CMS ENERGY CORP, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 14, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 1-9513  
Entity Registrant Name CMS ENERGY CORPORATION  
Entity Tax Identification Number 38-2726431  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity 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   299,335,461
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Consumers Energy Company    
Document Information [Line Items]    
Entity File Number 1-5611  
Entity Registrant Name CONSUMERS ENERGY COMPANY  
Entity Tax Identification Number 38-0442310  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity 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  
5.625% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078  
Trading Symbol CMSA  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078  
Trading Symbol CMSC  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2079    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079  
Trading Symbol CMSD  
Security Exchange Name NYSE  
CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Depositary Shares  
Trading Symbol CMS PRC  
Security Exchange Name NYSE  
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series    
Document Information [Line Items]    
Title of 12(b) Security Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.25.2
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Revenue $ 1,838 $ 1,607 $ 4,285 $ 3,783
Operating Expenses        
Fuel for electric generation 134 114 351 270
Purchased power – related parties 30 16 48 34
Maintenance and other operating expenses 397 404 802 806
Depreciation and amortization 288 273 676 641
General taxes 109 102 271 257
Total operating expenses 1,521 1,324 3,474 3,088
Operating Income 317 283 811 695
Other Income (Expense)        
Non-operating retirement benefits, net 47 41 89 85
Other income 95 77 109 121
Other expense (5) (5) (11) (7)
Total other income 137 113 187 199
Interest Charges        
Interest on long-term debt 199 171 386 343
Allowance for borrowed funds used during construction (3) (6) (6) (6)
Total interest charges 199 173 385 350
Income (Loss) Before Income Taxes 255 223 613 544
Income Tax Expense 62 41 125 99
Net Income 193 182 488 445
Loss Attributable to Noncontrolling Interests (8) (16) (17) (40)
Net Income 201 198 505 485
Preferred Stock Dividends 3 3 5 5
Net Income (Loss) Available to Common Stockholders $ 198 $ 195 $ 500 $ 480
Basic Earnings Per Average Common Share (in dollars per share) $ 0.67 $ 0.65 $ 1.68 $ 1.61
Diluted Earnings Per Average Common Share (in dollars per share) $ 0.66 $ 0.65 $ 1.67 $ 1.61
Related Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 6 $ 6
Nonrelated Party        
Interest Charges        
Other interest expense 0 5   7
Other interest expense     (1)  
Purchased and interchange power        
Operating Expenses        
Cost of goods and services sold 439 349 819 663
Cost of gas sold        
Operating Expenses        
Cost of goods and services sold $ 124 $ 66 $ 507 $ 417
v3.25.2
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income $ 193 $ 182 $ 488 $ 445
Retirement Benefits Liability        
Amortization of net actuarial loss 0 0 0 1
Other Comprehensive Income 0 0 0 1
Comprehensive Income 193 182 488 446
Comprehensive Loss Attributable to Noncontrolling Interests (8) (16) (17) (40)
Comprehensive Income $ 201 $ 198 $ 505 $ 486
v3.25.2
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0 $ 0
v3.25.2
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net Income $ 488 $ 445
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 676 641
Deferred income taxes and investment tax credits 124 79
Other non‑cash operating activities and reconciling adjustments (144) (107)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 80 153
Inventories 34 158
Accounts payable and accrued rate refunds 24 (2)
Other current assets and liabilities 117 129
Other non‑current assets and liabilities 15 167
Net cash provided by operating activities 1,414 1,663
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,772) (1,294)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (108) (76)
Net cash used in investing activities (1,880) (1,246)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,449 704
Retirement of debt (841) (433)
Decrease in notes payable (65) (93)
Issuance of common stock 17 279
Payment of dividends on common and preferred stock (331) (314)
Proceeds from the sale of membership interests in VIEs 44 0
Other financing costs (60) (19)
Net cash provided by financing activities 1,213 124
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 747 541
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 178 248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 925 789
Non‑cash transactions    
Capital expenditures not paid $ 537 $ 259
v3.25.2
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 844 $ 103
Restricted cash and cash equivalents 81 75
Inventories at average cost    
Gas in underground storage 402 435
Materials and supplies 305 299
Generating plant fuel stock 29 35
Deferred property taxes 324 448
Regulatory assets 132 229
Prepayments and other current assets 140 103
Total current assets 3,193 2,790
Plant, Property, and Equipment    
Plant, property, and equipment, gross 35,962 34,932
Less accumulated depreciation and amortization 9,865 9,569
Plant, property, and equipment, net 26,097 25,363
Construction work in progress 2,750 2,098
Total plant, property, and equipment 28,847 27,461
Other Non‑current Assets    
Regulatory assets 3,570 3,569
Accounts receivable 68 20
Investments 62 69
Postretirement benefits 1,705 1,627
Other 254 384
Total other non‑current assets 5,659 5,669
Total Assets 37,699 35,920
Current Liabilities    
Current portion of long-term debt and finance leases 1,125 1,195
Notes payable 0 65
Accrued rate refunds 4 38
Accrued interest 170 156
Accrued taxes 461 654
Regulatory liabilities 93 111
Other current liabilities 197 209
Total current liabilities 3,196 3,521
Non‑current Liabilities    
Long-term debt 16,781 15,194
Non-current portion of finance leases 139 112
Regulatory liabilities 4,164 4,067
Postretirement benefits 93 96
Asset retirement obligations 747 728
Deferred investment tax credit 120 122
Deferred income taxes 3,079 2,925
Other non‑current liabilities 409 407
Total non‑current liabilities 25,532 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,998 6,009
Accumulated other comprehensive loss (41) (41)
Retained earnings 2,210 2,035
Total common stockholders’ equity 8,170 8,006
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 8,394 8,230
Noncontrolling interests 577 518
Total equity 8,971 8,748
Total Liabilities and Equity 37,699 35,920
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $30 in 2025 and $23 in 2024 924 1,049
Current Liabilities    
Accounts payable 1,139 1,085
Related Party    
Current Assets    
Accounts receivable – related parties 12 14
Current Liabilities    
Accounts payable $ 7 $ 8
v3.25.2
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable and accrued revenue, allowance $ 30 $ 23
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 299.3 298.8
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
v3.25.2
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
Total Equity at Beginning of Period at Dec. 31, 2023 $ 8,125 $ 3 $ 5,705   $ (46) $ 1,658 $ 224 $ 581
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     297          
Common stock repurchased     (11)          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 1       1      
Net Income 445         485   (40)
Dividends declared on common stock           (308)    
Dividends declared on preferred stock           (5)    
Other changes in noncontrolling interests               (3)
Total Equity at End of Period at Jun. 30, 2024 $ 8,541 3 5,991 $ (45)   1,830 224 538
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.0300              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.5250              
Total Equity at Beginning of Period at Mar. 31, 2024 $ 8,506 3 5,975   (45) 1,789 224 560
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     16          
Common stock repurchased     0          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 0       0      
Net Income 182         198   (16)
Dividends declared on common stock           (154)    
Dividends declared on preferred stock           (3)    
Other changes in noncontrolling interests               (6)
Total Equity at End of Period at Jun. 30, 2024 $ 8,541 3 5,991 (45)   1,830 224 538
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.5150              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
Total Equity at Beginning of Period at Dec. 31, 2024 $ 8,748 3 6,009   (41) 2,035 224 518
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     35          
Common stock repurchased     (12)          
Sale of membership interests in VIEs     (34)         78
Amortization of net actuarial loss 0       0      
Net Income 488         505   (17)
Dividends declared on common stock           (325)    
Dividends declared on preferred stock           (5)    
Other changes in noncontrolling interests               (2)
Total Equity at End of Period at Jun. 30, 2025 $ 8,971 3 5,998 (41)   2,210 224 577
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.0850              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.5250              
Total Equity at Beginning of Period at Mar. 31, 2025 $ 8,923 3 5,975   (41) 2,174 224 588
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     23          
Common stock repurchased     0          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 0       $ 0      
Net Income 193         201   (8)
Dividends declared on common stock           (162)    
Dividends declared on preferred stock           (3)    
Other changes in noncontrolling interests               (3)
Total Equity at End of Period at Jun. 30, 2025 $ 8,971 $ 3 $ 5,998 $ (41)   $ 2,210 $ 224 $ 577
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.5425              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
v3.25.2
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Revenue $ 1,838 $ 1,607 $ 4,285 $ 3,783
Operating Expenses        
Operating Income 317 283 811 695
Other Income (Expense)        
Non-operating retirement benefits, net 47 41 89 85
Other income 95 77 109 121
Other expense (5) (5) (11) (7)
Total other income 137 113 187 199
Interest Charges        
Interest on long-term debt 199 171 386 343
Allowance for borrowed funds used during construction (3) (6) (6) (6)
Total interest charges 199 173 385 350
Income (Loss) Before Income Taxes 255 223 613 544
Income Tax Expense 62 41 125 99
Net Income 201 198 505 485
Preferred Stock Dividends 3 3 5 5
Net Income (Loss) Available to Common Stockholders 198 195 500 480
Related Party        
Interest Charges        
Other interest expense 3 3 6 6
Nonrelated Party        
Interest Charges        
Other interest expense 0 5   7
Consumers Energy Company        
Operating Revenue 1,746 1,533 4,094 3,630
Operating Expenses        
Fuel for electric generation 113 91 306 216
Purchased and interchange power 394 337 729 643
Purchased power – related parties 30 16 48 34
Cost of gas sold 123 66 505 416
Maintenance and other operating expenses 376 377 749 755
Depreciation and amortization 276 261 651 617
General taxes 106 99 265 251
Total operating expenses 1,418 1,247 3,253 2,932
Operating Income 328 286 841 698
Other Income (Expense)        
Non-operating retirement benefits, net 45 38 84 79
Other income 19 26 29 43
Other expense (4) (5) (7) (7)
Total other income 60 59 106 115
Interest Charges        
Interest on long-term debt 131 120 253 241
Allowance for borrowed funds used during construction (3) (4) (5) (4)
Total interest charges 141 126 271 255
Income (Loss) Before Income Taxes 247 219 676 558
Income Tax Expense 59 41 142 105
Net Income 188 178 534 453
Preferred Stock Dividends 1 1 1 1
Net Income (Loss) Available to Common Stockholders 187 177 533 452
Consumers Energy Company | Related Party        
Interest Charges        
Other interest expense 10 7 20 13
Consumers Energy Company | Nonrelated Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 3 $ 5
v3.25.2
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Income $ 201 $ 198 $ 505 $ 485
Other Comprehensive Income 0 0 0 1
