CMS Energy Corporation (CMS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des sociétés énergétiques, CMS Energy Corporation se distingue comme un acteur pivot, naviguant stratégiquement sur le terrain complexe de la production d'électricité, de la distribution et de l'innovation durable. Grâce à sa toile de modèle commercial méticuleusement conçu, CMS démontre une approche globale pour fournir une électricité fiable, adopter des technologies renouvelables et répondre aux besoins en évolution de divers segments de clients, des consommateurs résidentiels aux grandes entreprises industrielles. Cette exploration dévoile le cadre complexe qui propulse l'excellence opérationnelle de CMS Energy, le progrès technologique et l'engagement envers la gestion de l'environnement.

CMS Energy Corporation (CMS) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs d'équipements de services publics

CMS Energy Corporation s'associe à plusieurs fabricants d'équipements pour soutenir son infrastructure utilitaire. Les fournisseurs d'équipement clés comprennent:

Fournisseur	Type d'équipement	Valeur du contrat annuel
Électrique générale	Équipement de turbine	42,5 millions de dollars
Siemens Energy	Composants des infrastructures de grille	35,7 millions de dollars
Schneider Electric	Systèmes de contrôle	28,3 millions de dollars

Organes réglementaires du gouvernement local et des États

CMS Energy maintient des partenariats critiques avec les organismes de réglementation:

• Commission de la fonction publique du Michigan
• Département du Michigan de la qualité de l'environnement
• Commission fédérale de la réglementation de l'énergie (FERC)

Fournisseurs de technologies d'énergie renouvelable

Les partenariats d'énergie renouvelable de CMS Energy comprennent:

Fournisseur de technologie	Focus technologique	Montant d'investissement
Vestas Wind Systems	Technologie d'éoliennes	67,2 millions de dollars
Premier solaire	Fabrication de panneaux solaires	53,4 millions de dollars

Entreprises de construction et d'infrastructure

Partenariats clés de développement des infrastructures:

• Services de construction d'énergie DTE
• Groupe d'infrastructures énergétiques des consommateurs
• Aecom

Sociétés de conseil en environnement et d'ingénierie

Détails du partenariat environnemental:

Entreprise	Type de service	Frais de consultation annuels
Gestion des ressources environnementales (ERM)	Évaluation de l'impact environnemental	4,6 millions de dollars
Jacobs Engineering Group	Conseil en durabilité	3,9 millions de dollars

CMS Energy Corporation (CMS) - Modèle d'entreprise: activités clés

Génération et distribution d'énergie électrique

CMS Energy génère 11 200 mégawatts d'électricité grâce à plusieurs centrales électriques à travers le Michigan. La société exploite 7 centrales électriques au charbon, 3 installations de gaz naturel et 2 sites d'énergie renouvelable.

Source de production d'électricité	Capacité (MW)	Pourcentage de la génération totale
Centrales au charbon	6,300	56.3%
Usines de gaz naturel	4,200	37.5%
Énergie renouvelable	700	6.2%

Services de transmission du gaz naturel et de vente au détail

La filiale de CMS Energy Consumers Energy dessert 1,8 million de clients de gaz naturel à travers le Michigan, avec 27 000 miles de pipeline de distribution de gaz naturel.

• Ventes annuelles de gaz naturel: 1,2 milliard de dollars
• Couverture de service: 68 comtés du Michigan
• Connexion moyenne du gaz naturel résidentiel: 680 000 ménages

Développement du projet d'énergie renouvelable

CMS Energy s'est engagé à 10,5 milliards de dollars d'investissements en énergie renouvelable Jusqu'à 2040, ciblant 90% de production d'électricité sans carbone.

Type de projet renouvelable	Capacité planifiée (MW)	Année d'achèvement attendue
Projets solaires	2,400	2030
Énergie éolienne	1,100	2028

Maintenance et modernisation des infrastructures de grille

CMS Energy investit 1,3 milliard de dollars par an en améliorations et entretien des infrastructures de grille, couvrant 68 000 miles carrés de territoire de service.

