8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) May 27, 2010

Commission File Number	Registrant; State of Incorporation; Address; and Telephone Number	IRS Employer Identification No.
1-9513	CMS ENERGY CORPORATION	38-2726431
	(A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550
1-5611	CONSUMERS ENERGY COMPANY	38-0442310
	(A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On May 27, 2010, Consumers Energy Company (“Consumers Energy”), the principal subsidiary of CMS Energy Corporation (“CMS Energy”), announced that it is deferring the development of the 830-megawatt clean coal power plant that it planned to have in operation in 2017, because of reduced customer demand for electricity due to the recession, forecasted lower natural gas prices due to recent developments in shale gas recovery technology, and projected surplus generating capacity in the Midwest market.

A CMS Energy News Release making this announcement is attached as Exhibit 99.1.

CMS Energy will provide an update on Consumers Energy’s Balanced Energy Initiative on Thursday, May 27, 2010, scheduled to begin at 9 a.m. EDT. A copy of the CMS Energy presentation is furnished as Exhibit 99.2 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 CMS Energy News Release dated May 27, 2010

99.2 CMS Energy presentation dated May 27, 2010

This Form 8-K 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 Corporation’s (“CMS Energy”) Form 10-K and Consumers Energy Company’s (“Consumers Energy”) Form 10-K each for the Year Ended December 31, 2009 and as updated in CMS Energy’s and Consumers Energy’s Forms 10-Q for the Quarter Ended March 31, 2010. 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

	CMS ENERGY CORPORATION
Dated: May 27, 2010	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

	CONSUMERS ENERGY COMPANY
Dated: May 27, 2010	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Description of Document
99.1	CMS Energy News Release dated May 27, 2010
99.2	CMS Energy presentation dated May 27, 2010

EX-99.1

Exhibit 99.1

CONSUMERS ENERGY, PRINCIPAL SUBSIDIARY OF CMS ENERGY, ANNOUNCES
IT IS DEFERRING DEVELOPMENT OF CLEAN COAL PLANT IN MICHIGAN

     JACKSON, Mich., May 27, 2010 — Consumers Energy, the principal subsidiary of CMS Energy, announced today that it is deferring the development of the 830-megawatt clean coal power plant that it planned to have in operation in 2017.

     The Michigan utility is deferring — not cancelling — development of the new unit because of reduced customer demand for electricity due to the recession, forecasted lower natural gas prices due to recent developments in shale gas recovery technology, and projected surplus generating capacity in the Midwest market.

     “We continue to believe that new clean coal generating capacity will be in the long-term best interests of our 1.8 million electric customers as part of a balanced energy portfolio, but the current timetable for the new unit isn’t consistent with today’s market conditions. Based on the latest market dynamics, we have determined that it is in the best interests of our customers to defer development of the new plant at this time,” said John Russell, the president and chief executive officer of CMS Energy and Consumers Energy.

     He said the company will monitor customer demand, fuel and power prices, and other market conditions, but has set no timetable for a future decision about the project.

     Russell said the company remains committed to its Balanced Energy Initiative and maintaining a balanced portfolio of energy resources to serve its customers. That portfolio is based on existing generating plants and market purchases, increased renewable energy resources, and energy efficiency.

     He said the company also remains committed to its Growing Forward strategy, which calls for investing approximately $7 billion in its electric and natural gas utility operations over the next five years. The new clean coal unit made up about $1 billion of that five-year total and the company expects to make other investments in place of the coal plant.

     “We have a number of alternative investment options, including additional environmental controls on some of our existing coal-fired units, that will support our efforts to provide customers with reliable and affordable energy,” he said, adding those substantial investments are expected to create nearly the same number of jobs as the clean coal plant, boosting the state’s economy.

     Consumers Energy announced plans in 2007 to build an 830-megawatt clean coal unit at its Karn/Weadock Generating Complex near Bay City, Mich. It received an air permit for the project in December.

     CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.

