including discounted cash flows, and assesses the ability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment. CMS Energy records an impairment if the fair value is less than the carrying amount and the decline in value is considered to be other than temporary.
Investment Tax Credits: CMS Energy and its subsidiaries use the flow-through method of accounting for investment tax credits. Under the flow-through method, the credit is recognized as a reduction to income tax expense when the related plant, property, and equipment is placed into service. For its regulated utility assets, Consumers amortizes its investment tax credits over the life of the related property in accordance with regulatory treatment.
Inventory: CMS Energy and Consumers use the weighted-average cost method for valuing working gas, recoverable base gas in underground storage facilities, and materials and supplies inventory. CMS Energy and Consumers also use this method for valuing coal inventory, and they classify these amounts as generating plant fuel stock on their consolidated balance sheets.
CMS Energy and Consumers account for RECs and emission allowances as inventory and use the weighted-average cost method to remove amounts from inventory. RECs and emission allowances are used to satisfy compliance obligations related to the generation of power. CMS Energy and Consumers classify these amounts within other assets on their consolidated balance sheets.
CMS Energy and Consumers evaluate inventory for impairment as required to ensure that its carrying value does not exceed the lower of cost or net realizable value.
Property Taxes: Property taxes are based on the taxable value of CMS Energy’s and Consumers’ real and personal property assessed by local taxing authorities. CMS Energy and Consumers record property tax expense over the fiscal year of the taxing authority for which the taxes are levied. The deferred property tax balance represents the amount of CMS Energy’s and Consumers’ accrued property tax that will be recognized over future governmental fiscal periods.
Other: For additional accounting policies, see:
•Note 2, Regulatory Matters
•Note 7, Plant, Property, and Equipment
•Note 8, Leases
•Note 9, Asset Retirement Obligations
•Note 10, Retirement Benefits
•Note 11, Stock-based Compensation
•Note 12, Income Taxes
•Note 13, Earnings Per Share—CMS Energy
•Note 14, Revenue
•Note 18, Variable Interest Entities
v3.25.0.1
Regulatory Matters
 12 Months Ended
Dec. 31, 2024
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
Regulatory Assets and Liabilities
Consumers is subject to the actions of the MPSC and FERC and therefore prepares its consolidated financial statements in accordance with the provisions of regulatory accounting. A utility must apply regulatory accounting when its rates are designed to recover specific costs of providing regulated services. Under regulatory accounting, Consumers records regulatory assets or liabilities for certain transactions that would have been treated as expense or revenue by non‑regulated businesses.
Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Regulatory assets
Current
2022 PSCR underrecovery1
$126 $126 
Energy waste reduction plan incentive2
60 54 
Retention incentive program3
18 12 
Other25 11 
Total current regulatory assets$229 $203 
Non-current
Costs of coal-fueled electric generating units to be retired1
$1,266 $1,265 
Postretirement benefits4
747 741 
Securitized costs1
666 778 
ARO3
366 328 
Decommissioning costs3
158 83 
Unamortized loss on reacquired debt1
92 96 
MGP sites1
90 99 
Energy waste reduction plan incentive2
64 58 
Energy waste reduction plan3
31 19 
Ludington overhaul contract dispute3
31 13 
Postretirement benefits expense deferral mechanism3
21 24 
Retention incentive program3
12 27 
2022 PSCR underrecovery1
— 126 
Other25 26 
Total non-current regulatory assets$3,569 $3,683 
Total regulatory assets$3,798 $3,886 
Regulatory liabilities
Current
Income taxes, net$53 $49 
ASP gain47 — 
Other11 7 
Total current regulatory liabilities$111 $56 
Non-current
Cost of removal$2,665 $2,545 
Income taxes, net1,163 1,220 
Renewable energy plan51 29 
ASP gain46 — 
Energy waste reduction plan41 25 
Renewable energy grant40 43 
Postretirement benefits expense deferral mechanism37 12 
Other24 20 
Total non-current regulatory liabilities$4,067 $3,894 
Total regulatory liabilities$4,178 $3,950 
1The MPSC has provided a specific return on these regulatory assets.
2These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return.
3These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
4This regulatory asset is included in rate base, thereby providing a return.
Regulatory Assets
2022 PSCR Underrecovery: As a result of rising fuel prices during 2022, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. At the end of 2022, Consumers had recorded $401 million of under-recovered power supply costs. In February 2023, the MPSC authorized Consumers to recover the 2022 underrecovery amount over three years, providing immediate relief to electric customers.
Energy Waste Reduction Plan Incentive: The energy waste reduction incentive mechanism provides a financial incentive if the energy savings of Consumers’ customers exceed annual targets established by the MPSC. Consumers accounts for this program as an alternative-revenue program that meets the criteria for recognizing revenue related to the incentive as soon as energy savings exceed the annual targets established by the MPSC.
In November 2024, the MPSC approved a settlement agreement authorizing Consumers to collect $58 million during 2025 as an incentive for exceeding its statutory savings targets in 2023. Consumers recognized incentive revenue under this program of $58 million in 2023.
Consumers also exceeded its statutory savings targets in 2024, achieved certain other goals, and will request the MPSC’s approval to collect $64 million in the energy waste reduction reconciliation to be filed in May 2025. Consumers recognized incentive revenue under this program of $64 million in 2024.
Retention Incentive Program: To ensure necessary staffing at the D.E. Karn and J.H. Campbell coal-fueled generating units through their retirement, Consumers established retention incentive programs. The MPSC has approved deferred accounting treatment for the retention and severance costs incurred under these programs and has allowed for recovery over three years. For additional details regarding the retention incentive program, see Note 19, Exit Activities and Asset Sales.
Costs of Coal-fueled Electric Generating Units to be Retired: In 2022, the MPSC approved Consumers’ plans to retire the J.H. Campbell coal-fueled generating units in 2025. Upon the units’ retirement, Consumers will receive regulatory asset treatment to recover their remaining book value, as well as a 9.0‑percent return on equity, through 2040, the units’ original retirement date. Until retirement, the book value of the generating units will remain in rate base and receive full regulatory returns in general rate cases.
In 2022, Consumers removed from total plant, property, and equipment an amount of $1.3 billion, representing the projected remaining book value of the electric generating units upon their retirement, and recorded it as a non‑current regulatory asset on its consolidated balance sheets.
Postretirement Benefits: As part of the ratemaking process, the MPSC allows Consumers to recover the costs of postretirement benefits. Accordingly, Consumers defers the net impact of actuarial losses and gains, prior service costs and credits, and settlements associated with postretirement benefits as a regulatory asset or liability. The asset or liability will decrease as the deferred items are amortized and
recognized as components of net periodic benefit cost. For details about the amortization periods, see Note 10, Retirement Benefits.
Securitized Costs: The MPSC has issued securitization financing orders authorizing Consumers to issue securitization bonds in order to finance the recovery of the remaining book value of three smaller natural gas-fueled electric generating units that Consumers retired in 2015, seven smaller coal-fueled electric generating units that Consumers retired in 2016, and the D.E. Karn coal-fueled electric generating units that Consumers retired in June 2023. Consumers has removed from plant, property, and equipment and recorded as a regulatory asset the book value of these units. Consumers is amortizing the regulatory asset over the life of the related securitization bonds, which it issued through subsidiaries in 2014 and 2023. For additional details regarding the securitization bonds, see Note 4, Financings and Capitalization—Securitization Bonds.
ARO: The recovery of the underlying asset investments and related removal and monitoring costs of recorded AROs is approved by the MPSC in depreciation rate cases. Consumers records a regulatory asset and a regulatory liability for timing differences between the recognition of AROs for financial reporting purposes and the recovery of these costs from customers. The recovery period approximates the useful life of the assets to be removed.
Decommissioning Costs: In Consumers’ electric depreciation and general rate cases, the MPSC has authorized Consumers to remove from depreciation rates the costs of decommissioning the D.E. Karn coal-fueled electric generating units, and instead defer those costs as a regulatory asset to be recovered through 2031. Additionally, ash disposal costs related to Consumers’ retired coal-fueled generating units may be deferred as a regulatory asset and collected over a ten‑year period. In its 2022 order approving Consumers’ Clean Energy Plan, the MPSC authorized similar treatment for the decommissioning and ash disposal costs associated with the J.H. Campbell coal-fueled generating units that will be retired in 2025.
Unamortized Loss on Reacquired Debt: Under regulatory accounting, any unamortized discount, premium, or expense related to debt redeemed with the proceeds of new debt is deferred and amortized over the life of the new debt.
MGP Sites: Consumers is incurring environmental remediation and other response activity costs at 23 former MGP facilities. The MPSC allows Consumers to recover from its natural gas customers over a ten‑year period the costs incurred to remediate the MGP sites. For additional information, see Note 3, Contingencies and Commitments—Consumers Gas Utility Contingencies.
Energy Waste Reduction Plan: The MPSC allows Consumers to collect surcharges from customers to fund its energy waste reduction plan. The amount of spending incurred in excess of surcharges collected is recorded as a regulatory asset and amortized as surcharges are collected from customers over the plan period. The amount of surcharges collected in excess of spending incurred is recorded as a regulatory liability and amortized as costs are incurred.
Ludington Overhaul Contract Dispute: The MPSC has authorized Consumers to defer as a regulatory asset costs associated with correcting incomplete, nonconforming, and defective work performed by TAES during a major overhaul and upgrade of Ludington. Consumers will defer such costs while litigation with TAES and Toshiba moves forward; such costs will be offset by potential future litigation proceeds received from TAES or Toshiba. Consumers has also deferred replacement power costs due to outages resulting from correcting this work. Consumers will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation. For additional details on the contract dispute, see Note 3, Contingencies and Commitments—Consumers Electric Utility Contingencies.
Postretirement Benefits Expense Deferral Mechanism: In Consumers’ general rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years.
Regulatory Liabilities
Income Taxes, Net: Consumers records regulatory assets and liabilities to reflect the difference between deferred income taxes recognized for financial reporting purposes and amounts previously reflected in Consumers’ rates. This net balance will decrease over the remaining life of the related temporary differences and flow through income tax expense. The majority of the net regulatory liability recorded related to income taxes is associated with plant assets that are subject to normalization, which is governed by the Internal Revenue Code, and will be returned to customers over the remaining book life of the related plant assets. For additional details on deferred income taxes, see Note 12, Income Taxes.
ASP Gain: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company, resulting in a $110 million gain. In July 2024, the MPSC approved the utilization of $27.5 million, or one-fourth, of the gain on the sale as an offset to the revenue deficiency in lieu of additional rate relief during the 12‑month period beginning October 1, 2024, with the remaining three-fourths of the gain, or $82.5 million, to be credited to customers as a bill credit over a three-year period beginning October 1, 2024.
Cost of Removal: The MPSC allows Consumers to collect amounts from customers to fund future asset removal activities. This regulatory liability is reduced as costs are incurred to remove the assets at the end of their useful lives.
Renewable Energy Plan: Consumers has collected surcharges to fund its renewable energy plan. Amounts not yet spent under the plan are recorded as a regulatory liability, which is amortized as incremental costs are incurred to operate and depreciate Consumers’ renewable generation facilities and to purchase RECs under renewable energy purchase agreements. Incremental costs represent costs incurred in excess of amounts recovered through the PSCR process.
Renewable Energy Grant: In 2013, Consumers received a $69 million renewable energy grant for Lake Winds® Energy Park, which began operations in 2012. This grant reduces Consumers’ cost of complying with Michigan’s renewable portfolio standard and, accordingly, reduces the overall renewable energy surcharge to be collected from customers. The regulatory liability recorded for the grant will be amortized over the life of Lake Winds® Energy Park. Consumers presents the amortization as a reduction to maintenance and other operating expenses on its consolidated statements of income.
Consumers Electric and Gas Utility
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G, estimated billing, and new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. Subsequently, the MPSC issued a show-cause order directing Consumers to provide further information on consecutive estimated billings, the provision of actual meter readings, and new service installation issues.
In May 2024, the MPSC approved a settlement agreement resolving this matter. Under the settlement agreement, Consumers paid a $1 million penalty to the MPSC and committed to return a minimum of
$3 million to customers. Independent of this agreement, Consumers has made a claim against the associated vendor, with any proceeds to be used to reimburse some or all of Consumers’ $3 million commitment and any excess to be returned to customers.
Consumers Electric Utility
2023 Electric Rate Case: In May 2023, Consumers filed an application with the MPSC seeking a rate increase of $216 million, based on an authorized return on equity of 10.25 percent for the projected 12‑month period ending February 28, 2025. In September 2023, Consumers revised its requested increase to $169 million. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources.
In March 2024, the MPSC issued an order authorizing an annual rate increase of $92 million, which is inclusive of a $9 million surcharge for the recovery of select distribution investments made in 2022 that exceeded the rates authorized in accordance with the December 2021 electric rate order. The approved rate increase is based on a 9.9‑percent authorized return on equity. The new rates became effective March 15, 2024.
Consumers Gas Utility
2023 Gas Rate Case: In December 2023, Consumers filed an application with the MPSC seeking an annual rate increase of $136 million based on a 10.25‑percent authorized return on equity for the projected test year comprising the 12‑month period ending September 30, 2025. In May 2024, Consumers revised its requested increase to $113 million. The filing requested authority to recover new infrastructure investment and related costs that are expected to allow Consumers to continue to provide safe, reliable, affordable, and increasingly cleaner natural gas service.
In July 2024, the MPSC approved a settlement agreement authorizing an annual rate increase of $35 million, based on a 9.9‑percent authorized return on equity. Additionally, the settlement approves the use of $27.5 million, or one-fourth, of the gain on the sale of Consumers’ unregulated ASP business as an offset to the revenue deficiency in lieu of additional rate relief during the test year. This results in effective rate relief of $62.5 million for the test year.
The settlement agreement also provides for the remaining three-fourths of the $110 million gain on the sale of the ASP business, or $82.5 million, to be provided to customers as a bill credit over a three-year period. The new rates, including the bill credit, became effective October 1, 2024. The settlement also authorizes the continuation of the cost deferral mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expense above or below the amounts used to set rates. For additional details on Consumers’ sale of its ASP business, see Note 19, Exit Activities and Asset Sales.
Power Supply Cost Recovery and Gas Cost Recovery
The PSCR and GCR ratemaking processes are designed to allow Consumers to recover all of its power supply and purchased natural gas costs if incurred under reasonable and prudent policies and practices. The MPSC reviews these costs, policies, and practices in annual plan and reconciliation proceedings. Consumers adjusts its PSCR and GCR billing charges monthly, subject to ceiling factor limitations, in order to minimize the underrecovery or overrecovery amount in the annual reconciliations. Underrecoveries represent power supply and purchased natural gas costs that will be recovered from customers; overrecoveries represent previously collected revenues that will be refunded to customers.
Presented in the following table are the liabilities for PSCR and GCR overrecoveries reflected on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Liabilities
PSCR overrecoveries$13 $10 
GCR overrecoveries25 44 
Accrued rate refunds$38 $54 
PSCR Plans and Reconciliations: As a result of rising fuel prices during 2022, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan, resulting in a substantial amount of under-recovered power supply costs. In March 2023, Consumers filed its 2022 PSCR reconciliation, requesting full recovery of $2.5 billion of power costs and authorization to reflect in its 2023 PSCR reconciliation the underrecovery of $404 million. In November 2023, Consumers revised its reconciliation, requesting authorization to reflect in its 2023 PSCR reconciliation the underrecovery of $401 million.
In March 2024, Consumers filed its 2023 PSCR reconciliation, requesting full recovery of $1.8 billion of power costs and authorization to reflect in its 2024 PSCR reconciliation the underrecovery of $255 million.
Consumers submitted its 2024 PSCR plan to the MPSC in September 2023 and, in accordance with its proposed plan, self-implemented the 2024 PSCR charge beginning in January 2024.
GCR Plans and Reconciliations: In March 2024, the MPSC approved a settlement agreement in Consumers’ 2022-2023 GCR reconciliation, authorizing full recovery of $1.1 billion of gas costs and authorizing Consumers to reflect in its 2023-2024 GCR reconciliation the underrecovery of $15 million.
Consumers submitted its 2023-2024 GCR plan to the MPSC in December 2022 and self-implemented its proposed 2023-2024 GCR charge in April 2023. The MPSC approved Consumers’ 2023-2024 GCR plan in June 2024. Also, in June 2024, Consumers filed its 2023-2024 GCR reconciliation, requesting recovery of $0.5 billion of gas costs and authorization to reflect in its 2024-2025 GCR reconciliation the overrecovery of $3 million.
Consumers submitted its 2024‑2025 GCR plan to the MPSC in December 2023 and, in accordance with its proposed plan, self-implemented the 2024‑2025 GCR charge beginning in April 2024. The MPSC approved Consumers’ 2024-2025 GCR plan in August 2024.
Consumers Energy Company  
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
Regulatory Assets and Liabilities
Consumers is subject to the actions of the MPSC and FERC and therefore prepares its consolidated financial statements in accordance with the provisions of regulatory accounting. A utility must apply regulatory accounting when its rates are designed to recover specific costs of providing regulated services. Under regulatory accounting, Consumers records regulatory assets or liabilities for certain transactions that would have been treated as expense or revenue by non‑regulated businesses.
Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Regulatory assets
Current
2022 PSCR underrecovery1
$126 $126 
Energy waste reduction plan incentive2
60 54 
Retention incentive program3
18 12 
Other25 11 
Total current regulatory assets$229 $203 
Non-current
Costs of coal-fueled electric generating units to be retired1
$1,266 $1,265 
Postretirement benefits4
747 741 
Securitized costs1
666 778 
ARO3
366 328 
Decommissioning costs3
158 83 
Unamortized loss on reacquired debt1
92 96 
MGP sites1
90 99 
Energy waste reduction plan incentive2
64 58 
Energy waste reduction plan3
31 19 
Ludington overhaul contract dispute3
31 13 
Postretirement benefits expense deferral mechanism3
21 24 
Retention incentive program3
12 27 
2022 PSCR underrecovery1
— 126 
Other25 26 
Total non-current regulatory assets$3,569 $3,683 
Total regulatory assets$3,798 $3,886 
Regulatory liabilities
Current
Income taxes, net$53 $49 
ASP gain47 — 
Other11 7 
Total current regulatory liabilities$111 $56 
Non-current
Cost of removal$2,665 $2,545 
Income taxes, net1,163 1,220 
Renewable energy plan51 29 
ASP gain46 — 
Energy waste reduction plan41 25 
Renewable energy grant40 43 
Postretirement benefits expense deferral mechanism37 12 
Other24 20 
Total non-current regulatory liabilities$4,067 $3,894 
Total regulatory liabilities$4,178 $3,950 
1The MPSC has provided a specific return on these regulatory assets.
2These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return.
3These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
4This regulatory asset is included in rate base, thereby providing a return.
Regulatory Assets
2022 PSCR Underrecovery: As a result of rising fuel prices during 2022, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. At the end of 2022, Consumers had recorded $401 million of under-recovered power supply costs. In February 2023, the MPSC authorized Consumers to recover the 2022 underrecovery amount over three years, providing immediate relief to electric customers.
Energy Waste Reduction Plan Incentive: The energy waste reduction incentive mechanism provides a financial incentive if the energy savings of Consumers’ customers exceed annual targets established by the MPSC. Consumers accounts for this program as an alternative-revenue program that meets the criteria for recognizing revenue related to the incentive as soon as energy savings exceed the annual targets established by the MPSC.
In November 2024, the MPSC approved a settlement agreement authorizing Consumers to collect $58 million during 2025 as an incentive for exceeding its statutory savings targets in 2023. Consumers recognized incentive revenue under this program of $58 million in 2023.
Consumers also exceeded its statutory savings targets in 2024, achieved certain other goals, and will request the MPSC’s approval to collect $64 million in the energy waste reduction reconciliation to be filed in May 2025. Consumers recognized incentive revenue under this program of $64 million in 2024.
Retention Incentive Program: To ensure necessary staffing at the D.E. Karn and J.H. Campbell coal-fueled generating units through their retirement, Consumers established retention incentive programs. The MPSC has approved deferred accounting treatment for the retention and severance costs incurred under these programs and has allowed for recovery over three years. For additional details regarding the retention incentive program, see Note 19, Exit Activities and Asset Sales.
Costs of Coal-fueled Electric Generating Units to be Retired: In 2022, the MPSC approved Consumers’ plans to retire the J.H. Campbell coal-fueled generating units in 2025. Upon the units’ retirement, Consumers will receive regulatory asset treatment to recover their remaining book value, as well as a 9.0‑percent return on equity, through 2040, the units’ original retirement date. Until retirement, the book value of the generating units will remain in rate base and receive full regulatory returns in general rate cases.
In 2022, Consumers removed from total plant, property, and equipment an amount of $1.3 billion, representing the projected remaining book value of the electric generating units upon their retirement, and recorded it as a non‑current regulatory asset on its consolidated balance sheets.
Postretirement Benefits: As part of the ratemaking process, the MPSC allows Consumers to recover the costs of postretirement benefits. Accordingly, Consumers defers the net impact of actuarial losses and gains, prior service costs and credits, and settlements associated with postretirement benefits as a regulatory asset or liability. The asset or liability will decrease as the deferred items are amortized and
recognized as components of net periodic benefit cost. For details about the amortization periods, see Note 10, Retirement Benefits.
Securitized Costs: The MPSC has issued securitization financing orders authorizing Consumers to issue securitization bonds in order to finance the recovery of the remaining book value of three smaller natural gas-fueled electric generating units that Consumers retired in 2015, seven smaller coal-fueled electric generating units that Consumers retired in 2016, and the D.E. Karn coal-fueled electric generating units that Consumers retired in June 2023. Consumers has removed from plant, property, and equipment and recorded as a regulatory asset the book value of these units. Consumers is amortizing the regulatory asset over the life of the related securitization bonds, which it issued through subsidiaries in 2014 and 2023. For additional details regarding the securitization bonds, see Note 4, Financings and Capitalization—Securitization Bonds.
ARO: The recovery of the underlying asset investments and related removal and monitoring costs of recorded AROs is approved by the MPSC in depreciation rate cases. Consumers records a regulatory asset and a regulatory liability for timing differences between the recognition of AROs for financial reporting purposes and the recovery of these costs from customers. The recovery period approximates the useful life of the assets to be removed.
Decommissioning Costs: In Consumers’ electric depreciation and general rate cases, the MPSC has authorized Consumers to remove from depreciation rates the costs of decommissioning the D.E. Karn coal-fueled electric generating units, and instead defer those costs as a regulatory asset to be recovered through 2031. Additionally, ash disposal costs related to Consumers’ retired coal-fueled generating units may be deferred as a regulatory asset and collected over a ten‑year period. In its 2022 order approving Consumers’ Clean Energy Plan, the MPSC authorized similar treatment for the decommissioning and ash disposal costs associated with the J.H. Campbell coal-fueled generating units that will be retired in 2025.
Unamortized Loss on Reacquired Debt: Under regulatory accounting, any unamortized discount, premium, or expense related to debt redeemed with the proceeds of new debt is deferred and amortized over the life of the new debt.
MGP Sites: Consumers is incurring environmental remediation and other response activity costs at 23 former MGP facilities. The MPSC allows Consumers to recover from its natural gas customers over a ten‑year period the costs incurred to remediate the MGP sites. For additional information, see Note 3, Contingencies and Commitments—Consumers Gas Utility Contingencies.
Energy Waste Reduction Plan: The MPSC allows Consumers to collect surcharges from customers to fund its energy waste reduction plan. The amount of spending incurred in excess of surcharges collected is recorded as a regulatory asset and amortized as surcharges are collected from customers over the plan period. The amount of surcharges collected in excess of spending incurred is recorded as a regulatory liability and amortized as costs are incurred.
Ludington Overhaul Contract Dispute: The MPSC has authorized Consumers to defer as a regulatory asset costs associated with correcting incomplete, nonconforming, and defective work performed by TAES during a major overhaul and upgrade of Ludington. Consumers will defer such costs while litigation with TAES and Toshiba moves forward; such costs will be offset by potential future litigation proceeds received from TAES or Toshiba. Consumers has also deferred replacement power costs due to outages resulting from correcting this work. Consumers will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation. For additional details on the contract dispute, see Note 3, Contingencies and Commitments—Consumers Electric Utility Contingencies.
Postretirement Benefits Expense Deferral Mechanism: In Consumers’ general rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years.
Regulatory Liabilities
Income Taxes, Net: Consumers records regulatory assets and liabilities to reflect the difference between deferred income taxes recognized for financial reporting purposes and amounts previously reflected in Consumers’ rates. This net balance will decrease over the remaining life of the related temporary differences and flow through income tax expense. The majority of the net regulatory liability recorded related to income taxes is associated with plant assets that are subject to normalization, which is governed by the Internal Revenue Code, and will be returned to customers over the remaining book life of the related plant assets. For additional details on deferred income taxes, see Note 12, Income Taxes.
ASP Gain: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company, resulting in a $110 million gain. In July 2024, the MPSC approved the utilization of $27.5 million, or one-fourth, of the gain on the sale as an offset to the revenue deficiency in lieu of additional rate relief during the 12‑month period beginning October 1, 2024, with the remaining three-fourths of the gain, or $82.5 million, to be credited to customers as a bill credit over a three-year period beginning October 1, 2024.
Cost of Removal: The MPSC allows Consumers to collect amounts from customers to fund future asset removal activities. This regulatory liability is reduced as costs are incurred to remove the assets at the end of their useful lives.
Renewable Energy Plan: Consumers has collected surcharges to fund its renewable energy plan. Amounts not yet spent under the plan are recorded as a regulatory liability, which is amortized as incremental costs are incurred to operate and depreciate Consumers’ renewable generation facilities and to purchase RECs under renewable energy purchase agreements. Incremental costs represent costs incurred in excess of amounts recovered through the PSCR process.
Renewable Energy Grant: In 2013, Consumers received a $69 million renewable energy grant for Lake Winds® Energy Park, which began operations in 2012. This grant reduces Consumers’ cost of complying with Michigan’s renewable portfolio standard and, accordingly, reduces the overall renewable energy surcharge to be collected from customers. The regulatory liability recorded for the grant will be amortized over the life of Lake Winds® Energy Park. Consumers presents the amortization as a reduction to maintenance and other operating expenses on its consolidated statements of income.
Consumers Electric and Gas Utility
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G, estimated billing, and new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. Subsequently, the MPSC issued a show-cause order directing Consumers to provide further information on consecutive estimated billings, the provision of actual meter readings, and new service installation issues.
In May 2024, the MPSC approved a settlement agreement resolving this matter. Under the settlement agreement, Consumers paid a $1 million penalty to the MPSC and committed to return a minimum of
$3 million to customers. Independent of this agreement, Consumers has made a claim against the associated vendor, with any proceeds to be used to reimburse some or all of Consumers’ $3 million commitment and any excess to be returned to customers.
Consumers Electric Utility
2023 Electric Rate Case: In May 2023, Consumers filed an application with the MPSC seeking a rate increase of $216 million, based on an authorized return on equity of 10.25 percent for the projected 12‑month period ending February 28, 2025. In September 2023, Consumers revised its requested increase to $169 million. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources.
In March 2024, the MPSC issued an order authorizing an annual rate increase of $92 million, which is inclusive of a $9 million surcharge for the recovery of select distribution investments made in 2022 that exceeded the rates authorized in accordance with the December 2021 electric rate order. The approved rate increase is based on a 9.9‑percent authorized return on equity. The new rates became effective March 15, 2024.
Consumers Gas Utility
2023 Gas Rate Case: In December 2023, Consumers filed an application with the MPSC seeking an annual rate increase of $136 million based on a 10.25‑percent authorized return on equity for the projected test year comprising the 12‑month period ending September 30, 2025. In May 2024, Consumers revised its requested increase to $113 million. The filing requested authority to recover new infrastructure investment and related costs that are expected to allow Consumers to continue to provide safe, reliable, affordable, and increasingly cleaner natural gas service.
In July 2024, the MPSC approved a settlement agreement authorizing an annual rate increase of $35 million, based on a 9.9‑percent authorized return on equity. Additionally, the settlement approves the use of $27.5 million, or one-fourth, of the gain on the sale of Consumers’ unregulated ASP business as an offset to the revenue deficiency in lieu of additional rate relief during the test year. This results in effective rate relief of $62.5 million for the test year.
The settlement agreement also provides for the remaining three-fourths of the $110 million gain on the sale of the ASP business, or $82.5 million, to be provided to customers as a bill credit over a three-year period. The new rates, including the bill credit, became effective October 1, 2024. The settlement also authorizes the continuation of the cost deferral mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expense above or below the amounts used to set rates. For additional details on Consumers’ sale of its ASP business, see Note 19, Exit Activities and Asset Sales.
Power Supply Cost Recovery and Gas Cost Recovery
The PSCR and GCR ratemaking processes are designed to allow Consumers to recover all of its power supply and purchased natural gas costs if incurred under reasonable and prudent policies and practices. The MPSC reviews these costs, policies, and practices in annual plan and reconciliation proceedings. Consumers adjusts its PSCR and GCR billing charges monthly, subject to ceiling factor limitations, in order to minimize the underrecovery or overrecovery amount in the annual reconciliations. Underrecoveries represent power supply and purchased natural gas costs that will be recovered from customers; overrecoveries represent previously collected revenues that will be refunded to customers.
Presented in the following table are the liabilities for PSCR and GCR overrecoveries reflected on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Liabilities
PSCR overrecoveries$13 $10 
GCR overrecoveries25 44 
Accrued rate refunds$38 $54 
PSCR Plans and Reconciliations: As a result of rising fuel prices during 2022, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan, resulting in a substantial amount of under-recovered power supply costs. In March 2023, Consumers filed its 2022 PSCR reconciliation, requesting full recovery of $2.5 billion of power costs and authorization to reflect in its 2023 PSCR reconciliation the underrecovery of $404 million. In November 2023, Consumers revised its reconciliation, requesting authorization to reflect in its 2023 PSCR reconciliation the underrecovery of $401 million.
In March 2024, Consumers filed its 2023 PSCR reconciliation, requesting full recovery of $1.8 billion of power costs and authorization to reflect in its 2024 PSCR reconciliation the underrecovery of $255 million.
Consumers submitted its 2024 PSCR plan to the MPSC in September 2023 and, in accordance with its proposed plan, self-implemented the 2024 PSCR charge beginning in January 2024.
GCR Plans and Reconciliations: In March 2024, the MPSC approved a settlement agreement in Consumers’ 2022-2023 GCR reconciliation, authorizing full recovery of $1.1 billion of gas costs and authorizing Consumers to reflect in its 2023-2024 GCR reconciliation the underrecovery of $15 million.
Consumers submitted its 2023-2024 GCR plan to the MPSC in December 2022 and self-implemented its proposed 2023-2024 GCR charge in April 2023. The MPSC approved Consumers’ 2023-2024 GCR plan in June 2024. Also, in June 2024, Consumers filed its 2023-2024 GCR reconciliation, requesting recovery of $0.5 billion of gas costs and authorization to reflect in its 2024-2025 GCR reconciliation the overrecovery of $3 million.
Consumers submitted its 2024‑2025 GCR plan to the MPSC in December 2023 and, in accordance with its proposed plan, self-implemented the 2024‑2025 GCR charge beginning in April 2024. The MPSC approved Consumers’ 2024-2025 GCR plan in August 2024.
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Contingencies and Commitments
 12 Months Ended
Dec. 31, 2024
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land will submit the required renewal request in April 2025, and will continue to operate under the existing permit until a renewal is issued.
At December 31, 2024, CMS Energy had a recorded liability of $48 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $61 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs in each of the next five years:
In Millions
20252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At December 31, 2024, Consumers had
a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At December 31, 2024, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International Corporation, under which Toshiba International Corporation contracted to perform a major overhaul and upgrade of Ludington. Toshiba International Corporation later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation, including discovery, pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although discovery in the litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
J.H. Campbell 3 Contract Dispute: In 2022, Consumers filed a complaint against Wolverine Power in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under Consumers’ and Wolverine Power’s agreement to jointly own and operate the unit. Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. The state circuit court judge found that Consumers may, in its sole discretion, retire J.H. Campbell 3, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ motion for clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date.
In March 2024, the circuit court judge issued an order denying Wolverine Power’s motion for partial summary disposition and granting in part and denying in part Consumers’ motion for summary disposition. The judge granted Consumers’ motion for summary disposition on Wolverine Power’s claim that Consumers acted in bad faith in deciding to retire J.H. Campbell 3 early, finding no evidence to support that claim. The judge held that Wolverine Power did identify a genuine issue of material fact as to whether Consumers breached the joint ownership and operating agreement by failing to notify and consult with Wolverine Power regarding the unit’s early retirement.
In June 2024, the parties entered into a settlement agreement resolving this matter. The settlement agreement provides for Wolverine Power’s interest in J.H. Campbell 3 to end as of the date the unit permanently ceases to be used for electric operations. The court entered an order of dismissal with prejudice in June 2024.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At December 31, 2024, Consumers had a recorded liability of $60 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs in each of the next five years:
In Millions
20252026202720282029
Consumers
Remediation and other response activity costs$3 $7 $9 $24 $7 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At December 31, 2024, Consumers had a regulatory asset of $90 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$258 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 18, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 2, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
Contractual Commitments
Purchase Obligations: Purchase obligations arise from long-term contracts for the purchase of commodities and related services, and construction and service agreements. The commodities and related services include long-term PPAs, natural gas and associated transportation, and coal and associated transportation. Related-party PPAs are between Consumers and certain affiliates of NorthStar Clean Energy. Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2024 for each of the periods shown:
In Millions
Payments Due
Total20252026202720282029Beyond 2029
CMS Energy, including Consumers
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other4,432 1,780 1,095 670 461 239 187 
Total purchase obligations$11,438 $2,439 $1,757 $1,368 $1,138 $917 $3,819 
Consumers
PPAs
MCV PPA$1,297 $265 $233 $218 $222 $239 $120 
Related-party PPAs60 29 15 16 — — — 
Other PPAs5,649 365 414 464 455 439 3,512 
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other3,371 1,412 958 518 365 116 2 
Total purchase obligations$10,377 $2,071 $1,620 $1,216 $1,042 $794 $3,634 
MCV PPA: Consumers has a PPA with the MCV Partnership giving Consumers the right to purchase up to 1,240 MW of capacity and energy produced by the MCV Facility through May 2030. The MCV PPA provides for:
•a capacity charge of $10.14 per MWh of available capacity through March 2025 and $5.00 per MWh of available capacity from March 2025 through the termination date of the PPA
•a fixed energy charge of $6.30 per MWh for on-peak hours and $6.00 for off-peak hours
•a variable energy charge based on the MCV Partnership’s cost of production for energy delivered to Consumers
•a $5 million annual contribution by the MCV Partnership to a renewable resources program through March 2025
Capacity and energy charges under the MCV PPA were $358 million in 2024, $340 million in 2023, and $519 million in 2022.
Other PPAs: Consumers has PPAs expiring through 2047 with various counterparties. The majority of the PPAs have capacity and energy charges for delivered energy. Capacity and energy charges under these PPAs were $565 million in 2024, $498 million in 2023, and $510 million in 2022. In addition, CMS Energy and Consumers account for several of their PPAs as leases. See Note 8, Leases for more information about CMS Energy’s and Consumers’ lease obligations.
Consumers Energy Company  
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land will submit the required renewal request in April 2025, and will continue to operate under the existing permit until a renewal is issued.
At December 31, 2024, CMS Energy had a recorded liability of $48 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $61 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs in each of the next five years:
In Millions
20252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At December 31, 2024, Consumers had
a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At December 31, 2024, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International Corporation, under which Toshiba International Corporation contracted to perform a major overhaul and upgrade of Ludington. Toshiba International Corporation later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation, including discovery, pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although discovery in the litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
J.H. Campbell 3 Contract Dispute: In 2022, Consumers filed a complaint against Wolverine Power in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under Consumers’ and Wolverine Power’s agreement to jointly own and operate the unit. Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. The state circuit court judge found that Consumers may, in its sole discretion, retire J.H. Campbell 3, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ motion for clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date.
In March 2024, the circuit court judge issued an order denying Wolverine Power’s motion for partial summary disposition and granting in part and denying in part Consumers’ motion for summary disposition. The judge granted Consumers’ motion for summary disposition on Wolverine Power’s claim that Consumers acted in bad faith in deciding to retire J.H. Campbell 3 early, finding no evidence to support that claim. The judge held that Wolverine Power did identify a genuine issue of material fact as to whether Consumers breached the joint ownership and operating agreement by failing to notify and consult with Wolverine Power regarding the unit’s early retirement.
In June 2024, the parties entered into a settlement agreement resolving this matter. The settlement agreement provides for Wolverine Power’s interest in J.H. Campbell 3 to end as of the date the unit permanently ceases to be used for electric operations. The court entered an order of dismissal with prejudice in June 2024.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At December 31, 2024, Consumers had a recorded liability of $60 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs in each of the next five years:
In Millions
20252026202720282029
Consumers
Remediation and other response activity costs$3 $7 $9 $24 $7 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At December 31, 2024, Consumers had a regulatory asset of $90 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$258 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 18, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 2, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
Contractual Commitments
Purchase Obligations: Purchase obligations arise from long-term contracts for the purchase of commodities and related services, and construction and service agreements. The commodities and related services include long-term PPAs, natural gas and associated transportation, and coal and associated transportation. Related-party PPAs are between Consumers and certain affiliates of NorthStar Clean Energy. Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2024 for each of the periods shown:
In Millions
Payments Due
Total20252026202720282029Beyond 2029
CMS Energy, including Consumers
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other4,432 1,780 1,095 670 461 239 187 
Total purchase obligations$11,438 $2,439 $1,757 $1,368 $1,138 $917 $3,819 
Consumers
PPAs
MCV PPA$1,297 $265 $233 $218 $222 $239 $120 
Related-party PPAs60 29 15 16 — — — 
Other PPAs5,649 365 414 464 455 439 3,512 
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other3,371 1,412 958 518 365 116 2 
Total purchase obligations$10,377 $2,071 $1,620 $1,216 $1,042 $794 $3,634 
MCV PPA: Consumers has a PPA with the MCV Partnership giving Consumers the right to purchase up to 1,240 MW of capacity and energy produced by the MCV Facility through May 2030. The MCV PPA provides for:
•a capacity charge of $10.14 per MWh of available capacity through March 2025 and $5.00 per MWh of available capacity from March 2025 through the termination date of the PPA
•a fixed energy charge of $6.30 per MWh for on-peak hours and $6.00 for off-peak hours
•a variable energy charge based on the MCV Partnership’s cost of production for energy delivered to Consumers
•a $5 million annual contribution by the MCV Partnership to a renewable resources program through March 2025
Capacity and energy charges under the MCV PPA were $358 million in 2024, $340 million in 2023, and $519 million in 2022.
Other PPAs: Consumers has PPAs expiring through 2047 with various counterparties. The majority of the PPAs have capacity and energy charges for delivered energy. Capacity and energy charges under these PPAs were $565 million in 2024, $498 million in 2023, and $510 million in 2022. In addition, CMS Energy and Consumers account for several of their PPAs as leases. See Note 8, Leases for more information about CMS Energy’s and Consumers’ lease obligations.
v3.25.0.1
Financings and Capitalization
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$— $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,725 $1,975 
Convertible senior notes1
3.375 2028$800 $800 
Junior subordinated notes2
4.750 
3
2050$500 $500 
3.750 
4
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Term loan facilities variable
5
2025$90 $— 
variable
6
2025400 — 
$490 $— 
Total CMS Energy, parent only$5,025 $4,785 
CMS Energy subsidiaries
Consumers$11,370 $10,863 
NorthStar Clean Energy, including subsidiaries
Revolving credit facilityvariable
7
2027150 — 
Total principal amount outstanding$16,545 $15,648 
Current amounts(1,192)(975)
Unamortized discounts(29)(30)
Unamortized issuance costs(130)(135)
Total long-term debt$15,194 $14,508 
1Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes in accordance with the terms outlined in the related indenture. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
There are no sinking fund requirements for the notes. At December 31, 2024, the conversion price for the notes was $73.93 per share of common stock. Unamortized debt costs associated with this issuance were $9 million at December 31, 2024.
2These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
3On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 4.116 percent.
4On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
5The delayed-draw unsecured term loan credit facility has an interest rate of Term SOFR plus 0.900 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.245 percent.
6The delayed-draw unsecured term loan credit facility has an interest rate of one-month Term SOFR plus 0.850 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.403 percent.
7Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At December 31, 2024, the weighted-average interest rate for the loans issued under this facility was 6.097 percent.
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Consumers
First mortgage bonds
3.125 2024$— $250 
3.190 2024— 52 
5.240 2026115 115 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 425 
3.800 2028300 300 
4.900 2029500 500 
5.070 202950 50 
4.600 2029600 — 
4.700 2030700 — 
5.170 203295 95 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 700 
5.800 2035175 175 
5.380 2037140 140 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$11,395 $10,397 
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Tax-exempt revenue bonds0.875 
2
2035$35 $35 
3.350 
3
204975 75 
$110 $110 
2014 Securitization bonds3.528 
4
2029
5
$112 $141 
2023 Securitization bonds5.322 
6
2028-2031
5
588 646 
$700 $787 
Total principal amount outstanding$12,205 $11,294 
Current amounts(452)(725)
Long-term debt – related parties7 principal amount outstanding
2043-2060(835)(431)
Unamortized discounts(27)(28)
Unamortized issuance costs(73)(73)
Total long-term debt$10,818 $10,037 
1The variable-rate bonds bear interest quarterly at a rate of three‑month SOFR minus 0.038 percent, subject to a zero‑percent floor. At December 31, 2024, the interest rates were 4.320 percent for bonds due September 2069, 4.483 percent for bonds due May 2070, and 4.551 percent for bonds due October 2070. The interest rate for the variable-rate bonds at December 31, 2023 were 5.346 percent, 5.329 percent, and 5.368 percent, respectively. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2024.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2027.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.528 percent at December 31, 2024 and 3.421 percent at December 31, 2023.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.322 percent at December 31, 2024 and 5.342 percent at December 31, 2023.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds. Unamortized discounts associated with the repurchase of Consumers’ first mortgage bonds were $5 million at December 31, 2024 and $3 million at December 31, 2023. Unamortized issuance costs were $7 million at December 31, 2024 and $4 million at December 31, 2023.
Financings: Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
In February 2025, certain subsidiaries of NorthStar Clean Energy entered into a $334 million construction financing agreement and borrowed $32 million, bearing an interest rate of 6.600 percent.
Retirements: Presented in the following table is a summary of major long-term debt retirements during 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875 January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
First mortgage bonds52 3.190 December 2024December 2024
Total Consumers$302 
Total CMS Energy$552 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $404 million during 2024 in exchange for cash of $289 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $110 million for the year ended December 31, 2024, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $19 million for the year ended December 31, 2024.
In 2023, CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $431 million in exchange for cash of $293 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds resulted in a pre-tax gain of $131 million for the year ended
December 31, 2023. Interest expense related to the repurchased bonds was $5 million for the year ended December 31, 2023.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its current authorization ends on May 2, 2026. In January 2025, Consumers filed an application with the FERC for authority to issue long-term debt securities between February 21, 2025 and February 20, 2027. The application does not seek to replace Consumers’ existing authority for short-term securities.
First Mortgage Bonds: Consumers secures its first mortgage bonds by a mortgage and lien on substantially all of its property. Consumers’ ability to issue first mortgage bonds is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two‑times interest coverage ratio and having sufficient unfunded net property additions.
Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, collateralize Consumers’ securitization bonds. Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding are distinct subsidiaries. The bondholders of each entity have no recourse to the other’s assets or the assets of Consumers. Consumers collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected by Consumers on behalf of each entity are remitted to that subsidiary’s account and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than the subsidiary that issued the bonds.
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Credit Facilities: The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At December 31, 2024, there were $65 million of commercial paper notes outstanding under this program bearing a weighted-average interest rate of 4.675 percent, recorded as current notes payable on CMS Energy’s and Consumers’ consolidated balance sheets.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At December 31, 2024, there were no outstanding borrowings under the agreement.
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon
30 days prior written notice to the other party. Obligations under this program are accounted for in accounts payable on CMS Energy’s consolidated balance sheets. Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22 
Dividend Restrictions: At December 31, 2024, payment of dividends by CMS Energy on its common stock was limited to $8.0 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at December 31, 2024, Consumers had $2.3 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the year ended December 31, 2024, Consumers paid $795 million in dividends on its common stock to CMS Energy.
Capitalization: The authorized capital stock of CMS Energy consists of:
•350 million shares of CMS Energy Common Stock, par value $0.01 per share
•10 million shares of CMS Energy Preferred Stock, par value $0.01 per share
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program by issuing shares at a weighted average price of $70.31 per share, resulting in net proceeds of $266 million.
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at December 31, 2024:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2024
December 16, 2024November 27, 2025400,581$69.43 $69.53 
Under these contracts, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving
cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of December 31, 2024, it would not have been required to deliver shares or pay cash.
Preferred Stock: CMS Energy’s Series C preferred stock is traded on the New York Stock Exchange under the symbol CMS PRC. Depositary shares represent a 1/1000th interest in a share of its Series C preferred stock. The Series C preferred stock has no maturity or mandatory redemption date and is not redeemable at the option of the holders. CMS Energy may, at its option, redeem the Series C preferred stock, in whole or in part, at any time on or after July 15, 2026. The Series C preferred stock ranks senior to CMS Energy’s common stock with respect to dividend rights and distribution rights upon liquidation. Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2024 and 2023:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Preferred Stock of Subsidiary: Consumers’ preferred stock is traded on the New York Stock Exchange under the symbol CMS-PB. Presented in the following table are details of Consumers’ preferred stock at December 31, 2024 and 2023:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148 
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$— $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,725 $1,975 
Convertible senior notes1
3.375 2028$800 $800 
Junior subordinated notes2
4.750 
3
2050$500 $500 
3.750 
4
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Term loan facilities variable
5
2025$90 $— 
variable
6
2025400 — 
$490 $— 
Total CMS Energy, parent only$5,025 $4,785 
CMS Energy subsidiaries
Consumers$11,370 $10,863 
NorthStar Clean Energy, including subsidiaries
Revolving credit facilityvariable
7
2027150 — 
Total principal amount outstanding$16,545 $15,648 
Current amounts(1,192)(975)
Unamortized discounts(29)(30)
Unamortized issuance costs(130)(135)
Total long-term debt$15,194 $14,508 
1Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes in accordance with the terms outlined in the related indenture. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
There are no sinking fund requirements for the notes. At December 31, 2024, the conversion price for the notes was $73.93 per share of common stock. Unamortized debt costs associated with this issuance were $9 million at December 31, 2024.
2These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
3On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 4.116 percent.
4On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
5The delayed-draw unsecured term loan credit facility has an interest rate of Term SOFR plus 0.900 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.245 percent.
6The delayed-draw unsecured term loan credit facility has an interest rate of one-month Term SOFR plus 0.850 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.403 percent.
7Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At December 31, 2024, the weighted-average interest rate for the loans issued under this facility was 6.097 percent.
