CMS Energy Corporation (CMS): Business Model Canvas

In der dynamischen Landschaft der Energiekonzerne sticht die CMS Energy Corporation als zentraler Akteur hervor, der sich strategisch durch das komplexe Terrain der Stromerzeugung, -verteilung und nachhaltiger Innovation bewegt. Mit seinem sorgfältig ausgearbeiteten Business Model Canvas demonstriert CMS einen umfassenden Ansatz zur Bereitstellung zuverlässiger Elektrizität, zur Nutzung erneuerbarer Technologien und zur Erfüllung der sich entwickelnden Bedürfnisse verschiedener Kundensegmente – von Privatkunden bis hin zu großen Industrieunternehmen. Diese Untersuchung enthüllt den komplizierten Rahmen, der die operative Exzellenz, den technologischen Fortschritt und das Engagement von CMS Energy für den Umweltschutz vorantreibt.

CMS Energy Corporation (CMS) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller und Lieferanten von Versorgungsgeräten

CMS Energy Corporation arbeitet mit mehreren Geräteherstellern zusammen, um seine Versorgungsinfrastruktur zu unterstützen. Zu den wichtigsten Ausrüstungslieferanten gehören:

Lieferant	Gerätetyp	Jährlicher Vertragswert
General Electric	Turbinenausrüstung	42,5 Millionen US-Dollar
Siemens Energy	Komponenten der Netzinfrastruktur	35,7 Millionen US-Dollar
Schneider Electric	Kontrollsysteme	28,3 Millionen US-Dollar

Lokale und staatliche Regulierungsbehörden

CMS Energy unterhält wichtige Partnerschaften mit Regulierungsbehörden:

• Kommission für den öffentlichen Dienst von Michigan
• Michigan Department of Environmental Quality
• Federal Energy Regulatory Commission (FERC)

Anbieter von Technologien für erneuerbare Energien

Zu den Partnerschaften im Bereich erneuerbare Energien von CMS Energy gehören:

Technologieanbieter	Technologiefokus	Investitionsbetrag
Vestas Windsysteme	Windkraftanlagentechnologie	67,2 Millionen US-Dollar
Erste Solar	Herstellung von Solarmodulen	53,4 Millionen US-Dollar

Bau- und Infrastrukturentwicklungsunternehmen

Wichtige Partnerschaften zur Infrastrukturentwicklung:

• DTE Energy Construction Services
• Verbraucherenergieinfrastrukturgruppe
• AECOM

Umweltberatungs- und Ingenieurunternehmen

Details zur Umweltpartnerschaft:

Unternehmen	Servicetyp	Jährliche Beratungsgebühr
Umweltressourcenmanagement (ERM)	Umweltverträglichkeitsprüfung	4,6 Millionen US-Dollar
Jacobs Engineering Group	Nachhaltigkeitsberatung	3,9 Millionen US-Dollar

CMS Energy Corporation (CMS) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -verteilung

CMS Energy erzeugt 11.200 Megawatt Strom durch mehrere Kraftwerke in ganz Michigan. Das Unternehmen betreibt sieben Kohlekraftwerke, drei Erdgasanlagen und zwei Standorte für erneuerbare Energien.

Stromerzeugungsquelle	Kapazität (MW)	Prozentsatz der Gesamterzeugung
Kohlekraftwerke	6,300	56.3%
Erdgasanlagen	4,200	37.5%
Erneuerbare Energie	700	6.2%

Erdgastransport- und Einzelhandelsdienstleistungen

Die Consumers Energy-Tochtergesellschaft von CMS Energy beliefert 1,8 Millionen Erdgaskunden in ganz Michigan mit einer Erdgasverteilungsleitung von 27.000 Meilen.

• Jährlicher Erdgasumsatz: 1,2 Milliarden US-Dollar
• Serviceabdeckung: 68 Landkreise Michigan
• Durchschnittlicher Erdgasanschluss für Privathaushalte: 680.000 Haushalte

Projektentwicklung für erneuerbare Energien

CMS Energy hat sich dazu verpflichtet 10,5 Milliarden US-Dollar an Investitionen in erneuerbare Energien Bis 2040 soll die Stromerzeugung zu 90 % CO2-frei sein.

Erneuerbarer Projekttyp	Geplante Kapazität (MW)	Voraussichtliches Fertigstellungsjahr
Solarprojekte	2,400	2030
Windenergie	1,100	2028

Wartung und Modernisierung der Netzinfrastruktur

CMS Energy investiert jährlich 1,3 Milliarden US-Dollar in die Modernisierung und Wartung der Netzinfrastruktur und deckt ein Versorgungsgebiet von 68.000 Quadratmeilen ab.