Comprehensive Income 201 198 505 486
Consumers Energy Company        
Net Income 188 178 534 453
Other Comprehensive Income 0 0 0 0
Comprehensive Income $ 188 $ 178 $ 534 $ 453
v3.25.2
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net Income $ 488 $ 445
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 124 79
Other non‑cash operating activities and reconciling adjustments (144) (107)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 80 153
Inventories 34 158
Accounts payable and accrued rate refunds 24 (2)
Other current assets and liabilities 117 129
Other non‑current assets and liabilities 15 167
Net cash provided by operating activities 1,414 1,663
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,772) (1,294)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (108) (76)
Net cash used in investing activities (1,880) (1,246)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,449 704
Retirement of debt (841) (433)
Decrease in notes payable (65) (93)
Other financing costs (60) (19)
Net cash provided by financing activities 1,213 124
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 747 541
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 178 248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 925 789
Non‑cash transactions    
Capital expenditures not paid 537 259
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income 534 453
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 651 617
Deferred income taxes and investment tax credits 66 76
Other non‑cash operating activities and reconciling adjustments (80) (38)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 95 151
Inventories 33 158
Accounts payable and accrued rate refunds 59 5
Other current assets and liabilities 125 114
Other non‑current assets and liabilities (4) 155
Net cash provided by operating activities 1,479 1,691
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,519) (1,228)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (113) (72)
Net cash used in investing activities (1,632) (1,176)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,123 599
Retirement of debt (57) (15)
Decrease in notes payable (65) (93)
Stockholder contribution 150 320
Return of stockholder contribution 0 (320)
Payment of dividends on common and preferred stock (417) (360)
Other financing costs (20) (6)
Net cash provided by financing activities 714 125
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 561 640
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 119 56
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 680 696
Non‑cash transactions    
Capital expenditures not paid $ 425 $ 255
v3.25.2
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 844 $ 103
Restricted cash and cash equivalents 81 75
Inventories at average cost    
Gas in underground storage 402 435
Materials and supplies 305 299
Generating plant fuel stock 29 35
Deferred property taxes 324 448
Regulatory assets 132 229
Prepayments and other current assets 140 103
Total current assets 3,193 2,790
Other Non‑current Assets    
Regulatory assets 3,570 3,569
Accounts and notes receivable – related parties 68 20
Postretirement benefits 1,705 1,627
Other 254 384
Total other non‑current assets 5,659 5,669
Total Assets 37,699 35,920
Current Liabilities    
Current portion of long-term debt and finance leases 1,125 1,195
Notes payable 0 65
Accrued rate refunds 4 38
Accrued interest 170 156
Accrued taxes 461 654
Regulatory liabilities 93 111
Other current liabilities 197 209
Total current liabilities 3,196 3,521
Non‑current Liabilities    
Long-term debt 16,781 15,194
Non-current portion of finance leases 139 112
Regulatory liabilities 4,164 4,067
Postretirement benefits 93 96
Asset retirement obligations 747 728
Deferred investment tax credit 120 122
Deferred income taxes 3,079 2,925
Other non‑current liabilities 409 407
Total non‑current liabilities 25,532 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,998 6,009
Accumulated other comprehensive loss (41) (41)
Retained earnings 2,210 2,035
Total common stockholders’ equity 8,170 8,006
Cumulative preferred stock 224 224
Total stockholders’ equity 8,394 8,230
Total Liabilities and Equity 37,699 35,920
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $30 in 2025 and $23 in 2024 924 1,049
Current Liabilities    
Accounts payable 1,139 1,085
Related Party    
Current Liabilities    
Accounts payable 7 8
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 599 44
Restricted cash and cash equivalents 81 75
Inventories at average cost    
Gas in underground storage 402 435
Materials and supplies 296 291
Generating plant fuel stock 25 30
Deferred property taxes 324 448
Regulatory assets 132 229
Prepayments and other current assets 130 86
Total current assets 2,883 2,674
Plant, Property, and Equipment    
Plant, property, and equipment, gross 34,406 33,434
Less accumulated depreciation and amortization 9,600 9,310
Plant, property, and equipment, net 24,806 24,124
Construction work in progress 2,253 1,766
Total plant, property, and equipment 27,059 25,890
Other Non‑current Assets    
Regulatory assets 3,570 3,569
Postretirement benefits 1,586 1,514
Other 205 323
Total other non‑current assets 5,525 5,524
Total Assets 35,467 34,088
Current Liabilities    
Current portion of long-term debt and finance leases 576 456
Notes payable 0 65
Accrued rate refunds 4 38
Accrued interest 140 130
Accrued taxes 522 678
Regulatory liabilities 93 111
Other current liabilities 152 185
Total current liabilities 2,531 2,592
Non‑current Liabilities    
Non-current portion of finance leases 86 69
Regulatory liabilities 4,164 4,067
Postretirement benefits 68 70
Asset retirement obligations 713 694
Deferred investment tax credit 120 122
Deferred income taxes 3,148 3,053
Other non‑current liabilities 354 349
Total non‑current liabilities 21,238 20,065
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 8,324 8,174
Accumulated other comprehensive loss (11) (11)
Retained earnings 2,507 2,390
Total common stockholders’ equity 11,661 11,394
Cumulative preferred stock 37 37
Total stockholders’ equity 11,698 11,431
Total Liabilities and Equity 35,467 34,088
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $30 in 2025 and $23 in 2024 884 1,019
Other Non‑current Assets    
Accounts receivable 74 26
Current Liabilities    
Accounts payable 1,029 917
Non‑current Liabilities    
Long-term debt 11,581 10,818
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 10 17
Other Non‑current Assets    
Accounts and notes receivable – related parties 90 92
Current Liabilities    
Accounts payable 15 12
Non‑current Liabilities    
Long-term debt $ 1,004 $ 823
v3.25.2
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts receivable and accrued revenue, allowance $ 30 $ 23
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 299.3 298.8
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 30 $ 23
Common stock authorized (in shares) 125.0 125.0
Common stock outstanding (in shares) 84.1 84.1
Preferred stock, par value (in dollars per share) $ 4.50 $ 4.50
Preferred stock authorized (in shares) 7.5 7.5
Preferred stock outstanding (in shares) 0.4 0.4
v3.25.2
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2023 $ 8,125 $ 3 $ 5,705   $ 1,658 $ 224 $ 10,800 $ 841 $ 7,759 $ (15) $ 2,178 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 320      
Return of stockholder contribution                 (320)      
Net Income 485           453       453  
Dividends declared on common stock         (308)           (359)  
Dividends declared on preferred stock         (5)           (1)  
Total Equity at End of Period at Jun. 30, 2024 8,541 3 5,991 $ (45) 1,830 224 10,893 841 7,759 (15) 2,271 37
Total Equity at Beginning of Period at Mar. 31, 2024 8,506 3 5,975   1,789 224 10,810 841 7,759 (15) 2,188 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 0      
Return of stockholder contribution                 0      
Net Income 198           178       178  
Dividends declared on common stock         (154)           (94)  
Dividends declared on preferred stock         (3)           (1)  
Total Equity at End of Period at Jun. 30, 2024 8,541 3 5,991 (45) 1,830 224 10,893 841 7,759 (15) 2,271 37
Total Equity at Beginning of Period at Dec. 31, 2024 8,748 3 6,009   2,035 224 11,431 841 8,174 (11) 2,390 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 150      
Return of stockholder contribution                 0      
Net Income 505           534       534  
Dividends declared on common stock         (325)           (416)  
Dividends declared on preferred stock         (5)           (1)  
Total Equity at End of Period at Jun. 30, 2025 8,971 3 5,998 (41) 2,210 224 11,698 841 8,324 (11) 2,507 37
Total Equity at Beginning of Period at Mar. 31, 2025 8,923 3 5,975   2,174 224 11,656 841 8,324 (11) 2,465 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 0      
Return of stockholder contribution                 0      
Net Income 201           188       188  
Dividends declared on common stock         (162)           (145)  
Dividends declared on preferred stock         (3)           (1)  
Total Equity at End of Period at Jun. 30, 2025 $ 8,971 $ 3 $ 5,998 $ (41) $ 2,210 $ 224 $ 11,698 $ 841 $ 8,324 $ (11) $ 2,507 $ 37
v3.25.2
Regulatory Matters
 6 Months Ended
Jun. 30, 2025
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2024 Electric Rate Case: In May 2024, Consumers filed an application with the MPSC seeking a rate increase of $325 million, made up of two components. First, Consumers requested a $303 million annual rate increase, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending February 28, 2026. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources. Second, Consumers requested approval of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rates authorized in accordance with previous electric rate orders.
In October 2024, Consumers revised its requested increase to $277 million, primarily to reflect the removal of projected capital investments associated with certain solar facilities that Consumers incorporated into its amended renewable energy plan.
In March 2025, the MPSC issued an order authorizing an annual rate increase of $176 million, which is inclusive of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The approved rate increase is based on a 9.90‑percent authorized return on equity. The new rates became effective in April 2025.
J.H. Campbell Emergency Order: In May 2025, before the planned closure of J.H. Campbell, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring J.H. Campbell to continue operating for 90 days, through August 20, 2025. The order stated that continued operation of J.H. Campbell was required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes Consumers to obtain cost recovery at FERC. Consumers has continued to make J.H. Campbell available in the MISO market, consistent with the order, and has filed a complaint at FERC seeking a modification of the MISO Tariff to establish a mechanism for recovery and allocation of the cost to comply with this order. Between the start of the emergency order and June 30, 2025, the net financial impact of complying with the order was $29 million, for which recovery will be sought through FERC in a subsequent proceeding after a modification to the MISO Tariff is established.
Service Restoration Cost Deferral Application: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March and April 2025. In April 2025, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms. In June 2025, the MPSC approved the application, authorizing the deferral of these expenses for accounting purposes. At June 30, 2025, Consumers had deferred $54 million of these costs as a regulatory asset, recovery for which will be requested in a future rate case.
Consumers Energy Company  
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2024 Electric Rate Case: In May 2024, Consumers filed an application with the MPSC seeking a rate increase of $325 million, made up of two components. First, Consumers requested a $303 million annual rate increase, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending February 28, 2026. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources. Second, Consumers requested approval of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rates authorized in accordance with previous electric rate orders.
