Exhibit 99.1
Growing Forward
Credit Suisse Investor Meeting
December 12, 2011
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, as amended, Rule 175 of the Securities Act of 1933, as amended, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. They should be read in conjunction with “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s Form 10-K for the year ended December 31 and as updated in subsequent 10-Qs. CMS Energy’s and Consumers Energy’s “FORWARD-LOOKING
STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors that could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof.
The presentation also includes non-GAAP measures when describing CMS Energy’s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com.
Reported earnings could vary because of several factors, such as legacy issues associated with prior asset sales. Because of those uncertainties, the company is not providing reported earnings guidance.
1 |
Investment Consideration . . . .
Dividend yield (4%) and EPS growth (5% to 7%) provide attractive total return
“Needed” Utility investment with transparent, long-term earnings growth Constructive regulatory environment and good energy law support Utility investment in Michigan
. . . . predictable,redictable, affordable, and sustainable.
2 |
CMS Business Model . . . .
Actual Results
(2006-2010)
$4.6 Billion Investment
NOLs in lieu of
Equity <3% Base Rates
7% OCF
& EPS
Growth
Future Outlook
(2012-2016)
$6.6 | Billion |
Investment
NOLs in lieu of
Equity <2% Base
Rates
5%-7% OCF
& EPS
Growth
. . . . predictable and repeatable.
3 |
Plan Model Stronger than Most Peers . . . .
RESULTS –
Consistent Financial Performance
Risk Mitigation
Energy Law
Discipline
Strong liquidity
Enablers
Michigan Energy Law
Supportive regulation
O&M cost flat to down
Base rates < inflation
Sales recovery
Cash from NOLs
Needed Investment
. . . . with enablers and risk mitigation.
4 |
Recent Announcements . . . .
Continued, substantial environmental investments at five major coal-fired units
Create more than 2,000 construction jobs in Michigan
Provide significant emissions reductions
Cancellation of proposed clean coal plant project
Reduced customer demand for electricity
Surplus generating capacity in Midwest market
Lower natural gas prices
Update of air quality control plans
Existing and pending federal and state environmental regulations
Ongoing market conditions
Suspension of operations at the several smaller coal-fired units
. . . . didn’t change $6.6 billion investment plan.
5 |
ENABLER – 2012-2016 Capital Investment . . . .
$6.6 Billion
Renewables Distribution
$0.5 | $1.7 |
Reliability
$1.2
Generation
Smart Grid $0.5
$0.3
New Customers
$0.3
Environmental
$1.5 | Other |
$0.6
. . . . “needed” (vsvs “wanted”) — grows rate base 5% to 7%.
6 |
INVESTMENT – $1.5 Billion Environmental . . .
Expenditures
2012 – 2016
(bils)
Air
NOx $0.1
SO2 0.7
Mercury 0.4
Water 0.1
Solid Waste 0.2
Total $1.5
Clean Air Standards
Cross-state Air Pollution Rule mandates SO2 and NOx reductions by January 2012
Plan in place to achieve compliance
Maximum Achievable Control Technology (MACT)
Largest five coal units planned to be controlled – 2,000 MW
Retirement or mothballing of smaller coal plants – 950 MW
. . . . to comply with state and federal laws and regulations.
7 |
Emission Reductions . . . .
Tons per Year Pounds per Year
(Mercury)
120,000 700
SO2
100,000 600
Mercury
500
80,000
400
60,000 NOx
300
40,000
200
20,000 100
0 0
1995 2000 2005 2010 2015 2020
SO2 NOx Mercury
reduced NOx 74% and SO2 67%.
8 |
INVESTMENT – Distribution . . . .
Electric—$1.0 billion
Reliability improvements
Capacity enhancements
Gas—$700 million
Capacity and deliverability
Pipeline integrity
. . . . essential investments to maintain safe and excellent service.
9
INVESTMENT – Reliability . . . .
Electric—$800 million
Strengthen circuits and substations
Replace poles
Upgrade Ludington Pumped Storage Plant
Gas—$400 million
Main replacement program
Enhance transmission and storage systems
. . . . reduces outages and improves customer satisfaction.
10
INVESTMENT – Renewable Energy Plans . . . .
Michigan energy law requires:
10% renewables by 2015
Purchase 50% and build 50%
Renewable energy surcharge reduced by $54 million annually; further reduction expected
Plan to invest about $500 million over next five years, primarily in wind power
$232 million, Lake Winds Energy Park under construction
. . . . at lower customer costs while maintaining investment.
11
INVESTMENT – Smart Grid Deployment .
$300 million next 5 years
Total project cost $750 million
Installation of 1.8 million electric meters
Deployment begins fall 2012 continuing through 2019
Utilizing SmartSynch cellular network
Most secure, flexible and scalable
Technology enables customers to manage energy use and
integrate new technology
Enterprise Applications
Work and Asset Management
Billing Customer Information Outage Management
MDM/MDUS
. . . . improves overall financial viability.
12
INVESTMENT – “Self Limited” . . . .
2012 – 2016 Plan Unrestrained
Pipe replacements $6.6 Billion
Pole replacements
New gas generation
Faster smart grid
$10 Billion
Customer rates <2% >4%
. . . . to maintain sustainable base rate increases at less than inflation.
13
ENABLER – Michigan Energy Law . . . .
2008 Law
Growth
Renewable energy plan
Energy optimization
Speed
File and implement ratemaking
Forward test year
Risk Mitigation
Retail open access cap
Decoupling
Regulation
John Quackenbush, Chairman Appointed: 9/15/11 Term Ends: 7/2/17 Republican
Orjiakor Isiogu, Commissioner Appointed: 9/9/07 Term Ends: 7/2/13 Democrat
Greg White, Commissioner Appointed: 12/4/09 Term Ends: 7/2/15 Independent
. . . . enables timely rate recovery and mitigates risks.
14
Regulatory Timeline
2008 2009 2010 2011 2012
Electric
2009 Filed Self-Imp Order Offsets
$214 M $179 M $139 M Renewables $(57)
DOE(23)
Order Total $(80)
2010 New 78% Filed Self-Imp $146 M
Energy $178 M $150 M
Law
2011 Filed Self- Decision
97%% $195 M Imp
Gas $118 M
2009 Filed Self-Imp Order
$114 M $89 M $66 M
2010 Filed Order Filed Self-
74% $55 M $31 M $49 M Imp Decision
2008 2009 2010 2011 2012
working well.
15 |
ENABLER – O&M Cost Control . . . .
Average Annual Increase a
7.5% Other O&M
Benefits, storms, low income
3.1% funding & uncollectibles
2.8%
4.4% 1.4%
1.4% 0.1%
2002-2006 _ 2007-2011 2012-2016
a Excluding energy optimization
Recent Cost Reductions
Fuel
Western coal – $250 million Base Rates and Surcharges
Benefit plans – $30 million
SAP system efficiencies –$40 million
Reduced workforce – $30 million
Reduced customer renewable energy surcharge – about $54 million
. . . . helps maintain “affordability” (creates headroom).
16
ENABLER – Intense Customer Focus . . . .
Productivity initiatives Customer value initiative Maximize energy optimization Improve system reliability Competitive rates
2012-2016 Estimated Annual
Average Base Rate Increases a
a Includes surcharges
Inflation
<2%
1.5%
Electric Gas
. . . . to maintain affordable and sustainable rates.
17
ENABLER – Electric Sales (weather adjusted) . . . .
Electric Sales Sales (year over year)
GWh 3 Year
40,000 Recovery
6% decline
35,000 2007 to 2009
30,000
25,000 2 Year
Recovery
7% decline
20,000 1979 to 1982
15,0000
1975 1979 1983 1987 1991 1995 1999 2003 2007 2012
Outlook
6%
2% 2%
2%
1.5%
1/2 %
2%
3%
6%
2006 2007 2008 2009 2010 2011 2012
Forecast Outlook
. . . . industrial at pre-recession level; total sales back in 2012.
18
Liquidity (as of 9/30/2011) . . . .
Availability
CMS Energy
5-year revolver—2016 $547 mils
Consumers Energy 40%
5-year revolver—2016 Market Cap
499
3-year revolver—2013 150
A/R Facility—2011 250
Cash 623
Parent Maturities
$250
$150
Prefunded
$50
$0
2011 2012 2013 2014
. . . . strong and conservative.
19
RESULTS – Operating Cash Flow Growth . . . .
Amount
(bils)
$ 2.5 Gross operating cash flow a
up $0.1 billion per year
2.0 | $1.8 $1.9 |
$1.7
$1.5 | $1.6 $1.6 |
1.5 | $1.3 Interest |
1.0 | Working capital and taxes |
Base Investment
0.5
0.0 | Investment choices |
Cash flow before dividend
(0.5)
(1.0)
_ 2009 2010 2011 2012 2013 2014 2015
a Non-GAAP
. . . . supported by “desirable” investments.
20
RESULTS – EPS and Dividend Growth . . . .
8% CAGR 5%-7% Growth
$1.36
Actual a $1.26
Guidance $1.21 b $1.35
$1.25
1.08 | $1.20 |
0.96
0.90 | 1.00 0.84 |
$0.81 | 0.90 84¢ |
$0.80 | 0.85 0.80 58% |
50¢ |
40% 68%
36¢ | Dividend |
Increase
Annual dividend/share 20¢ 30%
Payout 25%
2003 2004 2005 2006 2007 2008 2009 2010 2011 Future
a Adjusted EPS (non-GAAP) excluding MTM in 2004-2006
b $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock
results from “needed” investment.
21 |
EPS Growth (5% to 7%) and Dividend Yield (4%) . . . .
Consistent
financial
performance
Fair and timely
regulation
Utility Customer
investment value
Safe, excellent operations
predictable,redictable, affordable, and sustainable.
22 |
Appendix
Consumers Capital Expenditures
Plan 2012-2016
2012 2013 2014 2015 2016 Total
(mils)(mils)(mils)(mils)(mils)(mils)
Electric
Distribution $ 198 $ 188 $ 196 $ 191 $ 193 $ 966
Generation 98 80 136 78 130 522
Environmental 268 349 320 356 260 1,553
New customers 31 31 35 39 40 176
Other 99 90 70 73 75 $ 407
Base capital $ 694 $ 738 $ 757 $ 737 $ 698 $ 3,624
Gas
Distribution $ 128 $ 143 $ 145 $ 145 $ 145 $ 706
New customers $ 29 $ 18 $ 20 $ 21 $ 22 $ 110
Other 51 46 47 39 40 223
Base capital $ 208 $ 207 $ 212 $ 205 $ 207 $ 1,039
Total base capital $ 902 $ 945 $ 969 $ 942 $ 905 $ 4,663
Investment choices:
Reliability $ 247 $ 235 $ 249 $ 209 $ 212 $ 1,152
Renewables 186 24 112 228 8 558
Smart Grid 61 51 53 54 47 266
Total choices $ 494 $ 310 $ 414 $ 491 $ 267 $ 1,976
Total Utility $ 1,396 $ 1,255 $ 1,383 $ 1,433 $ 1,172 $ 6,639
24 |
Risk Mitigation
Risk Mitigation
Economy Sluggish recovery or • Back-up liquidity
downturn • Customer focus
Capital Investments Regulatory recovery • Priority projects
• Regulatory alignment
Regulatory / Political ROA and customer rate • ROA “cap”
pressure • Rate increases < “inflation”
Commodities (prices) Regulatory alignment • Follow MPSC-approved plan
to ensure recovery
Capital Structure Interest rates • Maintain financial flexibility
• Prefund obligations
Shareowner Return Sustainable returns; • Risk management
interest rates • Consistent EPS performance
• Attractive dividend policy
CMS ranks among best at risk mitigation.
25 |
2011 and 2012 Sensitivities
Annual Impact
Sensitivity EPS OCF
(mils)
Sales (weather adjusted) a
Electric (37,395 Gwh) + 1% $ 0 + $20
Gas (287 Bcf) + 1 + 0.01 + 5
Gas prices (NYMEX) + 1.00 –+ 0.01 –+ 60
Uncollectible accounts (mils) + 5 –+ 0.01*
ROE (authorized)
Electric (10.7%) + 20 bps + 0.02 + 10
Gas (10.5%) + 20 + 0.01 + 4
_ Stock price (dilution) $1 share + 0.01 0
* | Less than 0.5¢ or $500,000 |
a Reflect 2011 sales forecast
partly mitigated.
