Overview Key strengths Key risks Its lower-risk, vertically integrated electric utility and gas distribution operations account for the vast majority of its business. Modest exposure to higher-risk nonutility operations, including merchant generation. Above-average management of regulatory risk compared with peers due to the favorable regulatory environment in Michigan. Limited geographic and regulatory diversity render it largely dependent on Michigan's regulators to sustain its credit quality. Large electric and natural gas customer base totaling about 3.7 million customers. Financial measures are in the lower end of the range for its financial risk category. Negative discretionary cash flow indicates external funding needs. CMS Energy Corp.'s The Michigan Public Service Commission (MPSC) recently approved the company?s utility subsidiary Consumers Energy Co.'s (CE) gas
