CONSUMERS ENERGY CO, 10-Q filed on 4/27/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
Apr. 10, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   291,656,125
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company 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  
CMS Energy Corporation 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  
CMS Energy Corporation 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  
CMS Energy Corporation 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: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.23.1
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Revenue $ 2,284 $ 2,374
Operating Expenses    
Fuel for electric generation 137 167
Purchased power – related parties 19 17
Maintenance and other operating expenses 431 334
Depreciation and amortization 353 345
General taxes 142 132
Total operating expenses 1,970 1,918
Operating Income 314 456
Other Income (Expense)    
Non-operating retirement benefits, net 45 48
Other income 15 4
Other expense (4) (4)
Total other income 56 48
Interest Charges    
Interest on long-term debt 144 121
Interest expense – related parties 3 3
Other interest expense 0 1
Allowance for borrowed funds used during construction 0 (1)
Total interest charges 147 124
Income Before Income Taxes 223 380
Income Tax Expense 29 39
Income From Continuing Operations 194 341
Income From Discontinued Operations, Net of Tax of $— and $1 0 4
Net Income 194 345
Loss Attributable to Noncontrolling Interests (10) (8)
Net Income Attributable to CMS Energy 204 353
Preferred Stock Dividends 2 2
Net Income Available to Common Stockholders $ 202 $ 351
Basic Earnings Per Average Common Share    
Basic earnings per average common share, income from continuing operations per average common share available to common stockholders (in dollars per share) $ 0.69 $ 1.20
Basic earnings per average common share, income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0.01
Basic earnings per average common share (in dollars per share) 0.69 1.21
Diluted Earnings Per Average Common Share    
Diluted earnings per average common share, income from continuing operations per average common share available to common stockholders (in dollars per share) 0.69 1.20
Diluted earnings per average common share, income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0.01
Diluted earnings per average common share (in dollars per share) $ 0.69 $ 1.21
Purchased and interchange power    
Operating Expenses    
Cost of goods and services sold $ 341 $ 455
Cost of gas sold    
Operating Expenses    
Cost of goods and services sold $ 547 $ 468
v3.23.1
CMS Energy Corporation Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Tax effect of discontinued operations $ 0 $ 1
v3.23.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net Income $ 194 $ 345
Retirement Benefits Liability    
Net gain arising during the period 1 2
Amortization of net actuarial loss, net of tax 0 1
Derivatives    
Unrealized gain on derivative instruments, net of tax 0 2
Other Comprehensive Income 1 5
Comprehensive Income 195 350
Comprehensive Loss Attributable to Noncontrolling Interests (10) (8)
Comprehensive Income Attributable to CMS Energy $ 205 $ 358
v3.23.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net gain (loss) arising during the period, tax $ 0 $ 1
Amortization of net actuarial loss, tax 0 0
Unrealized gain on derivative instruments, tax $ 0 $ 1
v3.23.1
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net Income $ 194 $ 345
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 353 345
Deferred income taxes and investment tax credits 29 33
Other non‑cash operating activities and reconciling adjustments (19) (27)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 174 (121)
Inventories 391 213
Accounts payable and accrued rate refunds (153) (129)
Other current assets and liabilities (51) 7
Other non‑current assets and liabilities 122 41
Net cash provided by operating activities 1,040 707
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (617) (520)
Cost to retire property and other investing activities (34) (19)
Net cash used in investing activities (651) (539)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,205 0
Retirement of debt (1,000) (3)
Issuance of common stock 4 4
Payment of dividends on common and preferred stock (145) (136)
Contribution from noncontrolling interest 6 2
Other financing costs (23) (37)
Net cash provided by (used in) financing activities 27 (170)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 416 (2)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 598 474
Non‑cash transactions    
Capital expenditures not paid 157 128
Nonrelated Party    
Cash Flows from Financing Activities    
Decrease in notes payable $ (20) $ 0
v3.23.1
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 571 $ 164
Restricted cash and cash equivalents 27 18
Accounts receivable and accrued revenue 1,009 1,564
Accounts receivable – related parties 13 16
Inventories at average cost    
Gas in underground storage 437 840
Materials and supplies 228 212
Generating plant fuel stock 61 65
Deferred property taxes 310 384
Regulatory assets 203 57
Prepayments and other current assets 130 113
Total current assets 2,989 3,433
Plant, Property, and Equipment    
Plant, property, and equipment, gross 30,866 30,491
Less accumulated depreciation and amortization 9,126 8,960
Plant, property, and equipment, net 21,740 21,531
Construction work in progress 1,263 1,182
Total plant, property, and equipment 23,003 22,713
Other Non‑current Assets    
Regulatory assets 3,804 3,595
Accounts receivable 23 23
Investments 72 71
Postretirement benefits 1,241 1,208
Other 254 310
Total other non‑current assets 5,394 5,207
Total Assets 31,386 31,353
Current Liabilities    
Current portion of long-term debt and finance leases 1,433 1,099
Notes payable 0 20
Accounts payable 679 928
Accounts payable – related parties 8 8
Accrued rate refunds 28 0
Accrued interest 125 122
Accrued taxes 408 538
Regulatory liabilities 107 104
Other current liabilities 154 166
Total current liabilities 2,942 2,985
Non‑current Liabilities    
Long-term debt 12,985 13,122
Non-current portion of finance leases 66 68
Regulatory liabilities 3,886 3,796
Postretirement benefits 107 108
Asset retirement obligations 762 746
Deferred investment tax credit 128 129
Deferred income taxes 2,451 2,407
Other non‑current liabilities 407 397
Total non‑current liabilities 20,792 20,773
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,494 5,490
Accumulated other comprehensive loss (51) (52)
Retained earnings 1,410 1,350
Total common stockholders’ equity 6,856 6,791
Cumulative preferred stock 224 224
Total stockholders’ equity 7,080 7,015
Noncontrolling interests 572 580
Total equity 7,652 7,595
Total Liabilities and Equity $ 31,386 $ 31,353
v3.23.1
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Accounts receivable and accrued revenue, allowance $ 26 $ 27
Common stock authorized (in shares) 350,000,000.0 350,000,000.0
Common stock outstanding (in shares) 291,700,000 291,300,000
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
v3.23.1
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retirement benefits liability
Derivative instruments
Retained Earnings
Cumulative Preferred Stock
Noncontrolling Interests
Total Equity at Beginning of Period at Dec. 31, 2021 $ 7,188 $ 3 $ 5,406 $ (59) $ (56) $ (3) $ 1,057   $ 557
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     10            
Common stock repurchased     (10)            
Net gain arising during the period 2       2        
Amortization of net actuarial loss 1       1        
Unrealized gain on derivative instruments 2         2      
Net Income 345           353   (8)
Dividends declared on common stock             (133)    
Dividends declared on preferred stock             (2)    
Contribution from noncontrolling interest                 2
Distributions and other changes in noncontrolling interests                 0
Total Equity at End of Period at Mar. 31, 2022 $ 7,405 3 5,406 (54) (53) (1) 1,275 $ 224 551
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.4600                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                
Total Equity at Beginning of Period at Dec. 31, 2022 $ 7,595 3 5,490 (52) (52) 0 1,350   580
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     11            
Common stock repurchased     (7)            
Net gain arising during the period 1       1        
Amortization of net actuarial loss 0       0        
Unrealized gain on derivative instruments 0         0      
Net Income 194           204   (10)
Dividends declared on common stock             (142)    
Dividends declared on preferred stock             (2)    
Contribution from noncontrolling interest                 6
Distributions and other changes in noncontrolling interests                 (4)
Total Equity at End of Period at Mar. 31, 2023 $ 7,652 $ 3 $ 5,494 $ (51) $ (51) $ 0 $ 1,410 $ 224 $ 572
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.4875                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                
v3.23.1
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Revenue $ 2,284 $ 2,374
Operating Expenses    
Operating Income 314 456
Other Income (Expense)    
Non-operating retirement benefits, net 45 48
Other income 15 4
Other expense (4) (4)
Total other income 56 48
Interest Charges    
Interest on long-term debt 144 121
Interest expense – related parties 3 3
Other interest expense 0 1
Allowance for borrowed funds used during construction 0 (1)
Total interest charges 147 124
Income Before Income Taxes 223 380
Income Tax Expense 29 39
Net Income Available to Common Stockholders 202 351
Consumers Energy Company    
Operating Revenue 2,210 2,283
Operating Expenses    
Fuel for electric generation 98 124
Purchased and interchange power 334 437
Purchased power – related parties 19 17
Cost of gas sold 546 465
Maintenance and other operating expenses 409 313
Depreciation and amortization 344 336
General taxes 139 129
Total operating expenses 1,889 1,821
Operating Income 321 462
Other Income (Expense)    
Non-operating retirement benefits, net 43 45
Other income 12 4
Other expense (4) (3)
Total other income 51 46
Interest Charges    
Interest on long-term debt 99 75
Interest expense – related parties 3 3
Other interest expense 0 1
Allowance for borrowed funds used during construction 0 (1)
Total interest charges 102 78
Income Before Income Taxes 270 430
Income Tax Expense 38 47
Net Income Available to Common Stockholders $ 232 $ 383
v3.23.1