# # #

For more information on CMS Energy, please visit our web site at: www.cmsenergy.com

Media Contacts: Jeff Holyfield, 517/788-2394 or Dan Bishop, 517/788-2395

Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590

EX-99.2

Exhibit 99.2

Balanced Energy Initiative Update May 27, 2010

This presentation 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. 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. CMS Energy expects 2010 reported earnings to be about the same as adjusted earnings. Reported earnings could vary because of several factors. CMS Energy is not providing reported earnings guidance reconciliation because of the uncertainties associated with those factors.

Agenda Defer New Coal Plant John Russell President & CEO New Investment Plan Tom Webb Executive VP & CFO

Today's Announcement Defer 830 MW new clean coal plant Activate new plan Continue Balanced Energy Initiative Two primary drivers Lower customer demand Lower gas prices Growing Forward Strategy and Balanced Energy Initiative unchanged Earnings guidance unchanged Defer new clean coal plant beyond 2017 launch schedule.

What's Changed? Peak Demand Long-Term Gas Prices EGAA Current Outlook 2009 9398 8384 2010 9513 8443 2011 9700 8577 2012 9783 8772 2013 9819 8924 2014 9889 9022 2015 10014 9161 2016 10076 9295 2017 10099 9378 2018 10123 9484 2019 10143 9571 2020 10160 9631 2021 10177 9667 2022 10192 9719 2023 10209 9808 2024 10229 9883 2025 10249 9937 2026 10272 9973 2027 10296 10026 2028 10320 10077 2029 10345 10125 2030 10376 10174 2031 10222 2032 10268 2033 10313 2034 10376 2035 10417 2036 10458 2037 10500 2038 10521 2039 10542 2040 10563 MW 0 Present Outlook Air Permit Peak demand down 700 MWs by 2017; "shale" gas lower price. 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EGAA 9.03475 7.091 7.862 8.013 7.951 7.933 8.48 9.02 9.563 9.997 10.473 11.058 11.788 12.541 13.474 14.344 15.011 15.788 Current Outlook 9.03475 3.99 4.26 5.21 5.65 5.95 6.25 6.57 6.94 7.32 7.7 7.99 8.23 8.48 8.75 8.98 9.18 9.46 Henry Hub Actuals 1.532583333 1.797666667 2.143333333 1.900583333 1.635583333 2.590833333 2.58725 2.10825 2.267833333 3.885666667 4.272666667 3.221166667 5.387916667 6.137583333 8.615666667 7.226333333 6.86025 9.03475 3.99 MMBtu $ Present Outlook (down 33%) Air Permit Actual

Capacity Fuel Mix (2018) With New Coal Plant New Plan With or without new coal plant projected fuel mix balanced.

6 New Investment Plan Utility Investment Drives . . . . .. . . . EPS growth at responsible rates. Investment 2010-14 (mils) Base capital $ 4,390 Choices in Plan Renewables $ 900 Smart Grid 650 Gas compression and pipelines 250 Electric generation 250 Electric reliability and other environmental 800 Total Choices in Plan $ 2,850 Total Capital 2010-14 $ 7,240 2008 2009 2010 2011 2012 2013 2014 Depreciation 7.851 8.729 9.2 8.814 8.482 7.999 7.577 7.077 Maintenance 0.583 1.162 1.753 2.342 2.951 Customer growth 0.055 0.112 0.171 0.234 0.301 Environmental 0.106 0.238 0.418 0.685 0.988 Electric generation 0 0 0.031 0.114 0.208 Gas compression and pipelines 0.076 0.155 0.217 0.252 0.275 Energy optimization 0 0.025 0.083 0.15 0.219 Electric reliability and other environmental 0.059 0.168 0.339 0.539 0.737 Smart Grid 0.056 0.144 0.232 0.385 0.578 Renewables 0.02 0.066 0.216 0.416 0.7 6%-8% Bils $ Present Rate Base 2009 2010 2011 2012 2013 2014 Average Rate Base (bils) $9.8 $10.5 $11.4 $12.5 $13.8 0 Rate Base

Renewables - Build Lake Winds Energy Park Cross Winds Energy Park Michigan energy law renewables requirements 10 percent energy, 500 MW of new capacity by 2015 Purchase 50 percent and build 50 percent MPSC approved Renewable Plan (May 2009) Annual surcharge in place (Sept 2009) Lake Winds Energy Park 2012 - 100 MW "build" Cross Winds Energy Park 500 MW potential First wind farm construction authorized; PPAs underway.