• Jährliches Netzwartungsbudget: 450 Millionen US-Dollar
• Smart-Meter-Installationen: 1,6 Millionen im Einsatz
• Ziel zur Verbesserung der Netzzuverlässigkeit: 99,99 % Betriebszeit

Energieeffizienz- und Energiesparprogramme

Consumers Energy implementiert umfassende Energieeffizienzprogramme mit Jährliche Investition von 180 Millionen US-Dollar.

Programmkategorie	Jährliche Ersparnisse	Kundenteilnehmer
Energieeffizienz von Wohngebäuden	340.000 MWh	215,000
Kommerzielle/industrielle Programme	620.000 MWh	3.800 Unternehmen

CMS Energy Corporation (CMS) – Geschäftsmodell: Schlüsselressourcen

Stromerzeugungsanlagen

CMS Energy Corporation betreibt die folgenden Erzeugungsanlagen:

Einrichtungstyp	Kapazität (MW)	Anzahl der Einrichtungen
Kohle	1,173	3
Erdgas	1,338	4
Erneuerbare Energie	566	7

Übertragungs- und Verteilungsinfrastruktur

Das Übertragungs- und Verteilungsnetz von CMS Energy umfasst:

• Gesamte elektrische Übertragungsleitungen: 4.600 Meilen
• Verteilungsleitungen: 26.700 Meilen
• Unterstationen: 241
• Servicegebiet, das 68 Landkreise in Michigan umfasst

Qualifizierte Arbeitskräfte

Belegschaftsmetrik	Wert
Gesamtzahl der Mitarbeiter	8,300
Durchschnittliche jahrelange Erfahrung	12,5 Jahre
Mitarbeiter mit höheren Abschlüssen	22%

Fortschrittliche Technologie und Smart-Grid-Systeme

Technologieinvestitionen: 287 Millionen US-Dollar für die Netzmodernisierung im Jahr 2023

• Fortschrittliche Messinfrastruktur, die 100 % des Servicegebiets abdeckt
• 1,2 Millionen Smart Meter implementiert
• Echtzeit-Netzüberwachungssysteme

Finanzkapital für Infrastruktur

Finanzkennzahl	Betrag
Gesamtinvestitionen (2023)	2,1 Milliarden US-Dollar
Geplante Infrastrukturinvestitionen (2024–2026)	6,3 Milliarden US-Dollar
Verfügbare Kreditfazilitäten	1,5 Milliarden US-Dollar

CMS Energy Corporation (CMS) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Stromversorgung

Die CMS Energy Corporation versorgt etwa 1,8 Millionen Stromkunden in Michigan mit Strom. Das Unternehmen betreibt eine Gesamterzeugungskapazität von 11.200 Megawatt mit einer Zuverlässigkeitsrate von 99,9 % im Jahr 2023.

Stromerzeugungsquelle	Prozentsatz
Kohle	31%
Erdgas	44%
Erneuerbare Energie	25%

Wettbewerbsfähige Energiepreise

CMS Energy hat einen durchschnittlichen Stromtarif für Privathaushalte von 0,14 US-Dollar pro Kilowattstunde, was 3 % unter dem Landesdurchschnitt liegt. Die gesamten Betriebseinnahmen des Unternehmens beliefen sich im Jahr 2023 auf 8,2 Milliarden US-Dollar.

Ausbau des Portfolios an erneuerbaren Energien

Das Unternehmen hat sich verpflichtet, dies zu erreichen 50 % erneuerbare Energieerzeugung bis 2030. Zu den aktuellen Investitionen in erneuerbare Energien gehören:

• Solarstromerzeugungskapazität von 500 Megawatt
• Windenergieprojekte mit insgesamt 250 Megawatt
• Laufende Investitionen in Batteriespeichertechnologien

Nachhaltige und umweltfreundliche Energielösungen

CMS Energy hat sich zum Ziel gesetzt, die CO2-Emissionen bis 2040 um 90 % gegenüber dem Niveau von 2005 zu reduzieren. Das Unternehmen hat im Jahr 2023 1,2 Milliarden US-Dollar in die Infrastruktur für saubere Energie investiert.

Umfassende Energiedienstleistungen für Privat- und Gewerbekunden

CMS Energy bietet verschiedene Energiedienstleistungen an, darunter:

Servicekategorie	Kundensegmente	Jahresumsatz
Energieeffizienzprogramme	Wohnen, Gewerbe	215 Millionen Dollar
Smart-Grid-Technologien	Kommerziell, industriell	180 Millionen Dollar
Ladeinfrastruktur für Elektrofahrzeuge	Wohnen, kommunal	95 Millionen Dollar

CMS Energy Corporation (CMS) – Geschäftsmodell: Kundenbeziehungen

Online-Kundendienstportale

Die digitale Consumers Energy-Plattform von CMS Energy bedient 1,8 Millionen Stromkunden und 1,3 Millionen Erdgaskunden in Michigan. Das Online-Portal verarbeitete im Jahr 2022 8,2 Millionen digitale Transaktionen.

