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CMS Energy Is Not Just Simplifying — Nearly 100% Of Growth Turns Regulated! – Major Drivers, Financial Forecasts, DCF & Comparable Valuation, ESG & Other Risks (9/26)

CMS Energy’s second quarter 2026 update maintains a steady outlook rooted in a business model anchored by consistent performance, disciplined capital allocation, and a top-tier regulatory environment. The company continues to emphasize utility investments in Michigan, focusing on long-term rate-base growth of 10.5% driven by a $24 billion investment plan. CMS Energy reaffirmed its full-year 2026 adjusted earnings per share (EPS) guidance of $3.83 to $3.90 and introduced 2027 guidance of $4.08 to $4.17, projecting annual EPS growth of 6% to 8% in line with its long-term targets. Significantly, CMS Energy is executing a strategic simplification by exiting nonutility renewable development through its NorthStar platform. While retaining Michigan-based generation assets, including Dearborn Industrial Generation (DIG), gas peakers, and four commercial solar projects, the company intends to redeploy capital toward regulated utility investments.