Key Takeaways . . . . .. . . . Growing Forward strategy continues. CMS Adjusted EPS (non-GAAP) Potential a _ _ _ _ _ a Excluding MTM in 2004-2006 b $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock Dividend Annual ¢/share Payout 25% 30% 2003 2004 2005 2006 2007 2008 2009 2010 Future Actual 0.81 0.9 0.96 1.08 0.84 1.21 1.26 Guidance 0.8 0.85 0.9 1 0.8 1.2 1.25 1.35 1.45 1.45 8% Growth 6%-8% Growth $1.21b $1.20 $1.25 $1.35 40% 44% 60¢ $1.26 Actual Guidance New clean coal plant deferred Investment plan supports: 6% - 8% EPS growth Growing dividend Operating cash flow growth 2010 adjusted EPS (non-GAAP) guidance of $1.35 unchanged

GAAP Reconciliation

CMS Energy
Earnings Reconciliation By Quarter and Year
December 31
Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures

	Unaudited Quarters
(millions, except per share amounts)	1Q03			2Q03			3Q03			4Q03			FY 2003
Reported net income	$	82		$	(65	)	$	(69	)	$	8		$	(44	)
After-tax items:
Electric and gas utility other											30			30
Enterprises other		5			7			62			37			111
Corporate other		1						19			4			24
Discontinued operations		(31	)		53			(2	)		(43	)		(23	)
Cumulative accounting changes		24												24
Ongoing earnings (non-GAAP)	$	81		$	(5	)	$	10		$	36		$	122
Average shares outstanding, basic		144.1			144.1			152.2			161.1			150.4
Average shares outstanding, diluted		165.0			144.1			152.2			161.1			150.4
Reported earnings per share	$	0.52		$	(0.45	)	$	(0.46	)	$	0.05		$	(0.30	)
After-tax items
Electric and gas utility other											0.19			0.21
Enterprises other		0.03			0.05			0.41			0.23			0.74
Corporate other								0.12			0.02			0.16
Discontinued operations		(0.19	)		0.37			(0.01	)		(0.27	)		(0.16	)
Cumulative accounting changes		0.14												0.16
Ongoing earnings per share (non-GAAP)	$	0.50		$	(0.03	)	$	0.06		$	0.22		$	0.81

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

2003 A-1

CMS Energy
Earnings Reconciliation By Quarter and Year
Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures

	Unaudited												31-Dec
(millions, except per share amounts)	1Q04*			2Q04			3Q04			4Q04			FY 2004
Reported net income — GAAP	$	(9	)	$	16		$	56		$	47		$	110
After-tax items:
Electric and gas utility other											(67	)		(67	)
Enterprises other		88						(29	)		48			107
Corporate other		(7	)					(1	)		1			(7	)
Discontinued operations		2						(8	)		10			4
Cumulative accounting changes		2												2
Adjusted earnings, including MTM	$	76		$	16		$	18		$	39		$	149
Mark-to-market impacts	NM				(13	)		9			9			5
Adjusted earnings, excluding MTM	$	76		$	3		$	27		$	48		$	154
Average shares outstanding, basic		161.1			161.2			161.5			190.2			168.6
Average shares outstanding, diluted		161.1			164.2			165.0			194.0			172.1
Reported earnings per share — GAAP	$	(0.06	)	$	0.10		$	0.34		$	0.24		$	0.64
After-tax items
Electric and gas utility other											(0.35	)		(0.39	)
Enterprises other		0.56						(0.17	)		0.25			0.62
Corporate other		(0.05	)					(0.01	)		0.01			(0.03	)
Discontinued operations		0.01						(0.05	)		0.05			0.02
Cumulative accounting changes		0.01												0.01
Adjusted earnings per share, including MTM	$	0.47		$	0.10		$	0.11		$	0.20		$	0.87
Mark-to-market impacts	NM				(0.08	)		0.06			0.05			0.03
Adjusted earnings per share, excluding MTM	$	0.47		$	0.02		$	0.17		$	0.25		$	0.90