In October 2024, Consumers revised its requested increase to $277 million, primarily to reflect the removal of projected capital investments associated with certain solar facilities that Consumers incorporated into its amended renewable energy plan.
In March 2025, the MPSC issued an order authorizing an annual rate increase of $176 million, which is inclusive of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The approved rate increase is based on a 9.90‑percent authorized return on equity. The new rates became effective in April 2025.
J.H. Campbell Emergency Order: In May 2025, before the planned closure of J.H. Campbell, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring J.H. Campbell to continue operating for 90 days, through August 20, 2025. The order stated that continued operation of J.H. Campbell was required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes Consumers to obtain cost recovery at FERC. Consumers has continued to make J.H. Campbell available in the MISO market, consistent with the order, and has filed a complaint at FERC seeking a modification of the MISO Tariff to establish a mechanism for recovery and allocation of the cost to comply with this order. Between the start of the emergency order and June 30, 2025, the net financial impact of complying with the order was $29 million, for which recovery will be sought through FERC in a subsequent proceeding after a modification to the MISO Tariff is established.
Service Restoration Cost Deferral Application: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March and April 2025. In April 2025, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms. In June 2025, the MPSC approved the application, authorizing the deferral of these expenses for accounting purposes. At June 30, 2025, Consumers had deferred $54 million of these costs as a regulatory asset, recovery for which will be requested in a future rate case.
v3.25.2
Contingencies and Commitments
 6 Months Ended
Jun. 30, 2025
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
CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land submitted a renewal request in March 2025, and will continue to operate under the existing permit until a renewal is issued.
At June 30, 2025, CMS Energy had a recorded liability of $47 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 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy
expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At June 30, 2025, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At June 30, 2025, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International, under which Toshiba International contracted to perform a major overhaul and upgrade of Ludington. Toshiba International later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At June 30, 2025, Consumers had a recorded liability of $59 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$2 $7 $9 $24 $7 $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 June 30, 2025, Consumers had a regulatory asset of $86 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$238 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 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. 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. Certain of these matters, while potentially substantial, are covered by insurance and the insurer or insurers are involved in the relevant proceedings. 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
CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land submitted a renewal request in March 2025, and will continue to operate under the existing permit until a renewal is issued.
At June 30, 2025, CMS Energy had a recorded liability of $47 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 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy
expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At June 30, 2025, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At June 30, 2025, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International, under which Toshiba International contracted to perform a major overhaul and upgrade of Ludington. Toshiba International later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At June 30, 2025, Consumers had a recorded liability of $59 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$2 $7 $9 $24 $7 $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 June 30, 2025, Consumers had a regulatory asset of $86 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$238 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 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. 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. Certain of these matters, while potentially substantial, are covered by insurance and the insurer or insurers are involved in the relevant proceedings. 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.
v3.25.2
Financings and Capitalization
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $184 million during the three and six months ended June 30, 2025 in exchange for cash of $109 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $72 million for the three and six months ended June 30, 2025, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $7 million for the three months ended June 30, 2025 and $13 million for the six months ended June 30, 2025, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $151 million during the three months ended June 30, 2024 and $242 million during the six months ended June 30, 2024, in exchange for cash of $100 million and $169 million, respectively. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $48 million for the three months ended June 30, 2024 and a pre-tax gain of $70 million for the six months ended June 30, 2024, which was recorded in other income on its consolidated statements of income. Interest expense related to the repurchased bonds was $4 million for the three months ended June 30, 2024 and $8 million for the six months ended June 30, 2024, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its short-term authorization ends on May 2, 2026. In February 2025, FERC approved Consumers’ application for authority to issue long-term debt securities. The authorization is effective February 21, 2025 through February 20, 2027.
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 June 30, 2025, there were no commercial paper notes outstanding under this program.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At June 30, 2025, there were no outstanding borrowings under the agreement.
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. At June 30, 2025, obligations under this program accounted for as accounts payable on CMS Energy’s consolidated balance sheets were $43 million.
Dividend Restrictions: At June 30, 2025, payment of dividends by CMS Energy on its common stock was limited to $8.2 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at June 30, 2025, Consumers had $2.4 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 six months ended June 30, 2025, Consumers paid $416 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions.
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at June 30, 2025:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2025
December 16, 2024November 27, 2025400,581$69.43 $69.76 
February 25, 2025May 11, 2026757,68670.11 70.48 
March 14, 2025June 15, 2026551,16672.99 73.25 
June 13, 2025April 28, 20261,094,64371.70 71.80 
June 16, 2025September 16, 20262,150,00069.30 69.39 
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 June 30, 2025, it 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 six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $184 million during the three and six months ended June 30, 2025 in exchange for cash of $109 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $72 million for the three and six months ended June 30, 2025, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $7 million for the three months ended June 30, 2025 and $13 million for the six months ended June 30, 2025, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $151 million during the three months ended June 30, 2024 and $242 million during the six months ended June 30, 2024, in exchange for cash of $100 million and $169 million, respectively. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $48 million for the three months ended June 30, 2024 and a pre-tax gain of $70 million for the six months ended June 30, 2024, which was recorded in other income on its consolidated statements of income. Interest expense related to the repurchased bonds was $4 million for the three months ended June 30, 2024 and $8 million for the six months ended June 30, 2024, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its short-term authorization ends on May 2, 2026. In February 2025, FERC approved Consumers’ application for authority to issue long-term debt securities. The authorization is effective February 21, 2025 through February 20, 2027.
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 June 30, 2025, there were no commercial paper notes outstanding under this program.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At June 30, 2025, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At June 30, 2025, payment of dividends by CMS Energy on its common stock was limited to $8.2 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at June 30, 2025, Consumers had $2.4 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 six months ended June 30, 2025, Consumers paid $416 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions.
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at June 30, 2025:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2025
December 16, 2024November 27, 2025400,581$69.43 $69.76 
February 25, 2025May 11, 2026757,68670.11 70.48 
March 14, 2025June 15, 2026551,16672.99 73.25 
June 13, 2025April 28, 20261,094,64371.70 71.80 
June 16, 2025September 16, 20262,150,00069.30 69.39 
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 June 30, 2025, it would not have been required to deliver shares or pay cash.
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Financings and Capitalization
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. At June 30, 2025, obligations under this program accounted for as accounts payable on CMS Energy’s consolidated balance sheets were $43 million.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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
June 30
2025		December 31
2024		June 30
2025		December 31
2024
Assets1
Cash equivalents$87 $27 $— $— 
Restricted cash equivalents81 75 81 75 
Nonqualified deferred compensation plan assets34 34 26 25 
Derivative instruments4 2 4 2 
Total assets$206 $138 $111 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $34 $26 $25 
Derivative instruments4 — — — 
Total liabilities$38 $34 $26 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 2 and 3.
The derivatives classified as Level 2 are interest rate swaps at NorthStar Clean Energy, which are valued using market-based inputs.
In February 2025, a subsidiary of NorthStar Clean Energy entered into floating-to-fixed interest rate swaps to reduce the impact of interest rate fluctuations associated with interest payments on certain future long‑term variable-rate debt. The interest rate swaps economically hedge the future variability of interest payments on debt with a notional amount of $109 million. Gains or losses on these swaps are reported in other expense on CMS Energy’s consolidated statements of income. The amount recorded in other expense was $1 million for the three months ended June 30, 2025 and $4 million for the six months ended June 30, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $4 million at June 30, 2025.
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. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets.There was no material activity within the Level 3 category of derivatives during the periods presented.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2025		December 31
2024		June 30
2025		December 31
2024
Assets1
Cash equivalents$87 $27 $— $— 
Restricted cash equivalents81 75 81 75 
Nonqualified deferred compensation plan assets34 34 26 25 
Derivative instruments4 2 4 2 
Total assets$206 $138 $111 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $34 $26 $25 
Derivative instruments4 — — — 
Total liabilities$38 $34 $26 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 2 and 3.
The derivatives classified as Level 2 are interest rate swaps at NorthStar Clean Energy, which are valued using market-based inputs.
In February 2025, a subsidiary of NorthStar Clean Energy entered into floating-to-fixed interest rate swaps to reduce the impact of interest rate fluctuations associated with interest payments on certain future long‑term variable-rate debt. The interest rate swaps economically hedge the future variability of interest payments on debt with a notional amount of $109 million. Gains or losses on these swaps are reported in other expense on CMS Energy’s consolidated statements of income. The amount recorded in other expense was $1 million for the three months ended June 30, 2025 and $4 million for the six months ended June 30, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $4 million at June 30, 2025.
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. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets.There was no material activity within the Level 3 category of derivatives during the periods presented.
v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
Consumers Energy Company  
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
v3.25.2
Retirement Benefits
 6 Months Ended
Jun. 30, 2025
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible 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 PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $13 $14 $2 $3 $4 $6 
Interest cost27 26 54 52 11 11 22 22 
Expected return on plan assets(57)(59)(114)(118)(28)(29)(56)(58)
Amortization of:
Net loss2 3 5 6 1 1 2 2 
Prior service cost (credit)1 1 2 2 (8)(8)(17)(16)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(18)$(20)$(35)$(39)$(22)$(22)$(45)$(44)
Consumers
Net periodic credit
Service cost$6 $6 $12 $13 $2 $3 $4 $6 
Interest cost25 25 51 49 11 10 21 20 
Expected return on plan assets(54)(55)(108)(110)(26)(27)(52)(54)
Amortization of:
Net loss3 2 5 5 1 1 2 2 
Prior service cost (credit)1 1 2 2 (9)(8)(17)(15)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(17)$(19)$(33)$(36)$(21)$(21)$(42)$(41)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set
existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At June 30, 2025, CMS Energy, including Consumers, had deferred less than $1 million of pension credits and $5 million of OPEB credits under this mechanism related to 2025 expense. At June 30, 2024, CMS Energy, including Consumers, had deferred $9 million of pension credits and $4 million of OPEB credits under this mechanism related to 2024 expense.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible 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 PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $13 $14 $2 $3 $4 $6 
Interest cost27 26 54 52 11 11 22 22 
Expected return on plan assets(57)(59)(114)(118)(28)(29)(56)(58)
Amortization of:
Net loss2 3 5 6 1 1 2 2 
Prior service cost (credit)1 1 2 2 (8)(8)(17)(16)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(18)$(20)$(35)$(39)$(22)$(22)$(45)$(44)
Consumers
Net periodic credit
Service cost$6 $6 $12 $13 $2 $3 $4 $6 
Interest cost25 25 51 49 11 10 21 20 
Expected return on plan assets(54)(55)(108)(110)(26)(27)(52)(54)
Amortization of:
Net loss3 2 5 5 1 1 2 2 
Prior service cost (credit)1 1 2 2 (9)(8)(17)(15)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(17)$(19)$(33)$(36)$(21)$(21)$(42)$(41)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set
existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At June 30, 2025, CMS Energy, including Consumers, had deferred less than $1 million of pension credits and $5 million of OPEB credits under this mechanism related to 2025 expense. At June 30, 2024, CMS Energy, including Consumers, had deferred $9 million of pension credits and $4 million of OPEB credits under this mechanism related to 2024 expense.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
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:
Six Months Ended June 3020252024
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
7.4 5.3 
Renewable energy tax credits(5.8)(5.7)
TCJA excess deferred taxes
(3.5)(3.6)
Taxes attributable to noncontrolling interests1.3 1.0 
Other, net— 0.2 
Effective tax rate20.4 %18.2 %
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
6.7 4.8 
Renewable energy tax credits(3.5)(3.8)
TCJA excess deferred taxes
(2.9)(3.2)
Other, net(0.3)— 
Effective tax rate21.0 %18.8 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
State Income Tax Claim: In February 2025, CMS Energy received an adverse ruling from the Michigan Tax Tribunal in regards to the methodology of state apportionment for Consumers’ electricity sales to MISO. In March 2025, CMS Energy filed an appeal with the Michigan Court of Appeals and a final decision is not expected until 2026. CMS Energy and Consumers have evaluated and concluded their uncertain tax positions associated with this matter to be sufficient as of June 30, 2025. While CMS Energy and Consumers expect the appeal to prevail, if it were to fail, the companies would be required to revise the estimated value of their state deferred tax liabilities, which could result in a material impact to their results of operations.