Digitale Servicefunktion	Nutzungsstatistik
Online-Kontoverwaltung	67 % der Kunden nutzen aktiv die digitale Plattform
Mobile App-Downloads	422.000 aktive mobile App-Nutzer

Personalisierte Beratungsdienste zum Energieverbrauch

CMS Energy hat im Jahr 2022 12,3 Millionen US-Dollar in Energieeffizienzprogramme investiert und personalisierte Empfehlungen zum Energieverbrauch bereitgestellt.

• Energieauditdienste für 96.000 Privatkunden angeboten
• Durchschnittliche Energieeinsparung pro Kunde: 14 % durch Beratungsleistungen

Community-Engagement-Programme

CMS Energy hat im Jahr 2022 3,7 Millionen US-Dollar für gesellschaftliches Engagement und Nachhaltigkeitsinitiativen bereitgestellt.

Gemeinschaftsprogramm	Teilnahmemetriken
Programme für erneuerbare Energien	58.000 Kunden angemeldet
Energiehilfsprogramme	22,6 Millionen US-Dollar wurden an einkommensschwache Kunden verteilt

Digitale Abrechnungs- und Zahlungsplattformen

Die digitalen Zahlungssysteme von CMS Energy verarbeiteten im Jahr 2022 Kundentransaktionen im Wert von 1,2 Milliarden US-Dollar.

• 98 % der Rechnungen können online bezahlt werden
• 72 % der Kunden nutzen die papierlose Abrechnung

Kundensupport und technische Unterstützung

CMS Energy unterhielt ein Kundensupportzentrum, das jährlich 1,4 Millionen Kundeninteraktionen abwickelt.

Support-Kanal	Leistungskennzahlen
Telefonsupport	Durchschnittliche Antwortzeit: 3,2 Minuten
Online-Chat-Unterstützung	92 % Kundenzufriedenheit

CMS Energy Corporation (CMS) – Geschäftsmodell: Kanäle

Digitale Website und mobile Anwendungen

Die digitale Plattform von CMS Energy bedient 1,8 Millionen Strom- und Gaskunden in ganz Michigan. Die Website des Unternehmens verzeichnet monatlich etwa 3,2 Millionen einzelne Besucher. Die Downloads mobiler Anwendungen erreichten im vierten Quartal 2023 275.000.

Digitaler Kanal	Nutzungsmetriken	Jährliche Leistung
Website-Traffic	3,2 Millionen monatliche Besucher	38,4 Millionen Besuche pro Jahr
Mobile App-Downloads	Insgesamt 275.000 Downloads	45.000 neue Downloads im Jahr 2023
Online-Rechnungszahlung	68 % Kundenbeteiligung	1,2 Millionen Online-Transaktionen

Physische Kundendienstzentren

CMS Energy betreibt 12 Kundendienstzentren in ganz Michigan mit durchschnittlich 85.000 persönlichen Kundeninteraktionen pro Jahr.

Direktvertriebsmitarbeiter

Das Unternehmen verfügt über ein Vertriebsteam von 187 Direktvertretern, das sich auf gewerbliche und private Energiedienstleistungen konzentriert. Durchschnittlicher Jahresumsatz pro Vertreter: 1,4 Millionen US-Dollar.

Kategorie „Vertriebsmitarbeiter“.	Anzahl der Vertreter	Durchschnittlicher Jahresumsatz
Wohnimmobilienverkäufe	112	$825,000
Kommerzieller Verkauf	75	2,1 Millionen US-Dollar

Kommunikation zur Energierechnung

CMS Energy verarbeitet 1,6 Millionen monatliche Abrechnungen. Zu den Kommunikationskanälen gehören:

• Elektronische Rechnung: 72 % der Kunden
• Papierabrechnung: 28 % der Kunden
• Durchschnittlicher Rechnungswert: 127,50 $

Social Media und digitale Marketingplattformen

Plattformübergreifende Reichweite des digitalen Marketings:

Plattform	Follower/Abonnenten	Engagement-Rate
Facebook	95.000 Follower	4.2%
Twitter	45.000 Follower	3.7%
LinkedIn	35.000 Verbindungen	2.9%

CMS Energy Corporation (CMS) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

CMS Energy beliefert rund 1,8 Millionen Stromkunden in Michigan. Auf den Privatkundenbereich entfallen 68 % des gesamten Stromabsatzvolumens.

Kundenkategorie	Anzahl der Kunden	Jährlicher Stromverbrauch
Privatkunden	1,240,000	8.760 GWh

Handels- und Industrieunternehmen

CMS Energy versorgt 140.000 Gewerbe- und Industriekunden in ganz Michigan mit Strom.

• Der Fertigungssektor macht 42 % des gewerblichen Kundenstamms aus
• Durchschnittlicher jährlicher Stromverbrauch: 15.000 MWh pro Unternehmen
• Gesamter gewerblicher/industrieller Stromabsatz: 4.200 GWh

Kommunale und staatliche Institutionen

CMS Energy beliefert 850 kommunale und staatliche Kunden mit spezialisierten Energielösungen.