Note: Year-to-date & full-year EPS may not equal sum of quarters due to share count differences.

* Quarterly amounts differ from amounts previously reported due to accelerating the measurement date on our benefit plans by one month and the remeasurement of our post retirement obligation.

NM: Not meaningful.

2004 A-1

CMS Energy
Earnings Reconciliation By Quarter and Year
Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures

	Unaudited												31-Dec
(millions, except per share amounts)	1Q05			2Q05			3Q05			4Q05			FY 2005
Reported net income — GAAP	$	150		$	27		$	(265	)	$	(6	)	$	(94	)
After-tax items:
Electric and gas utility other
Enterprises other		(2	)		(1	)		(1	)		13			9
Corporate other					1						8			9
Discontinued operations											(14	)		(14	)
Asset impairment								385						385
Adjusted earnings, including MTM	$	148		$	27		$	119		$	1		$	295
Mark-to-market impacts		(75	)		19			(75	)		40			(91	)
Adjusted earnings, excluding MTM	$	73		$	46		$	44		$	41		$	204
Average shares outstanding, basic		195.3			217.9			219.6			218.5			211.8
Average shares outstanding, diluted		206.3			228.9			219.6			218.5			211.8
Reported earnings per share — GAAP	$	0.74		$	0.12		$	(1.21	)	$	(0.03	)	$	(0.44	)
After-tax items
Electric and gas utility other
Enterprises other		(0.01	)	NM			NM				0.06			0.04
Corporate other				NM							0.03			0.04
Discontinued operations											(0.06	)		(0.07	)
Asset impairment								1.75						1.82
Adjusted earnings per share, including MTM	$	0.73		$	0.12		$	0.54		$	0.00		$	1.39
Mark-to-market impacts		(0.36	)		0.08			(0.34	)		0.19			(0.43	)
Adjusted earnings per share, excluding MTM	$	0.37		$	0.20		$	0.20		$	0.19		$	0.96

Note: Year-to-date & full-year EPS may not equal sum of quarters due to share count differences.

2005 A-1

CMS Energy
Earnings Reconciliation By Quarter and Year
Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures

	Unaudited
	2006												2006
(In millions, except per share amounts)	1Q			2Q			3Q			4Q			Dec YTD
Reported net income — GAAP	$	(27	)	$	72		$	(103	)	$	(32	)	$	(90	)
After-tax items:
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(29	)		25			(4	)
Corporate interest and other		2			(15	)		4			82			73
Discontinued operations (gain)		(1	)		(2	)		(1	)		(2	)		(6	)
Asset impairment charges		—			—			169			—			169
Adjusted earnings, including MTM	$	(26	)	$	55		$	40		$	73		$	142
Mark-to-market impacts		74			21			30			(13	)		112
Adjusted earnings, excluding MTM	$	48		$	76		$	70		$	60		$	254
Average shares outstanding, basic		219.1			219.6			220.1			220.6			219.9
Average shares outstanding, diluted		219.1			229.6			220.1			220.6			219.9
Reported earnings per share — GAAP	$	(0.12	)	$	0.31		$	(0.47	)	$	(0.15	)	$	(0.41	)
After-tax items
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(0.13	)		0.11			(0.02	)
Corporate other		0.01			(0.07	)		0.02			0.38			0.27
Discontinued operations		(0.01	)		(0.01	)		—			(0.01	)		(0.03	)
Asset impairment charges		—			—			0.76			—			0.76
Adjusted earnings per share, including MTM	$	(0.12	)	$	0.23		$	0.18		$	0.33		$	0.57
Mark-to-market impacts		0.34			0.10			0.13			(0.06	)		0.51
Adjusted earnings per share, excluding MTM	$	0.22		$	0.33		$	0.31		$	0.27		$	1.08

