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) September 3, 2010

Commission	Registrant; State of Incorporation;	IRS Employer
File Number	Address; and Telephone Number	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.

CMS Energy Corporation’s (“CMS Energy”) management will be meeting with investors on Friday, September 3, 2010. A copy of the CMS Energy presentation is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, 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 presentation dated September 3, 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 Quarters Ended March 31, 2010 and June 30, 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: September 3, 2010	By:	/s/ Thomas J. Webb
	Thomas J. Webb
	Executive Vice President and Chief Financial Officer
	CONSUMERS ENERGY COMPANY
Dated: September 3, 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 presentation dated September 3, 2010.

EX-99.1

Exhibit 99.1

Boston Investor Meetings August 25, 2010 Growing Forward

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.

Consumers Energy Raised common dividend 40% Reduced five-year investment plan by $800 million Filed new Gas Rate Case requesting $55 million increase Ludington Pumped Storage B C Cobb J H Campbell D E Karn J C Weadock J R Whiting Mio Alcona Cooke Foote Loud 5 Channels Hodenpyl Tippy Rogers Hardy Croton Webber Allegan Electric Gas Combination Recent Highlights Territory Transformation back to Utility complete; investment plan strong. Zeeland Plant

Business Strategy Consistent financial performance Fair and timely regulation Utility investment Customer value Safe, excellent operations Consistent financial performance

Regulatory Timeline . . . . .. . . . well into second year under new, comprehensive Michigan energy law. 2009 2010 2010 2010 2010 2010 2010 2010 2010 2011 Fourth Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Fourth Quarter First Quarter 2009 & 2010 Gas Rate Cases U-15986 & U-16418 Self-implemented $89 M Self-implemented $89 M Final Order May $66 M Filed $55 M 2010 Electric General Rate Case U-16191 Filed $178 M Filed $178 M MPSC Staff $90 M Self-implemented July $150 M Final Order Final Order Big Rock Point U-15611 $85 M refund $85 M refund $85 M refund $85 M refund 2009 Electric Refund U-15645 Decision $16 M Electric Decoupling Reconciliation U-15645 File "Cushion"

Electric Sales Trend (weather adjusted) . . . . First Second Third Fourth First Second Second Half Industrial Sales -0.1 -0.12 -0.04 0.03 0.12 0.12 0.04 Total Sales 0.01 0.02 0.04 0.03 -0.01 Industrial Sales .. . . . continues to improve in our service territory, led by industrial customers. Total 2009 2010 Year over Year Comparison by Quarter First Second Third Fourth First Second Second Half Total sales -0.04 -0.06 -0.03 0.01 0.02 0.04 0.01 Total Sales 0.01 0.02 0.04 0.03 -0.01 2009 2010 Forecast Forecast

Plan Increases Certainty . . . . .. . . . for shareowners, with stronger dividend yield in projected "TSR" mix. New Plan 2011-2015 Prior Plan Investment (bils) $6.4 $7.2 EPS annual growth Dividend yield Projected Total Shareholder Return (TSR) 5% - 7% 5 10% - 12% 6% - 8% 4 10% - 12% Operating cash flow growth (mils) ^ $100 >$100 Avoided new common equity Five years Few years Parent debt net of cash (bils) $1.8 $1.7 $1.8 $1.6 Customer rate increases (excluding fuel) 2% 3% _ _ _ _ _ a At a $17 stock price a

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 History 0.81 0.9 0.96 1.08 0.84 1.21 1.26 2009 Plan 1.35 1.43 1.5 1.58 1.68 1.77 Earnings Per Share (adjusted non-GAAP) . . . . New Plan (5% - 7% Growth) (2010-15) Prior Plan (6% - 8% Growth) (2010-15) .. . . . growth track record continues. 2003 - 2009 8% Growth Dividend Annual ¢/share _ _ _ _ _ a $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock b Pre increase b

Operating Cash Flow Growth . . . . .. . . . driven by investment growth. 2008 2009 2010 2011 2012 2013 2014 2015 CF after Capex -598 39 -22 20 -76 -31 -326 -144 73 160 220 325 479 384 497 271 CF after dividends 756 726 790 676 814 898 1032 987 CF after working capital 81 113 137 166 184 210 230 250 CF after interest 698 44 138 165 82 141 278 452 Operating cash flow 335 362 355 379 400 417 456 505 Amount (bils) $ Operating cash flow a up $0.1 billion per year $1.9 Interest Working capital and taxes Base Investment $1.3 $1.6 $1.7 $1.8 $1.5 $2.0 Cash flow before dividend Investment choices _ _ _ _ _ a Non-GAAP Prior Plan

Need for New Common Equity . . . . 2011 2012 2013 2014 New Common Equity Old Plan 0 Add New Plan 0 0 0 0 Remaining Tax Cash Benefits (bils) $0.4 $0.3 $0.2 $0.1 Cash Flow Better/(Worse) than Old Plan $0.1 $0.2 $0.3 $0.2 .. . . . deferred through Plan period.

