Tear Sheet: CMS Energy Corp.'s Revised $24 Billion Capital Spending Plan Is Elevated; Rate Cases Pending At Subsidiary Consumers Energy Co.

This report does not constitute a rating action. CMS Energy Corp. (CMS) recently announced a $4 billion increase in its five-year capital expenditure plan, aimed mostly at accommodating rising electricity demand and improving the reliability of both its electric and gas utility operations. The plan, now totaling $24 billion, is primarily weighted (over 70% of total capital spending) toward electric generation and distribution investments, with the remainder focused on the gas distribution segment. In addition, subsidiary Consumers Energy Co. (CE) is currently seeking rate increases. In the electric segment, the company has requested a rate increase of $423 million, premised on a return on equity (ROE) of 10.25% (9.9% previously approved) and an equity layer of 42.94% (41.73% previously approved).

...February 13, 2026 This report does not constitute a rating action. What's new: CMS Energy Corp. (CMS) recently announced a $4 billion increase in its five-year capital expenditure plan, aimed mostly at accommodating rising electricity demand and improving the reliability of both its electric and gas utility operations. The plan, now totaling $24 billion, is primarily weighted (over 70% of total capital spending) toward electric generation and distribution investments, with the remainder focused on the gas distribution segment. In addition, subsidiary Consumers Energy Co. (CE) is currently seeking rate increases. In the electric segment, the company has requested a rate increase of $423 million, premised on a return on equity (ROE) of 10.25% (9.9% previously approved) and an equity layer of 42.94% (41.73% previously approved). In the gas segment, the company filed a rate case in December 2025 requesting a $240 million rate increase based on a 10.25% ROE (9.8% previously approved) and a 43.33%...

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