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

2006 A-1

CMS Energy Corporation
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)

	(In millions, except per share amounts)
	2007
	1Q			2Q			3Q			4Q			Dec YTD
Reported net income (loss) — GAAP		($215	)	$	33		$	82			($127	)		($227	)
After-tax items:
Electric and gas utility		4			—			—			—			4
Enterprises		49			19			(10	)		222			280
Corporate interest and other		(81	)		32			9			(38	)		(78	)
Discontinued operations (income) loss		178			(91	)		—			2			89
Asset impairment charges, net		157			25			(49	)		—			133
Adjusted income — non-GAAP	$	92		$	18		$	32		$	59		$	201
Average shares outstanding, basic		221.5			222.6			223.0			223.4			222.6
Average shares outstanding, diluted		221.5			222.6			241.3			223.4			222.6
Reported earnings (loss) per share — GAAP		($0.97	)	$	0.15		$	0.34			($0.57	)		($1.02	)
After-tax items:
Electric and gas utility		0.01			—			—			—			(0.07	)
Enterprises		0.23			0.08			(0.04	)		0.99			1.25
Corporate interest and other		(0.36	)		0.15			0.03			(0.17	)		(0.32	)
Discontinued operations (income) loss		0.80			(0.41	)		—			0.01			0.40
Asset impairment charges, net		0.71			0.11			(0.20	)		—			0.60
Adjusted earnings per share — non-GAAP	$	0.42		$	0.08		$	0.13		$	0.26		$	0.84

	(In millions, except per share amounts)
	2008
	1Q			2Q			3Q			4Q		Dec YTD
Reported net income — GAAP	$	103		$	46		$	79		$	61	$	289
After-tax items:
Electric and gas utility		—			1			6			5		12
Enterprises		*			(4	)		(*	)		1		(3	)
Corporate interest and other		—			—			(6	)		1		(5	)
Discontinued operations (income) loss		(*	)		1			(1	)		*		*
Adjusted income — non-GAAP	$	103		$	44		$	78		$	68	$	293
Average shares outstanding, basic		223.5			223.7			224.1			224.5		223.9
Average shares outstanding, diluted		236.6			239.1			234.3			226.6		234.8
Reported earnings per share — GAAP	$	0.44		$	0.19		$	0.34		$	0.27	$	1.23
After-tax items:
Electric and gas utility		—			0.01			0.02			0.03		0.05
Enterprises		*			(0.02	)		0.01			*		(0.01	)
Corporate interest and other		—			—			(0.03	)		*		(0.02	)
Discontinued operations (income) loss		(*	)		0.01			(0.01	)		*		*
Adjusted earnings per share — non-GAAP (a)	$	0.44		$	0.19		$	0.33		$	0.30	$	1.25

(a) Including discontinued Exeter operations and accounting changes related to convertible debt and restricted stock, adjusted earnings per share was $0.43, $0.17, $0.32, $0.30, and $1.21, respectively.

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

* Less than $500 thousand or $0.01 per share.

2008 A-1

CMS Energy Corporation
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)

