Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Day (September 2017)
81 slides from Cms Energy's investor day presentation, Sep 25, 2017
Slide 1: Investor Day September 25, 2017
Investor Day September 25, 2017 CMS MODEL: CONSISTENT PAST WITH A SUSTAINABLE FUTURE
Slide 2: Forward-looking statements
This presentation is made as of the date hereof and contains “forward-looking statements” as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All f
Slide 3: 1 W 54 th St., New York, NY 10019 Doors and windows Stairwell, restrooms,
1 W 54th St., New York, NY 10019 Doors and windows Stairwell, restrooms, etc. Travis Uphaus Sarah Maher Nikki Williams Staff Staff Sri Maddipati Bags, cords, etc. 2
Slide 4: Patti Poppe, President & CEO
CMS ENERGY Patti Poppe President & CEO
Slide 5: Agenda
Agenda 1:00 – 1:30 PM • Consistent Past, Sustainable Future Patti Poppe President & CEO 1:30 – 2:00 PM • Customer Investment Opportunity Garrick Rochow Chief Operations Executive 2:00 – 2:20 PM • Consumers Energy Way JF Brossoit Chief Engineering Executive 2:20 – 2:40 PM • Enhanced Customer Service
Slide 6: Our Organization
Our Organization . . . . . . is structured to deliver for customers AND investors. 5
Slide 7: Ambitious Plan
Ambitious Plan . . . Four Years Ago 2014-2018 Plan Aggregate Capital Investment (Bn) $7 O&M Costs (annual decrease %) a -2% Customer Base Rate Increases b Electric 1% Gas 2 Adjusted EPS Annual Growth 5% - 7% Annual Total Shareholder Return c 9% - 11% Dividend Growth In line with earnings _____ _____
Slide 8: Well on Track
Well on Track . . . Four Years Ago Are We Winning? 2014-2018 Plan 2014 – 2016 Act. Aggregate Capital Investment (Bn) $7 $5¼ O&M Costs (annual decrease %) a -2% -3½% Customer Base Rate Increases b Electric 1% 1½% Gas 2 2 Adjusted EPS Annual Growth 5% - 7% 7% Annual Total Shareholder Return c
Slide 9: Bright Future Ahead
Bright Future Ahead . . . Four Years Ago Next Five Years 2014-2018 Plan 2017-2021 Plan Aggregate Capital Investment (Bn) $7 $9 a O&M Costs (annual decrease %) -2% -2% to -3% Customer Base Rate Increases b Electric 1% 2% Gas 2 3 Adjusted EPS Annual Growth 5% - 7% 6% - 8% c Annual Total Shareholder Re
Slide 10: CMS EPS Growth
CMS EPS Growth . . . a SUSTAINABLE Adjusted EPS CONSISTENT PAST FUTURE 6% to 8% Long-term a Growth 7% CAGR CMS a 3% CAGR Peers 0 _____ 2011 2012 2013 2014 2015 2016 Future a Adjusted EPS (non-GAAP) . . . actual performance stronger. 9
Slide 11: Simple, Perhaps Unique Model
Simple, Perhaps Unique Model . . . 2017+ Plan Customer investment (reliability, costs, enviro mandates) 6% - 8% Self Funding: - O&M cost reductions a 2 - 3 pts - Sales growth 1 - No “block” equity dilution & other 2 INVESTMENT SELF-FUNDED 5 - 6 pts Rate increase “at or below inflation” < 2% _____ aC
Slide 12: Large & Aging Infrastructure
Large & Aging Infrastructure . . . Gas Meter Gas Distribution: Installations: 25 years of 1.2 MM replacements Gas Transmission: 75% of miles pre-1970 Electric LVD System: Older than avg. utility Electric HVD System: 1/3 past useful life . . . requires significant investment. 11
Slide 13: Cost Reduction Strategy
Cost Reduction Strategy . . . Capital-Enabled Gas Replacements Pole-top Hardening Clean & Lean Structural/ Technology-Enabled Process Changes Smart Grid Mobility CE Way PPAs Customer Benefits • Safety Digital • Reliability Retirements • Better Service • Affordable Bills . . . largely funds customer
Slide 14: Michigan Offers
Michigan Offers . . . • Economic growth (taxes, skilled labor, balanced budget) • Forward-looking test year (10-month rate case) • Energy efficiency incentive (20% of spend) • Attractive renewable investment framework • Constructive ROEs . . . economic and energy policies that support our business.
