Consumers Energy plans to spend $13.6 billion over the next five years primarily to maintain and upgrade its electric distribution systems and gas infrastructure. This includes $7.3 billion for electric distribution and other projects and $6.3 billion for gas infrastructure projects.

Consumers Energy plans to retire the J.H. Campbell coal-fueled generating units, totaling 1,407 MW of nameplate capacity, in 2025. The MPSC has authorized regulatory asset treatment for Consumers to recover the remaining book value of the J.H. Campbell coal-fueled generating units, as well as a 9.0-percent return on equity, commencing in 2025.

Consumers Energy forecasts renewable energy capacity levels of 30 percent in 2025, 43 percent in 2030, and 61 percent in 2040, including the addition of nearly 8,000 MW of solar generation. Additionally, the Clean Energy Plan forecasts deployment of battery storage beginning in 2024, with 75 MW of energy storage expected by 2027 and an additional 475 MW by 2040.

In March 2024, the MPSC issued an order authorizing an annual rate increase of $92 million for Consumers Energy. In July 2024, the MPSC approved a settlement agreement authorizing an annual rate increase of $35 million for Consumers Energy.

Consumers and DTE Electric are engaged in ongoing litigation with TAES and Toshiba. Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES' defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba.

In June 2024, the parties entered into a settlement agreement resolving this matter. The settlement agreement provides for Wolverine Power's interest in J.H. Campbell 3 to end as of the date the unit permanently ceases to be used for electric operations. The court entered an order of dismissal with prejudice in June 2024.

The company acknowledges potential adverse regulatory treatment, effects of a failure to receive timely regulatory orders, and potentially adverse regulatory or legal interpretations regarding environmental matters as risk factors.

Factors affecting, disrupting, or interrupting CMS Energy's or Consumers' facilities, utility infrastructure, operations, or backup systems, such as weather and climate, including catastrophic weather-related damage and extreme temperatures, are identified as risks.

The company identifies potentially adverse regulatory or legal interpretations or decisions regarding environmental matters and potential environmental remediation costs as risk factors that could affect Consumers' coal ash management.

At September 30, 2024, electric deliveries under the ROA program were at the ten-percent limit. Fewer than 300 of Consumers' electric customers purchased electric generation service under the ROA program.

In 2016, Michigan law established a path to ensure that forward capacity is secured for all electric customers in Michigan, including customers served by alternative electric suppliers under ROA. The law also authorized the MPSC to ensure that alternative electric suppliers have procured enough capacity to cover their anticipated capacity requirements for the four-year forward period.

Consumers Energy competitively solicits additional renewable energy assets based on customer applications. In August 2024, the MPSC approved Consumers' application to amend its renewable energy plan. This approval removed the 1,000-MW limit on new wind and solar generation, enabling Consumers to meet growing customer demand for the program.

CMS Energy's and Consumers' purpose is to achieve world class performance while delivering hometown service. In support of this purpose, CMS Energy and Consumers employ the “CE Way," a lean operating model designed to improve safety, quality, cost, delivery, and employee morale.

The Reliability Roadmap outlines a five-year strategy to improve Consumers' electric distribution system and the reliability of the grid. The plan proposes the following spending for projects designed to reduce the number and duration of power outages to customers through investment in infrastructure upgrades, vegetation management, and grid modernization.

Consumers announced plans to install nearly 3,000 line sensors, 100 automatic transfer reclosers, and 1,200 iron utility poles to improve electric reliability and help prevent power outages

Consumers Energy launched a new workplace electric vehicle charging program, offering rebates to businesses that install chargers, with a goal of equipping over 500 workplaces by 2030

CMS Energy and Consumers rely on the capital markets to fund their robust capital plan. Barring any sustained market dislocations or disruptions, CMS Energy and Consumers expect to continue to have ready access to the financial and capital markets and will continue to explore possibilities to take advantage of market opportunities as they arise with respect to future funding needs.

In September 2024, CMS Energy entered into a delayed-draw $400 million unsecured term loan credit facility. The term loan matures in September 2025. CMS Energy has until December 2024 to draw funds under the facility.

In October 2024, Consumers remarketed $75 million in tax-exempt variable rate limited obligation revenue bonds. The bonds bear an interest rate of 3.350 percent and the interest rate will reset in October 2027.

CMS Energy and Consumers remain committed to achieving world class performance while delivering hometown service and positively impacting the triple bottom line of people, planet, and profit.

Consumers' MI Clean Air program to include several renewable natural gas projects being developed across Michigan, increasing options for customers to offset emissions associated with their natural gas use

Consumers' Transportation Electrification Plan, aiming to power over 1,500 new fast charging locations and serve one million electric vehicles in Michigan by 2030

In November 2023, Michigan enacted the 2023 Energy Law, which raises the renewable energy standard to 50 percent by 2030 and 60 percent by 2035 and sets a clean energy standard of 80 percent by 2035 and 100 percent by 2040.

Over the next five years, Consumers expects weather-normalized electric deliveries to increase compared to 2023. This outlook reflects modest growth in electric demand, offset partially by the effects of energy waste reduction programs.

In February 2024, Consumers issued a request for proposals to explore the possibility of selling its 13 river hydroelectric dams located throughout Michigan. Consumers has solicited community feedback on the dams' futures, as federal operating licenses for the dams begin to expire in 2034.