26 |
Customer Rate Cases
U-16794 U-16855
Electric Gas
(mils)(mils)
Investment $149 $32
O&M (lower)(18)(4) 33
Low income assistance 14 19
Subtotal $145 $47
Sales 50 2
Total $195 $49
Offsets:
Renewables(57) -
$(80)
DOE(23) -
Net $115 $49
Customer base rate increases 1.6% 2.2%
Self implementation December March
recoverecover investment; reduce O&M.
27 |
ELECTRIC RATE CASE U-16794*
On June 10, 2011, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase in its electric generation and distribution rates based on a test year of 12 months ending September 2012. On November 15, 2011, the MPSC Staff filed their position, recommending a rate increase of $39 million with a 9.95% return on equity. The variance between Consumers’ filed position and the MPSC Staff’s filed position is detailed below. On November 17, the Company filed testimony that it intends to self-implement a $147 million rate increase on and after December 8 under the provisions of 2008 PA 286.
Item | Company (Mils) | MPSC Staff (Mils) | MPSC Staff B/(W) (Mils) | Explanation of Variance | ||||||||||||
1. | Rate Base | $ | 81 | $ | 60 | $ | (21 | ) | Environmental, reliability, other Capex: ($20) Return on clean coal plant: ($1) | |||||||
2. | Depreciation/ Property Taxes | 70 | 18 | (52 | ) | New depreciation rates: ($28) Coal plant amortization: ($7) Federal income taxes, other: ($17) | ||||||||||
3. | O&M | (4 | ) | (44 | ) | (40 | ) | Uncollectibles (LIHEAP): ($14) Forestry: ($12) Generation O&M, other: ($14) | ||||||||
4. | Rate of Return | (2 | ) | (45 | ) | (43 | ) | Lower return on equity: ($39) Lower debt cost: ($4) | ||||||||
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5. | Sub-total | $ | 145 | $ | (11 | ) | $ | (156 | ) | |||||||
6. | Gross Margin | 50 | 50 | 0 | ||||||||||||
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7. | Total | $ | 195 | $ | 39 | $ | (156 | ) | ||||||||
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Ratemaking Capital Structure % | Existing (U-16191) | Consumers Filing | MPSC Staff Filing | |||||||||
Long Term Debt | 40.63 | % | 39.39 | % | 39.39 | % | ||||||
Short Term Debt | 1.51 | 1.75 | 1.75 | |||||||||
Preferred Stock | 0.44 | 0.42 | 0.42 | |||||||||
Common Equity | 41.59 | 42.07 | (1) | 42.07 | ||||||||
Deferred FIT | 15.30 | 15.89 | 15.89 | |||||||||
JDITC/Other | 0.53 | 0.48 | 0.48 | |||||||||
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| 100.00 | % | 100.00 | % | 100.00 | % | |||||||
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Rate Base and Return Percentage | Existing (U-16191) | Consumers Filing | MPSC Staff Filing | |||||||||
Rate Base (billions) | $ | 6.87 | $ | 7.54 | $ | 7.31 | ||||||
Return on Rate Base | 6.98 | % | 6.92 | % | 6.55 | % | ||||||
Return on Equity | 10.70 | % | 10.70 | % | 9.95 | % | ||||||
| (1) | Equivalent to 51.38% on a financial basis. |
ELECTRIC RATE CASE SCHEDULE
| Self-implementation Hearing | November 22, 2011 | |
| Rebuttal Testimony | December 2, 2011 | |
| Self-implementation Date | December 8, 2011 | |
| Cross of all Witnesses | December 13-22, 2011 | |
| Initial Briefs | January 24, 2012 | |
| Reply Briefs | February 14, 2012 | |
| Proposal for Decision | March 30, 2012 (target) |
| * | Electric Rate Case U-16794 can be accessed at the Michigan Public Service Commission’s website.http://efile.mpsc.cis.state.mi.us/efile/electric.html |
28
GAS RATE CASE U-16855*
On September 2, 2011, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase in its gas delivery and transportation rates based on a 12 month ending December, 2012 test year. The request seeks authorization to implement an uncollectible accounts expense tracker as well as OPEB and Pension trackers. The proposed capital structure includes a 10.70% authorized return on equity. If approved, the request would add about $1.80 per month, or about 2.2%, to the typical residential customer’s average monthly bill. The $49 million revenue deficiency is detailed below.
Item | $ Millions | Explanation | ||||
| 1. | Investment | $22 | Net plant (reliability & safety, regulatory compliance, deliverability): $17 Working capital: $11 Taxes and AFUDC: $(6) | |||
| 2. | Gross Margin | 2 | Sales mix: $(4) Reduced miscellaneous revenues: $6 | |||
| 3. | O&M | 15 | Uncollectible accounts expense (reduced LIHEAP funding): $19 Reduced benefits/increased productivity: $(14) Gas pipeline integrity and safety: $10 | |||
| 4. | Cost of Capital | 10 | Return on Equity (10.70% vs. 10.50%): $4 Other capitalization costs: $6 | |||
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| Total | $49 | |||||
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Ratemaking Capital Structure | Existing (U-16418) | As Filed Percent of Total | Annual Cost | After-Tax Weighted Costs | ||||||||||||
Long Term Debt | 41.12 | % | 39.58 | % | 5.83 | % | 2.31 | % | ||||||||
Short Term Debt | 2.36 | 2.20 | 3.91 | 0.10 | ||||||||||||
Preferred Stock | 0.41 | 0.40 | 4.46 | 0.02 | ||||||||||||
Common Equity | 40.10 | 41.55 | (1) | 10.70 | 4.45 | |||||||||||
Deferred Taxes | 15.50 | 15.80 | 0.00 | 0.00 | ||||||||||||
JDITC/Other | 0.51 | 0.47 | 8.27 | 0.02 | ||||||||||||
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| 100.00 | % | 100.00 | % | 6.90 | %(2) | |||||||||||
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Rate Base and Return Percentage | Existing (U-16418) | As Filed | ||||||
Rate Base (billions) | $ | 2.86 | $ | 3.07 | ||||
Return on Rate Base | 6.69 | % | 6.90 | % | ||||
Return on Equity | 10.50 | % | 10.70 | % | ||||
| (1) | Equivalent to 50.96% on financial basis. |
| (2) | Equivalent to 9.76% pre-tax basis. |
GAS RATE CASE SCHEDULE
Staff & Intervenors File Testimony | February 3, 2012 | |
| Rebuttal Testimony | February 21, 2012 | |
| Self-implementation Date | March 1, 2012 | |
| Cross of all Witnesses | March 12 through March 23 | |
| Initial Briefs | April 20, 2012 | |
| Reply Briefs | May 11, 2012 | |
| Proposal for Decision | June 22, 2012 (Target) | |
| Commission Order | Not later than Friday, August 31, 2012 | |
| *Gas | Rate Case U-16855 can be accessed at the Michigan Public Service Commission’s website. |
29
Consumers Energy’s Regulated Rate Base
Total Rate Base Present Rate Cases as Filed
$10.6 | Billion Electric Gas |
(U-16794)(U-16855)
Rate base (bilsbils)) $7.5 $3.1
Gas
29%
Electric Equity ratio 42.07% 41.55%
71% Requested ROE 10.7 10.7
Authorized ROE 10.7 10.5
planned to grow 5% -7% annually over next five years.
