CMS Energy Corporation (CMS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Jason, and good morning, everyone. Before we get into the financial results, I'm very proud of the team in 2025, as you see from the slide. And I want to highlight a few of the big wins the CMS energy team delivered in 2025. First, I'm very pleased with our large load tariff, which was approved in November. Supplying energy for data centers is a national story. and the rush to serve is on the mind of utility leaders. And I'm very proud of the tariff the team worked so hard on this year because it's strategic and thoughtful. It protects our customers and supports growth in the state. This tariff provides certainty for our data centers as we bring new load onto the system and ensures existing customers don't pay a single cent for the investments. And in some cases, they will see tangible benefits as this new load supports more affordable rates. as we grow Michigan. Next, we received approval for our 20-year renewable energy plan, another area the team worked hard on to put the right plan together that meets the requirements in our state's energy law. More importantly, this approval highlights the constructive regulatory environment in Michigan and provides visibility and certainty for our long-term investments in solar and wind, providing roughly $14 billion of customer investment opportunity over the next decade. On this last one, we have a saying around here, victory loves preparation. And I want to talk about our gas business. It's been a cold start to the winter, and as always, we have been prepared to serve our customers. That doesn't happen by luck or accident. That is a deliberate commitment of our team who work every day to buy gas at the lowest price, store it in some of the largest storage fields in the nation, and deliver it safely and reliably to...