CMS Energy Corporation (CMS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las corporaciones de energía, CMS Energy Corporation se destaca como un jugador fundamental, navegando estratégicamente el complejo terreno de generación de energía, distribución e innovación sostenible. A través de su lienzo de modelo de negocio meticulosamente elaborado, CMS demuestra un enfoque integral para ofrecer electricidad confiable, adoptar tecnologías renovables y satisfacer las necesidades evolutivas de diversos segmentos de clientes, desde consumidores residenciales hasta grandes empresas industriales. Esta exploración presenta el intrincado marco que impulsa la excelencia operativa, el avance tecnológico y el compromiso de CMS Energy con la administración ambiental.

CMS Energy Corporation (CMS) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de equipos de servicios públicos

CMS Energy Corporation se asocia con múltiples fabricantes de equipos para apoyar su infraestructura de servicios públicos. Los proveedores de equipos clave incluyen:

Proveedor	Tipo de equipo	Valor anual del contrato
Electric General	Equipo de turbina	$ 42.5 millones
Energía de Siemens	Componentes de infraestructura de cuadrícula	$ 35.7 millones
Schneider Electric	Sistemas de control	$ 28.3 millones

Organismos reguladores del gobierno local y estatal

CMS Energy mantiene asociaciones críticas con agencias reguladoras:

• Comisión de Servicio Público de Michigan
• Departamento de Calidad Ambiental de Michigan
• Comisión Reguladora Federal de Energía (FERC)

Proveedores de tecnología de energía renovable

Las asociaciones de energía renovable de CMS Energy incluyen:

Proveedor de tecnología	Enfoque tecnológico	Monto de la inversión
Sistemas de viento de Vestas	Tecnología de turbinas eólicas	$ 67.2 millones
Primero solar	Fabricación de paneles solares	$ 53.4 millones

Empresas de desarrollo de construcción e infraestructura

Asociaciones clave de desarrollo de infraestructura:

• Servicios de construcción de energía DTE
• Grupo de infraestructura energética de los consumidores
• Aecom

Compañías de consultoría e ingeniería ambientales

Detalles de la asociación ambiental:

Compañía	Tipo de servicio	Tarifa de consultoría anual
Gestión de recursos ambientales (ERM)	Evaluación del impacto ambiental	$ 4.6 millones
Jacobs Engineering Group	Consultoría de sostenibilidad	$ 3.9 millones

CMS Energy Corporation (CMS) - Modelo de negocio: actividades clave

Generación y distribución de energía eléctrica

CMS Energy genera 11,200 megavatios de electricidad a través de múltiples centrales eléctricas en Michigan. La compañía opera 7 centrales eléctricas a carbón, 3 instalaciones de gas natural y 2 sitios de energía renovable.

Fuente de generación de energía	Capacidad (MW)	Porcentaje de generación total
Plantas de carbón	6,300	56.3%
Plantas de gas natural	4,200	37.5%
Energía renovable	700	6.2%

Transmisión de gas natural y servicios minoristas

La subsidiaria de energía de los consumidores de CMS Energy atiende a 1,8 millones de clientes de gas natural en Michigan, con 27,000 millas de tubería de distribución de gas natural.

• Ventas anuales de gas natural: $ 1.2 mil millones
• Cobertura de servicio: 68 condados de Michigan
• Conexión promedio de gas natural residencial: 680,000 hogares

Desarrollo del proyecto de energía renovable

CMS Energy se ha comprometido a $ 10.5 mil millones en inversiones de energía renovable hasta 2040, dirigido al 90% de generación de electricidad sin carbono.

Tipo de proyecto renovable	Capacidad planificada (MW)	Año de finalización esperado
Proyectos solares	2,400	2030
Energía eólica	1,100	2028

Mantenimiento y modernización de la infraestructura de la cuadrícula

CMS Energy invierte $ 1.3 mil millones anuales en actualizaciones y mantenimiento de infraestructura de red, que cubre 68,000 millas cuadradas de territorio de servicio.

