Cms Energy Corporation · NYSE:CMS
Cms Energy — Investor Day (October 2013)
85 slides from Cms Energy's investor day presentation, Oct 24, 2013
Slide 1: Investor Meeting
Investor Meeting Grand Rapids, Michigan October 24, 2013 Cross Winds® Energy Park Gas Combined Cycle Plant Consumers Smart Energy Program
Slide 2: CMS Energy: John Russell, President & CEO
CMS ENERGY John Russell President & CEO
Slide 3: Welcome to Grand Rapids
Welcome Grand Rapids #2 Largest city in Michigan 1,000,000 people #1 City in the US to raise a family (Forbes, April 2012) #2 Job growth for a US metro area since 2010 (CareerBuilder, September 2013) #4 Best city in the US to find a job (Forbes, April 2013) JGR 1
Slide 4: Agenda
Agenda The Future - A View from the CEO 3:00-4:30 John Russell Insights – CFO Perspective Tom Webb Your Operating Management – Driving Results Electric Generation & Energy Supply Dennis Dobbs Smart Energy Patti Poppe Pipeline Replacement & Safety Garrick Rochow Electric Distribution Dan Malone Wrap-
Slide 5: 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 6: 2013 EPS
2013 EPS a .. . . . 2013 First Nine Months Full Year EPS $1.29 $1.65 -$1.66 Better/(Worse) Than Plan +5¢ +1¢ to 2¢ 2012 (2) +7% Adjusted EPS (non-GAAP) Operating cash flow (bils) Dividend payout ratio Customer base rate increases FFO/Average debt a Adjusted EPS (non-GAAP) 2013 Target $1.63 -$1.66 5%
Slide 7: 2013 EPS Guidance
2013 EPS a Guidance . . . . $2.00 Original guidance 7% $1.66 $1.65 $1.55 $1.66 $1.45 $1.55 $1.63 $1.52 $1.36 $1.44 $1.35 2010 2011 2012 2013 2014 Beyond a Adjusted EPS (non-GAAP) . . . . raised to the high end of the range to 7%. JGR 5
Slide 8: Vision
Vision Best in Class Best Value Proud to Wear the Colors JGR 6
Slide 9: CMS Strategy
CMS Strategy . . . . Consistent financial performance Fair and timely regulation Utility Customer investment value Safe, excellent operations . . . . dynamic, data driven, breakthrough performance. JGR 7
Slide 10: Customer Focus: Excellent Operations - Safety Incidents
Customer Focus: Excellent Operations . . . . Safety Incidents 59% 119 107 2009 2010 2011 2012 2013 Target First quartile performance 59% improvement since 2009 $8 million savings last two years . . . . begin with safety. JGR 8
Slide 11: Customer Focus: Excellent Operations - Headcount
Customer Focus: Excellent Operations . . . . Headcount 7,800 7,600 9% 7,400 7,200 7,100 2009 2010 2011 2012 2013 Separations 500 500 500 ~400 New Hires 300 300 300 ~300 9% reduction since 2009 Recent VSP programs have helped New hires are two-thirds the cost . . . . through natural attrition, supple
Slide 12: Customer Focus: Excellent Operations - Cumulative Productivity
Customer Focus: Excellent Operations . . . . Cumulative Productivity 25% 41% U.S. Productivity = 11% 2006-2012 2013-2017 Target 41% improvement since 2006 Planning 25% over next 5 years $10 million in savings per year . . . . enhance productivity and reduce costs. JGR 10
Slide 13: Customer Focus: Excellent Operations - Employee Engagement
Customer Focus: Excellent Operations . . . . Employee Engagement Most Admired Companies Best Places to Work 74% 72% 61% Electric & Gas Utilities High Performers CMS Energy First quartile performance Engagement scores at levels of most admired companies Target to maintain high level of engagement . .
