v3.25.4

Regulatory Matters (Tables) - Consumers Energy Company | 12 Months Ended
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Dec. 31, 2025
Public Utility, Property, Plant and Equipment [Line Items] |
Schedule of Regulatory Assets | Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 31 | 2025 | 2024
Regulatory assets |  |  |  |
Current |  |  |  |
Energy waste reduction plan incentive 1 |  | $ | 66 |  |  | $ | 60 |
Retention incentive program 2 |  | 10 |  |  | 18 |
2022 PSCR underrecovery 3 |  | — |  |  | 126 |
Other |  | 28 |  |  | 25 |
Total current regulatory assets |  | $ | 104 |  |  | $ | 229 |
Non-current |  |  |  |
Costs of coal-fueled electric generating units to be retired 3 |  | $ | 1,179 |  |  | $ | 1,266 |
Postretirement benefits 2 |  | 589 |  |  | 747 |
Securitized costs 3 |  | 549 |  |  | 666 |
ARO 4 |  | 379 |  |  | 366 |
Decommissioning costs 2 |  | 197 |  |  | 158 |
Unamortized loss on reacquired debt 3 |  | 89 |  |  | 92 |
MGP sites 3 |  | 82 |  |  | 90 |
Energy waste reduction plan incentive 1 |  | 64 |  |  | 64 |
Ludington overhaul contract dispute 2 |  | 60 |  |  | 31 |
Service restoration cost deferral 4 |  | 52 |  |  | — |
Energy waste reduction plan 3 |  | 26 |  |  | 31 |
Postretirement benefits expense deferral mechanism 2 |  | 22 |  |  | 21 |
Renewable Energy Plan 3 |  | 7 |  |  | — |
Retention incentive program 2 |  | 6 |  |  | 12 |
Other |  | 54 |  |  | 25 |
Total non-current regulatory assets |  | $ | 3,355 |  |  | $ | 3,569 |
Total regulatory assets |  | $ | 3,459 |  |  | $ | 3,798 |
Regulatory liabilities |  |  |  |
Current |  |  |  |
Income taxes, net |  | $ | 47 |  |  | $ | 53 |
ASP gain |  | 28 |  |  | 47 |
Other |  | 10 |  |  | 11 |
Total current regulatory liabilities |  | $ | 85 |  |  | $ | 111 |
Non-current |  |  |  |
Cost of removal |  | $ | 2,727 |  |  | $ | 2,665 |
Income taxes, net |  | 1,118 |  |  | 1,163 |
Energy waste reduction plan |  | 68 |  |  | 41 |
Green giving program |  | 41 |  |  | — |
Postretirement benefits expense deferral mechanism |  | 40 |  |  | 37 |
Renewable energy grant |  | 38 |  |  | 40 |
ASP gain |  | 19 |  |  | 46 |
Renewable Energy Plan |  | — |  |  | 51 |
Other |  | 40 |  |  | 24 |
Total non-current regulatory liabilities |  | $ | 4,091 |  |  | $ | 4,067 |
Total regulatory liabilities |  | $ | 4,176 |  |  | $ | 4,178 |
1 These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return. 2 This regulatory asset is included in rate base, thereby providing a return. 3 The MPSC has provided a specific return on these regulatory assets. 4 These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
Schedule of Regulatory Liabilities | Presented in the following table are the regulatory assets and liabilities on Consumers’ consolidated balance sheets:
In Millions
December 31 | 2025 | 2024
Regulatory assets |  |  |  |
Current |  |  |  |
Energy waste reduction plan incentive 1 |  | $ | 66 |  |  | $ | 60 |
Retention incentive program 2 |  | 10 |  |  | 18 |
2022 PSCR underrecovery 3 |  | — |  |  | 126 |
Other |  | 28 |  |  | 25 |
Total current regulatory assets |  | $ | 104 |  |  | $ | 229 |
Non-current |  |  |  |
Costs of coal-fueled electric generating units to be retired 3 |  | $ | 1,179 |  |  | $ | 1,266 |
Postretirement benefits 2 |  | 589 |  |  | 747 |
Securitized costs 3 |  | 549 |  |  | 666 |
ARO 4 |  | 379 |  |  | 366 |
Decommissioning costs 2 |  | 197 |  |  | 158 |
Unamortized loss on reacquired debt 3 |  | 89 |  |  | 92 |
