Cms Energy Corporation · NYSE:CMS
Cms Energy — Barclays CEO Energy and Power Conference 2015
71 slides from Cms Energy's conference presentation, Sep 8, 2015
Slide 1: CMS Energy BNP Fixed Income Lunch, September 8, 2015
Exhibit 99.1 BNP Fixed Ludington Fourth largest Pumped Income in theLunch Storage world September #1 Ray LDC Compressor in 8, gas2015 storage Station #2 Cross in renewable Winds âEnergy sales in the Park Great Lakes area
Slide 2: Barclays CEO Energy and Power Conference, September 8 & 9, 2015
Barclays Ludington Fourth largest Capital Pumped in the CEOStorage world Energy #1 Ray LDC and Compressor Power in gasConference storage Station #2 Cross in September renewable Winds8âEnergy sales & 9, 2015 in the Park Great Lakes area
Slide 3: Forward-looking statements and information
This Securities statements Forward-looking INFORMATION” December STATEMENTS results events The comparable CMS adjusted regulatory Investors of 2 distribution. presentation presentation Energy or tobasis. circumstances differ and Exchange 31, items should GAAP provides others 2014 Management material
Slide 4: Why invest in CMS Energy?
Why Our (2015-2024 $15.5 5%—7% aMore Supported SIDES (Investment, (Customers, .•(Value, 3 .SELF-FUNDED! PARTNERS PASSION Adjusted . . Growth next Invest “upside” Billion create Reliability, EPS 10 By EPS in Capex) to Engine Regulators, years Sales, headroom in aCMS improve $5 (non-GAAP) growth progr
Slide 5: Simple, sustainable EPS growth model
Simple, Capital —O&M —Sales —No —Surcharges 5%—7% Plan -2 4 -5 .<2 . .pts %. drives1/sustainable “block”2 -1 —investment Perhaps growth cost -1other /2growth. 1dilution reductions and equity Unique (drives Investment CMS EPSGrowth growth) self-funded Model . .Rate . . increase at or below inflation
Slide 6: Investment catch-up opportunity
Investment One “Catch-up” > Capex 2005—2014 CMS 2 0 .aPeers 5 .003 Based $1.5 . . of creating 2004 10% Energy (bils) as per first onayear 16% 2005 Percent December “Catch-up” with $1.8 2015—2024 an Peers opportunity 2006 a ten of Market 15 31, 2007 year . .11 2014 . .plan 2008 for Capa information t
Slide 7: Capex plan 2015-2024
Capex 2005-2014 2015-2024 $20 Organic 27% Environ. Electric New 37% Energy EPS +30% Opportunity Environmental –CMS –Peers 5% 6%—8% Generation Grid Gas 6 .Renewables . . .-7% + Infrastructure Growth Modernization bil Up 7%/yr 4Electric Maintenance withGrowth /yr /yr 45% $10.7 $15.5 Smart Capacity 4 o
Slide 8: O&M cost inflation and reductions
O&M 2006 $1.1 Inflation ?2% .•Coal 7 .Productivity/Smart Coal “Pole . . provide bil ?2% to 2014 Cost toTop” Gas $1.0 Inflation Gas 2018 Reductions Switching Hardening more bil Switching $0.9 “headroom” Energy bil(Zeeland) . (Jackson) ... forSmarter more capital benefitinvestment. plans Productivity/
Slide 9: Electric O&M performance
Electric (2014 Peer Source: Consumers—2.7% O&M 2014 & (mils) Attrition “Pole Smart Eliminate Net FAST .2% 8 . .2015 .Savings Average better 2014 Top” over START! (mils) Meters Cost 2018 Annual SNL, $—35 Waste than 2006) Hardening Performance Savings $—60 >5% — Form a$— Growth peers (UA’s) year! 5—$—
Slide 10: Conservative sales growth