• Presupuesto anual de mantenimiento de la cuadrícula: $ 450 millones
• Instalaciones de medidores inteligentes: 1.6 millones desplegados
• Objetivo de mejora de confiabilidad de la cuadrícula: 99.99% de tiempo de actividad

Programas de eficiencia energética y conservación

Los consumidores implementan programas integrales de eficiencia energética con Inversión anual de $ 180 millones.

Categoría de programa	Ahorros anuales	Participantes de los clientes
Eficiencia energética residencial	340,000 MWh	215,000
Programas comerciales/industriales	620,000 MWh	3.800 negocios

CMS Energy Corporation (CMS) - Modelo de negocio: recursos clave

Instalaciones de generación de electricidad

CMS Energy Corporation opera las siguientes instalaciones de generación:

Tipo de instalación	Capacidad (MW)	Número de instalaciones
Carbón	1,173	3
Gas natural	1,338	4
Energía renovable	566	7

Infraestructura de transmisión y distribución

La red de transmisión y distribución de CMS Energy incluye:

• Total de transmisión eléctrica: 4,600 millas
• Líneas de distribución: 26,700 millas
• Substaciones: 241
• Área de servicio que cubre 68 condados en Michigan

Fuerza laboral hábil

Métrica de la fuerza laboral	Valor
Total de empleados	8,300
Años promedio de experiencia	12.5 años
Empleados con títulos avanzados	22%

Tecnología avanzada y sistemas de cuadrícula inteligente

Inversión tecnológica: $ 287 millones en modernización de la red en 2023

• Infraestructura de medición avanzada que cubre el 100% del territorio de servicio
• Implementado 1,2 millones de medidores inteligentes
• Sistemas de monitoreo de cuadrícula en tiempo real

Capital financiero para la infraestructura

Métrica financiera	Cantidad
Gastos de capital total (2023)	$ 2.1 mil millones
Inversión de infraestructura planificada (2024-2026)	$ 6.3 mil millones
Facilidades de crédito disponibles	$ 1.5 mil millones

CMS Energy Corporation (CMS) - Modelo de negocio: propuestas de valor

Suministro de electricidad confiable y consistente

CMS Energy Corporation proporciona electricidad a aproximadamente 1.8 millones de clientes eléctricos en Michigan. La compañía opera una capacidad de generación total de 11,200 megavatios, con una tasa de confiabilidad del 99.9% en 2023.

Fuente de generación de electricidad	Porcentaje
Carbón	31%
Gas natural	44%
Energía renovable	25%

Precios de energía competitivos

CMS Energy mantiene una tasa de electricidad residencial promedio de $ 0.14 por kilovatio-hora, que es un 3% por debajo del promedio nacional. Los ingresos operativos totales de la compañía para 2023 fueron de $ 8.2 mil millones.

Aumento de la cartera de energía renovable

La compañía se ha comprometido a lograr 50% de generación de energía renovable para 2030. Las inversiones actuales de energía renovable incluyen:

• Capacidad de generación solar de 500 megavatios
• Proyectos de energía eólica con un total de 250 megavatios
• Inversiones en curso en tecnologías de almacenamiento de baterías

Soluciones de energía sostenibles y ambientalmente responsables

CMS Energy tiene como objetivo reducir las emisiones de carbono en un 90% desde los niveles de 2005 en 2040. La compañía ha invertido $ 1.2 mil millones en infraestructura de energía limpia durante 2023.

Servicios de energía integrales para clientes residenciales y comerciales

CMS Energy ofrece diversos servicios de energía que incluyen:

Categoría de servicio	Segmentos de clientes	Ingresos anuales
Programas de eficiencia energética	Residencial, comercial	$ 215 millones
Tecnologías de cuadrícula inteligente	Comercial, industrial	$ 180 millones
Infraestructura de carga de vehículos eléctricos	Residencial, municipal	$ 95 millones

CMS Energy Corporation (CMS) - Modelo de negocio: relaciones con los clientes

Portales de servicio al cliente en línea

La plataforma digital de consumidores de CMS Energy Energy atiende a 1,8 millones de clientes eléctricos y 1.3 millones de clientes de gas natural en Michigan. El portal en línea procesó 8,2 millones de transacciones digitales en 2022.