Slide 14: Visible Investment: Rate Base Growth
Visible Investment: Rate Base Growth . . . . Amount (bils) $20 $18 Gas 15 Electric $15 $6 $11 $4 $3 $12 5 $11 $8 2012 2017 2022 Base Rate Increases <2% <2% Capital Investment “Checklist” Add Customer Value Reduce O&M Costs Reduce Fuel Costs Mandated by State or Federal Regulators . . . . drives EPS,
Slide 15: Visible Investment: Customer-Driven
Visible Investment: Customer-Driven . . . . Clean Power Capacity Reliability Infrastructure $3 Billion $2 Billion $3.5 Billion $4 Billion Environmental New gas generation Consumers Smart Energy Gas distribution Renewable energy Ludington Pumped Storage Main replacements Propane switching Gas convers
Slide 16: Visible Investment: Gas Infrastructure
Visible Investment: Gas Infrastructure . . . . Gas System #4 largest gas utility 27,000 miles of distribution mains 24,000 miles of service pipe 1,700 miles of transmission lines 300 bcf gas storage Investment Amount (bils) $2.5 $2.4 $2.2 2.0 1.5 $1.4 1.0 0.5 2008-2012 2013-2017 2018-2022 . . . . in
Slide 17: Visible Investment: Transmission
Visible Investment: Transmission . . . . Exited transmission in 2002 Recent developments ReliabilityFirst Corporation interpretation FERC orders Opportunity to reclassify and register as transmission owner / operator . . . . opportunity; better for our customers. JGR 15
Slide 18: Five-Year Financial Plan
Five-Year Financial Plan . . . . Capital Investment (bils) O&M cost (annual increase %) Customer base rate increases (excluding fuel) Return on Equity EPS annual growth Dividend yield Total Shareholder Return (TSR) Dividend Payout (= Peers) Growth 2014-2018 2013-2017 Plan Plan $7.0 $6.5 -2% Less tha
Slide 19: 2014 EPS Guidance
2014 EPS a Guidance . . . . $2.00 Original guidance 7% $1.78 5% $ 1.65 $ 1.66 $1.73 $1.55 $1.66 $1.45 $1.55 $1.63 $1.36 $1.44 $1.35 2010 2011 2012 2013 2014 Beyond a Adjusted EPS (non-GAAP) . . . . of $1.73 to $1.78; up 5% to 7%. JGR 17
Slide 20: Long-Term EPS Guidance
Long-Term EPS a Guidance . . . . $2.00 Original guidance 7% $1.78 5% $1.66 $1.73 $1.65 $1.55 $1.66 $1.45 $1.55 $1.63 $1.52 $1.36 $1.44 $1.35 2010 2011 2012 2013 2014 Beyond a Adjusted EPS (non-GAAP) . . . . continues track record of 5% to 7% “real” growth. JGR 18
Slide 21: View of the Future
View of the Future . . . . Consistent financial performance Fair and timely regulation Utility Customer investment value Safe, excellent operations Capital investment in utility $15 billion EPS and OCF growth 1–2 pts > peers Competitive payout ratio (60%-70%) Continuous cost improvement Base rates a
Slide 22: Tom Webb, Executive Vice President & CFO
Tom Webb Executive Vice President & CFO
Slide 23: CMS EPS Growth
CMS EPS a Growth . . . . EPS Index CMS Average = 7.5% 5% to 7% Guidance Range 0 Peer = 3.5% International sale recovered in 2008 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Future a Adjusted EPS (non-GAAP) . . . . actual performance stronger. TJW 1
Slide 24: CMS EPS Cumulative Growth
CMS EPS Cumulative Growth . . . . One Three Five Nine Year Year Year Year CMS Energy 7% 23% 85% 91% Note: Annual Dividend Yield 4 4 3 2 Peers – S&P 500/ MidCap 400 Utilities 1 10 7 36 Note: Annual Dividend Yield 4 4 4 4 Source: Bloomberg, periods ending 12/31/2012 . . . . at the very high end of all
Slide 25: CMS Energy Model
CMS Energy MODEL . . . . RESULTS Consistent Predictable Investment Self-Imposed Limits • Ten Year - $15 Billion • Small, bite size projects Sustainable Base Rates < 2% Inflation None “bet the company” Investment “Needed Not Wanted” Enablers • Plan Sales Growth Conservatively • O&M Down 2%/Year • Con
