CMS Energy Corporation operates primarily as a combination electric and natural gas utility company in Michigan. Its core business is conducted through its principal subsidiary, Consumers Energy, which is Michigan's largest utility, serving approximately 1.9 million electric customers and 1.8 million gas customers. The company operates through three main segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment (accounting for approximately 67% of 2024 operating revenue) generates, purchases, distributes, and sells electricity using a diverse portfolio of coal, wind, natural gas, renewable energy, and nuclear sources. The Gas Utility segment (approximately 28% of 2024 revenue) is involved in the purchase, transmission, storage, distribution, and sale of natural gas, operating an extensive network of distribution mains and compressor stations. The NorthStar Clean Energy segment focuses on domestic independent power production, including the development and operation of renewable generation facilities. CMS Energy's competitive position is anchored by its regulated monopoly status in its Michigan service territories and its ongoing investments in grid modernization and a clean energy transition.