aOur 1% 2% 9 /.2.% 1.7 Sales Annual Industrial Conservative 6% Grand Service Building 2010 GDP 2011 Growth .c2010-2014 Population Grand (6/15) Electric Rapids Unemployment 3 15 +28% +14% Michigan U.S .Weather +13% 0Total planned 2014 2013 11 Rapids Territorya .5.3 Permits. bSales . bAnnualized norma
Slide 11: Economic development examples
Economic Examples Electric Bayer •Announcement Durolast Dicastal WKW Auto MW Industries 50 .Total 10 .$50 One Secures .15 . almost Food Up million 25 of CropScience MACI Gas the Roofing 20 168 70 of Growth Manufacturing 3% 19 world’s Combination jobs New investment Denso 19 ofContinental Business 20
Slide 12: No typical rate model: growth without block equity
No Typical < Rate CMS 6% R .0 11.ate 6% 5% . “Block .6% under Base Model -1% utility Dilution CMS Equity” w/Model NOLs growth EPS Dilution w/oGrowth model. NOLs . . . .Growth
Slide 13: PPA opportunity
PPA Peers 5% 10% 30% Opportunity PPAs (mils) .Amount 12 . . . vs more (2,000 $(650) CMS Owned capacity Today 2,000 MW) NewCapacity Gas CMS Create MW investment, Build Future Unique 650without Annual Opportunity increasing Customer for .bills. .Impact .. zero
Slide 14: ROA potential opportunity
ROA Potential 800 “One-Way Build Decision .Today Opportunity •(~300 13 .Build $150 0.02% Could . .MW more (800 Decision customers) Future million new lower ofReturn capacity MW) Door” customers generation rates subsidy Creates investment, 4%oncapacity, for Unique ROAeveryone without funded Opportuni
Slide 15: Capacity and energy prices
Was (mils) + Energy price Capacity $5 $15 $35 $40 ($ New •Long-term ••Recent .Upside: 14 .Near-term 250 Long-term $25 .kW . Now adding Business <MW –(mils) per $0.50 more $50 Capacity &Future $55 (Prior) ?atEnergy ?value $65 $5.75 >(mils) $4.00 ?$4.50 $3.30 $2.00 Scenarios and (Forecast) to per per
Slide 16: Electric rates vs national
Electric National 20% Residential Better -20 Industrial 30% Policy Flat Mid 4% Worse 2013 .-30 15 . . .Fuel affordable 26% 2014 (13)% could Customer (17)% Avg Rates 2015 Bills bills (8)% (13)% for well 2016 Prices Better residential Rates below Plus.eliminate Rates . .U.S. . and&average improving Ra
Slide 17: Customer satisfaction
Customer 1st Electric #6 Present #3 Gas 3rd #9 2010 Residential .Rank 16 . .1st Quartile .continues Quartile 2012 Quartile Satisfaction 2014 Business #4 4th to2nd Quartile Rank Present improve Quartile .2016 2016 rapidly.
Slide 18: Recession and weather resilience
CMS +5% 7% Recession Help 003 We and condition .Commission 17 . . .work CAGR in 2004 consistent to Hurt Energy any +7% Cold 2005 New Recession Governor (D) /year . .Mild growth 2006 . Commission . Hot (D) 2007 through Warm Governor 2008(D) Mild recession, 2009 Commission (R) Cold 2010adverse Summer-
Slide 19: Michigan renewables and efficiency law
Michigan Renewables Efficiency Access” Open .“Retail 18 . . . buildsEnergy off IRPtheprocess Law 2008. .law, . . adding growth opportunities.
Slide 20: Constructive regulatory commission
Constructive Commission John Sally Norm Term .Newly 19 . . . is Quackenbush Talberg Ends: Saari appointed! supported July (R) Tier Regulation (I) Term 2,by 1 2021 (R), State a quality Ends: Chairman .Ranking . . .July Commission 2,Term 2019Ends: andJuly a strong 2, 2017 Law.