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net Income $ 204 $ 353
Retirement Benefits Liability    
Amortization of net actuarial loss, net of tax 0 1
Other Comprehensive Income 1 5
Comprehensive Income Attributable to CMS Energy 205 358
Consumers Energy Company    
Net Income 232 383
Retirement Benefits Liability    
Amortization of net actuarial loss, net of tax 0 1
Other Comprehensive Income 0 1
Comprehensive Income Attributable to CMS Energy $ 232 $ 384
v3.23.1
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Amortization of net actuarial loss, tax $ 0 $ 0
Consumers Energy Company    
Amortization of net actuarial loss, tax $ 0 $ 0
v3.23.1
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net Income $ 204 $ 353
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 29 33
Other non‑cash operating activities and reconciling adjustments (19) (27)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 174 (121)
Inventories 391 213
Accounts payable and accrued rate refunds (153) (129)
Other current assets and liabilities (51) 7
Other non‑current assets and liabilities 122 41
Net cash provided by operating activities 1,040 707
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (617) (520)
Cost to retire property and other investing activities (34) (19)
Net cash used in investing activities (651) (539)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,205 0
Retirement of debt (1,000) (3)
Payment of dividends on common and preferred stock (145) (136)
Other financing costs (23) (37)
Net cash provided by (used in) financing activities 27 (170)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 416 (2)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 598 474
Non‑cash transactions    
Capital expenditures not paid 157 128
Nonrelated Party    
Cash Flows from Financing Activities    
Decrease in notes payable (20) 0
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income 232 383
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 344 336
Deferred income taxes and investment tax credits 37 47
Other non‑cash operating activities and reconciling adjustments (17) (21)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 157 (118)
Inventories 389 210
Accounts payable and accrued rate refunds (140) (128)
Other current assets and liabilities (48) 0
Other non‑current assets and liabilities 116 36
Net cash provided by operating activities 1,070 745
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (555) (506)
Cost to retire property and other investing activities (33) (23)
Net cash used in investing activities (588) (529)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,120 0
Retirement of debt (1,000) 0
Stockholder contribution 75 450
Payment of dividends on common and preferred stock (287) (275)
Other financing costs (12) (5)
Net cash provided by (used in) financing activities (199) (222)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 283 (6)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 60 44
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 343 38
Non‑cash transactions    
Capital expenditures not paid 142 122
Consumers Energy Company | Nonrelated Party    
Cash Flows from Financing Activities    
Decrease in notes payable (20) 0
Consumers Energy Company | Related Party    
Cash Flows from Financing Activities    
Decrease in notes payable $ (75) $ (392)
v3.23.1
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 571 $ 164
Restricted cash and cash equivalents 27 18
Accounts receivable and accrued revenue 1,009 1,564
Accounts receivable – related parties 13 16
Inventories at average cost    
Gas in underground storage 437 840
Materials and supplies 228 212
Generating plant fuel stock 61 65
Deferred property taxes 310 384
Regulatory assets 203 57
Prepayments and other current assets 130 113
Total current assets 2,989 3,433
Other Non‑current Assets    
Regulatory assets 3,804 3,595
Accounts receivable 23 23
Postretirement benefits 1,241 1,208
Other 254 310
Total other non‑current assets 5,394 5,207
Total Assets 31,386 31,353
Current Liabilities    
Current portion of long-term debt and finance leases 1,433 1,099
Notes payable 0 20
Accounts payable 679 928
Accounts payable – related parties 8 8
Accrued rate refunds 28 0
Accrued interest 125 122
Accrued taxes 408 538
Regulatory liabilities 107 104
Other current liabilities 154 166
Total current liabilities 2,942 2,985
Non‑current Liabilities    
Long-term debt 12,985 13,122
Non-current portion of finance leases 66 68
Regulatory liabilities 3,886 3,796
Postretirement benefits 107 108
Asset retirement obligations 762 746
Deferred investment tax credit 128 129
Deferred income taxes 2,451 2,407
Other non‑current liabilities 407 397
Total non‑current liabilities 20,792 20,773
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,494 5,490
Accumulated other comprehensive loss (51) (52)
Retained earnings 1,410 1,350
Total common stockholders’ equity 6,856 6,791
Cumulative preferred stock 224 224
Total stockholders’ equity 7,080 7,015
Total Liabilities and Equity 31,386 31,353
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 317 43
Restricted cash and cash equivalents 26 17
Accounts receivable and accrued revenue 980 1,524
Accounts receivable – related parties 12 10
Inventories at average cost    
Gas in underground storage 437 840
Materials and supplies 222 206
Generating plant fuel stock 57 59
Deferred property taxes 310 384
Regulatory assets 203 57
Prepayments and other current assets 106 96
Total current assets 2,670 3,236
Plant, Property, and Equipment    
Plant, property, and equipment, gross 29,721 29,342
Less accumulated depreciation and amortization 8,948 8,791
Plant, property, and equipment, net 20,773 20,551
Construction work in progress 1,012 994
Total plant, property, and equipment 21,785 21,545
Other Non‑current Assets    
Regulatory assets 3,804 3,595
Accounts receivable 29 29
Accounts and notes receivable – related parties 98 99
Postretirement benefits 1,156 1,126
Other 230 286
Total other non‑current assets 5,317 5,135
Total Assets 29,772 29,916
Current Liabilities    
Current portion of long-term debt and finance leases 998 1,000
Notes payable 0 20
Notes payable – related parties 0 75
Accounts payable 633 864
Accounts payable – related parties 15 15
Accrued rate refunds 28 0
Accrued interest 93 90
Accrued taxes 433 556
Regulatory liabilities 107 104
Other current liabilities 123 147
Total current liabilities 2,430 2,871
Non‑current Liabilities    
Long-term debt 9,304 9,192
Non-current portion of finance leases 43 45
Regulatory liabilities 3,886 3,796
Postretirement benefits 79 79
Asset retirement obligations 737 722
Deferred investment tax credit 128 129
Deferred income taxes 2,636 2,585
Other non‑current liabilities 354 342
Total non‑current liabilities 17,167 16,890
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 7,359 7,284
Accumulated other comprehensive loss (15) (15)
Retained earnings 1,953 2,008
Total common stockholders’ equity 10,138 10,118
Cumulative preferred stock 37 37
Total stockholders’ equity 10,175 10,155
Total Liabilities and Equity $ 29,772 $ 29,916
v3.23.1
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Accounts receivable and accrued revenue, allowance $ 26 $ 27
Common stock authorized (in shares) 350,000,000.0 350,000,000.0
Common stock outstanding (in shares) 291,700,000 291,300,000
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 26 $ 27
Common stock authorized (in shares) 125,000,000.0 125,000,000.0
Common stock outstanding (in shares) 84,100,000 84,100,000
Preferred stock authorized (in shares) 7,500,000 7,500,000
Preferred stock outstanding (in shares) 400,000 400,000
v3.23.1
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Income (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 Income (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   $ 9,279 $ 841 $ 6,599   $ (32) $ 1,834 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   450        
Amortization of net actuarial loss 1       1     1       1    
Net Income 353             383         383  
Dividends declared on common stock           (133)             (275)  
Total Equity at End of Period at Mar. 31, 2022 7,405 3 5,406 (54) (53) 1,275 $ 224 9,838 841 7,049 $ (31)   1,942 37
Total Equity at Beginning of Period at Dec. 31, 2022 7,595 3 5,490 (52) (52) 1,350   10,155 841 7,284   (15) 2,008 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   75        
Amortization of net actuarial loss 0       0     0       $ 0    
Net Income 204             232         232  
Dividends declared on common stock           (142)             (287)  
Total Equity at End of Period at Mar. 31, 2023 $ 7,652 $ 3 $ 5,494 $ (51) $ (51) $ 1,410 $ 224 $ 10,175 $ 841 $ 7,359 $ (15)   $ 1,953 $ 37
v3.23.1
Regulatory Matters
 3 Months Ended
Mar. 31, 2023
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 PSCR and GCR processes. 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 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.
There are multiple appeals pending that involve various issues concerning cost recovery from customers, the MPSC’s authority to approve voluntary revenue refunds, and other matters. Consumers is unable to predict the outcome of these appeals.
2022 Electric Rate Case: In January 2023, the MPSC approved a settlement agreement authorizing an annual rate increase of $155 million, based on a 9.9-percent authorized return on equity. The MPSC also approved a surcharge for the recovery of $6 million of depreciation, property tax, and interest expense related to distribution investments made in 2021 that exceeded what was authorized in rates in accordance with the December 2020 electric rate order. The new rates became effective January 20, 2023.
Voluntary Refund Mechanism: In December 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. In January 2023, Consumers submitted a filing proposing that the refund take the form of incremental funding to cover the cost of, and return on, certain distribution capital investments above amounts included in rates and contributions to programs that assist vulnerable customers. In April 2023, the MPSC approved the refund of $5 million in the form of contributions to programs that assist vulnerable customers, but found that Consumers should demonstrate
a more direct benefit to customers for the remaining $17 million. The MPSC stated that Consumers may propose a different methodology to refund that amount. Consumers filed a revised proposal, requesting that the remaining $17 million be refunded in the form of incremental forestry work and to provide bill assistance to support vulnerable electric customers.