MGP sites 3 |  | 82 |  |  | 90 |
Energy waste reduction plan incentive 1 |  | 64 |  |  | 64 |
Ludington overhaul contract dispute 2 |  | 60 |  |  | 31 |
Service restoration cost deferral 4 |  | 52 |  |  | — |
Energy waste reduction plan 3 |  | 26 |  |  | 31 |
Postretirement benefits expense deferral mechanism 2 |  | 22 |  |  | 21 |
Renewable Energy Plan 3 |  | 7 |  |  | — |
Retention incentive program 2 |  | 6 |  |  | 12 |
Other |  | 54 |  |  | 25 |
Total non-current regulatory assets |  | $ | 3,355 |  |  | $ | 3,569 |
Total regulatory assets |  | $ | 3,459 |  |  | $ | 3,798 |
Regulatory liabilities |  |  |  |
Current |  |  |  |
Income taxes, net |  | $ | 47 |  |  | $ | 53 |
ASP gain |  | 28 |  |  | 47 |
Other |  | 10 |  |  | 11 |
Total current regulatory liabilities |  | $ | 85 |  |  | $ | 111 |
Non-current |  |  |  |
Cost of removal |  | $ | 2,727 |  |  | $ | 2,665 |
Income taxes, net |  | 1,118 |  |  | 1,163 |
Energy waste reduction plan |  | 68 |  |  | 41 |
Green giving program |  | 41 |  |  | — |
Postretirement benefits expense deferral mechanism |  | 40 |  |  | 37 |
Renewable energy grant |  | 38 |  |  | 40 |
ASP gain |  | 19 |  |  | 46 |
Renewable Energy Plan |  | — |  |  | 51 |
Other |  | 40 |  |  | 24 |
Total non-current regulatory liabilities |  | $ | 4,091 |  |  | $ | 4,067 |
Total regulatory liabilities |  | $ | 4,176 |  |  | $ | 4,178 |
1 These regulatory assets have arisen from an alternative-revenue program and are not associated with incurred costs or capital investments. Therefore, the MPSC has provided for recovery without a return. 2 This regulatory asset is included in rate base, thereby providing a return. 3 The MPSC has provided a specific return on these regulatory assets. 4 These regulatory assets represent incurred costs for which the MPSC has provided recovery without a return on investment.
Schedule of Liabilities for PSCR and GCR Overrecoveries | Presented in the following table are the liabilities for PSCR and GCR underrecoveries and overrecoveries reflected on Consumers’ consolidated balance sheets:
In Millions
December 31 | 2025 | 2024
Assets |  |  |  |
PSCR underrecoveries |  | $ | 38 |  |  | $ | — |
Accounts receivable and accrued revenue |  | $ | 38 |  |  | $ | — |
Liabilities |  |  |  |
PSCR overrecoveries |  | $ | — |  |  | $ | 13 |
GCR overrecoveries |  | 28 |  |  | 25 |
Accrued rate refunds |  | $ | 28 |  |  | $ | 38 |

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- Definition Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 980 -SubTopic 340 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478742/980-340-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 980 -SubTopic 715 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478574/980-715-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 980 -SubTopic 340 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478742/980-340-50-2 + Details
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- Definition Tabular disclosure of regulatory liabilities. Detailed information about liabilities that result from rate actions of a regulator. Rate actions of a regulator can impose a liability on a regulated enterprise resulting in a regulatory liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 980 -SubTopic 405 -Name Accounting Standards Codification -Section 25 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477571/980-405-25-1 + Details
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