CMS Cash Flow and Liquidity . . . . .. . . . strong relative to peers. Available Liquidity b as a Percentage of Market Cap (at 7-20) 2010E-2011E Cash Flow as a Percentage of Market Cap (at 7-20) 0.06 -0.04 -0.04 -0.07 -0.08 -0.11 -0.12 -0.12 CMS -0.13 Source: JPMorgan _ _ _ _ _ a Top quartile for 2007-2009 actuals a Peer median: - -16.6% 0.55 0.544 0.534 CMS 0.432 Peer median: 22% _ _ _ _ _ b As of March 31, 2010 Q1 Q2 Q3 Q4

Electric Rate Increases (average annual) . . . . .. . . . moderated for customers - down from prior years and prior plan. 2007-2009 2010-2015 Fuel (including CO2) 4 3 Base 3 2 1 7% 5% New Fuel Base 6% Prior

Investment Timing . . . . .. . . . optimized to include best projects. Renewables Smart Grid Environmental Maintenance Customer Growth Energy Optimization Electric Reliability and Other Gas Compression and Pipeline 0.7 0.3 1.4 2.7 0.3 0.4 0.4 0.2 2011-2015 Investment Plan $6.4 Billion 2010 & 2011 2012 2013 2014 2015 -0.1 -0.3 -0.3 -0.4 0.3 Change from Prior Plan $0.8 Billion ?

Renewables Smart Grid Environmental Maintenance Customer Growth Energy Optimization Electric Reliability and Other Gas Compression and Pipeline 0.7 0.3 1.4 2.7 0.3 0.4 0.4 0.2 2011-2015 Investment Plan ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Existing Renewable Facilities Company-owned Wind Facilities New PPA Contracts ^ Cross Winds Energy Park Renewable Energy . . . . .. . . . Lake Winds and PPAs increase renewables from 4% to 8% in 2012. Lake Winds Energy Park Lake Winds Energy Park 100 MW operational 2012 Turbine contracts signed Cross Winds Energy Park 500 MW potential Additional transmission needed Signed 20-year PPAs for 243 MW of capacity available in 2012 $80 million annual surcharge

Renewables Smart Grid Environmental Maintenance Customer Growth Energy Optimization Electric Reliability and Other Gas Compression and Pipeline 0.7 0.3 1.4 2.7 0.3 0.4 0.4 0.2 Revised Smart Grid Deployment . . . . Total project cost $750 million; down from $920 million Meter deployment begins late 2011; nearly one year earlier Removed deployment of gas only meters Minimize upfront IT system cost by installing only basic functionality Expanded functions installed later Improved ability to scale plan .. . . . improves overall financial viability. 2011-2015 Investment Plan Billing Customer Information Outage Management Work and Asset Management Enterprise Applications MDM/MDUS

Renewables Smart Grid Environmental Maintenance Customer Growth Energy Optimization Electric Reliability and Other Gas Compression and Pipeline 0.7 0.3 1.4 2.7 0.3 0.4 0.4 0.2 Environmental Expenditures . . . . .. . . . expect to recover costs in customer rates. J. H. Campbell Complex Select catalytic reduction Spray dry absorbers Fabric filters D. E. Karn Complex Spray dry absorbers Fabric filters 2011-2015 Investment Plan

Renewables Smart Grid Environmental Maintenance Customer Growth Energy Optimization Electric Reliability and Other Gas Compression and Pipeline 0.7 0.3 1.4 2.7 0.3 0.4 0.4 0.2 Maintenance Expenditures . . . . .. . . . necessary to meet customer demand. Maintain electric distribution lines, substations, and transformers Replace aging electric distribution equipment Pipeline inspection and replacement Maintain gas storage fields capacity 2011-2015 Investment Plan