2022 PSCR Underrecovery: Due to rising fuel prices during 2022, the cost of electric generation increased, resulting in higher market prices for electricity. Accordingly, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. Consumers included a projection of its full-year 2022 underrecovery in the 2023 PSCR plan filed with the MPSC in September 2022.
In January 2023, Consumers filed a motion for a temporary order in its 2023 PSCR plan, requesting that the MPSC approve only a third of the 2022 underrecovery amount for recovery in 2023, with the remaining amount to be recovered equally during 2024 and 2025. The MPSC approved Consumers’ motion in February 2023. Recovering the 2022 underrecovery over three years will provide immediate relief to electric customers, and the financial impact will be neutral to Consumers’ earnings.
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 PSCR and GCR processes. 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 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.
There are multiple appeals pending that involve various issues concerning cost recovery from customers, the MPSC’s authority to approve voluntary revenue refunds, and other matters. Consumers is unable to predict the outcome of these appeals.
2022 Electric Rate Case: In January 2023, the MPSC approved a settlement agreement authorizing an annual rate increase of $155 million, based on a 9.9-percent authorized return on equity. The MPSC also approved a surcharge for the recovery of $6 million of depreciation, property tax, and interest expense related to distribution investments made in 2021 that exceeded what was authorized in rates in accordance with the December 2020 electric rate order. The new rates became effective January 20, 2023.
Voluntary Refund Mechanism: In December 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. In January 2023, Consumers submitted a filing proposing that the refund take the form of incremental funding to cover the cost of, and return on, certain distribution capital investments above amounts included in rates and contributions to programs that assist vulnerable customers. In April 2023, the MPSC approved the refund of $5 million in the form of contributions to programs that assist vulnerable customers, but found that Consumers should demonstrate
a more direct benefit to customers for the remaining $17 million. The MPSC stated that Consumers may propose a different methodology to refund that amount. Consumers filed a revised proposal, requesting that the remaining $17 million be refunded in the form of incremental forestry work and to provide bill assistance to support vulnerable electric customers.
2022 PSCR Underrecovery: Due to rising fuel prices during 2022, the cost of electric generation increased, resulting in higher market prices for electricity. Accordingly, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. Consumers included a projection of its full-year 2022 underrecovery in the 2023 PSCR plan filed with the MPSC in September 2022.
In January 2023, Consumers filed a motion for a temporary order in its 2023 PSCR plan, requesting that the MPSC approve only a third of the 2022 underrecovery amount for recovery in 2023, with the remaining amount to be recovered equally during 2024 and 2025. The MPSC approved Consumers’ motion in February 2023. Recovering the 2022 underrecovery over three years will provide immediate relief to electric customers, and the financial impact will be neutral to Consumers’ earnings.
v3.23.1
Contingencies and Commitments
 3 Months Ended
Mar. 31, 2023
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.
At March 31, 2023, CMS Energy had a recorded liability of $45 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 $56 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$3 $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 $2 million and $4 million. At March 31, 2023, Consumers had a recorded liability of $2 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 March 31, 2023, 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 Plant Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non-conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba Corporation, a non-affiliated company, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation 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. In September 2022, the court denied the motion to dismiss filed by TAES and Toshiba Corporation. Consumers believes the counterclaims 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 November 2022, Consumers and DTE Electric jointly filed an application with the MPSC, requesting 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 Corporation moves forward; such costs would be offset by potential future litigation proceeds received from TAES or Toshiba Corporation. If this application is approved by the MPSC, 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.
J.H. Campbell 3 Plant Retirement Contract Dispute: In May 2022, Consumers filed a complaint against Wolverine Power Supply Cooperative, Inc. 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 the unit’s Joint Ownership and Operating Agreement. In July 2022, Wolverine Power Supply Cooperative, Inc. 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. In July 2022, Consumers filed a motion for summary disposition, which was heard in August 2022. In October 2022, the state circuit court judge found that Consumers may, in its sole discretion, retire the J.H. Campbell 3 coal-fueled generating unit, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power Supply Cooperative, Inc.’s claim for damages is pending. Consumers believes Wolverine Power Supply Cooperative, Inc.’s claim has no merit, but cannot predict the final impact or outcome on this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
Consumers Gas Utility Contingencies
Gas Environmental Matters: 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 March 31, 2023, Consumers had a recorded liability of $63 million for its remaining obligations for these sites. This amount represents the present value of long-term projected costs, using a discount rate of 2.57 percent and an inflation rate of 2.5 percent. The undiscounted amount of the remaining obligation is $67 million. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$5 $11 $31 $6 $1 $1 
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 March 31, 2023, Consumers had a regulatory asset of $106 million related to the MGP sites.
Consumers estimates that its liability to perform remediation and other response activities at NREPA sites other than the MGP sites could reach $3 million. At March 31, 2023, Consumers had a recorded liability of less than $1 million, the minimum amount in the range of its estimated probable liability, as no amount in the range was considered a better estimate than any other amount.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$318 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite226 3 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind 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 NWO Holdco and Aviator Wind, see Note 11, 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 and breaches of representations and warranties. 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 1, 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.
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.
At March 31, 2023, CMS Energy had a recorded liability of $45 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 $56 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$3 $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 $2 million and $4 million. At March 31, 2023, Consumers had a recorded liability of $2 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 March 31, 2023, 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 Plant Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non-conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba Corporation, a non-affiliated company, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation 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. In September 2022, the court denied the motion to dismiss filed by TAES and Toshiba Corporation. Consumers believes the counterclaims 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 November 2022, Consumers and DTE Electric jointly filed an application with the MPSC, requesting 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 Corporation moves forward; such costs would be offset by potential future litigation proceeds received from TAES or Toshiba Corporation. If this application is approved by the MPSC, 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.
J.H. Campbell 3 Plant Retirement Contract Dispute: In May 2022, Consumers filed a complaint against Wolverine Power Supply Cooperative, Inc. 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 the unit’s Joint Ownership and Operating Agreement. In July 2022, Wolverine Power Supply Cooperative, Inc. 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. In July 2022, Consumers filed a motion for summary disposition, which was heard in August 2022. In October 2022, the state circuit court judge found that Consumers may, in its sole discretion, retire the J.H. Campbell 3 coal-fueled generating unit, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power Supply Cooperative, Inc.’s claim for damages is pending. Consumers believes Wolverine Power Supply Cooperative, Inc.’s claim has no merit, but cannot predict the final impact or outcome on this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
Consumers Gas Utility Contingencies
Gas Environmental Matters: 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 March 31, 2023, Consumers had a recorded liability of $63 million for its remaining obligations for these sites. This amount represents the present value of long-term projected costs, using a discount rate of 2.57 percent and an inflation rate of 2.5 percent. The undiscounted amount of the remaining obligation is $67 million. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$5 $11 $31 $6 $1 $1 
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 March 31, 2023, Consumers had a regulatory asset of $106 million related to the MGP sites.
Consumers estimates that its liability to perform remediation and other response activities at NREPA sites other than the MGP sites could reach $3 million. At March 31, 2023, Consumers had a recorded liability of less than $1 million, the minimum amount in the range of its estimated probable liability, as no amount in the range was considered a better estimate than any other amount.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$318 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite226 3 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind 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 NWO Holdco and Aviator Wind, see Note 11, 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 and breaches of representations and warranties. 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 1, 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.
v3.23.1
Financings and Capitalization
 3 Months Ended
Mar. 31, 2023
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023September 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 %January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
Total Consumers$1,125 
Total CMS Energy$1,210 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of March 31, 2023, there was $185 million of loans outstanding bearing an interest rate of 5.806 percent under the unsecured term loan credit agreement.
In January 2023, Consumers entered into a bond purchase agreement to issue an aggregate principal amount of $400 million of first mortgage bonds through a private placement offering. The bonds, which were priced in November 2022, carry a weighted average interest rate of 5.251 percent and mature at varying dates between 2026 and 2037. The bonds are expected to be issued in May 2023. The proceeds of the bonds will be used to finance a portion of the purchase price of the New Covert Generating Facility and for general corporate purposes.
Presented in the following table is a summary of major long-term debt retirements during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
Credit Facilities: The following credit facilities with banks were available at March 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the three months ended March 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the three months ended March 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. In March 2023, FERC granted Consumers the authority to issue securities between April 1, 2023 and March 31, 2025.
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 March 31, 2023, there were no commercial paper notes outstanding under this program.
In December 2022, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million. At March 31, 2023, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At March 31, 2023, payment of dividends by CMS Energy on its common stock was limited to $6.8 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at March 31, 2023, Consumers had $1.9 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 three months ended March 31, 2023, Consumers paid $287 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at March 31, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialMarch 31, 2023
August 3, 2022February 1, 20242,944,20767.59 67.98 
August 24, 2022February 26, 20241,677,93869.46 69.89 
August 29, 2022February 26, 20241,783,38868.18 68.56 
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 March 31, 2023, CMS Energy would not have been required to deliver shares or pay cash.
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023September 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 %January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
Total Consumers$1,125 
Total CMS Energy$1,210 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of March 31, 2023, there was $185 million of loans outstanding bearing an interest rate of 5.806 percent under the unsecured term loan credit agreement.