Slide 26: Capital Investment Plan
Capital Investment Plan . . . . Major Projects Karn/Weadock Generating Complex, Environmental Compliance Ludington Pumped Cross Winds® Storage Plant, Energy Park Reliability & Capacity Thetford Natural Gas-Fired Plant Consumers Smart Energy Program Campbell Generating Plant, Environmental Gas Transm
Slide 27: Need New Gas Plant
Need New Gas Plant . . . . Customers Investors Capacity needed Unaffected: Seek best deal • Flexible 10-year, $15 billion capex plan • Build or buy Thetford Build Air permit CON filed granted CON granted July 12 July 26 April 8 Alternative – Asset Purchase RFP issued September 30 Today . . . . purch
Slide 28: Capital Investment Plan: Five-Year
Capital Investment Plan . . . . 2013 – 2017 Opportunity Level Five-Year Plan <$7 Billion Pipe Faster & Smart pole replacement Energy $10 Billion Distribution More gas generation Customer base rates <2% >4% X . . . . at sustainable and affordable pace, in low-risk, “bite size” projects. TJW 6
Slide 29: Capital Investment Plan: Ten-Year
Capital Investment Plan . . . . 2013-2022 Opportunity Level 10-Year Plan New generation capacity • PPA replacement $15 Billion • ROA customer return $18 Billion Post-2015 renewables More gas storage More gas conversions Transmission Faster pole & pipe replacement Customer base rates <2% >3% X . . .
Slide 30: Long-Term Capital Investment
Long-Term Capital Investment . . . . Amount (bils) CMS $1.6 1.4 $1.5 Peer Average 1.2 1.0 Amount 0.8 (bils) 0.6 First five years $ 7 Next five years 8 0.4 Ten years $15 0.2 Average $1.5 0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 a Source:
Slide 31: Capital Investment Visibility
Capital Investment Visibility . . . . Amount (bils) $1.8 $5 $7 $8 1.6 New Generation: 1.4 PPA’s Expire New Generation 1.2 Environmental Gas 1.0 Gas 0.8 Smart Energy Electric Reliability 0.6 0.4 0.2 Maintenance 2008 - 2012 2013 - 2017 2018 - 2022 . . . . clear for next ten years – needed, not just wa
Slide 32: Michigan Economy Performance
Michigan Economy Performance . . . . Gross Domestic Product – 2010 through 2012 WA ND 5th MT 8.1 6.7 31.0 MN Best 8.2 ME OR SD WI 11% 2.7 13.8 ID 4.7 5.9 VT NH 2.1 (3.5) WY IA MI 6.6 NY 8.2 6.1 MA NE 11.0 6.6 7.4 7.9 IL PA NV UT CO 5.9 IN OH 5.9 NJ CT RI 2.9 8.7 6.2 KS MO 12.3 7.3 MD 3.1 1.0 2.4 7.3
Slide 33: Economic Growth in Consumers Territory
Economic Growth in Consumers Territory . . . . Examples of New Business Electric Gas Combination Eco-Bio Plastics 3 MW Betz Industries 8 MW Enbridge 28 MW Dart Container Magna-Cosma 2 MW Casting 4 MW Norplas 5 MW Secant MACI 7 MW 6 MW Economic Indicators Grand Rapids Michigan U.S Unemployment 6% 9%
Slide 34: Trend of O&M Cost Savings
Trend of O&M Cost Savings . . . . Percent Change 25% Inflation -21% Cost Reductions Prior Plan -9% Accelerated Cost Reductions -6% New Plan -15% -25% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Lines smoothed for illustrative purposes . . . . .. accelerated; funding investment and reducing ris
Slide 35: Continuous Cost Reduction
Continuous Cost Reduction . . . . 2012 over 2006 Electric Non-fuel O&M Cost Peer Average up 6% -0.4% Consumers Source: SNL data service How – One Example Headcount 7,600 7,200 $100k Each $60k 1,000 Each 2010 2012 People Productivity = $64 Million . . . . . part of CMS mindset. TJW 13
Slide 36: Continuous Cost Reduction: Future Savings
