CMS Energy Corporation (CMS)

CMS Energy reported third-quarter 2026 earnings of $0.39 per share on 27 October, down from $0.92 a year earlier 1. On an adjusted basis, which leaves out one-time items, the quarter was $1.44 per share against $0.93 1.

The gap came from the restructuring of NorthStar Clean Energy, its non-utility power arm 1. Impairment charges of $454 million were recorded in the quarter, and $102 million of that was attributed to partners' noncontrolling interests 2.

Operating revenue for the quarter was $2,183 million, up from $2,021 million 1. The company reaffirmed adjusted earnings guidance of $3.83 to $3.90 per share for 2026 and $4.08 to $4.17 for 2027 1.

On 3 November the company issued $1 billion of 6.800% junior subordinated notes due 2057, with proceeds meant to repay two series of senior notes due in 2027 3.

Sales of the NorthStar projects are in various stages of negotiation, the company says 2. A state order on the sale of Consumers' 13 river dams is expected in November 2026 2.

CMS Energy was formed as a Michigan corporation in 1987 4. Its main business is Consumers Energy, which has served Michigan customers since 1886 4.

Operating revenue was $7.5 billion in both 2023 and 2024, then rose to $8.5 billion in 2025 4.

Net income available to common stockholders rose to $1,061 million in 2025 from $993 million 4. The largest single lift was $210 million from electric rate increases, with gas sales adding $151 million 4.

Costs rose too, including $87 million of higher income tax expense and $63 million of higher depreciation and amortization 4.

The utility moved away from coal 4. It retired the D.E. Karn coal units, 515 MW, in 2023 4. That year it also purchased the 1,200 MW Covert Generating Station to keep controllable sources of electricity available 4.

The J.H. Campbell coal plant, 1,407 MW, had approval to retire 4. In May 2025 the U.S. Secretary of Energy ordered it to keep running, and later orders extended that through 17 February 2026 4.

In September 2025 Consumers agreed to the sale of its 13 river hydroelectric dams, with a 30-year power purchase agreement attached, subject to state and federal approval 2.

In July 2026 the board approved a plan to divest renewable projects owned by NorthStar Clean Energy and to leave non-utility renewables development 2. Utility Dive reported on 29 July 2026 that the company said the move would net about $500 million 5.

Electric utility

Consumers Energy, the electric and gas utility, accounts for the substantial majority of the company's assets, income and revenue 4. In 2025 it served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula 4.

Its wires include 82,854 miles of overhead distribution lines and 1,102 substations 4. Its plants include the 1,200 MW Covert station bought in 2023 and the 1,407 MW J.H. Campbell coal plant, still running under federal orders 46.

The electric utility earned $646 million in the first nine months of 2026, against $617 million a year earlier 2.

Gas utility

The gas utility buys, moves, stores and delivers natural gas 4. Its system has 2,337 miles of transmission lines, 28,433 miles of distribution mains and 14 storage fields 4.

It earned $260 million in the first nine months of 2026, against $238 million 2. In October 2026 the state regulator authorized a $139 million annual gas rate increase, effective in November 2026 2.

NorthStar Clean Energy

NorthStar Clean Energy is the non-utility arm that makes and markets independent power 4. Its continuing Michigan gas and solar generation totals 1,442 MW 2.

Two solar projects, 100 MW in St. Clair County and 120 MW in Hart Township, began commercial operation in August and October 2026 2. The divestment covers mostly projects outside Michigan, over 630 MW of net capacity 2.

In the third quarter NorthStar posted a loss of $193 million, against income of $11 million a year earlier 2.

People

Garrick Rochow is president and chief executive of CMS Energy and Consumers 1. Utility Dive reported in July 2026 that Srikanth Maddipati was the newly installed chief financial officer 5.

Rivals and current problems

Utility Dive names DTE Energy as the main in-state rival 5. Consumers' pipeline of prospective large customers, such as data centers, stood near 9 GW 5.

A 20-year agreement to supply up to 1 GW to a planned Microsoft data center near Grand Rapids was in flux amid local opposition 5.

Complying with the Campbell orders had cost Consumers $259 million through 30 June 2026, Utility Dive reported 5. The Energy Secretary extended the order on 14 August 2026 to at least 14 November, the fifth extension 6.

On 11 September 2026 the Michigan Attorney General announced that a federal appeals court had vacated the first of those orders 7.

The umbrella, in words

CMS Energy is the parent of Consumers Energy, the utility, and of NorthStar Clean Energy 4. Consumers' common stock is privately held by its parent and does not trade in public 4.

Through a wholly owned subsidiary, NorthStar owns a 51-percent interest in Aviator Wind Equity Holdings 4. The company reported 22,938 registered holders of its common stock at 16 January 2026 4.

Consumers owns its principal properties in fee, but most electric lines and gas mains run along public roads or on land owned by others under easements 4.

The company expects adjusted earnings of $3.83 to $3.90 per share for 2026 and $4.08 to $4.17 for 2027 1. It also expects long-term adjusted growth of 6 to 8 percent 1.

Consumers plans capital spending of $24.1 billion through 2030, including $8.8 billion on electric generation and $15.3 billion on distribution and gas systems 2. The company expects the program to lift annual rate-base growth above 10 percent 2.

In June 2026 Consumers asked the state regulator for a $481 million electric rate increase and in October revised its position to $468 million 2. A final order is due by April 2027 2.

A state order on the dam sale is anticipated in November 2026 2. The current federal order on Campbell runs to at least 14 November 2026 6.

Consumers said it has energized about 135 MW of large customers this year and has 1 GW to 2 GW in the final stages of contracting 5. The new notes are meant to repay the $275 million and $350 million senior notes due in 2027 3.