In January 2023, Consumers entered into a bond purchase agreement to issue an aggregate principal amount of $400 million of first mortgage bonds through a private placement offering. The bonds, which were priced in November 2022, carry a weighted average interest rate of 5.251 percent and mature at varying dates between 2026 and 2037. The bonds are expected to be issued in May 2023. The proceeds of the bonds will be used to finance a portion of the purchase price of the New Covert Generating Facility and for general corporate purposes.
Presented in the following table is a summary of major long-term debt retirements during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
Credit Facilities: The following credit facilities with banks were available at March 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the three months ended March 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the three months ended March 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. In March 2023, FERC granted Consumers the authority to issue securities between April 1, 2023 and March 31, 2025.
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 March 31, 2023, there were no commercial paper notes outstanding under this program.
In December 2022, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million. At March 31, 2023, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At March 31, 2023, payment of dividends by CMS Energy on its common stock was limited to $6.8 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at March 31, 2023, Consumers had $1.9 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 three months ended March 31, 2023, Consumers paid $287 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at March 31, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialMarch 31, 2023
August 3, 2022February 1, 20242,944,20767.59 67.98 
August 24, 2022February 26, 20241,677,93869.46 69.89 
August 29, 2022February 26, 20241,783,38868.18 68.56 
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 March 31, 2023, CMS Energy would not have been required to deliver shares or pay cash.
v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
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
March 31
2023		December 31
2022		March 31
2023		December 31
2022
Assets1
Cash equivalents$216 $— $166 $— 
Restricted cash equivalents27 18 26 17 
Nonqualified deferred compensation plan assets26 24 20 18 
Derivative instruments1 2 1 2 
Total assets$270 $44 $213 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$26 $24 $20 $18 
Total liabilities$26 $24 $20 $18 
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 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.
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 categories of assets and liabilities 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
March 31
2023		December 31
2022		March 31
2023		December 31
2022
Assets1
Cash equivalents$216 $— $166 $— 
Restricted cash equivalents27 18 26 17 
Nonqualified deferred compensation plan assets26 24 20 18 
Derivative instruments1 2 1 2 
Total assets$270 $44 $213 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$26 $24 $20 $18 
Total liabilities$26 $24 $20 $18 
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 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.
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 categories of assets and liabilities during the periods presented.
v3.23.1
Financial Instruments
 3 Months Ended
Mar. 31, 2023
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 4, Fair Value Measurements.
In Millions
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
14,410 12,928 1,076 10,066 1,786 14,212 12,384 987 8,741 2,656 
Long-term payables3
8 7 — — 7 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
100 100 — — 100 101 101 — — 101 
Liabilities
Long-term debt5
10,295 9,060 — 7,459 1,601 10,183 8,728 — 6,172 2,556 
1Includes current portion of long-term accounts receivable and notes receivable of $7 million at March 31, 2023 and December 31, 2022.
2Includes current portion of long-term debt of $1,425 million at March 31, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at March 31, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $991 million at March 31, 2023 and December 31, 2022.
The DB SERP note receivable – related party is Consumers’ portion of a 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 4, Fair Value Measurements.
In Millions
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
14,410 12,928 1,076 10,066 1,786 14,212 12,384 987 8,741 2,656 
Long-term payables3
8 7 — — 7 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
100 100 — — 100 101 101 — — 101 
Liabilities
Long-term debt5
10,295 9,060 — 7,459 1,601 10,183 8,728 — 6,172 2,556 
1Includes current portion of long-term accounts receivable and notes receivable of $7 million at March 31, 2023 and December 31, 2022.
2Includes current portion of long-term debt of $1,425 million at March 31, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at March 31, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $991 million at March 31, 2023 and December 31, 2022.
The DB SERP note receivable – related party is Consumers’ portion of a 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.
v3.23.1
Retirement Benefits
 3 Months Ended
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement BenefitsCMS Energy and Consumers provide pension, OPEB, and other retirement benefits to employees under a number of different plans.
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 OPEB Plan
Three Months Ended March 312023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost27 18 11 7 
Expected return on plan assets(55)(52)(26)(29)
Amortization of:
Net loss3 17 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(15)$(2)$(19)$(30)
Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost25 16 11 7 
Expected return on plan assets(52)(49)(24)(27)
Amortization of:
Net loss3 16 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(14)$(2)$(17)$(28)
In Consumers’ 2022 electric rate case, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing rates. At March 31, 2023. CMS Energy, including Consumers, had deferred $3 million of pension credits and $6 million of OPEB costs under this mechanism.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement BenefitsCMS Energy and Consumers provide pension, OPEB, and other retirement benefits to employees under a number of different plans.
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 OPEB Plan
Three Months Ended March 312023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost27 18 11 7 
Expected return on plan assets(55)(52)(26)(29)
Amortization of:
Net loss3 17 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(15)$(2)$(19)$(30)
Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost25 16 11 7 
Expected return on plan assets(52)(49)(24)(27)
Amortization of:
Net loss3 16 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(14)$(2)$(17)$(28)
In Consumers’ 2022 electric rate case, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing rates. At March 31, 2023. CMS Energy, including Consumers, had deferred $3 million of pension credits and $6 million of OPEB costs under this mechanism.
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Three Months Ended March 3120232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
(0.5)5.5 
Production tax credits(4.2)(4.7)
TCJA excess deferred taxes2
(3.7)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.4 — 
Effective tax rate13.0 %10.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
— 5.0 
Production tax credits(3.6)(2.7)
TCJA excess deferred taxes2
(3.2)(6.7)
Accelerated flow-through of regulatory tax benefits3
— (5.1)
Other, net(0.1)(0.6)
Effective tax rate14.1 %10.9 %
1CMS Energy initiated a plan to divest immaterial business activities in the state of Wisconsin and will no longer have a taxable presence within the state after 2023. As a result of these actions, CMS Energy reversed a $13 million Wisconsin-related state reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of a gas regulatory liability associated with unprotected, non‑property-related excess deferred income taxes resulting from the TCJA. The regulatory liability was fully amortized in 2022.
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.
Consumers Energy Company  
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Three Months Ended March 3120232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
(0.5)5.5 
Production tax credits(4.2)(4.7)
TCJA excess deferred taxes2
(3.7)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.4 — 
Effective tax rate13.0 %10.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
— 5.0 
Production tax credits(3.6)(2.7)
TCJA excess deferred taxes2
(3.2)(6.7)
Accelerated flow-through of regulatory tax benefits3
— (5.1)
Other, net(0.1)(0.6)
Effective tax rate14.1 %10.9 %
1CMS Energy initiated a plan to divest immaterial business activities in the state of Wisconsin and will no longer have a taxable presence within the state after 2023. As a result of these actions, CMS Energy reversed a $13 million Wisconsin-related state reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of a gas regulatory liability associated with unprotected, non‑property-related excess deferred income taxes resulting from the TCJA. The regulatory liability was fully amortized in 2022.
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.
v3.23.1
Earnings Per Share - CMS Energy
 3 Months Ended
Mar. 31, 2023
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
Three Months Ended March 3120232022
Income available to common stockholders
Income from continuing operations$194 $341 
Less loss attributable to noncontrolling interests(10)(8)
Less preferred stock dividends2 2 
Income from continuing operations available to common stockholders – basic and diluted$202 $347 
Average common shares outstanding
Weighted-average shares – basic290.7 289.3 
Add dilutive nonvested stock awards0.5 0.5 
Add dilutive forward equity sale contracts— 0.1 
Weighted-average shares – diluted291.2 289.9 
Income from continuing operations per average common share available to common stockholders
Basic$0.69 $1.20 
Diluted0.69 1.20 
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. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
v3.23.1
Revenue
 3 Months Ended
Mar. 31, 2023
Disaggregation of Revenue [Line Items]  
Revenue RevenuePresented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,089 $1,116 $— $2,205 
Other— — 43 43 
Revenue recognized from contracts with customers$1,089 $1,116 $43 $2,248 
Leasing income— — 31 31 
Financing income2 3 — 5 
Total operating revenue – CMS Energy$1,091 $1,119 $74 $2,284 
Consumers
Consumers utility revenue
Residential$528 $776 $1,304 
Commercial347 247 594 
Industrial161 31 192 
Other53 62 115 
Revenue recognized from contracts with customers$1,089 $1,116 $2,205 
Financing income2 3 5 
Total operating revenue – Consumers$1,091 $1,119 $2,210 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $22 million for the three months ended March 31, 2023.
In Millions
Three Months Ended March 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,238 $1,047 $— $2,285 
Other— — 33 33 
Revenue recognized from contracts with customers$1,238 $1,047 $33 $2,318 
Leasing income— — 58 58 
Financing income3 2 — 5 
Consumers alternative-revenue programs— (7)— (7)
Total operating revenue – CMS Energy$1,241 $1,042 $91 $2,374 
Consumers
Consumers utility revenue
Residential$591 $740 $1,331 
Commercial384 221 605 
Industrial168 28 196 
Other95 58 153 
Revenue recognized from contracts with customers$1,238 $1,047 $2,285 
Financing income3 2 5 
Alternative-revenue programs— (7)(7)
Total operating revenue – Consumers$1,241 $1,042 $2,283 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the three months ended March 31, 2022.
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, appliance service plans, 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 $9 million for the three months ended March 31, 2023 and $4 million for the three months ended March 31, 2022.