Slide 21: Future growth sustainable
CMSa/year Future EPS +7% O&M (2006-2014) Sales Energy Reduction +5% Shines (2010-2014) Growth (2010-2014) +7% +1%(10)%a1/Sustainable toConservative Consistent Bright +/ Past % 2Capacity (7)% Growth Next 5 .$2.50 Op! . Future . . year Growth Performance Years Investment (bils) $6.4 $7.6 .aEnergy 20 .
Slide 22: Appendix
Appendix
Slide 23: Clean CO2 emissions outlook
Clean Lbs (per Consumers 2500 Retire Projected 2 .0 22.014 . .CO2 MWh) positioned 2015 Power 950outlook MW 2016 Energy (Preliminary Plan well coal 2017 with . 2005 . for .State .2018 20% compliance. — Baseline of2019 Emission renewables Michigan 2020Rate) 2021 Target —investment 2022 2023not 2024 ye
Slide 24: Capacity mix evolving
Capacity 6% 9% Renewables 11% Gas Oil Nuclear Coal Storage Pumped .2017 23 . . .8% Nuclear Coal 32% 31% evolving 2005 24% 6% Gas Oil Coal 34% Diversity Renewables Purchases 6% 12% Storage to Pumped 8% cleaner 37% . Renewables . .3% 41% .10% 2014 generation Storage 3%while 11% becoming more cost comp
Slide 25: Rate base investment
10.014 Rate $ 2 0 Depreciation 2015 Investment Gas (bils) & .Electric 24 +6% .Maintenance Years . Infrastructure drives Base Ba Amount 2015 /year Reliability Maintenance (bils) ofGrowth 2016 EPS Growth —2024 growth 2017 $.2.3 .5.8 .5.0 2018 .Smart 5%—7% Plan 2019 Energy Investment 2020 a year. 0.4 2
Slide 26: Growing gas business capital
Customers Growing Capital $ (bils) Capex structure 6 +100% Investment the$5.8 Gas Business . . . . $2.9 & L 0 Gas Freedom Storage Interconnects .•Replacement 25 .$185 6.3 ast .Other Storage . service Service 10 ne expanding miles million Integrity Next fields Pipeline Smart area Territory 10capex on
Slide 27: Rate cases
2 .1./2.$85 Rate Gas $21 Investment Electric Date May (mils) 2014 Dec. .26 years (mils) Cases 2013 2015 Step Stay fairTrack $64 .since Amount ?Settlement andOrder .Cost —June .Record . of last expected timely. order! Capital, 2015 $ 89Self-implement Filed 7/17 Upgrades, & Other
Slide 28: MISO capacity shortfall
MISO 2016 June CMS -3,000 Demand Lower New Impact More .Creates 27 . . . shortfall June Build capacity Forecasted & upside Zone Source: upside DTE 2014 7toexpected Purchase to Capacity pressure MISO $15.5 2015 meet Shortfall billion shortfall to IPPs .in. be (MW) .capacity . 1,300 capex not assumed
Slide 29: Levelized cost of new generation
22¢ Buildcost Generation Levelized New Consumers 25 Strategy: Energy of new Sources New buildSupply (¢/kWh) Sources . . . . 15¢ Back 7¢ 5¢ 6¢ Zeeland Winds C 0 .Gas 28 .ombined .55¢ 6¢ -up .12¢ price= combined 10¢ âBack 6¢Cross 11¢ 8¢ 9¢ Cycle $3.00 7¢ -up 5.5¢ Big cycle Gas $4.50 Palisades gas Plan
Slide 30: Operating cash flow
Operating Amount (bils) Billion up $ $1.8 2.1 1.6 0.6 1.1 Cash 0.1 (0.9) (0.4) 2014 NOLs .Interest, 29 .2.6 .$0.1 $1.55 .Investment $1.9 up a2015 $2.5 flow Gross &Non-GAAP billion $0.6 working Up Credits Cash before 2016 operating $0.6 billion per Flow 2017 $0.7 capital dividend year orGrowth $0.7 c
Slide 31: Cash flow sources and uses
2015 CMS (10) (5) Consumers Cash (mils) Amount expenditures term Bank 30 Common Equity financing Cash at Facility Energy bayear Includes Flow Energy infusion end bdividend Parent ($550) ($650) & (1,615) Forecast 2014 other other cost (150) available $(320) of Dividend 105 95 71 removal (non-GAAP) Pe