Tax Legislation: CMS Energy and Consumers are subject to changing tax laws. In July 2025, President Trump signed into law the OBBBA. The legislation allows for the immediate expensing of domestic research and development costs and includes changes to clean energy tax credits enacted by the Inflation Reduction Act of 2022. While the OBBBA restores, and makes permanent, the 100‑percent bonus depreciation deduction, it also retains a provision that allows utilities to take a full deduction of interest expense in lieu of 100‑percent bonus depreciation. CMS Energy and Consumers are still
evaluating the potential impacts of the OBBBA and related executive actions; however, CMS Energy and Consumers do not anticipate a material impact on their respective financial statements.
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:
Six Months Ended June 3020252024
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
7.4 5.3 
Renewable energy tax credits(5.8)(5.7)
TCJA excess deferred taxes
(3.5)(3.6)
Taxes attributable to noncontrolling interests1.3 1.0 
Other, net— 0.2 
Effective tax rate20.4 %18.2 %
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
6.7 4.8 
Renewable energy tax credits(3.5)(3.8)
TCJA excess deferred taxes
(2.9)(3.2)
Other, net(0.3)— 
Effective tax rate21.0 %18.8 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
State Income Tax Claim: In February 2025, CMS Energy received an adverse ruling from the Michigan Tax Tribunal in regards to the methodology of state apportionment for Consumers’ electricity sales to MISO. In March 2025, CMS Energy filed an appeal with the Michigan Court of Appeals and a final decision is not expected until 2026. CMS Energy and Consumers have evaluated and concluded their uncertain tax positions associated with this matter to be sufficient as of June 30, 2025. While CMS Energy and Consumers expect the appeal to prevail, if it were to fail, the companies would be required to revise the estimated value of their state deferred tax liabilities, which could result in a material impact to their results of operations.
Tax Legislation: CMS Energy and Consumers are subject to changing tax laws. In July 2025, President Trump signed into law the OBBBA. The legislation allows for the immediate expensing of domestic research and development costs and includes changes to clean energy tax credits enacted by the Inflation Reduction Act of 2022. While the OBBBA restores, and makes permanent, the 100‑percent bonus depreciation deduction, it also retains a provision that allows utilities to take a full deduction of interest expense in lieu of 100‑percent bonus depreciation. CMS Energy and Consumers are still
evaluating the potential impacts of the OBBBA and related executive actions; however, CMS Energy and Consumers do not anticipate a material impact on their respective financial statements.
v3.25.2
Earnings Per Share - CMS Energy
 6 Months Ended
Jun. 30, 2025
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 EndedSix Months Ended
June 302025202420252024
Income available to common stockholders
Income from continuing operations$193 $182 $488 $445 
Less loss attributable to noncontrolling interests(8)(16)(17)(40)
Less preferred stock dividends3 3 5 5 
Income from continuing operations available to common stockholders – basic and diluted$198 $195 $500 $480 
Average common shares outstanding
Weighted-average shares – basic298.5 297.9 298.4 297.2 
Add dilutive nonvested stock awards0.6 0.6 0.6 0.7 
Weighted-average shares – diluted299.1 298.5 299.0 297.9 
Income from continuing operations per average common share available to common stockholders
Basic$0.67 $0.65 $1.68 $1.61 
Diluted0.66 0.65 1.67 1.61 
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS. The impact to diluted EPS was de minimis.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. Accordingly, the convertible senior notes were included in the computation of diluted EPS, but not in the computation of basic EPS. The impact to diluted EPS was de minimis.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $23 million for the three months ended June 30, 2025.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,221 $305 $— $1,526 
Other— — 50 50 
Revenue recognized from contracts with customers$1,221 $305 $50 $1,576 
Leasing income— — 24 24 
Financing income2 2 — 4 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$1,226 $307 $74 $1,607 
Consumers
Consumers utility revenue
Residential$547 $206 $753 
Commercial433 64 497 
Industrial174 8 182 
Other67 27 94 
Revenue recognized from contracts with customers$1,221 $305 $1,526 
Financing income2 2 4 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$1,226 $307 $1,533 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $13 million for the three months ended June 30, 2024.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $54 million for the six months ended June 30, 2025.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,350 $1,268 $— $3,618 
Other— — 102 102 
Revenue recognized from contracts with customers$2,350 $1,268 $102 $3,720 
Leasing income— — 51 51 
Financing income4 4 — 8 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,358 $1,272 $153 $3,783 
Consumers
Consumers utility revenue
Residential$1,072 $871 $1,943 
Commercial793 271 1,064 
Industrial330 32 362 
Other155 94 249 
Revenue recognized from contracts with customers$2,350 $1,268 $3,618 
Financing income4 4 8 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,358 $1,272 $3,630 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $29 million for the six months ended June 30, 2024.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $8 million for the three months ended June 30, 2025 and $7 million for the three months ended June 30, 2024. CMS Energy and Consumers recorded uncollectible accounts expense of $20 million for the six months ended June 30, 2025 and $17 million for the six months ended June 30, 2024.
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 $464 million at June 30, 2025 and $584 million at December 31, 2024.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $23 million for the three months ended June 30, 2025.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,221 $305 $— $1,526 
Other— — 50 50 
Revenue recognized from contracts with customers$1,221 $305 $50 $1,576 
Leasing income— — 24 24 
Financing income2 2 — 4 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$1,226 $307 $74 $1,607 
Consumers
Consumers utility revenue
Residential$547 $206 $753 
Commercial433 64 497 
Industrial174 8 182 
Other67 27 94 
Revenue recognized from contracts with customers$1,221 $305 $1,526 
Financing income2 2 4 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$1,226 $307 $1,533 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $13 million for the three months ended June 30, 2024.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $54 million for the six months ended June 30, 2025.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,350 $1,268 $— $3,618 
Other— — 102 102 
Revenue recognized from contracts with customers$2,350 $1,268 $102 $3,720 
Leasing income— — 51 51 
Financing income4 4 — 8 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,358 $1,272 $153 $3,783 
Consumers
Consumers utility revenue
Residential$1,072 $871 $1,943 
Commercial793 271 1,064 
Industrial330 32 362 
Other155 94 249 
Revenue recognized from contracts with customers$2,350 $1,268 $3,618 
Financing income4 4 8 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,358 $1,272 $3,630 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $29 million for the six months ended June 30, 2024.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $8 million for the three months ended June 30, 2025 and $7 million for the three months ended June 30, 2024. CMS Energy and Consumers recorded uncollectible accounts expense of $20 million for the six months ended June 30, 2025 and $17 million for the six months ended June 30, 2024.
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 $464 million at June 30, 2025 and $584 million at December 31, 2024.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.25.2
Reportable Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
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.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
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.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: In March 2025, NorthStar Clean Energy sold a 50‑percent interest in NWO Wind Equity Holdings for net proceeds of $36 million. NWO Wind Equity Holdings holds the Class B membership interest in NWO Holdco, the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally in March 2025, NorthStar Clean Energy sold a 50‑percent interest in Delta Solar Equity Holdings for net proceeds of $8 million. Delta Solar Equity Holdings is the holding company of a 24-MW solar project located in Delta Township, Michigan.
NorthStar Clean Energy consolidates these and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive
benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
June 30, 2025December 31, 2024
Current
Cash and cash equivalents$16 $18 
Accounts receivable7 4 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net993 1,024 
Other non-current assets6 3 
Total assets1
$1,026 $1,052 
Current
Accounts payable$10 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations34 33 
Other non-current liabilities3 — 
Total liabilities$71 $64 
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.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise non-current regulatory assets and long-term debt. The carrying value of the regulatory assets on Consumers’ consolidated balance sheets was $609 million at June 30, 2025 and $666 million at December 31, 2024. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $643 million at June 30, 2025 and $700 million at December 31, 2024.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $57 million at June 30, 2025 and $64 million at December 31, 2024.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: In March 2025, NorthStar Clean Energy sold a 50‑percent interest in NWO Wind Equity Holdings for net proceeds of $36 million. NWO Wind Equity Holdings holds the Class B membership interest in NWO Holdco, the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally in March 2025, NorthStar Clean Energy sold a 50‑percent interest in Delta Solar Equity Holdings for net proceeds of $8 million. Delta Solar Equity Holdings is the holding company of a 24-MW solar project located in Delta Township, Michigan.
NorthStar Clean Energy consolidates these and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive
benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
June 30, 2025December 31, 2024
Current
Cash and cash equivalents$16 $18 
Accounts receivable7 4 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net993 1,024 
Other non-current assets6 3 
Total assets1
$1,026 $1,052 
Current
Accounts payable$10 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations34 33 
Other non-current liabilities3 — 
Total liabilities$71 $64 
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.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise non-current regulatory assets and long-term debt. The carrying value of the regulatory assets on Consumers’ consolidated balance sheets was $609 million at June 30, 2025 and $666 million at December 31, 2024. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $643 million at June 30, 2025 and $700 million at December 31, 2024.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $57 million at June 30, 2025 and $64 million at December 31, 2024.
v3.25.2
Exit Activities
 6 Months Ended
Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
In accordance with its Clean Energy Plan, and absent an extension of the May 2025 emergency order or other government order, Consumers plans to retire J.H. Campbell in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The terms of and Consumers’ obligations under this program have not been modified. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be less than $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset. For information on the emergency order associated with J.H. Campbell, see Note 1, Regulatory Matters.
As of June 30, 2025, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $46 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended June 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
3 3 
Retention benefit liability at the end of the period2
$17 $19 
1Includes $1 million for the three months ended June 30, 2025 and less than $1 million for the three months ended June 30, 2024.
2Includes current portion of other liabilities of $17 million at June 30, 2025 and $8 million at June 30, 2024.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
In accordance with its Clean Energy Plan, and absent an extension of the May 2025 emergency order or other government order, Consumers plans to retire J.H. Campbell in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The terms of and Consumers’ obligations under this program have not been modified. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be less than $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset. For information on the emergency order associated with J.H. Campbell, see Note 1, Regulatory Matters.
As of June 30, 2025, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $46 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended June 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
3 3 
Retention benefit liability at the end of the period2
$17 $19 
1Includes $1 million for the three months ended June 30, 2025 and less than $1 million for the three months ended June 30, 2024.
2Includes current portion of other liabilities of $17 million at June 30, 2025 and $8 million at June 30, 2024.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 201 $ 198 $ 505 $ 485
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Earnings Per Share - CMS Energy (Policies)
 6 Months Ended
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [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. The impact to diluted EPS was de minimis.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. Accordingly, the convertible senior notes were included in the computation of diluted EPS, but not in the computation of basic EPS. The impact to diluted EPS was de minimis.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Consolidation, Variable Interest Entity
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Consumers Energy Company  
Antidilutive Securities Excluded from Computation of Earnings Per Share [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 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.
v3.25.2
Contingencies and Commitments (Tables)
 6 Months Ended
Jun. 30, 2025
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 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$238 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 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. 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 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$2 $7 $9 $24 $7 $1 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$238 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 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. 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.
v3.25.2
Financings and Capitalization (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
Schedule of Forward Contracts Indexed to Issuer's Equity
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at June 30, 2025:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2025
December 16, 2024November 27, 2025400,581$69.43 $69.76 
February 25, 2025May 11, 2026757,68670.11 70.48 
March 14, 2025June 15, 2026551,16672.99 73.25 
June 13, 2025April 28, 20261,094,64371.70 71.80 
June 16, 2025September 16, 20262,150,00069.30 69.39 
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 six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2025		December 31
2024		June 30
2025		December 31
2024
Assets1
Cash equivalents$87 $27 $— $— 
Restricted cash equivalents81 75 81 75 
Nonqualified deferred compensation plan assets34 34 26 25 
Derivative instruments4 2 4 2 
Total assets$206 $138 $111 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $34 $26 $25 
Derivative instruments4 — — — 
Total liabilities$38 $34 $26 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2025		December 31
2024		June 30
2025		December 31
2024
Assets1
Cash equivalents$87 $27 $— $— 
Restricted cash equivalents81 75 81 75 
Nonqualified deferred compensation plan assets34 34 26 25 
Derivative instruments4 2 4 2 
Total assets$206 $138 $111 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $34 $26 $25 
Derivative instruments4 — — — 
Total liabilities$38 $34 $26 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.25.2
Retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
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 PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $13 $14 $2 $3 $4 $6 
Interest cost27 26 54 52 11 11 22 22 
Expected return on plan assets(57)(59)(114)(118)(28)(29)(56)(58)
Amortization of:
Net loss2 3 5 6 1 1 2 2 
Prior service cost (credit)1 1 2 2 (8)(8)(17)(16)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(18)$(20)$(35)$(39)$(22)$(22)$(45)$(44)
Consumers
Net periodic credit
Service cost$6 $6 $12 $13 $2 $3 $4 $6 
Interest cost25 25 51 49 11 10 21 20 
Expected return on plan assets(54)(55)(108)(110)(26)(27)(52)(54)
Amortization of:
Net loss3 2 5 5 1 1 2 2 
Prior service cost (credit)1 1 2 2 (9)(8)(17)(15)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(17)$(19)$(33)$(36)$(21)$(21)$(42)$(41)
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 PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $13 $14 $2 $3 $4 $6 
Interest cost27 26 54 52 11 11 22 22 
Expected return on plan assets(57)(59)(114)(118)(28)(29)(56)(58)
Amortization of:
Net loss2 3 5 6 1 1 2 2 
Prior service cost (credit)1 1 2 2 (8)(8)(17)(16)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(18)$(20)$(35)$(39)$(22)$(22)$(45)$(44)
Consumers
Net periodic credit
Service cost$6 $6 $12 $13 $2 $3 $4 $6 
Interest cost25 25 51 49 11 10 21 20 
Expected return on plan assets(54)(55)(108)(110)(26)(27)(52)(54)
Amortization of:
Net loss3 2 5 5 1 1 2 2 
Prior service cost (credit)1 1 2 2 (9)(8)(17)(15)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(17)$(19)$(33)$(36)$(21)$(21)$(42)$(41)
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
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:
Six Months Ended June 3020252024
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
7.4 5.3 
Renewable energy tax credits(5.8)(5.7)
TCJA excess deferred taxes
(3.5)(3.6)
Taxes attributable to noncontrolling interests1.3 1.0 
Other, net— 0.2 
Effective tax rate20.4 %18.2 %
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
6.7 4.8 
Renewable energy tax credits(3.5)(3.8)
TCJA excess deferred taxes
(2.9)(3.2)
Other, net(0.3)— 
Effective tax rate21.0 %18.8 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
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:
Six Months Ended June 3020252024
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
7.4 5.3 
Renewable energy tax credits(5.8)(5.7)
TCJA excess deferred taxes
(3.5)(3.6)
Taxes attributable to noncontrolling interests1.3 1.0 
Other, net— 0.2 
Effective tax rate20.4 %18.2 %
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
6.7 4.8 
Renewable energy tax credits(3.5)(3.8)
TCJA excess deferred taxes
(2.9)(3.2)
Other, net(0.3)— 
Effective tax rate21.0 %18.8 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
v3.25.2
Earnings Per Share - CMS Energy (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of Basic and Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedSix Months Ended
June 302025202420252024
Income available to common stockholders
Income from continuing operations$193 $182 $488 $445 
Less loss attributable to noncontrolling interests(8)(16)(17)(40)
Less preferred stock dividends3 3 5 5 
Income from continuing operations available to common stockholders – basic and diluted$198 $195 $500 $480 
Average common shares outstanding
Weighted-average shares – basic298.5 297.9 298.4 297.2 
Add dilutive nonvested stock awards0.6 0.6 0.6 0.7 
Weighted-average shares – diluted299.1 298.5 299.0 297.9 
Income from continuing operations per average common share available to common stockholders
Basic$0.67 $0.65 $1.68 $1.61 
Diluted0.66 0.65 1.67 1.61 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $23 million for the three months ended June 30, 2025.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,221 $305 $— $1,526 
Other— — 50 50 
Revenue recognized from contracts with customers$1,221 $305 $50 $1,576 
Leasing income— — 24 24 
Financing income2 2 — 4 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$1,226 $307 $74 $1,607 
Consumers
Consumers utility revenue
Residential$547 $206 $753 
Commercial433 64 497 
Industrial174 8 182 
Other67 27 94 
Revenue recognized from contracts with customers$1,221 $305 $1,526 
Financing income2 2 4 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$1,226 $307 $1,533 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $13 million for the three months ended June 30, 2024.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $54 million for the six months ended June 30, 2025
In Millions
Six Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,350 $1,268 $— $3,618 
Other— — 102 102 
Revenue recognized from contracts with customers$2,350 $1,268 $102 $3,720 
Leasing income— — 51 51 
Financing income4 4 — 8 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,358 $1,272 $153 $3,783 
Consumers
Consumers utility revenue
Residential$1,072 $871 $1,943 
Commercial793 271 1,064 
Industrial330 32 362 
Other155 94 249 
Revenue recognized from contracts with customers$2,350 $1,268 $3,618 
Financing income4 4 8 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,358 $1,272 $3,630 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $29 million for the six months ended June 30, 2024.
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 June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $23 million for the three months ended June 30, 2025.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,221 $305 $— $1,526 
Other— — 50 50 
Revenue recognized from contracts with customers$1,221 $305 $50 $1,576 
Leasing income— — 24 24 
Financing income2 2 — 4 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$1,226 $307 $74 $1,607 
Consumers
Consumers utility revenue
Residential$547 $206 $753 
Commercial433 64 497 
Industrial174 8 182 
Other67 27 94 
Revenue recognized from contracts with customers$1,221 $305 $1,526 
Financing income2 2 4 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$1,226 $307 $1,533 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $13 million for the three months ended June 30, 2024.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $54 million for the six months ended June 30, 2025
In Millions
Six Months Ended June 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,350 $1,268 $— $3,618 
Other— — 102 102 
Revenue recognized from contracts with customers$2,350 $1,268 $102 $3,720 
Leasing income— — 51 51 
Financing income4 4 — 8 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,358 $1,272 $153 $3,783 
Consumers
Consumers utility revenue
Residential$1,072 $871 $1,943 
Commercial793 271 1,064 
Industrial330 32 362 
Other155 94 249 
Revenue recognized from contracts with customers$2,350 $1,268 $3,618 
Financing income4 4 8 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,358 $1,272 $3,630 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements 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 $29 million for the six months ended June 30, 2024.
v3.25.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
June 30, 2025December 31, 2024
Current
Cash and cash equivalents$16 $18 
Accounts receivable7 4 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net993 1,024 
Other non-current assets6 3 
Total assets1
$1,026 $1,052 
Current
Accounts payable$10 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations34 33 
Other non-current liabilities3 — 
Total liabilities$71 $64 
1Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
v3.25.2
Exit Activities (Tables)
 6 Months Ended
Jun. 30, 2025
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
Six Months Ended June 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
3 3 
Retention benefit liability at the end of the period2
$17 $19 
1Includes $1 million for the three months ended June 30, 2025 and less than $1 million for the three months ended June 30, 2024.
