v3.26.3
Financings and Capitalization (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 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 September 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 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The 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.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters 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 nine months ended September 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
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 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 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The 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.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.