Institutionstyp	Anzahl der Kunden	Stromverbrauch
Lokale Regierungen	450	1.200 GWh
Staatliche Institutionen	250	850 GWh
Bundeseinrichtungen	150	650 GWh

Agrarsektor

CMS Energy unterstützt 3.500 landwirtschaftliche Kunden in ganz Michigan.

• Durchschnittlicher landwirtschaftlicher Stromverbrauch: 250 MWh jährlich
• Gesamter landwirtschaftlicher Stromabsatz: 875 GWh
• Vorherrschende Agrarregionen: Untere Michigan-Halbinsel

Kleine bis mittlere Unternehmenskunden

CMS Energy betreut 95.000 kleine und mittlere Unternehmen (KMU).

Unternehmensgröße	Anzahl der Kunden	Stromverbrauch
Kleinstunternehmen	62,000	1.240 GWh
Kleine Unternehmen	25,000	1.750 GWh
Mittlere Unternehmen	8,000	1.120 GWh

CMS Energy Corporation (CMS) – Geschäftsmodell: Kostenstruktur

Wartung der Stromerzeugungsinfrastruktur

Jährliche Wartungskosten für die Infrastruktur für CMS Energy im Jahr 2022: 378,6 Millionen US-Dollar

Kategorie „Infrastruktur“.	Wartungsaufwand
Kraftwerke	214,3 Millionen US-Dollar
Übertragungsleitungen	92,5 Millionen US-Dollar
Vertriebsnetze	71,8 Millionen US-Dollar

Kosten für die Kraftstoffbeschaffung

Gesamtkosten für die Kraftstoffbeschaffung für 2022: 456,2 Millionen US-Dollar

• Erdgas: 287,4 Millionen US-Dollar
• Kohle: 124,6 Millionen US-Dollar
• Erneuerbare Energiequellen: 44,2 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamter Personalaufwand im Jahr 2022: 512,7 Millionen US-Dollar

Mitarbeiterkategorie	Entschädigung
Grundgehälter	342,5 Millionen US-Dollar
Leistungen und Versicherung	98,3 Millionen US-Dollar
Altersvorsorgebeiträge	71,9 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtausgaben im Zusammenhang mit Compliance im Jahr 2022: 156,4 Millionen US-Dollar

• Umweltkonformität: 87,6 Millionen US-Dollar
• Sicherheitsvorschriften: 42,3 Millionen US-Dollar
• Rechts- und Berichterstattungskosten: 26,5 Millionen US-Dollar

Technologie- und Infrastruktur-Upgrades

Investitionen in Technologie und Infrastruktur für 2022: 423,9 Millionen US-Dollar

Upgrade-Kategorie	Investitionsbetrag
Smart-Grid-Technologie	178,6 Millionen US-Dollar
Integration erneuerbarer Energien	145,3 Millionen US-Dollar
Verbesserungen der Cybersicherheit	99,0 Millionen US-Dollar

CMS Energy Corporation (CMS) – Geschäftsmodell: Einnahmequellen

Stromverkauf an Privatkunden

Der Consumers Energy-Versorger von CMS Energy versorgt etwa 1,8 Millionen Stromkunden in Michigan. Im Jahr 2022 generierte der Stromverkauf für Privathaushalte einen Umsatz von 3,87 Milliarden US-Dollar.

Kundensegment	Anzahl der Kunden	Jahresumsatz
Privatkunden mit Strom	1,800,000	$3,870,000,000

Kommerzielle und industrielle Energieverträge

Der Umsatz mit gewerblichem und industriellem Strom belief sich im Jahr 2022 auf 2,45 Milliarden US-Dollar und belieferte rund 135.000 Geschäftskunden in ganz Michigan.

Geschäftssegment	Anzahl der Kunden	Jahresumsatz
Gewerbliche Stromkunden	120,000	$2,100,000,000
Industrielle Elektrokunden	15,000	$350,000,000

Verkauf von Gutschriften für erneuerbare Energien

CMS Energy erwirtschaftete im Jahr 2022 87 Millionen US-Dollar aus dem Verkauf von Krediten für erneuerbare Energien, wobei 1,2 Millionen Kredite für erneuerbare Energien gehandelt wurden.

Gebühren für die Erdgasübertragung

Die Übertragung und Verteilung von Erdgas erwirtschaftete einen Umsatz von 1,62 Milliarden US-Dollar und belieferte 1,5 Millionen Erdgaskunden.

Erdgasservice	Anzahl der Kunden	Jahresumsatz
Erdgaskunden	1,500,000	$1,620,000,000

Einnahmen aus dem Energieeffizienzprogramm

Energieeffizienzprogramme erwirtschafteten im Jahr 2022 42 Millionen US-Dollar und unterstützten 245 kommerzielle und industrielle Energieoptimierungsprojekte.