2Includes current portion of other liabilities of $17 million at June 30, 2025 and $8 million at June 30, 2024.
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
Six Months Ended June 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
3 3 
Retention benefit liability at the end of the period2
$17 $19 
1Includes $1 million for the three months ended June 30, 2025 and less than $1 million for the three months ended June 30, 2024.
2Includes current portion of other liabilities of $17 million at June 30, 2025 and $8 million at June 30, 2024.
v3.25.2
Regulatory Matters - (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 2 Months Ended
Mar. 31, 2025
Oct. 31, 2024
May 31, 2024
Jun. 30, 2025
Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Financial impact of emergency order       $ 29
Consumers Energy Company | Service Restoration Cost Deferral Application        
Public Utilities, General Disclosures [Line Items]        
Regulatory asset       $ 54
Electric Rate Case        
Public Utilities, General Disclosures [Line Items]        
Amended requested annual rate increase   $ 277    
Electric Rate Case | Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Requested annual rate increase     $ 325  
Requested annual rate increase, as a percent     10.25%  
Surcharge for the recovery of excess distribution investments $ 22      
Additional annual rate increase authorized $ 176      
Rate of return on equity authorized 9.90%      
Electric Rate Case, First Component | Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Requested annual rate increase     $ 303  
Electric Rate Case, Second Component | Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Surcharge for the recovery of excess distribution investments     $ 22  
v3.25.2
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
facility
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]      
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag recorded liability    
Regulatory assets $ 3,570   $ 3,569
Consumers Energy Company      
Loss Contingencies [Line Items]      
Regulatory assets 3,570   $ 3,569
Consumers Energy Company | MGP sites      
Loss Contingencies [Line Items]      
Regulatory assets $ 86    
Consumers Energy Company | Ludington      
Loss Contingencies [Line Items]      
Ownership share 51.00%    
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought   $ 15  
Estimate of shared costs $ 350    
Bay Harbor      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 47    
Discount rate 4.34%    
Accrual for environmental loss contingencies, inflation rate 1.00%    
Accrual for environmental loss contingencies, gross $ 59    
NREPA | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 4    
NREPA | Minimum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 4    
NREPA | Maximum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 5    
CERCLA Liability | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 3    
CERCLA Liability | Minimum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 3    
CERCLA Liability | Maximum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 8    
MGP sites | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 59    
Number of former MGPs | facility 23    
Regulatory asset collection period 10 years    
v3.25.2
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2025 $ 2
2026 7
2027 9
2028 24
2029 7
2030 1
Bay Harbor  
Site Contingency [Line Items]  
2025 2
2026 4
2027 4
2028 4
2029 4
2030 $ 4
v3.25.2
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Equity Holdings  
Guarantees And Other Contingencies [Line Items]  
Ownership percentage 49.00%
Guarantees  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation $ 30
Carrying Amount 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 30
Carrying Amount 0
Indemnity obligations from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 238
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 152
Carrying Amount $ 0
v3.25.2
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 01, 2035
Jun. 30, 2026
Jun. 30, 2025
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 2,367
Repayments of debt     600
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     1,125
First mortgage bonds | 4.600% First Mortgage Bonds Due May 2029 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 500
Interest Rate (%)     4.50%
First mortgage bonds | 4.700% First Mortgage Bonds Due January 2030 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 625
Interest Rate (%)     5.05%
CMS Energy      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 1,110
Repayments of debt     600
CMS Energy | Junior subordinated notes | 6.500% Junior Subordinated Notes Due June 2055      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 1,000
Interest Rate (%)     6.50%
CMS Energy | Junior subordinated notes | 6.500% Junior Subordinated Notes Due June 2055 | Forecast      
Debt Instrument [Line Items]      
Basis spread on variable rate 1.961%    
CMS Energy | Term loan facility | Term Loan Facility Due December 2025      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 110
Repayments of debt     200
CMS Energy | Term loan facility | Term Loan Facility Due September 2025      
Debt Instrument [Line Items]      
Repayments of debt     400
NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     132
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 132
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement | Forecast      
Debt Instrument [Line Items]      
Term loan maturity   5 years  
v3.25.2
Financings and Capitalization (First Mortgage Bond Purchase) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]        
Payment for purchase of first mortgage bonds     $ 841 $ 433
Interest on long-term debt $ 199 $ 171 386 343
Consumers Energy Company        
Debt Instrument [Line Items]        
Payment for purchase of first mortgage bonds     57 15
Interest on long-term debt 131 120 253 241
First mortgage bonds        
Debt Instrument [Line Items]        
Gain on extinguishment of debt 72 48 72 70
First mortgage bonds | Consumers Energy Company | Repurchased Debt        
Debt Instrument [Line Items]        
Interest on long-term debt 7 4 13 8
First mortgage bonds | Related Party        
Debt Instrument [Line Items]        
Principal (In Millions) 184 151 184 242
Payment for purchase of first mortgage bonds $ 109 $ 100 $ 109 $ 169
v3.25.2
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 6 Months Ended
Jun. 30, 2025
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 10,000,000
Amount Available 1,090,000,000
Consumers Energy Company | Revolving Credit Facilities November 18, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 0
Letters of Credit Outstanding 72,000,000
Amount Available 178,000,000
Consumers Energy Company | Revolving Credit Facilities March 31, 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 24,000,000
Amount Available 26,000,000
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 38,000,000
Amount Available 512,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027 | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings 0
CMS Energy | Revolving Credit Facilities September 30, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 50,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities May 30, 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 160,000,000
Letters of Credit Outstanding 0
Amount Available 90,000,000
Equity interests 505,000,000
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities September 25, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 37,000,000
Amount Borrowed 0
Letters of Credit Outstanding 37,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities Upon Completion of Construction Project  
Line of Credit Facility [Line Items]  
Amount of Facility 19,000,000
Amount Borrowed 0
Letters of Credit Outstanding 12,000,000
Amount Available $ 7,000,000
v3.25.2
Financings and Capitalization (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Dec. 31, 2023
Financing And Capitalization [Line Items]      
Notes payable $ 65 $ 0  
Limitation on payment of stock dividends   8,200  
Dividends paid   416  
Stock offering program maximum value     $ 1,000
Consumers Energy Company      
Financing And Capitalization [Line Items]      
Notes payable 65 0  
Unrestricted retained earnings   2,400  
Consumers Energy Company | Credit Agreement | Related Party      
Financing And Capitalization [Line Items]      
Maximum borrowing capacity $ 500    
Basis spread on variable rate (0.10%)    
Notes payable   $ 0  
NorthStar Clean Energy      
Financing And Capitalization [Line Items]      
Supplier financing program, payment period   135 days  
Supplier financing program, termination period   30 days  
NorthStar Clean Energy | NorthStar Clean Energy's Supplier Financing Program      
Financing And Capitalization [Line Items]      
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]   Accounts payable  
Supplier finance obligations   $ 43  
Commercial Paper | Consumers Energy Company      
Financing And Capitalization [Line Items]      
Short-term debt authorized borrowings   500  
Short-term borrowings outstanding   $ 0  
v3.25.2
Financings and Capitalization (Schedule of Forward Stock Contracts) (Details) - $ / shares
Jun. 30, 2025
Jun. 16, 2025
Jun. 13, 2025
Mar. 14, 2025
Feb. 25, 2025
Dec. 16, 2024
Forward contracts entered into December 16, 2024            
Debt and Equity Securities, FV-NI [Line Items]            
Number of Shares (in shares)           400,581
Initial forward price (in dollars per share) $ 69.76         $ 69.43
Forward contracts entered into February 25, 2025            
Debt and Equity Securities, FV-NI [Line Items]            
Number of Shares (in shares)         757,686  
Initial forward price (in dollars per share) 70.48       $ 70.11  
Forward contracts entered into March 14, 2025            
Debt and Equity Securities, FV-NI [Line Items]            
Number of Shares (in shares)       551,166    
Initial forward price (in dollars per share) 73.25     $ 72.99    
Forward contracts entered into June 13, 2025            
Debt and Equity Securities, FV-NI [Line Items]            
Number of Shares (in shares)     1,094,643      
Initial forward price (in dollars per share) 71.80   $ 71.70      
Forward contracts entered into June 16, 2025            
Debt and Equity Securities, FV-NI [Line Items]            
Number of Shares (in shares)   2,150,000        
Initial forward price (in dollars per share) $ 69.39 $ 69.30        
v3.25.2
Fair Value Measurements (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Restricted cash equivalents $ 81 $ 75
Consumers Energy Company    
Assets    
Restricted cash equivalents 81 75
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 206 138
Liabilities    
Total liabilities 38 34
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 111 102
Liabilities    
Total liabilities 26 25
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 87 27
Restricted cash equivalents 81 75
Nonqualified deferred compensation plan assets 34 34
Liabilities    
Nonqualified deferred compensation plan liabilities 34 34
Fair Value, Inputs, Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 0 0
Restricted cash equivalents 81 75
Nonqualified deferred compensation plan assets 26 25
Liabilities    
Nonqualified deferred compensation plan liabilities 26 25
Fair Value, Inputs, Level 2 And Level 3    
Assets    
Derivative instruments 4 2
Liabilities    
Derivative instruments 4 0
Fair Value, Inputs, Level 2 And Level 3 | Consumers Energy Company    
Assets    
Derivative instruments 4 2
Liabilities    
Derivative instruments $ 0 $ 0
v3.25.2
Fair Value Measurements - (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other expense $ 5 $ 5 $ 11 $ 7
