Q4 2024 CMS Energy Corp Earnings Call Transcript
Key Points
- CMS Energy Corp (CMS) reported strong financial performance in 2024, with adjusted earnings per share of $3.34, towards the high end of their guidance range.
- The company has a five-year $20 billion utility customer investment plan, which is up $3 billion from the prior plan, supporting 8.5% rate base growth through 2029.
- CMS Energy Corp (CMS) is making significant progress in improving customer reliability, with 93% of customers having power restored within 24 hours in 2024, compared to 87% in 2023.
- The company has a robust renewable energy plan, aiming to achieve 60% renewables by 2035, with a diversified mix including 9 gigawatts of solar and 4 gigawatts of wind.
- CMS Energy Corp (CMS) is experiencing significant economic development in Michigan, with a projected 2% to 3% annual load growth driven by data centers and manufacturing.
- CMS Energy Corp (CMS) faced significant weather-related financial headwinds in 2024, with the warmest winter in the last 25 years impacting financial performance.
- The company anticipates a significant negative variance in 2025 due to the reversal of select countermeasures and expected capital costs associated with parent financings.
- CMS Energy Corp (CMS) is planning for a maintenance outage at the Dearborn Industrial Generation (DIG) facility, which will impact earnings in 2025.
- The regulatory environment in Michigan has been a concern, with some market participants worried about recent orders, although CMS Energy Corp (CMS) remains confident in constructive outcomes.
- CMS Energy Corp (CMS) has a significant reliance on external financing, with plans for approximately $1.3 billion of new holdco long-term debt and up to $500 million of equity issuance in 2025.
Good morning everyone, and welcome to the CMS Energy 2024 year-end results. The earnings news release issued earlier today, and the presentation used in this webcast are available on CMS Energy's website in the Investor Relations section. This call is being recorded. (Operator Instructions)
Just a reminder, there will be a rebroadcast of this conference call today, beginning at 12:00 PM Eastern Time running through February 13. This presentation is also being webcast and is available on CMS Energy's website in the Investor Relations section.
At this time, I would like to turn the call over to Mr. Jason Shore, Treasurer and Vice President of Investor Relations.
Thank you, Harry. Good morning, everyone, and thank you for joining us today. With me are Garrick Rochow, President and Chief Executive Officer; and Rejji Hayes, Executive Vice President and Chief Financial Officer.
This presentation contains forward-looking statements, which are subject to risks
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