CMS Energy is a Michigan-based utility holding company whose core business is Consumers Energy, an electric and gas utility serving 6.8 million of Michigan's 10 million residents — roughly 1.9 million electric customers and 1.8 million gas customers across Michigan's Lower Peninsula. Consumers is a vertically integrated electric utility, meaning it generates, purchases, transmits, and distributes electricity, and on the gas side it purchases, stores, transmits, and distributes natural gas. Consumers owns over 90,000 miles of electric distribution lines, 28,000+ miles of gas distribution mains, and 14 gas storage fields. Consumers operates as a regulated monopoly: rates are set by the Michigan Public Service Commission and FERC, and customers have virtually no ability to switch providers. CMS Energy earns a regulated return on capital invested in utility infrastructure, so profitability is primarily driven by growing the rate base through capital investment, managing costs, and volumes. Michigan's 2023 Energy Law — which mandates 100% clean energy by 2040 — gives Consumers a multi-decade investment program, including plans for up to 9,000 MW of solar and 4,000 MW of wind. CMS Energy also has a smaller non-utility segment, NorthStar Clean Energy, which owns and operates roughly 1,665 MW of independent power plants and markets power and gas. NorthStar contributes roughly 5% of consolidated revenue and operates in competitive power markets rather than under a regulated structure.