Not Designated as Hedging Instrument, Economic Hedge        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other expense 1   4  
Derivative instruments 4   4  
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swap        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Notional amount $ 109   $ 109  
v3.25.2
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Liabilities    
Current accounts receivable and notes receivable $ 3 $ 4
Current portion of long-term debt 1,100 1,200
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 7 9
Liabilities    
Long-term debt 17,901 16,386
Long-term payables 8 9
Fair Value    
Assets    
Long-term receivables 7 8
Liabilities    
Long-term debt 16,678 14,876
Long-term payables 8 9
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 3 4
Current portion of long-term debt 570 452
Consumers Energy Company | Related Party    
Liabilities    
Notes receivable 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 7 9
Notes receivable related party 92 94
Liabilities    
Long-term payables 3 4
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 12,151 11,270
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 1,004 823
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 7 8
Notes receivable related party 92 94
Liabilities    
Long-term payables 3 4
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 11,067 9,940
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 662 549
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,981 1,018
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 0 0
Level 1 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 12,768 11,952
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 9,138 8,034
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 662 549
Level 3 | Fair Value    
Assets    
Long-term receivables 7 8
Liabilities    
Long-term debt 1,929 1,906
Long-term payables 8 9
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 7 8
Notes receivable related party 92 94
Liabilities    
Long-term payables 3 4
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,929 1,906
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.25.2
Financial Instruments (Narrative) (Details)
Jun. 30, 2025
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Interest Rate (%) 4.10%
v3.25.2
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
DB Pension Plans        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost $ 7 $ 7 $ 13 $ 14
Interest cost 27 26 54 52
Expected return on plan assets (57) (59) (114) (118)
Amortization of:        
Net loss 2 3 5 6
Prior service cost (credit) 1 1 2 2
Settlement loss 2 2 5 5
Net periodic credit (18) (20) (35) (39)
DB Pension Plans | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 6 6 12 13
Interest cost 25 25 51 49
Expected return on plan assets (54) (55) (108) (110)
Amortization of:        
Net loss 3 2 5 5
Prior service cost (credit) 1 1 2 2
Settlement loss 2 2 5 5
Net periodic credit (17) (19) (33) (36)
OPEB Plan        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 3 4 6
Interest cost 11 11 22 22
Expected return on plan assets (28) (29) (56) (58)
Amortization of:        
Net loss 1 1 2 2
Prior service cost (credit) (8) (8) (17) (16)
Settlement loss 0 0 0 0
Net periodic credit (22) (22) (45) (44)
OPEB Plan | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 3 4 6
Interest cost 11 10 21 20
Expected return on plan assets (26) (27) (52) (54)
Amortization of:        
Net loss 1 1 2 2
Prior service cost (credit) (9) (8) (17) (15)
Settlement loss 0 0 0 0
Net periodic credit $ (21) $ (21) $ (42) $ (41)
v3.25.2
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
DB Pension Plans | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits $ 1 $ 9
OPEB Plan | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits $ 5  
OPEB Plan | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits   $ 4
v3.25.2
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Income Taxes [Line Items]      
U.S. federal income tax rate   21.00% 21.00%
Increase (decrease) in income taxes from:      
State and local income taxes, net of federal effect   7.40% 5.30%
Renewable energy tax credits   (5.80%) (5.70%)
TCJA excess deferred taxes   (3.50%) (3.60%)
Taxes attributable to noncontrolling interests   1.30% 1.00%
Other, net   0.00% 0.20%
Effective tax rate   20.40% 18.20%
Consumers Energy Company      
Income Taxes [Line Items]      
U.S. federal income tax rate   21.00% 21.00%
Increase (decrease) in income taxes from:      
State and local income taxes, net of federal effect   6.70% 4.80%
Renewable energy tax credits   (3.50%) (3.80%)
TCJA excess deferred taxes   (2.90%) (3.20%)
Other, net   (0.30%) 0.00%
Effective tax rate   21.00% 18.80%
Change in tax policy $ 12    
v3.25.2
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income available to common stockholders        
Income from continuing operations $ 193 $ 182 $ 488 $ 445
Loss attributable to noncontrolling interests (8) (16) (17) (40)
Preferred stock dividends 3 3 5 5
Income from continuing operations available to common stockholders – basic and diluted $ 198 $ 195 $ 500 $ 480
Average common shares outstanding        
Weighted average shares - basic (in shares) 298.5 297.9 298.4 297.2
Dilutive nonvested stock awards (in shares) 0.6 0.6 0.6 0.7
Weighted average shares - diluted (in shares) 299.1 298.5 299.0 297.9
Income from continuing operations per average common share available to common stockholders        
Basic (in dollars per share) $ 0.67 $ 0.65 $ 1.68 $ 1.61
Diluted (in dollars per share) $ 0.66 $ 0.65 $ 1.67 $ 1.61
v3.25.2
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 1,798 $ 1,576 $ 4,196 $ 3,720
Leasing income 34 24 76 51
Financing income 4 4 9 8
Total operating revenue 1,838 1,607 4,285 3,783
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenue 1,838 1,607 4,285 3,783
Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,355 1,221 2,649 2,350
Financing income 2 2 5 4
Total operating revenue 1,359 1,226 2,658 2,358
Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 385 305 1,432 1,268
Financing income 2 2 4 4
Total operating revenue 387 307 1,436 1,272
NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 58 50 115 102
Leasing income 34 24 76 51
Total operating revenue 92 74 191 153
Variable lease income 23 13    
NorthStar Clean Energy | Operating Segments | Power Sales Agreement        
Disaggregation of Revenue [Line Items]        
Variable lease income     54 29
Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,740 1,526 4,081 3,618
Financing income 4 4 9 8
Alternative-revenue programs 2 3 4 4
Total operating revenue 1,746 1,533 4,094 3,630
Consumers Energy Company | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenue 1,746 1,533 4,094 3,630
Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,355 1,221 2,649 2,350
Financing income 2 2 5 4
Alternative-revenue programs 2 3 4 4
Total operating revenue 1,359 1,226 2,658 2,358
Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 385 305 1,432 1,268
Financing income 2 2 4 4
Alternative-revenue programs 0 0 0 0
Total operating revenue 387 307 1,436 1,272
Residential | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 895 753 2,220 1,943
Residential | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 619 547 1,213 1,072
Residential | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 276 206 1,007 871
Commercial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 563 497 1,220 1,064
Commercial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 473 433 891 793
Commercial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 90 64 329 271
Industrial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 209 182 412 362
Industrial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 199 174 372 330
Industrial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 10 8 40 32
Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 58 50 115 102
Other | NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 58 50 115 102
Other | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 73 94 229 249
Other | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 64 67 173 155
Other | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 9 $ 27 $ 56 $ 94
v3.25.2
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]          
Bad debt expense $ 8 $ 7 $ 20 $ 17  
Unbilled receivables 464   464   $ 584
Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Bad debt expense 8 $ 7 20 $ 17  
Unbilled receivables $ 464   $ 464   $ 584
v3.25.2
Reportable Segments (Schedule of Financial Information by Reportable Segments, CMS Energy, including Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Operating Revenue $ 1,838 $ 1,607 $ 4,285 $ 3,783  
Power supply cost 603 479 1,218 967  
Maintenance and other operating expenses 397 404 802 806  
Depreciation and amortization 288 273 676 641  
General taxes 109 102 271 257  
Total operating expenses 1,521 1,324 3,474 3,088  
Operating Income 317 283 811 695  
Total other income 137 113 187 199  
Total interest charges 199 173 385 350  
Income (Loss) Before Income Taxes 255 223 613 544  
Income tax expense (benefit) 62 41 125 99  
Income (Loss) From Continuing Operations 193 182 488 445  
Other segment items 5 13 12 35  
Net Income (Loss) Available to Common Stockholders 198 195 500 480  
Plant, property, and equipment, gross 35,962 33,680 35,962 33,680 $ 34,932
Total assets 37,699 34,355 37,699 34,355 $ 35,920
Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 124 66 507 417  
Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,838 1,607 4,285 3,783  
Power supply cost 603 479 1,218 967  
Maintenance and other operating expenses 394 401 797 801  
Depreciation and amortization 288 273 676 640  
General taxes 109 102 271 257  
Total operating expenses 1,518 1,321 3,469 3,082  
Operating Income 320 286 816 701  
Total other income 61 61 108 123  
Total interest charges 139 125 269 255  
Income (Loss) Before Income Taxes 242 222 655 569  
Income tax expense (benefit) 36 37 139 111  
Income (Loss) From Continuing Operations 206 185 516 458  
Other segment items 8 16 17 40  
Net Income (Loss) Available to Common Stockholders 214 201 533 498  
Plant, property, and equipment, gross 35,932 33,659 35,932 33,659  
Total assets 37,435 34,250 37,435 34,250  
Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 124 66 507 417  
Other Reconciling Items          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 3 3 5 5  
Depreciation and amortization 0 0 0 1  
General taxes 0 0 0 0  
Total operating expenses 3 3 5 6  
Operating Income (3) (3) (5) (6)  
Total other income 76 52 79 76  
Total interest charges 60 48 116 95  
Income (Loss) Before Income Taxes 13 1 (42) (25)  
Income tax expense (benefit) 26 4 (14) (12)  
Income (Loss) From Continuing Operations (13) (3) (28) (13)  
Other segment items (3) (3) (5) (5)  
Net Income (Loss) Available to Common Stockholders (16) (6) (33) (18)  
Plant, property, and equipment, gross 30 21 30 21  
Total assets 264 105 264 105  
Other Reconciling Items | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 0 0 0 0  
Electric Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,359 1,226 2,658 2,358  
Power supply cost 537 444 1,083 893  
Maintenance and other operating expenses 264 261 521 499  
Depreciation and amortization 222 209 443 422  
General taxes 73 68 146 139  
Total operating expenses 1,096 982 2,193 1,953  
Operating Income 263 244 465 405  
Total other income 36 36 63 70  
Total interest charges 89 79 171 160  
Income (Loss) Before Income Taxes 210 201 357 315  
Income tax expense (benefit) 42 30 65 47  
Income (Loss) From Continuing Operations 168 171 292 268  
Other segment items (1) (1) (1) (1)  
Net Income (Loss) Available to Common Stockholders 167 170 291 267  
