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CMS Energy's Management Presents At Barclays CEO Energy/Power Conference (Transcript)

But please remember we've had it for a long time, because it really has worked for us through our recovery and the sustainability that we're in now moving forward with the company. So the model, it's a pretty good one that we’re proud of, its all based on investments and the utility with the creation of jobs and creating more customer value, improving the environment, the air is cleaner in Michigan that ever has been, we have more work to do, and reducing our O&M, because we don't view reducing O&M as a way to make money for you. We view that as a way to reduce our cost to our customers, and I'm the first to admit, in the short term when you do that you had little benefit and that's part of the earnings growth. But over the long haul, we put it right in our annual rate cases, so we give that back. It’s our effort to be more competitive.

And that brings us to the little base or near the bottom of the triangle about base rates. We work very hard to keep our base rate increases at or below the level of inflation. You’ll see a little slide that will show you that over the next five years, we expect to be about up 1% on electric, little less than 1% on gas. So there is little space with inflation more in the ballpark of 2%, but we are also working to get our pass through cost down as well.

All that generates a nice growth in earnings and operating cash flow of about 5% to 7% pretty predictable, and then we are fortunate about how we got them, but we are fortunate to have NOLs that eliminate the need for block equity this year, next year, for the next few years, and therefore eliminates the dilution that’s associated with that.

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