Continuous Cost Reduction . . . . Future Savings 2017 vs 2012 (mils) Fuel mix $25 Benefits Less Expensive New Hires & Lower Headcount Consumers Smart Meter Inflation (100) Performance Excellence 30+ 2017 vs 2012 $125 How – Two Examples Fuel Mix MW Employees 2013-14 Build Wind Farms + 200 + 4 2016 Re
Slide 37: Customer Rates
Customer Rates – Working With MPSC To Be . . . . 2013-2017 Annual Average Base Rate Increases a 2% Inflation ~1% ~1% Electric Gas a Includes surcharges Cost Reductions Eliminate 2014 base rate increases: Electric Gas Eliminated renewable surcharge Eliminated rate skewing Lowered summer block rates .
Slide 38: Operating Cash Flow Grows $0.5 Billion
Operating Cash Flow Grows $0.5 Billion . . . . Amount (bils) Gross operating cash flow a Up $0.5 Billion $ 2.5 up $0.1 billion $2.2 2.0 $1.6 $1.7 $1.8 $1.9 $2.1 1.5 Interest $1.4 $1.5 Working capital $1.3 and taxes 1.0 0.5 Investment .0 (0.5) a Non-GAAP Cash flow before dividend 2012 2013 2014 2015
Slide 39: CMS Mindset: Adjusted EPS
CMS Mindset . . . . Adjusted EPS (non-GAAP) 2013 +13¢ 2012 2012 Hot Summer 2013 Cold +7% Winter & Reinvested Cost Savings earlier Guidance 2012 2012 Warm Cost Winter Saving -13¢ . . . . deliver for customers AND investors. TJW
Slide 40: Mindset: 10-Year Actual EPS
Mindset . .. . . 10-Year Actual $1.65-$1.66 7% CAGR $1.78 5% -7% Peers 4% $1.73 $1.55 $1.36 $1.45 $1.26 $1.21b $1.08 6% 5% -7% $0.96 14% $0.90 $0.81 Int’l Sale $0.84 32% 80% 39% 36 50 27 66 84 96 $1.02 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Future Dividend Payout 0% 25% 30% 40%
Slide 41: Electric Generation & Energy Supply
Electric Generation & Energy Supply Dennis Dobbs Vice President Generation Engineering & Services
Slide 42: Energy Resource Strategy
Energy Resource Strategy Best Energy Choice for Our Customers Premium Investment Opportunities Continuous Environmental Improvements To be the Preferred Energy Provider for our Customers Preferred Energy Provider Cost Competitive Sustainable Balanced, Diversified & Flexible Safe, Excellent Operation
Slide 43: Major Generation Investments
Major Generation Investments Over 6 GWs of Generation Assets Generating Complex Generation Reliability New Capacity $750M Storage Plant $900M Energy Park Environmental Controls $950M Plant Gas-Fired Plant Ludington Pumped Cambell Generating Kam/Weadock Cross Winds Thetford Natural Investing $2.6 Bil
Slide 44: Capacity Diversity
Capacity Diversity MW Employees 2006 Sold Palisades - 800 -650 2009 Purchased Zeeland GCC + 930 + 22 2013-14 Build Wind Farms + 205 + 4 2016 Suspend Operation of Coal Units - 900 -300 2016 Add Gas Combined Cycle + 700 + 20 Total +135 -904 Nuclear Nuclear Oil 9% Oil 8% 6% Coal 6% Coal Demand Manageme
Slide 45: Projected CO2 Intensity
Projected CO2 Intensity 2,500 Existing Coal 2,000 Range for Potential Regulation on Existing Sources MWh 1,500 per Consumers Energy Projected CO2 Intensity CO 1,000 of Natural Gas Combined Cycle Pounds 0 Nuclear, Wind & Solar 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Positione
Slide 46: Consumers Energy's Long-Term Capacity Forecast
Consumers Energy’s Long-Term Capacity Forecast 10,000 9,000 8,000 Capacity MW Shortfall 7,000 Suspended Classic 7 Palisades PPA 6,000 Termination MCV PPA Termination 2013 2015 2017 2019 2021 2023 2025 CE Portfolio Smart Energy, EO, Interruptibles Total Peak Demand Plus Reserves Net Peak Demand Plus
Slide 47: Thetford Combined Cycle Plant
Thetford Combined Cycle Plant 700 MW Combined Cycle Plant $750M Investment 2017 Commercial Operation Date 230-acre Site BUILDING CLEAN, NATURAL GAS POWER FOR MICHIGAN THAT’S OUR PROMISE DDD 6