30 |
Credit Ratings
CMS Energy Consumers Energy
(Senior Unsecured)(Senior Secured)
Moody’s Ba1/Stable A3/Stable
S&P BB+/Stable BBB+/Stable
Fitch BB+/Stable BBB+/Stable
31
Federal Tax Benefits
Net NOLs and Credits (bils)
$0.8 $0.8
$0.7
$0.5
$0.3
$0.2
2010 2011 2012 2013 2014 2015
Gross NOLs (bils) $1.4 $1.3 $1.2 $0.5 $0
.... offset need for equity (dilution) for five years!
32
Electric Customer Base Diversified . . . .
Hemlock Semiconductor
General Motors
State of Michigan
Meijer Incorporated
Nexteer Automotive Corporation
Packaging Corporation of America
Gerdau MacSteel
Denso International
Spectrum Health
City of Grand Rapids
Percent of 2010 electric gross margin is 2%
2010 Electric Gross Margin
Residential,
48%
Commercial,
31%
Other Autos, 4%
(including
ROA), 7% Industrial, 10%
$1.95 | Billion |
Note: “Autos” includes 180 Business Partners identified by customer
account managers
“Autos” only 4% of gross margin.
33 |
MATURITY SCHEDULE OF CMS AND CECO LONG-TERM DEBT & PREFERRED SECURITIES
AS OF 10/31/2011
Reflects early redemption of $50MM CMS Senior Notes 10/31/11
F/V | S/U | Maturity or Call Date | Amount (000’s) | DEBT/ CO | ||||||
SHORT-TERM DEBT: | ||||||||||
F | U | SHORT-TERM | $ | 172,500 | 5.5% Convertible Sr Notes (CMS) | |||||
F | U | SHORT-TERM | 287,499 | 2.875% Convertible Sr Unsec Notes (CMS) | ||||||
F | S | 02/15/12 | 300,000 | 5% Series L FMBs (CECo) | ||||||
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| $ | 759,999 | |||||||||
LONG-TERM DEBT: | ||||||||||
V | U | 01/15/13 | $ | 150,000 | Floating Rate Sr Notes (CMS) | |||||
F | S | 04/15/13 | 375,000 | 5.375% Series B FMBs (CECo) | ||||||
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| $ | 525,000 | |||||||||
F | S | 02/15/14 | $ | 200,000 | 6% FMBs (CECo) | |||||
F | U | 05/15/14 | 250,000 | 2.75% Sr Notes (CMS) | ||||||
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| $ | 450,000 | |||||||||
F | S | 03/15/15 | $ | 225,000 | 5% FMBs Series N (CECo) | |||||
F | U | 09/30/15 | 250,000 | 4.25% Sr Notes (CMS) | ||||||
F | S | 10/15/15 | 50,000 | 2.60% FMBs (CECo) | ||||||
F | U | 12/15/15 | 125,000 | 6.875% Sr Notes (CMS) | ||||||
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| $ | 650,000 | |||||||||
F | S | 08/15/16 | $ | 350,000 | 5.5% Series M FMBs (CECo) | |||||
F | S | 02/15/17 | 250,000 | 5.15% FMBs (CECo) | ||||||
F | U | 07/17/17 | 250,000 | 6.55% Sr Notes (CMS) | ||||||
F | S | 10/15/17 | 100,000 | 3.21% FMBs (CECo) | ||||||
F | U | 02/15/18 | 250,000 | 5.05% Sr Notes (CMS) | ||||||
F | S | 03/01/18 | 180,000 | 6.875% Sr Notes (CECo) | ||||||
V | S | 04/15/18 | 67,700 | VRDBs to replace PCRBs (CECo) | ||||||
F | S | 09/15/18 | 250,000 | 5.65% FMBs (CECo) | ||||||
F | S | 03/15/19 | 350,000 | 6.125% FMBs (CECo) | ||||||
F | U | 06/15/19 | 300,000 | 8.75% Sr Notes (CMS) | ||||||
F | S | 09/15/19 | 500,000 | 6.70% FMBs (CECo) | ||||||
F | U | 02/01/20 | 300,000 | 6.25% Sr Notes (CMS) | ||||||
F | S | 04/15/20 | 300,000 | 5.65% FMBs (CECo) | ||||||
F | S | 10/15/20 | 100,000 | 3.77% FMBs (CECo) | ||||||
F | S | 09/01/22 | 250,000 | 5.30% FMBs (CECo) | ||||||
F | U | 07/15/27 | 28,667 | QUIPS 7.75%(CMS)Pref Sec | ||||||
V | S | 04/01/35 | 35,000 | PCRBs (CECo) | ||||||
F | S | 09/15/35 | 175,000 | 5.80% FMBs (CECo) | ||||||
F | S | 09/01/40 | 50,000 | 6.17% FMBs (CECO) | ||||||
F | S | 10/15/40 | 50,000 | 4.97% FMBs (CECo) | ||||||
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| 4,136,367 | ||||||||||
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| $ | 6,521,366 | TOTAL | ||||||||
| $ | 6,492,699 | TOTAL EXCLUDING PREFERRED SECURITIES | ||||||||
| Various Maturity Dates/No Maturity Date Available: | ||||||||||
| $ | 171,456 | CECo Securitization Bonds after 10/20/11 payment | ||||||||
| 194,602 | CECo Capital lease rental commitments as of 09/30/11 | |||||||||
| 421,975 | EnerBank Discount Brokered CDs as of 09/30/11 (CMS) | |||||||||
| (18,761 | ) | CMS Net unamortized discount as of 09/30/11 | ||||||||
| (3,587 | ) | CECo Net unamortized discount as of 09/30/11 | ||||||||
|
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| $ | 7,287,050 | GRAND TOTAL | ||||||||
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Status Codes: F-Fixed rate; V-Variable rate; S-Secured; U-Unsecured
34
|
Consumers Electric Utility Financial & Operating Statistics |
Years Ended December 31 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
ELECTRIC REVENUE AND POWER COSTS (Millions) | ||||||||||||||||||||
Residential | $ | 1,614 | $ | 1,387 | $ | 1,414 | $ | 1,326 | $ | 1,279 | ||||||||||
Commercial | 1,166 | 1,099 | 1,129 | 1,111 | 1,062 | |||||||||||||||
Industrial | 749 | 677 | 810 | 775 | 764 | |||||||||||||||