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 $447 million at March 31, 2023 and $663 million at December 31, 2022.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue RevenuePresented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,089 $1,116 $— $2,205 
Other— — 43 43 
Revenue recognized from contracts with customers$1,089 $1,116 $43 $2,248 
Leasing income— — 31 31 
Financing income2 3 — 5 
Total operating revenue – CMS Energy$1,091 $1,119 $74 $2,284 
Consumers
Consumers utility revenue
Residential$528 $776 $1,304 
Commercial347 247 594 
Industrial161 31 192 
Other53 62 115 
Revenue recognized from contracts with customers$1,089 $1,116 $2,205 
Financing income2 3 5 
Total operating revenue – Consumers$1,091 $1,119 $2,210 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $22 million for the three months ended March 31, 2023.
In Millions
Three Months Ended March 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,238 $1,047 $— $2,285 
Other— — 33 33 
Revenue recognized from contracts with customers$1,238 $1,047 $33 $2,318 
Leasing income— — 58 58 
Financing income3 2 — 5 
Consumers alternative-revenue programs— (7)— (7)
Total operating revenue – CMS Energy$1,241 $1,042 $91 $2,374 
Consumers
Consumers utility revenue
Residential$591 $740 $1,331 
Commercial384 221 605 
Industrial168 28 196 
Other95 58 153 
Revenue recognized from contracts with customers$1,238 $1,047 $2,285 
Financing income3 2 5 
Alternative-revenue programs— (7)(7)
Total operating revenue – Consumers$1,241 $1,042 $2,283 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the three months ended March 31, 2022.
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, appliance service plans, 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 $9 million for the three months ended March 31, 2023 and $4 million for the three months ended March 31, 2022.
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 $447 million at March 31, 2023 and $663 million at December 31, 2022.
v3.23.1
Reportable Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting Information [Line Items]  
Reportable Segments Reportable SegmentsReportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
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
Three Months Ended March 3120232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
NorthStar Clean Energy74 91 
Total operating revenue – CMS Energy$2,284 $2,374 
Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
Total operating revenue – Consumers$2,210 $2,283 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$70 $167 
Gas utility154 216 
NorthStar Clean Energy7 8 
Other reconciling items(29)(40)
Total net income available to common stockholders – CMS Energy$202 $351 
Consumers
Net income available to common stockholder
Electric utility$70 $167 
Gas utility154 216 
Other reconciling items8 — 
Total net income available to common stockholder – Consumers$232 $383 
In Millions
March 31, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
NorthStar Clean Energy1,151 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$30,866 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
Other reconciling items34 29 
Total plant, property, and equipment, gross – Consumers$29,721 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,117 $17,907 
Gas utility1
11,507 11,873 
NorthStar Clean Energy1,534 1,464 
Other reconciling items228 109 
Total assets – CMS Energy$31,386 $31,353 
Consumers
Total assets
Electric utility1
$18,177 $17,968 
Gas utility1
11,552 11,918 
Other reconciling items43 30 
Total assets – Consumers$29,772 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable SegmentsReportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
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
Three Months Ended March 3120232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
NorthStar Clean Energy74 91 
Total operating revenue – CMS Energy$2,284 $2,374 
Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
Total operating revenue – Consumers$2,210 $2,283 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$70 $167 
Gas utility154 216 
NorthStar Clean Energy7 8 
Other reconciling items(29)(40)
Total net income available to common stockholders – CMS Energy$202 $351 
Consumers
Net income available to common stockholder
Electric utility$70 $167 
Gas utility154 216 
Other reconciling items8 — 
Total net income available to common stockholder – Consumers$232 $383 
In Millions
March 31, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
NorthStar Clean Energy1,151 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$30,866 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
Other reconciling items34 29 
Total plant, property, and equipment, gross – Consumers$29,721 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,117 $17,907 
Gas utility1
11,507 11,873 
NorthStar Clean Energy1,534 1,464 
Other reconciling items228 109 
Total assets – CMS Energy$31,386 $31,353 
Consumers
Total assets
Electric utility1
$18,177 $17,968 
Gas utility1
11,552 11,918 
Other reconciling items43 30 
Total assets – Consumers$29,772 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.23.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2023
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
NorthStar Clean Energy holds a Class B membership interest in NWO Holdco, which owns 100 percent of Northwest Ohio Wind, LLC, a 100‑MW wind generation project in Paulding County, Ohio. The Class A membership interest in NWO Holdco is held by a tax equity investor.
NorthStar Clean Energy has a 51‑percent ownership interest in Aviator Wind Equity Holdings, which holds a Class B membership interest in Aviator Wind, the holding company of a 525‑MW wind generation project in Coke County, Texas. The Class A membership interest in Aviator Wind is held by a tax equity investor.
Earnings, tax attributes, and cash flows generated by NWO Holdco and Aviator Wind 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 NWO Holdco’s and Aviator Wind’s 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.
NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind are VIEs. In accordance with the associated limited liability company agreements, the tax equity investors are guaranteed preferred returns from NWO Holdco and Aviator Wind. However, NorthStar Clean Energy manages and controls the operating activities of NWO Holdco and Aviator Wind Equity Holdings (and, thereby, Aviator Wind). As a result, NorthStar Clean Energy is the primary beneficiary, 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. NorthStar Clean Energy consolidates NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind and presents the Class A membership interests and 49 percent of the Class B membership interest in Aviator Wind as noncontrolling interests.
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
March 31, 2023December 31, 2022
Current
Cash and cash equivalents$21 $28 
Accounts receivable3 7 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net818 825 
Total assets1
$846 $863 
Current
Accounts payable$4 $15 
Non-current
Asset retirement obligations24 24 
Total liabilities$28 $39 
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 2, Contingencies and Commitments—Guarantees.
Other VIEs: CMS Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While CMS 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 CMS 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 or Consumers. CMS Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on its consolidated balance sheets in the amount of $72 million at March 31, 2023 and $71 million at December 31, 2022.
v3.23.1
Exit Activities
 3 Months Ended
Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
Under its Clean Energy Plan, Consumers will retire the D.E. Karn coal-fueled electric generating units in May 2023 and the J.H. Campbell coal-fueled generating units in 2025. Consumers has announced retention incentive programs to ensure necessary staffing at both locations through the anticipated retirements. The aggregate cost of the D.E. Karn program through 2022 was $31 million, and Consumers expects to recognize an additional $2 million of retention benefit costs in the first half of 2023. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; this expense will be deferred as a regulatory asset.
As of March 31, 2023, the cumulative cost incurred and charged to expense related to the D.E. Karn retention incentive program was $16 million. Additionally, an amount of $4 million has been capitalized as a cost of plant, property, and equipment and an amount of $12 million has been deferred as a regulatory asset. The cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $24 million.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset
5 1 
Retention benefit liability at the end of the period1
$26 $15 
1Includes current portion of other liabilities of $16 million at March 31, 2023 and $5 million at March 31, 2022.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
Under its Clean Energy Plan, Consumers will retire the D.E. Karn coal-fueled electric generating units in May 2023 and the J.H. Campbell coal-fueled generating units in 2025. Consumers has announced retention incentive programs to ensure necessary staffing at both locations through the anticipated retirements. The aggregate cost of the D.E. Karn program through 2022 was $31 million, and Consumers expects to recognize an additional $2 million of retention benefit costs in the first half of 2023. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; this expense will be deferred as a regulatory asset.
As of March 31, 2023, the cumulative cost incurred and charged to expense related to the D.E. Karn retention incentive program was $16 million. Additionally, an amount of $4 million has been capitalized as a cost of plant, property, and equipment and an amount of $12 million has been deferred as a regulatory asset. The cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $24 million.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset
5 1 
Retention benefit liability at the end of the period1
$26 $15 
1Includes current portion of other liabilities of $16 million at March 31, 2023 and $5 million at March 31, 2022.
v3.23.1
Significant Accounting Policies (Policy)
 3 Months Ended
Mar. 31, 2023
Significant Accounting Policies [Line Items]  
EPS
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. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
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 NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind are VIEs. In accordance with the associated limited liability company agreements, the tax equity investors are guaranteed preferred returns from NWO Holdco and Aviator Wind. However, NorthStar Clean Energy manages and controls the operating activities of NWO Holdco and Aviator Wind Equity Holdings (and, thereby, Aviator Wind). As a result, NorthStar Clean Energy is the primary beneficiary, 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.CMS Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While CMS 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]  
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, appliance service plans, 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.
v3.23.1
Contingencies and Commitments (Tables)
 3 Months Ended
Mar. 31, 2023
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 during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$3 $4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$318 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite226 3 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind 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 NWO Holdco and Aviator Wind, see Note 11, 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 and breaches of representations and warranties. 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.
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 during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$5 $11 $31 $6 $1 $1 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$318 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite226 3 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind 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 NWO Holdco and Aviator Wind, see Note 11, 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 and breaches of representations and warranties. 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.
v3.23.1
Financings and Capitalization (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements
Presented in the following table is a summary of major long-term debt retirements during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at March 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the three months ended March 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the three months ended March 31, 2023.
