v3.25.2
Financings and Capitalization (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
Schedule of Forward Contracts Indexed to Issuer's Equity
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at June 30, 2025:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2025
December 16, 2024November 27, 2025400,581$69.43 $69.76 
February 25, 2025May 11, 2026757,68670.11 70.48 
March 14, 2025June 15, 2026551,16672.99 73.25 
June 13, 2025April 28, 20261,094,64371.70 71.80 
June 16, 2025September 16, 20262,150,00069.30 69.39 
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$132 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$132 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,367 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $38 $512 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $160 $— $90 
September 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers5
December 14, 2027
$1,100 $— $10 $1,090 
November 18, 2025
250 — 72 178 
March 31, 202850 — 24 26 
1There were no borrowings under this facility during the six months ended June 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.