• Gesamtumsatz des Energieeffizienzprogramms: 42.000.000 US-Dollar
• Anzahl der Energieoptimierungsprojekte: 245

CMS Energy Corporation (CMS) - Canvas Business Model: Value Propositions

You're looking at the core promises CMS Energy Corporation (CMS) makes to its stakeholders-the things that keep customers, regulators, and investors aligned with their strategy. Honestly, for a regulated utility, the value proposition is a tightrope walk between service quality, environmental goals, and financial discipline. Here's the breakdown based on their late 2025 positioning.

Safe, reliable, and affordable energy service

CMS Energy Corporation (CMS) centers its service value on the triple bottom line: people, planet, and prosperity. They explicitly state their commitment to delivering energy that is safe, reliable, and affordable to their customers in Michigan.

The proof points for reliability are rooted in recent performance and future investment:

• In 2024, customers received the best electric reliability over the past 20 years.
• CMS Energy Corporation (CMS) has a 10-yr Electric Reliability Roadmap in place.
• The utility has a $20 billion utility capital investment plan spanning 2025-2029 across electric and gas utilities.
• Of that total investment, 68% is directed toward electric utility investments, which fortifies the grid.

Affordability is key, especially when balancing massive capital needs. Here's a snapshot of the financial framework supporting this:

Metric	Value	Period/Context
Long-term Adjusted EPS Growth Target	6% to 8%	Long-term guidance
Dividend Yield	~3%	Part of total shareholder return
Electric Rate Base Growth (CAGR)	Approximately 8%	2025-2029
Electric Rate Base (Projected End of Period)	$39.4 billion	By 2029

Commitment to net-zero carbon emissions by 2040

CMS Energy Corporation (CMS) is leading the Clean Energy Transformation, with specific, legally mandated targets for its electric business. The natural gas side has a slightly longer horizon for full net-zero GHG emissions.

The electric utility's primary environmental value proposition is:

• Goal to achieve 100% Clean Energy for the electric side by 2040, as established in Michigan's 2023 Energy Law.
• The 2024 Renewable Energy Plan targets 60% renewable energy by 2035.

For the entire business, including gas operations, the commitment extends further:

• Net-zero greenhouse gas emissions across the entire operation by 2050.
• Interim goal to help customers reduce Scope 3 emissions by 25% by 2035 from 2020 levels.
• Net zero methane emissions from the natural gas delivery system targeted by 2030.

Economic development, attracting 1 GW data center load

A major driver of near-term growth is securing large industrial load, particularly from data centers. CMS Energy Corporation (CMS) is actively pursuing a significant pipeline of this demand, which helps spread fixed grid costs.

You've definitely seen the headlines about the data center activity; it's a huge part of their growth story outside of organic sales increases. Here are the hard numbers they are working with:

• CMS Energy Corporation (CMS) has a major agreement to supply a new data center expected to add up to 1 gigawatt (GW) of incremental load.
• They are pursuing a total pipeline of 9 gigawatts (GW) of data center and other large industrial load.
• The expected ramp-up for the newly signed 1 GW data center load is anticipated to start showing up in the latter portion of the 5-year plan, potentially around 2029 or 2030.

To manage this, Michigan regulators approved specific terms for large customers (100 megawatts (MW) or greater) to ensure existing customers aren't left holding the bag:

Data Center Contract Requirement	Term/Amount
Minimum Service Threshold	100 megawatts (MW)
Minimum Contract Length	15-year contract
Minimum Payment Obligation	Pay for at least 80% of requested capacity
Upfront Fee	$100,000

This demand supports their long-term sales outlook, which is estimated at 2% to 3% annually before the new data center load is fully realized.

Predictable returns for investors via regulated model

CMS Energy Corporation (CMS) touts its history of consistent financial delivery, which is a direct benefit of operating in a constructive regulatory jurisdiction. This predictability is a core part of the investment thesis.

You can see this track record clearly:

• CMS Energy Corporation (CMS) has met its adjusted earnings guidance for each of the past 17 years.
• The full-year 2025 adjusted EPS guidance is set at $3.54 to $3.60 per share, with management expressing confidence toward the high end.
• Adjusted EPS for the first six months of 2025 was $1.73 per share.

The regulated structure underpins this stability, aiming for premium total shareholder return through growth and dividends.

Improved electric reliability through grid modernization

The value here is the investment in infrastructure renewal to ensure the grid can handle modern demands, including extreme weather and new large loads. This is directly funded through the capital plan.