Slide 15: Best-in-Class Commission
Best-in-Class Commission . . . MPSC Commissioners Tier 1 Ranking Tier Sally Talberg (I), Chairman Michigan Term Ends: July 2, 2021 2013 - Present 1 6 2 9 2012 2008 Norm Saari (R) 3 18 Term Ends: July 2, 2019 4 9 Rachael Eubanks (I) Term Ends: July 2, 2023 5 6 Barclays Research, 2017 state rankings .
Slide 16: The Triple Bottom Line
The Triple Bottom Line . . . PEOPLE • PLANET • PROFIT PEOPLE PLANET PROFIT PERFORMANCE . . . world class performance delivering hometown service. 15
Slide 17: Hometown Service
Hometown Service . . . Customers Consumers Energy named a “Most Trusted Brand” by Market Strategies International Communities Flint Promise, United Way, Energy Assistance Employee Engagement Improving customer satisfaction . . . is fundamental to our business model. 16
Slide 18: Reducing Coal Intensity
Reducing Coal Intensity . . . a PLANET a Coal Energy Renewable Energy b 49% Demand from Shut down customers coal c Meets 22% RPS d 15% 15% b 10% 3% 2005 2016 Future 2005 2016 2021 Future _____ _____ a_ _ _ _ _Energy CMS a Consumers Energy b_ Includes _ _ _ _ Classic 7, includes PPA contracts b Inclu
Slide 19: The CE Way
The Consumers Energy Way . . . The CE Way Safety . Quality . Cost . Delivery . Morale CUSTOMER ENABLED Safety: Every day is a safe day FOCUS EMPLOYEES Quality: We get it right the first time Cost: We see and eliminate waste BUSINESS RESULTS Delivery: We get it done on time Morale: We are proud to se
Slide 20: Consistent Growth Through Adversity
Consistent Growth Through . . . PROFIT 7% CAGR a EPS +6% to +8% Dividend Weather Recession Recession Help _____ Hurt a Adjusted EPS (non-GAAP) Cold 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Feb. Cold Mild Hot Warm Mild Cold Summer- Hot Hot Warm Mild Polar Cold Feb. W
Slide 21: Garrick Rochow, Chief Operations Executive
Garrick Rochow Chief Operations Executive
Slide 22: Customer Investment
Customer Investment . . . Capex $ (Bn) Gas 8 Electric 10 Electric Distribution Gas Infrastructure & Maintenance Total Plan 18 $18 billion Opportunities 7 Supply Plan With Ops $25 . . . driven by a large and aging system. 21
Slide 23: Gas System Investment
Gas System Investment . . . Compression and Storage Gas $1 Bn Electric Infra. & Dist. Maint. $8 Bn #1 Underground Supply storage Transmission #5 Transmission $4 Bn #5 Distribution miles miles Distribution $3 Bn U.S. LDC Rank, Source: DOT . . . up 40% from the last 10 years. 22
Slide 24: Gas Transmission
Gas Transmission . . . Projects in Plan Gas Electric Infra. & Saginaw Trail (2800) Dist. Maint. 94 miles, 24” $8 Bn $636 MM Supply Mid-Michigan (100A) 54 miles, 36” $385 MM South Oakland (3100) 22 miles PIC TURE 1,670 miles of transmission pipelines . . . significant investment over time. 23
Slide 25: Gas Distribution
Gas Distribution . . . Main Replacement Gas Electric Dist. Infra. & • Started in 2012 Maint. $8 Bn • 25-year program Supply • $75 MM capex per year Benefits Service Line Replacement Customer safety Reduced leaks • 185,000 replacements needed Lower future O&M • Only 2% complete • 20,000 per year a
Slide 26: Affordable Gas Bills
Affordable Gas Bills . . . Capex Provides Avg. Res. Bill ($/ month) -36% Safety 100 $89 Reliability Economic Growth $57 0 2010 2017E Source: Internal July Forecast NYMEX Henry Hub $/ MCF ~$4.40 <$3.00 Flat Source: EIA.gov (Historical Annual Average & Current); Bloomberg (Future) . . . have ena
Slide 27: Electric System Investment
Electric System Investment . . . Electric Supply Dist. Gas $4 Bn $6 Bn Infra. & Maint. Supply $4 Bn HVD System $1 Bn LVD System $4 Bn Substations $1 Bn . . . consists of needed and modular projects. 26
Slide 28: Age of Electric Distribution