(In millions, except per share amounts)	2008
	1Q			2Q			3Q			4Q		Dec YTD
Reported net income — GAAP	$	102		$	44		$	78		$	60	$	284
After-tax items:
Electric and gas utility		—			1			6			5		12
Enterprises		*			(4	)		*			1		(3	)
Corporate interest and other		—			—			(6	)		1		(5	)
Discontinued operations (income) loss		(1	)		1			(1	)		*		(1	)
Adjusted income — non-GAAP	$	101		$	42		$	77		$	67	$	287
Average shares outstanding, basic		225.2			225.4			225.8			226.3		225.7
Average shares outstanding, diluted		237.6			240.6			236.3			228.1		236.2
Reported earnings per share — GAAP	$	0.43		$	0.18		$	0.33		$	0.26	$	1.20
After-tax items:
Electric and gas utility		—			0.01			0.02			0.03		0.05
Enterprises		*			(0.02	)		0.01			0.01		(0.02	)
Corporate interest and other		—			—			(0.03	)		*		(0.02	)
Discontinued operations (income) loss		(*	)		—			(0.01	)		*		(*	)
Adjusted earnings per share — non-GAAP (a)	$	0.43		$	0.17		$	0.32		$	0.30	$	1.21

(In millions, except per share amounts)	2009
	1Q		2Q			3Q		4Q			Dec YTD
Reported net income — GAAP	$	70	$	75		$	67	$	6		$	218
After-tax items:
Electric and gas utility		—		—			—		79			79
Enterprises		*		16			2		4			22
Corporate interest and other		*		1			1		(1	)		1
Discontinued operations (income) loss		1		(25	)		1		3			(20	)
Adjusted income — non-GAAP	$	71	$	67		$	71	$	91		$	300
Average shares outstanding, basic		226.6		226.9			227.3		227.8			227.2
Average shares outstanding, diluted		233.2		234.6			238.5		243.0			237.9
Reported earnings per share — GAAP	$	0.30	$	0.32		$	0.28	$	0.02		$	0.91
After-tax items:
Electric and gas utility		—		—			—		0.33			0.33
Enterprises		*		0.07			0.01		0.02			0.09
Corporate interest and other		*		*			*		(*	)		0.01
Discontinued operations (income) loss		0.01		(0.11	)		0.01		0.01			(0.08	)
Adjusted earnings per share — non-GAAP	$	0.31	$	0.28		$	0.30	$	0.38		$	1.26

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

*	Less than $500 thousand or $0.01 per share.
(a)	Excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock, adjusted earnings per per share was $0.44, $0.19, $0.33, $0.30, and $1.25, respectively.

2009 A-1

CMS ENERGY CORPORATION
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)

(In millions, except per share amounts)	2009
	1Q		2Q			3Q		4Q			Dec YTD
Reported net income — GAAP	$	70	$	75		$	67	$	6		$	218
After-tax items:
Electric and gas utility		—		—			—		79			79
Enterprises		*		16			2		4			22
Corporate interest and other		*		1			1		(1	)		1
Discontinued operations (income) loss		1		(25	)		1		3			(20	)
Adjusted income — non-GAAP	$	71	$	67		$	71	$	91		$	300
Average shares outstanding, basic		226.6		226.9			227.3		227.8			227.2
Average shares outstanding, diluted		233.2		234.6			238.5		243.0			237.9
Reported earnings per share — GAAP	$	0.30	$	0.32		$	0.28	$	0.02		$	0.91
After-tax items:
Electric and gas utility		—		—			—		0.33			0.33
Enterprises		*		0.07			0.01		0.02			0.09
Corporate interest and other		*		*			*		(*	)		0.01
Discontinued operations (income) loss		0.01		(0.11	)		0.01		0.01			(0.08	)
Adjusted earnings per share — non-GAAP	$	0.31	$	0.28		$	0.30	$	0.38		$	1.26

(In millions, except per share amounts)	2010
	1Q
Reported net income — GAAP	$	85
After-tax items:
Electric and gas utility		6
Enterprises		1
Corporate interest and other		*
Discontinued operations loss		1
Adjusted income — non-GAAP	$	93
Average shares outstanding, basic		228.0
Average shares outstanding, diluted		246.5
Reported earnings per share — GAAP	$	0.34
After-tax items:
Electric and gas utility		0.03
Enterprises		*
Corporate interest and other		*
Discontinued operations loss		0.01
Adjusted earnings per share — non-GAAP	$	0.38

Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

* Less than $500 thousand or $0.01 per share.

2010 A-1