The modernization efforts are backed by significant capital allocation:

• The 2025-2029 capital program includes over $20 billion in utility investments.
• This investment is designed to modernize electric and gas systems and support the Clean Energy Transformation.
• CMS Energy Corporation (CMS) is executing on its 5-year Electric Reliability Roadmap to build a more resilient grid.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Customer Relationships

You're looking at how CMS Energy Corporation, primarily through its subsidiary Consumers Energy, manages its relationship with the millions of Michigan residents and businesses it serves under a regulated monopoly structure. This relationship is a balancing act between mandated service, customer-driven clean energy goals, and maintaining affordability.

Regulated monopoly service relationship

As a regulated utility, CMS Energy Corporation's primary relationship is defined by its service territory obligations. Consumers Energy provides electricity and/or natural gas to about 6.8 million of Michigan's 10 million residents. This scale means the relationship is broad, but the service terms are set by the Michigan Public Service Commission (MPSC).

The company is actively managing large, high-demand customers, particularly data centers. The MPSC approved an amended tariff for data centers and similar very large electric customers with a minimum service threshold of 100 megawatts (MW), or aggregated loads of 100 MW with individual sites of 20 MW or more. To give you context on the current customer mix, Consumers Energy currently has only one customer larger than 100 MW on its system. The company connected approximately 450 megawatts year-to-date as of October 2025, out of a planned 900 megawatts in the current 5-year plan, with an additional approximately 100 megawatts under signed contracts.

Here's a quick look at the scale of large customer growth:

Metric	Value (as of late 2025)
Customers Served (Total Residents)	~6.8 million
Data Center/Large Load Tariff Minimum Threshold	100 MW
Current Customers > 100 MW	1
New Load Connected YTD (approx.)	450 MW
New Load Planned in 5-Year Plan (approx.)	900 MW

Customer-centric programs like energy waste reduction

CMS Energy Corporation emphasizes energy waste reduction (EWR) as a key way to keep bills affordable and meet clean energy goals. The utility's EWR programs have delivered an impressive $7.3 billion in customer savings since 2009. This focus is recognized externally; Michigan utilities' energy efficiency programs ranked No. 1 in the nation by the American Council for an Energy-Efficient Economy's 2025 State Energy Efficiency Scorecard. The company also offers voluntary clean energy options for customers.

The relationship extends to tailored programs:

• The MI Clean Air program has >770 residential and business customers enrolled.
• Solar Gardens has 4.5 MW subscribed capacity, with a new 2.5 MW site expected to break ground in Q2 2025, and is ~99% subscribed, serving about 2.5K customers.
• The low-income renewable energy program, launched in 2025, currently serves over 3,300 customers.
• The MI Sunrise component of Solar Gardens serves 50 customers, designed to aid income-qualified customers.

Digital self-service via online portals and mobile apps

CMS Energy Corporation has placed customer experience at the center of its new organizational structure, effective July 1, 2025, by appointing a Senior Vice President, Chief Customer and Growth Officer to oversee Customer Operations and Customer Experience. While specific adoption numbers for digital channels aren't explicitly detailed here, the organizational focus signals a commitment to improving digital interaction points for customers.

You can expect the digital relationship to be supported by:

• A dedicated leadership role focused on Customer Experience.
• Continued investment in infrastructure modernization to support reliable service delivery.
• A focus on making services accessible, which often means robust online and mobile functionality.

Community engagement and bill assistance programs

Affordability and community support are concrete parts of the relationship, especially for income-qualified customers. In August 2025, Consumers Energy committed $2 million to help thousands of customers offset past due summer energy bills, distributed via partners like The Heat and Warmth Fund (THAW) and The Salvation Army. This followed a $5 million contribution earlier in the year to assist with winter bills. For context on past support, in 2024, Consumers Energy helped over 137,000 Michiganders obtain nearly $69 million from various sources to pay energy costs. Furthermore, new State Emergency Relief (SER) caps for customers at 150% of the Federal Poverty Level (FPL) are $600 for electric/gas and $900 for all-electric households as of October 2025.

The company is actively engaging communities through structured initiatives. The Energizing Equity community series, launched in January 2025, consists of quarterly, in-person engagements in cities like Flint, Jackson, Kalamazoo, and Grand Rapids. The company also previously invested more than $1 million in targeted initiatives in Flint in 2023 to improve quality of life and reduce bills in disadvantaged communities.

Dedicated account managers for large commercial/industrial clients

For your largest customers, the relationship shifts to dedicated management, especially given the complex tariff structures for new large loads like data centers. The new organizational structure includes a focus on Sales under the Chief Customer and Growth Officer, which would naturally encompass managing these high-value, high-load industrial relationships. The recent MPSC approval of the data center tariff is a direct outcome of managing this specific customer segment's needs while protecting other ratepayers from subsidy risk. The company is working to connect approximately 450 megawatts year-to-date, indicating active management of large commercial/industrial connections. The relationship here is highly contractual, involving exit fees and collateral requirements for customers exceeding the 100 MW threshold.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Channels

You're looking at how CMS Energy Corporation (CMS) physically connects its energy supply to its customers across Michigan, which is the core of its distribution channels.