Age of Electric Distribution . . . Electric Dist. Gas $6 Bn Infra. & Replacements needed to renew our system Maint. Supply 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Consumers Energy Source: FERC Form 1, remaining book value divided by original cost . . . requires substantial investment to
Slide 29: Electric Distribution Investment Opportunities
Electric Distribution Investment Opportunities . . . LVD System $200,000 to rebuild one mile Electric Dist. Gas $4 Bn $6 Bn Infra. & Maint. ~5,000 per year in plan $3,500 per pole replacement Supply Substations $1 MM avg per upgrade $1 Bn ($7 - $8 MM to replace) HVD System ~33% are past 60 year life
Slide 30: Electric Supply Investments
Electric Supply Investments . . . Current Clean & Lean Renewables in Plan Supply Opportunities Electric Gas Infra. & Palisades Dist. expires 2022 Maint. PPAs MCV expires Supply 2025 $4 Bn In the Plan Average age of coal plants >50 Owned years; potential Renewables (15% RPS) $1 Bn future shutdowns
Slide 31: Clean and Lean
Clean and Lean . . . Old Utility Model Clean And Lean Big Build Supply Supply Fully utilize Modular Retirement assets Excess supply Big Excess Build supply Modular Actual Modular Demand Demand EE & DR Excess O&M O&M supply Expected Demand Fuel Fuel Big Bets Lower Risk Results in excess capacity, hig
Slide 32: Jean-François Brossoit, Chief Engineering Executive
Jean-François (JF) Brossoit Chief Engineering Executive
Slide 33: O&M Cost Performance
O&M Cost Performance . . . a 2016 Costs Per Customer Total O&M Distribution O&M CE WAY Consumers Creates ($329) 1 Quartile st Opportunity 2nd Quartile Consumers ($96) 3rd Quartile 4th Quartile ----- ----- Source: Source: SNL, Form 1, Electric Non-fuel O&M _ _ _ _ _ SNL, Form 1, Electric Non-fuel O&M
Slide 34: Annual Labor Productivity
Annual Labor Productivity . . . Autos Aircraft “Wired” Telecom Utilities 6% 5% 2% Source: BLS.gov; Annual Index of Labor Productivity; 10-Year Avg. . . . is the norm in competitive industries . . . 33
Slide 35: Annual Labor Productivity
Annual Labor Productivity . . . Autos Aircraft “Wired” Telecom Utilities 6% 5% 2% (1)% Source: BLS.gov; Annual Index of Labor Productivity; 10-Year Avg. . . . and utilities have lagged. 34
Slide 36: Finding Annual Productivity Opportunities
Finding Annual Productivity Opportunities . . . Companies Often Go After Waste Reduction Surface Virtual Travel Expenses Meetings Easy Layer Easy to See Waste Printing Costs Digital Technology . . . until it feels like they’ve hit bottom. 35
Slide 37: The Bottom is NOT the Bottom
The Bottom is NOT the Bottom . . . Lean Adoption Provides New Skills To Uncover Not Easy to See Waste . . . growing company-wide capabilities in Lean. 36
Slide 38: The CE Way
The CE Way . . . HONORING OUR COMMITMENT PEOPLE PLANET PROFIT BY IMPROVING OUR PERFORMANCE DESIGN SCHEDULE EXECUTE THROUGH SHIFTING FROM TO Culture Fire-fighting Preventative Behavior React Think Problem Solving Symptoms Real Problems . . . 7,500 daily victories and cost savings. 37
Slide 39: Early Win: Fueling Pilot
Early Win: Fueling Pilot • Fueling trucks during off- peak hours (15 - 30 min) • Impacting 450 crews with multiple workers per crew Potential statewide savings: • $3 MM/yr • 100,000 hours/yr CE Way: Better utilization of highly skilled employees. 38
Slide 40: Early Win: Software Licensing
Early Win: Software Licensing Licenses • Licenses unused for 90 days Never “released” for use by others Expire • Avoids new license purchases year over year Savings: • 2017: $0.5 MM/yr License Pooling CE Way: Eliminate what is not needed. 39
Slide 41: Early Win: Gas Leak Response
Early Win: Gas Leak Response • Building in logic to questions we ask customers • Sending right resources for right situation Savings: • 2016: $0.3 MM • 2017: $0.2 MM CE Way: Right response to our customers. 40
