v3.25.4
Contingencies and Commitments (Tables)
 12 Months Ended
Dec. 31, 2025
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs in each of the next five years:
In Millions
20262027202820292030
Long-term leachate disposal and operating and maintenance costs$4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2025:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$230 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, BG Solar Holdings, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 19, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the DOE in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Schedule of Contractual Purchase Obligations Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2025 for each of the periods shown:
In Millions
Payments Due
Total20262027202820292030Beyond 2030
CMS Energy, including Consumers
Total PPAs$16,983 $873 $904 $930 $942 $1,011 $12,323 
Other3,582 1,511 762 468 391 303 147 
Total purchase obligations20,565 2,384 1,666 1,398 1,333 1,314 12,470 
Consumers
PPAs
MCV PPA$5,539 $339 $312 $316 $308 $395 $3,869 
Related-party PPAs62 32 30 — — — — 
Other PPAs11,382 502 562 614 634 616 8,454 
Total PPAs$16,983 $873 $904 $930 $942 $1,011 $12,323 
Other2,700 1,185 599 363 266 232 55 
Total purchase obligations19,683 2,058 1,503 1,293 1,208 1,243 12,378 
Consumers Energy Company  
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year Consumers expects to pay the following amounts for remediation and other response activity costs in each of the next five years:
In Millions
20262027202820292030
Remediation and other response activity costs$3 $8 $25 $11 $3 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at December 31, 2025:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$230 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, BG Solar Holdings, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 19, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the DOE in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Schedule of Contractual Purchase Obligations Presented in the following table are CMS Energy’s and Consumers’ contractual purchase obligations at December 31, 2025 for each of the periods shown:
In Millions
Payments Due
Total20262027202820292030Beyond 2030
CMS Energy, including Consumers
Total PPAs$16,983 $873 $904 $930 $942 $1,011 $12,323 
Other3,582 1,511 762 468 391 303 147 
Total purchase obligations20,565 2,384 1,666 1,398 1,333 1,314 12,470 
Consumers
PPAs
MCV PPA$5,539 $339 $312 $316 $308 $395 $3,869 
Related-party PPAs62 32 30 — — — — 
Other PPAs11,382 502 562 614 634 616 8,454 
Total PPAs$16,983 $873 $904 $930 $942 $1,011 $12,323 
Other2,700 1,185 599 363 266 232 55 
Total purchase obligations19,683 2,058 1,503 1,293 1,208 1,243 12,378