Electric transmission and distribution grid

The electric utility channel, primarily Consumers Energy, serves a massive footprint across the state. The company is heavily investing in this channel, with 68% of its $20 billion capital allocation plan for 2025-2029 directed toward electric utility investments, targeting an 8% annual rate base growth.

Here's a snapshot of the physical assets used to deliver power:

Infrastructure Component	Metric	Value
Electric Customers Served	Number of Customers	1.8 million
Service Area Coverage	Counties Served	62
Electric Distribution Overhead Lines	Miles	82,474 miles
Electric Distribution Underground Lines	Miles	9,395 miles
Substations	Count	1,093

CMS Energy, through NorthStar Clean Energy, is also expanding its generation capacity to feed this grid, with a goal to add nearly 9,000 megawatts of solar and 2,800 megawatts of wind over the next two decades.

Natural gas transmission and distribution pipeline network

The natural gas delivery channel is equally extensive, moving gas for heating and other uses. Planned capital spending for the gas utility unit over 2025-2029 is approximately $6.3 billion.

The pipeline network details are:

• Natural Gas Customers Served: Nearly 1.8 million customers.
• Natural Gas Service Area: 54 of the 68 counties in Michigan's Lower Peninsula.
• Natural Gas Transmission Lines: 2,392 miles.
• Natural Gas Distribution Mains: 28,065 miles.
• Gas Storage Fields: 15.

The company maintains one of the largest underground natural gas storage capacities in the country, helping it purchase and store gas economically during warmer months for winter use.

Customer service call centers and field crews

CMS Energy Corporation's principal business, Consumers Energy, provides electricity and/or natural gas to 6.8 million of Michigan's 10 million residents across all 68 Lower Peninsula counties. While specific call center volumes aren't public, the scale of the customer base implies significant operational traffic for field crews and support staff.

The total customer base breakdown is:

• Total Residents Served by Consumers Energy: 6.8 million out of 10 million Michigan residents.
• Electric Customers: 1.8 million.
• Natural Gas Customers: Nearly 1.8 million.

The company is focused on reliability improvements, which directly impacts the work of field crews, supported by capital investment in grid modernization.

Direct power purchase agreements (PPAs) for enterprises

The Enterprises segment, through NorthStar Clean Energy, engages in independent power production and marketing, which involves securing long-term agreements that act as channels for revenue and capacity delivery. Consumers Energy has structured utility power purchase agreements with favorable terms and secured a safe harbor pipeline through 2029.

Growth in this area is significant, with a new data center agreement announced that is expected to add up to 1 gigawatt of load growth in their service territory. Furthermore, the company is accelerating storage deployment, with over 925 MW already under contract or in development.

Digital channels for billing and outage reporting

Digital interaction is a key channel for customer management, though specific billing or outage reporting statistics aren't detailed here. CMS Energy routinely posts important information on its website, considering the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

Digital and strategic alignment points include:

• Investor Information Channel: www.cmsenergy.com/investor-relations.
• Renewable Energy Customer Programs: Voluntary programs are offered to customers.
• Regulatory Support: The company received approval for 95% of infrastructure investments in a recent gas rate case.

The company is also working toward a 100% clean energy mandate by 2040.

CMS Energy Corporation (CMS) - Canvas Business Model: Customer Segments

CMS Energy Corporation, primarily through its subsidiary Consumers Energy Company, targets the vast majority of Michigan's Lower Peninsula population for its utility services.

The service territory covers all 68 Lower Peninsula counties, providing natural gas and electricity to approximately 6.8 million of Michigan's 10 million residents.

Here is a breakdown of the utility customer base as of mid-2025 data:

Customer Segment Type	Service	Approximate Customer Count (2025)
Residential Customers	Electric	1.9 million
Residential Customers	Natural Gas	1.8 million
Total Population Served	Michigan Lower Peninsula	6.8 million people

The customer base is strategically diversified across residential, commercial, and industrial users, which helps manage risk, especially given the regional economic focus.

• Residential customers form the core base for both electric and gas services.
• Commercial customers include small to medium businesses across the service territory.
• Diversified industrial customers contribute to the overall margin, though the auto sector, including tier I & II suppliers, represents only about 2% of total gross margin as of Q1 2025.
• The Top 10 largest customers combined account for approximately 2.5% of the total gross margin.
• Large-load growth customers represent a significant near-term opportunity, highlighted by an agreement with a new data center expected to add up to 1 gigawatt of load growth.

The company's capital investment plan of $20 billion across electric and gas utilities from 2025-2029 is designed to support this diverse customer base while driving rate base growth of approximately 8% annually.

CMS Energy Corporation (CMS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CMS Energy Corporation's operations, which are heavily weighted toward long-term asset investment and regulated utility costs. Here's the quick math on what's hitting the bottom line as of late 2025.

