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Consumers Energy plans to invest over $17 billion in generation, distribution, and other assets in the next five years, with a generation investment increase of over 25% compared to the last five-year plan. The utility expects a 3% weather-normalized load growth in 2026 and 2-3% run rate through 2030, largely driven by data centers.

A state law mandates 100% carbon-free electricity by 2040, leading to significant spending on renewable generation, including a $14 billion plan for nearly 11 GW of wind and solar. Consumers is close to finalizing a contract with a 1-GW data center and has a pipeline of 9 GW of large-load interconnection requests.

The utility faces a capacity gap as older thermal generators are phased out, needing to incorporate batteries and natural gas into its resource mix. Consumers has not provided updates on the J.H. Campbell coal plant, which is under DOE orders to remain operational until September 2025.