Core Insights - CMS Energy Corporation is enhancing operations through planned investments while expanding its renewable energy portfolio and phasing out coal-generating units [1][4] - The company is facing risks related to costs associated with the shutdown of solid waste disposal facilities for coal ash [1][5] Investment Plans - CMS Energy plans to invest $20 billion in capital expenditures from 2025 to 2029 to improve customer satisfaction and operational resiliency [2][8] - The company intends to add 9 gigawatts (GW) of solar and 2.8 GW of wind to its renewable generation portfolio between 2025 and 2045 [3][8] - CMS Energy will invest $5.2 billion in renewable energy resources, including wind, solar, and hydroelectric generation, between 2025 and 2029 [3][8] Coal Phase-Out Strategy - CMS Energy is reducing coal-generating capacity to minimize emissions, planning to retire the J.H. Cambell coal-fired unit in 2025 and the D.E. Karn oil and gas-fueled unit in 2031 [4][8] - The company aims to terminate the use of coal-fueled generation by 2025 [4] Financial Considerations - As of March 31, 2025, CMS Energy had $0.53 billion in cash and equivalents, $16.26 billion in long-term debt, and $0.71 billion in current debt, indicating a weak solvency position [6] - The company expects to spend $237 million between 2025 and 2029 to comply with coal ash disposal regulations [5][8] Stock Performance - Over the past year, CMS shares have risen 18.3%, compared to the industry's growth of 17.8% [7]