Slide 48: Timeline
Timeline Major Contracts to be Signed COD Nov 18 June 1 Air Permit Submitted CON Application and Approved Process 2012 Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 2014 2015 2016 2017 File Rate Completed Capacity 1st RPF Asset Complete 2nd Asset Case Capacity RFP Jan 2015 Rate Case Order on Purchase Jan 2016 THETFO
Slide 49: Energy Resource Strategy
Energy Resource Strategy Best Energy Choice for Our Customers Premium Investment Opportunities Continuous Environmental Improvements To be the Preferred Energy Provider for our Customers Preferred Energy Provider Cost Competitive Sustainable Balanced, Diversified & Flexible Safe, Excellent Operation
Slide 50: State of the Business: Smart Energy
State of the Business Smart Energy Patti Poppe Vice President Customer Experience & Operations
Slide 51: Smart Energy Snapshot
Snapshot Deliberate pace of program Cellular solution (point to point network) 130,000 smart meters installed 99% meter read rate Realization of operational benefits 2 4 3 1 You are here Proposed Smart Grid Deployment Plan8 5/10/2011 Total of ~1.8 million electric meters; ~600,000 gas modules. PKP 1
Slide 52: Smart Energy Timeline
Smart energy timeline 2011 2012 2013 2014 2015 2016 … 2019 Cellular solution • Capital investment is selected Meter deployment flexible launched Billing capability added • O&M Cost Control Enhanced operations Gas billing & theft Direct load & dynamic pricing Hardware 1.8 M Meters 0 Meters 53 K Meter
Slide 53: Re-introduction to the Customer
Re-introduction to the customer 2 4 INSTALLATION EXPERIENCE CUSTOMER DEDICATED CALL COMMUNICATION CENTER 1 5 OUTREACH WEB PORTAL EVENTS Net promoter score increase: 40% Opt-out rate: < 1% PKP 3
Slide 54: Platform for Future Investment
Platform for future investment Commitment to financial goals New smart “Grid” investments Platform for future investments in new products and services Additional smart meter investments for gas only customers PKP 4
Slide 55: Pipeline Replacement & Safety
Pipeline Replacement & Safety Garrick Rochow Vice President of Energy Delivery
Slide 56: Consumers Energy Gas System
Consumers Energy Gas System Among the largest systems in the country Increased pipeline regulation Continued growth into the future Gas service area Transmission line Compressor stations Storage fields Interconnects One of largest gas systems in the country – outstanding investment opportunities. GJ
Slide 57: Gas Program Investments
Gas Program Investments Annual Gas Capital Investment $500 ($ Millions) $425 $400 $400 $300 $234 $200 $146 $100 $ Distribution Transmission Compression & Storage Company Gas Cost $10 0% 44% -14% -10% $8.41 -20% $8 -26% -20% $7.23 $6.76 -35% -30% $6.20 $6 -44% -40% $5.51 -48% $/Mcf $4.51 -50% $4.34%
Slide 58: Distribution Infrastructure Replacement Plan
Distribution Infrastructure Replacement Plan Replacing cast iron and bare steel pipe Public Service Commission approved Investment potential 2014 – 2018 average $96MM per year Risk Reduction as Investments Increase Millions 200 $ 2010 2011 2012 2013 2014 2015 Investment Relative risk As investments
Slide 59: Distribution: Main Replacement Miles
Distribution ~ 50% of our natural gas leaks occur in ~10% of our system (2,900 miles) Reduces leaks Reduces operating costs Main Replacement Miles 110 112 27 12 70 10 42 2011 2012 2013* 2014* Cast Iron Uncoated Steel *Forecast Reducing operating costs through investments. GJR 4
