CMS Energy Corporation
- 거래소
- 미국
- 국가 / 지역
- USA
- 상장일
- 1984년 12월 31일
- 직원 수
- 8,350
종합 밸류에이션 구간 · 보수적 $35–$45 / 적정 $55–$70 / 낙관적 $80–$95. $74.27 기준, 적정 구간과 낙관적 구간 사이.
보고서 발행 시 $74.53（2026년 5월 24일）
데이터 제공: EODHD, 보고 통화 기준 표시. 참고용일 뿐 투자 자문이 아닙니다.
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
연혁
CMS Energy Corporation is an energy holding company operating primarily in Michigan, with its IPO dated December 31, 1984. The company was incorporated in 1987 and is headquartered in Jackson, Michigan. Its core asset is Consumers Energy, a Michigan regulated electric and gas utility, and the group operates through three segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. By 2025 the company served approximately 1.9 million electric and 1.8 million gas customers and employed about 8,350 people. Recent portfolio actions reshaped its asset base rather than expanding through large acquisitions: in 2023 it acquired the Covert power plant, strengthening dispatchable generation capacity, and in 2024 it divested the ASP business to reduce non-core operations. CMS has raised its 2026-2030 utility capital plan to $24 billion, reflecting a sustained reinvestment cycle in its electric and gas networks.
업계 내 위치
CMS Energy operates as a regulated electric and gas utility centered on Consumers Energy within its Michigan service territory, functioning more as a regional franchise operator than as a competitor in an open market. Its position rests on extensive existing network assets, including electric distribution lines and substations alongside gas transmission lines, storage fields, distribution mains, and compressor stations. The primary sources of its competitive position are licensing and regulatory barriers, the established asset network, and high customer switching costs, since end customers within the franchised service area generally cannot switch their distribution network; under current Michigan law the retail electric choice cap is limited to 10% of the company's sales, a level reached at the end of 2025. The sector is mature and capital-driven rather than high-growth, with demand supported by grid reliability investment, clean-energy replacement, electrification, and new large loads, as Michigan attracts semiconductor, data center, and materials projects. As capital-market comparables, DTE, WEC, Evergy, and Alliant serve as relevant peers.
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