Slide 42: Continuous Improvement
Continuous Improvement WASTE REDUCTION OPERATIONS IT ENGINEERING, HR, SUPPLY CHAIN, CUSTOMER VALUE STREAMS VERTICAL Fueling Software Licenses $3 MM/yr $0.5 MM/yr Leak Response $0.2 MM/yr SUPPLIER HORIZONTAL VALUE STREAMS CUSTOMER $$ Annual O&M Spend a $$ ~$950 MM _____ a Consumers non-GAAP CE Way: R
Slide 43: Brian Rich, Chief Information & Customer Officer
Brian Rich Chief Information & Customer Officer
Slide 44: J.D. Power Customer Satisfaction Index
J.D. Power Customer Satisfaction Index Residential Customers Business Customers 1000 1000 800 22% 800 24% 738 757 600 600 606 613 400 400 200 200 0 0 2010 Today 2010 Today 1 Quartile National Avg. 1 Quartile National Avg. 43
Slide 45: Platforms For Customer Satisfaction
Platforms For Customer Satisfaction Digital Customer Experience Field Mobility Smart Grid 44
Slide 46: Moments that Matter
Moments that Matter MOVING BILLING & PAYMENT OUTAGES • Average of 60K moves per month • Over 2.6M payments per month • 4.3M outage-related page views in 2016 45
Slide 47: Operational Excellence & Customer Satisfaction
Operational Excellence & Customer Satisfaction Performance since 2015 Cost Reduction Example Average Speed of Answer (ASA) Live Call Reductions (MM) has improved by 72% 5.5 Translates to $2.5 MM in Savings! First Contact Resolution (FCR) 3.5 has improved by 11% Combined Alert Enrollments have surpas
Slide 48: Operational Excellence & Customer Satisfaction
Operational Excellence & Customer Satisfaction Physical Bills Sent Cost Reduction Example # Of Bills (MM) Cost for Sending Physical Bills ($ MM) 30.8 1 MM $14.7 Translates to Bills $1 MM 29.8 in Savings! $13.8 2015 2017 YE 2015 2017 YE Forecast Forecast 47
Slide 49: Operational Excellence & Customer Satisfaction
Operational Excellence & Customer Satisfaction Meter Read Rate Cost Reduction Example Invoice Reversals (MM) 99% 1.1 13 pts Translates to Improvement! $1.3 MM in Savings! 86% 0.4 2015 2017 YE 2015 2017 YE Forecast Forecast 48
Slide 50: Smart Meters In Action
Operational Excellence & Customer Satisfaction Smart Meters In Action • $750 million customer investment Improve customer experience • 1.8 million meters; to be completed in 2017 • Utilizing cellular connectivity Reduce unnecessary truck rolls • Net Promoter Score Lift since 2012 Residential:
Slide 51: Delivering a World Class Customer Experience
Delivering a World Class Customer Experience Value Beyond the Electron Personalized Experience Fast & Simple Excel at the Basics Customer Culture Improved customer experience while reducing costs. 50 50
Slide 52: Rejji Hayes, EVP & Chief Financial Officer
Rejji Hayes Executive Vice President & Chief Financial Officer
Slide 53: Simple, Perhaps Unique Model
Simple, Perhaps Unique Model . . . 2017+ Plan Customer investment (reliability, costs, enviro mandates) 6% - 8% Self Funding: - O&M cost reductions a 2 - 3 pts - Sales growth 1 - No “block” equity dilution & other 2 INVESTMENT SELF-FUNDED 5 - 6 pts Rate increase “at or below inflation” < 2% _____ aC
Slide 54: Modular Customer Investment Plan
Modular Customer Investment Plan . . . Last 10 Years Next 10 Years $13 Bn $18 Bn Gas Electric Distribution Gas 41% 29% Electric Distribution Supply Supply % of projects <$200 MM a ~75% >90% _____ a Plan assumes a modular renewable build-out with individual projects less than $200 million. . . . is r
Slide 55: O&M Cost Performance Helps to Fund Investment
O&M Cost Performance Helps to Fund . . . a Actual Cost Reduction New Annual Cost Savings Three-Year Avg (Peers 2016 over 2006) 2014 2017 - 2016 - 2019 Good Business Decisions (MM) (MM) • Attrition $ - 16 $ - 16 • Productivity (Coal Gas) - 20 - 5 • Enhanced capitalization - 10 - 4 • Smart Meters - 4