Schedule of Forward Contracts Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at March 31, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialMarch 31, 2023
August 3, 2022February 1, 20242,944,20767.59 67.98 
August 24, 2022February 26, 20241,677,93869.46 69.89 
August 29, 2022February 26, 20241,783,38868.18 68.56 
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the three months ended March 31, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023September 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 %January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
Total Consumers$1,125 
Total CMS Energy$1,210 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of March 31, 2023, there was $185 million of loans outstanding bearing an interest rate of 5.806 percent under the unsecured term loan credit agreement.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at March 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the three months ended March 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the three months ended March 31, 2023.
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
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
March 31
2023		December 31
2022		March 31
2023		December 31
2022
Assets1
Cash equivalents$216 $— $166 $— 
Restricted cash equivalents27 18 26 17 
Nonqualified deferred compensation plan assets26 24 20 18 
Derivative instruments1 2 1 2 
Total assets$270 $44 $213 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$26 $24 $20 $18 
Total liabilities$26 $24 $20 $18 
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]  
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
March 31
2023		December 31
2022		March 31
2023		December 31
2022
Assets1
Cash equivalents$216 $— $166 $— 
Restricted cash equivalents27 18 26 17 
Nonqualified deferred compensation plan assets26 24 20 18 
Derivative instruments1 2 1 2 
Total assets$270 $44 $213 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$26 $24 $20 $18 
Total liabilities$26 $24 $20 $18 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
v3.23.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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 4, Fair Value Measurements.
In Millions
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
14,410 12,928 1,076 10,066 1,786 14,212 12,384 987 8,741 2,656 
Long-term payables3
8 7 — — 7 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
100 100 — — 100 101 101 — — 101 
Liabilities
Long-term debt5
10,295 9,060 — 7,459 1,601 10,183 8,728 — 6,172 2,556 
1Includes current portion of long-term accounts receivable and notes receivable of $7 million at March 31, 2023 and December 31, 2022.
2Includes current portion of long-term debt of $1,425 million at March 31, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at March 31, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $991 million at March 31, 2023 and December 31, 2022.
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 4, Fair Value Measurements.
In Millions
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
14,410 12,928 1,076 10,066 1,786 14,212 12,384 987 8,741 2,656 
Long-term payables3
8 7 — — 7 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
100 100 — — 100 101 101 — — 101 
Liabilities
Long-term debt5
10,295 9,060 — 7,459 1,601 10,183 8,728 — 6,172 2,556 
1Includes current portion of long-term accounts receivable and notes receivable of $7 million at March 31, 2023 and December 31, 2022.
2Includes current portion of long-term debt of $1,425 million at March 31, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at March 31, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $991 million at March 31, 2023 and December 31, 2022.
v3.23.1
Retirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
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 OPEB Plan
Three Months Ended March 312023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost27 18 11 7 
Expected return on plan assets(55)(52)(26)(29)
Amortization of:
Net loss3 17 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(15)$(2)$(19)$(30)
Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost25 16 11 7 
Expected return on plan assets(52)(49)(24)(27)
Amortization of:
Net loss3 16 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(14)$(2)$(17)$(28)
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
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 OPEB Plan
Three Months Ended March 312023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost27 18 11 7 
Expected return on plan assets(55)(52)(26)(29)
Amortization of:
Net loss3 17 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(15)$(2)$(19)$(30)
Consumers
Net periodic credit
Service cost$7 $12 $3 $4 
Interest cost25 16 11 7 
Expected return on plan assets(52)(49)(24)(27)
Amortization of:
Net loss3 16 3 — 
Prior service cost (credit)1 1 (10)(12)
Settlement loss2 2 — — 
Net periodic credit$(14)$(2)$(17)$(28)
v3.23.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2023
Income Taxes [Line Items]  
Schedule Of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Three Months Ended March 3120232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
(0.5)5.5 
Production tax credits(4.2)(4.7)
TCJA excess deferred taxes2
(3.7)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.4 — 
Effective tax rate13.0 %10.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
— 5.0 
Production tax credits(3.6)(2.7)
TCJA excess deferred taxes2
(3.2)(6.7)
Accelerated flow-through of regulatory tax benefits3
— (5.1)
Other, net(0.1)(0.6)
Effective tax rate14.1 %10.9 %
1CMS Energy initiated a plan to divest immaterial business activities in the state of Wisconsin and will no longer have a taxable presence within the state after 2023. As a result of these actions, CMS Energy reversed a $13 million Wisconsin-related state reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of a gas regulatory liability associated with unprotected, non‑property-related excess deferred income taxes resulting from the TCJA. The regulatory liability was fully amortized in 2022.
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.
Consumers Energy Company  
Income Taxes [Line Items]  
Schedule Of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Three Months Ended March 3120232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
(0.5)5.5 
Production tax credits(4.2)(4.7)
TCJA excess deferred taxes2
(3.7)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.4 — 
Effective tax rate13.0 %10.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
— 5.0 
Production tax credits(3.6)(2.7)
TCJA excess deferred taxes2
(3.2)(6.7)
Accelerated flow-through of regulatory tax benefits3
— (5.1)
Other, net(0.1)(0.6)
Effective tax rate14.1 %10.9 %
1CMS Energy initiated a plan to divest immaterial business activities in the state of Wisconsin and will no longer have a taxable presence within the state after 2023. As a result of these actions, CMS Energy reversed a $13 million Wisconsin-related state reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of a gas regulatory liability associated with unprotected, non‑property-related excess deferred income taxes resulting from the TCJA. The regulatory liability was fully amortized in 2022.
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.
v3.23.1
Earnings Per Share - CMS Energy (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
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
Three Months Ended March 3120232022
Income available to common stockholders
Income from continuing operations$194 $341 
Less loss attributable to noncontrolling interests(10)(8)
Less preferred stock dividends2 2 
Income from continuing operations available to common stockholders – basic and diluted$202 $347 
Average common shares outstanding
Weighted-average shares – basic290.7 289.3 
Add dilutive nonvested stock awards0.5 0.5 
Add dilutive forward equity sale contracts— 0.1 
Weighted-average shares – diluted291.2 289.9 
Income from continuing operations per average common share available to common stockholders
Basic$0.69 $1.20 
Diluted0.69 1.20 
v3.23.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2023
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,089 $1,116 $— $2,205 
Other— — 43 43 
Revenue recognized from contracts with customers$1,089 $1,116 $43 $2,248 
Leasing income— — 31 31 
Financing income2 3 — 5 
Total operating revenue – CMS Energy$1,091 $1,119 $74 $2,284 
Consumers
Consumers utility revenue
Residential$528 $776 $1,304 
Commercial347 247 594 
Industrial161 31 192 
Other53 62 115 
Revenue recognized from contracts with customers$1,089 $1,116 $2,205 
Financing income2 3 5 
Total operating revenue – Consumers$1,091 $1,119 $2,210 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $22 million for the three months ended March 31, 2023
In Millions
Three Months Ended March 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,238 $1,047 $— $2,285 
Other— — 33 33 
Revenue recognized from contracts with customers$1,238 $1,047 $33 $2,318 
Leasing income— — 58 58 
Financing income3 2 — 5 
Consumers alternative-revenue programs— (7)— (7)
Total operating revenue – CMS Energy$1,241 $1,042 $91 $2,374 
Consumers
Consumers utility revenue
Residential$591 $740 $1,331 
Commercial384 221 605 
Industrial168 28 196 
Other95 58 153 
Revenue recognized from contracts with customers$1,238 $1,047 $2,285 
Financing income3 2 5 
Alternative-revenue programs— (7)(7)
Total operating revenue – Consumers$1,241 $1,042 $2,283 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the three months ended March 31, 2022.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,089 $1,116 $— $2,205 
Other— — 43 43 
Revenue recognized from contracts with customers$1,089 $1,116 $43 $2,248 
Leasing income— — 31 31 
Financing income2 3 — 5 
Total operating revenue – CMS Energy$1,091 $1,119 $74 $2,284 
Consumers
Consumers utility revenue
Residential$528 $776 $1,304 
Commercial347 247 594 
Industrial161 31 192 
Other53 62 115 
Revenue recognized from contracts with customers$1,089 $1,116 $2,205 
Financing income2 3 5 
Total operating revenue – Consumers$1,091 $1,119 $2,210 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $22 million for the three months ended March 31, 2023
In Millions
Three Months Ended March 31, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,238 $1,047 $— $2,285 
Other— — 33 33 
Revenue recognized from contracts with customers$1,238 $1,047 $33 $2,318 
Leasing income— — 58 58 
Financing income3 2 — 5 
Consumers alternative-revenue programs— (7)— (7)
Total operating revenue – CMS Energy$1,241 $1,042 $91 $2,374 
Consumers
Consumers utility revenue
Residential$591 $740 $1,331 
Commercial384 221 605 
Industrial168 28 196 
Other95 58 153 
Revenue recognized from contracts with customers$1,238 $1,047 $2,285 
Financing income3 2 5 
Alternative-revenue programs— (7)(7)
Total operating revenue – Consumers$1,241 $1,042 $2,283 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. NorthStar Clean Energy’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the three months ended March 31, 2022.