Slide 32: GAAP Reconciliation
GAAP Reconciliation
Slide 33: CMS Energy earnings reconciliation
CMS Earnings 2003 Reported After-tax Electric Enterprises Corporate Discontinued Asset Cumulative Mark-to-market Adjusted * (a) 32Less $1.25 2004 ENERGY impairment than and Per excluding earnings items: interest 2005 0.74 $500 accounting gas Share operations CORPORATION utility impacts 0.62 2006 tho
Slide 34: CMS cash reconciliation
CMScash Reconciliation 2014 (mils) (unaudited) Consumers Enterprises Gross Other working Net 33 2015 Energy operating Operating capital(386)(390)(567)(603)(628)(668)(686) provided 2016 Project Operating ofactivities 2017 Cash Gross by Cash operating Income 2018 Flow Operating Flows including 2019 $
Slide 35: Consumers cash flow reclassifications
Consumers 2015 Reclassifications Interest/ Presentation non-GAAP Description Operating Other Sources Interest Capital Dividends/tax Pension Uses investing Equity New Retirements(50) Financing Net aCash 34 Includes short-term change Issues $(2,215) Forecasted flow at working $expenditures year and $C
Slide 36: CMS cash flow reclassifications
CMS 2015 Reclassifications Presentation non-GAAP Description Consumers Enterprises Sources Interest Overhead Pension Uses investing New Retirements Equity Common Financing Net Cash (a) 35 Includes short-term change Issues (a) Forecasted flow at Energy infusions(150) programs year and $Contribution—N
Slide 37: Consolidated cash flow eliminations
Consolidated 2015 Eliminations/Reclassifications/Consolidation Arrive Statements Consumers Description operating investing financing Net Cash 36 cash change Forecasted flow atatyear provided used the activities and activities from of CMS in Amount end Consolidated CMS operating Cash cash in(1,698)(1
Slide 38: Global Investors Research Meeting, September 9, 2015
Capital Ludington Ray Cross Fourth #1 #2 Consistent, LDC inCompressor renewable Winds largest Research in Pumped gas Sustainable Energy instorage sales the Station Global Storage world Park inGrowth the Investors Great Lakes Meeting area September 9, 2015
Slide 39: West Coast meeting, September 10-11, 2015
West Coast Ludington Fourth largest Pumped Meeting in theStorage world September #1 Ray LDC 10—11, Compressor in gas2015 storage Station #2 Cross in renewable Winds Energy sales inPark the Great Lakes area Consistent, Sustainable Growth
Slide 40: Forward-looking statements and information
This relevant from STATEMENTS 10-Qs. important obligation The comparable CMS adjusted regulatory Investors of 2 distribution. presentation presentation time ENERGY Energy CMS legal basis. and factors to items GAAP time Energy’s update provides others decisions. Management AND from also that is inmea
Slide 41: Top of mind
Top CMS 1 2 4 5 .– 3 .CMS Improvement Restores Improves •More . EPA Senator Representative PA MISO . of business ENERGY 169 Mind positioned upside Clean Zone full (cost Nofs industrial . model .Power to regulatory .to 7of .introduced ten-year capacity 2008 well Nesbitt service) isPlan rate deliverin
Slide 42: Simple, sustainable growth model
1/2(drives ROA Simple, CMS Plan -Capital O&M Sales .No Opportunity INVESTMENT .Rate 4 ENERGY investment cost Perhaps growth “block” Surcharges . . drives increasereductions Unique at- or equity and sustainable -2CMS -1 SELF-FUNDED below 2return pts /EPSShort-term Growth growth) Long-term 1inflation
Slide 43: Capex opportunity
Capex CMS $10.7 Opportunity 2015-2024 2005-2014 $15.5 $20 Organic +30% 27% Environ. New Smart Environmental Electric Generation Renewables Grid Gas Growth EPS .– 5 .Peers CMS . .+ Infrastructure Infrastucture with Modernization Generation ENERGY bil Energy Opportunity Up 7%/yr 4Reliability Maintenan
Slide 44: Electric O&M performance
CMS Electric (2014 Peer Consumers Source: O&M 2014 (mils) Attrition Productivity “Pole Smart Eliminate Mortality Service Net Percent .FAST 6 . . .Savings Average better & ENERGY Top” over START! (mils) Meters Cost Upgrades Savings 2015 Annual SNL, $-35 Tables Waste than 2006) Hardening Performance S
Slide 45: Conservative sales growth
CMS Our GDP 7 1./Weather Sales Grand 2. % Building Population aUnemployment b Annual 2% 1% Conservative 6% Total Industrial Grand Annualized . Service .c2010-20142010®2013 Growth ENERGY Rapids Electric Rapids Permits planned2011®2014 Territorya numbers .Michigan . (6/15) Sales . b.15+28% normalized
Slide 46: No typical rate model
No Typical < Rate -1% CMS 6% R .0 8 .ate 6% 5% . “Block .6% under Base ENERGY Model utility Growth CMS Equity” w/Model NOLs growth Dilution Dilution w/omodel NOLs EPSfor Growth five years!
Slide 47: Electric rates vs national
Electric CMS 20 National Residential -20 (17)% 30 Worse Rates Industrial Midwest Better 2013 .-30 9 . .% . affordable 2014 26% ENERGY Rates &(13)% Policy Rates Customer Fuel Avg Rates rates 2015 Bills bills &&(13)% could Flat Act improving Fuel for well 2016 Prices 169 residential eliminate below Pl
Slide 48: Michigan energy law
Michigan CMS Sen. “Retail 3-year Efficiency .Renewables 10 . . . builds Nofs ENERGY capacity Open Energy Gov. 1% off IRP Access” yr the Snyder requirement, process waste Law 2008 Keep .Rep. reduction .law, . . “cap” Nesbitt adding “onethrough way Keep growth door” “cap” 2018 opportunities. No End El
Slide 49: Recession and weather resilience
CMS 7% +5% Recession 2003 Hurt Help We Cold Governor .Commission 11 . . .work CAGR consistent to winter 2004 Energy +7%/year with (D) Recession 2005 Mild (D) ..Governor anyone .growth .2006 New summer . 2007 and Commission through (R)Hot in2008 any summer recession, condition 2009 (D)2010 Warm Commi
Slide 50: Why invest in CMS Energy
Why Future Sustainable EPS +7% aLast Past Investment Capacity O&M .Adjusted . . Performance Sales 12 Energy 7anext /year Invest Reduction $2.50 Years Shines Op! 10EPS Growth .Conservative (bils) Future inNext Policy +5% Bright CMS (non-GAAP) (2006-2014) (2010-2014) Next to 5even Growth Years Energy?
Slide 51: Appendix
Appendix
Slide 52: Constructive regulatory commission
Constructive CMS John Commission Chairman Sally July Norm Term Newly Tier 1 2 3 4 5 .Barclays 14 .6920 8. .Michigan 12, is Quackenbush Talberg Ends: ENERGY Saari State appointed! supported 2019 Research, July Ranking (R) Regulation (I) ranked 2,by2021 2017 (R), 2015 a#1quality .state . . . Commissio
Slide 53: Capacity mix evolving
Capacity CMS Nuclear Oil Renewables Pumped .Gas 15 . . .6% 31% evolving ENERGY Coal Purchases 8% Storage Diversity. GasGas 9% 3% 34% 37% to Coal cleaner 32% 11% 3%. . 41% 2014 2005 Oil . generation 6% Renewables Pumped Nuclear while Storage 8% 10%becoming 12% 2017 Coal more24% cost competitive.
Slide 54: Capacity and energy prices
Was + Energy $5 $15 $35 $40 Capacity New 250 Recent Long-term Near-term .Upside: 16 . $25 . .MW (mils) adding Business –Capacity $55 $50 Capacity & price at=> = Energy Now $5.75 $4.00 Energy value more $4.50 $3.30 ($(mils) per kW and per $65 toPrice our kWm per kWm energy Future “DIG” Increases. mon
Slide 55: PPA opportunity
PPA Peers 5% 10% 30% Opportunity $2 Amount PPAs New .Annual 17 . .Bil . vs more Gas (2,000 $(650) CMS Investment Owned Customer (mils) Build capacity Today 2,000 MW)Capacity 650 Impact CMS Create MW investment, Future zero Uniquewithout Opportunity increasing for. .bills. . . CMS ENERGY
Slide 56: ROA potential opportunity
ROA Potential 800 “One-Way Today $150 Opportunity 0.02% (~300 Could .Build 18 . . .MW more million (800 Decision new customers) lower Future of Return customers capacity generation MW) Door” rates subsidy Creates Decision 4% investment, oncapacity, for ROA Unique everyone funded without Opportunity
Slide 57: Clean CO2 emissions outlook
Clean Lbs Consumers Retire State Projected 2 .0 19.014 . .CO2 positioned of 2015 Power 950 Michigan (per outlook MW 2016 Energy Plan. MWh) well coal 2017 with Target .2005 .for 2500 . 2018 CMS 20% compliance. Baseline (Preliminary 2019 renewables ENERGY 2020 2021 -- investment Emission 2022 2023 Rat
Slide 58: Rate cases
2 .1./2.$85 Rate Gas $21 Investment $64 Electric Date May (mils) 2014 June Dec. .20 years (mils) Cases. 2013 2015 Step Stay fair . since Track Amount out Settlement last $89 order! Self-implement Order andCost . -- Record . CMS of expected timely. Capital, ENERGY 110 Upgrades, & Other Filed 7/17
Slide 59: Customer satisfaction
Customer CMS 1st Electric #3 Gas 2nd 3rd 4th 2010 .Residential . .1st Quartile .Quartile Quartile continues 2012 ENERGY Quartile Satisfaction 2014 Business #4 #6toPresent #9 improve . . Rank . .rapidly. 201621
Slide 60: Investment catch-up opportunity
Investment Capex > “Catch-up” 2005 CMS Peers 2 a0 ----- .Source: .003 Based $1.5 . . creating -Energy 2004 ENERGY Peers (bils) per 2014 10K; onyear 2005 December “Catch-up” Capex 11 2015 $1.8 an CMS actual 15opportunity 2006 One -as 10% 2024 amounts a31, 2007 of Percent . 16% .first 2014 . .2008 for
Slide 61: Rate base investment
10.014 Rate +6% 2 0 Depreciation 2015 Investment Gas Smart Environmental New Electric .Plan .Years . Infrastructure drives Investment Base Generation /year -2015 Energy 2024 Reliability Maintenance of(bils) Growth 2016 EPS Growth Amount 0.4 0.9 $20 growth $15.5 2017 1.1 & .2.3 . Maintenance (bils) .
Slide 62: 2015 adjusted EPS guidance
Adjusted 2014 DIG Forestry Donations Weather 13¢ Natural Cost Total Flex 2015 O&M Alt. Plant +7% Contributions January Guidance .+5% . . .financing AND outage Items & -17¢ O&M $(18) 13¢ outage “Reinvestment” choices Other Offsets March 12¢ (5) EPS & provides $20 Reinvestment $(8) 5other 5(non-GAAP)
Slide 63: O&M down, smarter
O&M 2006 $1.1 $1.0 Down $0.9 Smarter Coal Productivity/Attrition “Pole .Productivity/Smart . . . provide bil to 2014 Top” Cost 7%Gas Down Inflation benefit or 2018 Hardening Reductions Switching more 2%/yr 10% plans =2% “headroom” Energy (Zeeland) (Jackson) . . . . CMS forENERGY more capital investm
Slide 64: MISO capacity shortfall
MISO 2016 Annual June CMS Lower Source: ----- New Impact More .Creates . . . shortfall 2014 2015 Build capacity Forecasted & upside Zone Demand MISO upside MISO DTE-3,000 -1,300 7toexpected Purchase to Capacity Survey pressure $15.5 meet Shortfall billion shortfall to IPPs .in. be (MW) .capacity . 1
Slide 65: Operating cash flow
Operating Amount Up (0.9) (0.4) 0.1 0.6 1.1 1.6 2.1 $2.6 Gross $1.8 $1.55 Cash aInvestment ----- 2014 NOLs .$0.7 .Non-GAAP . $0.6 . up $1.9 $0.7 2015 flow Interest, operating &$0.6 Billion (bils) Credits $2.1 $0.5 Cash before 2016 billion working $2.2 $0.3 Flow cash 2017 $0.7 dividend $2.3 $0.2 orfl
Slide 66: Levelized cost of new generation
Generation Levelized New 25 Consumers 5¢ Zeeland Back C 0 .Gas .ombined .6¢ . price= combined Build -up 5¢ 7¢ 6¢ cost Cycle $3.00 Strategy: Energy 8¢ Cross of cycle 6¢Gas $4.50 new 11¢ Winds Sources New gas Plant build 10¢ $6.00 is9¢ Supply 7¢ the Wind (¢/kWh) Big W/ 12¢ most 5Coal tax Sources 5.5¢
Slide 67: GAAP Reconciliation
GAAP Reconciliation
Slide 68: CMS Energy earnings reconciliation
CMS Earnings 2003 (Unaudited) Reported After-tax Electric Enterprises Corporate Discontinued Asset Cumulative Mark-to-market 0.03 Adjusted NA * (a) 30Less $1.25 $0.90 (0.43) 2004 ENERGY impairment than and Per excluding earnings items: $0.96 interest 2005 0.51 0.74 $500 accounting gas Share operatio
Slide 69: Reconciliation of gross operating cash flow to GAAP
(unaudited) CMS Reconciliation (mils)ENERGYof Gross Operating Cash Flow to GAAP Operating Activities Energy 2014 2015 2016 2017 2018 2019 2020 Consumers Operating Income + Depreciation & Amortization $1,813 $1,920 $2,027 $2,145 $2,266 $2,401 $2,515 Enterprises Project Cash Flows 20 20 40 58 62 67 71
Slide 70: Investor information
Customer Electric 1st 2nd 3rd CUSTOMERS 4th 2010 Residential Adjusted 2016 2014 DIG Forestry Donations Weather 13¢ Natural Cost Total Flex INVESTORS 2015 O&M Alt. Plant +7% Contributions Guidance …. INVESTOR Investor One Phil Travis CMS www.cmsenergy.com OUR OUTPERFORMED 12 Capex Self-funded Conserv
Slide 71: B % Policy could
CMS Actual 7% $1.21 Adjusted Int’l 20¢ Dividend Gross 2009 Self-funded Gas CapEx Environmental % -CMS -Peers Base 11 < 2006 O&M $1.1 a5% End New2% of 15 /year 36¢ Infrastructure 1%Sale Peers Generation Mkt Rates Electric (Ind. 2008 File Keep Energy 2010 2014 Energy <$1.26 OCF Cost No 10% Efficiency
CMS Energy — Barclays CEO Energy and Power Conference 2015 on 6ix