CMS ENERGY Business Summary

CMS Energy Corporation (CMS) operates as a central energy holding company primarily generating revenue through regulated utility services and independent power production. The company’s business model is anchored by three primary segments: Electric Utility, which manages the generation and distribution of electricity to 1.9 million customers; Gas Utility, which oversees the transmission and storage of natural gas for 1.8 million customers; and NorthStar Clean Energy, its non-regulated arm focused on renewable energy development and industrial power solutions. As of early 2026, CMS reported annual revenues of approximately $8.54 billion, driven by a massive $17 billion five-year capital investment plan aimed at grid modernization and decarbonization. Within the competitive landscape, CMS Energy maintains a dominant market position in Michigan, holding a near-monopoly in its service territories with an estimated 90% market share in electricity. Its primary direct competitors include DTE Energy, American Electric Power (AEP), and Ameren (AEE), against whom CMS distinguishes itself through a industry-leading return on equity and a specialized focus on the Michigan regulatory environment. The leadership team is headed by President and CEO Garrick J. Rochow, a company veteran who joined in 2003 and has served as CEO since December 2020, bringing over two decades of utility operations expertise. He is supported by Rejji P. Hayes, Executive Vice President and CFO, who oversees the company’s financial strategy and M&A activity, and Tonya L. Berry, who was appointed Executive Vice President and COO in 2025 to lead the clean energy transformation. Other key executives include Shaun M. Johnson (Chief Legal and Administrative Officer) and Lauren Snyder (Chief Customer and Growth Officer). The company’s governance is overseen by Chairman John G. Russell, with a board that recently expanded in February 2026 to include high-profile members such as Richard P. Keyes, the current President and CEO of Meijer, and Diane Leopold, a former Chief Operating Officer at Dominion Energy. This leadership core combines deep institutional knowledge of the Michigan energy sector with broad retail and operational pedigree from major regional and national enterprises.