• Budget annuel de maintenance du réseau: 450 millions de dollars
• Installations de compteurs intelligents: 1,6 million déployé
• Objectif d'amélioration de la fiabilité de la grille: 99,99% de disponibilité

Programmes d'efficacité énergétique et de conservation

Consumers Energy met en œuvre des programmes complets d'efficacité énergétique avec Investissement annuel de 180 millions de dollars.

Catégorie de programme	Économies annuelles	Participants aux clients
Efficacité énergétique résidentielle	340 000 MWh	215,000
Programmes commerciaux / industriels	620 000 MWH	3 800 entreprises

CMS Energy Corporation (CMS) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité

CMS Energy Corporation exploite les installations de production suivantes:

Type d'installation	Capacité (MW)	Nombre d'installations
Charbon	1,173	3
Gaz naturel	1,338	4
Énergie renouvelable	566	7

Infrastructure de transmission et de distribution

Le réseau de transmission et de distribution de CMS Energy comprend:

• Lignes de transmission électrique totale: 4 600 miles
• Lignes de distribution: 26 700 miles
• Soules: 241
• Zone de service couvrant 68 comtés du Michigan

Main-d'œuvre qualifiée

Métrique de la main-d'œuvre	Valeur
Total des employés	8,300
Des années moyennes d'expérience	12,5 ans
Employés titulaires de diplômes avancés	22%

Technologies avancées et systèmes de réseau intelligent

Investissement technologique: 287 millions de dollars en modernisation du réseau en 2023

• Infrastructure de mesure avancée couvrant 100% du territoire de service
• Mis en œuvre 1,2 million de compteurs intelligents
• Systèmes de surveillance du réseau en temps réel

Capital financier pour les infrastructures

Métrique financière	Montant
Total des dépenses en capital (2023)	2,1 milliards de dollars
Investissement d'infrastructure prévu (2024-2026)	6,3 milliards de dollars
Facilités de crédit disponibles	1,5 milliard de dollars

CMS Energy Corporation (CMS) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable et cohérente

CMS Energy Corporation fournit de l'électricité à environ 1,8 million de clients électriques dans le Michigan. La société exploite une capacité de génération totale de 11 200 mégawatts, avec un taux de fiabilité de 99,9% en 2023.

Source de la production d'électricité	Pourcentage
Charbon	31%
Gaz naturel	44%
Énergie renouvelable	25%

Prix ​​de l'énergie compétitive

CMS Energy maintient un taux d'électricité résidentiel moyen de 0,14 $ par kilowatt-heure, soit 3% inférieur à la moyenne nationale. Les revenus d'exploitation totale de la société pour 2023 étaient de 8,2 milliards de dollars.

Augmentation du portefeuille d'énergies renouvelables

L'entreprise s'est engagée à réaliser 50% Génération d'énergie renouvelable d'ici 2030. Les investissements en énergie renouvelable actuels comprennent:

• Capacité de génération solaire de 500 mégawatts
• Projets d'énergie éolienne totalisant 250 mégawatts
• Investissements en cours dans les technologies de stockage de batteries

Solutions énergétiques durables et respectueuses de l'environnement

CMS Energy vise à réduire les émissions de carbone de 90% par rapport aux niveaux de 2005 d'ici 2040. La société a investi 1,2 milliard de dollars dans des infrastructures d'énergie propre au cours de 2023.

Services énergétiques complets pour les clients résidentiels et commerciaux

CMS Energy propose divers services énergétiques, notamment:

Catégorie de service	Segments de clientèle	Revenus annuels
Programmes d'efficacité énergétique	Résidentiel, commercial	215 millions de dollars
Technologies de grille intelligente	Commercial, industriel	180 millions de dollars
Infrastructure de charge de véhicule électrique	Résidentiel, municipal	95 millions de dollars

CMS Energy Corporation (CMS) - Modèle d'entreprise: relations avec les clients

Portails de service à la clientèle en ligne

La plate-forme numérique des consommateurs de CMS Energy dessert 1,8 million de clients électriques et 1,3 million de clients de gaz naturel dans le Michigan. Le portail en ligne a traité 8,2 millions de transactions numériques en 2022.