v3.23.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting Information [Line Items]  
Schedule Of Financial Information By Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 3120232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
NorthStar Clean Energy74 91 
Total operating revenue – CMS Energy$2,284 $2,374 
Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
Total operating revenue – Consumers$2,210 $2,283 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$70 $167 
Gas utility154 216 
NorthStar Clean Energy7 8 
Other reconciling items(29)(40)
Total net income available to common stockholders – CMS Energy$202 $351 
Consumers
Net income available to common stockholder
Electric utility$70 $167 
Gas utility154 216 
Other reconciling items8 — 
Total net income available to common stockholder – Consumers$232 $383 
In Millions
March 31, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
NorthStar Clean Energy1,151 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$30,866 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
Other reconciling items34 29 
Total plant, property, and equipment, gross – Consumers$29,721 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,117 $17,907 
Gas utility1
11,507 11,873 
NorthStar Clean Energy1,534 1,464 
Other reconciling items228 109 
Total assets – CMS Energy$31,386 $31,353 
Consumers
Total assets
Electric utility1
$18,177 $17,968 
Gas utility1
11,552 11,918 
Other reconciling items43 30 
Total assets – Consumers$29,772 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
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
Three Months Ended March 3120232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
NorthStar Clean Energy74 91 
Total operating revenue – CMS Energy$2,284 $2,374 
Consumers
Operating revenue
Electric utility$1,091 $1,241 
Gas utility1,119 1,042 
Total operating revenue – Consumers$2,210 $2,283 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$70 $167 
Gas utility154 216 
NorthStar Clean Energy7 8 
Other reconciling items(29)(40)
Total net income available to common stockholders – CMS Energy$202 $351 
Consumers
Net income available to common stockholder
Electric utility$70 $167 
Gas utility154 216 
Other reconciling items8 — 
Total net income available to common stockholder – Consumers$232 $383 
In Millions
March 31, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
NorthStar Clean Energy1,151 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$30,866 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,056 $17,870 
Gas utility1
11,631 11,443 
Other reconciling items34 29 
Total plant, property, and equipment, gross – Consumers$29,721 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,117 $17,907 
Gas utility1
11,507 11,873 
NorthStar Clean Energy1,534 1,464 
Other reconciling items228 109 
Total assets – CMS Energy$31,386 $31,353 
Consumers
Total assets
Electric utility1
$18,177 $17,968 
Gas utility1
11,552 11,918 
Other reconciling items43 30 
Total assets – Consumers$29,772 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.23.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2023
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
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
March 31, 2023December 31, 2022
Current
Cash and cash equivalents$21 $28 
Accounts receivable3 7 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net818 825 
Total assets1
$846 $863 
Current
Accounts payable$4 $15 
Non-current
Asset retirement obligations24 24 
Total liabilities$28 $39 
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 CMS 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.
v3.23.1
Exit Activities - (Tables)
 3 Months Ended
Mar. 31, 2023
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
Three Months Ended March 3120232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset
5 1 
Retention benefit liability at the end of the period1
$26 $15 
1Includes current portion of other liabilities of $16 million at March 31, 2023 and $5 million at March 31, 2022.
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
Three Months Ended March 3120232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset
5 1 
Retention benefit liability at the end of the period1
$26 $15 
1Includes current portion of other liabilities of $16 million at March 31, 2023 and $5 million at March 31, 2022.
v3.23.1
Regulatory Matters - Quarterly Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2023
Apr. 27, 2023
Mar. 31, 2023
Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]        
Regulatory liabilities     $ 107 $ 104
Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Regulatory liabilities     $ 107 104
Consumers Energy Company | Electric Rate Case        
Public Utilities, General Disclosures [Line Items]        
Additional annual rate increase authorized $ 155      
Rate of return on equity authorized 9.90%      
Surcharge for the recovery of excess distribution investments $ 6      
Consumers Energy Company | Voluntary refund mechanism        
Public Utilities, General Disclosures [Line Items]        
Regulatory liabilities       $ 22
Consumers Energy Company | Contributions to programs assisting vulnerable customers | Subsequent Event        
Public Utilities, General Disclosures [Line Items]        
Regulatory liabilities   $ 5    
Consumers Energy Company | Direct benefit to customers | Subsequent Event        
Public Utilities, General Disclosures [Line Items]        
Regulatory liabilities   $ 17    
v3.23.1
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2023
USD ($)
site
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]        
Regulatory assets     $ 3,804 $ 3,595
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag     recorded liability  
Consumers Energy Company        
Loss Contingencies [Line Items]        
Regulatory assets     $ 3,804 $ 3,595
Consumers Energy Company | MGP Sites        
Loss Contingencies [Line Items]        
Regulatory assets     $ 106  
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    
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     $ 45  
Discount rate     4.34%  
Accrual for environmental loss contingencies, inflation rate     1.00%  
Accrual for environmental loss contingencies, gross     $ 56  
NREPA | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     2  
NREPA | Gas Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     1  
NREPA | Minimum | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     2  
NREPA | Maximum | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     4  
NREPA | Maximum | Gas Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     3  
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     $ 63  
Discount rate     2.57%  
Accrual for environmental loss contingencies, inflation rate     2.50%  
Accrual for environmental loss contingencies, gross     $ 67  
Number of former MGPs | site     23  
Regulatory asset collection period     10 years  
v3.23.1
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Bay Harbor  
Site Contingency [Line Items]  
2023 $ 3
2024 4
2025 4
2026 4
2027 4
2028 4
Consumers Energy Company | MGP Sites  
Site Contingency [Line Items]  
2023 5
2024 11
2025 31
2026 6
2027 1
2028 $ 1
v3.23.1
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
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]  
Expiration Date indefinite
Maximum Obligation $ 30
Carrying Amount $ 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 30
Carrying Amount $ 0
Indemnification agreement from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 318
Carrying Amount $ 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 226
Carrying Amount $ 3
v3.23.1
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Jan. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Principal (In Millions) $ 1,210    
NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal (In Millions) 85    
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) 1,125    
Term loan facility | Term Loan Facility Due 2023 | NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal (In Millions) $ 85    
Interest rate 5.806%    
Maximum borrowing capacity     $ 185
Total principal amount outstanding $ 185    
Term loan facility | Term Loan Facility Due 2024      
Debt Instrument [Line Items]      
Principal (In Millions) 1,000    
First mortgage bonds | 4.650% First Mortgage Bonds Due March 2028 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 425    
Interest rate 4.65%    
First mortgage bonds | 4.625% First Mortgage Bonds Due May 2033 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 700    
Interest rate 4.625%    
First mortgage bonds | 5.251% First Mortgage Bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions)   $ 400  
Weighted average interest rate   5.251%  
v3.23.1
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 3 Months Ended
Mar. 31, 2023
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 27,000,000
Amount Available 1,073,000,000
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 27,000,000
Amount Available 223,000,000
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 21,000,000
Amount Available 529,000,000
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 22, 2024  
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 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
v3.23.1
Financings and Capitalization (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Financing And Capitalization [Line Items]    
Limitation on payment of stock dividends $ 6,800,000,000  
Dividends paid 287,000,000  
Consumers Energy Company    
Financing And Capitalization [Line Items]    
Notes payable – related parties 0 $ 75,000,000
Unrestricted retained earnings 1,900,000,000  
Consumers Energy Company | Credit Agreement    
Financing And Capitalization [Line Items]    
Maximum borrowing capacity   $ 500,000,000
Notes payable – related parties 0  
Consumers Energy Company | Commercial Paper    
Financing And Capitalization [Line Items]    
Short-term debt authorized borrowings 500,000,000  
Short-term borrowings outstanding $ 0  
v3.23.1
Financings and Capitalization (Schedule of Forward Stock Contracts) (Details) - $ / shares
Mar. 31, 2023
Aug. 29, 2022
Aug. 24, 2022
Aug. 03, 2022
Forward contracts entered into 8/3/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)       2,944,207
Initial forward price (in dollars per share) $ 67.98     $ 67.59
Forward contracts entered into 8/24/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)     1,677,938  
Initial forward price (in dollars per share) 69.89   $ 69.46  
Forward contracts entered into 8/29/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)   1,783,388    
Initial forward price (in dollars per share) $ 68.56 $ 68.18    
v3.23.1
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Assets    
Restricted cash equivalents $ 27 $ 18
Derivative instruments 1 2
Consumers Energy Company    
Assets    
Restricted cash equivalents 26 17
Derivative instruments 1 2
Level 1    
Assets    
Cash equivalents 216 0
Restricted cash equivalents 27 18
Nonqualified deferred compensation plan assets 26 24
Liabilities    
Nonqualified deferred compensation plan liabilities 26 24
Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 166 0
Restricted cash equivalents 26 17
Nonqualified deferred compensation plan assets 20 18
Liabilities    
Nonqualified deferred compensation plan liabilities 20 18
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 270 44
Liabilities    
Total liabilities 26 24
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 213 37
Liabilities    
Total liabilities $ 20 $ 18
v3.23.1
Financial Instruments (Schedule Of Carrying Amounts And Fair Values Of Financial Instruments) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Liabilities    
Current accounts receivable and notes receivable $ 7 $ 7
Current portion of long term debt 1,425 1,090
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 14,410 14,212