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Consumers
First mortgage bonds
3.125 2024$— $250 
3.190 2024— 52 
5.240 2026115 115 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 425 
3.800 2028300 300 
4.900 2029500 500 
5.070 202950 50 
4.600 2029600 — 
4.700 2030700 — 
5.170 203295 95 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 700 
5.800 2035175 175 
5.380 2037140 140 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$11,395 $10,397 
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Tax-exempt revenue bonds0.875 
2
2035$35 $35 
3.350 
3
204975 75 
$110 $110 
2014 Securitization bonds3.528 
4
2029
5
$112 $141 
2023 Securitization bonds5.322 
6
2028-2031
5
588 646 
$700 $787 
Total principal amount outstanding$12,205 $11,294 
Current amounts(452)(725)
Long-term debt – related parties7 principal amount outstanding
2043-2060(835)(431)
Unamortized discounts(27)(28)
Unamortized issuance costs(73)(73)
Total long-term debt$10,818 $10,037 
1The variable-rate bonds bear interest quarterly at a rate of three‑month SOFR minus 0.038 percent, subject to a zero‑percent floor. At December 31, 2024, the interest rates were 4.320 percent for bonds due September 2069, 4.483 percent for bonds due May 2070, and 4.551 percent for bonds due October 2070. The interest rate for the variable-rate bonds at December 31, 2023 were 5.346 percent, 5.329 percent, and 5.368 percent, respectively. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2024.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2027.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.528 percent at December 31, 2024 and 3.421 percent at December 31, 2023.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.322 percent at December 31, 2024 and 5.342 percent at December 31, 2023.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds. Unamortized discounts associated with the repurchase of Consumers’ first mortgage bonds were $5 million at December 31, 2024 and $3 million at December 31, 2023. Unamortized issuance costs were $7 million at December 31, 2024 and $4 million at December 31, 2023.
Financings: Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
In February 2025, certain subsidiaries of NorthStar Clean Energy entered into a $334 million construction financing agreement and borrowed $32 million, bearing an interest rate of 6.600 percent.
Retirements: Presented in the following table is a summary of major long-term debt retirements during 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875 January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
First mortgage bonds52 3.190 December 2024December 2024
Total Consumers$302 
Total CMS Energy$552 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $404 million during 2024 in exchange for cash of $289 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $110 million for the year ended December 31, 2024, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $19 million for the year ended December 31, 2024.
In 2023, CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $431 million in exchange for cash of $293 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds resulted in a pre-tax gain of $131 million for the year ended
December 31, 2023. Interest expense related to the repurchased bonds was $5 million for the year ended December 31, 2023.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its current authorization ends on May 2, 2026. In January 2025, Consumers filed an application with the FERC for authority to issue long-term debt securities between February 21, 2025 and February 20, 2027. The application does not seek to replace Consumers’ existing authority for short-term securities.
First Mortgage Bonds: Consumers secures its first mortgage bonds by a mortgage and lien on substantially all of its property. Consumers’ ability to issue first mortgage bonds is restricted by certain provisions in the First Mortgage Bond Indenture and the need for regulatory approvals under federal law. Restrictive issuance provisions in the First Mortgage Bond Indenture include achieving a two‑times interest coverage ratio and having sufficient unfunded net property additions.
Securitization Bonds: Certain regulatory assets held by Consumers’ subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, collateralize Consumers’ securitization bonds. Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding are distinct subsidiaries. The bondholders of each entity have no recourse to the other’s assets or the assets of Consumers. Consumers collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected by Consumers on behalf of each entity are remitted to that subsidiary’s account and are not available to creditors of Consumers or creditors of Consumers’ affiliates other than the subsidiary that issued the bonds.
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Credit Facilities: The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At December 31, 2024, there were $65 million of commercial paper notes outstanding under this program bearing a weighted-average interest rate of 4.675 percent, recorded as current notes payable on CMS Energy’s and Consumers’ consolidated balance sheets.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At December 31, 2024, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At December 31, 2024, payment of dividends by CMS Energy on its common stock was limited to $8.0 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at December 31, 2024, Consumers had $2.3 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the year ended December 31, 2024, Consumers paid $795 million in dividends on its common stock to CMS Energy.
Capitalization: The authorized capital stock of CMS Energy consists of:
•350 million shares of CMS Energy Common Stock, par value $0.01 per share
•10 million shares of CMS Energy Preferred Stock, par value $0.01 per share
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program by issuing shares at a weighted average price of $70.31 per share, resulting in net proceeds of $266 million.
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at December 31, 2024:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2024
December 16, 2024November 27, 2025400,581$69.43 $69.53 
Under these contracts, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving
cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of December 31, 2024, it would not have been required to deliver shares or pay cash.
Preferred Stock: CMS Energy’s Series C preferred stock is traded on the New York Stock Exchange under the symbol CMS PRC. Depositary shares represent a 1/1000th interest in a share of its Series C preferred stock. The Series C preferred stock has no maturity or mandatory redemption date and is not redeemable at the option of the holders. CMS Energy may, at its option, redeem the Series C preferred stock, in whole or in part, at any time on or after July 15, 2026. The Series C preferred stock ranks senior to CMS Energy’s common stock with respect to dividend rights and distribution rights upon liquidation. Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2024 and 2023:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Preferred Stock of Subsidiary: Consumers’ preferred stock is traded on the New York Stock Exchange under the symbol CMS-PB. Presented in the following table are details of Consumers’ preferred stock at December 31, 2024 and 2023:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148 
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Financings and Capitalization
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon
30 days prior written notice to the other party. Obligations under this program are accounted for in accounts payable on CMS Energy’s consolidated balance sheets. Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
December 312024202320242023
Assets1
Cash equivalents$27 $18 $— $— 
Restricted cash equivalents75 21 75 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments2 2 2 2 
Total assets$138 $71 $102 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3. CMS Energy and Consumers report derivatives in other non‑current assets on their consolidated balance sheets.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 category of derivatives during the periods presented
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
December 312024202320242023
Assets1
Cash equivalents$27 $18 $— $— 
Restricted cash equivalents75 21 75 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments2 2 2 2 
Total assets$138 $71 $102 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3. CMS Energy and Consumers report derivatives in other non‑current assets on their consolidated balance sheets.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 category of derivatives during the periods presented
v3.25.0.1
Financial Instruments
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,386 14,876 1,018 11,952 1,906 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
9 9 — — 9 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Notes receivable – related party4
94 94 — — 94 97 97 — — 97 
Liabilities
Long-term debt5
11,270 9,940 — 8,034 1,906 10,762 9,757 — 7,741 2,016 
Long-term debt – related party6
823 549 — 549 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at December 31, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $1.2 billion at December 31, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $2 million at December 31, 2024 and December 31, 2023.
4Includes current portion of notes receivable – related party of $7 million at December 31, 2024 and 2023. For more information on notes receivable – related party, see Note 17, Related-party Transactions—Consumers.
5Includes current portion of long-term debt of $452 million at December 31, 2024 and $725 million at December 31, 2023.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
Consumers Energy Company  
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,386 14,876 1,018 11,952 1,906 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
9 9 — — 9 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Notes receivable – related party4
94 94 — — 94 97 97 — — 97 
Liabilities
Long-term debt5
11,270 9,940 — 8,034 1,906 10,762 9,757 — 7,741 2,016 
Long-term debt – related party6
823 549 — 549 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at December 31, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $1.2 billion at December 31, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $2 million at December 31, 2024 and December 31, 2023.
4Includes current portion of notes receivable – related party of $7 million at December 31, 2024 and 2023. For more information on notes receivable – related party, see Note 17, Related-party Transactions—Consumers.
5Includes current portion of long-term debt of $452 million at December 31, 2024 and $725 million at December 31, 2023.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
v3.25.0.1
Plant, Property, and Equipment
 12 Months Ended
Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]  
Plant, Property, and Equipment Plant, Property, and Equipment
Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31Estimated
Depreciable
Life in Years		20242023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Consumers
3 – 125
$33,434 $31,723 
NorthStar Clean Energy
Independent power production1
3 – 40
1,452 1,387 
Assets under finance leases2
45 24 
Other
3 – 5
1 1 
Plant, property, and equipment, gross$34,932 $33,135 
Construction work in progress2,098 944 
Accumulated depreciation and amortization(9,569)(9,007)
Total plant, property, and equipment3
$27,461 $25,072 
Consumers
Plant, property, and equipment, gross
Electric
Generation
15 – 125
$6,576 $6,511 
Distribution
15 – 75
12,135 11,339 
Other
5 – 55
1,307 1,355 
Assets under finance leases2
119 97 
Gas
Distribution
20 – 85
7,942 7,452 
Transmission
17 – 75
3,081 2,806 
Underground storage facilities4
29 – 75
1,405 1,295 
Other
5 – 55
828 815 
Assets under finance leases2
12 15 
Other non-utility property
3 – 51
29 38 
Plant, property, and equipment, gross$33,434 $31,723 
Construction work in progress1,766 845 
Accumulated depreciation and amortization(9,310)(8,796)
Total plant, property, and equipment2
$25,890 $23,772 
1A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 8, Leases.
2For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 8, Leases.
3Consumers’ plant additions were $2.1 billion for the year ended December 31, 2024 and $3.1 billion for the year ended December 31, 2023. Consumers’ plant retirements were $390 million for the year ended December 31, 2024 and $856 million for the year ended December 31, 2023.
4Underground storage includes base natural gas of $26 million at December 31, 2024 and 2023. Base natural gas is not subject to depreciation.
Intangible Assets: Included in net plant, property, and equipment are intangible assets. Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
DescriptionAmortization Life in YearsDecember 31, 2024December 31, 2023
Gross Cost1
Accumulated Amortization
Gross Cost1
Accumulated Amortization
Consumers
Software development
3 – 15
$679 $481 $772 $543 
Rights of way
50 – 85
253 68 229 64 
Franchises and consents
5 – 50
16 11 16 11 
Leasehold improvements
various2
13 7 11 7 
Other intangiblesvarious28 16 24 15 
Total$989 $583 $1,052 $640 
1Consumers’ intangible asset additions were $90 million for the year ended December 31, 2024 and $80 million for the year ended December 31, 2023. Consumers’ intangible asset retirements were $153 million for the year ended December 31, 2024 and $142 million for the year ended December 31, 2023.
2Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Capitalization: CMS Energy and Consumers record plant, property, and equipment at original cost when placed into service. The cost includes labor, material, applicable taxes, overhead such as pension and other benefits, and AFUDC, if applicable. Consumers’ plant, property, and equipment is generally recoverable through its general ratemaking process.
With the exception of utility property for which the remaining book value has been securitized, mothballed utility property stays in rate base and continues to be depreciated at the same rate as before the mothball period. When utility property is retired or otherwise disposed of in the ordinary course of business, Consumers records the original cost to accumulated depreciation, along with associated cost of removal, net of salvage. CMS Energy and Consumers recognize gains or losses on the retirement or disposal of non‑regulated assets in income. Consumers records cost of removal collected from customers, but not spent, as a regulatory liability.
Software: CMS Energy and Consumers capitalize the costs to purchase and develop internal-use computer software. These costs are expensed evenly over the estimated useful life of the internal-use computer software. If computer software is integral to computer hardware, then its cost is capitalized and depreciated with the hardware.
AFUDC: Consumers capitalizes AFUDC on regulated major construction projects. AFUDC represents the estimated cost of debt and authorized return-on-equity funds used to finance construction additions. Consumers records the offsetting credit as a reduction of interest for the amount representing the borrowed funds component and as other income for the equity funds component on the consolidated statements of income. When construction is completed and the property is placed in service, Consumers
depreciates and recovers the capitalized AFUDC from customers over the life of the related asset. Presented in the following table are Consumers’ average AFUDC capitalization rates:
Years Ended December 31202420232022
Electric6.9 %6.5 %6.2 %
Gas5.8 5.8 5.6 
Assets Under Finance Leases: Presented in the following table are further details about changes in CMS Energy’s and Consumers’ assets under finance leases:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Balance at beginning of period$136 $170 
Additions55 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$176 $136 
Consumers
Balance at beginning of period$112 $146 
Additions34 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$131 $112 
Assets under finance leases are presented as gross amounts. CMS Energy’s, including Consumers’, accumulated amortization of assets under finance leases was $57 million at December 31, 2024 and $65 million at December 31, 2023. Consumers’ accumulated amortization of assets under finance leases was $55 million at December 31, 2024 and $64 million at December 31, 2023.
Depreciation and Amortization: Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets262 217 
Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets3 6 
Consumers depreciates utility property on an asset-group basis, in which it applies a single MPSC-approved depreciation rate to the gross investment in a particular class of property within the electric and
gas segments. Consumers performs depreciation studies periodically to determine appropriate group lives. Presented in the following table are the composite depreciation rates for Consumers’ segment properties:
Years Ended December 31202420232022
Electric utility property3.6 %3.8 %3.7 %
Gas utility property2.5 2.8 2.9 
Other property7.1 7.8 8.9 
CMS Energy and Consumers record property repairs and minor property replacement as maintenance expense. CMS Energy and Consumers record planned major maintenance activities as operating expense unless the cost represents the acquisition of additional long-lived assets or the replacement of an existing long-lived asset.
Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Depreciation expense – plant, property, and equipment$1,041 $1,050 $990 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,240 $1,180 $1,126 
Consumers
Depreciation expense – plant, property, and equipment$992 $1,007 $952 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,191 $1,137 $1,088 
Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
20252026202720282029
Consumers
Intangible asset amortization expense$94 $90 $83 $77 $75 
Jointly Owned Regulated Utility Facilities
Presented in the following table are Consumers’ investments in jointly owned regulated utility facilities at December 31, 2024:
In Millions, Except Ownership Share
J.H. Campbell Unit 3LudingtonOther
Ownership share93.3 %51.0 %various
Utility plant in service$1,725 $621 $445 
Accumulated provision for depreciation(856)(242)(95)
Plant under construction— 13 29 
Net investment$869 $392 $379 
Consumers includes its share of the direct expenses of the jointly owned plants in operating expenses. Consumers shares operation, maintenance, and other expenses of these jointly owned utility facilities in proportion to each participant’s undivided ownership interest. Consumers is required to provide only its share of financing for the jointly owned utility facilities.
Consumers plans to retire the J.H. Campbell coal-fueled generating units and, in 2022, removed an amount representing the projected remaining book value of the electric generating units upon their retirement from total plant, property, and equipment and recorded it as a regulatory asset on its consolidated balance sheets. For additional details, see Note 2, Regulatory Matters.
Consumers and DTE Electric are engaged in ongoing litigation with TAES and Toshiba related to TAES’ incomplete, defective, and nonconforming work during a major overhaul and upgrade of Ludington. For additional details on this dispute, see Note 3, Contingencies and Commitments—Ludington Overhaul Contract Dispute.
Consumers Energy Company  
Public Utility, Property, Plant and Equipment [Line Items]  
Plant, Property, and Equipment Plant, Property, and Equipment
Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31Estimated
Depreciable
Life in Years		20242023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Consumers
3 – 125
$33,434 $31,723 
NorthStar Clean Energy
Independent power production1
3 – 40
1,452 1,387 
Assets under finance leases2
45 24 
Other
3 – 5
1 1 
Plant, property, and equipment, gross$34,932 $33,135 
Construction work in progress2,098 944 
Accumulated depreciation and amortization(9,569)(9,007)
Total plant, property, and equipment3
$27,461 $25,072 
Consumers
Plant, property, and equipment, gross
Electric
Generation
15 – 125
$6,576 $6,511 
Distribution
15 – 75
12,135 11,339 
Other
5 – 55
1,307 1,355 
Assets under finance leases2
119 97 
Gas
Distribution
20 – 85
7,942 7,452 
Transmission
17 – 75
3,081 2,806 
Underground storage facilities4
29 – 75
1,405 1,295 
Other
5 – 55
828 815 
Assets under finance leases2
12 15 
Other non-utility property
3 – 51
29 38 
Plant, property, and equipment, gross$33,434 $31,723 
Construction work in progress1,766 845 
Accumulated depreciation and amortization(9,310)(8,796)
Total plant, property, and equipment2
$25,890 $23,772 
1A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 8, Leases.
2For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 8, Leases.
3Consumers’ plant additions were $2.1 billion for the year ended December 31, 2024 and $3.1 billion for the year ended December 31, 2023. Consumers’ plant retirements were $390 million for the year ended December 31, 2024 and $856 million for the year ended December 31, 2023.
4Underground storage includes base natural gas of $26 million at December 31, 2024 and 2023. Base natural gas is not subject to depreciation.
Intangible Assets: Included in net plant, property, and equipment are intangible assets. Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
DescriptionAmortization Life in YearsDecember 31, 2024December 31, 2023
Gross Cost1
Accumulated Amortization
Gross Cost1
Accumulated Amortization
Consumers
Software development
3 – 15
$679 $481 $772 $543 
Rights of way
50 – 85
253 68 229 64 
Franchises and consents
5 – 50
16 11 16 11 
Leasehold improvements
various2
13 7 11 7 
Other intangiblesvarious28 16 24 15 
Total$989 $583 $1,052 $640 
1Consumers’ intangible asset additions were $90 million for the year ended December 31, 2024 and $80 million for the year ended December 31, 2023. Consumers’ intangible asset retirements were $153 million for the year ended December 31, 2024 and $142 million for the year ended December 31, 2023.
2Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Capitalization: CMS Energy and Consumers record plant, property, and equipment at original cost when placed into service. The cost includes labor, material, applicable taxes, overhead such as pension and other benefits, and AFUDC, if applicable. Consumers’ plant, property, and equipment is generally recoverable through its general ratemaking process.
With the exception of utility property for which the remaining book value has been securitized, mothballed utility property stays in rate base and continues to be depreciated at the same rate as before the mothball period. When utility property is retired or otherwise disposed of in the ordinary course of business, Consumers records the original cost to accumulated depreciation, along with associated cost of removal, net of salvage. CMS Energy and Consumers recognize gains or losses on the retirement or disposal of non‑regulated assets in income. Consumers records cost of removal collected from customers, but not spent, as a regulatory liability.
Software: CMS Energy and Consumers capitalize the costs to purchase and develop internal-use computer software. These costs are expensed evenly over the estimated useful life of the internal-use computer software. If computer software is integral to computer hardware, then its cost is capitalized and depreciated with the hardware.
AFUDC: Consumers capitalizes AFUDC on regulated major construction projects. AFUDC represents the estimated cost of debt and authorized return-on-equity funds used to finance construction additions. Consumers records the offsetting credit as a reduction of interest for the amount representing the borrowed funds component and as other income for the equity funds component on the consolidated statements of income. When construction is completed and the property is placed in service, Consumers
depreciates and recovers the capitalized AFUDC from customers over the life of the related asset. Presented in the following table are Consumers’ average AFUDC capitalization rates:
Years Ended December 31202420232022
Electric6.9 %6.5 %6.2 %
Gas5.8 5.8 5.6 
Assets Under Finance Leases: Presented in the following table are further details about changes in CMS Energy’s and Consumers’ assets under finance leases:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Balance at beginning of period$136 $170 
Additions55 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$176 $136 
Consumers
Balance at beginning of period$112 $146 
Additions34 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$131 $112 
Assets under finance leases are presented as gross amounts. CMS Energy’s, including Consumers’, accumulated amortization of assets under finance leases was $57 million at December 31, 2024 and $65 million at December 31, 2023. Consumers’ accumulated amortization of assets under finance leases was $55 million at December 31, 2024 and $64 million at December 31, 2023.
Depreciation and Amortization: Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets262 217 
Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets3 6 
Consumers depreciates utility property on an asset-group basis, in which it applies a single MPSC-approved depreciation rate to the gross investment in a particular class of property within the electric and
gas segments. Consumers performs depreciation studies periodically to determine appropriate group lives. Presented in the following table are the composite depreciation rates for Consumers’ segment properties:
Years Ended December 31202420232022
Electric utility property3.6 %3.8 %3.7 %
Gas utility property2.5 2.8 2.9 
Other property7.1 7.8 8.9 
CMS Energy and Consumers record property repairs and minor property replacement as maintenance expense. CMS Energy and Consumers record planned major maintenance activities as operating expense unless the cost represents the acquisition of additional long-lived assets or the replacement of an existing long-lived asset.
Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Depreciation expense – plant, property, and equipment$1,041 $1,050 $990 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,240 $1,180 $1,126 
Consumers
Depreciation expense – plant, property, and equipment$992 $1,007 $952 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,191 $1,137 $1,088 
Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
20252026202720282029
Consumers
Intangible asset amortization expense$94 $90 $83 $77 $75 
Jointly Owned Regulated Utility Facilities
Presented in the following table are Consumers’ investments in jointly owned regulated utility facilities at December 31, 2024:
In Millions, Except Ownership Share
J.H. Campbell Unit 3LudingtonOther
Ownership share93.3 %51.0 %various
Utility plant in service$1,725 $621 $445 
Accumulated provision for depreciation(856)(242)(95)
Plant under construction— 13 29 
Net investment$869 $392 $379 
Consumers includes its share of the direct expenses of the jointly owned plants in operating expenses. Consumers shares operation, maintenance, and other expenses of these jointly owned utility facilities in proportion to each participant’s undivided ownership interest. Consumers is required to provide only its share of financing for the jointly owned utility facilities.
Consumers plans to retire the J.H. Campbell coal-fueled generating units and, in 2022, removed an amount representing the projected remaining book value of the electric generating units upon their retirement from total plant, property, and equipment and recorded it as a regulatory asset on its consolidated balance sheets. For additional details, see Note 2, Regulatory Matters.
Consumers and DTE Electric are engaged in ongoing litigation with TAES and Toshiba related to TAES’ incomplete, defective, and nonconforming work during a major overhaul and upgrade of Ludington. For additional details on this dispute, see Note 3, Contingencies and Commitments—Ludington Overhaul Contract Dispute.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Line Items]  
Leases Leases
Lessee
CMS Energy and Consumers lease various assets from third parties, including coal-carrying railcars, real estate, service vehicles, and gas pipeline capacity. In addition, CMS Energy and Consumers account for several of their PPAs as leases.
CMS Energy and Consumers do not record right-of-use assets or lease liabilities on their consolidated balance sheets for rentals with lease terms of 12 months or less, most of which are for the lease of real estate and service vehicles. Lease expense for these rentals is recognized on a straight-line basis over the lease term.
CMS Energy and Consumers include future payments for all renewal options, fair market value extensions, and buyout provisions reasonably certain of exercise in their measurement of lease right-of-use assets and lease liabilities. In addition, certain leases for service vehicles contain end-of-lease adjustment clauses based on proceeds received from the sale or disposition of the vehicles. CMS Energy and Consumers also include executory costs in the measurement of their right-of-use assets and lease liabilities, except for maintenance costs related to their coal-carrying railcar leases.
Most of Consumers’ PPAs contain provisions at the end of the initial contract terms to renew the agreements annually under mutually agreed‑upon terms at the time of renewal. Energy and capacity
payments that vary depending on quantities delivered are recognized as variable lease costs when incurred. Consumers accounts for a PPA with one of CMS Energy’s equity method subsidiaries as a finance lease.
Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
CMS Energy, including ConsumersConsumers
December 312024202320242023
Operating leases
Right-of-use assets1
$24$26$20$23
Lease liabilities
Current lease liabilities2
3434
Non-current lease liabilities3
21221719
Finance leases
Right-of-use assets119717648
Lease liabilities4
Current lease liabilities4545
Non-current lease liabilities112626939
Weighted-average remaining lease term (in years)
Operating leases20191918
Finance leases26192211
Weighted-average discount rate
Operating leases5.3 %5.2 %5.4 %5.3 %
Finance leases5
5.8 5.3 4.8 1.5 
1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.
2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.
3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.
4Includes related-party lease liabilities of $23 million, of which less than $1 million was current, at December 31, 2024 and 2023.
5This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
CMS Energy and Consumers report operating, variable, and short-term lease costs as operating expenses on their consolidated statements of income, except for certain amounts that may be capitalized to other assets. Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Operating lease costs$6 $6 
Finance lease costs
Amortization of right-of-use assets6 9 
Interest on lease liabilities16 15 
Variable lease costs107 107 
Short-term lease costs13 14 
Total lease costs$148 $151 
Consumers
Operating lease costs$5 $5 
Finance lease costs
Amortization of right-of-use assets5 8 
Interest on lease liabilities13 13 
Variable lease costs107 107 
Short-term lease costs12 14 
Total lease costs$142 $147 
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$6 $6 
Cash used in operating activities for finance leases15 15 
Cash used in financing activities for finance leases6 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases3 1 
Finance leases55 — 
Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$5 $6 
Cash used in operating activities for finance leases13 13 
Cash used in financing activities for finance leases5 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases1 1 
Finance leases34 — 
Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
Finance Leases
December 31, 2024Operating LeasesPipelines and PPAsLand and OtherTotal
CMS Energy, including Consumers
2025$4 $13 $7 $20 
20263 13 7 20 
20272 13 5 18 
20282 13 5 18 
20292 13 5 18 
2030 and thereafter29 13 177 190 
Total minimum lease payments$42 $78 $206 $284 
Less discount18 50 118 168 
Present value of minimum lease payments$24 $28 $88 $116 
Consumers
2025$4 $13 $4 $17 
20263 13 4 17 
20272 13 3 16 
20282 13 2 15 
20291 13 2 15 
2030 and thereafter23 13 71 84 
Total minimum lease payments$35 $78 $86 $164 
Less discount15 50 41 91 
Present value of minimum lease payments$20 $28 $45 $73 
Lessor
CMS Energy and Consumers are the lessor under power sales and natural gas delivery agreements that are accounted for as leases.
CMS Energy has power sales agreements that are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. For the year ended December 31, 2024, lease revenue from these power sales agreements was $105 million, which included variable lease payments of $61 million. For the year ended December 31, 2023, lease revenue from these power sales agreements was $116 million, which included variable lease payments of $74 million.
Presented in the following table are the minimum rental payments to be received under CMS Energy’s non‑cancelable operating leases:
In Millions
December 31, 2024
2025$44 
202618 
Total minimum lease payments$62 
Consumers has a natural gas transportation agreement with a subsidiary of CMS Energy that extends through 2038, related to a pipeline owned by Consumers. This agreement is accounted for as a direct finance lease and will automatically extend annually unless terminated by either party. The effects of the lease are eliminated on CMS Energy’s consolidated financial statements.
Minimum rental payments to be received under Consumers’ direct financing lease are less than $1 million for each of the next five years and $6 million for the years thereafter. The lease receivable was $6 million as of December 31, 2024, which does not include unearned income of $5 million.
Consumers Energy Company  
Leases [Line Items]  
Leases Leases
Lessee
CMS Energy and Consumers lease various assets from third parties, including coal-carrying railcars, real estate, service vehicles, and gas pipeline capacity. In addition, CMS Energy and Consumers account for several of their PPAs as leases.
CMS Energy and Consumers do not record right-of-use assets or lease liabilities on their consolidated balance sheets for rentals with lease terms of 12 months or less, most of which are for the lease of real estate and service vehicles. Lease expense for these rentals is recognized on a straight-line basis over the lease term.
CMS Energy and Consumers include future payments for all renewal options, fair market value extensions, and buyout provisions reasonably certain of exercise in their measurement of lease right-of-use assets and lease liabilities. In addition, certain leases for service vehicles contain end-of-lease adjustment clauses based on proceeds received from the sale or disposition of the vehicles. CMS Energy and Consumers also include executory costs in the measurement of their right-of-use assets and lease liabilities, except for maintenance costs related to their coal-carrying railcar leases.
Most of Consumers’ PPAs contain provisions at the end of the initial contract terms to renew the agreements annually under mutually agreed‑upon terms at the time of renewal. Energy and capacity
payments that vary depending on quantities delivered are recognized as variable lease costs when incurred. Consumers accounts for a PPA with one of CMS Energy’s equity method subsidiaries as a finance lease.
Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
CMS Energy, including ConsumersConsumers
December 312024202320242023
Operating leases
Right-of-use assets1
$24$26$20$23
Lease liabilities
Current lease liabilities2
3434
Non-current lease liabilities3
21221719
Finance leases
Right-of-use assets119717648
Lease liabilities4
Current lease liabilities4545
Non-current lease liabilities112626939
Weighted-average remaining lease term (in years)
Operating leases20191918
Finance leases26192211
Weighted-average discount rate
Operating leases5.3 %5.2 %5.4 %5.3 %
Finance leases5
5.8 5.3 4.8 1.5 
1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.
2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.
3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.
4Includes related-party lease liabilities of $23 million, of which less than $1 million was current, at December 31, 2024 and 2023.
5This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
CMS Energy and Consumers report operating, variable, and short-term lease costs as operating expenses on their consolidated statements of income, except for certain amounts that may be capitalized to other assets. Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Operating lease costs$6 $6 
Finance lease costs
Amortization of right-of-use assets6 9 
Interest on lease liabilities16 15 
Variable lease costs107 107 
Short-term lease costs13 14 
Total lease costs$148 $151 
Consumers
Operating lease costs$5 $5 
Finance lease costs
Amortization of right-of-use assets5 8 
Interest on lease liabilities13 13 
Variable lease costs107 107 
Short-term lease costs12 14 
Total lease costs$142 $147 
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$6 $6 
Cash used in operating activities for finance leases15 15 
Cash used in financing activities for finance leases6 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases3 1 
Finance leases55 — 
Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$5 $6 
Cash used in operating activities for finance leases13 13 
Cash used in financing activities for finance leases5 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases1 1 
Finance leases34 — 
Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
Finance Leases
December 31, 2024Operating LeasesPipelines and PPAsLand and OtherTotal
CMS Energy, including Consumers
2025$4 $13 $7 $20 
20263 13 7 20 
20272 13 5 18 
20282 13 5 18 
20292 13 5 18 
2030 and thereafter29 13 177 190 
Total minimum lease payments$42 $78 $206 $284 
Less discount18 50 118 168 
Present value of minimum lease payments$24 $28 $88 $116 
Consumers
2025$4 $13 $4 $17 
20263 13 4 17 
20272 13 3 16 
20282 13 2 15 
20291 13 2 15 
2030 and thereafter23 13 71 84 
Total minimum lease payments$35 $78 $86 $164 
Less discount15 50 41 91 
Present value of minimum lease payments$20 $28 $45 $73 
Lessor
CMS Energy and Consumers are the lessor under power sales and natural gas delivery agreements that are accounted for as leases.
CMS Energy has power sales agreements that are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. For the year ended December 31, 2024, lease revenue from these power sales agreements was $105 million, which included variable lease payments of $61 million. For the year ended December 31, 2023, lease revenue from these power sales agreements was $116 million, which included variable lease payments of $74 million.
Presented in the following table are the minimum rental payments to be received under CMS Energy’s non‑cancelable operating leases:
In Millions
December 31, 2024
2025$44 
202618 
Total minimum lease payments$62 
Consumers has a natural gas transportation agreement with a subsidiary of CMS Energy that extends through 2038, related to a pipeline owned by Consumers. This agreement is accounted for as a direct finance lease and will automatically extend annually unless terminated by either party. The effects of the lease are eliminated on CMS Energy’s consolidated financial statements.
Minimum rental payments to be received under Consumers’ direct financing lease are less than $1 million for each of the next five years and $6 million for the years thereafter. The lease receivable was $6 million as of December 31, 2024, which does not include unearned income of $5 million.
v3.25.0.1
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligations [Line Items]  
Asset Retirement Obligations Asset Retirement Obligations
CMS Energy and Consumers record the fair value of the cost to remove assets at the end of their useful lives, if there is a legal obligation to remove them. If a reasonable estimate of fair value cannot be made in the period in which the ARO is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. CMS Energy and Consumers have not recorded liabilities associated with the closure of their hydroelectric facilities and certain gas wells that have an indeterminate life or for assets that have immaterial cumulative disposal costs, such as substation batteries.
CMS Energy and Consumers calculate the fair value of ARO liabilities using an expected present-value technique that reflects assumptions about costs and inflation, and uses a credit-adjusted risk-free rate to discount the expected cash flows. CMS Energy’s ARO liabilities are primarily at Consumers.
Presented below are the categories of assets that CMS Energy and Consumers have legal obligations to remove at the end of their useful lives and for which they have an ARO liability recorded:
ARO DescriptionIn-service DateLong-lived Assets
Closure of coal ash disposal areasvariousGenerating plants coal ash areas
Gas distribution cut, purge, and capvariousGas distribution mains and services
Asbestos abatement1973Electric and gas utility plant
Closure of renewable generation assetsvariousWind and solar generation facilities
Gas wells plug and abandonvariousGas transmission and storage
Presented in the following tables are the changes in CMS Energy’s and Consumers’ ARO liabilities:
In Millions
Company and ARO DescriptionARO Liability 12/31/2023IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2024
CMS Energy, including Consumers
Consumers$739 $1 $(69)$33 $(10)$694 
Renewable generation assets32 — — 2 — 34 
Total CMS Energy$771 $1 $(69)$35 $(10)$728 
Consumers
Coal ash disposal areas$268 $1 $(51)$12 $— $230 
Gas distribution cut, purge, and cap290 — (9)15 (1)295 
Asbestos abatement51 — (7)2 (9)37 
Renewable generation assets102 — — 3 — 105 
Gas wells plug and abandon28 — (2)1 — 27 
Total Consumers$739 $1 $(69)$33 $(10)$694 
In May 2024, the EPA finalized a rule regulating CCR impoundments at electric generating facilities that became inactive prior to the effective date of a rule published in 2015 regulating CCRs under RCRA. Additionally, the EPA established groundwater monitoring, corrective action, closure, and post-closure care requirements for CCR surface impoundments and landfills closed prior to the effective date of the 2015 CCR rule, but that do not meet the closure technical and performance standards of the May 2024 rule. These include inactive CCR landfills that were previously exempted from regulation but that are now considered CCR management units. In response to the new rule, Consumers recorded an immaterial increase to its existing ARO and is performing a review of legacy impoundments and of other parts of the 2024 rule. If needed, Consumers will record an incremental ARO for legacy impoundments when a reasonable estimate of the fair value of the associated costs can be made; any resulting ARO could be material. Consumers has historically been authorized to recover in electric rates costs related to coal ash disposal sites.
In Millions
Company and ARO DescriptionARO Liability 12/31/2022IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2023
CMS Energy, including Consumers
Consumers$722 $4 $(28)$32 $9 $739 
Renewable generation assets24 7 — 1 — 32 
Total CMS Energy$746 $11 $(28)$33 $9 $771 
Consumers
Coal ash disposal areas$272 $— $(15)$11 $— $268 
Gas distribution cut, purge, and cap287 — (10)14 (1)290 
Asbestos abatement39 — (1)3 10 51 
Renewable generation assets95 4 — 3 — 102 
Gas wells plug and abandon29 — (2)1 — 28 
Total Consumers$722 $4 $(28)$32 $9 $739 
Consumers Energy Company  
Asset Retirement Obligations [Line Items]  
Asset Retirement Obligations Asset Retirement Obligations
CMS Energy and Consumers record the fair value of the cost to remove assets at the end of their useful lives, if there is a legal obligation to remove them. If a reasonable estimate of fair value cannot be made in the period in which the ARO is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. CMS Energy and Consumers have not recorded liabilities associated with the closure of their hydroelectric facilities and certain gas wells that have an indeterminate life or for assets that have immaterial cumulative disposal costs, such as substation batteries.
CMS Energy and Consumers calculate the fair value of ARO liabilities using an expected present-value technique that reflects assumptions about costs and inflation, and uses a credit-adjusted risk-free rate to discount the expected cash flows. CMS Energy’s ARO liabilities are primarily at Consumers.
Presented below are the categories of assets that CMS Energy and Consumers have legal obligations to remove at the end of their useful lives and for which they have an ARO liability recorded:
ARO DescriptionIn-service DateLong-lived Assets
Closure of coal ash disposal areasvariousGenerating plants coal ash areas
Gas distribution cut, purge, and capvariousGas distribution mains and services
Asbestos abatement1973Electric and gas utility plant
Closure of renewable generation assetsvariousWind and solar generation facilities
Gas wells plug and abandonvariousGas transmission and storage
Presented in the following tables are the changes in CMS Energy’s and Consumers’ ARO liabilities:
In Millions
Company and ARO DescriptionARO Liability 12/31/2023IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2024
CMS Energy, including Consumers
Consumers$739 $1 $(69)$33 $(10)$694 
Renewable generation assets32 — — 2 — 34 
Total CMS Energy$771 $1 $(69)$35 $(10)$728 
Consumers
Coal ash disposal areas$268 $1 $(51)$12 $— $230 
Gas distribution cut, purge, and cap290 — (9)15 (1)295 
Asbestos abatement51 — (7)2 (9)37 
Renewable generation assets102 — — 3 — 105 
Gas wells plug and abandon28 — (2)1 — 27 
Total Consumers$739 $1 $(69)$33 $(10)$694 
In May 2024, the EPA finalized a rule regulating CCR impoundments at electric generating facilities that became inactive prior to the effective date of a rule published in 2015 regulating CCRs under RCRA. Additionally, the EPA established groundwater monitoring, corrective action, closure, and post-closure care requirements for CCR surface impoundments and landfills closed prior to the effective date of the 2015 CCR rule, but that do not meet the closure technical and performance standards of the May 2024 rule. These include inactive CCR landfills that were previously exempted from regulation but that are now considered CCR management units. In response to the new rule, Consumers recorded an immaterial increase to its existing ARO and is performing a review of legacy impoundments and of other parts of the 2024 rule. If needed, Consumers will record an incremental ARO for legacy impoundments when a reasonable estimate of the fair value of the associated costs can be made; any resulting ARO could be material. Consumers has historically been authorized to recover in electric rates costs related to coal ash disposal sites.
In Millions
Company and ARO DescriptionARO Liability 12/31/2022IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2023
CMS Energy, including Consumers
Consumers$722 $4 $(28)$32 $9 $739 
Renewable generation assets24 7 — 1 — 32 
Total CMS Energy$746 $11 $(28)$33 $9 $771 
Consumers
Coal ash disposal areas$272 $— $(15)$11 $— $268 
Gas distribution cut, purge, and cap287 — (10)14 (1)290 
Asbestos abatement39 — (1)3 10 51 
Renewable generation assets95 4 — 3 — 102 
Gas wells plug and abandon29 — (2)1 — 28 
Total Consumers$722 $4 $(28)$32 $9 $739 
v3.25.0.1
Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
Benefit Plans: CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans. These plans include:
•non‑contributory, qualified DB Pension Plans (closed to new non‑union participants as of July 1, 2003 and closed to new union participants as of September 1, 2005)
•a non‑contributory, qualified DCCP for employees hired on or after July 1, 2003
•benefits to certain management employees under a non‑contributory, nonqualified DB SERP (closed to new participants as of March 31, 2006)
•a non‑contributory, nonqualified DC SERP for certain management employees hired or promoted on or after April 1, 2006
•a contributory, qualified defined contribution 401(k) plan
•health care and life insurance benefits under an OPEB Plan
DB Pension Plans: Participants in the pension plans include present and former employees of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries. Pension plan trust assets are not distinguishable by company. Effective December 31, 2017, CMS Energy’s and Consumers’ then-existing pension plan was amended to include only retired and former employees already covered; this amended plan is referred to as DB Pension Plan B. Also effective December 31, 2017, active employees were moved to a newly created pension plan, referred to as DB Pension Plan A, whose benefits mirror those provided under DB Pension Plan B. Maintaining separate plans for the two groups allows CMS Energy and Consumers to employ a more targeted investment strategy and provides additional opportunities to mitigate risk and volatility.
DCCP: CMS Energy and Consumers provide an employer contribution to the DCCP 401(k) plan for employees hired on or after July 1, 2003. The contribution ranges from five percent to ten percent of base pay, depending on years of service and employee class. Employees are not required to contribute in order to receive the plan’s employer contribution. DCCP expense for CMS Energy, including Consumers, was $53 million for the year ended December 31, 2024, $51 million for the year ended December 31, 2023, and $48 million for the year ended December 31, 2022. DCCP expense for Consumers was $52 million for the year ended December 31, 2024, $50 million for the year ended December 31, 2023, and $48 million for the year ended December 31, 2022.
DB SERP: The DB SERP is a nonqualified plan as defined by the Internal Revenue Code. DB SERP benefits are paid from a rabbi trust. The trust assets are not considered plan assets under ASC 715. DB SERP rabbi trust earnings are taxable. Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Trust assets$127 $132 
ABO105 115 
Consumers
Trust assets$95 $98 
ABO76 83 
Neither CMS Energy nor Consumers made any contributions to the DB SERP in 2024 or 2023.
DC SERP: On April 1, 2006, CMS Energy and Consumers implemented a DC SERP and froze further new participation in the DB SERP. The DC SERP provides participants benefits ranging from five percent to 15 percent of total compensation. The DC SERP requires a minimum of five years of participation before vesting. CMS Energy’s and Consumers’ contributions to the plan, if any, are placed in a grantor trust. For CMS Energy and Consumers, trust assets were $17 million at December 31, 2024 and $14 million at December 31, 2023. DC SERP assets are included in other non‑current assets on CMS Energy’s and Consumers’ consolidated balance sheets. CMS Energy’s and Consumers’ DC SERP expense was $1 million for the years ended December 31, 2024, 2023, and 2022.
401(k) Plan: The 401(k) plan employer match equals four to six percent of employee eligible contributions based on an employee’s wages and class. The total 401(k) plan cost for CMS Energy, including Consumers, was $41 million for the years ended December 31, 2024 and 2023, and $44 million for the year ended December 31, 2022. The total 401(k) plan cost for Consumers was $39 million for the year ended December 31, 2024, $40 million for the year ended December 31, 2023, and $43 million for the year ended December 31, 2022.
Health-related OPEB Plan: Participants in the health-related OPEB Plan include regular full-time employees covered by the employee health care plan on the day before retirement from either CMS Energy or Consumers at age 55 or older with at least 10 full years of applicable continuous service and hired before January 1, 2007 for non-union participants and hired before September 1, 2010 for union participants. Regular full-time employees who qualify for disability retirement under the DB Pension Plans or are disabled and covered by the DCCP and who have 15 years of applicable continuous service may also participate in the OPEB Plan. Retiree health care costs were based on the assumption that costs would increase 8.50 percent in 2025 and 8.00 percent in 2024 for those under 65 and would increase 10.25 percent in 2025 and 8.50 percent in 2024 for those over 65. The rate of increase was assumed to decline to 4.75 percent by 2033 and thereafter for all retirees.
Assumptions: Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202420232022
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.73 %5.05 %5.24 %
DB Pension Plan B5.59 4.95 5.14 
DB SERP5.56 4.94 5.13 
OPEB Plan5.69 5.02 5.21 
Rate of compensation increase
DB Pension Plan A3.70 3.60 3.60 
DB SERP3
— — 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,4
DB Pension Plan A5.08 %5.27 %3.09 %
DB SERP3
— 5.18 3.09 
OPEB Plan5.12 5.31 3.23 
Interest cost discount rate2,4
DB Pension Plan A4.93 5.12 2.44 
DB Pension Plan B4.87 5.06 2.21 
DB SERP4.87 5.06 2.21 
OPEB Plan4.91 5.10 2.45 
Expected long-term rate of return on plan assets5
DB Pension Plans7.50 7.20 6.50 
OPEB Plan7.50 7.20 6.50 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.60 
DB SERP3
— 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202420232022202420232022
CMS Energy, including Consumers
Net periodic credit
Service cost$28 $29 $41 $11 $12 $17 
Interest cost109 112 84 43 44 28 
Settlement loss— — 1 — — — 
Expected return on plan assets(234)(220)(206)(115)(103)(115)
Amortization of:
Net loss12 12 40 4 12 1 
Prior service cost (credit)4 4 4 (31)(41)(51)
Settlement loss11 11 9 — — — 
Net periodic credit$(70)$(52)$(27)$(88)$(76)$(120)
Consumers
Net periodic credit
Service cost$27 $28 $39 $11 $11 $17 
Interest cost102 105 79 41 42 27 
Expected return on plan assets(221)(208)(194)(107)(95)(107)
Amortization of:
Net loss11 11 37 4 12 — 
Prior service cost (credit)4 4 4 (30)(40)(50)
Settlement loss11 11 9 — — — 
Net periodic credit$(66)$(49)$(26)$(81)$(70)$(113)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At December 31, 2024, CMS Energy, including Consumers, had deferred $15 million of pension credits and $11 million of OPEB credits under this mechanism related to 2024 expense. At December 31, 2023, CMS Energy, including Consumers, had deferred $11 million of pension credits and $23 million of OPEB costs under this mechanism related to 2023 expense.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Reconciliations: Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202420232024202320242023
CMS Energy, including Consumers
Benefit obligation at beginning of period$2,195 $2,169 $114 $117 $900 $889 
Service cost28 29 — — 11 12 
Interest cost104 106 5 6 43 44 
Plan amendments— — — — (25)— 
Actuarial loss (gain)(91)
1
52 
1
(4)1 (40)
1
9 
1
Benefits paid(142)(161)(10)(10)(58)(54)
Benefit obligation at end of period$2,094 $2,195 $105 $114 $831 $900 
Plan assets at fair value at beginning of period$3,004 $2,820 $— $— $1,559 $1,446 
Actual return on plan assets102 345 — — 86 165 
Company contribution— — 10 10 — — 
Actual benefits paid(142)(161)(10)(10)(57)(52)
Plan assets at fair value at end of period$2,964 $3,004 $— $— $1,588 $1,559 
Funded status$870 
2
$809 
2
$(105)$(114)$757 $659 
Consumers
Benefit obligation at beginning of period$83 $85 $867 $856 
Service cost— — 11 11 
Interest cost4 4 41 42 
Plan amendments— — (24)— 
Actuarial loss (gain)(4)1 (38)
1
10 
1
Benefits paid(7)(7)(56)(52)
Benefit obligation at end of period$76 $83 $801 $867 
Plan assets at fair value at beginning of period$— $— $1,453 $1,350 
Actual return on plan assets— — 80 154 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(54)(51)
Plan assets at fair value at end of period$— $— $1,479 $1,453 
Funded status$(76)$(83)$678 $586 
1The actuarial gains for 2024 for the DB Pension Plans and OPEB Plans were primarily the result of higher discount rates. The actuarial losses for 2023 for the DB Pension Plans and OPEB Plan were primarily the result of lower discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $836 million at December 31, 2024 and $781 million at December 31, 2023.
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120242023
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$870 $809 
OPEB Plan757 659 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP95 104 
Consumers
Non-current assets
DB Pension Plans$836 $781 
OPEB Plan678 586 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP69 76 
The ABO for the DB Pension Plans was $1.9 billion at December 31, 2024 and $2.0 billion at December 31, 2023. At December 31, 2024 and 2023, the PBO and ABO did not exceed plan assets for any of the defined benefit pension plans.
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost: Presented in the following table are the amounts recognized in regulatory assets and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312024202320242023
CMS Energy, including Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss (gain)60 65 (3)(3)
Prior service cost (credit)— 1 (2)(2)
Total amounts recognized in regulatory assets and AOCI$725 $716 $77 $86 
Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss15 20 — — 
Total amounts recognized in regulatory assets and AOCI$680 $670 $82 $91 
Plan Assets: Presented in the following tables are the fair values of the assets of CMS Energy’s DB Pension Plans and OPEB Plan, by asset category and by level within the fair value hierarchy. For additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
DB Pension Plans
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$148 $148 $— $178 $178 $— 
Mutual funds— — — 47 47 — 
$148 $148 $— $225 $225 $— 
Pooled funds2,816 2,779 
Total$2,964 $3,004 
In Millions
OPEB Plan
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$35 $35 $— $82 $82 $— 
U.S. government and agencies securities13 — 13 16 — 16 
Corporate debt68 — 68 67 — 67 
State and municipal bonds2 — 2 1 — 1 
Foreign bonds15 — 15 15 — 15 
Common stocks170 170 — 161 161 — 
Mutual funds53 53 — 60 60 — 
$356 $258 $98 $402 $303 $99 
Pooled funds1,232 1,157 
Total$1,588 $1,559 
Cash and Short-term Investments: Cash and short-term investments consist of money market funds with daily liquidity.