Other | 40 | 36 | 32 | 30 | 29 | |||||||||||||||
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Total revenue from customers | $ | 3,569 | $ | 3,199 | $ | 3,385 | $ | 3,242 | $ | 3,134 | ||||||||||
Wholesale | 20 | 19 | 22 | 23 | 22 | |||||||||||||||
Intersystem | 99 | 94 | 113 | 92 | 45 | |||||||||||||||
Retail open access/direct access | 54 | 31 | 15 | 15 | 17 | |||||||||||||||
Miscellaneous | 60 | 64 | 59 | 71 | 84 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total electric utility revenue | $ | 3,802 | $ | 3,407 | $ | 3,594 | $ | 3,443 | $ | 3,302 | ||||||||||
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|
|
| |||||||||||
Fuel for electric generation | $ | 520 | $ | 460 | $ | 483 | $ | 385 | $ | 436 | ||||||||||
Purchased and interchange power | 1,308 | 1,232 | 1,388 | 1,449 | 1,135 | |||||||||||||||
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| |||||||||||
DEPRECIATION AND AMORTIZATION | $ | 450 | $ | 441 | $ | 438 | $ | 397 | $ | 380 | ||||||||||
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| |||||||||||
OPERATING INCOME (Millions) | $ | 672 | $ | 488 | $ | 576 | $ | 413 | $ | 411 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
NET INCOME (Millions) | $ | 303 | $ | 194 | $ | 271 | $ | 196 | $ | 199 | ||||||||||
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| |||||||||||
DELIVERIES (Million kWhs) | ||||||||||||||||||||
System sales | ||||||||||||||||||||
Residential | 12,968 | 12,386 | 12,854 | 13,206 | 12,975 | |||||||||||||||
Commercial | 11,026 | 11,211 | 11,969 | 12,384 | 12,199 | |||||||||||||||
Industrial | 9,061 | 9,290 | 10,563 | 11,153 | 11,143 | |||||||||||||||
Other | 235 | 230 | 225 | 231 | 227 | |||||||||||||||
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| |||||||||||
Total sales to ultimate customers | 33,290 | 33,117 | 35,611 | 36,974 | 36,544 | |||||||||||||||
Wholesale | 325 | 328 | 333 | 496 | 498 | |||||||||||||||
Retail open access/direct access | 4,079 | 2,326 | 1,541 | 1,364 | 1,455 | |||||||||||||||
Intersystem | 1,394 | 1,277 | 1,176 | 1,329 | 814 | |||||||||||||||
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| |||||||||||
Total electric system deliveries | 39,088 | 37,048 | 38,661 | 40,163 | 39,311 | |||||||||||||||
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| |||||||||||
AVERAGE ELECTRIC REVENUE (¢/kWh) | ||||||||||||||||||||
Residential | 12.45 | 11.20 | 11.00 | 10.04 | 9.86 | |||||||||||||||
Commercial | 10.58 | 9.80 | 9.43 | 8.98 | 8.71 | |||||||||||||||
Industrial | 8.27 | 7.29 | 7.67 | 6.95 | 6.86 | |||||||||||||||
Other | 17.02 | 15.65 | 14.22 | 12.99 | 12.78 | |||||||||||||||
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| |||||||||||
Total | 10.72 | 9.66 | 9.51 | 8.77 | 8.58 | |||||||||||||||
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| |||||||||||
ELECTRIC CUSTOMERS BILLED (At December 31) | ||||||||||||||||||||
Residential | 1,569,183 | 1,566,980 | 1,584,752 | 1,575,386 | 1,570,113 | |||||||||||||||
Commercial | 210,380 | 210,223 | 208,931 | 211,365 | 211,718 | |||||||||||||||
Industrial | 8,881 | 8,770 | 8,505 | 8,619 | 8,638 | |||||||||||||||
Retail Open Access/Direct Access | 1,095 | 861 | 642 | 642 | 839 | |||||||||||||||
Other | 1,287 | 1,282 | 2,045 | 2,025 | 2,009 | |||||||||||||||
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|
|
| |||||||||||
Total | 1,790,826 | 1,788,116 | 1,804,875 | 1,798,037 | 1,793,317 | |||||||||||||||
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| |||||||||||
AUTHORIZED RETURN ON EQUITY | 10.70 | % | 10.70 | % | 10.70 | % | 11.15 | % | 11.15 | % | ||||||||||
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| |||||||||||
EARNED RETURN ON EQUITY-FINANCIAL | 10.6 | % | 6.4 | %1 | 9.4 | % | 7.5 | % | 8.9 | % | ||||||||||
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| |||||||||||
RATE BASE (At December 31) ($ Millions) | $ | 6,815 | $ | 6,459 | $ | 6,175 | $ | 5,407 | $ | 5,088 | ||||||||||
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| |||||||||||
COOLING DEGREE DAYS2 | ||||||||||||||||||||
Normal degree days in calendar year | 558 | 558 | 558 | 558 | 558 | |||||||||||||||
Actual degree days | 884 | 379 | 542 | 773 | 613 | |||||||||||||||
Percent warmer (colder) than normal | 4.0 | (1.6 | ) | (2.9 | ) | 38.5 | 9.9 | |||||||||||||
Increase (decrease) from normal in: | ||||||||||||||||||||
Electric deliveries (millions of kWh) | 855 | (461 | ) | 146 | 736 | 118 | ||||||||||||||
| 1 | 9.1% excluding Big Rock Decommissioning refund |
| 2 | 2009 Weather updated to align with 2010 methodology |
CMS Energy Investor Relations | One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590 | http://www.cmsenergy.com |
35