Long-term payables 8 9
Fair Value    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 12,928 12,384
Long-term payables 7 7
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 7 7
Current portion of long term debt 991 991
DB SERP note receivable – related party 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 13 14
Notes receivable related party 100 101
Liabilities    
Long-term debt 10,295 10,183
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 13 14
Notes receivable related party 100 101
Liabilities    
Long-term debt 9,060 8,728
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,076 987
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 debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 10,066 8,741
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 debt 7,459 6,172
Level 3 | Fair Value    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 1,786 2,656
Long-term payables 7 7
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 13 14
Notes receivable related party 100 101
Liabilities    
Long-term debt $ 1,601 $ 2,556
v3.23.1
Financial Instruments (Narrative) (Details)
Mar. 31, 2023
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Interest rate 4.10%
v3.23.1
Retirement Benefits (Schedule Of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
DB Pension Plans    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost $ 7 $ 12
Interest cost 27 18
Expected return on plan assets (55) (52)
Amortization of    
Net loss 3 17
Prior service cost (credit) 1 1
Settlement loss 2 2
Net periodic credit (15) (2)
DB Pension Plans | Volatility Mechanism    
Amortization of    
Deferred costs (credits) 3  
DB Pension Plans | Consumers Energy Company    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 7 12
Interest cost 25 16
Expected return on plan assets (52) (49)
Amortization of    
Net loss 3 16
Prior service cost (credit) 1 1
Settlement loss 2 2
Net periodic credit (14) (2)
OPEB Plan    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 3 4
Interest cost 11 7
Expected return on plan assets (26) (29)
Amortization of    
Net loss 3 0
Prior service cost (credit) (10) (12)
Settlement loss 0 0
Net periodic credit (19) (30)
OPEB Plan | Volatility Mechanism    
Amortization of    
Deferred costs (credits) (6)  
OPEB Plan | Consumers Energy Company    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 3 4
Interest cost 11 7
Expected return on plan assets (24) (27)
Amortization of    
Net loss 3 0
Prior service cost (credit) (10) (12)
Settlement loss 0 0
Net periodic credit $ (17) $ (28)
v3.23.1
Income Taxes (Schedule Of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Increase (decrease) in income taxes from:    
U.S. federal income tax rate 21.00% 21.00%
State and local income taxes, net of federal effect (0.50%) 5.50%
Production tax credits (4.20%) (4.70%)
TCJA excess deferred taxes (3.70%) (7.20%)
Accelerated flow-through of regulatory tax benefits 0.00% (4.30%)
Other, net 0.40% 0.00%
Effective tax rate 13.00% 10.30%
Consumers Energy Company    
Increase (decrease) in income taxes from:    
U.S. federal income tax rate 21.00% 21.00%
State and local income taxes, net of federal effect 0.00% 5.00%
Production tax credits (3.60%) (2.70%)
TCJA excess deferred taxes (3.20%) (6.70%)
Accelerated flow-through of regulatory tax benefits 0.00% (5.10%)
Other, net (0.10%) (0.60%)
Effective tax rate 14.10% 10.90%
Consumers Energy Company | Wisconsin    
Increase (decrease) in income taxes from:    
Reversal of tax reserve $ 13  
v3.23.1
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income available to common stockholders    
Income from continuing operations $ 194 $ 341
Loss attributable to noncontrolling interests (10) (8)
Preferred stock dividends 2 2
Income from continuing operations available to common stockholders – basic and diluted $ 202 $ 347
Average common shares outstanding    
Weighted average shares - basic (in shares) 290.7 289.3
Dilutive nonvested stock awards (in shares) 0.5 0.5
Dilutive forward equity sale contracts (in shares) 0.0 0.1
Weighted average shares - diluted (in shares) 291.2 289.9
Income from continuing operations per average common share available to common stockholders    
Basic (in dollars per share) $ 0.69 $ 1.20
Diluted (in dollars per share) $ 0.69 $ 1.20
v3.23.1
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers $ 2,248 $ 2,318
Leasing income 31 58
Financing income 5 5
Consumers alternative-revenue programs   (7)
Total operating revenue 2,284 2,374
Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,089 1,238
Financing income 2 3
Consumers alternative-revenue programs   0
Total operating revenue 1,091 1,241
Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,116 1,047
Financing income 3 2
Consumers alternative-revenue programs   (7)
Total operating revenue 1,119 1,042
NorthStar Clean Energy | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 43 33
Leasing income 31 58
Total operating revenue 74 91
Variable lease income 22 44
Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 2,205 2,285
Financing income 5 5
Consumers alternative-revenue programs   (7)
Total operating revenue 2,210 2,283
Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,089 1,238
Financing income 2 3
Consumers alternative-revenue programs   0
Total operating revenue 1,091 1,241
Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,116 1,047
Financing income 3 2
Consumers alternative-revenue programs   (7)
Total operating revenue 1,119 1,042
Residential | Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,304 1,331
Residential | Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 528 591
Residential | Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 776 740
Commercial | Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 594 605
Commercial | Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 347 384
Commercial | Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 247 221
Industrial | Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 192 196
Industrial | Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 161 168
Industrial | Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 31 28
Other    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 43 33
Other | NorthStar Clean Energy | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 43 33
Other | Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 115 153
Other | Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 53 95
Other | Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers $ 62 $ 58
v3.23.1
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Unbilled receivables $ 447   $ 663
Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Unbilled receivables 447   $ 663
Accounts Receivable      
Disaggregation of Revenue [Line Items]      
Bad debt expense 9 $ 4  
Accounts Receivable | Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Bad debt expense $ 9 $ 4  
v3.23.1
Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating Revenue $ 2,284 $ 2,374  
Net income (loss) available to common stockholders 202 351  
Plant, property, and equipment, gross 30,866   $ 30,491
Total assets 31,386   31,353
Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,210 2,283  
Net income (loss) available to common stockholders 232 383  
Plant, property, and equipment, gross 29,721   29,342
Total assets 29,772   29,916
Other reconciling items      
Segment Reporting Information [Line Items]      
Net income (loss) available to common stockholders (29) (40)  
Plant, property, and equipment, gross 28   30
Total assets 228   109
Other reconciling items | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Net income (loss) available to common stockholders 8 0  
Plant, property, and equipment, gross 34   29
Total assets 43   30
Electric Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 1,091 1,241  
Net income (loss) available to common stockholders 70 167  
Plant, property, and equipment, gross 18,056   17,870
Total assets 18,117   17,907
Electric Utility | Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,091 1,241  
Net income (loss) available to common stockholders 70 167  
Plant, property, and equipment, gross 18,056   17,870
Total assets 18,177   17,968
Gas Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 1,119 1,042  
Net income (loss) available to common stockholders 154 216  
Plant, property, and equipment, gross 11,631   11,443
Total assets 11,507   11,873
Gas Utility | Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,119 1,042  
Net income (loss) available to common stockholders 154 216  
Plant, property, and equipment, gross 11,631   11,443
Total assets 11,552   11,918
NorthStar Clean Energy | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 74 91  
Net income (loss) available to common stockholders 7 $ 8  
Plant, property, and equipment, gross 1,151   1,148
Total assets $ 1,534   $ 1,464
v3.23.1
Variable Interest Entities (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
MW
Dec. 31, 2022
USD ($)
Variable Interest Entity [Line Items]    
Investments | $ $ 72 $ 71
NWO Holdco, L.L.C    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) | MW 100  
Variable Interest Entity, Primary Beneficiary | Aviator Wind    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) | MW 525  
Ownership interest 51.00%  
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership    
Variable Interest Entity [Line Items]    
Noncontrolling ownership interest 49.00%  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments | $ $ 72 $ 71
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 | Genesee    
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%  
v3.23.1
Variable Interest Entities (Consolidated Information of Variable Interest Entity) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 571 $ 164
Accounts receivable 1,009 1,564
Prepayments and other current assets 130 113
Plant, property, and equipment, net 23,003 22,713
Total assets 31,386 31,353
Accounts payable 679 928
Asset retirement obligations 762 746
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 21 28
Accounts receivable 3 7
Prepayments and other current assets 4 3
Plant, property, and equipment, net 818 825
Total assets 846 863
Accounts payable 4 15
Asset retirement obligations 24 24
Total liabilities $ 28 $ 39
v3.23.1
Exit Activities - Narrative (Details) - Retention Benefits - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 42 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]            
Cost deferred $ 5 $ 1        
D.E. Karn Generating Complex            
Restructuring Cost and Reserve [Line Items]            
Aggregate cost incurred           $ 31
Retention and severance costs       $ 16    
D.E. Karn Generating Complex | Forecast            
Restructuring Cost and Reserve [Line Items]            
Expected cost         $ 2  
D.E. Karn Generating Complex | Retention Incentive Program            
Restructuring Cost and Reserve [Line Items]            
Cost deferred       12    
D.E. Karn Generating Complex | Property, Plant and Equipment            
Restructuring Cost and Reserve [Line Items]            
Costs incurred and capitalized       4    
J.H. Campbell Generating Units            
Restructuring Cost and Reserve [Line Items]            
Expected cost $ 50   $ 50 $ 50    
J.H. Campbell Generating Units | Retention Incentive Program            
Restructuring Cost and Reserve [Line Items]            
Cost deferred     $ 24      
v3.23.1
Exit Activities - Schedule of Retention Benefit Liability Roll Forward (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Restructuring Reserve [Roll Forward]      
Other current liabilities $ 154   $ 166
Retention Benefits      
Restructuring Reserve [Roll Forward]      
Retention benefit liability at beginning of period 21 $ 14  
Costs deferred as a regulatory asset 5 1  
Retention benefit liability at the end of the period 26 15  
Other current liabilities $ 16 $ 5