Función de servicio digital	Estadísticas de uso
Administración de cuentas en línea	El 67% de los clientes utilizan activamente la plataforma digital
Descargas de aplicaciones móviles	422,000 usuarios de aplicaciones móviles activas

Servicios de asesoramiento de consumo de energía personalizado

CMS Energy invirtió $ 12.3 millones en programas de eficiencia energética en 2022, proporcionando recomendaciones personalizadas de consumo de energía.

• Servicios de auditoría energética ofrecidos a 96,000 clientes residenciales
• Ahorro promedio de energía por cliente: 14% a través de servicios de asesoramiento

Programas de participación comunitaria

CMS Energy asignó $ 3.7 millones a iniciativas de compromiso y sostenibilidad de la comunidad en 2022.

Programa comunitario	Métricas de participación
Programas de energía renovable	58,000 clientes inscritos
Programas de asistencia energética	$ 22.6 millones distribuidos a clientes de bajos ingresos

Plataformas de facturación y pago digital

Los sistemas de pago digital de CMS Energy procesaron $ 1.2 mil millones en transacciones de clientes durante 2022.

• El 98% de las facturas se pueden pagar en línea
• El 72% de los clientes usan facturación sin papel

Atención al cliente y asistencia técnica

CMS Energy mantuvo un centro de atención al cliente que maneja 1,4 millones de interacciones de clientes anualmente.

Canal de soporte	Métricas de rendimiento
Soporte telefónico	Tiempo de respuesta promedio: 3.2 minutos
Soporte de chat en línea	92% Tasa de satisfacción del cliente

CMS Energy Corporation (CMS) - Modelo de negocio: canales

Sitio web digital y aplicaciones móviles

La plataforma digital de CMS Energy atiende a 1,8 millones de clientes eléctricos y de gas en Michigan. El sitio web de la compañía recibe aproximadamente 3.2 millones de visitantes mensuales únicos. Las descargas de aplicaciones móviles llegaron a 275,000 a partir del cuarto trimestre de 2023.

Canal digital	Métricas de uso	Rendimiento anual
Tráfico del sitio web	3.2 millones de visitantes mensuales	38.4 millones de visitas anuales
Descargas de aplicaciones móviles	275,000 descargas totales	45,000 nuevas descargas en 2023
Pago de factura en línea	68% de participación del cliente	1,2 millones de transacciones en línea

Centros de servicio al cliente físico

CMS Energy opera 12 centros de servicio al cliente en Michigan, con un promedio de 85,000 interacciones de clientes en persona anualmente.

Representantes de ventas directas

La compañía mantiene un equipo de ventas de 187 representantes directos, centrándose en servicios de energía comercial y residencial. Ventas anuales promedio por representante: $ 1.4 millones.

Categoría de representante de ventas	Número de representantes	Ventas anuales promedio
Ventas residenciales	112	$825,000
Ventas comerciales	75	$ 2.1 millones

Comunicación de la factura de energía

CMS Energy procesa 1.6 millones de declaraciones de facturación mensuales. Los canales de comunicación incluyen:

• Facturación electrónica: 72% de los clientes
• Facturación de papel: 28% de los clientes
• Valor promedio de la factura: $ 127.50

Medias sociales y plataformas de marketing digital

Alcance de marketing digital en todas las plataformas:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Facebook	95,000 seguidores	4.2%
Gorjeo	45,000 seguidores	3.7%
LinkedIn	35,000 conexiones	2.9%

CMS Energy Corporation (CMS) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

CMS Energy atiende a aproximadamente 1,8 millones de clientes eléctricos en Michigan. El segmento residencial representa el 68% del volumen total de ventas de electricidad.

Categoría de clientes	Número de clientes	Consumo anual de electricidad
Clientes residenciales	1,240,000	8,760 GWH

Negocios comerciales e industriales

CMS Energy proporciona electricidad a 140,000 clientes comerciales e industriales en Michigan.

• El sector manufacturero representa el 42% de la base de clientes comerciales
• Consumo promedio de electricidad anual: 15,000 MWh por negocio
• Total commercial/industrial electricity sales: 4,200 GWh

Instituciones municipales y gubernamentales

CMS Energy serves 850 municipal and government customers with specialized energy solutions.