| Consumers Electric Utility Supplemental Operating Statistics | |||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||
FUEL COST ($/MMBtu) | ||||||||||||||||||||||||||||||||||||||||
Coal | 2.51 | 2.37 | 2.01 | 2.04 | 2.09 | |||||||||||||||||||||||||||||||||||
Oil | 10.98 | 9.59 | 11.54 | 8.21 | 8.68 | |||||||||||||||||||||||||||||||||||
Gas | 5.57 | 6.57 | 10.94 | 10.29 | 8.92 | |||||||||||||||||||||||||||||||||||
Nuclear | 0.00 | 0.00 | 0.00 | 0.42 | 0.24 | |||||||||||||||||||||||||||||||||||
Weighted average for all fuels | 2.71 | 2.56 | 2.47 | 2.07 | 1.72 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
FUEL COST FOR GENERATION (%) | ||||||||||||||||||||||||||||||||||||||||
Coal | 88.2 | 90.6 | 81.0 | 97.9 | 88.2 | |||||||||||||||||||||||||||||||||||
Oil and gas | 3.3 | 2.5 | 4.1 | 9.1 | 6.7 | |||||||||||||||||||||||||||||||||||
Nuclear | 0.0 | 0.0 | 0.0 | 2.2 | 3.7 | |||||||||||||||||||||||||||||||||||
Combustion turbine | 8.4 | 6.8 | 14.6 | 0.9 | 0.8 | |||||||||||||||||||||||||||||||||||
Nox allowances | 0.1 | 0.1 | 0.3 | (10.2 | ) | 0.6 | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
POWER GENERATED (Millions of kWhs) | ||||||||||||||||||||||||||||||||||||||||
Coal | 17,879 | 48.3 | % | 17,255 | 47.3 | % | 17,701 | 45.5 | % | 17,903 | 44.3 | % | 17,744 | 44.6 | % | |||||||||||||||||||||||||
Nuclear | 0 | 0.0 | % | 0 | 0.0 | % | 0 | 0.0 | % | 1,781 | 4.4 | % | 5,904 | 14.9 | % | |||||||||||||||||||||||||
Oil | 21 | 0.1 | % | 14 | 0.0 | % | 41 | 0.1 | % | 112 | 0.3 | % | 48 | 0.1 | % | |||||||||||||||||||||||||
Gas | 1,043 | 2.8 | % | 565 | 1.5 | % | 804 | 2.1 | % | 129 | 0.3 | % | 161 | 0.4 | % | |||||||||||||||||||||||||
Hydro | 365 | 1.0 | % | 466 | 1.3 | % | 454 | 1.2 | % | 416 | 1.0 | % | 485 | 1.2 | % | |||||||||||||||||||||||||
Net pumped storage(a) | (366 | ) | -1.0 | % | (303 | ) | -0.8 | % | (382 | ) | -1.0 | % | (478 | ) | -1.2 | % | (426 | ) | -1.1 | % | ||||||||||||||||||||
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| |||||||||||||||||||||
Total net generation | 18,942 | 51.2 | % | 17,997 | 49.4 | % | 18,618 | 47.8 | % | 19,863 | 49.2 | % | 23,916 | 60.2 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Purchased and interchange: | ||||||||||||||||||||||||||||||||||||||||
Non-utility generation | 12,003 | 32.4 | % | 11,538 | 31.6 | % | 13,643 | 35.1 | % | 12,502 | 31.0 | % | 8,594 | 21.6 | % | |||||||||||||||||||||||||
Net interchange power | 6,045 | 16.3 | % | 6,925 | 19.0 | % | 6,653 | 17.1 | % | 8,009 | 19.8 | % | 7,244 | 18.2 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Total net purchased and interchange power | 18,048 | 48.8 | % | 18,463 | 50.6 | % | 20,296 | 52.2 | % | 20,511 | 50.8 | % | 15,838 | 39.8 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Total net power supply | 36,990 | 100.0 | % | 36,460 | 100.0 | % | 38,914 | 100.0 | % | 40,374 | 100.0 | % | 39,754 | 100.0 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
NET DEMONSTRATED CAPABILITY (MW) AT PEAK / POWER SOURCE (%) | ||||||||||||||||||||||||||||||||||||||||
Coal | 2,828 | 30.6 | % | 2,850 | 31.8 | % | 2,850 | 29.7 | % | 2,841 | 30.5 | % | 2,841 | 30.9 | % | |||||||||||||||||||||||||
Oil and gas | 1,814 | 19.6 | % | 1,814 | 20.3 | % | 1,997 | 29.7 | % | 1,459 | 15.7 | % | 1,459 | 15.8 | % | |||||||||||||||||||||||||
Nuclear | 0 | 0.0 | % | 0 | 0.0 | % | 0 | 0.0 | % | 0 | 0.0 | % | 778 | 0.0 | % | |||||||||||||||||||||||||
Combustion turbine | 517 | 5.6 | % | 661 | 7.4 | % | 661 | 6.9 | % | 345 | 3.7 | % | 345 | 3.7 | % | |||||||||||||||||||||||||
Hydro | 74 | 0.8 | % | 74 | 0.8 | % | 73 | 0.8 | % | 73 | 0.8 | % | 74 | 0.8 | % | |||||||||||||||||||||||||
Pumped storage | 955 | 10.3 | % | 955 | 10.7 | % | 955 | 10.0 | % | 955 | 10.3 | % | 955 | 10.4 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Total owned generation | 6,188 | 66.9 | % | 6,354 | 71.0 | % | 6,536 | 68.2 | % | 5,673 | 61.0 | % | 6,452 | 70.1 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Plus P&I power capability | 3,058 | 33.1 | % | 2,600 | 29.0 | % | 3,050 | 31.8 | % | 3,627 | 39.0 | % | 2,756 | 29.9 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Total owned and P&I | 9,246 | 100.0 | % | 8,954 | 100.0 | % | 9,586 | 100.0 | % | 9,300 | 100.0 | % | 9,208 | 100.0 | % | |||||||||||||||||||||||||
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| |||||||||||||||||||||
Peak load (MW)(b) | 8,190 | 7,421 | 7,488 | 8,183 | 8,657 | |||||||||||||||||||||||||||||||||||
Reserve capacity (%) | 11.0 | 17.0 | 22.0 | 12.0 | 6.0 | |||||||||||||||||||||||||||||||||||
Nameplate generating capacity (MW) at peak | 6,784 | 6,784 | 6,784 | 6,784 | 6,784 | |||||||||||||||||||||||||||||||||||
Load factor(b) | 55.3 | 55.9 | 59.2 | 56.3 | 52.4 | |||||||||||||||||||||||||||||||||||