U.S. Government and Agencies Securities: U.S. government and agencies securities consist of U.S. Treasury notes and other debt securities backed by the U.S. government and related agencies. These securities are valued based on quoted market prices.
Corporate Debt: Corporate debt investments consist of investment grade bonds of U.S. issuers from diverse industries. These securities are valued based on quoted market prices, when available, or yields available on comparable securities of issuers with similar credit ratings.
State and Municipal Bonds: State and municipal bonds are valued using a matrix-pricing model that incorporates Level 2 market-based information. The fair value of the bonds is derived from various observable inputs, including benchmark yields, reported securities trades, broker/dealer quotes, bond ratings, and general information on market movements for investment grade state and municipal securities normally considered by market participants when pricing such debt securities.
Foreign Bonds: Foreign corporate and government debt securities are valued based on quoted market prices, when available, or on yields available on comparable securities of issuers with similar credit ratings.
Common Stocks: Common stocks in the OPEB Plan consist of equity securities that are actively managed and tracked to the S&P 500 Index and MSCI All Country World ex-US. These securities are valued at their quoted closing prices.
Mutual Funds: Mutual funds represent shares in registered investment companies that are priced based on the daily quoted net asset values that are publicly available and are the basis for transactions to buy or sell shares in the funds.
Pooled Funds: Pooled funds include both common and collective trust funds as well as special funds that contain only employee benefit plan assets from two or more unrelated benefit plans. These funds primarily consist of U.S. and foreign equity securities, but also include U.S. and foreign fixed-income securities and multi-asset investments. Since these investments are valued at their net asset value as a practical expedient, they are not classified in the fair value hierarchy.
Asset Allocations: Presented in the following table are the investment components of the assets of CMS Energy’s DB Pension Plans and OPEB Plan as of December 31, 2024:
DB Pension PlansOPEB Plan
Fixed-income securities39.0 %38.0 %
Equity securities38.0 42.0 
Real asset investments10.0 9.0 
Return-seeking fixed income7.0 6.0 
Liquid alternative investments4.0 4.0 
Cash and cash equivalents2.0 1.0 
100.0 %100.0 %
CMS Energy’s target 2024 asset allocation for the assets of the DB Pension Plans was 40‑percent fixed income, 38‑percent equity, 11‑percent real assets, 7‑percent return-seeking fixed income, and 4‑percent liquid alternatives.
CMS Energy established union and non‑union VEBA trusts to fund future retiree health and life insurance benefits known as OPEB. These trusts are funded through the ratemaking process for Consumers and through direct contributions from the non‑utility subsidiaries. CMS Energy’s target 2024 asset allocation for OPEB trusts was 40‑percent fixed income, 38‑percent equity, 11‑percent real assets, 7‑percent return-seeking fixed income, and 4‑percent liquid alternatives.
The goal of these target allocations was to maximize the long-term return on plan assets, while maintaining a prudent level of risk. The level of acceptable risk is a function of the liabilities of the plans. Equity investments are diversified mostly across the S&P 500 Index, with lesser allocations to the S&P MidCap and SmallCap Indexes and Foreign Equity Funds. Fixed-income investments are diversified across investment grade instruments of government and corporate issuers, as well as high-yield and global bond funds. Return-seeking fixed-income investments are diversified exposure to high-yield bonds, emerging market debt, and bank loans. Real asset investments are diversified across core real estate and real estate investment trusts. Liquid alternatives are investments in private funds comprised of different and independent hedge funds with various investment strategies. CMS Energy uses annual liability measurements, quarterly portfolio reviews, and periodic asset/liability studies to evaluate the need for adjustments to the portfolio allocations.
Contributions: Contributions comprise required amounts and discretionary contributions. Neither CMS Energy nor Consumers made any contributions in 2024 or 2023, or plans to contribute to the DB Pension Plans or OPEB Plan in 2025. Actual future contributions will depend on future investment performance, discount rates, and various factors related to the participants of the DB Pension Plans and OPEB Plan. CMS Energy and Consumers will, at a minimum, contribute to the plans as needed to comply with federal funding requirements.
Benefit Payments: Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2025$162 $10 $59 
2026161 10 61 
2027162 10 62 
2028162 9 63 
2029162 9 63 
2030-2034802 42 309 
Consumers
2025$152 $7 $56 
2026152 7 58 
2027152 7 59 
2028152 7 60 
2029153 6 60 
2030-2034757 29 296 
Collective Bargaining Agreements: At December 31, 2024, unions represented 44 percent of CMS Energy’s employees and 46 percent of Consumers’ employees. The UWUA represents Consumers’ operating, maintenance, construction, and customer contact center employees. The USW represents Zeeland plant employees. The UWUA and USW agreements expire in 2025.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
Benefit Plans: CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans. These plans include:
•non‑contributory, qualified DB Pension Plans (closed to new non‑union participants as of July 1, 2003 and closed to new union participants as of September 1, 2005)
•a non‑contributory, qualified DCCP for employees hired on or after July 1, 2003
•benefits to certain management employees under a non‑contributory, nonqualified DB SERP (closed to new participants as of March 31, 2006)
•a non‑contributory, nonqualified DC SERP for certain management employees hired or promoted on or after April 1, 2006
•a contributory, qualified defined contribution 401(k) plan
•health care and life insurance benefits under an OPEB Plan
DB Pension Plans: Participants in the pension plans include present and former employees of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries. Pension plan trust assets are not distinguishable by company. Effective December 31, 2017, CMS Energy’s and Consumers’ then-existing pension plan was amended to include only retired and former employees already covered; this amended plan is referred to as DB Pension Plan B. Also effective December 31, 2017, active employees were moved to a newly created pension plan, referred to as DB Pension Plan A, whose benefits mirror those provided under DB Pension Plan B. Maintaining separate plans for the two groups allows CMS Energy and Consumers to employ a more targeted investment strategy and provides additional opportunities to mitigate risk and volatility.
DCCP: CMS Energy and Consumers provide an employer contribution to the DCCP 401(k) plan for employees hired on or after July 1, 2003. The contribution ranges from five percent to ten percent of base pay, depending on years of service and employee class. Employees are not required to contribute in order to receive the plan’s employer contribution. DCCP expense for CMS Energy, including Consumers, was $53 million for the year ended December 31, 2024, $51 million for the year ended December 31, 2023, and $48 million for the year ended December 31, 2022. DCCP expense for Consumers was $52 million for the year ended December 31, 2024, $50 million for the year ended December 31, 2023, and $48 million for the year ended December 31, 2022.
DB SERP: The DB SERP is a nonqualified plan as defined by the Internal Revenue Code. DB SERP benefits are paid from a rabbi trust. The trust assets are not considered plan assets under ASC 715. DB SERP rabbi trust earnings are taxable. Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Trust assets$127 $132 
ABO105 115 
Consumers
Trust assets$95 $98 
ABO76 83 
Neither CMS Energy nor Consumers made any contributions to the DB SERP in 2024 or 2023.
DC SERP: On April 1, 2006, CMS Energy and Consumers implemented a DC SERP and froze further new participation in the DB SERP. The DC SERP provides participants benefits ranging from five percent to 15 percent of total compensation. The DC SERP requires a minimum of five years of participation before vesting. CMS Energy’s and Consumers’ contributions to the plan, if any, are placed in a grantor trust. For CMS Energy and Consumers, trust assets were $17 million at December 31, 2024 and $14 million at December 31, 2023. DC SERP assets are included in other non‑current assets on CMS Energy’s and Consumers’ consolidated balance sheets. CMS Energy’s and Consumers’ DC SERP expense was $1 million for the years ended December 31, 2024, 2023, and 2022.
401(k) Plan: The 401(k) plan employer match equals four to six percent of employee eligible contributions based on an employee’s wages and class. The total 401(k) plan cost for CMS Energy, including Consumers, was $41 million for the years ended December 31, 2024 and 2023, and $44 million for the year ended December 31, 2022. The total 401(k) plan cost for Consumers was $39 million for the year ended December 31, 2024, $40 million for the year ended December 31, 2023, and $43 million for the year ended December 31, 2022.
Health-related OPEB Plan: Participants in the health-related OPEB Plan include regular full-time employees covered by the employee health care plan on the day before retirement from either CMS Energy or Consumers at age 55 or older with at least 10 full years of applicable continuous service and hired before January 1, 2007 for non-union participants and hired before September 1, 2010 for union participants. Regular full-time employees who qualify for disability retirement under the DB Pension Plans or are disabled and covered by the DCCP and who have 15 years of applicable continuous service may also participate in the OPEB Plan. Retiree health care costs were based on the assumption that costs would increase 8.50 percent in 2025 and 8.00 percent in 2024 for those under 65 and would increase 10.25 percent in 2025 and 8.50 percent in 2024 for those over 65. The rate of increase was assumed to decline to 4.75 percent by 2033 and thereafter for all retirees.
Assumptions: Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202420232022
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.73 %5.05 %5.24 %
DB Pension Plan B5.59 4.95 5.14 
DB SERP5.56 4.94 5.13 
OPEB Plan5.69 5.02 5.21 
Rate of compensation increase
DB Pension Plan A3.70 3.60 3.60 
DB SERP3
— — 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,4
DB Pension Plan A5.08 %5.27 %3.09 %
DB SERP3
— 5.18 3.09 
OPEB Plan5.12 5.31 3.23 
Interest cost discount rate2,4
DB Pension Plan A4.93 5.12 2.44 
DB Pension Plan B4.87 5.06 2.21 
DB SERP4.87 5.06 2.21 
OPEB Plan4.91 5.10 2.45 
Expected long-term rate of return on plan assets5
DB Pension Plans7.50 7.20 6.50 
OPEB Plan7.50 7.20 6.50 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.60 
DB SERP3
— 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202420232022202420232022
CMS Energy, including Consumers
Net periodic credit
Service cost$28 $29 $41 $11 $12 $17 
Interest cost109 112 84 43 44 28 
Settlement loss— — 1 — — — 
Expected return on plan assets(234)(220)(206)(115)(103)(115)
Amortization of:
Net loss12 12 40 4 12 1 
Prior service cost (credit)4 4 4 (31)(41)(51)
Settlement loss11 11 9 — — — 
Net periodic credit$(70)$(52)$(27)$(88)$(76)$(120)
Consumers
Net periodic credit
Service cost$27 $28 $39 $11 $11 $17 
Interest cost102 105 79 41 42 27 
Expected return on plan assets(221)(208)(194)(107)(95)(107)
Amortization of:
Net loss11 11 37 4 12 — 
Prior service cost (credit)4 4 4 (30)(40)(50)
Settlement loss11 11 9 — — — 
Net periodic credit$(66)$(49)$(26)$(81)$(70)$(113)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At December 31, 2024, CMS Energy, including Consumers, had deferred $15 million of pension credits and $11 million of OPEB credits under this mechanism related to 2024 expense. At December 31, 2023, CMS Energy, including Consumers, had deferred $11 million of pension credits and $23 million of OPEB costs under this mechanism related to 2023 expense.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Reconciliations: Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202420232024202320242023
CMS Energy, including Consumers
Benefit obligation at beginning of period$2,195 $2,169 $114 $117 $900 $889 
Service cost28 29 — — 11 12 
Interest cost104 106 5 6 43 44 
Plan amendments— — — — (25)— 
Actuarial loss (gain)(91)
1
52 
1
(4)1 (40)
1
9 
1
Benefits paid(142)(161)(10)(10)(58)(54)
Benefit obligation at end of period$2,094 $2,195 $105 $114 $831 $900 
Plan assets at fair value at beginning of period$3,004 $2,820 $— $— $1,559 $1,446 
Actual return on plan assets102 345 — — 86 165 
Company contribution— — 10 10 — — 
Actual benefits paid(142)(161)(10)(10)(57)(52)
Plan assets at fair value at end of period$2,964 $3,004 $— $— $1,588 $1,559 
Funded status$870 
2
$809 
2
$(105)$(114)$757 $659 
Consumers
Benefit obligation at beginning of period$83 $85 $867 $856 
Service cost— — 11 11 
Interest cost4 4 41 42 
Plan amendments— — (24)— 
Actuarial loss (gain)(4)1 (38)
1
10 
1
Benefits paid(7)(7)(56)(52)
Benefit obligation at end of period$76 $83 $801 $867 
Plan assets at fair value at beginning of period$— $— $1,453 $1,350 
Actual return on plan assets— — 80 154 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(54)(51)
Plan assets at fair value at end of period$— $— $1,479 $1,453 
Funded status$(76)$(83)$678 $586 
1The actuarial gains for 2024 for the DB Pension Plans and OPEB Plans were primarily the result of higher discount rates. The actuarial losses for 2023 for the DB Pension Plans and OPEB Plan were primarily the result of lower discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $836 million at December 31, 2024 and $781 million at December 31, 2023.
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120242023
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$870 $809 
OPEB Plan757 659 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP95 104 
Consumers
Non-current assets
DB Pension Plans$836 $781 
OPEB Plan678 586 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP69 76 
The ABO for the DB Pension Plans was $1.9 billion at December 31, 2024 and $2.0 billion at December 31, 2023. At December 31, 2024 and 2023, the PBO and ABO did not exceed plan assets for any of the defined benefit pension plans.
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost: Presented in the following table are the amounts recognized in regulatory assets and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312024202320242023
CMS Energy, including Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss (gain)60 65 (3)(3)
Prior service cost (credit)— 1 (2)(2)
Total amounts recognized in regulatory assets and AOCI$725 $716 $77 $86 
Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss15 20 — — 
Total amounts recognized in regulatory assets and AOCI$680 $670 $82 $91 
Plan Assets: Presented in the following tables are the fair values of the assets of CMS Energy’s DB Pension Plans and OPEB Plan, by asset category and by level within the fair value hierarchy. For additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
DB Pension Plans
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$148 $148 $— $178 $178 $— 
Mutual funds— — — 47 47 — 
$148 $148 $— $225 $225 $— 
Pooled funds2,816 2,779 
Total$2,964 $3,004 
In Millions
OPEB Plan
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$35 $35 $— $82 $82 $— 
U.S. government and agencies securities13 — 13 16 — 16 
Corporate debt68 — 68 67 — 67 
State and municipal bonds2 — 2 1 — 1 
Foreign bonds15 — 15 15 — 15 
Common stocks170 170 — 161 161 — 
Mutual funds53 53 — 60 60 — 
$356 $258 $98 $402 $303 $99 
Pooled funds1,232 1,157 
Total$1,588 $1,559 
Cash and Short-term Investments: Cash and short-term investments consist of money market funds with daily liquidity.
U.S. Government and Agencies Securities: U.S. government and agencies securities consist of U.S. Treasury notes and other debt securities backed by the U.S. government and related agencies. These securities are valued based on quoted market prices.
Corporate Debt: Corporate debt investments consist of investment grade bonds of U.S. issuers from diverse industries. These securities are valued based on quoted market prices, when available, or yields available on comparable securities of issuers with similar credit ratings.
State and Municipal Bonds: State and municipal bonds are valued using a matrix-pricing model that incorporates Level 2 market-based information. The fair value of the bonds is derived from various observable inputs, including benchmark yields, reported securities trades, broker/dealer quotes, bond ratings, and general information on market movements for investment grade state and municipal securities normally considered by market participants when pricing such debt securities.
Foreign Bonds: Foreign corporate and government debt securities are valued based on quoted market prices, when available, or on yields available on comparable securities of issuers with similar credit ratings.
Common Stocks: Common stocks in the OPEB Plan consist of equity securities that are actively managed and tracked to the S&P 500 Index and MSCI All Country World ex-US. These securities are valued at their quoted closing prices.
Mutual Funds: Mutual funds represent shares in registered investment companies that are priced based on the daily quoted net asset values that are publicly available and are the basis for transactions to buy or sell shares in the funds.
Pooled Funds: Pooled funds include both common and collective trust funds as well as special funds that contain only employee benefit plan assets from two or more unrelated benefit plans. These funds primarily consist of U.S. and foreign equity securities, but also include U.S. and foreign fixed-income securities and multi-asset investments. Since these investments are valued at their net asset value as a practical expedient, they are not classified in the fair value hierarchy.
Asset Allocations: Presented in the following table are the investment components of the assets of CMS Energy’s DB Pension Plans and OPEB Plan as of December 31, 2024:
DB Pension PlansOPEB Plan
Fixed-income securities39.0 %38.0 %
Equity securities38.0 42.0 
Real asset investments10.0 9.0 
Return-seeking fixed income7.0 6.0 
Liquid alternative investments4.0 4.0 
Cash and cash equivalents2.0 1.0 
100.0 %100.0 %
CMS Energy’s target 2024 asset allocation for the assets of the DB Pension Plans was 40‑percent fixed income, 38‑percent equity, 11‑percent real assets, 7‑percent return-seeking fixed income, and 4‑percent liquid alternatives.
CMS Energy established union and non‑union VEBA trusts to fund future retiree health and life insurance benefits known as OPEB. These trusts are funded through the ratemaking process for Consumers and through direct contributions from the non‑utility subsidiaries. CMS Energy’s target 2024 asset allocation for OPEB trusts was 40‑percent fixed income, 38‑percent equity, 11‑percent real assets, 7‑percent return-seeking fixed income, and 4‑percent liquid alternatives.
The goal of these target allocations was to maximize the long-term return on plan assets, while maintaining a prudent level of risk. The level of acceptable risk is a function of the liabilities of the plans. Equity investments are diversified mostly across the S&P 500 Index, with lesser allocations to the S&P MidCap and SmallCap Indexes and Foreign Equity Funds. Fixed-income investments are diversified across investment grade instruments of government and corporate issuers, as well as high-yield and global bond funds. Return-seeking fixed-income investments are diversified exposure to high-yield bonds, emerging market debt, and bank loans. Real asset investments are diversified across core real estate and real estate investment trusts. Liquid alternatives are investments in private funds comprised of different and independent hedge funds with various investment strategies. CMS Energy uses annual liability measurements, quarterly portfolio reviews, and periodic asset/liability studies to evaluate the need for adjustments to the portfolio allocations.
Contributions: Contributions comprise required amounts and discretionary contributions. Neither CMS Energy nor Consumers made any contributions in 2024 or 2023, or plans to contribute to the DB Pension Plans or OPEB Plan in 2025. Actual future contributions will depend on future investment performance, discount rates, and various factors related to the participants of the DB Pension Plans and OPEB Plan. CMS Energy and Consumers will, at a minimum, contribute to the plans as needed to comply with federal funding requirements.
Benefit Payments: Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2025$162 $10 $59 
2026161 10 61 
2027162 10 62 
2028162 9 63 
2029162 9 63 
2030-2034802 42 309 
Consumers
2025$152 $7 $56 
2026152 7 58 
2027152 7 59 
2028152 7 60 
2029153 6 60 
2030-2034757 29 296 
Collective Bargaining Agreements: At December 31, 2024, unions represented 44 percent of CMS Energy’s employees and 46 percent of Consumers’ employees. The UWUA represents Consumers’ operating, maintenance, construction, and customer contact center employees. The USW represents Zeeland plant employees. The UWUA and USW agreements expire in 2025.
v3.25.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock-based Compensation Stock-based Compensation
CMS Energy and Consumers provide a PISP to officers, employees, and non‑employee directors based on their contributions to the successful management of the company. The PISP has a ten‑year term, expiring in May 2030.
In 2024, all awards were in the form of restricted stock or restricted stock units. The PISP also allows for unrestricted common stock, stock options, stock appreciation rights, phantom shares, performance units, and incentive options, none of which was granted in 2024, 2023, or 2022.
Shares awarded or subject to stock options, phantom shares, or performance units may not exceed 6.5 million shares from June 2020 through May 2030. CMS Energy and Consumers may issue awards of up to 4,469,391 shares of common stock under the PISP as of December 31, 2024. Shares for which payment or exercise is in cash, as well as shares that expire, terminate, or are canceled or forfeited, may be awarded or granted again under the PISP.
All awards under the PISP vest fully upon death. Upon a change of control of CMS Energy or termination under an officer separation agreement, the awards will vest in accordance with specific officer agreements. If stated in the award, for restricted stock recipients who terminate employment due to retirement or disability, a pro-rata portion of the award will vest upon termination, with any market-based award also contingent upon the outcome of the market condition and any performance-based award contingent upon the outcome of the performance condition. The pro-rata portion is equal to the portion of the service period served between the award grant date and the employee’s termination date. The remaining portion of the awards will be forfeited. All awards for directors vest fully upon retirement. Restricted shares may be forfeited if employment terminates for any other reason or if the minimum service requirements are not met, as described in the award document.
Restricted Stock Awards: Restricted stock awards for employees under the PISP are in the form of performance-based, market-based, and time-lapse restricted stock. Award recipients receive shares of CMS Energy common stock that have dividend and voting rights. The dividends on time-lapse restricted stock are paid in cash or in CMS Energy common stock. The dividends on performance-based and market-based restricted stock are paid in restricted shares equal to the value of the dividends. These additional restricted shares are subject to the same vesting conditions as the underlying restricted stock shares.
Performance-based restricted stock vesting is contingent on meeting at least a 36‑month service requirement and a performance condition. The performance condition is based on an adjusted measure of CMS Energy’s EPS growth relative to a peer group over a three‑year period. The awards granted in 2024, 2023, and 2022 require a 38‑month service period. Market-based restricted stock vesting is generally contingent on meeting a three‑year service requirement and a market condition. The market condition is based on a comparison of CMS Energy’s total shareholder return with the median total shareholder return of a peer group over the same three‑year period. Depending on the outcome of the performance condition or the market condition, a recipient may earn a total award ranging from zero to 200 percent of the initial grant. Time-lapse restricted stock generally vests after a service period of three years.
Restricted Stock Units: In 2024, 2023, and 2022, CMS Energy and Consumers granted restricted stock units to certain non‑employee directors who elected to defer their restricted stock awards. The restricted stock units generally vest after a service period of one year or, if earlier, at the next annual meeting. The restricted stock units will be distributed to the recipients as shares in accordance with the directors’ deferral agreements. Restricted stock units do not have voting rights, but do have dividend rights. In lieu of cash dividend payments, the dividends on restricted stock units are paid in additional units equal to the value of the dividends. These additional restricted stock units are subject to the same vesting and
distribution conditions as the underlying restricted stock units. No restricted stock units were forfeited during 2024.
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2024Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share		Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,158,102 $59.50 1,094,366 $59.50 
Granted
Restricted stock606,746 44.76 562,139 44.49 
Restricted stock units26,704 52.43 25,677 52.46 
Vested
Restricted stock(467,039)45.88 (441,913)45.89 
Restricted stock units(19,350)49.62 (18,572)49.64 
Forfeited – restricted stock(142,376)42.68 (140,124)43.37 
Nonvested at end of period1,162,787 $59.34 1,081,573 $59.35 
Year Ended December 31, 2024CMS Energy, including
Consumers		Consumers
Granted
Time-lapse awards130,512 117,525 
Market-based awards165,238 153,513 
Performance-based awards176,655 164,324 
Restricted stock units22,744 21,880 
Dividends on market-based awards14,518 13,634 
Dividends on performance-based awards15,860 14,905 
Dividends on restricted stock units3,960 3,797 
Additional performance-based shares based on achievement of condition103,963 98,238 
Total granted633,450 587,816 
CMS Energy and Consumers charge the fair value of the restricted stock awards to expense over the required service period and charge the fair value of the restricted stock units to expense immediately. For performance-based awards, CMS Energy and Consumers estimate the number of shares expected to vest at the end of the performance period based on the probable achievement of the performance objective. Performance-based and market-based restricted stock awards have graded vesting features for retirement-eligible employees, and CMS Energy and Consumers recognize expense for those awards on a graded vesting schedule over the required service period. Expense for performance-based and market-based restricted stock awards for non‑retirement-eligible employees and time-lapse awards is recognized on a straight-line basis over the required service period.
The fair value of performance-based and time-lapse restricted stock and restricted stock units is based on the price of CMS Energy’s common stock on the grant date. The fair value of market-based restricted stock awards is calculated on the grant date using a Monte Carlo simulation. CMS Energy and Consumers base expected volatilities on the historical volatility of the price of CMS Energy common stock. The risk-
free rate for valuation of the market-based restricted stock awards was based on the three‑year U.S. Treasury yield at the award grant date.
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202420232022
Expected volatility20.2 %30.3 %27.3 %
Expected dividend yield3.5 2.9 2.8 
Risk-free rate4.1 3.9 1.4 
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.76 $52.62 $48.69 
Restricted stock units granted52.43 50.32 56.13 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.49 $52.42 $48.57 
Restricted stock units granted52.46 50.34 56.07 
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Fair value of shares that vested during the year$28 $20 $27 
Compensation expense recognized27 28 26 
Income tax benefit recognized3 3 — 
Consumers
Fair value of shares that vested during the year$27 $19 $25 
Compensation expense recognized25 26 25 
Income tax benefit recognized3 2 — 
At December 31, 2024, $28 million of total unrecognized compensation cost was related to restricted stock for CMS Energy, including Consumers, and $26 million of total unrecognized compensation cost was related to restricted stock for Consumers. CMS Energy and Consumers expect to recognize this cost over a weighted-average period of two years.
Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock-based Compensation Stock-based Compensation
CMS Energy and Consumers provide a PISP to officers, employees, and non‑employee directors based on their contributions to the successful management of the company. The PISP has a ten‑year term, expiring in May 2030.
In 2024, all awards were in the form of restricted stock or restricted stock units. The PISP also allows for unrestricted common stock, stock options, stock appreciation rights, phantom shares, performance units, and incentive options, none of which was granted in 2024, 2023, or 2022.
Shares awarded or subject to stock options, phantom shares, or performance units may not exceed 6.5 million shares from June 2020 through May 2030. CMS Energy and Consumers may issue awards of up to 4,469,391 shares of common stock under the PISP as of December 31, 2024. Shares for which payment or exercise is in cash, as well as shares that expire, terminate, or are canceled or forfeited, may be awarded or granted again under the PISP.
All awards under the PISP vest fully upon death. Upon a change of control of CMS Energy or termination under an officer separation agreement, the awards will vest in accordance with specific officer agreements. If stated in the award, for restricted stock recipients who terminate employment due to retirement or disability, a pro-rata portion of the award will vest upon termination, with any market-based award also contingent upon the outcome of the market condition and any performance-based award contingent upon the outcome of the performance condition. The pro-rata portion is equal to the portion of the service period served between the award grant date and the employee’s termination date. The remaining portion of the awards will be forfeited. All awards for directors vest fully upon retirement. Restricted shares may be forfeited if employment terminates for any other reason or if the minimum service requirements are not met, as described in the award document.
Restricted Stock Awards: Restricted stock awards for employees under the PISP are in the form of performance-based, market-based, and time-lapse restricted stock. Award recipients receive shares of CMS Energy common stock that have dividend and voting rights. The dividends on time-lapse restricted stock are paid in cash or in CMS Energy common stock. The dividends on performance-based and market-based restricted stock are paid in restricted shares equal to the value of the dividends. These additional restricted shares are subject to the same vesting conditions as the underlying restricted stock shares.
Performance-based restricted stock vesting is contingent on meeting at least a 36‑month service requirement and a performance condition. The performance condition is based on an adjusted measure of CMS Energy’s EPS growth relative to a peer group over a three‑year period. The awards granted in 2024, 2023, and 2022 require a 38‑month service period. Market-based restricted stock vesting is generally contingent on meeting a three‑year service requirement and a market condition. The market condition is based on a comparison of CMS Energy’s total shareholder return with the median total shareholder return of a peer group over the same three‑year period. Depending on the outcome of the performance condition or the market condition, a recipient may earn a total award ranging from zero to 200 percent of the initial grant. Time-lapse restricted stock generally vests after a service period of three years.
Restricted Stock Units: In 2024, 2023, and 2022, CMS Energy and Consumers granted restricted stock units to certain non‑employee directors who elected to defer their restricted stock awards. The restricted stock units generally vest after a service period of one year or, if earlier, at the next annual meeting. The restricted stock units will be distributed to the recipients as shares in accordance with the directors’ deferral agreements. Restricted stock units do not have voting rights, but do have dividend rights. In lieu of cash dividend payments, the dividends on restricted stock units are paid in additional units equal to the value of the dividends. These additional restricted stock units are subject to the same vesting and
distribution conditions as the underlying restricted stock units. No restricted stock units were forfeited during 2024.
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2024Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share		Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,158,102 $59.50 1,094,366 $59.50 
Granted
Restricted stock606,746 44.76 562,139 44.49 
Restricted stock units26,704 52.43 25,677 52.46 
Vested
Restricted stock(467,039)45.88 (441,913)45.89 
Restricted stock units(19,350)49.62 (18,572)49.64 
Forfeited – restricted stock(142,376)42.68 (140,124)43.37 
Nonvested at end of period1,162,787 $59.34 1,081,573 $59.35 
Year Ended December 31, 2024CMS Energy, including
Consumers		Consumers
Granted
Time-lapse awards130,512 117,525 
Market-based awards165,238 153,513 
Performance-based awards176,655 164,324 
Restricted stock units22,744 21,880 
Dividends on market-based awards14,518 13,634 
Dividends on performance-based awards15,860 14,905 
Dividends on restricted stock units3,960 3,797 
Additional performance-based shares based on achievement of condition103,963 98,238 
Total granted633,450 587,816 
CMS Energy and Consumers charge the fair value of the restricted stock awards to expense over the required service period and charge the fair value of the restricted stock units to expense immediately. For performance-based awards, CMS Energy and Consumers estimate the number of shares expected to vest at the end of the performance period based on the probable achievement of the performance objective. Performance-based and market-based restricted stock awards have graded vesting features for retirement-eligible employees, and CMS Energy and Consumers recognize expense for those awards on a graded vesting schedule over the required service period. Expense for performance-based and market-based restricted stock awards for non‑retirement-eligible employees and time-lapse awards is recognized on a straight-line basis over the required service period.
The fair value of performance-based and time-lapse restricted stock and restricted stock units is based on the price of CMS Energy’s common stock on the grant date. The fair value of market-based restricted stock awards is calculated on the grant date using a Monte Carlo simulation. CMS Energy and Consumers base expected volatilities on the historical volatility of the price of CMS Energy common stock. The risk-
free rate for valuation of the market-based restricted stock awards was based on the three‑year U.S. Treasury yield at the award grant date.
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202420232022
Expected volatility20.2 %30.3 %27.3 %
Expected dividend yield3.5 2.9 2.8 
Risk-free rate4.1 3.9 1.4 
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.76 $52.62 $48.69 
Restricted stock units granted52.43 50.32 56.13 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.49 $52.42 $48.57 
Restricted stock units granted52.46 50.34 56.07 
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Fair value of shares that vested during the year$28 $20 $27 
Compensation expense recognized27 28 26 
Income tax benefit recognized3 3 — 
Consumers
Fair value of shares that vested during the year$27 $19 $25 
Compensation expense recognized25 26 25 
Income tax benefit recognized3 2 — 
At December 31, 2024, $28 million of total unrecognized compensation cost was related to restricted stock for CMS Energy, including Consumers, and $26 million of total unrecognized compensation cost was related to restricted stock for Consumers. CMS Energy and Consumers expect to recognize this cost over a weighted-average period of two years.
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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Line Items]  
Income Taxes Income Taxes
CMS Energy and its subsidiaries file a consolidated U.S. federal income tax return as well as a Michigan Corporate Income Tax return for the unitary business group and various other state unitary group combined income tax returns. Income taxes are allocated based on each company’s separate taxable income in accordance with the CMS Energy tax sharing agreement.
Presented in the following table is the difference between actual income tax expense on continuing operations and income tax expense computed by applying the statutory U.S. federal income tax rate:
In Millions, Except Tax Rate
Years Ended December 31202420232022
CMS Energy, including Consumers
Income from continuing operations before income taxes$1,123 $954 $902 
Income tax expense at statutory rate236 200 189 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
60 31 51 
Renewable energy tax credits(72)(58)(51)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Taxes attributable to noncontrolling interests12 17 5 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net(1)(3)3 
Income tax expense$176 $147 $93 
Effective tax rate15.7 %15.4 %10.3 %
Consumers
Income from continuing operations before income taxes$1,209 $1,028 $1,085 
Income tax expense at statutory rate254 216 228 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
59 36 59 
Renewable energy tax credits(54)(46)(46)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net— (5)3 
Income tax expense$200 $161 $140 
Effective tax rate16.5 %15.7 %12.9 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, during 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2During 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Renewable Energy Tax Credits: Under the Inflation Reduction Act of 2022, renewable energy tax credits produced after 2022 are eligible to be transferred to third parties. These sales are accounted for under ASC 740 with the discount from the sale of the tax credits included as a component of income tax expense. Renewable energy tax credits that have been generated and sold are presented as accounts receivable on CMS Energy’s and Consumers’ consolidated balance sheets until proceeds from the sale are received. Proceeds from the sale of tax credits are presented as operating activities on their consolidated statements of cash flows, consistent with the presentation of cash taxes paid.
During 2024, CMS Energy sold renewable energy tax credits generated in 2023 and received proceeds of $37 million, all of which was recognized at Consumers. CMS Energy also sold renewable energy tax credits generated in 2024, receiving proceeds of $59 million in 2024, of which $39 million was recognized at Consumers. CMS Energy will receive an additional $13 million in 2025, all of which will be recognized at Consumers.
Presented in the following table are the significant components of income tax expense on continuing operations:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Current income taxes
Federal$34 $5 $6 
State and local— 1 — 
$34 $6 $6 
Deferred income taxes
Federal70 107 4 
State and local76 38 65 
$146 $145 $69 
Deferred income tax credit(4)(4)18 
Tax expense$176 $147 $93 
Consumers
Current income taxes
Federal$78 $3 $(2)
State and local7 2 8 
$85 $5 $6 
Deferred income taxes
Federal51 117 50 
State and local68 43 66 
$119 $160 $116 
Deferred income tax credit(4)(4)18 
Tax expense$200 $161 $140 
Presented in the following table are the principal components of deferred income tax assets (liabilities) recognized:
In Millions
December 3120242023
CMS Energy, including Consumers
Deferred income tax assets
Tax loss and credit carryforwards$258 $428 
Net regulatory tax liability307 305 
Reserves and accruals27 28 
Total deferred income tax assets$592 $761 
Valuation allowance(1)(2)
Total deferred income tax assets, net of valuation allowance$591 $759 
Deferred income tax liabilities
Plant, property, and equipment$(2,682)$(2,520)
Employee benefits(507)(473)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(122)(121)
Total deferred income tax liabilities$(3,516)$(3,374)
Total net deferred income tax liabilities$(2,925)$(2,615)
Consumers
Deferred income tax assets
Net regulatory tax liability$307 $305 
Tax loss and credit carryforwards37 175 
Reserves and accruals24 27 
Total deferred income tax assets$368 $507 
Deferred income tax liabilities
Plant, property, and equipment$(2,658)$(2,498)
Employee benefits(489)(459)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(69)(79)
Total deferred income tax liabilities$(3,421)$(3,296)
Total net deferred income tax liabilities$(3,053)$(2,789)
Deferred tax assets and liabilities are recognized for the estimated future tax effect of temporary differences between the tax basis of assets or liabilities and the reported amounts on CMS Energy’s and Consumers’ consolidated financial statements.
Presented in the following table are the tax loss and credit carryforwards at December 31, 2024:
In Millions
Tax AttributeExpiration
CMS Energy, including Consumers
Michigan net operating loss carryforwards$38 2030 – 2033
Arkansas net operating loss carryforwards2 2033 - 2034
Local net operating loss carryforwards2 2025 – 2040
General business credits1
216 2038 – 2044
Total tax attributes$258 
Consumers
Michigan net operating loss carryforwards$29 2030 – 2033
General business credits1
8 2038 – 2044
Total tax attributes$37 
1General business credits comprise research and development tax credits and renewable energy tax credits that are not expected to be transferred to third parties.
CMS Energy has provided a valuation allowance of $1 million for the local tax loss carryforward. CMS Energy and Consumers expect to utilize fully their tax loss and credit carryforwards for which no valuation allowance has been provided. It is reasonably possible that further adjustments will be made to the valuation allowances within one year.
Presented in the following table is a reconciliation of the beginning and ending amount of uncertain tax benefits:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Balance at beginning of period$26 $28 $27 
Additions for current-year tax positions1 1 1 
Additions for prior-year tax positions2 — 1 
Reductions for prior-year tax positions— — (1)
Reductions for lapse of statute of limitations(5)(3)— 
Balance at end of period$24 $26 $28 
Consumers
Balance at beginning of period$36 $36 $34 
Additions for current-year tax positions6 1 3 
Additions for prior-year tax positions1 2 1 
Reductions for prior-year tax positions— — (2)
Reductions for lapse of statute of limitations(11)(3)— 
Balance at end of period$32 $36 $36 
If recognized, all of these uncertain tax benefits would affect CMS Energy’s and Consumers’ annual effective tax rates in future years. One uncertain tax benefit relates to the methodology of state apportionment for Consumers’ electricity sales to MISO. The Michigan Tax Tribunal heard oral arguments on this methodology during 2022. A final conclusion is not anticipated in the next 12 months.
CMS Energy and Consumers recognize accrued interest and penalties, where applicable, as part of income tax expense. CMS Energy, including Consumers, recognized immaterial interest and penalties for each of the years ended December 31, 2024, 2023, and 2022.
The amount of income taxes paid is subject to ongoing audits by federal, state, local, and foreign tax authorities, which can result in proposed assessments. CMS Energy’s federal income tax returns for 2021 and subsequent years remain subject to examination by the IRS. CMS Energy’s Michigan Corporate Income Tax returns for 2013‑2016 and 2020 and subsequent years remain subject to examination by the State of Michigan. CMS Energy’s and Consumers’ estimate of the potential outcome for any uncertain tax issue is highly judgmental. CMS Energy and Consumers believe that their accrued tax liabilities at December 31, 2024 were adequate for all years.
Consumers Energy Company  
Income Taxes [Line Items]  
Income Taxes Income Taxes
CMS Energy and its subsidiaries file a consolidated U.S. federal income tax return as well as a Michigan Corporate Income Tax return for the unitary business group and various other state unitary group combined income tax returns. Income taxes are allocated based on each company’s separate taxable income in accordance with the CMS Energy tax sharing agreement.
Presented in the following table is the difference between actual income tax expense on continuing operations and income tax expense computed by applying the statutory U.S. federal income tax rate:
In Millions, Except Tax Rate
Years Ended December 31202420232022
CMS Energy, including Consumers
Income from continuing operations before income taxes$1,123 $954 $902 
Income tax expense at statutory rate236 200 189 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
60 31 51 
Renewable energy tax credits(72)(58)(51)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Taxes attributable to noncontrolling interests12 17 5 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net(1)(3)3 
Income tax expense$176 $147 $93 
Effective tax rate15.7 %15.4 %10.3 %
Consumers
Income from continuing operations before income taxes$1,209 $1,028 $1,085 
Income tax expense at statutory rate254 216 228 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
59 36 59 
Renewable energy tax credits(54)(46)(46)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net— (5)3 
Income tax expense$200 $161 $140 
Effective tax rate16.5 %15.7 %12.9 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, during 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2During 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Renewable Energy Tax Credits: Under the Inflation Reduction Act of 2022, renewable energy tax credits produced after 2022 are eligible to be transferred to third parties. These sales are accounted for under ASC 740 with the discount from the sale of the tax credits included as a component of income tax expense. Renewable energy tax credits that have been generated and sold are presented as accounts receivable on CMS Energy’s and Consumers’ consolidated balance sheets until proceeds from the sale are received. Proceeds from the sale of tax credits are presented as operating activities on their consolidated statements of cash flows, consistent with the presentation of cash taxes paid.
During 2024, CMS Energy sold renewable energy tax credits generated in 2023 and received proceeds of $37 million, all of which was recognized at Consumers. CMS Energy also sold renewable energy tax credits generated in 2024, receiving proceeds of $59 million in 2024, of which $39 million was recognized at Consumers. CMS Energy will receive an additional $13 million in 2025, all of which will be recognized at Consumers.
Presented in the following table are the significant components of income tax expense on continuing operations:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Current income taxes
Federal$34 $5 $6 
State and local— 1 — 
$34 $6 $6 
Deferred income taxes
Federal70 107 4 
State and local76 38 65 
$146 $145 $69 
Deferred income tax credit(4)(4)18 
Tax expense$176 $147 $93 
Consumers
Current income taxes
Federal$78 $3 $(2)
State and local7 2 8 
$85 $5 $6 
Deferred income taxes
Federal51 117 50 
State and local68 43 66 
$119 $160 $116 
Deferred income tax credit(4)(4)18 
Tax expense$200 $161 $140 
Presented in the following table are the principal components of deferred income tax assets (liabilities) recognized:
In Millions
December 3120242023
CMS Energy, including Consumers
Deferred income tax assets
Tax loss and credit carryforwards$258 $428 
Net regulatory tax liability307 305 
Reserves and accruals27 28 
Total deferred income tax assets$592 $761 
Valuation allowance(1)(2)
Total deferred income tax assets, net of valuation allowance$591 $759 
Deferred income tax liabilities
Plant, property, and equipment$(2,682)$(2,520)
Employee benefits(507)(473)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(122)(121)
Total deferred income tax liabilities$(3,516)$(3,374)
Total net deferred income tax liabilities$(2,925)$(2,615)
Consumers
Deferred income tax assets
Net regulatory tax liability$307 $305 
Tax loss and credit carryforwards37 175 
Reserves and accruals24 27 
Total deferred income tax assets$368 $507 
Deferred income tax liabilities
Plant, property, and equipment$(2,658)$(2,498)
Employee benefits(489)(459)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(69)(79)
Total deferred income tax liabilities$(3,421)$(3,296)
Total net deferred income tax liabilities$(3,053)$(2,789)
Deferred tax assets and liabilities are recognized for the estimated future tax effect of temporary differences between the tax basis of assets or liabilities and the reported amounts on CMS Energy’s and Consumers’ consolidated financial statements.
Presented in the following table are the tax loss and credit carryforwards at December 31, 2024:
In Millions
Tax AttributeExpiration
CMS Energy, including Consumers
Michigan net operating loss carryforwards$38 2030 – 2033
Arkansas net operating loss carryforwards2 2033 - 2034
Local net operating loss carryforwards2 2025 – 2040
General business credits1
216 2038 – 2044
Total tax attributes$258 
Consumers
Michigan net operating loss carryforwards$29 2030 – 2033
General business credits1
8 2038 – 2044
Total tax attributes$37 
1General business credits comprise research and development tax credits and renewable energy tax credits that are not expected to be transferred to third parties.
CMS Energy has provided a valuation allowance of $1 million for the local tax loss carryforward. CMS Energy and Consumers expect to utilize fully their tax loss and credit carryforwards for which no valuation allowance has been provided. It is reasonably possible that further adjustments will be made to the valuation allowances within one year.
Presented in the following table is a reconciliation of the beginning and ending amount of uncertain tax benefits:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Balance at beginning of period$26 $28 $27 
Additions for current-year tax positions1 1 1 
Additions for prior-year tax positions2 — 1 
Reductions for prior-year tax positions— — (1)
Reductions for lapse of statute of limitations(5)(3)— 
Balance at end of period$24 $26 $28 
Consumers
Balance at beginning of period$36 $36 $34 
Additions for current-year tax positions6 1 3 
Additions for prior-year tax positions1 2 1 
Reductions for prior-year tax positions— — (2)
Reductions for lapse of statute of limitations(11)(3)— 
Balance at end of period$32 $36 $36 
If recognized, all of these uncertain tax benefits would affect CMS Energy’s and Consumers’ annual effective tax rates in future years. One uncertain tax benefit relates to the methodology of state apportionment for Consumers’ electricity sales to MISO. The Michigan Tax Tribunal heard oral arguments on this methodology during 2022. A final conclusion is not anticipated in the next 12 months.
CMS Energy and Consumers recognize accrued interest and penalties, where applicable, as part of income tax expense. CMS Energy, including Consumers, recognized immaterial interest and penalties for each of the years ended December 31, 2024, 2023, and 2022.
The amount of income taxes paid is subject to ongoing audits by federal, state, local, and foreign tax authorities, which can result in proposed assessments. CMS Energy’s federal income tax returns for 2021 and subsequent years remain subject to examination by the IRS. CMS Energy’s Michigan Corporate Income Tax returns for 2013‑2016 and 2020 and subsequent years remain subject to examination by the State of Michigan. CMS Energy’s and Consumers’ estimate of the potential outcome for any uncertain tax issue is highly judgmental. CMS Energy and Consumers believe that their accrued tax liabilities at December 31, 2024 were adequate for all years.
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Earnings Per Share - CMS Energy
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share - CMS Energy Earnings Per Share—CMS Energy
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Years Ended December 31202420232022
Income available to common stockholders
Income from continuing operations$947 $807 $809 
Less loss attributable to noncontrolling interests(56)(79)(24)
Less preferred stock dividends10 10 10 
Income from continuing operations available to common stockholders – basic and diluted$993 $876 $823 
Average common shares outstanding
Weighted-average shares – basic297.6 291.2 289.5 
Add dilutive nonvested stock awards0.7 0.5 0.3 
Add dilutive forward equity sale contracts— — 0.2 
Weighted-average shares – diluted298.3 291.7 290.0 
Income from continuing operations per average common share available to common stockholders
Basic$3.34 $3.01 $2.84 
Diluted3.33 3.01 2.84 
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. The forward equity sale contracts were anti-dilutive for the year ended December 31, 2024. For further details on the forward equity sale contracts, see Note 4, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the year ended December 31, 2024.
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Revenue
 12 Months Ended
Dec. 31, 2024
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,995 $2,114 $— $7,109 
Other— — 211 211 
Revenue recognized from contracts with customers$4,995 $2,114 $211 $7,320 
Leasing income— — 105 105 
Financing income10 5 — 15 
Consumers alternative-revenue programs56 19 — 75 
Total operating revenue – CMS Energy$5,061 $2,138 $316 $7,515 
Consumers
Consumers utility revenue
Residential$2,318 $1,429 $3,747 
Commercial1,674 440 2,114 
Industrial670 50 720 
Other333 195 528 
Revenue recognized from contracts with customers$4,995 $2,114 $7,109 
Financing income10 5 15 
Alternative-revenue programs56 19 75 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$5,061 $2,138 $7,200 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,686 $2,394 $— $7,080 
Other— — 181 181 
Revenue recognized from contracts with customers$4,686 $2,394 $181 $7,261 
Leasing income— — 116 116 
Financing income10 6 — 16 
Consumers alternative-revenue programs49 20 — 69 
Total operating revenue – CMS Energy$4,745 $2,420 $297 $7,462 
Consumers
Consumers utility revenue
Residential$2,236 $1,619 $3,855 
Commercial1,550 489 2,039 
Industrial660 60 720 
Other240 226 466 
Revenue recognized from contracts with customers$4,686 $2,394 $7,080 
Financing income10 6 16 
Alternative-revenue programs49 20 69 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$4,745 $2,420 $7,166 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$5,395 $2,720 $— $8,115 
Other— — 205 205 
Revenue recognized from contracts with customers$5,395 $2,720 $205 $8,320 
Leasing income— — 240 240 
Financing income10 6 — 16 
Consumers alternative-revenue programs43 14 — 57 
Consumers revenues to be refunded(29)(8)— (37)
Total operating revenue – CMS Energy$5,419 $2,732 $445 $8,596 
Consumers
Consumers utility revenue
Residential$2,523 $1,879 $4,402 
Commercial1,733 559 2,292 
Industrial792 75 867 
Other347 207 554 
Revenue recognized from contracts with customers$5,395 $2,720 $8,115 
Financing income10 6 16 
Alternative-revenue programs43 14 57 
Revenues to be refunded(29)(8)(37)
Total operating revenue – Consumers$5,419 $2,732 $8,151 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $33 million for the year ended December 31, 2024, $34 million for the year ended December 31, 2023, and $50 million for the year ended December 31, 2022. Uncollectible accounts expense for the year ended December 31, 2022 included a commitment to contribute $10 million to directly assist vulnerable customers with utility bills.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $584 million at December 31, 2024 and $494 million at December 31, 2023.