Tipo de institución	Número de clientes	Consumo de electricidad
Gobiernos locales	450	1.200 gwh
Instituciones estatales	250	850 gwh
Instalaciones federales	150	650 gwh

Sector agrícola

CMS Energy apoya a 3.500 clientes agrícolas en Michigan.

• Consumo promedio de electricidad de la granja: 250 MWh anualmente
• Ventas de electricidad agrícola total: 875 GWH
• Regiones agrícolas predominantes: península inferior de Michigan

Clientes empresariales pequeños a medianos

CMS Energy atiende a 95,000 clientes de pequeñas a medianas empresas (PYME).

Tamaño de la empresa	Número de clientes	Consumo de electricidad
Micro empresas	62,000	1.240 GWH
Pequeñas empresas	25,000	1.750 gwh
Empresas medianas	8,000	1.120 gwh

CMS Energy Corporation (CMS) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de generación de energía

Costos de mantenimiento de infraestructura anual para CMS Energy en 2022: $ 378.6 millones

Categoría de infraestructura	Gasto de mantenimiento
Plantas de energía	$ 214.3 millones
Líneas de transmisión	$ 92.5 millones
Redes de distribución	$ 71.8 millones

Costos de adquisición de combustible

Gastos totales de adquisición de combustible para 2022: $ 456.2 millones

• Gas natural: $ 287.4 millones
• Carbón: $ 124.6 millones
• Fuentes de energía renovable: $ 44.2 millones

Salarios y beneficios de los empleados

Gastos totales de personal en 2022: $ 512.7 millones

Categoría de empleado	Compensación
Salarios base	$ 342.5 millones
Beneficios y seguro	$ 98.3 millones
Contribuciones de jubilación	$ 71.9 millones

Gastos de cumplimiento regulatorio

Gastos totales relacionados con el cumplimiento en 2022: $ 156.4 millones

• Cumplimiento ambiental: $ 87.6 millones
• Regulaciones de seguridad: $ 42.3 millones
• Costos legales y de informes: $ 26.5 millones

Actualizaciones de tecnología e infraestructura

Inversión en tecnología e infraestructura para 2022: $ 423.9 millones

Categoría de actualización	Monto de la inversión
Tecnología de la red inteligente	$ 178.6 millones
Integración de energía renovable	$ 145.3 millones
Mejoras de ciberseguridad	$ 99.0 millones

CMS Energy Corporation (CMS) - Modelo de negocio: flujos de ingresos

Ventas de electricidad a clientes residenciales

Consumers Utility de CMS Energy's Energy atiende a aproximadamente 1,8 millones de clientes eléctricos en Michigan. En 2022, las ventas de electricidad residencial generaron $ 3.87 mil millones en ingresos.

Segmento de clientes	Número de clientes	Ingresos anuales
Clientes eléctricos residenciales	1,800,000	$3,870,000,000

Contratos de energía comercial e industrial

Las ventas de electricidad comercial e industrial representaron $ 2.45 mil millones en 2022, atendiendo a aproximadamente 135,000 clientes comerciales en Michigan.

Segmento de negocios	Número de clientes	Ingresos anuales
Clientes eléctricos comerciales	120,000	$2,100,000,000
Clientes eléctricos industriales	15,000	$350,000,000

Ventas de crédito de energía renovable

CMS Energy generó $ 87 millones a partir de ventas de crédito de energía renovable en 2022, con 1,2 millones de créditos de energía renovable negociada.

Tarifas de transmisión de gas natural

La transmisión y distribución de gas natural generó $ 1.62 mil millones en ingresos, atendiendo a 1,5 millones de clientes de gas natural.

Servicio de gas natural	Número de clientes	Ingresos anuales
Clientes de gas natural	1,500,000	$1,620,000,000

Ingresos del programa de eficiencia energética

Los programas de eficiencia energética generaron $ 42 millones en 2022, apoyando 245 proyectos de optimización de energía comercial e industrial.

• Ingresos totales del programa de eficiencia energética: $ 42,000,000
• Número de proyectos de optimización de energía: 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.