Fonctionnalité de service numérique	Statistiques d'utilisation
Gestion de compte en ligne	67% des clients utilisant activement la plate-forme numérique
Téléchargements d'applications mobiles	422 000 utilisateurs de l'application mobile actifs

Services de conseil à la consommation d'énergie personnalisés

CMS Energy a investi 12,3 millions de dollars dans des programmes d'efficacité énergétique en 2022, fournissant des recommandations personnalisées de consommation d'énergie.

• Services d'audit énergétique offerts à 96 000 clients résidentiels
• Économies d'énergie moyenes par client: 14% grâce aux services consultatifs

Programmes d'engagement communautaire

CMS Energy a alloué 3,7 millions de dollars aux initiatives d'engagement communautaire et de durabilité en 2022.

Programme communautaire	Métriques de participation
Programmes d'énergie renouvelable	58 000 clients inscrits
Programmes d'aide à l'énergie	22,6 millions de dollars distribués aux clients à faible revenu

Plates-formes de facturation et de paiement numériques

Les systèmes de paiement numériques de CMS Energy ont traité 1,2 milliard de dollars de transactions clients en 2022.

• 98% des factures peuvent être payées en ligne
• 72% des clients utilisent une facturation sans papier

Support client et assistance technique

CMS Energy a maintenu un centre de support client avec 1,4 million d'interactions client par an.

Canal de support	Métriques de performance
Support téléphonique	Temps de réponse moyen: 3,2 minutes
Assistance de chat en ligne	Taux de satisfaction du client à 92%

CMS Energy Corporation (CMS) - Modèle d'entreprise: canaux

Site Web numérique et applications mobiles

La plate-forme numérique de CMS Energy dessert 1,8 million de clients électriques et gaziers à travers le Michigan. Le site Web de l'entreprise reçoit environ 3,2 millions de visiteurs mensuels uniques. Les téléchargements des applications mobiles ont atteint 275 000 au quatrième trimestre 2023.

Canal numérique	Métriques d'utilisation	Performance annuelle
Trafic	3,2 millions de visiteurs mensuels	38,4 millions de visites annuelles
Téléchargements d'applications mobiles	275 000 téléchargements totaux	45 000 nouveaux téléchargements en 2023
Payage des factures en ligne	68% de participation des clients	1,2 million de transactions en ligne

Centres de service client physique

CMS Energy exploite 12 centres de service à la clientèle à travers le Michigan, avec une moyenne de 85 000 interactions client en personne par an.

Représentants des ventes directes

La société maintient une équipe de vente de 187 représentants directs, en se concentrant sur les services énergétiques commerciaux et résidentiels. Ventes annuelles moyennes par représentant: 1,4 million de dollars.

Catégorie de représentation des ventes	Nombre de représentants	Ventes annuelles moyennes
Ventes résidentielles	112	$825,000
Ventes commerciales	75	2,1 millions de dollars

Communication de la facture d'énergie

CMS Energy traite 1,6 million de déclarations de facturation mensuelles. Les canaux de communication comprennent:

• Facturation électronique: 72% des clients
• Facturation papier: 28% des clients
• Valeur moyenne de la facture: 127,50 $

Plateformes de réseaux sociaux et de marketing numérique

La réalisation du marketing numérique sur toutes les plateformes:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Facebook	95 000 abonnés	4.2%
Gazouillement	45 000 abonnés	3.7%
Liendin	35 000 connexions	2.9%

CMS Energy Corporation (CMS) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

CMS Energy dessert environ 1,8 million de clients électriques dans le Michigan. Le segment résidentiel représente 68% du volume total des ventes d'électricité.

Catégorie client	Nombre de clients	Consommation d'électricité annuelle
Clients résidentiels	1,240,000	8 760 GWh

Entreprises commerciales et industrielles

CMS Energy fournit de l'électricité à 140 000 clients commerciaux et industriels du Michigan.

• Le secteur manufacturier représente 42% de la clientèle commerciale
• Consommation annuelle moyenne d'électricité: 15 000 MWh par entreprise
• Ventes totales d'électricité commerciale / industrielle: 4 200 GWh

Institutions municipales et gouvernementales

CMS Energy dessert 850 clients municipaux et gouvernementaux avec des solutions énergétiques spécialisées.