Alternative‑revenue Programs: Consumers accounts for its energy waste reduction incentive mechanism, financial compensation mechanism, and demand response incentive mechanism as alternative-revenue programs.
Consumers recognizes revenue related to the energy waste reduction incentive as soon as energy savings exceed the annual targets established by the MPSC. Revenue related to the financial compensation mechanism is recognized as payments are made on MPSC-approved PPAs. Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period. For additional information on these mechanisms, see Note 2, Regulatory Matters.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Revenues to Be Refunded: In 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. Additionally, in the settlement of its 2022 electric rate case,
Consumers agreed to refund voluntarily $15 million of 2022 revenues to utility customers through a one‑time bill credit.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,995 $2,114 $— $7,109 
Other— — 211 211 
Revenue recognized from contracts with customers$4,995 $2,114 $211 $7,320 
Leasing income— — 105 105 
Financing income10 5 — 15 
Consumers alternative-revenue programs56 19 — 75 
Total operating revenue – CMS Energy$5,061 $2,138 $316 $7,515 
Consumers
Consumers utility revenue
Residential$2,318 $1,429 $3,747 
Commercial1,674 440 2,114 
Industrial670 50 720 
Other333 195 528 
Revenue recognized from contracts with customers$4,995 $2,114 $7,109 
Financing income10 5 15 
Alternative-revenue programs56 19 75 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$5,061 $2,138 $7,200 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,686 $2,394 $— $7,080 
Other— — 181 181 
Revenue recognized from contracts with customers$4,686 $2,394 $181 $7,261 
Leasing income— — 116 116 
Financing income10 6 — 16 
Consumers alternative-revenue programs49 20 — 69 
Total operating revenue – CMS Energy$4,745 $2,420 $297 $7,462 
Consumers
Consumers utility revenue
Residential$2,236 $1,619 $3,855 
Commercial1,550 489 2,039 
Industrial660 60 720 
Other240 226 466 
Revenue recognized from contracts with customers$4,686 $2,394 $7,080 
Financing income10 6 16 
Alternative-revenue programs49 20 69 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$4,745 $2,420 $7,166 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$5,395 $2,720 $— $8,115 
Other— — 205 205 
Revenue recognized from contracts with customers$5,395 $2,720 $205 $8,320 
Leasing income— — 240 240 
Financing income10 6 — 16 
Consumers alternative-revenue programs43 14 — 57 
Consumers revenues to be refunded(29)(8)— (37)
Total operating revenue – CMS Energy$5,419 $2,732 $445 $8,596 
Consumers
Consumers utility revenue
Residential$2,523 $1,879 $4,402 
Commercial1,733 559 2,292 
Industrial792 75 867 
Other347 207 554 
Revenue recognized from contracts with customers$5,395 $2,720 $8,115 
Financing income10 6 16 
Alternative-revenue programs43 14 57 
Revenues to be refunded(29)(8)(37)
Total operating revenue – Consumers$5,419 $2,732 $8,151 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $33 million for the year ended December 31, 2024, $34 million for the year ended December 31, 2023, and $50 million for the year ended December 31, 2022. Uncollectible accounts expense for the year ended December 31, 2022 included a commitment to contribute $10 million to directly assist vulnerable customers with utility bills.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $584 million at December 31, 2024 and $494 million at December 31, 2023.
Alternative‑revenue Programs: Consumers accounts for its energy waste reduction incentive mechanism, financial compensation mechanism, and demand response incentive mechanism as alternative-revenue programs.
Consumers recognizes revenue related to the energy waste reduction incentive as soon as energy savings exceed the annual targets established by the MPSC. Revenue related to the financial compensation mechanism is recognized as payments are made on MPSC-approved PPAs. Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period. For additional information on these mechanisms, see Note 2, Regulatory Matters.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Revenues to Be Refunded: In 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. Additionally, in the settlement of its 2022 electric rate case,
Consumers agreed to refund voluntarily $15 million of 2022 revenues to utility customers through a one‑time bill credit.
v3.25.0.1
Other Income and Other Expense
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Line Items]  
Other Income and Other Expense Other Income and Other Expense
Presented in the following table are the components of other income and other expense at CMS Energy and Consumers:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Other income
Gain on extinguishment of debt1
$110 $131 $— 
Interest income50 37 5 
Allowance for equity funds used during construction29 7 6 
Income from equity method investees7 7 3 
All other11 13 5 
Total other income – CMS Energy$207 $195 $19 
Consumers
Other income
Interest income$42 $25 $2 
Interest income – related parties5 5 5 
Allowance for equity funds used during construction29 7 6 
All other9 12 4 
Total other income – Consumers$85 $49 $17 
CMS Energy, including Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(9)(7)(12)
Total other expense – CMS Energy$(32)$(13)$(27)
Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(7)(6)(10)
Total other expense – Consumers$(30)$(12)$(25)
1For information regarding the gain on extinguishment of debt, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Consumers Energy Company  
Other Income and Expenses [Line Items]  
Other Income and Other Expense Other Income and Other Expense
Presented in the following table are the components of other income and other expense at CMS Energy and Consumers:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Other income
Gain on extinguishment of debt1
$110 $131 $— 
Interest income50 37 5 
Allowance for equity funds used during construction29 7 6 
Income from equity method investees7 7 3 
All other11 13 5 
Total other income – CMS Energy$207 $195 $19 
Consumers
Other income
Interest income$42 $25 $2 
Interest income – related parties5 5 5 
Allowance for equity funds used during construction29 7 6 
All other9 12 4 
Total other income – Consumers$85 $49 $17 
CMS Energy, including Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(9)(7)(12)
Total other expense – CMS Energy$(32)$(13)$(27)
Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(7)(6)(10)
Total other expense – Consumers$(30)$(12)$(25)
1For information regarding the gain on extinguishment of debt, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.25.0.1
Reportable Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
Accounting policies for CMS Energy’s and Consumers’ segments are as described in Note 1, Significant Accounting Policies. The consolidated financial statements reflect the assets, liabilities, revenues, and expenses of the individual segments when appropriate. Accounts are allocated among the segments when common accounts are attributable to more than one segment. The allocations are based on certain measures of business activities, such as revenue, labor dollars, customers, other operating and maintenance expense, construction expense, leased property, taxes, or functional surveys. For example, customer receivables are allocated based on revenue, and pension provisions are allocated based on labor dollars.
Inter-segment sales and transfers are accounted for at current market prices and are eliminated in consolidated net income available to common stockholders by segment. Inter-segment sales and transfers were immaterial for all periods presented.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,061 $2,138 $316 $7,515 $— $7,515 
Operating expenses
Power supply cost1
1,867 — 161 2,028 — 2,028 
Cost of gas sold— 637 3 640 — 640 
Maintenance and other operating expenses1,066 454 101 1,621 17 1,638 
Depreciation and amortization865 325 49 1,239 1 1,240 
General taxes281 188 12 481 1 482 
Total operating expenses4,079 1,604 326 6,009 19 6,028 
Operating Income (Loss)982 534 (10)1,506 (19)1,487 
Other income2
126 86 14 226 118 344 
Interest charges324 192 4 520 188 708 
Income (Loss) Before Income Taxes784 428 — 1,212 (89)1,123 
Income tax expense (benefit)102 99 (5)196 (20)176 
Income (Loss) From Continuing Operations682 329 5 1,016 (69)947 
Other segment items3
(1)(1)58 56 (10)46 
Net Income (Loss) Available to Common Stockholders$681 $328 $63 $1,072 $(79)$993 
Property, plant, and equipment, gross$20,137 
4
$13,268 
4
$1,506 $34,911 $21 $34,932 
Investments in equity method investees— — 64 64 — 64 
Total assets20,710 
4
13,247 
4
1,893 35,850 70 35,920 
Capital expenditures5
1,871 
6
1,141 
6
288 3,300 1 3,301 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense
3Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,061 $2,138 $7,199 $1 $7,200 
Operating expenses
Power supply cost1
1,867 — 1,867 — 1,867 
Cost of gas sold— 637 637 — 637 
Maintenance and other operating expenses1,066 454 1,520 — 1,520 
Depreciation and amortization865 325 1,190 1 1,191 
General taxes281 188 469 1 470 
Total operating expenses4,079 1,604 5,683 2 5,685 
Operating Income (Loss)982 534 1,516 (1)1,515 
Other income126 86 212 — 212 
Interest charges324 192 516 2 518 
Income (Loss) Before Income Taxes784 428 1,212 (3)1,209 
Income tax expense (benefit)102 99 201 (1)200 
Net Income (Loss)682 329 1,011 (2)1,009 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$681 $328 $1,009 $(2)$1,007 
Property, plant, and equipment, gross$20,137 
3
$13,268 
3
$33,405 $29 $33,434 
Total assets20,767 
3
13,289 
3
34,056 32 34,088 
Capital expenditures4
1,871 
5
1,141 
5
3,012 — 3,012 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,745 $2,420 $297 $7,462 $— $7,462 
Operating expenses
Power supply cost1
1,841 — 170 2,011 — 2,011 
Cost of gas sold— 897 5 902 — 902 
Maintenance and other operating expenses1,075 511 88 1,674 13 1,687 
Depreciation and amortization797 338 43 1,178 2 1,180 
General taxes260 176 10 446 1 447 
Total operating expenses3,973 1,922 316 6,211 16 6,227 
Operating Income (Loss)772 498 (19)1,251 (16)1,235 
Other income2
131 77 12 220 142 362 
Interest charges285 161 2 448 195 643 
Income (Loss) Before Income Taxes618 414 (9)1,023 (69)954 
Income tax expense (benefit)67 98 4 169 (22)147 
Income (Loss) From Continuing Operations551 316 (13)854 (47)807 
Other segment items3
(1)(1)80 78 (8)70 
Net Income (Loss) Available to Common Stockholders$550 $315 $67 $932 $(55)$877 
Property, plant, and equipment, gross$19,302 
4
$12,383 
4
$1,420 $33,105 $30 $33,135 
Investments in equity method investees— — 74 74 — 74 
Total assets19,358 
4
12,353 
4
1,604 33,315 202 33,517 
Capital expenditures5
2,081 
6
1,041 
6
156 $3,278 2 3,280 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,745 $2,420 $7,165 $1 $7,166 
Operating expenses
Power supply cost1
1,841 — 1,841 — 1,841 
Cost of gas sold— 897 897 — 897 
Maintenance and other operating expenses1,075 511 1,586 — 1,586 
Depreciation and amortization797 338 1,135 2 1,137 
General taxes260 176 436 1 437 
Total operating expenses3,973 1,922 5,895 3 5,898 
Operating Income (Loss)772 498 1,270 (2)1,268 
Other income131 77 208 — 208 
Interest charges285 161 446 2 448 
Income (Loss) Before Income Taxes618 414 1,032 (4)1,028 
Income tax expense (benefit)67 98 165 (4)161 
Net Income551 316 867 — 867 
Other segment items2
(1)(1)(2)— (2)
Net Income Available to Common Stockholder$550 $315 $865 $— $865 
Property, plant, and equipment, gross$19,302 
3
$12,383 
3
$31,685 $38 $31,723 
Total assets19,417 
3
12,397 
3
31,814 38 31,852 
Capital expenditures4
2,081 
5
1,041 
5
3,122 23 3,145 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,419 $2,732 $445 $8,596 $— $8,596 
Operating expenses
Power supply cost1
2,605 — 304 2,909 — 2,909 
Cost of gas sold— 1,243 13 1,256 — 1,256 
Maintenance and other operating expenses1,028 554 76 1,658 11 1,669 
Depreciation and amortization757 330 38 1,125 1 1,126 
General taxes240 159 12 411 1 412 
Total operating expenses4,630 2,286 443 7,359 13 7,372 
Operating Income (Loss)789 446 2 1,237 (13)1,224 
Other income (expense)2
106 81 12 199 (2)197 
Interest charges218 116 3 337 182 519 
Income (Loss) Before Income Taxes677 411 11 1,099 (197)902 
Income tax expense (benefit)109 32 3 144 (51)93 
Income (Loss) From Continuing Operations568 379 8 955 (146)809 
Other segment items3
(1)(1)26 24 (6)18 
Net Income (Loss) Available to Common Stockholders$567 $378 $34 $979 $(152)$827 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $3 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,419 $2,732 $8,151 $— $8,151 
Operating expenses
Power supply cost1
2,605 — 2,605 — 2,605 
Cost of gas sold— 1,243 1,243 — 1,243 
Maintenance and other operating expenses1,028 554 1,582 — 1,582 
Depreciation and amortization757 330 1,087 1 1,088 
General taxes240 159 399 1 400 
Total operating expenses4,630 2,286 6,916 2 6,918 
Operating Income (Loss)789 446 1,235 (2)1,233 
Other income106 81 187 — 187 
Interest charges218 116 334 1 335 
Income (Loss) Before Income Taxes677 411 1,088 (3)1,085 
Income tax expense (benefit)109 32 141 (1)140 
Net Income (Loss)568 379 947 (2)945 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$567 $378 $945 $(2)$943 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
Accounting policies for CMS Energy’s and Consumers’ segments are as described in Note 1, Significant Accounting Policies. The consolidated financial statements reflect the assets, liabilities, revenues, and expenses of the individual segments when appropriate. Accounts are allocated among the segments when common accounts are attributable to more than one segment. The allocations are based on certain measures of business activities, such as revenue, labor dollars, customers, other operating and maintenance expense, construction expense, leased property, taxes, or functional surveys. For example, customer receivables are allocated based on revenue, and pension provisions are allocated based on labor dollars.
Inter-segment sales and transfers are accounted for at current market prices and are eliminated in consolidated net income available to common stockholders by segment. Inter-segment sales and transfers were immaterial for all periods presented.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,061 $2,138 $316 $7,515 $— $7,515 
Operating expenses
Power supply cost1
1,867 — 161 2,028 — 2,028 
Cost of gas sold— 637 3 640 — 640 
Maintenance and other operating expenses1,066 454 101 1,621 17 1,638 
Depreciation and amortization865 325 49 1,239 1 1,240 
General taxes281 188 12 481 1 482 
Total operating expenses4,079 1,604 326 6,009 19 6,028 
Operating Income (Loss)982 534 (10)1,506 (19)1,487 
Other income2
126 86 14 226 118 344 
Interest charges324 192 4 520 188 708 
Income (Loss) Before Income Taxes784 428 — 1,212 (89)1,123 
Income tax expense (benefit)102 99 (5)196 (20)176 
Income (Loss) From Continuing Operations682 329 5 1,016 (69)947 
Other segment items3
(1)(1)58 56 (10)46 
Net Income (Loss) Available to Common Stockholders$681 $328 $63 $1,072 $(79)$993 
Property, plant, and equipment, gross$20,137 
4
$13,268 
4
$1,506 $34,911 $21 $34,932 
Investments in equity method investees— — 64 64 — 64 
Total assets20,710 
4
13,247 
4
1,893 35,850 70 35,920 
Capital expenditures5
1,871 
6
1,141 
6
288 3,300 1 3,301 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense
3Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,061 $2,138 $7,199 $1 $7,200 
Operating expenses
Power supply cost1
1,867 — 1,867 — 1,867 
Cost of gas sold— 637 637 — 637 
Maintenance and other operating expenses1,066 454 1,520 — 1,520 
Depreciation and amortization865 325 1,190 1 1,191 
General taxes281 188 469 1 470 
Total operating expenses4,079 1,604 5,683 2 5,685 
Operating Income (Loss)982 534 1,516 (1)1,515 
Other income126 86 212 — 212 
Interest charges324 192 516 2 518 
Income (Loss) Before Income Taxes784 428 1,212 (3)1,209 
Income tax expense (benefit)102 99 201 (1)200 
Net Income (Loss)682 329 1,011 (2)1,009 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$681 $328 $1,009 $(2)$1,007 
Property, plant, and equipment, gross$20,137 
3
$13,268 
3
$33,405 $29 $33,434 
Total assets20,767 
3
13,289 
3
34,056 32 34,088 
Capital expenditures4
1,871 
5
1,141 
5
3,012 — 3,012 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,745 $2,420 $297 $7,462 $— $7,462 
Operating expenses
Power supply cost1
1,841 — 170 2,011 — 2,011 
Cost of gas sold— 897 5 902 — 902 
Maintenance and other operating expenses1,075 511 88 1,674 13 1,687 
Depreciation and amortization797 338 43 1,178 2 1,180 
General taxes260 176 10 446 1 447 
Total operating expenses3,973 1,922 316 6,211 16 6,227 
Operating Income (Loss)772 498 (19)1,251 (16)1,235 
Other income2
131 77 12 220 142 362 
Interest charges285 161 2 448 195 643 
Income (Loss) Before Income Taxes618 414 (9)1,023 (69)954 
Income tax expense (benefit)67 98 4 169 (22)147 
Income (Loss) From Continuing Operations551 316 (13)854 (47)807 
Other segment items3
(1)(1)80 78 (8)70 
Net Income (Loss) Available to Common Stockholders$550 $315 $67 $932 $(55)$877 
Property, plant, and equipment, gross$19,302 
4
$12,383 
4
$1,420 $33,105 $30 $33,135 
Investments in equity method investees— — 74 74 — 74 
Total assets19,358 
4
12,353 
4
1,604 33,315 202 33,517 
Capital expenditures5
2,081 
6
1,041 
6
156 $3,278 2 3,280 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,745 $2,420 $7,165 $1 $7,166 
Operating expenses
Power supply cost1
1,841 — 1,841 — 1,841 
Cost of gas sold— 897 897 — 897 
Maintenance and other operating expenses1,075 511 1,586 — 1,586 
Depreciation and amortization797 338 1,135 2 1,137 
General taxes260 176 436 1 437 
Total operating expenses3,973 1,922 5,895 3 5,898 
Operating Income (Loss)772 498 1,270 (2)1,268 
Other income131 77 208 — 208 
Interest charges285 161 446 2 448 
Income (Loss) Before Income Taxes618 414 1,032 (4)1,028 
Income tax expense (benefit)67 98 165 (4)161 
Net Income551 316 867 — 867 
Other segment items2
(1)(1)(2)— (2)
Net Income Available to Common Stockholder$550 $315 $865 $— $865 
Property, plant, and equipment, gross$19,302 
3
$12,383 
3
$31,685 $38 $31,723 
Total assets19,417 
3
12,397 
3
31,814 38 31,852 
Capital expenditures4
2,081 
5
1,041 
5
3,122 23 3,145 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,419 $2,732 $445 $8,596 $— $8,596 
Operating expenses
Power supply cost1
2,605 — 304 2,909 — 2,909 
Cost of gas sold— 1,243 13 1,256 — 1,256 
Maintenance and other operating expenses1,028 554 76 1,658 11 1,669 
Depreciation and amortization757 330 38 1,125 1 1,126 
General taxes240 159 12 411 1 412 
Total operating expenses4,630 2,286 443 7,359 13 7,372 
Operating Income (Loss)789 446 2 1,237 (13)1,224 
Other income (expense)2
106 81 12 199 (2)197 
Interest charges218 116 3 337 182 519 
Income (Loss) Before Income Taxes677 411 11 1,099 (197)902 
Income tax expense (benefit)109 32 3 144 (51)93 
Income (Loss) From Continuing Operations568 379 8 955 (146)809 
Other segment items3
(1)(1)26 24 (6)18 
Net Income (Loss) Available to Common Stockholders$567 $378 $34 $979 $(152)$827 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $3 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,419 $2,732 $8,151 $— $8,151 
Operating expenses
Power supply cost1
2,605 — 2,605 — 2,605 
Cost of gas sold— 1,243 1,243 — 1,243 
Maintenance and other operating expenses1,028 554 1,582 — 1,582 
Depreciation and amortization757 330 1,087 1 1,088 
General taxes240 159 399 1 400 
Total operating expenses4,630 2,286 6,916 2 6,918 
Operating Income (Loss)789 446 1,235 (2)1,233 
Other income106 81 187 — 187 
Interest charges218 116 334 1 335 
Income (Loss) Before Income Taxes677 411 1,088 (3)1,085 
Income tax expense (benefit)109 32 141 (1)140 
Net Income (Loss)568 379 947 (2)945 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$567 $378 $945 $(2)$943 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.0.1
Related party Transactions - Consumers
 12 Months Ended
Dec. 31, 2024
Consumers Energy Company  
Related Party Transaction [Line Items]  
Related party Transactions - Consumers Related-party Transactions—Consumers
Consumers enters into a number of transactions with related parties in the normal course of business. These transactions include but are not limited to:
•purchases of electricity from affiliates of NorthStar Clean Energy
•payments to and from CMS Energy related to parent company overhead costs
•payments of principal and interest when due to CMS Energy related to borrowings under certain credit agreements and CMS Energy’s repurchase of Consumers’ first mortgage bonds
Transactions involving power supply purchases from certain affiliates of NorthStar Clean Energy are based on avoided costs under PURPA, state law, and competitive bidding. The payment of parent company overhead costs is based on the use of accepted industry allocation methodologies. These payments are for costs that occur in the normal course of business.
Presented in the following table is Consumers’ expense recorded from related-party transactions for the years ended December 31:
In Millions
DescriptionRelated Party202420232022
Purchases of capacity and energyAffiliates of NorthStar Clean Energy$71 $75 $76 
Amounts payable to related parties for purchased power and other services were $20 million at December 31, 2024 and $19 million at December 31, 2023. Accounts receivable from related parties were $15 million at December 31, 2024 and $9 million at December 31, 2023.
CMS Energy has a demand note payable to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028. The portion of the demand note attributable to Consumers was recorded as a note receivable – related party on Consumers’ consolidated balance sheets at December 31, 2024 and 2023. For more information about Consumers’ note receivable – related party, see Note 6, Financial Instruments.
Consumers has a natural gas transportation agreement with a subsidiary of CMS Energy that extends through 2038, related to a pipeline owned by Consumers. For additional details about the agreement, see Note 8, Leases.
CMS Energy has repurchased certain of Consumers’ first mortgage bonds. Interest payable to related parties was $7 million at December 31, 2024 and $3 million at December 31, 2023. For more information about these repurchases, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million. For additional details about the agreement, see Note 4, Financings and Capitalization—Short-term Borrowings
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates certain entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
December 3120242023
Current
Cash and cash equivalents$18 $28 
Accounts receivable4 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,024 1,064 
Other non-current assets3 3 
Total assets1
$1,052 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 3, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise regulatory assets and long-term debt. For more information on these assets and liabilities, see Note 2, Regulatory Matters—Securitized Costs and Note 4, Financings and Capitalization—Securitization Bonds.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $64 million at December 31, 2024 and $74 million at December 31, 2023.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates certain entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
December 3120242023
Current
Cash and cash equivalents$18 $28 
Accounts receivable4 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,024 1,064 
Other non-current assets3 3 
Total assets1
$1,052 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 3, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise regulatory assets and long-term debt. For more information on these assets and liabilities, see Note 2, Regulatory Matters—Securitized Costs and Note 4, Financings and Capitalization—Securitization Bonds.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $64 million at December 31, 2024 and $74 million at December 31, 2023.
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Exit Activities and Asset Sales
 12 Months Ended
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]  
Exit Activities and Asset Sales Exit Activities and Asset Sales
Retention Incentive Program: In accordance with its Clean Energy Plan, Consumers plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be less than $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of December 31, 2024, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $43 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Year Ended December 3120242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset
8 16 
Costs paid or settled(10)(21)
Retention benefit liability at the end of the period2
$14 $16 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes current portion of other liabilities of $14 million at December 31, 2024 and $7 million at December 31, 2023.
Sale of ASP Business: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company. Consumers received proceeds of $124 million from the transaction, which resulted in a $110 million gain on the transaction. In its order approving the settlement of Consumers’ 2023 gas rate case, the MPSC authorized sharing the gain, net of transaction costs, with customers. Accordingly, Consumers recorded the gain on the transaction as a regulatory liability on its consolidated balance sheets. For additional information, see Note 2, Regulatory Matters.
In conjunction with the sale, Consumers executed a long-term services agreement, under which it will continue to provide certain services associated with the ASP business for a fee, including billing, collection, and call center services.
Other Sale Activity: In December 2024, NorthStar Clean Energy entered into an agreement to sell, for approximately $40 million, a noncontrolling interest in the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally, in January 2025, NorthStar Clean Energy signed an agreement to sell, for approximately $10 million, a noncontrolling interest in the holding company of a 24‑MW solar project located in Delta Township, Michigan and all interest in the holding company of a 3‑MW solar project located in Phillips, Wisconsin. These sales are expected to close in the first half of 2025.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Exit Activities and Asset Sales Exit Activities and Asset Sales
Retention Incentive Program: In accordance with its Clean Energy Plan, Consumers plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be less than $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of December 31, 2024, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $43 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Year Ended December 3120242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset
8 16 
Costs paid or settled(10)(21)
Retention benefit liability at the end of the period2
$14 $16 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes current portion of other liabilities of $14 million at December 31, 2024 and $7 million at December 31, 2023.
Sale of ASP Business: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company. Consumers received proceeds of $124 million from the transaction, which resulted in a $110 million gain on the transaction. In its order approving the settlement of Consumers’ 2023 gas rate case, the MPSC authorized sharing the gain, net of transaction costs, with customers. Accordingly, Consumers recorded the gain on the transaction as a regulatory liability on its consolidated balance sheets. For additional information, see Note 2, Regulatory Matters.
In conjunction with the sale, Consumers executed a long-term services agreement, under which it will continue to provide certain services associated with the ASP business for a fee, including billing, collection, and call center services.
Other Sale Activity: In December 2024, NorthStar Clean Energy entered into an agreement to sell, for approximately $40 million, a noncontrolling interest in the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally, in January 2025, NorthStar Clean Energy signed an agreement to sell, for approximately $10 million, a noncontrolling interest in the holding company of a 24‑MW solar project located in Delta Township, Michigan and all interest in the holding company of a 3‑MW solar project located in Phillips, Wisconsin. These sales are expected to close in the first half of 2025.
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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
Condensed Statements of Income
In Millions
Years Ended December 31202420232022
Operating Expenses
Other operating expenses$10 $10 $7 
Total operating expenses10 10 7 
Operating Loss(10)(10)(7)
Other Income (Expense)
Equity earnings of subsidiaries1,061 929 980 
Nonoperating retirement benefits, net(1)(1)(1)
Other income45 31 5 
Other expense— — (1)
Total other income1,105 959 983 
Interest Charges
Interest on long-term debt205 201 181 
Intercompany interest expense and other10 10 8 
Total interest charges215 211 189 
Income Before Income Taxes880 738 787 
Income Tax Benefit(19)(20)(50)
Net Income Attributable to CMS Energy899 758 837 
Preferred Stock Dividends10 10 10 
Net Income Available to Common Stockholders$889 $748 $827 
The accompanying notes are an integral part of these statements.
CMS Energy—Parent Company
Condensed Statements of Cash Flows
In Millions
Years Ended December 31202420232022
Cash Flows from Operating Activities
Net cash provided by operating activities$774 $595 $565 
Cash Flows from Investing Activities
Capital expenditures(1)— — 
Investment in subsidiaries(535)(630)(796)
Investment in debt securities – intercompany(288)(293)— 
Decrease (increase) in notes receivable – intercompany21 55 286 
Net cash used in investing activities(803)(868)(510)
Cash Flows from Financing Activities
Proceeds from issuance of debt490 800 — 
Issuance of common stock286 192 69 
Retirement of long-term debt(250)— — 
Payment of dividends on common and preferred stock(626)(579)(544)
Debt issuance costs and financing fees(10)(20)(11)
Change in notes payable – intercompany(6)(7)77 
Net cash provided by (used in) financing activities(116)386 (409)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts(145)113 (354)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period149 36 390 
Cash and Cash Equivalents, Including Restricted Amounts, End of Period$4 $149 $36 
The accompanying notes are an integral part of these statements.
CMS Energy—Parent Company
Condensed Balance Sheets
ASSETS
In Millions
December 3120242023
Current Assets
Cash and cash equivalents$4 $149 
Notes and accrued interest receivable – intercompany40 60 
Accounts receivable – intercompany and related parties8 9 
Taxes receivable— 11 
Prepayments and other current assets1 — 
Total current assets53 229 
Other Non‑current Assets
Construction work in progress1 — 
Deferred income taxes150 137 
Investments in subsidiaries12,400 11,701 
Investment in debt securities – intercompany591 296 
Other investments 9 8 
Other21 24 
Total other non‑current assets13,172 12,166 
Total Assets$13,225 $12,395 
LIABILITIES AND EQUITY
In Millions
December 3120242023
Current Liabilities
Current portion of long-term debt$740 $250 
Accounts and notes payable – intercompany74 75 
Accrued interest, including intercompany34 37 
Accrued taxes16 — 
Other current liabilities6 9 
Total current liabilities870 371 
Non‑current Liabilities
Long-term debt4,226 4,471 
Notes payable – intercompany100 105 
Postretirement benefits14 15 
Other non‑current liabilities17 18 
Total non‑current liabilities4,357 4,609 
Equity
Common stock3 3 
Other stockholders’ equity7,771 7,188 
Total common stockholders’ equity7,774 7,191 
Preferred stock224 224 
Total equity7,998 7,415 
Total Liabilities and Equity$13,225 $12,395 
The accompanying notes are an integral part of these statements.
Basis of Presentation
CMS Energy’s condensed financial statements have been prepared on a parent-only basis. In accordance with Rule 12‑04 of Regulation S‑X, these parent-only financial statements do not include all of the information and notes required by GAAP for annual financial statements, and therefore these parent-only financial statements and other information included should be read in conjunction with CMS Energy’s audited consolidated financial statements contained within Item 8. Financial Statements and Supplementary Data.
Guarantees
CMS Energy has issued guarantees with a maximum potential obligation of $1.1 billion on behalf of some of its wholly owned subsidiaries and related parties. CMS Energy’s maximum potential obligation consists primarily of potential payments:
•to third parties under certain commodity purchase and sales agreements entered into by CMS ERM and other subsidiaries of NorthStar Clean Energy
•to tax equity investors that hold membership interests in certain VIEs held by NorthStar Clean Energy
•to EGLE on behalf of CMS Land and CMS Capital, for environmental remediation obligations at Bay Harbor
•to the U.S. Department of Energy on behalf of Consumers, in connection with Consumers’ 2011 settlement agreement with the U.S. Department of Energy regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers
The expiration dates of these guarantees vary, depending upon contractual provisions or upon the statute of limitations under the relevant governing law.
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Schedule II - Valuation and Qualifying Accounts and Reserves
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Schedule II - Valuation and Qualifying Accounts and Reserves
CMS Energy Corporation
Years Ended December 31, 2024, 2023, and 2022
In Millions
DescriptionBalance at Beginning of PeriodCharged to Expense
Charged to Other Accounts
DeductionsBalance at End of Period
Allowance for uncollectible accounts1
2024$21 $33 $— $31 $23 
202327 34 — 40 21 
202220 50 — 43 27 
Deferred tax valuation allowance
2024$2 $— $— $1 $1 
20232 — — — 2 
20222 — — — 2 
1Deductions represent write-offs of uncollectible accounts, net of recoveries.
Consumers Energy Company
Years Ended December 31, 2024, 2023, and 2022
In Millions
DescriptionBalance at Beginning of PeriodCharged to ExpenseCharged to Other AccountsDeductionsBalance at End of Period
Allowance for uncollectible accounts1
2024$21 $33 $— $31 $23 
202327 34 — 40 21 
202220 50 — 43 27 
1Deductions represent write-offs of uncollectible accounts, net of recoveries.
Consumers Energy Company  
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Schedule II - Valuation and Qualifying Accounts and Reserves
CMS Energy Corporation
Years Ended December 31, 2024, 2023, and 2022
In Millions
DescriptionBalance at Beginning of PeriodCharged to Expense
Charged to Other Accounts
DeductionsBalance at End of Period
Allowance for uncollectible accounts1
2024$21 $33 $— $31 $23 
202327 34 — 40 21 
202220 50 — 43 27 
Deferred tax valuation allowance
2024$2 $— $— $1 $1 
20232 — — — 2 
20222 — — — 2 
1Deductions represent write-offs of uncollectible accounts, net of recoveries.
Consumers Energy Company
Years Ended December 31, 2024, 2023, and 2022
In Millions
DescriptionBalance at Beginning of PeriodCharged to ExpenseCharged to Other AccountsDeductionsBalance at End of Period
Allowance for uncollectible accounts1
2024$21 $33 $— $31 $23 
202327 34 — 40 21 
202220 50 — 43 27 
1Deductions represent write-offs of uncollectible accounts, net of recoveries.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 1,003 $ 887 $ 837
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] CMS Energy’s and Consumers’ security function, led by the Vice President of Information Technology and Security and CIO, is accountable for cyber and physical security and is subject to various state, federal, and industry cybersecurity, physical security, and privacy regulations. Their cybersecurity program is responsible for assessing, identifying, and managing risks from cybersecurity threats using industry frameworks, as well as best practices developed by government and industry partners. All employees and contractors are required to complete annual trainings on a variety of security-related topics. Additionally, the companies continuously upgrade technological investments designed to prevent, detect, and respond to attacks. The companies’ electric, natural gas, and corporate systems each follow standards, controls, and requirements designed to maintain compliance with applicable regulations and standards, such as MPSC, NERC critical infrastructure protection, and payment card industry regulations. Technology projects and third-party service providers are reviewed for adherence to cybersecurity requirements.
CMS Energy’s and Consumers’ cybersecurity program focuses on finding and remediating vulnerabilities in their systems. The companies use third-party firms for penetration testing, audits, and assessments, and conduct technical exercises to practice their response to simulated events as well as tabletop exercises to test that response using their incident command system, including leadership decisions. The companies also have a dedicated, proactive function focused fully on monitoring CMS Energy’s and Consumers’ systems and responding when cybersecurity attacks occur. This includes regular information sharing with industry partners, peer utilities, and state and federal partners. The companies’ incident response plan outlines the individuals responsible, the methods employed, and the timeline for notifying state and federal governmental agencies. The companies retain a third-party cybersecurity firm to assist with potentially significant cybersecurity incidents and have invested in cybersecurity insurance to offset costs incurred from any such cybersecurity incidents. To manage cybersecurity risks associated with the companies’ use of third-party service providers, the companies incorporate security requirements into contracts, when deemed applicable, and pursue third-party security certifications for vendors with a higher risk profile.
CMS Energy and Consumers have experienced no material cybersecurity incidents; however, future cybersecurity incidents could materially affect their business strategy, results of operations, or financial condition. For additional details regarding these and other uncertainties, see Item 1A. Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] CMS Energy’s and Consumers’ security function, led by the Vice President of Information Technology and Security and CIO, is accountable for cyber and physical security and is subject to various state, federal, and industry cybersecurity, physical security, and privacy regulations. Their cybersecurity program is responsible for assessing, identifying, and managing risks from cybersecurity threats using industry frameworks, as well as best practices developed by government and industry partners.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] As part of the Board’s risk oversight process, senior management meets with the Board or Audit Committee at least twice annually to provide updates on and discuss cybersecurity. Such updates include a review of the companies’ cybersecurity strategy, a scan of the threat landscape, and recent performance. Additionally, cybersecurity risks are included in the Audit Committee’s risk oversight functions, which focus on operating and financial activities that could impact the companies’ financial and other disclosure reporting. The Audit Committee’s oversight involves reviewing and approving policies on risk assessment, controls, and accounting risk exposure. The Audit Committee also reviews internal audit reports regarding cybersecurity processes, and receives updates that focus on CMS Energy’s and Consumers’ cybersecurity program, mitigation of cybersecurity risks, and assessments by third-party experts. Of note, two members of the Board have extensive industry experience in cybersecurity and are on CMS Energy’s and Consumers’ Audit Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel. The Vice President of Information Technology and Security and CIO is responsible for informing the CEO and other members of senior management, as necessary, about cybersecurity incidents, covering prevention, detection, mitigation, and remediation efforts as they are detected by the cybersecurity team. Cybersecurity incidents are managed using the companies’ standard process for critical events. In the event of such cybersecurity incidents, the Vice President of Information Technology and Security and CIO communicates and collaborates with the officers of the companies and subject matter experts to address business continuity, contingency, and recovery plans. Senior management will notify the Board, including the Audit Committee, of any significant cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role: The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel. The Vice President of Information Technology and Security and CIO is responsible for informing the CEO and other members of senior management, as necessary, about cybersecurity incidents, covering prevention, detection, mitigation, and remediation efforts as they are detected by the cybersecurity team. Cybersecurity incidents are managed using the companies’ standard process for critical events. In the event of such cybersecurity incidents, the Vice President of
Information Technology and Security and CIO communicates and collaborates with the officers of the companies and subject matter experts to address business continuity, contingency, and recovery plans. Senior management will notify the Board, including the Audit Committee, of any significant cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Vice President of Information Technology and Security and CIO has over 25 years of information technology and security experience and, to enhance governance, reports to the Senior Vice President and General Counsel. The Vice President of Information Technology and Security and CIO is responsible for informing the CEO and other members of senior management, as necessary, about cybersecurity incidents, covering prevention, detection, mitigation, and remediation efforts as they are detected by the cybersecurity team. Cybersecurity incidents are managed using the companies’ standard process for critical events. In the event of such cybersecurity incidents, the Vice President of Information Technology and Security and CIO communicates and collaborates with the officers of the companies and subject matter experts to address business continuity, contingency, and recovery plans. Senior management will notify the Board, including the Audit Committee, of any significant cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Line Items]  
Principles of Consolidation
Principles of Consolidation: CMS Energy and Consumers prepare their consolidated financial statements in conformity with GAAP. CMS Energy’s consolidated financial statements comprise CMS Energy, Consumers, NorthStar Clean Energy, and all other entities in which CMS Energy has a controlling financial interest or is the primary beneficiary. Consumers’ consolidated financial statements comprise Consumers and all other entities in which it has a controlling financial interest. CMS Energy uses the equity method of accounting for investments in companies and partnerships that are not consolidated, where they have significant influence over operations and financial policies but are not the primary beneficiary. CMS Energy and Consumers eliminate intercompany transactions and balances.
Use of Estimates
Use of Estimates: CMS Energy and Consumers are required to make estimates using assumptions that may affect reported amounts and disclosures. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Restricted Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Contingencies
Contingencies: CMS Energy and Consumers record estimated loss contingencies on their consolidated financial statements when it is probable that a loss has been incurred and when the amount of loss can be reasonably estimated. For environmental remediation projects in which the timing of estimated expenditures is considered reliably determinable, CMS Energy and Consumers record the liability at its net present value, using a discount rate equal to the interest rate on monetary assets that are essentially risk-free and have maturities comparable to that of the environmental liability. Unless regulatory accounting applies, CMS Energy and Consumers expense legal fees as incurred; fees incurred but not yet billed are accrued based on estimates of work performed.
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs: Upon the issuance of long-term debt, CMS Energy and Consumers defer issuance costs, discounts, and premiums and amortize those amounts over the terms of the associated debt. Debt issuance costs are presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. Upon the refinancing of long-term debt, Consumers, as a regulated entity, defers any remaining unamortized issuance costs, discounts, and premiums associated with the refinanced debt and amortizes those amounts over the term of the newly issued debt. For the non‑regulated portions of CMS Energy’s business, any remaining unamortized issuance costs, discounts, and premiums associated with extinguished debt are charged to earnings.
Derivative Instruments
Derivative Instruments: In order to support ongoing operations, CMS Energy and Consumers may enter into contracts for the future purchase and sale of various commodities, such as electricity, natural gas, and coal. These forward contracts are generally long-term in nature and result in physical delivery of the
commodity at a contracted price. Most of these contracts are not subject to derivative accounting for one or more of the following reasons:
•they do not have a notional amount (that is, a number of units specified in a derivative instrument, such as MWh of electricity or Bcf of natural gas)
•they qualify for the normal purchases and sales exception
•they cannot be net settled due in part to the absence of an active market for the commodity
Consumers also uses FTRs to manage price risk related to electricity transmission congestion. An FTR is a financial instrument that entitles its holder to receive compensation or requires its holder to remit payment for congestion-related transmission charges. Consumers accounts for FTRs as derivatives and changes in the fair value of FTRs are deferred as regulatory assets or liabilities. For details regarding CMS Energy’s and Consumers’ derivative instruments recorded at fair value, see Note 5, Fair Value Measurements.
Electricity Market Transactions
Electricity Market Transactions: Wholesale electricity market operators require the submission of hourly day-ahead and real-time bids and offers for energy at locations across each region. CMS Energy and Consumers account for such transactions on a net hourly basis in each of the real-time and day-ahead markets, netted across all locations in the energy market. CMS Energy and Consumers record net hourly purchases in purchased and interchange power and net hourly sales in operating revenue on their consolidated statements of income. They record net billing adjustments upon receipt of settlement statements, record accruals for future net purchases and sales adjustments based on historical experience, and reconcile accruals to actual expenses and sales upon receipt of settlement statements.
EPS EPS: CMS Energy calculates basic and diluted EPS using the weighted-average number of shares of common stock and dilutive potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted EPS, includes the effects of nonvested stock awards, forward equity sales, and convertible securities. CMS Energy computes the effect on potential common stock using the treasury stock method. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Diluted EPS excludes the impact of antidilutive securities, which are those securities resulting in an increase in EPS or a decrease in loss per share.
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. The forward equity sale contracts were anti-dilutive for the year ended December 31, 2024. For further details on the forward equity sale contracts, see Note 4, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the year ended December 31, 2024.
Impairment of Long-Lived Assets
Impairment of Long-lived Assets and Equity Method Investments: CMS Energy and Consumers perform tests of impairment if certain triggering events occur that indicate the carrying amount of an asset may not be recoverable or that there has been a decline in value that may be other than temporary.
CMS Energy and Consumers evaluate long-lived assets held in use for impairment by calculating the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. If the undiscounted future cash flows are less than the carrying amount, CMS Energy and Consumers recognize an impairment loss equal to the amount by which the carrying amount exceeds the fair value. CMS Energy and Consumers estimate the fair value of the asset using quoted market prices, market prices of similar assets, or discounted future cash flow analyses.
Impairment of Equity Method Investments
CMS Energy also assesses equity method investments for impairment whenever there has been a decline in value that is other than temporary. This assessment requires CMS Energy to determine the fair value of the equity method investment. CMS Energy determines fair value using valuation methodologies, including discounted cash flows, and assesses the ability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment. CMS Energy records an impairment if the fair value is less than the carrying amount and the decline in value is considered to be other than temporary.
Investment Tax Credits Investment Tax Credits: CMS Energy and its subsidiaries use the flow-through method of accounting for investment tax credits. Under the flow-through method, the credit is recognized as a reduction to income tax expense when the related plant, property, and equipment is placed into service. For its regulated utility assets, Consumers amortizes its investment tax credits over the life of the related property in accordance with regulatory treatment.
Inventory
Inventory: CMS Energy and Consumers use the weighted-average cost method for valuing working gas, recoverable base gas in underground storage facilities, and materials and supplies inventory. CMS Energy and Consumers also use this method for valuing coal inventory, and they classify these amounts as generating plant fuel stock on their consolidated balance sheets.
Inventory - RECs and Emission Allowances
CMS Energy and Consumers account for RECs and emission allowances as inventory and use the weighted-average cost method to remove amounts from inventory. RECs and emission allowances are used to satisfy compliance obligations related to the generation of power. CMS Energy and Consumers classify these amounts within other assets on their consolidated balance sheets.
Inventory - Impairment
CMS Energy and Consumers evaluate inventory for impairment as required to ensure that its carrying value does not exceed the lower of cost or net realizable value.
Property Taxes Property Taxes: Property taxes are based on the taxable value of CMS Energy’s and Consumers’ real and personal property assessed by local taxing authorities. CMS Energy and Consumers record property tax expense over the fiscal year of the taxing authority for which the taxes are levied. The deferred property tax balance represents the amount of CMS Energy’s and Consumers’ accrued property tax that will be recognized over future governmental fiscal periods.
Capitalization
Capitalization: CMS Energy and Consumers record plant, property, and equipment at original cost when placed into service. The cost includes labor, material, applicable taxes, overhead such as pension and other benefits, and AFUDC, if applicable. Consumers’ plant, property, and equipment is generally recoverable through its general ratemaking process.
Software: CMS Energy and Consumers capitalize the costs to purchase and develop internal-use computer software. These costs are expensed evenly over the estimated useful life of the internal-use computer software. If computer software is integral to computer hardware, then its cost is capitalized and depreciated with the hardware.
Plant Retirement and Abandonment
With the exception of utility property for which the remaining book value has been securitized, mothballed utility property stays in rate base and continues to be depreciated at the same rate as before the mothball period. When utility property is retired or otherwise disposed of in the ordinary course of business, Consumers records the original cost to accumulated depreciation, along with associated cost of removal, net of salvage. CMS Energy and Consumers recognize gains or losses on the retirement or disposal of non‑regulated assets in income. Consumers records cost of removal collected from customers, but not spent, as a regulatory liability.
AFUDC
AFUDC: Consumers capitalizes AFUDC on regulated major construction projects. AFUDC represents the estimated cost of debt and authorized return-on-equity funds used to finance construction additions. Consumers records the offsetting credit as a reduction of interest for the amount representing the borrowed funds component and as other income for the equity funds component on the consolidated statements of income. When construction is completed and the property is placed in service, Consumers
depreciates and recovers the capitalized AFUDC from customers over the life of the related asset.
Planned Major Maintenance Activities
CMS Energy and Consumers record property repairs and minor property replacement as maintenance expense. CMS Energy and Consumers record planned major maintenance activities as operating expense unless the cost represents the acquisition of additional long-lived assets or the replacement of an existing long-lived asset.
Lessee
Lessee
CMS Energy and Consumers lease various assets from third parties, including coal-carrying railcars, real estate, service vehicles, and gas pipeline capacity. In addition, CMS Energy and Consumers account for several of their PPAs as leases.
CMS Energy and Consumers do not record right-of-use assets or lease liabilities on their consolidated balance sheets for rentals with lease terms of 12 months or less, most of which are for the lease of real estate and service vehicles. Lease expense for these rentals is recognized on a straight-line basis over the lease term.