Heat rate-average Btu of fuel per net kWh generated | 10,132 | 10,072 | 10,201 | 10,198 | 10,123 | |||||||||||||||||||||||||||||||||||
| (a) | Consumers’ portion of the Ludington pumped storage facility. |
| (b) | Excluding Retail Open Access loads. |
CMS Energy Investor Relations | One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590 | http://www.cmsenergy.com |
36
| Consumers Gas Utility Financial & Operating Statistics |
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
GAS REVENUE AND COST OF GAS ($ Millions) | ||||||||||||||||||||
Residential | $ | 1,677 | $ | 1,808 | $ | 1,971 | $ | 1,823 | $ | 1,646 | ||||||||||
Commercial | 449 | 511 | 598 | 552 | 498 | |||||||||||||||
Industrial | 88 | 101 | 124 | 113 | 111 | |||||||||||||||
Other | 3 | 3 | 5 | 6 | 4 | |||||||||||||||
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|
|
|
|
|
| |||||||||||
Total sales revenue | $ | 2,217 | $ | 2,423 | $ | 2,698 | $ | 2,494 | $ | 2,259 | ||||||||||
Transportation fees | 53 | 48 | 45 | 44 | 40 | |||||||||||||||
Miscellaneous | 84 | 85 | 84 | 83 | 75 | |||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Total gas utility revenue | $ | 2,354 | $ | 2,556 | $ | 2,827 | $ | 2,621 | $ | 2,374 | ||||||||||
Cost of gas sold | 1,516 | 1,778 | 2,079 | 1,918 | 1,770 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Gas utility revenue net of cost of gas | $ | 838 | $ | 778 | $ | 748 | $ | 703 | $ | 604 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | $ | 122 | $ | 118 | $ | 136 | $ | 127 | $ | 122 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
OPERATING INCOME | $ | 252 | $ | 201 | $ | 190 | $ | 170 | $ | 113 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
NET INCOME | $ | 127 | $ | 96 | $ | 89 | $ | 87 | $ | 37 | ||||||||||
|
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|
|
|
|
|
|
| |||||||||||
SALES AND DELIVERIES (Bcf) | ||||||||||||||||||||
Residential | 152 | 163 | 171 | 167 | 154 | |||||||||||||||
Commercial | 47 | 52 | 57 | 55 | 50 | |||||||||||||||
Industrial | 10 | 11 | 12 | 12 | 12 | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Total gas sales (1) | 209 | 226 | 240 | 234 | 216 | |||||||||||||||
Gas transportation deliveries | 108 | 93 | 98 | 107 | 92 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total gas sales and transportation deliveries | 317 | 319 | 338 | 341 | 308 | |||||||||||||||
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|
|
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|
|
| |||||||||||
GAS CUSTOMERS BILLED (at December 31) | ||||||||||||||||||||
Residential | 1,576,520 | 1,574,246 | 1,577,863 | 1,580,586 | 1,584,666 | |||||||||||||||
Commercial | 117,860 | 118,199 | 118,870 | 119,703 | 119,936 | |||||||||||||||
Industrial | 6,938 | 7,073 | 6,961 | 7,014 | 6,982 | |||||||||||||||
Transportation | 3,005 | 2,725 | 2,507 | 2,495 | 2,483 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total customers | 1,704,323 | 1,702,243 | 1,706,201 | 1,709,798 | 1,714,067 | |||||||||||||||
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|
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| |||||||||||
AVERAGE GAS REVENUE ($ per Mcf) | ||||||||||||||||||||
Residential | $ | 11.03 | $ | 11.09 | $ | 11.53 | $ | 10.93 | $ | 10.70 | ||||||||||
Commercial | 9.59 | 9.83 | 10.49 | 10.09 | 9.87 | |||||||||||||||
Industrial | 9.17 | 9.18 | 10.33 | 9.62 | 9.45 | |||||||||||||||
Transportation (2) | 0.82 | 0.82 | 0.70 | 0.68 | 0.61 | |||||||||||||||
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| |||||||||||
GAS SUPPLY (MMcf) | ||||||||||||||||||||
Gas Cost Recovery | 170,575 | 206,866 | 208,296 | 216,843 | 207,223 | |||||||||||||||
Gas Customer Choice | 38,806 | 31,498 | 24,177 | 19,520 | 15,915 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Total | 209,381 | 238,364 | 232,473 | 236,363 | 223,138 | |||||||||||||||
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|
|
|
|
| |||||||||||
AVERAGE COST OF GAS SOLD ($ per Mcf) (3) | ||||||||||||||||||||
Gas Cost Recovery | $ | 6.73 | $ | 7.66 | $ | 8.36 | $ | 7.91 | $ | 8.03 | ||||||||||
Gas Customer Choice | 7.27 | 7.98 | 9.99 | 9.79 | 8.94 | |||||||||||||||
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|
|
|
|
| |||||||||||
AUTHORIZED RETURN ON EQUITY | 10.55 | % | 10.55 | % | 10.55 | % | 10.75 | % | 11.0 | % | ||||||||||
|
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| |||||||||||
RATE BASE (at December 31) ($ Millions) | $ | 2,867 | $ | 2,778 | $ | 2,638 | $ | 2,444 | $ | 2,446 | ||||||||||
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| |||||||||||
EARNED RETURN ON EQUITY-FINANCIAL | 10.9 | % | 9.9 | %4 | 9.2 | % | 9.2 | % | 4.4 | % | ||||||||||
|