Plant, property, and equipment, gross 20,761 19,557 20,761 19,557  
Total assets 21,942 20,122 21,942 20,122  
Electric Utility | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 0 0 0 0  
Gas Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 387 307 1,436 1,272  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 112 116 228 256  
Depreciation and amortization 54 51 208 194  
General taxes 33 31 119 112  
Total operating expenses 322 264 1,060 978  
Operating Income 65 43 376 294  
Total other income 23 23 42 45  
Total interest charges 51 46 99 94  
Income (Loss) Before Income Taxes 37 20 319 245  
Income tax expense (benefit) 12 5 81 61  
Income (Loss) From Continuing Operations 25 15 238 184  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 25 15 238 184  
Plant, property, and equipment, gross 13,609 12,638 13,609 12,638  
Total assets 13,388 12,469 13,388 12,469  
Gas Utility | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 123 66 505 416  
NorthStar Clean Energy | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 92 74 191 153  
Power supply cost 66 35 135 74  
Maintenance and other operating expenses 18 24 48 46  
Depreciation and amortization 12 13 25 24  
General taxes 3 3 6 6  
Total operating expenses 100 75 216 151  
Operating Income (8) (1) (25) 2  
Total other income 2 2 3 8  
Total interest charges (1) 0 (1) 1  
Income (Loss) Before Income Taxes (5) 1 (21) 9  
Income tax expense (benefit) (18) 2 (7) 3  
Income (Loss) From Continuing Operations 13 (1) (14) 6  
Other segment items 9 17 18 41  
Net Income (Loss) Available to Common Stockholders 22 16 4 47  
Plant, property, and equipment, gross 1,562 1,464 1,562 1,464  
Total assets 2,105 1,659 2,105 1,659  
NorthStar Clean Energy | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold $ 1 $ 0 $ 2 $ 1  
v3.25.2
Reportable Segments (Schedule of Financial Information by Reportable Segments, Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Operating Revenue $ 1,838 $ 1,607 $ 4,285 $ 3,783  
Power supply cost 603 479 1,218 967  
Operating Income 317 283 811 695  
Total other income 137 113 187 199  
Total interest charges 199 173 385 350  
Income (Loss) Before Income Taxes 255 223 613 544  
Income Tax Expense 62 41 125 99  
Net Income 201 198 505 485  
Other segment items 5 13 12 35  
Net Income (Loss) Available to Common Stockholders 198 195 500 480  
Total assets 37,699 34,355 37,699 34,355 $ 35,920
Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,746 1,533 4,094 3,630  
Power supply cost 537 444 1,083 893  
Cost of gas sold 123 66 505 416  
Maintenance and other operating expenses 376 377 749 755  
Depreciation and amortization 276 261 651 617  
General taxes 106 99 265 251  
Total operating expenses 1,418 1,247 3,253 2,932  
Operating Income 328 286 841 698  
Total other income 60 59 106 115  
Total interest charges 141 126 271 255  
Income (Loss) Before Income Taxes 247 219 676 558  
Income Tax Expense 59 41 142 105  
Net Income 188 178 534 453  
Other segment items (1) (1) (1) (1)  
Net Income (Loss) Available to Common Stockholders 187 177 533 452  
Property, plant, and equipment, gross 34,406 32,224 34,406 32,224 33,434
Total assets 35,467 32,718 35,467 32,718 $ 34,088
Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,838 1,607 4,285 3,783  
Power supply cost 603 479 1,218 967  
Operating Income 320 286 816 701  
Total other income 61 61 108 123  
Total interest charges 139 125 269 255  
Income (Loss) Before Income Taxes 242 222 655 569  
Income Tax Expense 36 37 139 111  
Other segment items 8 16 17 40  
Net Income (Loss) Available to Common Stockholders 214 201 533 498  
Total assets 37,435 34,250 37,435 34,250  
Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,746 1,533 4,094 3,630  
Power supply cost 537 444 1,083 893  
Cost of gas sold 123 66 505 416  
Maintenance and other operating expenses 376 377 749 755  
Depreciation and amortization 276 260 651 616  
General taxes 106 99 265 251  
Total operating expenses 1,418 1,246 3,253 2,931  
Operating Income 328 287 841 699  
Total other income 59 59 105 115  
Total interest charges 140 125 270 254  
Income (Loss) Before Income Taxes 247 221 676 560  
Income Tax Expense 54 35 146 108  
Net Income 193 186 530 452  
Other segment items (1) (1) (1) (1)  
Net Income (Loss) Available to Common Stockholders 192 185 529 451  
Property, plant, and equipment, gross 34,370 32,195 34,370 32,195  
Total assets 35,427 32,692 35,427 32,692  
Operating Segments | Electric Utility          
Segment Reporting Information [Line Items]          
Operating Revenue 1,359 1,226 2,658 2,358  
Power supply cost 537 444 1,083 893  
Operating Income 263 244 465 405  
Total other income 36 36 63 70  
Total interest charges 89 79 171 160  
Income (Loss) Before Income Taxes 210 201 357 315  
Income Tax Expense 42 30 65 47  
Other segment items (1) (1) (1) (1)  
Net Income (Loss) Available to Common Stockholders 167 170 291 267  
Total assets 21,942 20,122 21,942 20,122  
Operating Segments | Electric Utility | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,359 1,226 2,658 2,358  
Power supply cost 537 444 1,083 893  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 264 261 521 499  
Depreciation and amortization 222 209 443 422  
General taxes 73 68 146 139  
Total operating expenses 1,096 982 2,193 1,953  
Operating Income 263 244 465 405  
Total other income 36 36 63 70  
Total interest charges 89 79 171 160  
Income (Loss) Before Income Taxes 210 201 357 315  
Income Tax Expense 42 30 65 47  
Net Income 168 171 292 268  
Other segment items (1) (1) (1) (1)  
Net Income (Loss) Available to Common Stockholders 167 170 291 267  
Property, plant, and equipment, gross 20,761 19,557 20,761 19,557  
Total assets 21,997 20,180 21,997 20,180  
Operating Segments | Gas Utility          
Segment Reporting Information [Line Items]          
Operating Revenue 387 307 1,436 1,272  
Power supply cost 0 0 0 0  
Operating Income 65 43 376 294  
Total other income 23 23 42 45  
Total interest charges 51 46 99 94  
Income (Loss) Before Income Taxes 37 20 319 245  
Income Tax Expense 12 5 81 61  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 25 15 238 184  
Total assets 13,388 12,469 13,388 12,469  
Operating Segments | Gas Utility | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 387 307 1,436 1,272  
Power supply cost 0 0 0 0  
Cost of gas sold 123 66 505 416  
Maintenance and other operating expenses 112 116 228 256  
Depreciation and amortization 54 51 208 194  
General taxes 33 31 119 112  
Total operating expenses 322 264 1,060 978  
Operating Income 65 43 376 294  
Total other income 23 23 42 45  
Total interest charges 51 46 99 94  
Income (Loss) Before Income Taxes 37 20 319 245  
Income Tax Expense 12 5 81 61  
Net Income 25 15 238 184  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 25 15 238 184  
Property, plant, and equipment, gross 13,609 12,638 13,609 12,638  
Total assets 13,430 12,512 13,430 12,512  
Other Reconciling Items          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Operating Income (3) (3) (5) (6)  
Total other income 76 52 79 76  
Total interest charges 60 48 116 95  
Income (Loss) Before Income Taxes 13 1 (42) (25)  
Income Tax Expense 26 4 (14) (12)  
Other segment items (3) (3) (5) (5)  
Net Income (Loss) Available to Common Stockholders (16) (6) (33) (18)  
Total assets 264 105 264 105  
Other Reconciling Items | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 0 0 0 0  
Depreciation and amortization 0 1 0 1  
General taxes 0 0 0 0  
Total operating expenses 0 1 0 1  
Operating Income 0 (1) 0 (1)  
Total other income 1 0 1 0  
Total interest charges 1 1 1 1  
Income (Loss) Before Income Taxes 0 (2) 0 (2)  
Income Tax Expense 5 6 (4) (3)  
Net Income (5) (8) 4 1  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders (5) (8) 4 1  
Property, plant, and equipment, gross 36 29 36 29  
Total assets $ 40 $ 26 $ 40 $ 26  
v3.25.2
Variable Interest Entities (Narrative) (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
MW
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs   $ 44 $ 0  
Securitization bonds        
Variable Interest Entity [Line Items]        
Total principal amount outstanding   643   $ 700
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Regulatory asset   609   666
Variable Interest Entity, Not Primary Beneficiary        
Variable Interest Entity [Line Items]        
Investments   $ 57   $ 64
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%    
NWO Wind Equity Holdings        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs $ 36      
NWO Wind Equity Holdings | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Ownership interest 50.00%      
NWO Holdco | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Nameplate capacity (in MW) | MW 100      
Delta Township, Michigan, Solar Project        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs $ 8      
Delta Township, Michigan, Solar Project | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Ownership interest 50.00%      
Nameplate capacity (in MW) | MW 24      
v3.25.2
Variable Interest Entities (Summary of VIE Information) (Details) - Variable Interest Entity, Primary Beneficiary - MW
 1 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Delta Township, Michigan, Solar Project    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Nameplate capacity (in MW) 24  
Newport Solar Holdings    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW)   180
NWO Wind Equity Holdings    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
NWO Holdco    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) 100  
Aviator Wind Equity Holdings    
Variable Interest Entity [Line Items]    
Ownership interest   51.00%
Aviator Wind    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW)   525
v3.25.2
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Variable Interest Entity [Line Items]      
Cash and cash equivalents $ 844 $ 103  
Prepayments and other current assets 140 103  
Plant, property, and equipment, net 28,847 27,461  
Other non-current assets 254 384  
Total Assets 37,699 35,920 $ 34,355
Accrued taxes 461 654  
Non-current portion of finance leases 139 112  
Asset retirement obligations 747 728  
Other non‑current liabilities 409 407  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Cash and cash equivalents 16 18  
Accounts receivable 7 4  
Prepayments and other current assets 4 3  
Plant, property, and equipment, net 993 1,024  
Other non-current assets 6 3  
Total Assets 1,026 1,052  
Accounts payable 10 8  
Accrued taxes 1 0  
Non-current portion of finance leases 23 23  
Asset retirement obligations 34 33  
Other non‑current liabilities 3 0  
Total liabilities $ 71 $ 64  
v3.25.2
Exit Activities (Narrative) (Details) - Retention Benefits
$ in Millions
Jun. 30, 2025
USD ($)
D.E. Karn Generating Complex and J.H. Campbell Generating Units | Retention Incentive Program  
Restructuring Cost and Reserve [Line Items]  
Regulatory asset collection period 3 years
J.H. Campbell Generating Units  
Restructuring Cost and Reserve [Line Items]  
Expected cost $ 50
J.H. Campbell Generating Units | Retention Incentive Program  
Restructuring Cost and Reserve [Line Items]  
Cumulative deferred costs $ 46
v3.25.2
Exit Activities (Schedule of Retention Benefit Liability Roll Forward) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Restructuring Reserve [Roll Forward]          
Other current liabilities $ 197   $ 197   $ 209
Retention Benefits          
Restructuring Reserve [Roll Forward]          
Retention benefit liability at beginning of period     14 $ 16  
Costs deferred as a regulatory asset 1 $ 1 3 3  
Retention benefit liability at the end of the period 17 19 17 19  
Other current liabilities $ 17 $ 8 $ 17 $ 8