v3.26.1
Financings and Capitalization (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
252 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$366 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
Total Consumers$850 
Total CMS Energy$1,216 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $119 million.
Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2026:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$300 3.000May 2026May 2026
Total CMS Energy, parent only$300 
NorthStar Clean Energy
Construction financing agreement1
$270 variableJune 2026June 2026
Total NorthStar Clean Energy$270 
Consumers
First mortgage bonds$115 5.240May 2026May 2026
Total Consumers$115 
Total CMS Energy$685 
1At completion of project construction, NorthStar Clean Energy converted $114 million of the construction financing agreements into term loans and repaid the remaining $156 million.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $— $137 $163 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured revolving credit facility, expiring May 20294
75 — — 75 
Secured letter of credit facility5
19 — 19 — 
Secured letter of credit facility6
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,7
$1,100 $— $53 $1,047 
Secured revolving credit facility, expiring November 20281,7
300 — — 300 
Secured letter of credit facility, expiring May 20271,7
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 41 9 
Unsecured letter of credit facility8
97 — 97 — 
Unsecured letter of credit facility8
125 — 125 — 
Unsecured letter of credit facility8
106 — 106 — 
1There were no borrowings under this facility during the six months ended June 30, 2026.
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, 2026, the net book value of the pledged equity interests was $622 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4This letter of credit facility is available to a subsidiary of NorthStar Clean Energy and is secured by development assets.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
6The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
7Obligations under these facilities are secured by first mortgage bonds of Consumers.
8Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.
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, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
252 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$366 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
Total Consumers$850 
Total CMS Energy$1,216 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $119 million.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $— $137 $163 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured revolving credit facility, expiring May 20294
75 — — 75 
Secured letter of credit facility5
19 — 19 — 
Secured letter of credit facility6
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,7
$1,100 $— $53 $1,047 
Secured revolving credit facility, expiring November 20281,7
300 — — 300 
Secured letter of credit facility, expiring May 20271,7
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 41 9 
Unsecured letter of credit facility8
97 — 97 — 
Unsecured letter of credit facility8
125 — 125 — 
Unsecured letter of credit facility8
106 — 106 — 
1There were no borrowings under this facility during the six months ended June 30, 2026.
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, 2026, the net book value of the pledged equity interests was $622 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4This letter of credit facility is available to a subsidiary of NorthStar Clean Energy and is secured by development assets.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
6The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
7Obligations under these facilities are secured by first mortgage bonds of Consumers.
8Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.