CMS Energy is a Michigan-based energy holding company whose primary business is Consumers Energy, a regulated electric and gas utility serving 1.9 million electric customers and 1.8 million gas customers across Michigan's Lower Peninsula. Consumers generates, purchases, and distributes electricity, and purchases, stores, transmits, and distributes natural gas to residential, commercial, and industrial customers under regulated tariffs set by the Michigan Public Service Commission (MPSC). CMS also operates NorthStar Clean Energy, a smaller non-utility subsidiary that owns independent power plants — primarily the 770 MW Dearborn Industrial Generation natural gas facility — and markets electricity. As a regulated utility, Consumers' rates are set by the MPSC through a rate case process, and earnings grow as Consumers invests in infrastructure, expanding its rate base and earning an authorized ROE. CMS has a $24B five-year capital plan targeting roughly 10.5% rate base growth through 2030, with investment priorities including electric reliability, renewable generation, new thermal and storage capacity, and gas infrastructure. Beyond traditional rate base, Consumers earns incremental returns on third-party renewable PPAs and roughly $65M annually in energy efficiency incentives. A growing data center pipeline — potentially up to 9 GW of new large industrial load — could add materially to the capital plan, as each gigawatt of new load requires an estimated $2.5B–$5B+ of additional utility investment.