CMS Energy and Consumers include future payments for all renewal options, fair market value extensions, and buyout provisions reasonably certain of exercise in their measurement of lease right-of-use assets and lease liabilities. In addition, certain leases for service vehicles contain end-of-lease adjustment clauses based on proceeds received from the sale or disposition of the vehicles. CMS Energy and Consumers also include executory costs in the measurement of their right-of-use assets and lease liabilities, except for maintenance costs related to their coal-carrying railcar leases.
Most of Consumers’ PPAs contain provisions at the end of the initial contract terms to renew the agreements annually under mutually agreed‑upon terms at the time of renewal. Energy and capacity
payments that vary depending on quantities delivered are recognized as variable lease costs when incurred. Consumers accounts for a PPA with one of CMS Energy’s equity method subsidiaries as a finance lease.
Asset Retirement Obligations
CMS Energy and Consumers record the fair value of the cost to remove assets at the end of their useful lives, if there is a legal obligation to remove them. If a reasonable estimate of fair value cannot be made in the period in which the ARO is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. CMS Energy and Consumers have not recorded liabilities associated with the closure of their hydroelectric facilities and certain gas wells that have an indeterminate life or for assets that have immaterial cumulative disposal costs, such as substation batteries.
CMS Energy and Consumers calculate the fair value of ARO liabilities using an expected present-value technique that reflects assumptions about costs and inflation, and uses a credit-adjusted risk-free rate to discount the expected cash flows. CMS Energy’s ARO liabilities are primarily at Consumers.
Retirement Benefits - Pension The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Retirement Benefits - Nonpension The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Share-Based Payment Arrangement
CMS Energy and Consumers charge the fair value of the restricted stock awards to expense over the required service period and charge the fair value of the restricted stock units to expense immediately. For performance-based awards, CMS Energy and Consumers estimate the number of shares expected to vest at the end of the performance period based on the probable achievement of the performance objective. Performance-based and market-based restricted stock awards have graded vesting features for retirement-eligible employees, and CMS Energy and Consumers recognize expense for those awards on a graded vesting schedule over the required service period. Expense for performance-based and market-based restricted stock awards for non‑retirement-eligible employees and time-lapse awards is recognized on a straight-line basis over the required service period.
The fair value of performance-based and time-lapse restricted stock and restricted stock units is based on the price of CMS Energy’s common stock on the grant date. The fair value of market-based restricted stock awards is calculated on the grant date using a Monte Carlo simulation. CMS Energy and Consumers base expected volatilities on the historical volatility of the price of CMS Energy common stock. The risk-
free rate for valuation of the market-based restricted stock awards was based on the three‑year U.S. Treasury yield at the award grant date.
Income taxes
CMS Energy and its subsidiaries file a consolidated U.S. federal income tax return as well as a Michigan Corporate Income Tax return for the unitary business group and various other state unitary group combined income tax returns. Income taxes are allocated based on each company’s separate taxable income in accordance with the CMS Energy tax sharing agreement.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Consolidation, Variable Interest Entity
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Consumers Energy Company  
Significant Accounting Policies [Line Items]  
Principles of Consolidation
Principles of Consolidation: CMS Energy and Consumers prepare their consolidated financial statements in conformity with GAAP. CMS Energy’s consolidated financial statements comprise CMS Energy, Consumers, NorthStar Clean Energy, and all other entities in which CMS Energy has a controlling financial interest or is the primary beneficiary. Consumers’ consolidated financial statements comprise Consumers and all other entities in which it has a controlling financial interest. CMS Energy uses the equity method of accounting for investments in companies and partnerships that are not consolidated, where they have significant influence over operations and financial policies but are not the primary beneficiary. CMS Energy and Consumers eliminate intercompany transactions and balances.
Use of Estimates
Use of Estimates: CMS Energy and Consumers are required to make estimates using assumptions that may affect reported amounts and disclosures. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Restricted Cash and Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less. Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. Cash and cash equivalents may also be restricted to pay other contractual obligations such as leasing of coal railcars. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Contingencies
Contingencies: CMS Energy and Consumers record estimated loss contingencies on their consolidated financial statements when it is probable that a loss has been incurred and when the amount of loss can be reasonably estimated. For environmental remediation projects in which the timing of estimated expenditures is considered reliably determinable, CMS Energy and Consumers record the liability at its net present value, using a discount rate equal to the interest rate on monetary assets that are essentially risk-free and have maturities comparable to that of the environmental liability. Unless regulatory accounting applies, CMS Energy and Consumers expense legal fees as incurred; fees incurred but not yet billed are accrued based on estimates of work performed.
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs
Debt Issuance Costs, Discounts, Premiums, and Refinancing Costs: Upon the issuance of long-term debt, CMS Energy and Consumers defer issuance costs, discounts, and premiums and amortize those amounts over the terms of the associated debt. Debt issuance costs are presented as a direct deduction from the carrying amount of long-term debt on the balance sheet. Upon the refinancing of long-term debt, Consumers, as a regulated entity, defers any remaining unamortized issuance costs, discounts, and premiums associated with the refinanced debt and amortizes those amounts over the term of the newly issued debt. For the non‑regulated portions of CMS Energy’s business, any remaining unamortized issuance costs, discounts, and premiums associated with extinguished debt are charged to earnings.
Derivative Instruments
Derivative Instruments: In order to support ongoing operations, CMS Energy and Consumers may enter into contracts for the future purchase and sale of various commodities, such as electricity, natural gas, and coal. These forward contracts are generally long-term in nature and result in physical delivery of the
commodity at a contracted price. Most of these contracts are not subject to derivative accounting for one or more of the following reasons:
•they do not have a notional amount (that is, a number of units specified in a derivative instrument, such as MWh of electricity or Bcf of natural gas)
•they qualify for the normal purchases and sales exception
•they cannot be net settled due in part to the absence of an active market for the commodity
Consumers also uses FTRs to manage price risk related to electricity transmission congestion. An FTR is a financial instrument that entitles its holder to receive compensation or requires its holder to remit payment for congestion-related transmission charges. Consumers accounts for FTRs as derivatives and changes in the fair value of FTRs are deferred as regulatory assets or liabilities. For details regarding CMS Energy’s and Consumers’ derivative instruments recorded at fair value, see Note 5, Fair Value Measurements.
Electricity Market Transactions
Electricity Market Transactions: Wholesale electricity market operators require the submission of hourly day-ahead and real-time bids and offers for energy at locations across each region. CMS Energy and Consumers account for such transactions on a net hourly basis in each of the real-time and day-ahead markets, netted across all locations in the energy market. CMS Energy and Consumers record net hourly purchases in purchased and interchange power and net hourly sales in operating revenue on their consolidated statements of income. They record net billing adjustments upon receipt of settlement statements, record accruals for future net purchases and sales adjustments based on historical experience, and reconcile accruals to actual expenses and sales upon receipt of settlement statements.
Impairment of Long-Lived Assets
Impairment of Long-lived Assets and Equity Method Investments: CMS Energy and Consumers perform tests of impairment if certain triggering events occur that indicate the carrying amount of an asset may not be recoverable or that there has been a decline in value that may be other than temporary.
CMS Energy and Consumers evaluate long-lived assets held in use for impairment by calculating the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. If the undiscounted future cash flows are less than the carrying amount, CMS Energy and Consumers recognize an impairment loss equal to the amount by which the carrying amount exceeds the fair value. CMS Energy and Consumers estimate the fair value of the asset using quoted market prices, market prices of similar assets, or discounted future cash flow analyses.
Investment Tax Credits Investment Tax Credits: CMS Energy and its subsidiaries use the flow-through method of accounting for investment tax credits. Under the flow-through method, the credit is recognized as a reduction to income tax expense when the related plant, property, and equipment is placed into service. For its regulated utility assets, Consumers amortizes its investment tax credits over the life of the related property in accordance with regulatory treatment.
Inventory
Inventory: CMS Energy and Consumers use the weighted-average cost method for valuing working gas, recoverable base gas in underground storage facilities, and materials and supplies inventory. CMS Energy and Consumers also use this method for valuing coal inventory, and they classify these amounts as generating plant fuel stock on their consolidated balance sheets.
Inventory - RECs and Emission Allowances
CMS Energy and Consumers account for RECs and emission allowances as inventory and use the weighted-average cost method to remove amounts from inventory. RECs and emission allowances are used to satisfy compliance obligations related to the generation of power. CMS Energy and Consumers classify these amounts within other assets on their consolidated balance sheets.
Inventory - Impairment
CMS Energy and Consumers evaluate inventory for impairment as required to ensure that its carrying value does not exceed the lower of cost or net realizable value.
Property Taxes Property Taxes: Property taxes are based on the taxable value of CMS Energy’s and Consumers’ real and personal property assessed by local taxing authorities. CMS Energy and Consumers record property tax expense over the fiscal year of the taxing authority for which the taxes are levied. The deferred property tax balance represents the amount of CMS Energy’s and Consumers’ accrued property tax that will be recognized over future governmental fiscal periods.
Government Assistance Renewable Energy Grant: In 2013, Consumers received a $69 million renewable energy grant for Lake Winds® Energy Park, which began operations in 2012. This grant reduces Consumers’ cost of complying with Michigan’s renewable portfolio standard and, accordingly, reduces the overall renewable energy surcharge to be collected from customers. The regulatory liability recorded for the grant will be amortized over the life of Lake Winds® Energy Park. Consumers presents the amortization as a reduction to maintenance and other operating expenses on its consolidated statements of income.
Capitalization
Capitalization: CMS Energy and Consumers record plant, property, and equipment at original cost when placed into service. The cost includes labor, material, applicable taxes, overhead such as pension and other benefits, and AFUDC, if applicable. Consumers’ plant, property, and equipment is generally recoverable through its general ratemaking process.
Software: CMS Energy and Consumers capitalize the costs to purchase and develop internal-use computer software. These costs are expensed evenly over the estimated useful life of the internal-use computer software. If computer software is integral to computer hardware, then its cost is capitalized and depreciated with the hardware.
Plant Retirement and Abandonment
With the exception of utility property for which the remaining book value has been securitized, mothballed utility property stays in rate base and continues to be depreciated at the same rate as before the mothball period. When utility property is retired or otherwise disposed of in the ordinary course of business, Consumers records the original cost to accumulated depreciation, along with associated cost of removal, net of salvage. CMS Energy and Consumers recognize gains or losses on the retirement or disposal of non‑regulated assets in income. Consumers records cost of removal collected from customers, but not spent, as a regulatory liability.
AFUDC
AFUDC: Consumers capitalizes AFUDC on regulated major construction projects. AFUDC represents the estimated cost of debt and authorized return-on-equity funds used to finance construction additions. Consumers records the offsetting credit as a reduction of interest for the amount representing the borrowed funds component and as other income for the equity funds component on the consolidated statements of income. When construction is completed and the property is placed in service, Consumers
depreciates and recovers the capitalized AFUDC from customers over the life of the related asset.
Regulatory Depreciation and Amortization
Consumers depreciates utility property on an asset-group basis, in which it applies a single MPSC-approved depreciation rate to the gross investment in a particular class of property within the electric and
gas segments. Consumers performs depreciation studies periodically to determine appropriate group lives.
Planned Major Maintenance Activities
CMS Energy and Consumers record property repairs and minor property replacement as maintenance expense. CMS Energy and Consumers record planned major maintenance activities as operating expense unless the cost represents the acquisition of additional long-lived assets or the replacement of an existing long-lived asset.
Lessee
Lessee
CMS Energy and Consumers lease various assets from third parties, including coal-carrying railcars, real estate, service vehicles, and gas pipeline capacity. In addition, CMS Energy and Consumers account for several of their PPAs as leases.
CMS Energy and Consumers do not record right-of-use assets or lease liabilities on their consolidated balance sheets for rentals with lease terms of 12 months or less, most of which are for the lease of real estate and service vehicles. Lease expense for these rentals is recognized on a straight-line basis over the lease term.
CMS Energy and Consumers include future payments for all renewal options, fair market value extensions, and buyout provisions reasonably certain of exercise in their measurement of lease right-of-use assets and lease liabilities. In addition, certain leases for service vehicles contain end-of-lease adjustment clauses based on proceeds received from the sale or disposition of the vehicles. CMS Energy and Consumers also include executory costs in the measurement of their right-of-use assets and lease liabilities, except for maintenance costs related to their coal-carrying railcar leases.
Most of Consumers’ PPAs contain provisions at the end of the initial contract terms to renew the agreements annually under mutually agreed‑upon terms at the time of renewal. Energy and capacity
payments that vary depending on quantities delivered are recognized as variable lease costs when incurred. Consumers accounts for a PPA with one of CMS Energy’s equity method subsidiaries as a finance lease.
Asset Retirement Obligations
CMS Energy and Consumers record the fair value of the cost to remove assets at the end of their useful lives, if there is a legal obligation to remove them. If a reasonable estimate of fair value cannot be made in the period in which the ARO is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. CMS Energy and Consumers have not recorded liabilities associated with the closure of their hydroelectric facilities and certain gas wells that have an indeterminate life or for assets that have immaterial cumulative disposal costs, such as substation batteries.
CMS Energy and Consumers calculate the fair value of ARO liabilities using an expected present-value technique that reflects assumptions about costs and inflation, and uses a credit-adjusted risk-free rate to discount the expected cash flows. CMS Energy’s ARO liabilities are primarily at Consumers.
Retirement Benefits - Pension The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Retirement Benefits - Nonpension The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
CMS Energy and Consumers amortize net gains and losses in excess of ten percent of the greater of the PBO or the MRV over the average remaining service period for DB Pension Plan A and the OPEB Plan
and over the average remaining life expectancy of participants for DB Pension Plan B. For DB Pension Plan A, the estimated period of amortization of gains and losses was eight years  for the years ended December 31, 2024, 2023, and 2022. For DB Pension Plan B, the estimated period of amortization of gains and losses was 17 years for the years ended December 31, 2024 and 2023, and 18 years for the year ended December 31, 2022. For the OPEB Plan, the estimated amortization period was nine years for the years ended December 31, 2024, 2023, and 2022.
Prior service cost (credit) amortization is established in the year in which the prior service cost (credit) first occurred, and is based on the same amortization period for all future years until the prior service cost (credit) is fully amortized. CMS Energy and Consumers had new prior service costs for OPEB in 2024. The estimated period of amortization of these new prior service costs is seven years.
CMS Energy and Consumers determine the MRV for the assets of the DB Pension Plans as the fair value of plan assets on the measurement date, adjusted by the gains or losses that will not be admitted into the MRV until future years. CMS Energy and Consumers reflect each year’s gain or loss in the MRV in equal amounts over a five‑year period beginning on the date the original amount was determined. CMS Energy and Consumers determine the MRV for OPEB Plan assets as the fair value of assets on the measurement date.
Income taxes
CMS Energy and its subsidiaries file a consolidated U.S. federal income tax return as well as a Michigan Corporate Income Tax return for the unitary business group and various other state unitary group combined income tax returns. Income taxes are allocated based on each company’s separate taxable income in accordance with the CMS Energy tax sharing agreement.
Consumers Utility Revenue
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Unbilled Revenues Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class.
Alternative-revenue Programs
Alternative‑revenue Programs: Consumers accounts for its energy waste reduction incentive mechanism, financial compensation mechanism, and demand response incentive mechanism as alternative-revenue programs.
Consumers recognizes revenue related to the energy waste reduction incentive as soon as energy savings exceed the annual targets established by the MPSC. Revenue related to the financial compensation mechanism is recognized as payments are made on MPSC-approved PPAs. Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period. For additional information on these mechanisms, see Note 2, Regulatory Matters.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.25.0.1
Regulatory Matters (Tables) - Consumers Energy Company
 12 Months Ended
Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]  
Schedule of Regulatory Assets
Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Regulatory assets
Current
2022 PSCR underrecovery1
$126 $126 
Energy waste reduction plan incentive2
60 54 
Retention incentive program3
18 12 
Other25 11 
Total current regulatory assets$229 $203 
Non-current
Costs of coal-fueled electric generating units to be retired1
$1,266 $1,265 
Postretirement benefits4
747 741 
Securitized costs1
666 778 
ARO3
366 328 
Decommissioning costs3
158 83 
Unamortized loss on reacquired debt1
92 96 
MGP sites1
90 99 
Energy waste reduction plan incentive2
64 58 
Energy waste reduction plan3
31 19 
Ludington overhaul contract dispute3
31 13 
Postretirement benefits expense deferral mechanism3
21 24 
Retention incentive program3
12 27 
2022 PSCR underrecovery1
— 126 
Other25 26 
Total non-current regulatory assets$3,569 $3,683 
Total regulatory assets$3,798 $3,886 
Regulatory liabilities
Current
Income taxes, net$53 $49 
ASP gain47 — 
Other11 7 
Total current regulatory liabilities$111 $56 
Non-current
Cost of removal$2,665 $2,545 
Income taxes, net1,163 1,220 
Renewable energy plan51 29 
ASP gain46 — 
Energy waste reduction plan41 25 
Renewable energy grant40 43 
Postretirement benefits expense deferral mechanism37 12 
Other24 20 
Total non-current regulatory liabilities$4,067 $3,894 
Total regulatory liabilities$4,178 $3,950 
1The MPSC has provided a specific return on these regulatory assets.
2These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return.
3These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
4This regulatory asset is included in rate base, thereby providing a return.
Schedule of Regulatory Liabilities
Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Regulatory assets
Current
2022 PSCR underrecovery1
$126 $126 
Energy waste reduction plan incentive2
60 54 
Retention incentive program3
18 12 
Other25 11 
Total current regulatory assets$229 $203 
Non-current
Costs of coal-fueled electric generating units to be retired1
$1,266 $1,265 
Postretirement benefits4
747 741 
Securitized costs1
666 778 
ARO3
366 328 
Decommissioning costs3
158 83 
Unamortized loss on reacquired debt1
92 96 
MGP sites1
90 99 
Energy waste reduction plan incentive2
64 58 
Energy waste reduction plan3
31 19 
Ludington overhaul contract dispute3
31 13 
Postretirement benefits expense deferral mechanism3
21 24 
Retention incentive program3
12 27 
2022 PSCR underrecovery1
— 126 
Other25 26 
Total non-current regulatory assets$3,569 $3,683 
Total regulatory assets$3,798 $3,886 
Regulatory liabilities
Current
Income taxes, net$53 $49 
ASP gain47 — 
Other11 7 
Total current regulatory liabilities$111 $56 
Non-current
Cost of removal$2,665 $2,545 
Income taxes, net1,163 1,220 
Renewable energy plan51 29 
ASP gain46 — 
Energy waste reduction plan41 25 
Renewable energy grant40 43 
Postretirement benefits expense deferral mechanism37 12 
Other24 20 
Total non-current regulatory liabilities$4,067 $3,894 
Total regulatory liabilities$4,178 $3,950 
1The MPSC has provided a specific return on these regulatory assets.
2These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return.
3These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
4This regulatory asset is included in rate base, thereby providing a return.
Schedule of Liabilities for PSCR and GCR Overrecoveries
Presented in the following table are the liabilities for PSCR and GCR overrecoveries reflected on Consumers’ consolidated balance sheets:
In Millions
December 3120242023
Liabilities
PSCR overrecoveries$13 $10 
GCR overrecoveries25 44 
Accrued rate refunds$38 $54 
v3.25.0.1
Contingencies and Commitments (Tables)
 12 Months Ended
Dec. 31, 2024
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs in each of the next five years:
In Millions
20252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$258 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 18, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Schedule of Contractual Purchase Obligations Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2024 for each of the periods shown:
In Millions
Payments Due
Total20252026202720282029Beyond 2029
CMS Energy, including Consumers
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other4,432 1,780 1,095 670 461 239 187 
Total purchase obligations$11,438 $2,439 $1,757 $1,368 $1,138 $917 $3,819 
Consumers
PPAs
MCV PPA$1,297 $265 $233 $218 $222 $239 $120 
Related-party PPAs60 29 15 16 — — — 
Other PPAs5,649 365 414 464 455 439 3,512 
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other3,371 1,412 958 518 365 116 2 
Total purchase obligations$10,377 $2,071 $1,620 $1,216 $1,042 $794 $3,634 
Consumers Energy Company  
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year Consumers expects to pay the following amounts for remediation and other response activity costs in each of the next five years:
In Millions
20252026202720282029
Consumers
Remediation and other response activity costs$3 $7 $9 $24 $7 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$258 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 18, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Schedule of Contractual Purchase Obligations Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2024 for each of the periods shown:
In Millions
Payments Due
Total20252026202720282029Beyond 2029
CMS Energy, including Consumers
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other4,432 1,780 1,095 670 461 239 187 
Total purchase obligations$11,438 $2,439 $1,757 $1,368 $1,138 $917 $3,819 
Consumers
PPAs
MCV PPA$1,297 $265 $233 $218 $222 $239 $120 
Related-party PPAs60 29 15 16 — — — 
Other PPAs5,649 365 414 464 455 439 3,512 
Total PPAs$7,006 $659 $662 $698 $677 $678 $3,632 
Other3,371 1,412 958 518 365 116 2 
Total purchase obligations$10,377 $2,071 $1,620 $1,216 $1,042 $794 $3,634 
v3.25.0.1
Financings and Capitalization (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$— $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,725 $1,975 
Convertible senior notes1
3.375 2028$800 $800 
Junior subordinated notes2
4.750 
3
2050$500 $500 
3.750 
4
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Term loan facilities variable
5
2025$90 $— 
variable
6
2025400 — 
$490 $— 
Total CMS Energy, parent only$5,025 $4,785 
CMS Energy subsidiaries
Consumers$11,370 $10,863 
NorthStar Clean Energy, including subsidiaries
Revolving credit facilityvariable
7
2027150 — 
Total principal amount outstanding$16,545 $15,648 
Current amounts(1,192)(975)
Unamortized discounts(29)(30)
Unamortized issuance costs(130)(135)
Total long-term debt$15,194 $14,508 
1Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes in accordance with the terms outlined in the related indenture. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
There are no sinking fund requirements for the notes. At December 31, 2024, the conversion price for the notes was $73.93 per share of common stock. Unamortized debt costs associated with this issuance were $9 million at December 31, 2024.
2These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
3On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 4.116 percent.
4On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
5The delayed-draw unsecured term loan credit facility has an interest rate of Term SOFR plus 0.900 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.245 percent.
6The delayed-draw unsecured term loan credit facility has an interest rate of one-month Term SOFR plus 0.850 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.403 percent.
7Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At December 31, 2024, the weighted-average interest rate for the loans issued under this facility was 6.097 percent.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
Presented in the following table is a summary of major long-term debt retirements during 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875 January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
First mortgage bonds52 3.190 December 2024December 2024
Total Consumers$302 
Total CMS Energy$552 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
Schedule of Debt Maturities
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Schedule of Supplier Finance Program Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22 
Schedule of Forward Contracts Indexed to Issuer's Equity
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at December 31, 2024:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2024
December 16, 2024November 27, 2025400,581$69.43 $69.53 
Schedule of Preferred Stock Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2024 and 2023:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Consumers Energy Company  
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Consumers
First mortgage bonds
3.125 2024$— $250 
3.190 2024— 52 
5.240 2026115 115 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 425 
3.800 2028300 300 
4.900 2029500 500 
5.070 202950 50 
4.600 2029600 — 
4.700 2030700 — 
5.170 203295 95 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 700 
5.800 2035175 175 
5.380 2037140 140 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$11,395 $10,397 
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Tax-exempt revenue bonds0.875 
2
2035$35 $35 
3.350 
3
204975 75 
$110 $110 
2014 Securitization bonds3.528 
4
2029
5
$112 $141 
2023 Securitization bonds5.322 
6
2028-2031
5
588 646 
$700 $787 
Total principal amount outstanding$12,205 $11,294 
Current amounts(452)(725)
Long-term debt – related parties7 principal amount outstanding
2043-2060(835)(431)
Unamortized discounts(27)(28)
Unamortized issuance costs(73)(73)
Total long-term debt$10,818 $10,037 
1The variable-rate bonds bear interest quarterly at a rate of three‑month SOFR minus 0.038 percent, subject to a zero‑percent floor. At December 31, 2024, the interest rates were 4.320 percent for bonds due September 2069, 4.483 percent for bonds due May 2070, and 4.551 percent for bonds due October 2070. The interest rate for the variable-rate bonds at December 31, 2023 were 5.346 percent, 5.329 percent, and 5.368 percent, respectively. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2024.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2027.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.528 percent at December 31, 2024 and 3.421 percent at December 31, 2023.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.322 percent at December 31, 2024 and 5.342 percent at December 31, 2023.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds. Unamortized discounts associated with the repurchase of Consumers’ first mortgage bonds were $5 million at December 31, 2024 and $3 million at December 31, 2023. Unamortized issuance costs were $7 million at December 31, 2024 and $4 million at December 31, 2023.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
Schedule of Debt Maturities
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Schedule of Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2024 and 2023:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148 
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Schedule of Supplier Finance Program Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
December 312024202320242023
Assets1
Cash equivalents$27 $18 $— $— 
Restricted cash equivalents75 21 75 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments2 2 2 2 
Total assets$138 $71 $102 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
December 312024202320242023
Assets1
Cash equivalents$27 $18 $— $— 
Restricted cash equivalents75 21 75 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments2 2 2 2 
Total assets$138 $71 $102 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
v3.25.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,386 14,876 1,018 11,952 1,906 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
9 9 — — 9 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Notes receivable – related party4
94 94 — — 94 97 97 — — 97 
Liabilities
Long-term debt5
11,270 9,940 — 8,034 1,906 10,762 9,757 — 7,741 2,016 
Long-term debt – related party6
823 549 — 549 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at December 31, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $1.2 billion at December 31, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $2 million at December 31, 2024 and December 31, 2023.
4Includes current portion of notes receivable – related party of $7 million at December 31, 2024 and 2023. For more information on notes receivable – related party, see Note 17, Related-party Transactions—Consumers.
5Includes current portion of long-term debt of $452 million at December 31, 2024 and $725 million at December 31, 2023.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,386 14,876 1,018 11,952 1,906 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
9 9 — — 9 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $8 $— $— $8 $11 $11 $— $— $11 
Notes receivable – related party4
94 94 — — 94 97 97 — — 97 
Liabilities
Long-term debt5
11,270 9,940 — 8,034 1,906 10,762 9,757 — 7,741 2,016 
Long-term debt – related party6
823 549 — 549 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at December 31, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $1.2 billion at December 31, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $2 million at December 31, 2024 and December 31, 2023.
4Includes current portion of notes receivable – related party of $7 million at December 31, 2024 and 2023. For more information on notes receivable – related party, see Note 17, Related-party Transactions—Consumers.
5Includes current portion of long-term debt of $452 million at December 31, 2024 and $725 million at December 31, 2023.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.25.0.1
Plant, Property, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]  
Schedule of Property, Plant and Equipment
Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31Estimated
Depreciable
Life in Years		20242023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Consumers
3 – 125
$33,434 $31,723 
NorthStar Clean Energy
Independent power production1
3 – 40
1,452 1,387 
Assets under finance leases2
45 24 
Other
3 – 5
1 1 
Plant, property, and equipment, gross$34,932 $33,135 
Construction work in progress2,098 944 
Accumulated depreciation and amortization(9,569)(9,007)
Total plant, property, and equipment3
$27,461 $25,072 
Consumers
Plant, property, and equipment, gross
Electric
Generation
15 – 125
$6,576 $6,511 
Distribution
15 – 75
12,135 11,339 
Other
5 – 55
1,307 1,355 
Assets under finance leases2
119 97 
Gas
Distribution
20 – 85
7,942 7,452 
Transmission
17 – 75
3,081 2,806 
Underground storage facilities4
29 – 75
1,405 1,295 
Other
5 – 55
828 815 
Assets under finance leases2
12 15 
Other non-utility property
3 – 51
29 38 
Plant, property, and equipment, gross$33,434 $31,723 
Construction work in progress1,766 845 
Accumulated depreciation and amortization(9,310)(8,796)
Total plant, property, and equipment2
$25,890 $23,772 
1A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 8, Leases.
2For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 8, Leases.
3Consumers’ plant additions were $2.1 billion for the year ended December 31, 2024 and $3.1 billion for the year ended December 31, 2023. Consumers’ plant retirements were $390 million for the year ended December 31, 2024 and $856 million for the year ended December 31, 2023.
4Underground storage includes base natural gas of $26 million at December 31, 2024 and 2023. Base natural gas is not subject to depreciation.
Summary of Finite-Lived Intangible Assets by Major Class Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
DescriptionAmortization Life in YearsDecember 31, 2024December 31, 2023
Gross Cost1
Accumulated Amortization
Gross Cost1
Accumulated Amortization
Consumers
Software development
3 – 15
$679 $481 $772 $543 
Rights of way
50 – 85
253 68 229 64 
Franchises and consents
5 – 50
16 11 16 11 
Leasehold improvements
various2
13 7 11 7 
Other intangiblesvarious28 16 24 15 
Total$989 $583 $1,052 $640 
1Consumers’ intangible asset additions were $90 million for the year ended December 31, 2024 and $80 million for the year ended December 31, 2023. Consumers’ intangible asset retirements were $153 million for the year ended December 31, 2024 and $142 million for the year ended December 31, 2023.
2Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Summary of Accumulated Depreciation and Amortization Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets262 217 
Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets3 6 
Summary of Depreciation and Amortization
Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Depreciation expense – plant, property, and equipment$1,041 $1,050 $990 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,240 $1,180 $1,126 
Consumers
Depreciation expense – plant, property, and equipment$992 $1,007 $952 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,191 $1,137 $1,088 
Schedule of Estimated Amortization Expense for Intangibles
Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
20252026202720282029
Consumers
Intangible asset amortization expense$94 $90 $83 $77 $75 
Consumers Energy Company  
Public Utility, Property, Plant and Equipment [Line Items]  
Schedule of Property, Plant and Equipment
Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31Estimated
Depreciable
Life in Years		20242023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Consumers
3 – 125
$33,434 $31,723 
NorthStar Clean Energy
Independent power production1
3 – 40
1,452 1,387 
Assets under finance leases2
45 24 
Other
3 – 5
1 1 
Plant, property, and equipment, gross$34,932 $33,135 
Construction work in progress2,098 944 
Accumulated depreciation and amortization(9,569)(9,007)
Total plant, property, and equipment3
$27,461 $25,072 
Consumers
Plant, property, and equipment, gross
Electric
Generation
15 – 125
$6,576 $6,511 
Distribution
15 – 75
12,135 11,339 
Other
5 – 55
1,307 1,355 
Assets under finance leases2
119 97 
Gas
Distribution
20 – 85
7,942 7,452 
Transmission
17 – 75
3,081 2,806 
Underground storage facilities4
29 – 75
1,405 1,295 
Other
5 – 55
828 815 
Assets under finance leases2
12 15 
Other non-utility property
3 – 51
29 38 
Plant, property, and equipment, gross$33,434 $31,723 
Construction work in progress1,766 845 
Accumulated depreciation and amortization(9,310)(8,796)
Total plant, property, and equipment2
$25,890 $23,772 
1A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 8, Leases.
2For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 8, Leases.
3Consumers’ plant additions were $2.1 billion for the year ended December 31, 2024 and $3.1 billion for the year ended December 31, 2023. Consumers’ plant retirements were $390 million for the year ended December 31, 2024 and $856 million for the year ended December 31, 2023.
4Underground storage includes base natural gas of $26 million at December 31, 2024 and 2023. Base natural gas is not subject to depreciation.
Assets Under Finance Leases: Presented in the following table are further details about changes in CMS Energy’s and Consumers’ assets under finance leases:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Balance at beginning of period$136 $170 
Additions55 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$176 $136 
Consumers
Balance at beginning of period$112 $146 
Additions34 — 
Net retirements and other adjustments(15)(34)
Balance at end of period$131 $112 
Summary of Finite-Lived Intangible Assets by Major Class Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
DescriptionAmortization Life in YearsDecember 31, 2024December 31, 2023
Gross Cost1
Accumulated Amortization
Gross Cost1
Accumulated Amortization
Consumers
Software development
3 – 15
$679 $481 $772 $543 
Rights of way
50 – 85
253 68 229 64 
Franchises and consents
5 – 50
16 11 16 11 
Leasehold improvements
various2
13 7 11 7 
Other intangiblesvarious28 16 24 15 
Total$989 $583 $1,052 $640 
1Consumers’ intangible asset additions were $90 million for the year ended December 31, 2024 and $80 million for the year ended December 31, 2023. Consumers’ intangible asset retirements were $153 million for the year ended December 31, 2024 and $142 million for the year ended December 31, 2023.
2Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Summary of Average Capitalization Rates Presented in the following table are Consumers’ average AFUDC capitalization rates:
Years Ended December 31202420232022
Electric6.9 %6.5 %6.2 %
Gas5.8 5.8 5.6 
Summary of Accumulated Depreciation and Amortization Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets262 217 
Consumers
Utility plant assets$9,307 $8,790 
Non-utility plant assets3 6 
Summary of Composite Depreciation Rates for Properties Presented in the following table are the composite depreciation rates for Consumers’ segment properties:
Years Ended December 31202420232022
Electric utility property3.6 %3.8 %3.7 %
Gas utility property2.5 2.8 2.9 
Other property7.1 7.8 8.9 
Summary of Depreciation and Amortization
Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Depreciation expense – plant, property, and equipment$1,041 $1,050 $990 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,240 $1,180 $1,126 
Consumers
Depreciation expense – plant, property, and equipment$992 $1,007 $952 
Amortization expense
Software81 92 103 
Other intangible assets5 5 5 
Other regulatory assets2 — — 
Securitized regulatory assets111 33 28 
Total depreciation and amortization expense$1,191 $1,137 $1,088 
Schedule of Estimated Amortization Expense for Intangibles
Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
20252026202720282029
Consumers
Intangible asset amortization expense$94 $90 $83 $77 $75 
Summary of Jointly Owned Regulated Utility Facilities
Presented in the following table are Consumers’ investments in jointly owned regulated utility facilities at December 31, 2024:
In Millions, Except Ownership Share
J.H. Campbell Unit 3LudingtonOther
Ownership share93.3 %51.0 %various
Utility plant in service$1,725 $621 $445 
Accumulated provision for depreciation(856)(242)(95)
Plant under construction— 13 29 
Net investment$869 $392 $379 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Line Items]  
Summary of Lease Right-of-Use Assets and Liabilities
Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
CMS Energy, including ConsumersConsumers
December 312024202320242023
Operating leases
Right-of-use assets1
$24$26$20$23
Lease liabilities
Current lease liabilities2
3434
Non-current lease liabilities3
21221719
Finance leases
Right-of-use assets119717648
Lease liabilities4
Current lease liabilities4545
Non-current lease liabilities112626939
Weighted-average remaining lease term (in years)
Operating leases20191918
Finance leases26192211
Weighted-average discount rate
Operating leases5.3 %5.2 %5.4 %5.3 %
Finance leases5
5.8 5.3 4.8 1.5 
1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.
2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.
3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.
4Includes related-party lease liabilities of $23 million, of which less than $1 million was current, at December 31, 2024 and 2023.
5This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
Schedule of Lease Cost Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Operating lease costs$6 $6 
Finance lease costs
Amortization of right-of-use assets6 9 
Interest on lease liabilities16 15 
Variable lease costs107 107 
Short-term lease costs13 14 
Total lease costs$148 $151 
Consumers
Operating lease costs$5 $5 
Finance lease costs
Amortization of right-of-use assets5 8 
Interest on lease liabilities13 13 
Variable lease costs107 107 
Short-term lease costs12 14 
Total lease costs$142 $147 
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$6 $6 
Cash used in operating activities for finance leases15 15 
Cash used in financing activities for finance leases6 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases3 1 
Finance leases55 — 
Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$5 $6 
Cash used in operating activities for finance leases13 13 
Cash used in financing activities for finance leases5 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases1 1 
Finance leases34 — 
Summary of Minimum Annual Rental Commitments
Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
Finance Leases
December 31, 2024Operating LeasesPipelines and PPAsLand and OtherTotal
CMS Energy, including Consumers
2025$4 $13 $7 $20 
20263 13 7 20 
20272 13 5 18 
20282 13 5 18 
20292 13 5 18 
2030 and thereafter29 13 177 190 
Total minimum lease payments$42 $78 $206 $284 
Less discount18 50 118 168 
Present value of minimum lease payments$24 $28 $88 $116 
Consumers
2025$4 $13 $4 $17 
20263 13 4 17 
20272 13 3 16 
20282 13 2 15 
20291 13 2 15 
2030 and thereafter23 13 71 84 
Total minimum lease payments$35 $78 $86 $164 
Less discount15 50 41 91 
Present value of minimum lease payments$20 $28 $45 $73 
Summary of Future Payments to be Received
Presented in the following table are the minimum rental payments to be received under CMS Energy’s non‑cancelable operating leases:
In Millions
December 31, 2024
2025$44 
202618 
Total minimum lease payments$62 
Consumers Energy Company  
Leases [Line Items]  
Summary of Lease Right-of-Use Assets and Liabilities
Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
CMS Energy, including ConsumersConsumers
December 312024202320242023
Operating leases
Right-of-use assets1
$24$26$20$23
Lease liabilities
Current lease liabilities2
3434
Non-current lease liabilities3
21221719
Finance leases
Right-of-use assets119717648
Lease liabilities4
Current lease liabilities4545
Non-current lease liabilities112626939
Weighted-average remaining lease term (in years)
Operating leases20191918
Finance leases26192211
Weighted-average discount rate
Operating leases5.3 %5.2 %5.4 %5.3 %
Finance leases5
5.8 5.3 4.8 1.5 
1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.
2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.
3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.
4Includes related-party lease liabilities of $23 million, of which less than $1 million was current, at December 31, 2024 and 2023.
5This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
Schedule of Lease Cost Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Operating lease costs$6 $6 
Finance lease costs
Amortization of right-of-use assets6 9 
Interest on lease liabilities16 15 
Variable lease costs107 107 
Short-term lease costs13 14 
Total lease costs$148 $151 
Consumers
Operating lease costs$5 $5 
Finance lease costs
Amortization of right-of-use assets5 8 
Interest on lease liabilities13 13 
Variable lease costs107 107 
Short-term lease costs12 14 
Total lease costs$142 $147 
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$6 $6 
Cash used in operating activities for finance leases15 15 
Cash used in financing activities for finance leases6 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases3 1 
Finance leases55 — 
Consumers
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities for operating leases$5 $6 
Cash used in operating activities for finance leases13 13 
Cash used in financing activities for finance leases5 8 
Lease liabilities arising from obtaining right-of-use assets
Operating leases1 1 
Finance leases34 — 
Summary of Minimum Annual Rental Commitments
Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
Finance Leases
December 31, 2024Operating LeasesPipelines and PPAsLand and OtherTotal
CMS Energy, including Consumers
2025$4 $13 $7 $20 
20263 13 7 20 
20272 13 5 18 
20282 13 5 18 
20292 13 5 18 
2030 and thereafter29 13 177 190 
Total minimum lease payments$42 $78 $206 $284 
Less discount18 50 118 168 
Present value of minimum lease payments$24 $28 $88 $116 
Consumers
2025$4 $13 $4 $17 
20263 13 4 17 
20272 13 3 16 
20282 13 2 15 
20291 13 2 15 
2030 and thereafter23 13 71 84 
Total minimum lease payments$35 $78 $86 $164 
Less discount15 50 41 91 
Present value of minimum lease payments$20 $28 $45 $73 
v3.25.0.1
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligations [Line Items]  
Schedule of Categories of Assets for which an ARO Liability is Recorded
Presented below are the categories of assets that CMS Energy and Consumers have legal obligations to remove at the end of their useful lives and for which they have an ARO liability recorded:
ARO DescriptionIn-service DateLong-lived Assets
Closure of coal ash disposal areasvariousGenerating plants coal ash areas
Gas distribution cut, purge, and capvariousGas distribution mains and services
Asbestos abatement1973Electric and gas utility plant
Closure of renewable generation assetsvariousWind and solar generation facilities
Gas wells plug and abandonvariousGas transmission and storage
Schedule of Change in Asset Retirement Obligation
Presented in the following tables are the changes in CMS Energy’s and Consumers’ ARO liabilities:
In Millions
Company and ARO DescriptionARO Liability 12/31/2023IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2024
CMS Energy, including Consumers
Consumers$739 $1 $(69)$33 $(10)$694 
Renewable generation assets32 — — 2 — 34 
Total CMS Energy$771 $1 $(69)$35 $(10)$728 
Consumers
Coal ash disposal areas$268 $1 $(51)$12 $— $230 
Gas distribution cut, purge, and cap290 — (9)15 (1)295 
Asbestos abatement51 — (7)2 (9)37 
Renewable generation assets102 — — 3 — 105 
Gas wells plug and abandon28 — (2)1 — 27 
Total Consumers$739 $1 $(69)$33 $(10)$694 
In Millions
Company and ARO DescriptionARO Liability 12/31/2022IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2023
CMS Energy, including Consumers
Consumers$722 $4 $(28)$32 $9 $739 
Renewable generation assets24 7 — 1 — 32 
Total CMS Energy$746 $11 $(28)$33 $9 $771 
Consumers
Coal ash disposal areas$272 $— $(15)$11 $— $268 
Gas distribution cut, purge, and cap287 — (10)14 (1)290 
Asbestos abatement39 — (1)3 10 51 
Renewable generation assets95 4 — 3 — 102 
Gas wells plug and abandon29 — (2)1 — 28 
Total Consumers$722 $4 $(28)$32 $9 $739 
Consumers Energy Company  
Asset Retirement Obligations [Line Items]  
Schedule of Categories of Assets for which an ARO Liability is Recorded
Presented below are the categories of assets that CMS Energy and Consumers have legal obligations to remove at the end of their useful lives and for which they have an ARO liability recorded:
ARO DescriptionIn-service DateLong-lived Assets
Closure of coal ash disposal areasvariousGenerating plants coal ash areas
Gas distribution cut, purge, and capvariousGas distribution mains and services
Asbestos abatement1973Electric and gas utility plant
Closure of renewable generation assetsvariousWind and solar generation facilities
Gas wells plug and abandonvariousGas transmission and storage
Schedule of Change in Asset Retirement Obligation
Presented in the following tables are the changes in CMS Energy’s and Consumers’ ARO liabilities:
In Millions
Company and ARO DescriptionARO Liability 12/31/2023IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2024
CMS Energy, including Consumers
Consumers$739 $1 $(69)$33 $(10)$694 
Renewable generation assets32 — — 2 — 34 
Total CMS Energy$771 $1 $(69)$35 $(10)$728 
Consumers
Coal ash disposal areas$268 $1 $(51)$12 $— $230 
Gas distribution cut, purge, and cap290 — (9)15 (1)295 
Asbestos abatement51 — (7)2 (9)37 
Renewable generation assets102 — — 3 — 105 
Gas wells plug and abandon28 — (2)1 — 27 
Total Consumers$739 $1 $(69)$33 $(10)$694 
In Millions
Company and ARO DescriptionARO Liability 12/31/2022IncurredSettledAccretionCash Flow RevisionsARO Liability 12/31/2023
CMS Energy, including Consumers
Consumers$722 $4 $(28)$32 $9 $739 
Renewable generation assets24 7 — 1 — 32 
Total CMS Energy$746 $11 $(28)$33 $9 $771 
Consumers
Coal ash disposal areas$272 $— $(15)$11 $— $268 
Gas distribution cut, purge, and cap287 — (10)14 (1)290 
Asbestos abatement39 — (1)3 10 51 
Renewable generation assets95 4 — 3 — 102 
Gas wells plug and abandon29 — (2)1 — 28 
Total Consumers$722 $4 $(28)$32 $9 $739 
v3.25.0.1
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Schedule of SERP Trust Assets, ABO and Contributions Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Trust assets$127 $132 
ABO105 115 
Consumers
Trust assets$95 $98 
ABO76 83 
Schedule of Assumptions Used Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202420232022
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.73 %5.05 %5.24 %
DB Pension Plan B5.59 4.95 5.14 
DB SERP5.56 4.94 5.13 
OPEB Plan5.69 5.02 5.21 
Rate of compensation increase
DB Pension Plan A3.70 3.60 3.60 
DB SERP3
— — 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,4
DB Pension Plan A5.08 %5.27 %3.09 %
DB SERP3
— 5.18 3.09 
OPEB Plan5.12 5.31 3.23 
Interest cost discount rate2,4
DB Pension Plan A4.93 5.12 2.44 
DB Pension Plan B4.87 5.06 2.21 
DB SERP4.87 5.06 2.21 
OPEB Plan4.91 5.10 2.45 
Expected long-term rate of return on plan assets5
DB Pension Plans7.50 7.20 6.50 
OPEB Plan7.50 7.20 6.50 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.60 
DB SERP3
— 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
Schedule of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202420232022202420232022
CMS Energy, including Consumers
Net periodic credit
Service cost$28 $29 $41 $11 $12 $17 
Interest cost109 112 84 43 44 28 
Settlement loss— — 1 — — — 
Expected return on plan assets(234)(220)(206)(115)(103)(115)
Amortization of:
Net loss12 12 40 4 12 1 
Prior service cost (credit)4 4 4 (31)(41)(51)
Settlement loss11 11 9 — — — 
Net periodic credit$(70)$(52)$(27)$(88)$(76)$(120)
Consumers
Net periodic credit
Service cost$27 $28 $39 $11 $11 $17 
Interest cost102 105 79 41 42 27 
Expected return on plan assets(221)(208)(194)(107)(95)(107)
Amortization of:
Net loss11 11 37 4 12 — 
Prior service cost (credit)4 4 4 (30)(40)(50)
Settlement loss11 11 9 — — — 
Net periodic credit$(66)$(49)$(26)$(81)$(70)$(113)
Schedule of Funded Status of Retirement Benefit Plans Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202420232024202320242023
CMS Energy, including Consumers
Benefit obligation at beginning of period$2,195 $2,169 $114 $117 $900 $889 
Service cost28 29 — — 11 12 
Interest cost104 106 5 6 43 44 
Plan amendments— — — — (25)— 
Actuarial loss (gain)(91)
1
52 
1
(4)1 (40)
1
9 
1
Benefits paid(142)(161)(10)(10)(58)(54)
Benefit obligation at end of period$2,094 $2,195 $105 $114 $831 $900 
Plan assets at fair value at beginning of period$3,004 $2,820 $— $— $1,559 $1,446 
Actual return on plan assets102 345 — — 86 165 
Company contribution— — 10 10 — — 
Actual benefits paid(142)(161)(10)(10)(57)(52)
Plan assets at fair value at end of period$2,964 $3,004 $— $— $1,588 $1,559 
Funded status$870 
2
$809 
2
$(105)$(114)$757 $659 
Consumers
Benefit obligation at beginning of period$83 $85 $867 $856 
Service cost— — 11 11 
Interest cost4 4 41 42 
Plan amendments— — (24)— 
Actuarial loss (gain)(4)1 (38)
1
10 
1
Benefits paid(7)(7)(56)(52)
Benefit obligation at end of period$76 $83 $801 $867 
Plan assets at fair value at beginning of period$— $— $1,453 $1,350 
Actual return on plan assets— — 80 154 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(54)(51)
Plan assets at fair value at end of period$— $— $1,479 $1,453 
Funded status$(76)$(83)$678 $586 
1The actuarial gains for 2024 for the DB Pension Plans and OPEB Plans were primarily the result of higher discount rates. The actuarial losses for 2023 for the DB Pension Plans and OPEB Plan were primarily the result of lower discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $836 million at December 31, 2024 and $781 million at December 31, 2023.
