CMS is an energy company based in Michigan, primarily focused on electric and gas operations within the state. The company has electricity generation, transmission, and distribution operations. Natural gas operations include transmission, distribution, compression, and underground storage operations. Its principal business is Consumers Energy Company, a state and federally regulated utility that provides electricity and natural gas to 1.8 million customers in Michigan. Consumers has about 8.6 GW of generating capacity with about 90 MW of biomass generation. NorthStar Clean Energy is a vertically integrated, unregulated company that provides energy marketing for non-utility operations and owns and operates independent power generating plants, and natural gas infrastructure. NorthStar has about 1.6 GW of generating capacity and a presence in AK, OH, MI, NC, TX, and WI. CMS's fuel mix is about 35% coal, 57% natural gas, 8% renewable, and 2% hydropower and the company hopes to have 40% of its generation from renewable sources by 2030. Total revenues in 2025 were $8.5 billion, of which $8.1 billion were from Consumers Energy. By energy segment, 66% of total revenues were from electric utility operations, 29% were gas utility operations, and the remainder was from NorthStar. The market cap is about $23.3 billion.

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CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. NorthStar Clean Energy, formerly CMS Enterprises, is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.

CMS is an energy company based in Michigan, primarily focused on electric and gas operations within the state. The company has electricity generation, transmission, and distribution operations. Natural gas operations include transmission, distribution, compression, and underground storage operations. Its principal business is Consumers Energy Company, a state and federally regulated utility that provides electricity and natural gas to 1.8 million customers in Michigan. Consumers has about 8.6 GW of generating capacity with about 90 MW of biomass generation. NorthStar Clean Energy is a vertically integrated, unregulated company that provides energy marketing for non-utility operations and owns and operates independent power generating plants, and natural gas infrastructure. NorthStar has about 1.6 GW of generating capacity and a presence in AK, OH, MI, NC, TX, and WI. CMS's fuel mix is about 35% coal, 57% natural gas, 8% renewable, and 2% hydropower and the company hopes to have 40% of its generation from renewable sources by 2030. Total revenues in 2025 were $8.5 billion, of which $8.1 billion were from Consumers Energy. By energy segment, 66% of total revenues were from electric utility operations, 29% were gas utility operations, and the remainder was from NorthStar. The market cap is about $23.3 billion.