CMS Energy

Pricing is set by the MPSC through rate cases, not by market discretion. CMS has demonstrated the ability to earn near its authorized returns, but the Commission trimmed requests meaningfully: a 153.8 million electric order at 9.9 percent ROE and a 157.5 million gas order at 9.8 percent ROE were both materially below initial asks.

Trackers for fuel and purchased power and forward‑looking test years support recovery of prudently incurred costs, which provides a form of regulated pricing power. Latent upside exists as load from data centers and industrial projects scales under the new large‑load tariff, though political pressure around affordability is a constraint.