Schedule of Retirement Benefit Plan Assets (Liabilities)
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120242023
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$870 $809 
OPEB Plan757 659 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP95 104 
Consumers
Non-current assets
DB Pension Plans$836 $781 
OPEB Plan678 586 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP69 76 
Schedule of Net Periodic Benefit Cost Not Yet Recognized Presented in the following table are the amounts recognized in regulatory assets and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312024202320242023
CMS Energy, including Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss (gain)60 65 (3)(3)
Prior service cost (credit)— 1 (2)(2)
Total amounts recognized in regulatory assets and AOCI$725 $716 $77 $86 
Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss15 20 — — 
Total amounts recognized in regulatory assets and AOCI$680 $670 $82 $91 
Schedule of Allocation of Plan Assets Presented in the following tables are the fair values of the assets of CMS Energy’s DB Pension Plans and OPEB Plan, by asset category and by level within the fair value hierarchy. For additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
DB Pension Plans
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$148 $148 $— $178 $178 $— 
Mutual funds— — — 47 47 — 
$148 $148 $— $225 $225 $— 
Pooled funds2,816 2,779 
Total$2,964 $3,004 
In Millions
OPEB Plan
December 31, 2024December 31, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$35 $35 $— $82 $82 $— 
U.S. government and agencies securities13 — 13 16 — 16 
Corporate debt68 — 68 67 — 67 
State and municipal bonds2 — 2 1 — 1 
Foreign bonds15 — 15 15 — 15 
Common stocks170 170 — 161 161 — 
Mutual funds53 53 — 60 60 — 
$356 $258 $98 $402 $303 $99 
Pooled funds1,232 1,157 
Total$1,588 $1,559 
Schedule of Asset Allocation Presented in the following table are the investment components of the assets of CMS Energy’s DB Pension Plans and OPEB Plan as of December 31, 2024:
DB Pension PlansOPEB Plan
Fixed-income securities39.0 %38.0 %
Equity securities38.0 42.0 
Real asset investments10.0 9.0 
Return-seeking fixed income7.0 6.0 
Liquid alternative investments4.0 4.0 
Cash and cash equivalents2.0 1.0 
100.0 %100.0 %
Schedule of Expected Benefit Payments Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2025$162 $10 $59 
2026161 10 61 
2027162 10 62 
2028162 9 63 
2029162 9 63 
2030-2034802 42 309 
Consumers
2025$152 $7 $56 
2026152 7 58 
2027152 7 59 
2028152 7 60 
2029153 6 60 
2030-2034757 29 296 
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of SERP Trust Assets, ABO and Contributions Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120242023
CMS Energy, including Consumers
Trust assets$127 $132 
ABO105 115 
Consumers
Trust assets$95 $98 
ABO76 83 
Schedule of Assumptions Used Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202420232022
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.73 %5.05 %5.24 %
DB Pension Plan B5.59 4.95 5.14 
DB SERP5.56 4.94 5.13 
OPEB Plan5.69 5.02 5.21 
Rate of compensation increase
DB Pension Plan A3.70 3.60 3.60 
DB SERP3
— — 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,4
DB Pension Plan A5.08 %5.27 %3.09 %
DB SERP3
— 5.18 3.09 
OPEB Plan5.12 5.31 3.23 
Interest cost discount rate2,4
DB Pension Plan A4.93 5.12 2.44 
DB Pension Plan B4.87 5.06 2.21 
DB SERP4.87 5.06 2.21 
OPEB Plan4.91 5.10 2.45 
Expected long-term rate of return on plan assets5
DB Pension Plans7.50 7.20 6.50 
OPEB Plan7.50 7.20 6.50 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.60 
DB SERP3
— 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scale MP-2021.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3The last active participant in the DB SERP retired in 2023. Thus, the determination of the associated benefit obligation and net periodic benefit cost no longer assumes a rate of compensation increase nor a service cost discount rate.
4CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
5CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 7.50 percent in 2024. The actual return (loss) on the assets of the DB Pension Plans was 3.6 percent in 2024, 12.6 percent in 2023, and (15.9) percent in 2022.
Schedule of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202420232022202420232022
CMS Energy, including Consumers
Net periodic credit
Service cost$28 $29 $41 $11 $12 $17 
Interest cost109 112 84 43 44 28 
Settlement loss— — 1 — — — 
Expected return on plan assets(234)(220)(206)(115)(103)(115)
Amortization of:
Net loss12 12 40 4 12 1 
Prior service cost (credit)4 4 4 (31)(41)(51)
Settlement loss11 11 9 — — — 
Net periodic credit$(70)$(52)$(27)$(88)$(76)$(120)
Consumers
Net periodic credit
Service cost$27 $28 $39 $11 $11 $17 
Interest cost102 105 79 41 42 27 
Expected return on plan assets(221)(208)(194)(107)(95)(107)
Amortization of:
Net loss11 11 37 4 12 — 
Prior service cost (credit)4 4 4 (30)(40)(50)
Settlement loss11 11 9 — — — 
Net periodic credit$(66)$(49)$(26)$(81)$(70)$(113)
Schedule of Funded Status of Retirement Benefit Plans Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202420232024202320242023
CMS Energy, including Consumers
Benefit obligation at beginning of period$2,195 $2,169 $114 $117 $900 $889 
Service cost28 29 — — 11 12 
Interest cost104 106 5 6 43 44 
Plan amendments— — — — (25)— 
Actuarial loss (gain)(91)
1
52 
1
(4)1 (40)
1
9 
1
Benefits paid(142)(161)(10)(10)(58)(54)
Benefit obligation at end of period$2,094 $2,195 $105 $114 $831 $900 
Plan assets at fair value at beginning of period$3,004 $2,820 $— $— $1,559 $1,446 
Actual return on plan assets102 345 — — 86 165 
Company contribution— — 10 10 — — 
Actual benefits paid(142)(161)(10)(10)(57)(52)
Plan assets at fair value at end of period$2,964 $3,004 $— $— $1,588 $1,559 
Funded status$870 
2
$809 
2
$(105)$(114)$757 $659 
Consumers
Benefit obligation at beginning of period$83 $85 $867 $856 
Service cost— — 11 11 
Interest cost4 4 41 42 
Plan amendments— — (24)— 
Actuarial loss (gain)(4)1 (38)
1
10 
1
Benefits paid(7)(7)(56)(52)
Benefit obligation at end of period$76 $83 $801 $867 
Plan assets at fair value at beginning of period$— $— $1,453 $1,350 
Actual return on plan assets— — 80 154 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(54)(51)
Plan assets at fair value at end of period$— $— $1,479 $1,453 
Funded status$(76)$(83)$678 $586 
1The actuarial gains for 2024 for the DB Pension Plans and OPEB Plans were primarily the result of higher discount rates. The actuarial losses for 2023 for the DB Pension Plans and OPEB Plan were primarily the result of lower discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $836 million at December 31, 2024 and $781 million at December 31, 2023.
Schedule of Retirement Benefit Plan Assets (Liabilities)
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120242023
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$870 $809 
OPEB Plan757 659 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP95 104 
Consumers
Non-current assets
DB Pension Plans$836 $781 
OPEB Plan678 586 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP69 76 
Schedule of Net Periodic Benefit Cost Not Yet Recognized Presented in the following table are the amounts recognized in regulatory assets and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312024202320242023
CMS Energy, including Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss (gain)60 65 (3)(3)
Prior service cost (credit)— 1 (2)(2)
Total amounts recognized in regulatory assets and AOCI$725 $716 $77 $86 
Consumers
Regulatory assets
Net loss$653 $634 $176 $191 
Prior service cost (credit)12 16 (94)(100)
Regulatory assets$665 $650 $82 $91 
AOCI
Net loss15 20 — — 
Total amounts recognized in regulatory assets and AOCI$680 $670 $82 $91 
Schedule of Expected Benefit Payments Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2025$162 $10 $59 
2026161 10 61 
2027162 10 62 
2028162 9 63 
2029162 9 63 
2030-2034802 42 309 
Consumers
2025$152 $7 $56 
2026152 7 58 
2027152 7 59 
2028152 7 60 
2029153 6 60 
2030-2034757 29 296 
v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Activity
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2024Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share		Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,158,102 $59.50 1,094,366 $59.50 
Granted
Restricted stock606,746 44.76 562,139 44.49 
Restricted stock units26,704 52.43 25,677 52.46 
Vested
Restricted stock(467,039)45.88 (441,913)45.89 
Restricted stock units(19,350)49.62 (18,572)49.64 
Forfeited – restricted stock(142,376)42.68 (140,124)43.37 
Nonvested at end of period1,162,787 $59.34 1,081,573 $59.35 
Year Ended December 31, 2024CMS Energy, including
Consumers		Consumers
Granted
Time-lapse awards130,512 117,525 
Market-based awards165,238 153,513 
Performance-based awards176,655 164,324 
Restricted stock units22,744 21,880 
Dividends on market-based awards14,518 13,634 
Dividends on performance-based awards15,860 14,905 
Dividends on restricted stock units3,960 3,797 
Additional performance-based shares based on achievement of condition103,963 98,238 
Total granted633,450 587,816 
Schedule of Significant Assumptions
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202420232022
Expected volatility20.2 %30.3 %27.3 %
Expected dividend yield3.5 2.9 2.8 
Risk-free rate4.1 3.9 1.4 
Summary of Weighted-average Grant-date Fair Value
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.76 $52.62 $48.69 
Restricted stock units granted52.43 50.32 56.13 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.49 $52.42 $48.57 
Restricted stock units granted52.46 50.34 56.07 
Schedule of Amounts Related to Restricted Stock Awards and Restricted Stock Units
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Fair value of shares that vested during the year$28 $20 $27 
Compensation expense recognized27 28 26 
Income tax benefit recognized3 3 — 
Consumers
Fair value of shares that vested during the year$27 $19 $25 
Compensation expense recognized25 26 25 
Income tax benefit recognized3 2 — 
Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Activity
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2024Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share		Number of
Shares		Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,158,102 $59.50 1,094,366 $59.50 
Granted
Restricted stock606,746 44.76 562,139 44.49 
Restricted stock units26,704 52.43 25,677 52.46 
Vested
Restricted stock(467,039)45.88 (441,913)45.89 
Restricted stock units(19,350)49.62 (18,572)49.64 
Forfeited – restricted stock(142,376)42.68 (140,124)43.37 
Nonvested at end of period1,162,787 $59.34 1,081,573 $59.35 
Year Ended December 31, 2024CMS Energy, including
Consumers		Consumers
Granted
Time-lapse awards130,512 117,525 
Market-based awards165,238 153,513 
Performance-based awards176,655 164,324 
Restricted stock units22,744 21,880 
Dividends on market-based awards14,518 13,634 
Dividends on performance-based awards15,860 14,905 
Dividends on restricted stock units3,960 3,797 
Additional performance-based shares based on achievement of condition103,963 98,238 
Total granted633,450 587,816 
Schedule of Significant Assumptions
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202420232022
Expected volatility20.2 %30.3 %27.3 %
Expected dividend yield3.5 2.9 2.8 
Risk-free rate4.1 3.9 1.4 
Summary of Weighted-average Grant-date Fair Value
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.76 $52.62 $48.69 
Restricted stock units granted52.43 50.32 56.13 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$44.49 $52.42 $48.57 
Restricted stock units granted52.46 50.34 56.07 
Schedule of Amounts Related to Restricted Stock Awards and Restricted Stock Units
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Fair value of shares that vested during the year$28 $20 $27 
Compensation expense recognized27 28 26 
Income tax benefit recognized3 3 — 
Consumers
Fair value of shares that vested during the year$27 $19 $25 
Compensation expense recognized25 26 25 
Income tax benefit recognized3 2 — 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is the difference between actual income tax expense on continuing operations and income tax expense computed by applying the statutory U.S. federal income tax rate:
In Millions, Except Tax Rate
Years Ended December 31202420232022
CMS Energy, including Consumers
Income from continuing operations before income taxes$1,123 $954 $902 
Income tax expense at statutory rate236 200 189 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
60 31 51 
Renewable energy tax credits(72)(58)(51)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Taxes attributable to noncontrolling interests12 17 5 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net(1)(3)3 
Income tax expense$176 $147 $93 
Effective tax rate15.7 %15.4 %10.3 %
Consumers
Income from continuing operations before income taxes$1,209 $1,028 $1,085 
Income tax expense at statutory rate254 216 228 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
59 36 59 
Renewable energy tax credits(54)(46)(46)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net— (5)3 
Income tax expense$200 $161 $140 
Effective tax rate16.5 %15.7 %12.9 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, during 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2During 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Summary of Significant Components of Income Tax Expense
Presented in the following table are the significant components of income tax expense on continuing operations:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Current income taxes
Federal$34 $5 $6 
State and local— 1 — 
$34 $6 $6 
Deferred income taxes
Federal70 107 4 
State and local76 38 65 
$146 $145 $69 
Deferred income tax credit(4)(4)18 
Tax expense$176 $147 $93 
Consumers
Current income taxes
Federal$78 $3 $(2)
State and local7 2 8 
$85 $5 $6 
Deferred income taxes
Federal51 117 50 
State and local68 43 66 
$119 $160 $116 
Deferred income tax credit(4)(4)18 
Tax expense$200 $161 $140 
Summary of Principal Components of Deferred Income Tax Assets and Liabilities
Presented in the following table are the principal components of deferred income tax assets (liabilities) recognized:
In Millions
December 3120242023
CMS Energy, including Consumers
Deferred income tax assets
Tax loss and credit carryforwards$258 $428 
Net regulatory tax liability307 305 
Reserves and accruals27 28 
Total deferred income tax assets$592 $761 
Valuation allowance(1)(2)
Total deferred income tax assets, net of valuation allowance$591 $759 
Deferred income tax liabilities
Plant, property, and equipment$(2,682)$(2,520)
Employee benefits(507)(473)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(122)(121)
Total deferred income tax liabilities$(3,516)$(3,374)
Total net deferred income tax liabilities$(2,925)$(2,615)
Consumers
Deferred income tax assets
Net regulatory tax liability$307 $305 
Tax loss and credit carryforwards37 175 
Reserves and accruals24 27 
Total deferred income tax assets$368 $507 
Deferred income tax liabilities
Plant, property, and equipment$(2,658)$(2,498)
Employee benefits(489)(459)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(69)(79)
Total deferred income tax liabilities$(3,421)$(3,296)
Total net deferred income tax liabilities$(3,053)$(2,789)
Summary of Loss And Credit Carryforwards
Presented in the following table are the tax loss and credit carryforwards at December 31, 2024:
In Millions
Tax AttributeExpiration
CMS Energy, including Consumers
Michigan net operating loss carryforwards$38 2030 – 2033
Arkansas net operating loss carryforwards2 2033 - 2034
Local net operating loss carryforwards2 2025 – 2040
General business credits1
216 2038 – 2044
Total tax attributes$258 
Consumers
Michigan net operating loss carryforwards$29 2030 – 2033
General business credits1
8 2038 – 2044
Total tax attributes$37 
1General business credits comprise research and development tax credits and renewable energy tax credits that are not expected to be transferred to third parties.
Schedule of Reconciliation of Uncertain Tax Benefits
Presented in the following table is a reconciliation of the beginning and ending amount of uncertain tax benefits:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Balance at beginning of period$26 $28 $27 
Additions for current-year tax positions1 1 1 
Additions for prior-year tax positions2 — 1 
Reductions for prior-year tax positions— — (1)
Reductions for lapse of statute of limitations(5)(3)— 
Balance at end of period$24 $26 $28 
Consumers
Balance at beginning of period$36 $36 $34 
Additions for current-year tax positions6 1 3 
Additions for prior-year tax positions1 2 1 
Reductions for prior-year tax positions— — (2)
Reductions for lapse of statute of limitations(11)(3)— 
Balance at end of period$32 $36 $36 
Consumers Energy Company  
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is the difference between actual income tax expense on continuing operations and income tax expense computed by applying the statutory U.S. federal income tax rate:
In Millions, Except Tax Rate
Years Ended December 31202420232022
CMS Energy, including Consumers
Income from continuing operations before income taxes$1,123 $954 $902 
Income tax expense at statutory rate236 200 189 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
60 31 51 
Renewable energy tax credits(72)(58)(51)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Taxes attributable to noncontrolling interests12 17 5 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net(1)(3)3 
Income tax expense$176 $147 $93 
Effective tax rate15.7 %15.4 %10.3 %
Consumers
Income from continuing operations before income taxes$1,209 $1,028 $1,085 
Income tax expense at statutory rate254 216 228 
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
59 36 59 
Renewable energy tax credits(54)(46)(46)
TCJA excess deferred taxes
(43)(40)(65)
Deferred tax adjustment2
(16)— — 
Accelerated flow-through of regulatory tax benefits3
— — (39)
Other, net— (5)3 
Income tax expense$200 $161 $140 
Effective tax rate16.5 %15.7 %12.9 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, during 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2During 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Summary of Significant Components of Income Tax Expense
Presented in the following table are the significant components of income tax expense on continuing operations:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Current income taxes
Federal$34 $5 $6 
State and local— 1 — 
$34 $6 $6 
Deferred income taxes
Federal70 107 4 
State and local76 38 65 
$146 $145 $69 
Deferred income tax credit(4)(4)18 
Tax expense$176 $147 $93 
Consumers
Current income taxes
Federal$78 $3 $(2)
State and local7 2 8 
$85 $5 $6 
Deferred income taxes
Federal51 117 50 
State and local68 43 66 
$119 $160 $116 
Deferred income tax credit(4)(4)18 
Tax expense$200 $161 $140 
Summary of Principal Components of Deferred Income Tax Assets and Liabilities
Presented in the following table are the principal components of deferred income tax assets (liabilities) recognized:
In Millions
December 3120242023
CMS Energy, including Consumers
Deferred income tax assets
Tax loss and credit carryforwards$258 $428 
Net regulatory tax liability307 305 
Reserves and accruals27 28 
Total deferred income tax assets$592 $761 
Valuation allowance(1)(2)
Total deferred income tax assets, net of valuation allowance$591 $759 
Deferred income tax liabilities
Plant, property, and equipment$(2,682)$(2,520)
Employee benefits(507)(473)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(122)(121)
Total deferred income tax liabilities$(3,516)$(3,374)
Total net deferred income tax liabilities$(2,925)$(2,615)
Consumers
Deferred income tax assets
Net regulatory tax liability$307 $305 
Tax loss and credit carryforwards37 175 
Reserves and accruals24 27 
Total deferred income tax assets$368 $507 
Deferred income tax liabilities
Plant, property, and equipment$(2,658)$(2,498)
Employee benefits(489)(459)
Gas inventory(38)(66)
Securitized costs(167)(194)
Other(69)(79)
Total deferred income tax liabilities$(3,421)$(3,296)
Total net deferred income tax liabilities$(3,053)$(2,789)
Summary of Loss And Credit Carryforwards
Presented in the following table are the tax loss and credit carryforwards at December 31, 2024:
In Millions
Tax AttributeExpiration
CMS Energy, including Consumers
Michigan net operating loss carryforwards$38 2030 – 2033
Arkansas net operating loss carryforwards2 2033 - 2034
Local net operating loss carryforwards2 2025 – 2040
General business credits1
216 2038 – 2044
Total tax attributes$258 
Consumers
Michigan net operating loss carryforwards$29 2030 – 2033
General business credits1
8 2038 – 2044
Total tax attributes$37 
1General business credits comprise research and development tax credits and renewable energy tax credits that are not expected to be transferred to third parties.
Schedule of Reconciliation of Uncertain Tax Benefits
Presented in the following table is a reconciliation of the beginning and ending amount of uncertain tax benefits:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Balance at beginning of period$26 $28 $27 
Additions for current-year tax positions1 1 1 
Additions for prior-year tax positions2 — 1 
Reductions for prior-year tax positions— — (1)
Reductions for lapse of statute of limitations(5)(3)— 
Balance at end of period$24 $26 $28 
Consumers
Balance at beginning of period$36 $36 $34 
Additions for current-year tax positions6 1 3 
Additions for prior-year tax positions1 2 1 
Reductions for prior-year tax positions— — (2)
Reductions for lapse of statute of limitations(11)(3)— 
Balance at end of period$32 $36 $36 
v3.25.0.1
Earnings Per Share - CMS Energy (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Summary of Basic and Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Years Ended December 31202420232022
Income available to common stockholders
Income from continuing operations$947 $807 $809 
Less loss attributable to noncontrolling interests(56)(79)(24)
Less preferred stock dividends10 10 10 
Income from continuing operations available to common stockholders – basic and diluted$993 $876 $823 
Average common shares outstanding
Weighted-average shares – basic297.6 291.2 289.5 
Add dilutive nonvested stock awards0.7 0.5 0.3 
Add dilutive forward equity sale contracts— — 0.2 
Weighted-average shares – diluted298.3 291.7 290.0 
Income from continuing operations per average common share available to common stockholders
Basic$3.34 $3.01 $2.84 
Diluted3.33 3.01 2.84 
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,995 $2,114 $— $7,109 
Other— — 211 211 
Revenue recognized from contracts with customers$4,995 $2,114 $211 $7,320 
Leasing income— — 105 105 
Financing income10 5 — 15 
Consumers alternative-revenue programs56 19 — 75 
Total operating revenue – CMS Energy$5,061 $2,138 $316 $7,515 
Consumers
Consumers utility revenue
Residential$2,318 $1,429 $3,747 
Commercial1,674 440 2,114 
Industrial670 50 720 
Other333 195 528 
Revenue recognized from contracts with customers$4,995 $2,114 $7,109 
Financing income10 5 15 
Alternative-revenue programs56 19 75 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$5,061 $2,138 $7,200 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,686 $2,394 $— $7,080 
Other— — 181 181 
Revenue recognized from contracts with customers$4,686 $2,394 $181 $7,261 
Leasing income— — 116 116 
Financing income10 6 — 16 
Consumers alternative-revenue programs49 20 — 69 
Total operating revenue – CMS Energy$4,745 $2,420 $297 $7,462 
Consumers
Consumers utility revenue
Residential$2,236 $1,619 $3,855 
Commercial1,550 489 2,039 
Industrial660 60 720 
Other240 226 466 
Revenue recognized from contracts with customers$4,686 $2,394 $7,080 
Financing income10 6 16 
Alternative-revenue programs49 20 69 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$4,745 $2,420 $7,166 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$5,395 $2,720 $— $8,115 
Other— — 205 205 
Revenue recognized from contracts with customers$5,395 $2,720 $205 $8,320 
Leasing income— — 240 240 
Financing income10 6 — 16 
Consumers alternative-revenue programs43 14 — 57 
Consumers revenues to be refunded(29)(8)— (37)
Total operating revenue – CMS Energy$5,419 $2,732 $445 $8,596 
Consumers
Consumers utility revenue
Residential$2,523 $1,879 $4,402 
Commercial1,733 559 2,292 
Industrial792 75 867 
Other347 207 554 
Revenue recognized from contracts with customers$5,395 $2,720 $8,115 
Financing income10 6 16 
Alternative-revenue programs43 14 57 
Revenues to be refunded(29)(8)(37)
Total operating revenue – Consumers$5,419 $2,732 $8,151 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,995 $2,114 $— $7,109 
Other— — 211 211 
Revenue recognized from contracts with customers$4,995 $2,114 $211 $7,320 
Leasing income— — 105 105 
Financing income10 5 — 15 
Consumers alternative-revenue programs56 19 — 75 
Total operating revenue – CMS Energy$5,061 $2,138 $316 $7,515 
Consumers
Consumers utility revenue
Residential$2,318 $1,429 $3,747 
Commercial1,674 440 2,114 
Industrial670 50 720 
Other333 195 528 
Revenue recognized from contracts with customers$4,995 $2,114 $7,109 
Financing income10 5 15 
Alternative-revenue programs56 19 75 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$5,061 $2,138 $7,200 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,686 $2,394 $— $7,080 
Other— — 181 181 
Revenue recognized from contracts with customers$4,686 $2,394 $181 $7,261 
Leasing income— — 116 116 
Financing income10 6 — 16 
Consumers alternative-revenue programs49 20 — 69 
Total operating revenue – CMS Energy$4,745 $2,420 $297 $7,462 
Consumers
Consumers utility revenue
Residential$2,236 $1,619 $3,855 
Commercial1,550 489 2,039 
Industrial660 60 720 
Other240 226 466 
Revenue recognized from contracts with customers$4,686 $2,394 $7,080 
Financing income10 6 16 
Alternative-revenue programs49 20 69 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$4,745 $2,420 $7,166 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$5,395 $2,720 $— $8,115 
Other— — 205 205 
Revenue recognized from contracts with customers$5,395 $2,720 $205 $8,320 
Leasing income— — 240 240 
Financing income10 6 — 16 
Consumers alternative-revenue programs43 14 — 57 
Consumers revenues to be refunded(29)(8)— (37)
Total operating revenue – CMS Energy$5,419 $2,732 $445 $8,596 
Consumers
Consumers utility revenue
Residential$2,523 $1,879 $4,402 
Commercial1,733 559 2,292 
Industrial792 75 867 
Other347 207 554 
Revenue recognized from contracts with customers$5,395 $2,720 $8,115 
Financing income10 6 16 
Alternative-revenue programs43 14 57 
Revenues to be refunded(29)(8)(37)
Total operating revenue – Consumers$5,419 $2,732 $8,151 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
v3.25.0.1
Other Income and Other Expense (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Line Items]  
Summary of Components of Other Income and Other Expense
Presented in the following table are the components of other income and other expense at CMS Energy and Consumers:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Other income
Gain on extinguishment of debt1
$110 $131 $— 
Interest income50 37 5 
Allowance for equity funds used during construction29 7 6 
Income from equity method investees7 7 3 
All other11 13 5 
Total other income – CMS Energy$207 $195 $19 
Consumers
Other income
Interest income$42 $25 $2 
Interest income – related parties5 5 5 
Allowance for equity funds used during construction29 7 6 
All other9 12 4 
Total other income – Consumers$85 $49 $17 
CMS Energy, including Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(9)(7)(12)
Total other expense – CMS Energy$(32)$(13)$(27)
Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(7)(6)(10)
Total other expense – Consumers$(30)$(12)$(25)
1For information regarding the gain on extinguishment of debt, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Consumers Energy Company  
Other Income and Expenses [Line Items]  
Summary of Components of Other Income and Other Expense
Presented in the following table are the components of other income and other expense at CMS Energy and Consumers:
In Millions
Years Ended December 31202420232022
CMS Energy, including Consumers
Other income
Gain on extinguishment of debt1
$110 $131 $— 
Interest income50 37 5 
Allowance for equity funds used during construction29 7 6 
Income from equity method investees7 7 3 
All other11 13 5 
Total other income – CMS Energy$207 $195 $19 
Consumers
Other income
Interest income$42 $25 $2 
Interest income – related parties5 5 5 
Allowance for equity funds used during construction29 7 6 
All other9 12 4 
Total other income – Consumers$85 $49 $17 
CMS Energy, including Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(9)(7)(12)
Total other expense – CMS Energy$(32)$(13)$(27)
Consumers
Other expense
Donations$(18)$(1)$(9)
Civic and political expenditures(5)(5)(6)
All other(7)(6)(10)
Total other expense – Consumers$(30)$(12)$(25)
1For information regarding the gain on extinguishment of debt, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.25.0.1
Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,061 $2,138 $316 $7,515 $— $7,515 
Operating expenses
Power supply cost1
1,867 — 161 2,028 — 2,028 
Cost of gas sold— 637 3 640 — 640 
Maintenance and other operating expenses1,066 454 101 1,621 17 1,638 
Depreciation and amortization865 325 49 1,239 1 1,240 
General taxes281 188 12 481 1 482 
Total operating expenses4,079 1,604 326 6,009 19 6,028 
Operating Income (Loss)982 534 (10)1,506 (19)1,487 
Other income2
126 86 14 226 118 344 
Interest charges324 192 4 520 188 708 
Income (Loss) Before Income Taxes784 428 — 1,212 (89)1,123 
Income tax expense (benefit)102 99 (5)196 (20)176 
Income (Loss) From Continuing Operations682 329 5 1,016 (69)947 
Other segment items3
(1)(1)58 56 (10)46 
Net Income (Loss) Available to Common Stockholders$681 $328 $63 $1,072 $(79)$993 
Property, plant, and equipment, gross$20,137 
4
$13,268 
4
$1,506 $34,911 $21 $34,932 
Investments in equity method investees— — 64 64 — 64 
Total assets20,710 
4
13,247 
4
1,893 35,850 70 35,920 
Capital expenditures5
1,871 
6
1,141 
6
288 3,300 1 3,301 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense
3Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,061 $2,138 $7,199 $1 $7,200 
Operating expenses
Power supply cost1
1,867 — 1,867 — 1,867 
Cost of gas sold— 637 637 — 637 
Maintenance and other operating expenses1,066 454 1,520 — 1,520 
Depreciation and amortization865 325 1,190 1 1,191 
General taxes281 188 469 1 470 
Total operating expenses4,079 1,604 5,683 2 5,685 
Operating Income (Loss)982 534 1,516 (1)1,515 
Other income126 86 212 — 212 
Interest charges324 192 516 2 518 
Income (Loss) Before Income Taxes784 428 1,212 (3)1,209 
Income tax expense (benefit)102 99 201 (1)200 
Net Income (Loss)682 329 1,011 (2)1,009 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$681 $328 $1,009 $(2)$1,007 
Property, plant, and equipment, gross$20,137 
3
$13,268 
3
$33,405 $29 $33,434 
Total assets20,767 
3
13,289 
3
34,056 32 34,088 
Capital expenditures4
1,871 
5
1,141 
5
3,012 — 3,012 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,745 $2,420 $297 $7,462 $— $7,462 
Operating expenses
Power supply cost1
1,841 — 170 2,011 — 2,011 
Cost of gas sold— 897 5 902 — 902 
Maintenance and other operating expenses1,075 511 88 1,674 13 1,687 
Depreciation and amortization797 338 43 1,178 2 1,180 
General taxes260 176 10 446 1 447 
Total operating expenses3,973 1,922 316 6,211 16 6,227 
Operating Income (Loss)772 498 (19)1,251 (16)1,235 
Other income2
131 77 12 220 142 362 
Interest charges285 161 2 448 195 643 
Income (Loss) Before Income Taxes618 414 (9)1,023 (69)954 
Income tax expense (benefit)67 98 4 169 (22)147 
Income (Loss) From Continuing Operations551 316 (13)854 (47)807 
Other segment items3
(1)(1)80 78 (8)70 
Net Income (Loss) Available to Common Stockholders$550 $315 $67 $932 $(55)$877 
Property, plant, and equipment, gross$19,302 
4
$12,383 
4
$1,420 $33,105 $30 $33,135 
Investments in equity method investees— — 74 74 — 74 
Total assets19,358 
4
12,353 
4
1,604 33,315 202 33,517 
Capital expenditures5
2,081 
6
1,041 
6
156 $3,278 2 3,280 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,745 $2,420 $7,165 $1 $7,166 
Operating expenses
Power supply cost1
1,841 — 1,841 — 1,841 
Cost of gas sold— 897 897 — 897 
Maintenance and other operating expenses1,075 511 1,586 — 1,586 
Depreciation and amortization797 338 1,135 2 1,137 
General taxes260 176 436 1 437 
Total operating expenses3,973 1,922 5,895 3 5,898 
Operating Income (Loss)772 498 1,270 (2)1,268 
Other income131 77 208 — 208 
Interest charges285 161 446 2 448 
Income (Loss) Before Income Taxes618 414 1,032 (4)1,028 
Income tax expense (benefit)67 98 165 (4)161 
Net Income551 316 867 — 867 
Other segment items2
(1)(1)(2)— (2)
Net Income Available to Common Stockholder$550 $315 $865 $— $865 
Property, plant, and equipment, gross$19,302 
3
$12,383 
3
$31,685 $38 $31,723 
Total assets19,417 
3
12,397 
3
31,814 38 31,852 
Capital expenditures4
2,081 
5
1,041 
5
3,122 23 3,145 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,419 $2,732 $445 $8,596 $— $8,596 
Operating expenses
Power supply cost1
2,605 — 304 2,909 — 2,909 
Cost of gas sold— 1,243 13 1,256 — 1,256 
Maintenance and other operating expenses1,028 554 76 1,658 11 1,669 
Depreciation and amortization757 330 38 1,125 1 1,126 
General taxes240 159 12 411 1 412 
Total operating expenses4,630 2,286 443 7,359 13 7,372 
Operating Income (Loss)789 446 2 1,237 (13)1,224 
Other income (expense)2
106 81 12 199 (2)197 
Interest charges218 116 3 337 182 519 
Income (Loss) Before Income Taxes677 411 11 1,099 (197)902 
Income tax expense (benefit)109 32 3 144 (51)93 
Income (Loss) From Continuing Operations568 379 8 955 (146)809 
Other segment items3
(1)(1)26 24 (6)18 
Net Income (Loss) Available to Common Stockholders$567 $378 $34 $979 $(152)$827 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $3 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,419 $2,732 $8,151 $— $8,151 
Operating expenses
Power supply cost1
2,605 — 2,605 — 2,605 
Cost of gas sold— 1,243 1,243 — 1,243 
Maintenance and other operating expenses1,028 554 1,582 — 1,582 
Depreciation and amortization757 330 1,087 1 1,088 
General taxes240 159 399 1 400 
Total operating expenses4,630 2,286 6,916 2 6,918 
Operating Income (Loss)789 446 1,235 (2)1,233 
Other income106 81 187 — 187 
Interest charges218 116 334 1 335 
Income (Loss) Before Income Taxes677 411 1,088 (3)1,085 
Income tax expense (benefit)109 32 141 (1)140 
Net Income (Loss)568 379 947 (2)945 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$567 $378 $945 $(2)$943 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,061 $2,138 $316 $7,515 $— $7,515 
Operating expenses
Power supply cost1
1,867 — 161 2,028 — 2,028 
Cost of gas sold— 637 3 640 — 640 
Maintenance and other operating expenses1,066 454 101 1,621 17 1,638 
Depreciation and amortization865 325 49 1,239 1 1,240 
General taxes281 188 12 481 1 482 
Total operating expenses4,079 1,604 326 6,009 19 6,028 
Operating Income (Loss)982 534 (10)1,506 (19)1,487 
Other income2
126 86 14 226 118 344 
Interest charges324 192 4 520 188 708 
Income (Loss) Before Income Taxes784 428 — 1,212 (89)1,123 
Income tax expense (benefit)102 99 (5)196 (20)176 
Income (Loss) From Continuing Operations682 329 5 1,016 (69)947 
Other segment items3
(1)(1)58 56 (10)46 
Net Income (Loss) Available to Common Stockholders$681 $328 $63 $1,072 $(79)$993 
Property, plant, and equipment, gross$20,137 
4
$13,268 
4
$1,506 $34,911 $21 $34,932 
Investments in equity method investees— — 64 64 — 64 
Total assets20,710 
4
13,247 
4
1,893 35,850 70 35,920 
Capital expenditures5
1,871 
6
1,141 
6
288 3,300 1 3,301 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense
3Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,061 $2,138 $7,199 $1 $7,200 
Operating expenses
Power supply cost1
1,867 — 1,867 — 1,867 
Cost of gas sold— 637 637 — 637 
Maintenance and other operating expenses1,066 454 1,520 — 1,520 
Depreciation and amortization865 325 1,190 1 1,191 
General taxes281 188 469 1 470 
Total operating expenses4,079 1,604 5,683 2 5,685 
Operating Income (Loss)982 534 1,516 (1)1,515 
Other income126 86 212 — 212 
Interest charges324 192 516 2 518 
Income (Loss) Before Income Taxes784 428 1,212 (3)1,209 
Income tax expense (benefit)102 99 201 (1)200 
Net Income (Loss)682 329 1,011 (2)1,009 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$681 $328 $1,009 $(2)$1,007 
Property, plant, and equipment, gross$20,137 
3
$13,268 
3
$33,405 $29 $33,434 
Total assets20,767 
3
13,289 
3
34,056 32 34,088 
Capital expenditures4
1,871 
5
1,141 
5
3,012 — 3,012 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,745 $2,420 $297 $7,462 $— $7,462 
Operating expenses
Power supply cost1
1,841 — 170 2,011 — 2,011 
Cost of gas sold— 897 5 902 — 902 
Maintenance and other operating expenses1,075 511 88 1,674 13 1,687 
Depreciation and amortization797 338 43 1,178 2 1,180 
General taxes260 176 10 446 1 447 
Total operating expenses3,973 1,922 316 6,211 16 6,227 
Operating Income (Loss)772 498 (19)1,251 (16)1,235 
Other income2
131 77 12 220 142 362 
Interest charges285 161 2 448 195 643 
Income (Loss) Before Income Taxes618 414 (9)1,023 (69)954 
Income tax expense (benefit)67 98 4 169 (22)147 
Income (Loss) From Continuing Operations551 316 (13)854 (47)807 
Other segment items3
(1)(1)80 78 (8)70 
Net Income (Loss) Available to Common Stockholders$550 $315 $67 $932 $(55)$877 
Property, plant, and equipment, gross$19,302 
4
$12,383 
4
$1,420 $33,105 $30 $33,135 
Investments in equity method investees— — 74 74 — 74 
Total assets19,358 
4
12,353 
4
1,604 33,315 202 33,517 
Capital expenditures5
2,081 
6
1,041 
6
156 $3,278 2 3,280 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
5Amounts include assets placed under finance lease.
6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,745 $2,420 $7,165 $1 $7,166 
Operating expenses
Power supply cost1
1,841 — 1,841 — 1,841 
Cost of gas sold— 897 897 — 897 
Maintenance and other operating expenses1,075 511 1,586 — 1,586 
Depreciation and amortization797 338 1,135 2 1,137 
General taxes260 176 436 1 437 
Total operating expenses3,973 1,922 5,895 3 5,898 
Operating Income (Loss)772 498 1,270 (2)1,268 
Other income131 77 208 — 208 
Interest charges285 161 446 2 448 
Income (Loss) Before Income Taxes618 414 1,032 (4)1,028 
Income tax expense (benefit)67 98 165 (4)161 
Net Income551 316 867 — 867 
Other segment items2
(1)(1)(2)— (2)
Net Income Available to Common Stockholder$550 $315 $865 $— $865 
Property, plant, and equipment, gross$19,302 
3
$12,383 
3
$31,685 $38 $31,723 
Total assets19,417 
3
12,397 
3
31,814 38 31,852 
Capital expenditures4
2,081 
5
1,041 
5
3,122 23 3,145 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
4Amounts include assets placed under finance lease.
5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$5,419 $2,732 $445 $8,596 $— $8,596 
Operating expenses
Power supply cost1
2,605 — 304 2,909 — 2,909 
Cost of gas sold— 1,243 13 1,256 — 1,256 
Maintenance and other operating expenses1,028 554 76 1,658 11 1,669 
Depreciation and amortization757 330 38 1,125 1 1,126 
General taxes240 159 12 411 1 412 
Total operating expenses4,630 2,286 443 7,359 13 7,372 
Operating Income (Loss)789 446 2 1,237 (13)1,224 
Other income (expense)2
106 81 12 199 (2)197 
Interest charges218 116 3 337 182 519 
Income (Loss) Before Income Taxes677 411 11 1,099 (197)902 
Income tax expense (benefit)109 32 3 144 (51)93 
Income (Loss) From Continuing Operations568 379 8 955 (146)809 
Other segment items3
(1)(1)26 24 (6)18 
Net Income (Loss) Available to Common Stockholders$567 $378 $34 $979 $(152)$827 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Includes income from equity method investees of $3 million attributable to NorthStar Clean Energy. See Note 15, Other Income and Other Expense.
3Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2022Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$5,419 $2,732 $8,151 $— $8,151 
Operating expenses
Power supply cost1
2,605 — 2,605 — 2,605 
Cost of gas sold— 1,243 1,243 — 1,243 
Maintenance and other operating expenses1,028 554 1,582 — 1,582 
Depreciation and amortization757 330 1,087 1 1,088 
General taxes240 159 399 1 400 
Total operating expenses4,630 2,286 6,916 2 6,918 
Operating Income (Loss)789 446 1,235 (2)1,233 
Other income106 81 187 — 187 
Interest charges218 116 334 1 335 
Income (Loss) Before Income Taxes677 411 1,088 (3)1,085 
Income tax expense (benefit)109 32 141 (1)140 
Net Income (Loss)568 379 947 (2)945 
Other segment items2
(1)(1)(2)— (2)
Net Income (Loss) Available to Common Stockholder$567 $378 $945 $(2)$943 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.0.1
Related party Transactions - Consumers (Tables)
 12 Months Ended
Dec. 31, 2024
Consumers Energy Company  
Related Party Transaction [Line Items]  
Schedule of Related Party Transactions, by Related Party
Presented in the following table is Consumers’ expense recorded from related-party transactions for the years ended December 31:
In Millions
DescriptionRelated Party202420232022
Purchases of capacity and energyAffiliates of NorthStar Clean Energy$71 $75 $76 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
December 3120242023
Current
Cash and cash equivalents$18 $28 
Accounts receivable4 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,024 1,064 
Other non-current assets3 3 
Total assets1
$1,052 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
v3.25.0.1
Exit Activities and Asset Sales (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Year Ended December 3120242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset
8 16 
Costs paid or settled(10)(21)
Retention benefit liability at the end of the period2
$14 $16 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes current portion of other liabilities of $14 million at December 31, 2024 and $7 million at December 31, 2023.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Year Ended December 3120242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset
8 16 
Costs paid or settled(10)(21)
Retention benefit liability at the end of the period2
$14 $16 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes current portion of other liabilities of $14 million at December 31, 2024 and $7 million at December 31, 2023.