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| |||||||||||
HEATING DEGREE DAYS(5) | ||||||||||||||||||||
Normal degree days in calendar year | 7,098 | 7,098 | 7,098 | 7,098 | 7,098 | |||||||||||||||
Actual degree days | 6,314 | 6,815 | 6,917 | 6,561 | 6,119 | |||||||||||||||
Percent colder (warmer) than normal | 4.0 | (1.6 | ) | (2.6 | ) | (7.6 | ) | (13.8 | ) | |||||||||||
Increase (decrease) from normal in: | ||||||||||||||||||||
Gas deliveries (Bcf) | (6.4 | ) | 4.8 | 4.1 | (6.3 | ) | (30.2 | ) | ||||||||||||
| (1) | Includes Gas Customer Choice sales. |
| (2) | Average gas revenue for transportation excludes amounts related to MCV and off-system transportation. |
| (3) | Includes pipeline transportation charges. |
| (4) | Rate is reflective of exceptionally warm weather |
| (5) | 2009 Weather updated to align with 2010 methodology |
| CMS Energy Investor Relations | One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590 | http://www.cmsenergy.com |
37
| Independent Power Production Asset List | |||||||||||||||||||||||||||||||||||
No. Project Name | Gross Capacity MW | CMS MW | Primary Fuel Type | Location | In-Service Date | Capacity Under Long- Term Contract | ||||||||||
Projects in Operation: | (%) | |||||||||||||||
*1 Craven | 50 | 25 | Biomass | N. Carolina | 1990 | 100 | ||||||||||
*2 Dearborn Industrial Generation | 710 | 710 | Natural Gas | Michigan | 2001 | 37 | ||||||||||
3 Filer City | 73 | 36 | Coal | Michigan | 1990 | 100 | ||||||||||
*4 Genesee | 40 | 20 | Biomass | Michigan | 1996 | 100 | ||||||||||
*5 Grayling | 38 | 19 | Biomass | Michigan | 1992 | 100 | ||||||||||
*6 Michigan Power | 224 | 224 | Natural Gas | Michigan | 1999 | 49 | ||||||||||
Projects in Operation | 1,135 | 1,034 | ||||||||||||||
| * | Operated by CMS Energy |
As of May 2011
 |
| CMS Energy Investor Relations | One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590 | http://www.cmsenergy.com |
38
GAAP Reconciliation
CMS Energy
Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
(unaudited)
(mils)
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||
Consumers Operating Income + Depreciation & Amortization | $ | 1,248 | $ | 1,498 | $ | 1,530 | $ | 1,601 | $ | 1,657 | $ | 1,757 | $ | 1,872 | ||||||||||||||
Enterprises Project Cash Flows | 16 | 39 | 25 | 35 | 47 | 47 | 46 | |||||||||||||||||||||
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Gross Operating Cash Flow | $ | 1,264 | $ | 1,537 | $ | 1,555 | $ | 1,636 | $ | 1,704 | $ | 1,804 | $ | 1,918 | ||||||||||||||
Other operating activities including taxes, interest payments and working capital | (416 | ) | (578 | ) | (310 | ) | (406 | ) | (472 | ) | (439 | ) | (835 | ) | ||||||||||||||
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Net cash provided by operating activities | $ | 848 | $ | 959 | $ | 1,170 | $ | 1,230 | $ | 1,232 | $ | 1,365 | $ | 1,083 | ||||||||||||||
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2009-15 OCF
CMS ENERGY CORPORATION
Earnings Per Share By Year GAAP Reconciliation
(Unaudited)
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||||||||||||
Reported earnings (loss) per share - GAAP | ($ | 0.30 | ) | $ | 0.64 | ($ | 0.44 | ) | ($ | 0.41 | ) | ($ | 1.02 | ) | $ | 1.20 | $ | 0.91 | $ | 1.28 | ||||||||||||
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After-tax items: | ||||||||||||||||||||||||||||||||
Electric and gas utility | 0.21 | (0.39 | ) | — | — | (0.07 | ) | 0.05 | 0.33 | 0.03 | ||||||||||||||||||||||
Enterprises | 0.74 | 0.62 | 0.04 | (0.02 | ) | 1.25 | (0.02 | ) | 0.09 | (0.03 | ) | |||||||||||||||||||||
Corporate interest and other | 0.16 | (0.03 | ) | 0.04 | 0.27 | (0.32 | ) | (0.02 | ) | 0.01 | * | |||||||||||||||||||||
Discontinued operations (income) loss | (0.16 | ) | 0.02 | (0.07 | ) | (0.03 | ) | 0.40 | (* | ) | (0.08 | ) | 0.08 | |||||||||||||||||||
Asset impairment charges, net | — | — | 1.82 | 0.76 | 0.60 | — | — | — | ||||||||||||||||||||||||
Cumulative accounting changes | 0.16 | 0.01 | — | — | — | — | — | — | ||||||||||||||||||||||||
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Adjusted earnings per share, including MTM - non-GAAP | $ | 0.81 | $ | 0.87 | $ | 1.39 | $ | 0.57 | $ | 0.84 | $ | 1.21 | (a) | $ | 1.26 | $ | 1.36 | |||||||||||||||
Mark-to-market impacts | 0.03 | (0.43 | ) | 0.51 | ||||||||||||||||||||||||||||
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Adjusted earnings per share, excluding MTM - non-GAAP | NA | $ | 0.90 | $ | 0.96 | $ | 1.08 | NA | NA | NA | NA | |||||||||||||||||||||
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| * | Less than $500 thousand or $0.01 per share. |
| (a) | $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. |
2003-10 EPS