Michigan electric and gas utility
CMS Energy Corporation
CMS Energy sells electricity and natural gas in Michigan through Consumers Energy and operates independent power generation and energy marketing through NorthStar Clean Energy. It spends on generation fuel, long-term power purchase agreements, MISO market power and grid infrastructure, while converting renewable-energy demand from large industrial and retail customers into revenue.
Business categories Regulated Utilities & Grid Operators · Power & Grid · primary
CMS Updated Sep 24, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, CMS Energy Corporation is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 5 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 total revenue of US$8.539 billion (SEC Form 10-K XBRL, 2026-02-10)
- Segments · Electric Utility · Gas Utility · NorthStar Clean Energy
Revenue from
- Walmart Inc Medium confidence· Market share 90 percent · agreement announced 2024-04-10 · Share of electricity use at 44 Michigan Walmart locations to be matched with renewable energy
Consumers Energy agreed to match most of the electricity used by Walmart locations in Michigan with renewable energy from future projects. The agreement is a direct revenue relationship under the utility's large-business renewable-energy program.Confirms EN Consumers Energy Published Apr 10, 2024: Walmart Partners with Consumers Energy to Power 44 Michigan Locations with Clean Energy - General Motors Medium confidence· capacity 70 MW · 20-year agreement announced 2022-02-01 · Emission-free renewable capacity committed for General Motors plants in Michigan
Consumers Energy signed a long-term agreement to supply emission-free renewable power to General Motors plants in Michigan. The disclosed commitment covers about 70 MW and supports renewable-energy sourcing at three plants.Confirms EN Consumers Energy Published Feb 1, 2022: Consumers Energy, General Motors Agree to Power Three Michigan Auto Plants with 100% Clean Energy - Packaging Corporation of America Medium confidence
CMS Energy sells process steam to PCA's adjacent paper mill through the Filer City plant, which is jointly owned by its subsidiary NorthStar Clean Energy, while PCA's purchase amount is not public.Confirms EN Bioenergy International Published Aug 6, 2023: B&W awarded BECCS study for coal-to-biomass project
Pays to
- Midland Cogeneration Venture Limited Partnership High confidence· Amount $360M · FY2025 · Capacity and energy charges paid under the MCV power purchase agreement
Consumers Energy purchases capacity and energy from the MCV facility. Capacity and energy charges were $360 million in 2025, and the utility also signed a successor long-term agreement effective in 2030. - Midcontinent Independent System Operator High confidence
Consumers Energy bids for power in MISO's day-ahead and real-time markets to meet customer demand. The filing discloses the combined supply share from long-term PPAs and MISO, but not a separate purchase amount for MISO alone.Confirms KO Korea Energy Economics Institute Published Dec 31, 2025: A Study on the Phased Development of Electricity Market Systems Responsive to Future Environmental Changes (1/3)
Investments
- New Covert Generating Company, LLC High confidence· Amount $812M · May-August 2023 · Initial purchase price plus the post-closing adjustment for the Covert facility
Consumers Energy acquired the Covert natural-gas combined-cycle generating station from New Covert Generating Company, LLC. The initial payment and post-closing adjustment paid in 2023 totaled $812 million.Confirms EN SEC EDGAR Published Oct 26, 2023: Consumers Energy Q3 2023 Form 10-Q, Transition Activities NoteConfirms EN Consumers Energy Published Jun 1, 2023: Consumers Energy Starts Operating Covert Power Plant, Reliably Meeting Michigan's Energy NeedsConfirms EN SEC EDGAR Published Jun 21, 2021: Consumers Energy Form 8-K dated June 21, 2021, Covert Acquisition Agreement
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | lead2 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| The Hershey Company | lead2 | +29.6 | +21.9 | -17.9 | -6.5 | +11 | -2.7 |
| Packaging Corporation of America | lead1 | +1.5 | -2.6 | +31.9 | +41.7 | -6.1 | +13.9 |
| General Motors | lead1 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +2.4 |
| Walmart Inc | lead1 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| CMS Energy Corporation | node | +9.7 | +0.2 | -5.2 | +18.6 | +8.1 | -4.1 |
YTD as of 2026-10-09 · source: Yahoo Finance
CMS Energy Corporation operates across Michigan electric and gas utility. It is +0.2% in 2026. The stock (+0.2%) and its demand side (avg +2.6%) are moving in step. Among connected nodes the furthest ahead is General Motors (+8.4%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on generation fuel, long-term power purchase agreements, MISO market power and grid infrastructure, while converting renewable-energy demand from large industrial and retail customers into revenue.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple