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    CMS Energy Corp (CMS)

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    Business Description

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    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Garrick J. RochowPresident and CEODecember 2020Garrick J. Rochow has been serving as the President and Chief Executive Officer of CMS Energy and Consumers Energy since December 2020. He has over 20 years of experience in the utility industry, including 19 years with CMS, and has held various leadership positions within the company .
    Rejji P. HayesExecutive Vice President and CFOOctober 20, 2023Rejji P. Hayes serves as the Executive Vice President and Chief Financial Officer of CMS Energy Corporation. He has been in this role since at least October 20, 2023 .
    Brandon J. HofmeisterSenior Vice President, Sustainability and External AffairsN/AThe documents do not provide specific details about the start date or a comprehensive biography for Brandon J. Hofmeister, who serves as Senior Vice President, Sustainability and External Affairs at CMS. However, it is noted that he held the position of Senior Vice President at CMS and Consumers in 2023 .
    Shaun M. JohnsonSenior Vice President and General CounselN/AThe documents do not provide specific details on the start date for Shaun M. Johnson as Senior Vice President and General Counsel at CMS. However, he is listed as one of the named executive officers (NEOs) for CMS as of December 31, 2023 .
    LeeRoy Wells Jr.Senior Vice President, OperationsN/AThe documents do not provide specific details on the start date or a comprehensive biography for LeeRoy Wells Jr., who serves as the Senior Vice President, Operations at CMS. However, it is noted that he is one of the named executive officers (NEOs) as of December 31, 2023 .

    Questions to Ask Management

    1. CMS increased its planned utility debt issuance for 2024 from $500 million to $675 million to rebalance the rate-making capital structure due to recent rate case outcomes ** **. Given the potential impact of increased debt on the company's balance sheet and credit ratings, how does management plan to manage debt levels while ensuring financial stability?

    2. With an upcoming equity need of up to $350 million starting next year, and discussions about potentially pulling ahead some parent debt financing needs from 2025 to 2024 if market conditions are favorable ** **, could you elaborate on the company's capital raising strategy and its impact on shareholder value?

    3. You have a $17 billion 5-year capital plan focused on transitioning to renewables and clean energy while maintaining customer affordability ** **. Considering this significant investment, what specific measures are you implementing to prevent rate hikes that could burden customers?

    4. In the electric rate case filing, you mentioned that electric cases are more complex than gas cases, with over 20 intervenors compared to less than 10 in gas cases . What challenges do you anticipate in achieving a constructive outcome, and how might increased complexity and intervenor participation affect the timeline and results of the rate case?

    5. Regarding servicing data centers, data centers are currently on industrial rates rather than economic development rates, and there is ongoing exploration of a specific data center rate ** **. How do you plan to attract and retain large data center customers while ensuring that rate design changes do not negatively impact the company's revenue stability?

    Debt Maturity Schedule

    YearAmount Due [Millions]Debt TypeInterest Rate [%]% of Total Debt
    2025400Unsecured Term Loan Credit Facility5.6942.4% = (400 / 16,554) * 100
    202775Tax-Exempt Variable Rate Limited Obligation Revenue Bonds3.3500.5% = (75 / 16,554) * 100
    2029600First Mortgage Bonds4.6003.6% = (600 / 16,554) * 100
    2030700First Mortgage Bonds4.7004.2% = (700 / 16,554) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2007 PresentCurrent auditor