Slide 60: Transmission and Compression
Transmission and Compression Gas service area Transmission pipeline system Complete Under Construction Proposed Ray Compressor Station Completed $175 Million St. Clair Compressor Station Proposed $ 72 Million West Oakland Pipeline Completed $104 Million White Pigeon Compressor Station Southwest Mich
Slide 61: Transmission & Compression: Southwest Michigan Pipeline
Transmission & Compression Southwest Michigan Pipeline $120MM 24.1 miles, 36” diameter Existing second line rights Public Service Commission approved Reduced supply risk Reduced compression costs Supports purchasing strategy Pipe arriving Existing right-of-way Investments improve customer value. GJR
Slide 62: Gas New Business
Gas New Business Service Installs Propane to natural gas Customer savings ~$1,500 per year 5 year plan ~ 15,000 customers who will switch Potential – 85,000 Investment potential 2014 – 2018 average $45MM per year New Business 2,631 1,365 147 7,887 6,864 5,209 4,393 2010 2011 2012 2013 Forecast New I
Slide 63: Summary - Investing in the Future
Summary - Investing in the Future One of the largest gas systems in the country Reducing risk Committed to O&M reduction Contributing to financial targets Poised for continued growth Outstanding investment opportunities. GJR 8
Slide 64: Electric Transmission & Distribution
Electric Transmission & Distribution Dan Malone Senior Vice President of Distribution & Customer Operations
Slide 65: Today's Electric Distribution System
Today’s Electric Distribution System 1.8 million electric customers 40 billion kWHrs per year 9,006 MW all time peak ~ 65,500 miles low voltage distribution (LVD) ~ 4,400 miles high voltage distribution (HVD) Providing safe and reliable energy. Lake Michigan Lake Huron Electric Service Area DJM 1
Slide 66: Electric Distribution Capital Investment
Electric Distribution Capital Investment DCO Electric Capital Investment $500 Annual Averages ($ Millions) $450 $400 $329 $300 $309 $234 $200 $100 $ 2005-2007 2008-2012 2013-2017 2018-2022 Average Average Average Average Capacity Reliability Demand Consumers Energy increasing Infrastructure. its inv
Slide 67: Peak Load & System Performance
Peak Load & System Performance Electric Performance 10,000 30,000 25,000 8,930 9,006 9,000 8,883 20,000 (MW) Interrupted Load 8,000 12,000 Peak 9,300 10,000 Customers 7,000 6,000 2006 2011 2012 Peak Load (MW) Customer Interruptions – Non-Storm Electric Capital Investment $400 $328 $335 $300 $283 $29
Slide 68: Move into Transmission
Move into Transmission Consumers Energy exited the transmission business in 2002 Planning to register as Transmission Owner/Operator by 2016 Opportunity to reclassify some assets Customers and shareholders benefits Positions Consumers Energy for potential future growth in an adjacent business. DJM 4
Slide 69: Norplas - New Customer Acquisition
Norplas – New Customer Acquisition New industrial customer -4.8 MW Competition with neighboring utility Met customer requirements Project completion – 2013 Full Revenue -$4MM More competitive. DJM 5
Slide 70: Distribution Productivity Improvements
Distribution Productivity Improvements Headcount Productivity 58% 4,806 4,382 10% $42MM average savings 2009 2010 2011 2012 2009 2010 2011 2012 Cost Savings Predictable work plans and productive field resources contribute to financial success as well as improving satisfaction Make & Meet Commitments
Slide 71: Productivity - Headquarters Reduction