Slide 56: Operating Cash Flow Funds Investments
Operating Cash Flow Funds . . . Amount Up $0.8 (Bn) billion Gross operating cash flowa $2.9 $ 2.9 up > $0.1 billion per year $2.7 Up $2.6 $1.8 billion since 2004! 2.4 $2.3 Interest, working $2.2 capital and taxes $2.1 $1.9 1.9 $1.63 $1.65 1.4 Operating cash flow NOLs avoid 0.9 Investment need for bl
Slide 57: Credit Quality Highlights
Credit Quality Highlights . . . Scale Ratings Drivers S&P / S&P Moody’s Fitch Fitch AA- Moody’s Aa3 (Dec. ‘16) (Apr. ‘17) (Jul. ‘17) • Strong financial position A+ A1 Consumers A A2 Secured A- A3 • Growing operating BBB+ Baa1 cash flow BBB Baa2 BBB- Baa3 BB+ Ba1 BBB+ Baa1 • Return on regulated BBB B
Slide 58: Debt Maturities are Manageable
Debt Maturities are Manageable . . . Amount Today vs. Five Years Ago (MM) Weighted Weighted Avg Interest Avg Life $ 3,000 (bps) (yrs) Consumers a (68) +7 b 2,500 CMS (114) +8 Existing coupons 2,000 1,500 $500 8.75% 1,000 500 6.70% $300 6.25% $850 5.65% 6.13% $400 5.65% $320 $0 0 $100 _____ 2017 2018
Slide 59: Core Service Territory
Core Service Territory . . . Our Service Territory Outperforms Examples of New Business a Grand Electric Gas Combination Rapids Michigan U.S. Announcement Announcement Building Permits b +313% +205% +108% Stryker Corporation Zeeland Farm Services Portage Ithaca • Global leader in medical • Products
Slide 60: Electric Customer Prices
Electric Customer Prices . . . Residential Bills Industrial Rates 20 20% 30 % 26% Industrial rates improving rapidly Worse 20Worse Rates & 10 Fuel Rates & Act 169 10 8% National Avg Midwest Avg 0 0 Residential bills below U.S. average Better -10 Better -10 (12)% Rates (13)% -20 Rates & Rates & Fuel
Slide 61: Fuel & Operating the System Drives Costs
Fuel & Operating the System Drives Costs . . . Cost Components Above Market Costs 100% 100% 90% PPA PPA 80% Down Fuel $166 MM or 7% Fuel 70% Fuel and Power Costs annually 2011 2016 60% 50% O&M Reductions in Rates O&M Operating Costs 40% $659 Down 30% Capital Investments $87 MM $572 or 3% 20% Taxes a
Slide 62: Regulatory Backlog
Regulatory Backlog . . . 2017 2018 Customer Benefits Energy Law No subsidies 4/20: Energy Law 12/1: SRM June: Capacity effective capacity charge determined charge implemented Gas Rate Case New Gas Case Safety 1/29: Self-impl.; 7/31: Final order; $20 MM $29 MM; ROE 10.1% Electric Rate Case Reliabilit
Slide 63: DIG & Peakers Pre-Tax Income Opportunities
“DIG” (750 MW) & Peakers (200 MW) . . . Pre-Tax Income Opportunities (MM) $ 80 $75 70 Contracts (layering in over time) 60 $55 +$40 50 +$20 40 $35 $30 30 Better Performance 20 $12 10 Outage pull-ahead 0 2015 2016 2017 Future Capacity ($/kw-mth) ≈ $1.00 ≈ $2.00 ≈ $3.00 $4.50 $7.50 Available: • Energy
Slide 64: 2016 EPS
2016 EPS . . . Adjusted EPS (non-GAAP) Q4 2016 Reinvestment: 2016 Debt Pre-funding 4¢ Foundation & Low Income 5 Other 5 Total 14¢ Guidance _ _January ___ March 31 June 30 September 30 December 31 a Adjusted EPS (non-GAAP) . . . delivered 7% growth despite early challenges. 63 a
Slide 65: 2017 Outlook
2017 Outlook . . . Adjusted EPS (non-GAAP) Q4 2016 Reinvestment: 2016 Debt Pre-funding 4¢ Foundation & Low Income 5 Benefits 4¢ Other 5 Property taxes 4 Total 14¢ Total 8¢ Weather & Storms Reinvestment last year Guidance +6% to +8% Recovery Recovery Accelerated Financing 3¢ Enterprises 1 EE incentiv
Slide 66: Managing Work Every Year
Managing Work Every Year . . . a 2008 2009 2010 2011 2012 2013 2014 2015 2016 EPS Mild $2.20 Summer +7% +18¢ +17¢ Cost +7% productivity above plan Cost $2.00 productivity +7% above plan Reinvestment +13¢ Storms Hot +7¢ -13¢ Mild $1.80 Reinvestment Summer Winter +7% RECORD Hot WARM Offsets Summer +7%
Slide 67: Compelling Investment Thesis