Heavy capital expenditures (CapEx) for infrastructure renewal

CMS Energy Corporation is executing a massive, multi-year investment program. The utility capital investment plan for the years 2025 through 2029 is set at $20 billion, which is an increase of $3 billion from the prior 2024-2028 plan. This signals a sustained, high level of spending on grid modernization, including the Reliability Roadmap initiatives like burying wires and installing sensors. For a snapshot of the ongoing commitment, capital expenditures (PPE purchases) in the third quarter of 2025 were approximately $0.9 billion.

Fuel and purchased power expenses

These costs are directly tied to serving customers and are subject to commodity price fluctuations, though often mitigated by regulatory pass-through mechanisms. For the third quarter of 2025, the costs were significant:

• Fuel for electric generation was $113 million.
• Purchased and interchange power totaled $490 million for the quarter.
• Purchased power from related parties was $21 million in the third quarter of 2025.

Operations and Maintenance (O&M) costs, including vegetation management

The day-to-day running of the electric and gas systems requires substantial spending on maintenance. While specific figures for vegetation management aren't itemized separately in the latest releases, the broader category gives you a sense of the scale. Maintenance and other operating expenses for the electric utility segment alone in the third quarter of 2025 were $388 million.

Here is a look at some key quarterly operating expenses for the electric and gas utility segments for the third quarter of 2025 (in Millions of USD):

Expense Category	Q3 2025 Amount (Millions USD)
Fuel for electric generation	113
Purchased and interchange power	490
Maintenance and other operating expenses (Electric Utility)	388
Depreciation and amortization (Electric Utility)	274
General taxes (Electric Utility)	104

Interest expense on debt financing for the rate base

Financing the massive asset base requires significant debt, and the associated interest is a major cost component, much of which is recoverable through rates. Interest on long-term debt for CMS Energy Corporation in the third quarter of 2025 amounted to $135 million. Also included in total interest charges for that quarter were $10 million in interest expense related to related parties.

Regulatory compliance and depreciation expenses

Depreciation reflects the cost recovery for the utility's physical assets. For the electric utility in the third quarter of 2025, depreciation and amortization was $274 million. Regulatory compliance costs are embedded across several line items, including general taxes, which were $104 million for the electric utility in Q3 2025. Constructive regulatory outcomes, like the electric rate case outcome in March 2025, are key to ensuring these costs are covered in the revenue stream. The company reaffirmed its long-term adjusted EPS growth target of 6 to 8 percent, with confidence toward the high end, which depends on recovering these costs.

For context on the company's overall financial performance supporting these costs, the reaffirmed 2025 adjusted earnings guidance is $3.56 to $3.60 per share.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Revenue Streams

You're looking at the core ways CMS Energy Corporation brings in money, which is heavily weighted toward its regulated utility operations in Michigan. The revenue streams are quite predictable, which is typical for a regulated utility, but they are also supplemented by non-regulated clean energy ventures.

The primary revenue drivers come from the regulated utility, Consumers Energy, which serves a massive customer base across the state.

• Regulated electric utility sales to approximately 1.9 million electricity customers.
• Regulated natural gas utility sales to approximately 1.8 million natural gas customers.

For the first quarter of 2025, the utility segments showed growth driven by rate increases and sales volume. Here's a look at the operating revenue for the three months ended March 31, 2025:

Revenue Stream Component	Q1 2025 Operating Revenue ($M)	Year-over-Year Increase ($M)
Electric Utility Revenue	$1,299	$167
Gas Utility Revenue	$1,049	$84

The overall revenue picture for CMS Energy Corporation as of the twelve months ending September 30, 2025, was $8.295B, marking a 10.96% increase year-over-year.

A key component of the regulated utility revenue is the allowed rate of return on its investments. The allowed Return on Equity (ROE), recently approved by the Michigan Public Service Commission (MPSC) for the rate case effective April 4, 2025, stands at 9.90%.

The non-regulated side, NorthStar Clean Energy, is focused on renewable energy development. While this segment represents a growth area, its revenue stream can be lumpy or result in losses depending on project timing and operations. For instance, for the three months ended March 31, 2025, the NorthStar Clean Energy segment reported a net loss of $18 million, down from a net income of $31 million in the same period of 2024.

Furthermore, CMS Energy Corporation is actively seeking to increase its authorized revenue base through regulatory filings. Consumers Energy filed an application with the MPSC on June 2, 2025, seeking an increase in its electric generation and distribution rates totaling $460 million. This request is based on a test year ending April 30, 2027, and includes a proposed overall rate of return based on a 10.25% authorized return on equity.

You can see the components of that $460 million request:

• Investment-related recovery: $194 million
• Operations & Maintenance (O&M) recovery: $158 million
• Cost of Capital adjustments (ROE 10.25% vs. Authorized 9.90%): $31 million component
• Deferral Surcharge: $24 million

Finance: draft 13-week cash view by Friday.