v3.25.0.1
Regulatory Matters (Schedule of Regulatory Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets $ 229 $ 203
Total non-current regulatory assets 3,569 3,683
Total current regulatory liabilities 111 56
Total non-current regulatory liabilities 4,067 3,894
Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets 229 203
Total non-current regulatory assets 3,569 3,683
Total regulatory assets 3,798 3,886
Total current regulatory liabilities 111 56
Total non-current regulatory liabilities 4,067 3,894
Total regulatory liabilities 4,178 3,950
Income taxes, net | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory liabilities 53 49
Total non-current regulatory liabilities 1,163 1,220
ASP gain | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory liabilities 47 0
Total non-current regulatory liabilities 46 0
Other | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory liabilities 11 7
Total non-current regulatory liabilities 24 20
Cost of removal | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory liabilities 2,665 2,545
Renewable energy plan | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory liabilities 51 29
Energy waste reduction plan | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory liabilities 41 25
Renewable energy grant | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory liabilities 40 43
Postretirement benefits expense deferral mechanism | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory liabilities 37 12
2022 PSCR underrecovery | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets 126 126
Total non-current regulatory assets 0 126
Energy waste reduction plan incentive | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets 60 54
Total non-current regulatory assets 64 58
Retention incentive program | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets 18 12
Total non-current regulatory assets 12 27
Other | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total current regulatory assets 25 11
Total non-current regulatory assets 25 26
Costs of coal-fueled electric generating units to be retired | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 1,266 1,265
Postretirement benefits | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 747 741
Securitized costs | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 666 778
ARO | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 366 328
Decommissioning costs | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 158 83
Unamortized loss on reacquired debt | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 92 96
MGP sites | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 90 99
Energy waste reduction plan | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 31 19
Ludington overhaul contract dispute | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets 31 13
Postretirement benefits expense deferral mechanism | Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Total non-current regulatory assets $ 21 $ 24
v3.25.0.1
Regulatory Matters (Narrative) (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
May 31, 2024
USD ($)
Apr. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
May 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
facility
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2016
unit
Dec. 31, 2015
unit
Dec. 31, 2013
USD ($)
Nov. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Nov. 30, 2023
USD ($)
Public Utilities, General Disclosures [Line Items]                                    
Operating Revenue               $ 7,515.0   $ 7,462.0   $ 8,596.0            
Regulatory assets         $ 3,683.0     3,569.0   3,683.0                
Settlement agreement penalty payment   $ 1.0                                
Minimum settlement returns to customers   3.0                                
ASP gain                                    
Public Utilities, General Disclosures [Line Items]                                    
Gain on disposition of assets     $ 110.0                              
Amount credited to customers $ 82.5                                  
Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
Operating Revenue               7,200.0   7,166.0   8,151.0            
Regulatory assets         3,683.0     3,569.0   3,683.0                
Purchased and interchange power               1,285.0   1,331.0   1,867.0            
Cost of gas sold               $ 637.0   897.0   1,243.0            
Consumers Energy Company | Renewable energy grant                                    
Public Utilities, General Disclosures [Line Items]                                    
Proceeds from government grant                             $ 69.0      
Consumers Energy Company | MGP sites                                    
Public Utilities, General Disclosures [Line Items]                                    
Number of former MGPs | facility               23                    
Regulatory asset collection period               10 years                    
Consumers Energy Company | Gas-Fueled Electric Generation                                    
Public Utilities, General Disclosures [Line Items]                                    
Number of units retired | unit                           3        
Consumers Energy Company | Coal-Fueled Electric Generation                                    
Public Utilities, General Disclosures [Line Items]                                    
Number of units retired | unit                         7          
Consumers Energy Company | Energy Waste Reduction Plan Incentive                                    
Public Utilities, General Disclosures [Line Items]                                    
Regulatory assets         58.0     $ 64.0   58.0                
Consumers Energy Company | J.H. Campbell Generating Units                                    
Public Utilities, General Disclosures [Line Items]                                    
Regulatory assets                       $ 1,300.0            
Rate of return on equity authorized                       9.00%            
PSCR underrecoveries | Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
PSCR underrecoveries                       $ 401.0            
Purchased and interchange power                   1,800.0   $ 2,500.0            
Over (under) recovery for gas fuel and power supply costs requested       $ (255.0)         $ (255.0)   $ (404.0)              
PSCR underrecoveries | Consumers Energy Company | Revision of Prior Period, Adjustment                                    
Public Utilities, General Disclosures [Line Items]                                    
Over (under) recovery for gas fuel and power supply costs requested                                   $ (401.0)
Energy Waste Reduction Plan Incentive | Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
Authorized recovery collection                               $ 58.0    
Operating Revenue               $ 64.0   $ 58.0                
Gas Rate Case | Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
Rate of return on equity authorized 9.90%                                  
Requested annual rate increase         $ 136.0                          
Requested annual rate increase, as a percent         10.25%                          
Amended requested annual rate increase   $ 113.0                                
Additional annual rate increase authorized $ 35.0                                  
Effective rate relief 62.5                                  
Gas Rate Case | Consumers Energy Company | ASP gain                                    
Public Utilities, General Disclosures [Line Items]                                    
Gain on sale utilized as offset $ 27.5                                  
Electric Rate Case | Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
Rate of return on equity authorized       9.90%                            
Requested annual rate increase             $ 216.0                      
Requested annual rate increase, as a percent             10.25%                      
Amended requested annual rate increase           $ 169.0                        
Additional annual rate increase authorized       $ 92.0                            
Surcharge for the recovery of excess distribution investments       9.0                            
GCR underrecoveries | Consumers Energy Company                                    
Public Utilities, General Disclosures [Line Items]                                    
Over (under) recovery for gas fuel and power supply costs requested       $ (15.0)         (15.0)               $ 3.0  
Cost of gas sold                 $ 500.0   $ 1,100.0              
v3.25.0.1
Regulatory Matters (Schedule of Liabilities for PSCR and GCR Overrecoveries) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Public Utilities, General Disclosures [Line Items]    
Accrued rate refunds $ 38 $ 54
Consumers Energy Company    
Public Utilities, General Disclosures [Line Items]    
Accrued rate refunds 38 54
Consumers Energy Company | PSCR underrecoveries    
Public Utilities, General Disclosures [Line Items]    
Accrued rate refunds 13 10
Consumers Energy Company | GCR underrecoveries    
Public Utilities, General Disclosures [Line Items]    
Accrued rate refunds $ 25 $ 44
v3.25.0.1
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
MW
$ / MWh
facility
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]      
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag recorded liability    
Regulatory assets $ 3,569 $ 3,683  
Consumers Energy Company      
Loss Contingencies [Line Items]      
Regulatory assets $ 3,569 3,683  
Consumers Energy Company | MCV PPA      
Loss Contingencies [Line Items]      
PPA maximum quantity required | MW 1,240    
PPA fixed energy charge per MWh, on-peak (in dollars per MWh) | $ / MWh 6.30    
PPA fixed energy charge per MWh, off-peak (in dollars per MWh) | $ / MWh 6.00    
Annual contribution to renewable resources program by counterparty $ 5    
Purchases $ 358 340 $ 519
Consumers Energy Company | MCV PPA | Year End Through March 2025      
Loss Contingencies [Line Items]      
PPA capacity charge per MWh (in dollars per MWh) | $ / MWh 10.14    
Consumers Energy Company | MCV PPA | March 2025 Through Termination      
Loss Contingencies [Line Items]      
PPA capacity charge per MWh (in dollars per MWh) | $ / MWh 5.00    
Consumers Energy Company | Other PPAs      
Loss Contingencies [Line Items]      
Purchases $ 565 498 510
Consumers Energy Company | MGP sites      
Loss Contingencies [Line Items]      
Regulatory assets $ 90 $ 99  
Consumers Energy Company | Ludington      
Loss Contingencies [Line Items]      
Ownership share 51.00%    
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought     15
Estimate of shared costs $ 350    
Consumers Energy Company | J.H. Campbell 3 Plant Retirement Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought     $ 37
Bay Harbor      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 48    
Discount rate 4.34%    
Accrual for environmental loss contingencies, inflation rate 1.00%    
Accrual for environmental loss contingencies, gross $ 61    
NREPA | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 4    
NREPA | Minimum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 4    
NREPA | Maximum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 5    
CERCLA Liability | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 3    
CERCLA Liability | Minimum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 3    
CERCLA Liability | Maximum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 8    
MGP sites | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 60    
Number of former MGPs | facility 23    
Regulatory asset collection period 10 years    
v3.25.0.1
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Bay Harbor  
Site Contingency [Line Items]  
2025 $ 4
2026 4
2027 4
2028 4
2029 4
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2025 3
2026 7
2027 9
2028 24
2029 $ 7
v3.25.0.1
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership  
Guarantees And Other Contingencies [Line Items]  
Ownership percentage 49.00%
Guarantees  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation $ 30
Carrying Amount 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 30
Carrying Amount 0
Indemnity obligations from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 258
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 153
Carrying Amount $ 1
v3.25.0.1
Contingencies and Commitments (Schedule of Contractual Purchase Obligations) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Guarantees And Other Contingencies [Line Items]  
Total $ 11,438
2025 2,439
2026 1,757
2027 1,368
2028 1,138
2029 917
Beyond 2029 3,819
Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 10,377
2025 2,071
2026 1,620
2027 1,216
2028 1,042
2029 794
Beyond 2029 3,634
Total PPAs | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 7,006
2025 659
2026 662
2027 698
2028 677
2029 678
Beyond 2029 3,632
Other  
Guarantees And Other Contingencies [Line Items]  
Total 4,432
2025 1,780
2026 1,095
2027 670
2028 461
2029 239
Beyond 2029 187
Other | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 3,371
2025 1,412
2026 958
2027 518
2028 365
2029 116
Beyond 2029 2
MCV PPA | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 1,297
2025 265
2026 233
2027 218
2028 222
2029 239
Beyond 2029 120
Related-party PPAs | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 60
2025 29
2026 15
2027 16
2028 0
2029 0
Beyond 2029 0
Other PPAs | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Total 5,649
2025 365
2026 414
2027 464
2028 455
2029 439
Beyond 2029 $ 3,512
v3.25.0.1
Financings and Capitalization (Summary of Long-Term Debt) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 01, 2030
Jun. 01, 2030
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 16,545 $ 15,648
Current amounts     (1,192) (975)
Long-term debt - related parties principal amount outstanding     (1,790)  
Unamortized discounts     (29) (30)
Unamortized issuance costs     (130) (135)
Long-term debt     15,194 14,508
Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     12,205 11,294
Current amounts     (452) (725)
Long-term debt - related parties principal amount outstanding     (1,300)  
Unamortized discounts     (27) (28)
Unamortized issuance costs     (73) (73)
Consumers Energy Company | Related Party        
Debt Instrument [Line Items]        
Long-term debt - related parties principal amount outstanding     (835) (431)
Long-term debt     823 424
Consumers Energy Company | Nonrelated Party        
Debt Instrument [Line Items]        
Long-term debt     10,818 10,037
First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     11,395 10,397
First mortgage bonds | Consumers Energy Company | Related Party        
Debt Instrument [Line Items]        
Long-term debt - related parties principal amount outstanding     (404) (431)
Unamortized discounts     (5) (3)
Unamortized issuance costs     (7) (4)
Tax-exempt revenue bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     110 110
Securitization bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 700 787
3.125% First Mortgage Bonds Due 2024 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.125%  
Total principal amount outstanding     $ 0 250
3.190% First Mortgage Bonds Due 2024 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.19%  
Total principal amount outstanding     $ 0 52
5.240 First Mortgage Bonds Due 2026 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     5.24%  
Total principal amount outstanding     $ 115 115
3.680% First Mortgage Bonds Due 2027 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.68%  
Total principal amount outstanding     $ 100 100
3.390 % First Mortgage Bonds Due 2027 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.39%  
Total principal amount outstanding     $ 35 35
4.650% First Mortgage Bonds Due 2028 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.65%  
Total principal amount outstanding     $ 425 425
3.800% First Mortgage Bonds Due 2028 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.80%  
Total principal amount outstanding     $ 300 300
4.900% First Mortgage Bonds Due 2029 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.90%  
Total principal amount outstanding     $ 500 500
5.070% First Mortgage Bonds Due 2029 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     5.07%  
Total principal amount outstanding     $ 50 50
4.600% First Mortgage Bonds Due 2029 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.60%  
Total principal amount outstanding     $ 600 0
4.700% First Mortgage Bonds Due 2030 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.70%  
Total principal amount outstanding     $ 700 0
5.170% First Mortgage Bonds Due 2032 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     5.17%  
Total principal amount outstanding     $ 95 95
3.600% First Mortgage Bonds Due 2032 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.60%  
Total principal amount outstanding     $ 350 350
3.180% First Mortgage Bonds Due 2032 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.18%  
Total principal amount outstanding     $ 100 100
4.625% First Mortgage Bonds Due 2033 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.625%  
Total principal amount outstanding     $ 700 700
5.800 % First Mortgage Bonds Due 2035 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     5.80%  
Total principal amount outstanding     $ 175 175
5.380% First Mortgage Bonds Due 2037 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     5.38%  
Total principal amount outstanding     $ 140 140
3.520% First Mortgage Bonds Due 2037 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.52%  
Total principal amount outstanding     $ 335 335
4.010% First Mortgage Bonds Due 2038 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.01%  
Total principal amount outstanding     $ 215 215
6.170% First Mortgage Bonds Due 2040 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     6.17%  
Total principal amount outstanding     $ 50 50
4.970% First Mortgage Bonds Due 2040 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.97%  
Total principal amount outstanding     $ 50 50
4.310% First Mortgage Bonds Due 2042 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.31%  
Total principal amount outstanding     $ 263 263
3.950% First Mortgage Bonds Due 2043 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.95%  
Total principal amount outstanding     $ 425 425
4.100% First Mortgage Bonds Due 2045 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.10%  
Total principal amount outstanding     $ 250 250
3.250% First Mortgage Bonds Due 2046 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.25%  
Total principal amount outstanding     $ 450 450
3.950% First Mortgage Bonds Due 2047 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.95%  
Total principal amount outstanding     $ 350 350
4.050% First Mortgage Bonds Due 2048 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.05%  
Total principal amount outstanding     $ 550 550
4.350% First Mortgage Bonds Due 2049 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.35%  
Total principal amount outstanding     $ 550 550
3.750% First Mortgage Bonds Due 2050 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.75%  
Total principal amount outstanding     $ 300 300
3.100% First Mortgage Bonds Due 2050 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.10%  
Total principal amount outstanding     $ 550 550
3.500 First Mortgage Bonds Due 2051 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.50%  
Total principal amount outstanding     $ 575 575
2.650 First Mortgage Bonds Due 2052 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     2.65%  
Total principal amount outstanding     $ 300 300
4.200% First Mortgage Bonds Due 2052 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.20%  
Total principal amount outstanding     $ 450 450
3.860% First Mortgage Bonds Due 2052 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.86%  
Total principal amount outstanding     $ 50 50
4.280% First Mortgage Bonds Due 2057 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.28%  
Total principal amount outstanding     $ 185 185
2.500% First Mortgage Bonds Due 2060 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     2.50%  
Total principal amount outstanding     $ 525 525
4.350% First Mortgage Bonds Due 2064 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     4.35%  
Total principal amount outstanding     $ 250 250
Variable Rate First Mortgage Bonds Due 2069 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 76 $ 76
Interest rate at period end     4.32% 5.346%
Variable Rate First Mortgage Bonds Due 2070 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 134 $ 134
Interest rate at period end     4.483% 5.329%
Variable Rate First Mortgage Bonds Due 2070 | First mortgage bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 127 $ 127
Interest rate at period end     4.551% 5.368%
0.875% Tax Exempt Revenue Bonds Due 2035 | Tax-exempt revenue bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     0.875%  
Total principal amount outstanding     $ 35 $ 35
3.350% Tax Exempt Revenue Bonds Due 2049 | Tax-exempt revenue bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Interest Rate (%)     3.35%  
Total principal amount outstanding     $ 75 75
3.528% Securitization Bonds | Securitization bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 112 $ 141
Weighted average interest rate     3.528% 3.421%
5.322% Securitization Bonds | Securitization bonds | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 588 $ 646
Weighted average interest rate     5.322% 5.342%
Variable Rate First Mortgage Bonds | First mortgage bonds | Consumers Energy Company | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.038%  
CMS Energy        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 5,025 $ 4,785
Current amounts     (740) (250)
Long-term debt - related parties principal amount outstanding     (490)  
Long-term debt     4,226 4,471
CMS Energy | Consumers Energy Company        
Debt Instrument [Line Items]        
Total principal amount outstanding     11,370 10,863
CMS Energy | Senior notes        
Debt Instrument [Line Items]        
Total principal amount outstanding     1,725 1,975
CMS Energy | Junior subordinated notes        
Debt Instrument [Line Items]        
Total principal amount outstanding     2,010 2,010
CMS Energy | Term loan facility        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 490 0
CMS Energy | 3.875% Senior Notes Due 2024 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     3.875%  
Total principal amount outstanding     $ 0 250
CMS Energy | 3.600% Senior Notes Due 2025 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     3.60%  
Total principal amount outstanding     $ 250 250
CMS Energy | 3.000% Senior Notes Due 2026 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     3.00%  
Total principal amount outstanding     $ 300 300
CMS Energy | 2.950% Senior Notes Due 2027 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     2.95%  
Total principal amount outstanding     $ 275 275
CMS Energy | 3.450% Senior Notes Due 2027 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     3.45%  
Total principal amount outstanding     $ 350 350
CMS Energy | 4.700% Senior Notes Due 2043 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     4.70%  
Total principal amount outstanding     $ 250 250
CMS Energy | 4.875% Senior Notes Due 2044 | Senior notes        
Debt Instrument [Line Items]        
Interest Rate (%)     4.875%  
Total principal amount outstanding     $ 300 300
CMS Energy | 3.375% Convertible Senior Notes Due 2028 | Convertible debt        
Debt Instrument [Line Items]        
Interest Rate (%)     3.375%  
Total principal amount outstanding     $ 800 800
CMS Energy | 4.750% Junior Subordinated Notes Due 2050 | Junior subordinated notes        
Debt Instrument [Line Items]        
Interest Rate (%)     4.75%  
Total principal amount outstanding     $ 500 500
CMS Energy | 4.750% Junior Subordinated Notes Due 2050 | Junior subordinated notes | US Treasury (UST) Interest Rate | Forecast        
Debt Instrument [Line Items]        
Basis spread on variable rate   4.116%    
CMS Energy | 3.750% Junior Subordinated Notes Due 2050 | Junior subordinated notes        
Debt Instrument [Line Items]        
Interest Rate (%)     3.75%  
Total principal amount outstanding     $ 400 400
CMS Energy | 3.750% Junior Subordinated Notes Due 2050 | Junior subordinated notes | US Treasury (UST) Interest Rate | Forecast        
Debt Instrument [Line Items]        
Basis spread on variable rate 2.90%      
CMS Energy | 5.625% Junior Subordinated Notes Due 2078 | Junior subordinated notes        
Debt Instrument [Line Items]        
Interest Rate (%)     5.625%  
Total principal amount outstanding     $ 200 200
CMS Energy | 5.875% Junior Subordinated Notes Due 2078 | Junior subordinated notes        
Debt Instrument [Line Items]        
Interest Rate (%)     5.875%  
Total principal amount outstanding     $ 280 280
CMS Energy | 5.875% Junior Subordinated Notes Due 2079 | Junior subordinated notes        
Debt Instrument [Line Items]        
Interest Rate (%)     5.875%  
Total principal amount outstanding     $ 630 630
CMS Energy | 5.245% Delayed Draw Unsecured Term Loan Credit Facility Due 2025 | Term loan facility        
Debt Instrument [Line Items]        
Total principal amount outstanding     90 0
Long-term debt - related parties principal amount outstanding     $ (90)  
Basis spread on variable rate     0.90%  
Interest rate at period end     5.245%  
CMS Energy | 5.028% Delayed Draw Unsecured Term Loan Credit Facility Due 2025 | Term loan facility        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 400 0
Long-term debt - related parties principal amount outstanding     $ (400)  
Basis spread on variable rate     0.85%  
Interest rate at period end     5.403%  
CMS Energy | 3.375% Convertible Senior Notes Due 2028 | Convertible debt        
Debt Instrument [Line Items]        
Conversion price (in dollars per share)     $ 73.93  
Unamortized issuance costs     $ 9  
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities May 7, 2027        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.75%  
Interest rate at period end     6.097%  
Interest rate adjustment     0.05%  
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facility Due 2027 | Revolving Credit Facility        
Debt Instrument [Line Items]        
Total principal amount outstanding     $ 150 $ 0
v3.25.0.1
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) $ 1,790  
Principal Debt Retirements (In Millions) 552  
Consumers Energy Company    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) 1,300  
Principal Debt Retirements (In Millions) 302  
First mortgage bonds | 4.600% First Mortgage Bonds Due May 2029 | Consumers Energy Company    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) $ 600  
Interest Rate (%) 4.60%  
First mortgage bonds | 4.700% First Mortgage Bonds Due January 2030 | Consumers Energy Company    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) $ 700  
Interest Rate (%) 4.70%  
First mortgage bonds | 3.125% First Mortgage Bonds Due August 2024 | Consumers Energy Company    
Debt Instrument [Line Items]    
Interest Rate (%) 3.125%  
Principal Debt Retirements (In Millions) $ 250  
First mortgage bonds | 3.190% First Mortgage Bonds Due 2024 | Consumers Energy Company    
Debt Instrument [Line Items]    
Interest Rate (%) 3.19%  
Principal Debt Retirements (In Millions) $ 52  
CMS Energy    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) 490  
Principal Debt Retirements (In Millions) 250  
CMS Energy | 5.245% Delayed Draw Unsecured Term Loan Credit Facility Due 2025 | Subsequent Event    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions)   $ 70
Interest Rate (%)   5.206%
CMS Energy | Term loan facility | 5.028% Delayed Draw Unsecured Term Loan Credit Facility Due 2025    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) 400  
CMS Energy | Term loan facility | 5.245% Delayed Draw Unsecured Term Loan Credit Facility Due 2025    
Debt Instrument [Line Items]    
Principal Debt Issuances (In Millions) 90  
Maximum borrowing capacity $ 200  
CMS Energy | Senior notes | 3.875% Senior Notes Due March 2024    
Debt Instrument [Line Items]    
Interest Rate (%) 3.875%  
Principal Debt Retirements (In Millions) $ 250  
v3.25.0.1
Financings and Capitalization (Narrative) (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 11, 2025
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Jan. 31, 2024
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Financing And Capitalization [Line Items]            
Principal (In Millions)   $ 1,790   $ 1,790    
Payment for purchase of first mortgage bonds       952 $ 2,132 $ 106
Interest on long-term debt       700 616 509
Notes payable   $ 65   $ 65 $ 93  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]   Accounts payable   Accounts payable    
Limitation on payment of stock dividends   $ 8,000   $ 8,000    
Dividends paid       $ 795    
Common stock authorized (in shares) | shares   350,000,000.0   350,000,000.0 350,000,000.0  
Common stock, par value (in dollars per share) | $ / shares   $ 0.01   $ 0.01    
Preferred stock authorized (in shares) | shares   10,000,000   10,000,000    
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.01   $ 0.01    
Stock offering program maximum value         $ 1,000  
Issuance of common stock       $ 286 192 69
Settlement Of Forward Contracts            
Financing And Capitalization [Line Items]            
Settlement of forward contracts through issuance of stock (in dollars per share) | $ / shares     $ 70.31      
Issuance of common stock     $ 266      
CMS Energy            
Financing And Capitalization [Line Items]            
Principal (In Millions)   $ 490   490    
Payment for purchase of first mortgage bonds       250 0 0
Interest on long-term debt       205 201 181
Issuance of common stock       $ 286 $ 192 69
Series C Preferred Stock Depositary Shares            
Financing And Capitalization [Line Items]            
Preferred stock authorized (in shares) | shares   9,200,000   9,200,000 9,200,000  
Preferred stock, par value (in dollars per share) | $ / shares   $ 25   $ 25 $ 25  
Depositary share conversion ratio   0.001   0.001    
Trading symbol       CMS PRC    
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series            
Financing And Capitalization [Line Items]            
Trading symbol       CMS-PB    
Consumers Energy Company            
Financing And Capitalization [Line Items]            
Principal (In Millions)   $ 1,300   $ 1,300    
Payment for purchase of first mortgage bonds       389 $ 1,654 28
Interest on long-term debt       488 415 325
Notes payable   65   65 $ 93  
Unrestricted retained earnings   $ 2,300   $ 2,300    
Common stock authorized (in shares) | shares   125,000,000.0   125,000,000.0 125,000,000.0  
Preferred stock authorized (in shares) | shares   7,500,000   7,500,000 7,500,000  
Preferred stock, par value (in dollars per share) | $ / shares   $ 4.50   $ 4.50 $ 4.50  
Consumers Energy Company | Commercial Paper            
Financing And Capitalization [Line Items]            
Short-term debt authorized borrowings       $ 500    
Short-term borrowings outstanding   $ 65   $ 65    
Weighted average interest rate   4.675%   4.675%    
NorthStar Clean Energy            
Financing And Capitalization [Line Items]            
Supplier financing program, payment period   135 days   135 days    
Supplier financing program, termination period   30 days   30 days    
Related Party | Consumers Energy Company            
Financing And Capitalization [Line Items]            
Principal (In Millions)   $ 835   $ 835 $ 431  
Related Party | Consumers Energy Company | Credit Agreement            
Financing And Capitalization [Line Items]            
Maximum borrowing capacity   $ 500   500    
Basis spread on variable rate   (0.10%)        
Notes payable   $ 0   0    
Construction Loans | Construction Financing Agreement | NorthStar Clean Energy, Including Subsidiaries | Subsequent Event            
Financing And Capitalization [Line Items]            
Maximum borrowing capacity $ 334          
Borrowings $ 32          
Interest Rate (%) 6.60%          
First mortgage bonds            
Financing And Capitalization [Line Items]            
Gain on extinguishment of debt       110 131 $ 0
First mortgage bonds | Repurchased Debt            
Financing And Capitalization [Line Items]            
Interest on long-term debt       19 5  
First mortgage bonds | Related Party | Consumers Energy Company            
Financing And Capitalization [Line Items]            
Principal (In Millions)   $ 404   404 431  
Payment for purchase of first mortgage bonds       $ 289 $ 293  
v3.25.0.1
Financings and Capitalization (Schedule of Debt Maturities) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 1,192
2026 537
2027 1,038
2028 1,643
2029 1,256
CMS Energy  
Debt Instrument [Line Items]  
2025 740
2026 300
2027 625
2028 800
2029 0
NorthStar Clean Energy, Including Subsidiaries  
Debt Instrument [Line Items]  
2025 0
2026 0
2027 150
2028 0
2029 0
Consumers Energy Company  
Debt Instrument [Line Items]  
2025 452
2026 237
2027 263
2028 843
2029 $ 1,256
v3.25.0.1
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Consumers Energy Company | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings $ 0
Consumers Energy Company | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 1,100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 28,000,000
Amount Available 1,072,000,000
Consumers Energy Company | Revolving Credit Facilities November 18, 2024  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 0
Letters of Credit Outstanding 58,000,000
Amount Available 192,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 550,000,000
Amount Borrowed 0
Letters of Credit Outstanding 31,000,000
Amount Available 519,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027 | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings 0
CMS Energy | Revolving Credit Facilities September 30, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 50,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities May 7, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 150,000,000
Amount Borrowed 150,000,000
Letters of Credit Outstanding 0
Amount Available 0
Equity interests 396,000,000
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities September 25, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 37,000,000
Amount Borrowed 0
Letters of Credit Outstanding 37,000,000
Amount Available $ 0
v3.25.0.1
Financings and Capitalization (Schedule of Supplier Finance Program) (Details) - NorthStar Clean Energy's Supplier Financing Program - NorthStar Clean Energy
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
Balance of payables under suppler financing program at beginning of period $ 0
Payables confirmed 22
Balance of payables under suppler financing program at end of period $ 22
v3.25.0.1
Financings and Capitalization (Schedule of Forward Stock Contracts) (Details) - Forward contracts entered into 12/16/2024 - $ / shares
Dec. 31, 2024
Dec. 16, 2024
Debt and Equity Securities, FV-NI [Line Items]    
Number of Shares (in shares)   400,581
Initial forward price (in dollars per share) $ 69.53 $ 69.43
v3.25.0.1
Financings and Capitalization (Schedule of Preferred Stock) (Details) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Preferred stock, par value (in dollars per share) $ 0.01  
Preferred stock authorized (in shares) 10,000,000  
Consumers Energy Company    
Debt and Equity Securities, FV-NI [Line Items]    
Preferred stock, par value (in dollars per share) $ 4.50 $ 4.50
Preferred stock authorized (in shares) 7,500,000 7,500,000
Preferred stock outstanding (in shares) 400,000 400,000
Series C Preferred Stock Depositary Shares    
Debt and Equity Securities, FV-NI [Line Items]    
Preferred stock, par value (in dollars per share) $ 25 $ 25
Optional redemption price (in dollars per share) $ 25 $ 25
Preferred stock authorized (in shares) 9,200,000 9,200,000
Preferred stock outstanding (in shares) 9,200,000 9,200,000
Preferred Stock $4.50 Series | Consumers Energy Company    
Debt and Equity Securities, FV-NI [Line Items]    
Preferred stock, par value (in dollars per share) $ 100 $ 100
Optional redemption price (in dollars per share) $ 110 $ 110
Preferred stock authorized (in shares) 7,500,000 7,500,000
Preferred stock outstanding (in shares) 373,148 373,148
v3.25.0.1
Fair Value Measurements (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Restricted cash equivalents $ 75 $ 21
Consumers Energy Company    
Assets    
Restricted cash equivalents 75 21
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 138 71
Liabilities    
Total liabilities 34 30
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 102 45
Liabilities    
Total liabilities 25 22
Level 1    
Assets    
Cash equivalents 27 18
Restricted cash equivalents 75 21
Nonqualified deferred compensation plan assets 34 30
Liabilities    
Nonqualified deferred compensation plan liabilities 34 30
Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 0 0
Restricted cash equivalents 75 21
Nonqualified deferred compensation plan assets 25 22
Liabilities    
Nonqualified deferred compensation plan liabilities 25 22
Fair Value, Inputs, Level 3    
Assets    
Derivative instruments 2 2
Fair Value, Inputs, Level 3 | Consumers Energy Company    
Assets    
Derivative instruments $ 2 $ 2
v3.25.0.1
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liabilities    
Current accounts receivable and notes receivable $ 4 $ 6
Current portion of long-term debt 1,192 975
Current portion of long-term payables 2 2
Carrying Amount    
Assets    
Long-term receivables 9 11
Liabilities    
Long-term debt 16,386 15,483
Long-term payables 9 11
Fair Value    
Assets    
Long-term receivables 8 11
Liabilities    
Long-term debt 14,876 14,305
Long-term payables 9 11
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 4 6
Current portion of long-term debt 452 725
Consumers Energy Company | Related Party    
Liabilities    
Notes receivable 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 9 11
Notes receivable related party 94 97
Liabilities    
Long-term payables 4 5
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 11,270 10,762
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 823 424
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 8 11
Notes receivable related party 94 97
Liabilities    
Long-term payables 4 5
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 9,940 9,757
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 549 303
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,018 1,103
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 0 0
Level 1 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 11,952 11,186
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 8,034 7,741
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 549 303
Level 3 | Fair Value    
Assets    
Long-term receivables 8 11
Liabilities    
Long-term debt 1,906 2,016
Long-term payables 9 11
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 8 11
Notes receivable related party 94 97
Liabilities    
Long-term payables 4 5
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,906 2,016
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.25.0.1
Financial Instruments (Narrative) (Details) - CMS Energy Note Payable
Dec. 31, 2024
Financial Instruments [Line Items]  
Interest Rate (%) 4.10%
Consumers Energy Company  
Financial Instruments [Line Items]  
Interest Rate (%) 4.10%
v3.25.0.1
Plant, Property, and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Public Utility, Property, Plant and Equipment [Line Items]      
Plant, property, and equipment, gross $ 34,932 $ 33,135  
Assets under finance leases 176 136 $ 170
Construction work in progress 2,098 944  
Accumulated depreciation and amortization (9,569) (9,007)  
Total plant, property, and equipment 27,461 25,072  
Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Plant, property, and equipment, gross 33,434 31,723  
Assets under finance leases 131 112 $ 146
Construction work in progress 1,766 845  
Accumulated depreciation and amortization (9,310) (8,796)  
Total plant, property, and equipment 25,890 23,772  
Plant additions 2,100 3,100  
Plant retirements $ 390 856  
Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, consumers 3 years    
Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, consumers 125 years    
Generation | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Generation $ 6,576 6,511  
Generation | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, generation 15 years    
Generation | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, generation 125 years    
Distribution | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Distribution $ 12,135 11,339  
Distribution | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, distribution 15 years    
Distribution | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, distribution 75 years    
Other | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Other $ 1,307 1,355  
Other | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 5 years    
Other | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 55 years    
Assets under finance leases | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Assets under finance leases $ 119 97  
Distribution | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Distribution $ 7,942 7,452  
Distribution | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, distribution 20 years    
Distribution | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, distribution 85 years    
Transmission | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Transmission $ 3,081 2,806  
Transmission | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, transmission 17 years    
Transmission | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, transmission 75 years    
Underground storage facilities | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Other $ 1,405 1,295  
Underground storage facilities | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 29 years    
Underground storage facilities | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 75 years    
Other | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Other $ 828 815  
Other | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 5 years    
Other | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 55 years    
Finance leases | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Assets under finance leases $ 12 15  
Other non-utility property | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Other non-utility property $ 29 38  
Other non-utility property | Consumers Energy Company | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 3 years    
Other non-utility property | Consumers Energy Company | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, other 51 years    
Natural Gas | Underground storage facilities | Consumers Energy Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Other $ 26 26  
NorthStar Clean Energy      
Public Utility, Property, Plant and Equipment [Line Items]      
Assets under finance leases 45 24  
Independent power production      
Public Utility, Property, Plant and Equipment [Line Items]      
Plant, property, and equipment, gross $ 1,452 1,387  
Independent power production | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, Enterprises 3 years    
Independent power production | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, Enterprises 40 years    
Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Plant, property, and equipment, gross $ 1 $ 1  
Other | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, Enterprises 3 years    
Other | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated depreciable life in years, Enterprises 5 years    
v3.25.0.1
Plant, Property, and Equipment (Summary of Finite-Lived Intangible Assets by Major Class) (Details) - Consumers Energy Company - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost $ 989 $ 1,052
Accumulated Amortization 583 640
Plant additions 2,100 3,100
Plant retirements 390 856
Software development    
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost 679 772
Accumulated Amortization 481 543
Leasehold improvements    
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost 13 11
Accumulated Amortization 7 7
Intangible plant    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant additions 90 80
Plant retirements 153 142
Rights of way    
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost 253 229
Accumulated Amortization 68 64
Franchises and consents    
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost 16 16
Accumulated Amortization 11 11
Other intangible assets    
Public Utility, Property, Plant and Equipment [Line Items]    
Gross cost 28 24
Accumulated Amortization $ 16 $ 15
Minimum | Software development    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 3 years  
Minimum | Rights of way    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 50 years  
Minimum | Franchises and consents    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 5 years  
Maximum | Software development    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 15 years  
Maximum | Rights of way    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 85 years  
Maximum | Franchises and consents    
Public Utility, Property, Plant and Equipment [Line Items]    
Amortization Life in Years 50 years  
v3.25.0.1
Plant, Property, and Equipment (Summary of Average Capitalization Rates) (Details) - Consumers Energy Company
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Electric Utility      
Property, Plant and Equipment [Line Items]      
AFUDC capitalization rate 6.90% 6.50% 6.20%
Gas Utility      
Property, Plant and Equipment [Line Items]      
AFUDC capitalization rate 5.80% 5.80% 5.60%
v3.25.0.1
Plant, Property, and Equipment (Schedule of Finance Leases and Other Financing Obligations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Finance Leases and Other Financing Obligations, Rollforward [Roll Forward]    
Balance at beginning of period $ 136 $ 170
Additions 55 0
Net retirements and other adjustments (15) (34)
Balance at end of period 176 136
Consumers Energy Company    
Finance Leases and Other Financing Obligations, Rollforward [Roll Forward]    
Balance at beginning of period 112 146
Additions 34 0
Net retirements and other adjustments (15) (34)
Balance at end of period $ 131 $ 112
v3.25.0.1
Plant, Property, and Equipment (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Finance lease accumulated amortization $ 57 $ 65
Consumers Energy Company    
Property, Plant and Equipment [Line Items]    
Finance lease accumulated amortization $ 55 $ 64
v3.25.0.1
Plant, Property, and Equipment (Summary of Accumulated Depreciation and Amortization) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization $ 9,569 $ 9,007
Consumers Energy Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Consumers accumulated depreciation and amortization 9,310 8,796
Non-utility plant assets    
Public Utility, Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization 262 217
Non-utility plant assets | Consumers Energy Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Consumers accumulated depreciation and amortization 3 6
Utility plant assets    
Public Utility, Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization 9,307 8,790
Utility plant assets | Consumers Energy Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Consumers accumulated depreciation and amortization $ 9,307 $ 8,790
v3.25.0.1
Plant, Property, and Equipment (Summary of Composite Depreciation Rates for Properties) (Details) - Consumers Energy Company
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Electric utility property      
Public Utility, Property, Plant and Equipment [Line Items]      
Composite depreciation rate 3.60% 3.80% 3.70%
Gas utility property      
Public Utility, Property, Plant and Equipment [Line Items]      
Composite depreciation rate 2.50% 2.80% 2.90%
Other property      
Public Utility, Property, Plant and Equipment [Line Items]      
Composite depreciation rate 7.10% 7.80% 8.90%
v3.25.0.1
Plant, Property, and Equipment (Summary of Depreciation and Amortization Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense – plant, property, and equipment $ 1,041 $ 1,050 $ 990
Total depreciation and amortization expense 1,240 1,180 1,126
Other regulatory assets      
Property, Plant and Equipment [Line Items]      
Amortization expense 2 0 0
Securitized regulatory assets      
Property, Plant and Equipment [Line Items]      
Amortization expense 111 33 28
Software      
Property, Plant and Equipment [Line Items]      
Amortization expense 81 92 103
Other intangible assets      
Property, Plant and Equipment [Line Items]      
Amortization expense 5 5 5
Consumers Energy Company      
Property, Plant and Equipment [Line Items]      
Depreciation expense – plant, property, and equipment 992 1,007 952
Total depreciation and amortization expense 1,191 1,137 1,088
Consumers Energy Company | Other regulatory assets      
Property, Plant and Equipment [Line Items]      
Amortization expense 2 0 0
Consumers Energy Company | Securitized regulatory assets      
Property, Plant and Equipment [Line Items]      
Amortization expense 111 33 28
Consumers Energy Company | Software      
Property, Plant and Equipment [Line Items]      
Amortization expense 81 92 103
Consumers Energy Company | Other intangible assets      
Property, Plant and Equipment [Line Items]      
Amortization expense $ 5 $ 5 $ 5
v3.25.0.1
Plant, Property, and Equipment (Schedule of Estimated Amortization Expense for Intangibles) (Details) - Consumers Energy Company
$ in Millions
Dec. 31, 2024
USD ($)
Public Utility, Property, Plant and Equipment [Line Items]  
2025 $ 94
2026 90
2027 83
2028 77
2029 $ 75
v3.25.0.1
Plant, Property, and Equipment (Summary of Jointly Owned Regulated Utility Facilities) (Details) - Consumers Energy Company
$ in Millions
Dec. 31, 2024
USD ($)
J.H. Campbell Unit 3  
Public Utility, Property, Plant and Equipment [Line Items]  
Ownership share 93.30%
Utility plant in service $ 1,725
Accumulated provision for depreciation (856)
Plant under construction 0
Net investment $ 869
Ludington  
Public Utility, Property, Plant and Equipment [Line Items]  
Ownership share 51.00%
Utility plant in service $ 621
Accumulated provision for depreciation (242)
Plant under construction 13
Net investment 392
Other  
Public Utility, Property, Plant and Equipment [Line Items]  
Utility plant in service 445
Accumulated provision for depreciation (95)
Plant under construction 29
Net investment $ 379
v3.25.0.1
Leases (Summary of Lease Right-of-Use Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessor, Lease, Description [Line Items]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Other
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non‑current liabilities Other non‑current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Plant, property, and equipment, net Plant, property, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt and finance leases Current portion of long-term debt and finance leases
Operating leases    
Right-of-use assets $ 24 $ 26
Lease liabilities    
Current lease liabilities 3 4
Noncurrent lease liabilities 21 22
Finance leases    
Right-of-use assets 119 71
Lease liabilities    
Current lease liabilities 4 5
Non-current lease liabilities $ 112 $ 62
Weighted-average remaining lease term (in years)    
Operating leases 20 years 19 years
Finance leases 26 years 19 years
Weighted-average discount rate    
Operating leases 5.30% 5.20%
Finance leases 5.80% 5.30%
Finance lease liability $ 116  
Consumers Energy Company    
Operating leases    
Right-of-use assets 20 $ 23
Lease liabilities    
Current lease liabilities 3 4
Noncurrent lease liabilities 17 19
Finance leases    
Right-of-use assets 76 48
Lease liabilities    
Current lease liabilities 4 5
Non-current lease liabilities $ 69 $ 39
Weighted-average remaining lease term (in years)    
Operating leases 19 years 18 years
Finance leases 22 years 11 years
Weighted-average discount rate    
Operating leases 5.40% 5.30%
Finance leases 4.80% 1.50%
Finance lease liability $ 73  
Related Party Lease    
Lease liabilities    
Current lease liabilities 1 $ 1
Weighted-average discount rate    
Finance lease liability $ 23 $ 23
v3.25.0.1
Leases (Schedule of Lease Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Operating lease costs $ 6 $ 6
Finance lease costs    
Amortization of right-of-use assets 6 9
Interest on lease liabilities 16 15
Variable lease costs 107 107
Short-term lease costs 13 14
Total lease costs 148 151
Consumers Energy Company    
Lessee, Lease, Description [Line Items]    
Operating lease costs 5 5
Finance lease costs    
Amortization of right-of-use assets 5 8
Interest on lease liabilities 13 13
Variable lease costs 107 107
Short-term lease costs 12 14
Total lease costs $ 142 $ 147
v3.25.0.1
Leases (Schedule of Lessee Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities    
Cash used in operating activities for operating leases $ 6 $ 6
Cash used in operating activities for finance leases 15 15
Cash used in financing activities for finance leases 6 8
Lease liabilities arising from obtaining right-of-use assets    
Operating leases 3 1
Finance leases 55 0
Consumers Energy Company    
Cash paid for amounts included in the measurement of lease liabilities    
Cash used in operating activities for operating leases 5 6
Cash used in operating activities for finance leases 13 13
Cash used in financing activities for finance leases 5 8
Lease liabilities arising from obtaining right-of-use assets    
Operating leases 1 1
Finance leases $ 34 $ 0
v3.25.0.1
Leases (Summary of Minimum Annual Rental Commitments) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 4
2026 3
2027 2
2028 2
2029 2
2028 and thereafter 29
Total minimum lease payments 42
Less discount 18
Present value of minimum lease payments 24
Finance Leases  
2025 20
2026 20
2027 18
2028 18
2029 18
2028 and thereafter 190
Total minimum lease payments 284
Less discount 168
Present value of minimum lease payments 116
Consumers Energy Company  
Operating Leases  
2025 4
2026 3
2027 2
2028 2
2029 1
2028 and thereafter 23
Total minimum lease payments 35
Less discount 15
Present value of minimum lease payments 20
Finance Leases  
2025 17
2026 17
2027 16
2028 15
2029 15
2028 and thereafter 84
Total minimum lease payments 164
Less discount 91
Present value of minimum lease payments 73
Pipelines and PPAs  
Finance Leases  
2025 13
2026 13
2027 13
2028 13
2029 13
2028 and thereafter 13
Total minimum lease payments 78
Less discount 50
Present value of minimum lease payments 28
Pipelines and PPAs | Consumers Energy Company  
Finance Leases  
2025 13
2026 13
2027 13
2028 13
2029 13
2028 and thereafter 13
Total minimum lease payments 78
Less discount 50
Present value of minimum lease payments 28
Land and Other  
Finance Leases  
2025 7
2026 7
2027 5
2028 5
2029 5
2028 and thereafter 177
Total minimum lease payments 206
Less discount 118
Present value of minimum lease payments 88
Land and Other | Consumers Energy Company  
Finance Leases  
2025 4
2026 4
2027 3
2028 2
2029 2
2028 and thereafter 71
Total minimum lease payments 86
Less discount 41
Present value of minimum lease payments $ 45
v3.25.0.1
Leases (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Consumers Energy Company    
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]    
Minimum rental payments to be received in year one $ 1  
Minimum annual rental payments to be received in year two 1  
Minimum annual rental payments to be received in year three 1  
Minimum annual rental payments to be received in year four 1  
Minimum rental payments to be received in year five 1  
Minimum rental payments to be received thereafter 6  
Lease receivables 6  
Unearned income 5  
Power Sales Agreement    
Lessor, Lease, Description [Line Items]    
Leasing income 105 $ 116
Variable lease income $ 61 $ 74
v3.25.0.1
Leases (Schedule of Future Payments to be Received) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 44
2026 18
Total minimum lease payments $ 62
v3.25.0.1
Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period $ 771 $ 746
Incurred 1 11
Settled (69) (28)
Accretion 35 33
Cash Flow Revisions (10) 9
ARO Liability, end of period 728 771
Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 739 722
Incurred 1 4
Settled (69) (28)
Accretion 33 32
Cash Flow Revisions (10) 9
ARO Liability, end of period 694 739
Renewable generation assets    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 32 24
Incurred 0 7
Settled 0 0
Accretion 2 1
Cash Flow Revisions 0 0
ARO Liability, end of period 34 32
Renewable generation assets | Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 102 95
Incurred 0 4
Settled 0 0
Accretion 3 3
Cash Flow Revisions 0 0
ARO Liability, end of period 105 102
Coal ash disposal areas | Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 268 272
Incurred 1 0
Settled (51) (15)
Accretion 12 11
Cash Flow Revisions 0 0
ARO Liability, end of period 230 268
Gas distribution cut, purge, and cap | Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 290 287
Incurred 0 0
Settled (9) (10)
Accretion 15 14
Cash Flow Revisions (1) (1)
ARO Liability, end of period 295 290
Asbestos abatement | Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 51 39
Incurred 0 0
Settled (7) (1)
Accretion 2 3
Cash Flow Revisions (9) 10
ARO Liability, end of period 37 51
Gas wells plug and abandon | Consumers Energy Company    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
ARO Liability, at beginning of period 28 29
Incurred 0 0
Settled (2) (2)
Accretion 1 1
Cash Flow Revisions 0 0
ARO Liability, end of period $ 27 $ 28
v3.25.0.1
Retirement Benefits (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
yr
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Ultimate health care cost trend rate 4.75%    
Year health care cost trend rate reaches ultimate trend rate 2033    
Union employees percentage 44.00%    
Under Age 65      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed next fiscal year 8.50% 8.00%  
Over Age 65      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed next fiscal year 10.25% 8.50%  
OPEB Plan      
Defined Benefit Plan Disclosure [Line Items]      
Retirement age requirement | yr 55    
Retirement years of service 10 years    
Retirement years of service with disability 15 years    
Estimated time of amortization of gains losses 9 years 9 years 9 years
Estimated time of prior service cost 7 years    
OPEB Plan | Volatility Mechanism      
Defined Benefit Plan Disclosure [Line Items]      
Deferred credits $ 11    
OPEB Plan | Volatility Mechanism      
Defined Benefit Plan Disclosure [Line Items]      
Deferred credits   $ 23  
DB Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Amortized net gains and losses in excess of PBO or MRV 10.00%    
Period for gains or losses to be included in market related value 5 years    
Accumulated benefit obligation $ 1,900 2,000  
DB Pension Plans | Volatility Mechanism      
Defined Benefit Plan Disclosure [Line Items]      
Deferred credits $ 15 $ 11  
DB Pension Plans | Fixed-income securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 40.00%    