Productivity – Headquarters Reduction +50 Local 35 Local Headquarters Headquarters in 2010 by 2016 65% increase in home-site reporting. DJM 7
Slide 72: Making and Meeting Requirements
Making and Meeting Requirements 50% of 1.2 million orders • Awareness & expectations Customer driven work • Resource utilization Short cycle • Customer communication 100% 100% 100% 100% BTG 95% 83% 77% 40% 40% 22% 2011 2012 2013 YTD 2011 2012 2013 YTD Offered Completed More reliable to customers. DJ
Slide 73: Summary
Summary Consistent 5% -7% EPS growth Customer Value Fair and Timely Regulation Investments Improved Operations Growth and investment Gas Pipeline Replacement Smart Energy Transmission and Distribution Productivity and Efficiency Reliability, customer value, and productivity improvements drive invest
Slide 74: CMS Energy Wrap-Up
CMS ENERGY Wrap-Up
Slide 75: Key Takeaways
Key Takeaways . . . . EPS a Growth $2.00 7% 7% 5% +7% 5% +7% +8% +7% +12% +12% +4% Target 5% -7% +7% Actual = 7% +11% Target 6% -8% Actual EPS = 8% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Beyond a Adjusted EPS (non-GAAP) excluding MTM in 2004-2006 Core Fundamentals Visible Invest
Slide 76: Appendix
Appendix
Slide 77: Capital Expenditures
Capital Expenditures Total 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013-2022 (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) Renewables $ 85 $ 164 $ 9 $ - $ - $ - $ - $ - $ - $ - $ 258 New Generation 68 189 396 288 21 130 250 365 305 355 2,367 Environmental 314
Slide 78: GAAP Reconciliation
GAAP Reconciliation CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 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 After-tax items: Electri
Slide 79: Biographies
Biographies
Slide 80: John G. Russell
John G. Russell 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 billion, assets totaling $15.3 billion and 7,700 employees.
Slide 81: Thomas J. Webb
Thomas J. Webb is executive vice president and chief financial officer of CMS Energy and its principal subsidiary, Consumers Energy. He was named to this position in 2002. Webb also serves as chairman of the board of EnerBank USA, a nationwide provider of consumer loans. Before joining CMS Energy, W
Slide 82: Dennis D. Dobbs
Dennis D. Dobbs is vice president of generation engineering and services for Consumers Energy, the principal subsidiary of CMS Energy. He is responsible for the engineering support of Consumers Energy’s generating fleet along with the development of renewable and conventional generating units. Dobbs
Slide 83: Patricia K. Poppe
Patricia K. Poppe is vice president of customer experience and operations for Consumers Energy, the principal subsidiary of CMS Energy. She was elected to this position in January 2011. Poppe leads Consumers Energy’s customer experience and operations department, which includes customer call centers
Slide 84: Garrick J. Rochow
Garrick J. Rochow is vice president of energy delivery for Consumers Energy, the principal subsidiary of CMS Energy. He was named to this position in 2010. Rochow is responsible for the engineering and planning of the company’s electric and natural gas, transmission and distribution systems. He head
Slide 85: Daniel J. Malone
Daniel J. Malone is senior vice president of distribution and customer operations for Consumers Energy, the principal subsidiary of CMS Energy. He was elected to the position in May 2010. Malone has overall responsibility for the company’s electric and gas distribution systems, energy operations, cu