CMS Energy is screened out under 2 exclusion reasons spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
NBIM Executive Board decision (December 2016) placing the company under observation for coal operations based on the product-based coal criterion
CMS Energy's primary subsidiary, Consumers Energy, distributes natural gas to approximately 1.8 million customers in Michigan. Consumers Energy operates over 27,000 miles of natural gas distribution mains and service lines, and natural gas delivery contributes a significant portion of the company's revenue. CMS Energy has no announced plan to phase out its gas distribution network, instead forecasting continued customer growth and ongoing infrastructure investment.
In January 2026, Michigan Attorney General Dana Nessel filed a lawsuit against CMS Energy and other fossil fuel companies, alleging they "acted as a cartel in an unlawful conspiracy in restraint of trade to forestall meaningful competition from alternative energy technologies." The suit accuses the defendants of coordinating to protect the market for natural gas appliances and infrastructure.
CMS Energy's current capital plan directs billions toward gas infrastructure maintenance and modernization, with no binding commitment to cease gas hookups for new buildings or to retire its gas distribution operations.
Research Sources
8 organizations
Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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