v3.25.4

Regulatory Matters (Tables) - Consumers Energy Company

12 Months Ended

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 incentive1						$	66					$	60
Retention incentive program2						10						18
2022 PSCR underrecovery3						—						126
Other						28						25
Total current regulatory assets						$	104					$	229
Non-current
Costs of coal-fueled electric generating units to be retired3						$	1,179					$	1,266
Postretirement benefits2						589						747
Securitized costs3						549						666
ARO4						379						366
Decommissioning costs2						197						158
Unamortized loss on reacquired debt3						89						92
MGP sites3						82						90
Energy waste reduction plan incentive1						64						64
Ludington overhaul contract dispute2						60						31
Service restoration cost deferral4						52						—
Energy waste reduction plan3						26						31
Postretirement benefits expense deferral mechanism2						22						21
Renewable Energy Plan3						7						—
Retention incentive program2						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

1These 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.

2This regulatory asset is included in rate base, thereby providing a return.

3The MPSC has provided a specific return on these regulatory assets.

4These 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 incentive1						$	66					$	60
Retention incentive program2						10						18
2022 PSCR underrecovery3						—						126
Other						28						25
Total current regulatory assets						$	104					$	229
Non-current
Costs of coal-fueled electric generating units to be retired3						$	1,179					$	1,266
Postretirement benefits2						589						747
Securitized costs3						549						666
ARO4						379						366
Decommissioning costs2						197						158
Unamortized loss on reacquired debt3						89						92
MGP sites3						82						90
Energy waste reduction plan incentive1						64						64
Ludington overhaul contract dispute2						60						31
Service restoration cost deferral4						52						—
Energy waste reduction plan3						26						31
Postretirement benefits expense deferral mechanism2						22						21
Renewable Energy Plan3						7						—
Retention incentive program2						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

1These 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.

2This regulatory asset is included in rate base, thereby providing a return.

3The MPSC has provided a specific return on these regulatory assets.

4These 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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