DB Pension Plans | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 38.00%    
DB Pension Plans | Real asset investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 11.00%    
DB Pension Plans | Return-seeking fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 7.00%    
DB Pension Plans | Liquid alternative investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 4.00%    
Postretirement Health Trusts | Fixed-income securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 40.00%    
Postretirement Health Trusts | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 38.00%    
Postretirement Health Trusts | Real asset investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 11.00%    
Postretirement Health Trusts | Return-seeking fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 7.00%    
Postretirement Health Trusts | Liquid alternative investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 4.00%    
Consumers Energy Company      
Defined Benefit Plan Disclosure [Line Items]      
Ultimate health care cost trend rate 4.75%    
Year health care cost trend rate reaches ultimate trend rate 2033    
Union employees percentage 46.00%    
Consumers Energy Company | Under Age 65      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed next fiscal year 8.50% 8.00%  
Consumers Energy Company | Over Age 65      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed next fiscal year 10.25% 8.50%  
Consumers Energy Company | OPEB Plan      
Defined Benefit Plan Disclosure [Line Items]      
Retirement age requirement | yr 55    
Retirement years of service 10 years    
Retirement years of service with disability 15 years    
Estimated time of prior service cost 7 years    
Defined Company Contribution Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan cost, defined contribution plan $ 53 $ 51 $ 48
Defined Company Contribution Plan | Consumers Energy Company      
Defined Benefit Plan Disclosure [Line Items]      
Plan cost, defined contribution plan 52 50 48
DC SERP      
Defined Benefit Plan Disclosure [Line Items]      
Plan cost, defined contribution plan $ 1 1 1
Minimum years of participation before vesting 5 years    
Trust assets $ 17 14  
401 (K) Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan cost, defined contribution plan 41 41 44
401 (K) Plan | Consumers Energy Company      
Defined Benefit Plan Disclosure [Line Items]      
Plan cost, defined contribution plan $ 39 $ 40 $ 43
Pension Plan A | DB Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Estimated time of amortization of gains losses 8 years 8 years 8 years
Pension Plan B | DB Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Estimated time of amortization of gains (losses) life expectancy 17 years 17 years 18 years
Minimum | Defined Company Contribution Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contribution range 5.00%    
Minimum | DC SERP      
Defined Benefit Plan Disclosure [Line Items]      
Plan contribution percentage 5.00%    
Minimum | 401 (K) Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contribution range 4.00%    
Maximum | Defined Company Contribution Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contribution range 10.00%    
Maximum | DC SERP      
Defined Benefit Plan Disclosure [Line Items]      
Plan contribution percentage 15.00%    
Maximum | 401 (K) Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contribution range 6.00%    
v3.25.0.1
Retirement Benefits (Schedule of SERP Trust Assets, ABO and Contributions) (Details) - DB SERP - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 105 $ 115
Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
ABO 76 83
Trust assets    
Defined Benefit Plan Disclosure [Line Items]    
Trust assets 127 132
Trust assets | Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
Trust assets $ 95 $ 98
v3.25.0.1
Retirement Benefits (Schedule of Assumptions Used) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
DB Pension Plans      
Weighted average for net periodic benefit cost      
Expected long-term rate of return on plan assets 7.50% 7.20% 6.50%
Actual rate of return on plan assets 3.60% 12.60% (15.90%)
DB SERP      
Weighted average for benefit obligations      
Discount rate 5.56% 4.94% 5.13%
Rate of compensation increase 0.00% 0.00% 5.50%
Weighted average for net periodic benefit cost      
Service cost discount rate 0.00% 5.18% 3.09%
Interest cost discount rate 4.87% 5.06% 2.21%
Rate of compensation increase 0.00% 5.50% 5.50%
OPEB Plan      
Weighted average for benefit obligations      
Discount rate 5.69% 5.02% 5.21%
Weighted average for net periodic benefit cost      
Service cost discount rate 5.12% 5.31% 3.23%
Interest cost discount rate 4.91% 5.10% 2.45%
Expected long-term rate of return on plan assets 7.50% 7.20% 6.50%
Pension Plan A | DB Pension Plans      
Weighted average for benefit obligations      
Discount rate 5.73% 5.05% 5.24%
Rate of compensation increase 3.70% 3.60% 3.60%
Weighted average for net periodic benefit cost      
Service cost discount rate 5.08% 5.27% 3.09%
Interest cost discount rate 4.93% 5.12% 2.44%
Rate of compensation increase 3.60% 3.60% 3.60%
Pension Plan B | DB Pension Plans      
Weighted average for benefit obligations      
Discount rate 5.59% 4.95% 5.14%
Weighted average for net periodic benefit cost      
Interest cost discount rate 4.87% 5.06% 2.21%
v3.25.0.1
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
DB Pension Plans and DB SERP      
Defined Benefit Plan, Roll Forwards [Abstract]      
Service cost $ 28 $ 29 $ 41
Interest cost 109 112 84
Settlement loss 0 0 1
Expected return on plan assets (234) (220) (206)
Amortization of:      
Net loss 12 12 40
Prior service cost (credit) 4 4 4
Settlement loss 11 11 9
Net periodic credit (70) (52) (27)
DB Pension Plans and DB SERP | Consumers Energy Company      
Defined Benefit Plan, Roll Forwards [Abstract]      
Service cost 27 28 39
Interest cost 102 105 79
Expected return on plan assets (221) (208) (194)
Amortization of:      
Net loss 11 11 37
Prior service cost (credit) 4 4 4
Settlement loss 11 11 9
Net periodic credit (66) (49) (26)
OPEB Plan      
Defined Benefit Plan, Roll Forwards [Abstract]      
Service cost 11 12 17
Interest cost 43 44 28
Settlement loss 0 0 0
Expected return on plan assets (115) (103) (115)
Amortization of:      
Net loss 4 12 1
Prior service cost (credit) (31) (41) (51)
Settlement loss 0 0 0
Net periodic credit (88) (76) (120)
OPEB Plan | Consumers Energy Company      
Defined Benefit Plan, Roll Forwards [Abstract]      
Service cost 11 11 17
Interest cost 41 42 27
Expected return on plan assets (107) (95) (107)
Amortization of:      
Net loss 4 12 0
Prior service cost (credit) (30) (40) (50)
Settlement loss 0 0 0
Net periodic credit $ (81) $ (70) $ (113)
v3.25.0.1
Retirement Benefits (Schedule of Funded Status of Retirement Benefit Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
DB Pension Plans      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period $ 2,195 $ 2,169  
Service cost 28 29  
Interest cost 104 106  
Plan amendments 0 0  
Actuarial loss (gain) (91) 52  
Benefits paid (142) (161)  
Benefit obligation at end of period 2,094 2,195 $ 2,169
Defined Benefit Plan, Roll Forwards [Abstract]      
Plan assets at fair value at beginning of period 3,004 2,820  
Actual return on plan assets 102 345  
Company contribution 0 0  
Actual benefits paid (142) (161)  
Plan assets at fair value at end of period 2,964 3,004 2,820
Funded status 870 809  
DB Pension Plans | Consumers Energy Company      
Defined Benefit Plan, Roll Forwards [Abstract]      
Funded status 836 781  
DB SERP      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period 114 117  
Service cost 0 0  
Interest cost 5 6  
Plan amendments 0 0  
Actuarial loss (gain) (4) 1  
Benefits paid (10) (10)  
Benefit obligation at end of period 105 114 117
Defined Benefit Plan, Roll Forwards [Abstract]      
Plan assets at fair value at beginning of period 0 0  
Actual return on plan assets 0 0  
Company contribution 10 10  
Actual benefits paid (10) (10)  
Plan assets at fair value at end of period 0 0 0
Funded status (105) (114)  
DB SERP | Consumers Energy Company      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period 83 85  
Service cost 0 0  
Interest cost 4 4  
Plan amendments 0 0  
Actuarial loss (gain) (4) 1  
Benefits paid (7) (7)  
Benefit obligation at end of period 76 83 85
Defined Benefit Plan, Roll Forwards [Abstract]      
Plan assets at fair value at beginning of period 0 0  
Actual return on plan assets 0 0  
Company contribution 7 7  
Actual benefits paid (7) (7)  
Plan assets at fair value at end of period 0 0 0
Funded status (76) (83)  
OPEB Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period 900 889  
Service cost 11 12 17
Interest cost 43 44 28
Plan amendments (25) 0  
Actuarial loss (gain) (40) 9  
Benefits paid (58) (54)  
Benefit obligation at end of period 831 900 889
Defined Benefit Plan, Roll Forwards [Abstract]      
Plan assets at fair value at beginning of period 1,559 1,446  
Actual return on plan assets 86 165  
Company contribution 0 0  
Actual benefits paid (57) (52)  
Plan assets at fair value at end of period 1,588 1,559 1,446
Funded status 757 659  
OPEB Plan | Consumers Energy Company      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of period 867 856  
Service cost 11 11 17
Interest cost 41 42 27
Plan amendments (24) 0  
Actuarial loss (gain) (38) 10  
Benefits paid (56) (52)  
Benefit obligation at end of period 801 867 856
Defined Benefit Plan, Roll Forwards [Abstract]      
Plan assets at fair value at beginning of period 1,453 1,350  
Actual return on plan assets 80 154  
Company contribution 0 0  
Actual benefits paid (54) (51)  
Plan assets at fair value at end of period 1,479 1,453 $ 1,350
Funded status $ 678 $ 586  
v3.25.0.1
Retirement Benefits (Schedule of Retirement Benefit Plan Assets (Liabilities)) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets $ 1,627 $ 1,468
Non-current liabilities 96 106
Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 1,514 1,367
Non-current liabilities 70 77
DB Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 870 809
DB Pension Plans | Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 836 781
OPEB Plan    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 757 659
OPEB Plan | Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets 678 586
DB SERP    
Defined Benefit Plan Disclosure [Line Items]    
Current liabilities 10 10
Non-current liabilities 95 104
DB SERP | Consumers Energy Company    
Defined Benefit Plan Disclosure [Line Items]    
Current liabilities 7 7
Non-current liabilities $ 69 $ 76
v3.25.0.1
Retirement Benefits (Schedule of Net Periodic Benefit Cost Not yet Recognized) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Consumers Energy Company    
Regulatory assets    
Total regulatory assets $ 3,798 $ 3,886
DB Pension Plans and DB SERP    
Regulatory assets    
Net loss 653 634
Prior service cost (credit) 12 16
Total regulatory assets 665 650
AOCI    
Net loss (gain) 60 65
Prior service cost (credit) 0 1
Total amounts recognized in regulatory assets and AOCI 725 716
DB Pension Plans and DB SERP | Consumers Energy Company    
Regulatory assets    
Net loss 653 634
Prior service cost (credit) 12 16
Total regulatory assets 665 650
AOCI    
Net loss (gain) 15 20
Total amounts recognized in regulatory assets and AOCI 680 670
OPEB Plan    
Regulatory assets    
Net loss 176 191
Prior service cost (credit) (94) (100)
Total regulatory assets 82 91
AOCI    
Net loss (gain) (3) (3)
Prior service cost (credit) (2) (2)
Total amounts recognized in regulatory assets and AOCI 77 86
OPEB Plan | Consumers Energy Company    
Regulatory assets    
Net loss 176 191
Prior service cost (credit) (94) (100)
Total regulatory assets 82 91
AOCI    
Net loss (gain) 0 0
Total amounts recognized in regulatory assets and AOCI $ 82 $ 91
v3.25.0.1
Retirement Benefits (Schedule of Allocation of Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
DB Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 2,964 $ 3,004 $ 2,820
DB Pension Plans | Plan Assets Excluding Pooled Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 148 225  
DB Pension Plans | Plan Assets Excluding Pooled Funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 148 225  
DB Pension Plans | Plan Assets Excluding Pooled Funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
DB Pension Plans | Cash and short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 148 178  
DB Pension Plans | Cash and short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 148 178  
DB Pension Plans | Cash and short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
DB Pension Plans | Mutual funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 47  
DB Pension Plans | Mutual funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 47  
DB Pension Plans | Mutual funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
DB Pension Plans | Pooled funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 2,816 2,779  
OPEB Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 1,588 1,559 $ 1,446
OPEB Plan | Plan Assets Excluding Pooled Funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 356 402  
OPEB Plan | Plan Assets Excluding Pooled Funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 258 303  
OPEB Plan | Plan Assets Excluding Pooled Funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 98 99  
OPEB Plan | Cash and short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 35 82  
OPEB Plan | Cash and short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 35 82  
OPEB Plan | Cash and short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | U.S. government and agencies securities      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 13 16  
OPEB Plan | U.S. government and agencies securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | U.S. government and agencies securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 13 16  
OPEB Plan | Corporate debt      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 68 67  
OPEB Plan | Corporate debt | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | Corporate debt | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 68 67  
OPEB Plan | State and municipal bonds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 2 1  
OPEB Plan | State and municipal bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | State and municipal bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 2 1  
OPEB Plan | Foreign bonds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 15 15  
OPEB Plan | Foreign bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | Foreign bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 15 15  
OPEB Plan | Common stocks      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 170 161  
OPEB Plan | Common stocks | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 170 161  
OPEB Plan | Common stocks | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | Mutual funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 53 60  
OPEB Plan | Mutual funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 53 60  
OPEB Plan | Mutual funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
OPEB Plan | Pooled funds      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 1,232 $ 1,157  
v3.25.0.1
Retirement Benefits (Schedule of Asset Allocation) (Details)
Dec. 31, 2024
DB Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 100.00%
DB Pension Plans | Fixed-income securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 39.00%
DB Pension Plans | Equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 38.00%
DB Pension Plans | Real asset investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 10.00%
DB Pension Plans | Return-seeking fixed income  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 7.00%
DB Pension Plans | Liquid alternative investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 4.00%
DB Pension Plans | Cash and cash equivalents  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 2.00%
OPEB Plan  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 100.00%
OPEB Plan | Fixed-income securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 38.00%
OPEB Plan | Equity securities  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 42.00%
OPEB Plan | Real asset investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 9.00%
OPEB Plan | Return-seeking fixed income  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 6.00%
OPEB Plan | Liquid alternative investments  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 4.00%
OPEB Plan | Cash and cash equivalents  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation 1.00%
v3.25.0.1
Retirement Benefits (Schedule of Expected Benefit Payments) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
DB Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 162
2026 161
2027 162
2028 162
2029 162
2030-2034 802
DB Pension Plans | Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
2025 152
2026 152
2027 152
2028 152
2029 153
2030-2034 757
DB SERP  
Defined Benefit Plan Disclosure [Line Items]  
2025 10
2026 10
2027 10
2028 9
2029 9
2030-2034 42
DB SERP | Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
2025 7
2026 7
2027 7
2028 7
2029 6
2030-2034 29
OPEB Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 59
2026 61
2027 62
2028 63
2029 63
2030-2034 309
OPEB Plan | Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
2025 56
2026 58
2027 59
2028 60
2029 60
2030-2034 $ 296
v3.25.0.1
Stock-based Compensation (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Deferred compensation arrangements plan term 10 years
Number of shares authorized (in shares) 6,500,000
Shares available for grant (in shares) 4,469,391
Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Deferred compensation arrangements plan term 10 years
Number of shares authorized (in shares) 6,500,000
Shares available for grant (in shares) 4,469,391
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percent of initial grant issued on vesting date 0.00%
Minimum | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percent of initial grant issued on vesting date 0.00%
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percent of initial grant issued on vesting date 200.00%
Maximum | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percent of initial grant issued on vesting date 200.00%
Performance-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 38 months
Vesting period 3 years
Performance-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 38 months
Vesting period 3 years
Performance-based awards | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 36 months
Performance-based awards | Minimum | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 36 months
Market-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 3 years
Vesting period 3 years
Market-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 3 years
Vesting period 3 years
Time-lapse awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 3 years
Time-lapse awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 3 years
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 1 year
Shares forfeited (in shares) 0
Restricted stock units | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Service period 1 year
Shares forfeited (in shares) 0
Restricted stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares forfeited (in shares) 142,376
Unrecognized compensation cost | $ $ 28
Unrecognized compensation cost recognition period 2 years
Restricted stock | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares forfeited (in shares) 140,124
Unrecognized compensation cost | $ $ 26
Unrecognized compensation cost recognition period 2 years
v3.25.0.1
Stock-based Compensation (Schedule of Restricted Stock Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Granted (in shares) 633,450    
Consumers Energy Company      
Number of Shares      
Granted (in shares) 587,816    
Restricted Stock and Restricted Stock Units      
Number of Shares      
Nonvested, at beginning of period (in shares) 1,158,102    
Nonvested, at end of period (in shares) 1,162,787 1,158,102  
Weighted-average Grant Date Fair Value Per Share      
Weighted-average grant date fair value per share, at beginning of period (in dollars per share) $ 59.50    
Weighted-average grant date fair value per share, at end of period (in dollars per share) $ 59.34 $ 59.50  
Restricted Stock and Restricted Stock Units | Consumers Energy Company      
Number of Shares      
Nonvested, at beginning of period (in shares) 1,094,366    
Nonvested, at end of period (in shares) 1,081,573 1,094,366  
Weighted-average Grant Date Fair Value Per Share      
Weighted-average grant date fair value per share, at beginning of period (in dollars per share) $ 59.50    
Weighted-average grant date fair value per share, at end of period (in dollars per share) $ 59.35 $ 59.50  
Restricted stock      
Number of Shares      
Granted (in shares) 606,746    
Vested (in shares) (467,039)    
Forfeited (in shares) (142,376)    
Weighted-average Grant Date Fair Value Per Share      
Granted (in dollars per share) $ 44.76 52.62 $ 48.69
Vested (in dollars per share) 45.88    
Forfeitured (in dollars per share) $ 42.68    
Restricted stock | Consumers Energy Company      
Number of Shares      
Granted (in shares) 562,139    
Vested (in shares) (441,913)    
Forfeited (in shares) (140,124)    
Weighted-average Grant Date Fair Value Per Share      
Granted (in dollars per share) $ 44.49 52.42 48.57
Vested (in dollars per share) 45.89    
Forfeitured (in dollars per share) $ 43.37    
Restricted stock units      
Number of Shares      
Granted (in shares) 26,704    
Vested (in shares) (19,350)    
Forfeited (in shares) 0    
Weighted-average Grant Date Fair Value Per Share      
Granted (in dollars per share) $ 52.43 50.32 56.13
Vested (in dollars per share) $ 49.62    
Restricted stock units | Consumers Energy Company      
Number of Shares      
Granted (in shares) 25,677    
Vested (in shares) (18,572)    
Forfeited (in shares) 0    
Weighted-average Grant Date Fair Value Per Share      
Granted (in dollars per share) $ 52.46 $ 50.34 $ 56.07
Vested (in dollars per share) $ 49.64    
v3.25.0.1
Stock-based Compensation (Schedule of Restricted Stock Activity - Granted) (Details)
 12 Months Ended
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 633,450
Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 587,816
Time-lapse awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 130,512
Time-lapse awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 117,525
Market-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 165,238
Market-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 153,513
Performance-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 176,655
Performance-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 164,324
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 22,744
Restricted stock units | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 21,880
Dividends on market-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 14,518
Dividends on market-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 13,634
Dividends on performance-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 15,860
Dividends on performance-based awards | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 14,905
Dividends on restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 3,960
Dividends on restricted stock units | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 3,797
Additional performance-based shares based on achievement of condition  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 103,963
Additional performance-based shares based on achievement of condition | Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) 98,238
v3.25.0.1
Stock-based Compensation (Schedule of Significant Assumptions Used to Estimate Fair Value of Market-based Restricted Stock Awards) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Expected volatility 20.20% 30.30% 27.30%
Expected dividend yield 3.50% 2.90% 2.80%
Risk-free rate 4.10% 3.90% 1.40%
v3.25.0.1
Stock-based Compensation (Summary of Weighted-average Grant-date Fair Value) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) $ 44.76 $ 52.62 $ 48.69
Restricted stock | Consumers Energy Company      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) 44.49 52.42 48.57
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) 52.43 50.32 56.13
Restricted stock units | Consumers Energy Company      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) $ 52.46 $ 50.34 $ 56.07
v3.25.0.1
Stock-based Compensation (Schedule of Amounts Related to Restricted Stock Awards and Restricted Stock Units) (Details) - Restricted stock - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of shares that vested during the year $ 28 $ 20 $ 27
Compensation expense recognized 27 28 26
Income tax benefit recognized 3 3 0
Consumers Energy Company      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of shares that vested during the year 27 19 25
Compensation expense recognized 25 26 25
Income tax benefit recognized $ 3 $ 2 $ 0
v3.25.0.1
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Income from continuing operations before income taxes $ 1,123 $ 954 $ 902
Income tax expense at statutory rate 236 200 189
Increase (decrease) in income taxes from:      
State and local income taxes, net of federal effect 60 31 51
Renewable energy tax credits (72) (58) (51)
TCJA excess deferred taxes (43) (40) (65)
Deferred tax adjustment (16) 0 0
Taxes attributable to noncontrolling interests 12 17 5
Accelerated flow-through of regulatory tax benefits 0 0 (39)
Other, net (1) (3) 3
Income tax expense $ 176 $ 147 $ 93
Effective tax rate 15.70% 15.40% 10.30%
Consumers Energy Company      
Income Taxes [Line Items]      
Income from continuing operations before income taxes $ 1,209 $ 1,028 $ 1,085
Income tax expense at statutory rate 254 216 228
Increase (decrease) in income taxes from:      
State and local income taxes, net of federal effect 59 36 59
Renewable energy tax credits (54) (46) (46)
TCJA excess deferred taxes (43) (40) (65)
Deferred tax adjustment (16) 0 0
Accelerated flow-through of regulatory tax benefits 0 0 (39)
Other, net 0 (5) 3
Income tax expense $ 200 $ 161 $ 140
Effective tax rate 16.50% 15.70% 12.90%
Consumers Energy Company | Non-Michigan Jurisdiction      
Increase (decrease) in income taxes from:      
State and local income taxes, net of federal effect   $ (13)  
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   $ 142,000,000 $ 157,000,000 $ 89,000,000
Interest accrued   0 0 0
Local Tax Authority        
Income Tax Benefits [Line Items]        
Valuation allowance - loss carryforward   1,000,000    
2024 Renewable Energy Tax Credits        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   59,000,000    
Consumers Energy Company        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   115,000,000 156,000,000 134,000,000
Interest accrued   0 $ 0 $ 0
Consumers Energy Company | 2023 Renewable Energy Tax Credits        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   37,000,000    
Consumers Energy Company | 2024 Renewable Energy Tax Credits        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   $ 39,000,000    
Consumers Energy Company | 2024 Renewable Energy Tax Credits | Forecast        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits $ 13,000,000      
v3.25.0.1
Income Taxes (Summary of Significant Components of Income Tax Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current income taxes      
Federal $ 34 $ 5 $ 6
State and local 0 1 0
Total current income tax expense 34 6 6
Deferred income taxes      
Federal 70 107 4
State and local 76 38 65
Total deferred income tax expense 146 145 69
Deferred income tax credit (4) (4) 18
Income tax expense 176 147 93
Consumers Energy Company      
Current income taxes      
Federal 78 3 (2)
State and local 7 2 8
Total current income tax expense 85 5 6
Deferred income taxes      
Federal 51 117 50
State and local 68 43 66
Total deferred income tax expense 119 160 116
Deferred income tax credit (4) (4) 18
Income tax expense $ 200 $ 161 $ 140
v3.25.0.1
Income Taxes (Summary of Principal Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax assets    
Tax loss and credit carryforwards $ 258 $ 428
Net regulatory tax liability 307 305
Reserves and accruals 27 28
Total deferred income tax assets 592 761
Valuation allowance (1) (2)
Total deferred income tax assets, net of valuation allowance 591 759
Deferred income tax liabilities    
Plant, property, and equipment (2,682) (2,520)
Employee benefits (507) (473)
Gas inventory (38) (66)
Securitized costs (167) (194)
Other (122) (121)
Total deferred income tax liabilities (3,516) (3,374)
Total net deferred income tax liabilities (2,925) (2,615)
Consumers Energy Company    
Deferred income tax assets    
Tax loss and credit carryforwards 37 175
Net regulatory tax liability 307 305
Reserves and accruals 24 27
Total deferred income tax assets, net of valuation allowance 368 507
Deferred income tax liabilities    
Plant, property, and equipment (2,658) (2,498)
Employee benefits (489) (459)
Gas inventory (38) (66)
Securitized costs (167) (194)
Other (69) (79)
Total deferred income tax liabilities (3,421) (3,296)
Total net deferred income tax liabilities $ (3,053) $ (2,789)
v3.25.0.1
Income Taxes (Summary of Loss and Credit Carryforwards) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
General business credits $ 216
Total tax attributes 258
Consumers Energy Company  
Operating Loss Carryforwards [Line Items]  
General business credits 8
Total tax attributes 37
Michigan State Tax Authority  
Operating Loss Carryforwards [Line Items]  
Local net operating loss carryforwards 38
Michigan State Tax Authority | Consumers Energy Company  
Operating Loss Carryforwards [Line Items]  
Local net operating loss carryforwards 29
Arkansas State Tax Authority  
Operating Loss Carryforwards [Line Items]  
Local net operating loss carryforwards 2
Local Tax Authority  
Operating Loss Carryforwards [Line Items]  
Local net operating loss carryforwards $ 2
v3.25.0.1
Income Taxes (Schedule of Reconciliation of Uncertain Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of period $ 26 $ 28 $ 27
Additions for current-year tax positions 1 1 1
Additions for prior-year tax positions 2 0 1
Reductions for prior-year tax positions 0 0 (1)
Reductions for lapse of statute of limitations (5) (3) 0
Balance at end of period 24 26 28
Consumers Energy Company      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of period 36 36 34
Additions for current-year tax positions 6 1 3
Additions for prior-year tax positions 1 2 1
Reductions for prior-year tax positions 0 0 (2)
Reductions for lapse of statute of limitations (11) (3) 0
Balance at end of period $ 32 $ 36 $ 36
v3.25.0.1
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income available to common stockholders      
Income from continuing operations $ 947 $ 807 $ 809
Loss attributable to noncontrolling interests (56) (79) (24)
Preferred stock dividends 10 10 10
Income from continuing operations available to common stockholders – basic and diluted $ 993 $ 876 $ 823
Average common shares outstanding      
Weighted average shares - basic (in shares) 297.6 291.2 289.5
Dilutive nonvested stock awards (in shares) 0.7 0.5 0.3
Dilutive forward equity sale contracts (in shares) 0.0 0.0 0.2
Weighted average shares - diluted (in shares) 298.3 291.7 290.0
Income from continuing operations per average common share available to common stockholders      
Basic (in dollars per share) $ 3.34 $ 3.01 $ 2.84
Diluted (in dollars per share) $ 3.33 $ 3.01 $ 2.84
v3.25.0.1
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers $ 7,320 $ 7,261 $ 8,320
Leasing income 105 116 240
Financing income 15 16 16
Alternative-revenue programs     57
Revenues to be refunded     (37)
Total operating revenue 7,515 7,462 8,596
Operating Segments      
Disaggregation of Revenue [Line Items]      
Total operating revenue 7,515 7,462 8,596
Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 4,995 4,686 5,395
Financing income 10 10 10
Alternative-revenue programs     43
Revenues to be refunded     (29)
Total operating revenue 5,061 4,745 5,419
Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 2,114 2,394 2,720
Financing income 5 6 6
Alternative-revenue programs     14
Revenues to be refunded     (8)
Total operating revenue 2,138 2,420 2,732
NorthStar Clean Energy | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 211 181 205
Leasing income 105 116 240
Total operating revenue 316 297 445
Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 7,109 7,080 8,115
Financing income 15 16 16
Alternative-revenue programs 75 69 57
Other non-segment revenue 1 1  
Revenues to be refunded     (37)
Total operating revenue 7,200 7,166 8,151
Consumers Energy Company | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total operating revenue 7,199 7,165 8,151
Consumers Energy Company | Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 4,995 4,686 5,395
Financing income 10 10 10
Alternative-revenue programs 56 49 43
Revenues to be refunded     (29)
Total operating revenue 5,061 4,745 5,419
Consumers Energy Company | Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 2,114 2,394 2,720
Financing income 5 6 6
Alternative-revenue programs 19 20 14
Revenues to be refunded     (8)
Total operating revenue 2,138 2,420 2,732
Residential | Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 3,747 3,855 4,402
Residential | Consumers Energy Company | Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 2,318 2,236 2,523
Residential | Consumers Energy Company | Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 1,429 1,619 1,879
Commercial | Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 2,114 2,039 2,292
Commercial | Consumers Energy Company | Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 1,674 1,550 1,733
Commercial | Consumers Energy Company | Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 440 489 559
Industrial | Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 720 720 867
Industrial | Consumers Energy Company | Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 670 660 792
Industrial | Consumers Energy Company | Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 50 60 75
Other      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 211 181 205
Other | NorthStar Clean Energy | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 211 181 205
Other | Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 528 466 554
Other | Consumers Energy Company | Electric Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers 333 240 347
Other | Consumers Energy Company | Gas Utility | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenue recognized from contracts with customers $ 195 $ 226 $ 207
v3.25.0.1
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Bad debt expense $ 33 $ 34 $ 50
Unbilled receivables 584 494  
Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Bad debt expense 33 34 50
Regulatory liability 4,178 3,950  
Unbilled receivables $ 584 $ 494  
Consumers Energy Company | Contributions to assistance programs      
Disaggregation of Revenue [Line Items]      
Regulatory liability     10
Consumers Energy Company | Voluntary refund mechanism      
Disaggregation of Revenue [Line Items]      
Regulatory liability     22
Consumers Energy Company | Revenue subject to refund      
Disaggregation of Revenue [Line Items]      
Regulatory liability     $ 15
v3.25.0.1
Other Income and Other Expense (Summary of Components of Other Income and Other Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Line Items]      
Allowance for equity funds used during construction $ 29 $ 7 $ 6
Income from equity method investees 7 7 3
All other 11 13 5
Other income 207 195 19
Donations (18) (1) (9)
Civic and political expenditures (5) (5) (6)
All other (9) (7) (12)
Total other expense (32) (13) (27)
First mortgage bonds      
Other Income and Expenses [Line Items]      
Gain on extinguishment of debt 110 131 0
Nonrelated Party      
Other Income and Expenses [Line Items]      
Interest income 50 37 5
Consumers Energy Company      
Other Income and Expenses [Line Items]      
Allowance for equity funds used during construction 29 7 6
All other 9 12 4
Other income 85 49 17
Donations (18) (1) (9)
Civic and political expenditures (5) (5) (6)
All other (7) (6) (10)
Total other expense (30) (12) (25)
Consumers Energy Company | Nonrelated Party      
Other Income and Expenses [Line Items]      
Interest income 42 25 2
Consumers Energy Company | Related Party      
Other Income and Expenses [Line Items]      
Interest income $ 5 $ 5 $ 5
v3.25.0.1
Reportable Segments (Schedule of Financial Information by Reportable Segments, CMS Energy, including Consumers) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating Revenue $ 7,515 $ 7,462 $ 8,596
Power supply cost 2,028 2,011 2,909
Maintenance and other operating expenses 1,638 1,687 1,669
Depreciation and amortization 1,240 1,180 1,126
General taxes 482 447 412
Total operating expenses 6,028 6,227 7,372
Operating Income 1,487 1,235 1,224
Total other income 344 362 197
Total interest charges 708 643 519
Income (Loss) Before Income Taxes 1,123 954 902
Income tax expense (benefit) 176 147 93
Income (Loss) From Continuing Operations 947 807 809
Other segment items 46 70 18
Net Income (Loss) Available to Common Stockholders 993 877 827
Plant, property, and equipment, gross 34,932 33,135  
Investments 64 74  
Total assets 35,920 33,517  
Capital expenditures 3,301 3,280  
Income from equity method investees 7 7 3
Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 640 902 1,256
Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 7,515 7,462 8,596
Power supply cost 2,028 2,011 2,909
Maintenance and other operating expenses 1,621 1,674 1,658
Depreciation and amortization 1,239 1,178 1,125
General taxes 481 446 411
Total operating expenses 6,009 6,211 7,359
Operating Income 1,506 1,251 1,237
Total other income 226 220 199
Total interest charges 520 448 337
Income (Loss) Before Income Taxes 1,212 1,023 1,099
Income tax expense (benefit) 196 169 144
Income (Loss) From Continuing Operations 1,016 854 955
Other segment items 56 78 24
Net Income (Loss) Available to Common Stockholders 1,072 932 979
Plant, property, and equipment, gross 34,911 33,105  
Investments 64 74  
Total assets 35,850 33,315  
Capital expenditures 3,300 3,278  
Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 640 902 1,256
Other Reconciling Items      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0 0
Power supply cost 0 0 0
Maintenance and other operating expenses 17 13 11
Depreciation and amortization 1 2 1
General taxes 1 1 1
Total operating expenses 19 16 13
Operating Income (19) (16) (13)
Total other income 118 142 (2)
Total interest charges 188 195 182
Income (Loss) Before Income Taxes (89) (69) (197)
Income tax expense (benefit) (20) (22) (51)
Income (Loss) From Continuing Operations (69) (47) (146)
Other segment items (10) (8) (6)
Net Income (Loss) Available to Common Stockholders (79) (55) (152)
Plant, property, and equipment, gross 21 30  
Investments 0 0  
Total assets 70 202  
Capital expenditures 1 2  
Other Reconciling Items | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 0 0 0
Electric Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 5,061 4,745 5,419
Power supply cost 1,867 1,841 2,605
Maintenance and other operating expenses 1,066 1,075 1,028
Depreciation and amortization 865 797 757
General taxes 281 260 240
Total operating expenses 4,079 3,973 4,630
Operating Income 982 772 789
Total other income 126 131 106
Total interest charges 324 285 218
Income (Loss) Before Income Taxes 784 618 677
Income tax expense (benefit) 102 67 109
Income (Loss) From Continuing Operations 682 551 568
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 681 550 567
Plant, property, and equipment, gross 20,137 19,302  
Investments 0 0  
Total assets 20,710 19,358  
Capital expenditures 1,871 2,081  
Electric Utility | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 0 0 0
Gas Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 2,138 2,420 2,732
Power supply cost 0 0 0
Maintenance and other operating expenses 454 511 554
Depreciation and amortization 325 338 330
General taxes 188 176 159
Total operating expenses 1,604 1,922 2,286
Operating Income 534 498 446
Total other income 86 77 81
Total interest charges 192 161 116
Income (Loss) Before Income Taxes 428 414 411
Income tax expense (benefit) 99 98 32
Income (Loss) From Continuing Operations 329 316 379
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 328 315 378
Plant, property, and equipment, gross 13,268 12,383  
Investments 0 0  
Total assets 13,247 12,353  
Capital expenditures 1,141 1,041  
Gas Utility | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 637 897 1,243
NorthStar Clean Energy | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 316 297 445
Power supply cost 161 170 304
Maintenance and other operating expenses 101 88 76
Depreciation and amortization 49 43 38
General taxes 12 10 12
Total operating expenses 326 316 443
Operating Income (10) (19) 2
Total other income 14 12 12
Total interest charges 4 2 3
Income (Loss) Before Income Taxes 0 (9) 11
Income tax expense (benefit) (5) 4 3
Income (Loss) From Continuing Operations 5 (13) 8
Other segment items 58 80 26
Net Income (Loss) Available to Common Stockholders 63 67 34
Plant, property, and equipment, gross 1,506 1,420  
Investments 64 74  
Total assets 1,893 1,604  
Capital expenditures 288 156  
NorthStar Clean Energy | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold $ 3 $ 5 $ 13
v3.25.0.1
Reportable Segments (Schedule of Financial Information by Reportable Segments, Consumers) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating Revenue $ 7,515 $ 7,462 $ 8,596
Power supply cost 2,028 2,011 2,909
Operating Income 1,487 1,235 1,224
Total other income 344 362 197
Total interest charges 708 643 519
Income (Loss) Before Income Taxes 1,123 954 902
Income Tax Expense 176 147 93
Net Income 1,003 887 837
Other segment items 46 70 18
Net Income (Loss) Available to Common Stockholders 993 877 827
Total assets 35,920 33,517  
Capital expenditures 3,301 3,280  
Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 7,200 7,166 8,151
Power supply cost 1,867 1,841 2,605
Cost of gas sold 637 897 1,243
Maintenance and other operating expenses 1,520 1,586 1,582
Depreciation and amortization 1,191 1,137 1,088
General taxes 470 437 400
Total operating expenses 5,685 5,898 6,918
Operating Income 1,515 1,268 1,233
Total other income 212 208 187
Total interest charges 518 448 335
Income (Loss) Before Income Taxes 1,209 1,028 1,085
Income Tax Expense 200 161 140
Net Income 1,009 867 945
Other segment items (2) (2) (2)
Net Income (Loss) Available to Common Stockholders 1,007 865 943
Plant, property, and equipment, gross 33,434 31,723  
Total assets 34,088 31,852  
Capital expenditures 3,012 3,145  
Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 7,515 7,462 8,596
Power supply cost 2,028 2,011 2,909
Operating Income 1,506 1,251 1,237
Total other income 226 220 199
Total interest charges 520 448 337
Income (Loss) Before Income Taxes 1,212 1,023 1,099
Income Tax Expense 196 169 144
Other segment items 56 78 24
Net Income (Loss) Available to Common Stockholders 1,072 932 979
Total assets 35,850 33,315  
Capital expenditures 3,300 3,278  
Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 7,199 7,165 8,151
Power supply cost 1,867 1,841 2,605
Cost of gas sold 637 897 1,243
Maintenance and other operating expenses 1,520 1,586 1,582
Depreciation and amortization 1,190 1,135 1,087
General taxes 469 436 399
Total operating expenses 5,683 5,895 6,916
Operating Income 1,516 1,270 1,235
Total other income 212 208 187
Total interest charges 516 446 334
Income (Loss) Before Income Taxes 1,212 1,032 1,088
Income Tax Expense 201 165 141
Net Income 1,011 867 947
Other segment items (2) (2) (2)
Net Income (Loss) Available to Common Stockholders 1,009 865 945
Plant, property, and equipment, gross 33,405 31,685  
Total assets 34,056 31,814  
Capital expenditures 3,012 3,122  
Operating Segments | Electric Utility      
Segment Reporting Information [Line Items]      
Operating Revenue 5,061 4,745 5,419
Power supply cost 1,867 1,841 2,605
Operating Income 982 772 789
Total other income 126 131 106
Total interest charges 324 285 218
Income (Loss) Before Income Taxes 784 618 677
Income Tax Expense 102 67 109
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 681 550 567
Total assets 20,710 19,358  
Capital expenditures 1,871 2,081  
Operating Segments | Electric Utility | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 5,061 4,745 5,419
Power supply cost 1,867 1,841 2,605
Cost of gas sold 0 0 0
Maintenance and other operating expenses 1,066 1,075 1,028
Depreciation and amortization 865 797 757
General taxes 281 260 240
Total operating expenses 4,079 3,973 4,630
Operating Income 982 772 789
Total other income 126 131 106
Total interest charges 324 285 218
Income (Loss) Before Income Taxes 784 618 677
Income Tax Expense 102 67 109
Net Income 682 551 568
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 681 550 567
Plant, property, and equipment, gross 20,137 19,302  
Total assets 20,767 19,417  
Capital expenditures 1,871 2,081  
Operating Segments | Gas Utility      
Segment Reporting Information [Line Items]      
Operating Revenue 2,138 2,420 2,732
Power supply cost 0 0 0
Operating Income 534 498 446
Total other income 86 77 81
Total interest charges 192 161 116
Income (Loss) Before Income Taxes 428 414 411
Income Tax Expense 99 98 32
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 328 315 378
Total assets 13,247 12,353  
Capital expenditures 1,141 1,041  
Operating Segments | Gas Utility | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,138 2,420 2,732
Power supply cost 0 0 0
Cost of gas sold 637 897 1,243
Maintenance and other operating expenses 454 511 554
Depreciation and amortization 325 338 330
General taxes 188 176 159
Total operating expenses 1,604 1,922 2,286
Operating Income 534 498 446
Total other income 86 77 81
Total interest charges 192 161 116
Income (Loss) Before Income Taxes 428 414 411
Income Tax Expense 99 98 32
Net Income 329 316 379
Other segment items (1) (1) (1)
Net Income (Loss) Available to Common Stockholders 328 315 378
Plant, property, and equipment, gross 13,268 12,383  
Total assets 13,289 12,397  
Capital expenditures 1,141 1,041  
Other Reconciling Items      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0 0
Power supply cost 0 0 0
Operating Income (19) (16) (13)
Total other income 118 142 (2)
Total interest charges 188 195 182
Income (Loss) Before Income Taxes (89) (69) (197)
Income Tax Expense (20) (22) (51)
Other segment items (10) (8) (6)
Net Income (Loss) Available to Common Stockholders (79) (55) (152)
Total assets 70 202  
Capital expenditures 1 2  
Other Reconciling Items | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1 1 0
Power supply cost 0 0 0
Cost of gas sold 0 0 0
Maintenance and other operating expenses 0 0 0
Depreciation and amortization 1 2 1
General taxes 1 1 1
Total operating expenses 2 3 2
Operating Income (1) (2) (2)
Total other income 0 0 0
Total interest charges 2 2 1
Income (Loss) Before Income Taxes (3) (4) (3)
Income Tax Expense (1) (4) (1)
Net Income (2) 0 (2)
Other segment items 0 0 0
Net Income (Loss) Available to Common Stockholders (2) 0 $ (2)
Plant, property, and equipment, gross 29 38  
Total assets 32 38  
Capital expenditures $ 0 $ 23  
v3.25.0.1
Related party Transactions - Consumers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consumers Energy Company      
Related Party Transaction [Line Items]      
Purchased power – related parties $ 71 $ 75 $ 76
Consumers Energy Company | Related Party      
Related Party Transaction [Line Items]      
Due to related parties 20 19  
Accounts receivable related parties 15 9  
Interest payable 7 $ 3  
Consumers Energy Company | Credit Agreement | Related Party      
Related Party Transaction [Line Items]      
Maximum borrowing capacity $ 500    
CMS Energy Note Payable      
Related Party Transaction [Line Items]      
Interest Rate (%) 4.10%    
CMS Energy Note Payable | Consumers Energy Company      
Related Party Transaction [Line Items]      
Interest Rate (%) 4.10%    
v3.25.0.1
Variable Interest Entities (Summary of VIE Information) (Details)
 12 Months Ended
Dec. 31, 2024
MW
Newport Solar Holdings  
Variable Interest Entity [Line Items]  
Nameplate capacity (in MW) 180
Variable Interest Entity, Primary Beneficiary | Aviator Wind  
Variable Interest Entity [Line Items]  
Ownership interest 51.00%
Nameplate capacity (in MW) 525
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership  
Variable Interest Entity [Line Items]  
Ownership percentage 49.00%
v3.25.0.1
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 103 $ 227
Prepayments and other current assets 103 80
Plant, property, and equipment, net 27,461 25,072
Other non-current assets 384 357
Total Assets 35,920 33,517
Non-current portion of finance leases 112 62
Asset retirement obligations 728 771
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 18 28
Accounts receivable 4 3
Prepayments and other current assets 3 4
Plant, property, and equipment, net 1,024 1,064
Other non-current assets 3 3
Total Assets 1,052 1,102
Accounts payable 8 12
Non-current portion of finance leases 23 23
Asset retirement obligations 33 32
Total liabilities $ 64 $ 67
v3.25.0.1
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Investments $ 64 $ 74
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments $ 64 $ 74
Variable Interest Entity, Not Primary Beneficiary | T.E.S. Filer City    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Grayling    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Craven    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Genesee    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
v3.25.0.1
Exit Activities and Asset Sales (Narrative) (Details)
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended 31 Months Ended
Jan. 31, 2025
MW
Apr. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
MW
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Wind Project              
Restructuring Cost and Reserve [Line Items]              
Noncontrolling interest capacity (in MW) | MW       100      
Wind Project | Forecast              
Restructuring Cost and Reserve [Line Items]              
Proceeds from sale of noncontrolling interest     $ 40        
Solar Projects | Forecast              
Restructuring Cost and Reserve [Line Items]              
Proceeds from sale of noncontrolling interest     $ 10        
Delta Township, Michigan, Solar Project | Forecast              
Restructuring Cost and Reserve [Line Items]              
Noncontrolling interest capacity (in MW) | MW 24            
Phillips, Wisconsin, Solar Project | Forecast              
Restructuring Cost and Reserve [Line Items]              
Noncontrolling interest capacity (in MW) | MW 3            
ASP gain              
Restructuring Cost and Reserve [Line Items]              
Proceeds from sale of ASP business   $ 124   $ 124 $ 0 $ 0  
Gain on disposition of assets   $ 110          
Retention Benefits              
Restructuring Cost and Reserve [Line Items]              
Cost deferred       $ 8 $ 16    
Retention Benefits | D.E. Karn Generating Complex and J.H. Campbell Generating Units | Retention Incentive Program              
Restructuring Cost and Reserve [Line Items]              
Regulatory asset collection period       3 years     3 years
Retention Benefits | J.H. Campbell Generating Units              
Restructuring Cost and Reserve [Line Items]              
Expected cost       $ 50     $ 50
Retention Benefits | J.H. Campbell Generating Units | Retention Incentive Program              
Restructuring Cost and Reserve [Line Items]              
Cost deferred             $ 43
v3.25.0.1
Exit Activities and Asset Sales (Schedule of Retention Benefit Liability Roll Forward) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Restructuring Reserve [Roll Forward]    
Other current liabilities $ 209 $ 149
Retention Benefits    
Restructuring Reserve [Roll Forward]    
Retention benefit liability at beginning of period 16 21
Costs deferred as a regulatory asset 8 16
Costs paid or settled (10) (21)
Retention benefit liability at the end of the period 14 16
Other current liabilities $ 14 $ 7
v3.25.0.1
Schedule I - Condensed Financial Information of Registrant (Condensed Statements of Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Expenses      
Other operating expenses $ (1,638) $ (1,687) $ (1,669)
Total operating expenses (6,028) (6,227) (7,372)
Operating income 1,487 1,235 1,224
Other Income (Expense)      
Equity earnings of subsidiaries 7 7 3
Non-operating retirement benefits, net 169 180 205
Other expense (32) (13) (27)
Total other income 344 362 197
Interest Charges      
Interest on long-term debt 700 616 509
Total interest charges 708 643 519
Income (Loss) Before Income Taxes 1,123 954 902
Income Tax Expense 176 147 93
Net Income 1,003 887 837
Preferred Stock Dividends 10 10 10
Net Income (Loss) Available to Common Stockholders 993 877 827
Related Party      
Interest Charges      
Intercompany interest expense and other 12 12 12
CMS Energy      
Operating Expenses      
Other operating expenses 10 10 7
Total operating expenses 10 10 7
Operating income (10) (10) (7)
Other Income (Expense)      
Non-operating retirement benefits, net (1) (1) (1)
Other income 45 31 5
Other expense 0 0 (1)
Total other income 1,105 959 983
Interest Charges      
Interest on long-term debt 205 201 181
Total interest charges 215 211 189
Income (Loss) Before Income Taxes 880 738 787
Income Tax Expense (19) (20) (50)
Net Income 899 758 837
Preferred Stock Dividends 10 10 10
Net Income (Loss) Available to Common Stockholders 889 748 827
CMS Energy | Related Party      
Other Income (Expense)      
Equity earnings of subsidiaries 1,061 929 980
Interest Charges      
Intercompany interest expense and other $ 10 $ 10 $ 8
v3.25.0.1
Schedule 1 - Condensed Financial Information of Registrant (Condensed Statements of Income - Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]      
Tax effect of discontinued operations $ 0 $ 0 $ 1
v3.25.0.1
Schedule I - Condensed Financial Information of Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net cash provided by operating activities $ 2,370 $ 2,309 $ 855
Cash Flows from Investing Activities      
Net cash used in investing activities (3,054) (3,386) (2,476)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,962 3,551 1,899
Issuance of common stock 286 192 69
Retirement of long-term debt (952) (2,132) (106)
Increase (decrease) in notes payable (28) 73 20
Net cash provided by financing activities 614 1,143 1,327
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (70) 66 (294)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 248 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 178 248 182
Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (3,018) (2,407) (2,374)
CMS Energy      
Cash Flows from Operating Activities      
Net cash provided by operating activities 774 595 565
Cash Flows from Investing Activities      
Investment in subsidiaries (535) (630) (796)
Net cash used in investing activities (803) (868) (510)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 490 800 0
Issuance of common stock 286 192 69
Retirement of long-term debt (250) 0 0
Payment of dividends on common and preferred stock (626) (579) (544)
Debt issuance costs and financing fees (10) (20) (11)
Net cash provided by financing activities (116) 386 (409)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (145) 113 (354)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 149 36 390
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 4 149 36
CMS Energy | Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (1) 0 0
CMS Energy | Related Party      
Cash Flows from Investing Activities      
Investment in debt securities – intercompany (288) (293) 0
Decrease (increase) in notes receivable – intercompany 21 55 286
Cash Flows from Financing Activities      
Increase (decrease) in notes payable $ (6) $ (7) $ 77
v3.25.0.1
Schedule I - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 103 $ 227
Prepayments and other current assets 103 80
Total current assets 2,790 2,839
Other Non‑current Assets    
Construction work in progress 2,098 944
Investments in subsidiaries 64 74
Other 384 357
Total other non‑current assets 5,669 5,606
Total Assets 35,920 33,517
Current Liabilities    
Current portion of long-term debt 1,192 975
Accrued interest, including intercompany 156 142
Accrued taxes 654 612
Other current liabilities 209 149
Total current liabilities 3,521 2,895
Non‑current Liabilities    
Long-term debt 15,194 14,508
Postretirement benefits 96 106
Other non‑current liabilities 407 415
Total non‑current liabilities 23,651 22,497
Equity    
Common stock 3 3
Total common stockholders’ equity 8,006 7,320
Cumulative preferred stock 224 224
Total stockholders’ equity 8,230 7,544
Total Liabilities and Equity 35,920 33,517
CMS Energy    
Current Assets    
Cash and cash equivalents 4 149
Taxes receivable 0 11
Prepayments and other current assets 1 0
Total current assets 53 229
Other Non‑current Assets    
Construction work in progress 1 0
Deferred income taxes 150 137
Other investments 9 8
Other 21 24
Total other non‑current assets 13,172 12,166
Total Assets 13,225 12,395
Current Liabilities    
Current portion of long-term debt 740 250
Accrued interest, including intercompany 34 37
Accrued taxes 16 0
Other current liabilities 6 9
Total current liabilities 870 371
Non‑current Liabilities    
Long-term debt 4,226 4,471
Notes payable – intercompany 100 105
Postretirement benefits 14 15
Other non‑current liabilities 17 18
Total non‑current liabilities 4,357 4,609
Equity    
Common stock 3 3
Other stockholders’ equity 7,771 7,188
Total common stockholders’ equity 7,774 7,191
Cumulative preferred stock 224 224
Total stockholders’ equity 7,998 7,415
Total Liabilities and Equity 13,225 12,395
CMS Energy | Intercompany    
Current Assets    
Notes receivable 40 60
Other Non‑current Assets    
Investments in subsidiaries 12,400 11,701
Investment in debt securities – intercompany 591 296
Current Liabilities    
Accounts and notes payable – intercompany 74 75
CMS Energy | Intercompany and related parties    
Current Assets    
Accounts receivable – intercompany and related parties $ 8 $ 9
v3.25.0.1
Schedule I - Condensed Financial Information of Registrant (Narrative) (Details)
$ in Billions
Dec. 31, 2024
USD ($)
CMS Energy  
Condensed Financial Statements, Captions [Line Items]  
Maximum potential obligation $ 1.1
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for uncollectible accounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 21 $ 27 $ 20
Charged to Expense 33 34 50
Charged to Other Accounts 0 0 0
Deductions 31 40 43
Balance at End of Period 23 21 27
Allowance for uncollectible accounts | Consumers Energy Company      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 21 27 20
Charged to Expense 33 34 50
Charged to Other Accounts 0 0 0
Deductions 31 40 43
Balance at End of Period 23 21 27
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 2 2 2
Charged to Expense 0 0 0
Charged to Other Accounts 0 0 0
Deductions 1 0 0
Balance at End of Period $ 1 $ 2 $ 2