Type d'institution	Nombre de clients	Consommation d'électricité
Gouvernements locaux	450	1 200 GWh
Institutions d'État	250	850 GWh
Installations fédérales	150	650 GWh

Secteur agricole

CMS Energy soutient 3 500 clients agricoles du Michigan.

• Consommation moyenne de l'électricité agricole: 250 MWh par an
• Ventes totales d'électricité agricole: 875 GWh
• Régions agricoles prédominantes: péninsule inférieure du Michigan

Clients de petites et moyennes entreprises

CMS Energy dessert 95 000 clients de petite à moyenne entreprise (PME).

Taille de l'entreprise	Nombre de clients	Consommation d'électricité
Micro-entreprises	62,000	1 240 GWh
Petites entreprises	25,000	1 750 GWh
Entreprises moyennes	8,000	1 120 GWh

CMS Energy Corporation (CMS) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure de production d'électricité

Coûts de maintenance des infrastructures annuelles pour CMS Energy en 2022: 378,6 millions de dollars

Catégorie d'infrastructure	Frais de maintenance
Centrales électriques	214,3 millions de dollars
Lignes de transmission	92,5 millions de dollars
Réseaux de distribution	71,8 millions de dollars

Coûts d'approvisionnement en carburant

Total des frais d'approvisionnement en carburant pour 2022: 456,2 millions de dollars

• Gaz naturel: 287,4 millions de dollars
• Charbon: 124,6 millions de dollars
• Sources d'énergie renouvelable: 44,2 millions de dollars

Salaires et avantages sociaux des employés

Total des dépenses du personnel en 2022: 512,7 millions de dollars

Catégorie des employés	Compensation
Salaires de base	342,5 millions de dollars
Avantages et assurance	98,3 millions de dollars
Contributions à la retraite	71,9 millions de dollars

Frais de conformité réglementaire

Dépenses liées à la conformité totale en 2022: 156,4 millions de dollars

• Conformité environnementale: 87,6 millions de dollars
• Règlements sur la sécurité: 42,3 millions de dollars
• Coûts juridiques et de déclaration: 26,5 millions de dollars

Mises à niveau de la technologie et des infrastructures

Investissement dans la technologie et les infrastructures pour 2022: 423,9 millions de dollars

Catégorie de mise à niveau	Montant d'investissement
Technologie de grille intelligente	178,6 millions de dollars
Intégration d'énergie renouvelable	145,3 millions de dollars
Améliorations de la cybersécurité	99,0 millions de dollars

CMS Energy Corporation (CMS) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux clients résidentiels

Les consommateurs énergétiques de CMS Energy sert environ 1,8 million de clients électriques dans le Michigan. En 2022, les ventes d'électricité résidentielle ont généré 3,87 milliards de dollars de revenus.

Segment de clientèle	Nombre de clients	Revenus annuels
Clients électriques résidentiels	1,800,000	$3,870,000,000

Contrats d'électricité commerciaux et industriels

Les ventes commerciales et industrielles d'électricité représentaient 2,45 milliards de dollars en 2022, desservant environ 135 000 clients commerciaux dans le Michigan.

Segment d'entreprise	Nombre de clients	Revenus annuels
Clients électriques commerciaux	120,000	$2,100,000,000
Clients électriques industriels	15,000	$350,000,000

Ventes de crédit d'énergie renouvelable

CMS Energy a généré 87 millions de dollars à partir des ventes de crédit aux énergies renouvelables en 2022, avec 1,2 million de crédits d'énergie renouvelable négociés.

Frais de transmission du gaz naturel

La transmission et la distribution du gaz naturel ont généré 1,62 milliard de dollars de revenus, desservant 1,5 million de clients de gaz naturel.

Service de gaz naturel	Nombre de clients	Revenus annuels
Clients du gaz naturel	1,500,000	$1,620,000,000

Revenus du programme d'efficacité énergétique

Les programmes d'efficacité énergétique ont généré 42 millions de dollars en 2022, soutenant 245 projets d'optimisation énergétique commerciaux et industriels.

• Revenu total du programme d'efficacité énergétique: 42 000 000 $
• Nombre de projets d'optimisation de l'énergie: 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.