Compelling Investment Thesis . . . Aging Infrastructure Strong Cash Flow & Healthy Balance Sheet Diversified Service Territory Cost Controls a _____ aConsumers non-GAAP Constructive Regulation 66
Slide 68: New Energy and a Sustainable Future
. . . And a Sustainable Future 7% CAGR Opportunities More Gas Renewables Grid Infra. Modernization PPA c Replacements Future TSR LAW +6% to +8% Plan Ops • Customer Investment (Bn) $18 $25 NEW ENERGY a EPS • O&M Reductions (10)% (15)% b • Coal Capacity 21 % 15 % Recession Recession People Planet Prof
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Slide 70: GAAP Reconciliation
GAAP Reconciliation
Slide 71: Earnings Per Share By Year GAAP Reconciliation
CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 Pretax items:
Slide 72: Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
CMS Energy Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities (unaudited) (mils) 2015 2016 2017 2018 2019 2020 2021 Consumers Operating Income + Depreciation & Amortization $ 1,866 $ 2,037 $ 2,134 $ 2,246 $ 2,547 $ 2,678 $ 2,816 Enterprises Project Cash Flows 20 46 58 58 53 53
Slide 73: Reconciliation of Cost Reductions
CONSUMERS ENERGY Reconciliation of Cost Reductions 2006 2016 (mils) (mils) CAGR 2006-2016 Maintenance & Other Operating Expenses (GAAP) $ (1,179) $ (1,090) -0.8% Less: Gas & Energy Efficiency -2.7% Other 0.5% Total Adjustments -2.2% Cost Reductions (3% a year) -3.0% CONSUMERS ENERGY Reconciliation o
Slide 74: Reconciliation of Distribution Cost per Customer
CONSUMERS ENERGY Reconciliation of Distribution Cost per Customer 2016 Cost Per Customer Maintenance & Other Operating Expenses (GAAP)- mils $ (1,090) Electric Customers (mils) 1.80 Maintenance & Other Operating Expenses per Customer $ (604) Less: Gas & maintenance & other operating expenses not ass
Slide 75: Reconciliation of Annual O&M Spend
CONSUMERS ENERGY Reconciliation of Annual O&M Spend 2016 (mils) Maintenance & Other Operating Expenses (GAAP) $ (1,090) Less: Energy Efficiency & Other $ 142 O&M Spend $ (948) Rounded $ (950) 74
Slide 76: Speaker Bios
Speaker Bios
Slide 77: Patricia K. Poppe
Patricia K. Poppe Patricia K. Poppe is President and Chief Executive Officer of CMS Energy and its principal subsidiary, Consumers Energy, which serves 1.8 million electric customers and 1.7 million natural gas customers. The company has annual revenues of $6.1 billion, assets totaling $18.6 billion
Slide 78: Rejji P. Hayes
Rejji P. Hayes Rejji P. Hayes is executive vice president and chief financial officer of CMS Energy and its principal subsidiary, Consumers Energy. He was named to this position in 2017. Hayes is responsible for finance, internal controls and compliance, treasury, tax, investor relations, accounting
Slide 79: Jean-François (JF) Brossoit
Jean-François (JF) Brossoit Jean-François (JF) Brossoit is senior vice president of CMS Energy and its principal subsidiary, Consumers Energy. He is responsible for The Consumers Energy Way and the company’s lean management office, as well as supply chain, corporate safety and health, fleet, facilit
Slide 80: Brian F. Rich
Brian F. Rich Brian Rich is senior vice president of CMS Energy and its principal subsidiary, Consumers Energy. Rich is responsible for Consumers Energy’s overall customer experience and satisfaction, and oversees customer operations, digital platforms and marketing. As CIO, Rich is responsible for
Slide 81: Garrick J. Rochow
Garrick J. Rochow Garrick J. Rochow is senior vice president of CMS Energy and its principal subsidiary, Consumers Energy. He was named to this position in July 2017. Rochow has overall responsibility for the company’s electric and natural gas distribution and transmission operations, generation and