New Investment Plan .. . . . reduces risk. 2008 2009 2010 2011 2012 2013 2014 2015 Depreciation 7.851 8.729 9.2 9.7 9.196 8.65 8.164 7.661 7.169 Maintenance 0.55 1.049 1.554 2.107 2.691 Customer growth 0.057 0.116 0.179 0.246 0.317 Environmental 0.125 0.311 0.598 0.941 1.294 Gas compression and pipelines 0.07 0.125 0.153 0.167 0.18 Smart Grid 0.052 0.121 0.196 0.259 0.329 Energy optimization 0.028 0.093 0.168 0.244 0.32 Electric reliability and other environmental 0.073 0.156 0.254 0.351 0.438 Renewables 0.045 0.175 0.331 0.52 0.656 5%-7% Bils $ Present Rate Base 2010 2011 2012 2013 2014 2015 Average Rate Base (bils) $10.2 $10.8 $11.6 $12.5 $13.4 0 Rate Base 2011 - 2015 Capital Investment . . . . Five-Year Plan (bils) Prior Plan (2010-14) $ 7.2 "Coal" deferred $ - 1.0 Smart Grid rollout - 0.4 Renewables accelerated + 0.1 Distribution + 0.2 Generation & Plan period + 0.3 Change $ - 0.8 New Plan (2011-15) $ 6.4 ?

Risk Mitigation through 2008 Energy Law Supply Renewable energy plan Energy optimization Retail open access cap Certificate of Necessity process Ratemaking File and implement ratemaking Forward test year Decoupling Uncollectibles tracker ? ? ? ? ? ? Law Implementation ? ? ? N/A ? ? Law mitigated several key risks. Implementation underway. ? ? ? ?

Utility Risk Mitigation . . . . .. . . . enhanced with decoupling and new electric "UA" tracker. Electric Gas Not Tracked Revenue 0.61 0.37 0.02 $6.1 Billion a Sales E&G Not Tracked 21% PSCR GCR E&G tracked East 33 28 36 3 PSCR 33% GCR 28% E&G Not Tracked 36% $5.5 Billion a Cost E&G Tracked 3% _ _ _ _ _ a Estimated 2010

Plan Solidly . . . . 2010 Target Adjusted EPS a $1.35 Operating cash flow a (bils) 1.4 Capital structure (year-end) FFO / Average debt 16% Parent debt (bils) b $1.8 Utility equity ratio c 48% Dividend + 40% Long Term EPS growth 5% - 7% Operating cash flow growth a (mils) ^$100 per year _ _ _ _ _ a Non-GAAP b Net of cash c Financial, excluding securitization and Palisades financing obligation .. . . . on track. ? ? ? ? ?

Key Takeaways . . . . .. . . . continued track record of strong results. Utility investment - visible: EPS growth of 5%-7% annually Operating cash flow growth of ^$100 million annually NOLs - avoid new equity Regulatory framework -- constructive Risks -- mitigated Total Shareowner Return - EPS 5% - 7% Dividend 5 TSR 10% - 12%

Appendix

ELECTRIC RATE CASE U-16191*

On January 22, 2010, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase of $178 million in its electric generation and distribution rates based on a test year of 12 months ending June 2011. On June 10, 2010, the MPSC staff filed a recommendation of $90 million based on a 10.35% ROE. The Staff suggested that its recommendation be adjusted upward by $25 million if the Company’s requested economic development sales tracker is not adopted by the Commission. The Staff also suggested that cap ex placed in service in 2011 be deferred for future recovery, rather than included in customer rates at this time. The Company plans to self implement a rate increase of $150 million, and filed a tariff sheet supporting this increase on July 13. The Commission approved the Company’s request and the self implemented rate increase will become effective on July 22, 2010. Below is a comparison of the Company’s self implemented amount to the MPSC Staff’s filed position.

	Company					Company
	Self		MPSC			B/(W)
	Implement		Staff			Staff
Item	(Mils)		(Mils)			(Mils)			Remarks
1.O&M	$	21	$	25		$	(4	)	Corporate restructuring: ($18) O&M savings
									Technology: $8 Staff update for 2009
									Corporate: $4 NEIL refund
									DOE Liability Interest: $2
2. Gross Margin		5		4			1		Miscellaneous revenues
3. Investment		106		80			26		Net Plant: $25 2011 Capex
									Working Capital: $6
									Depreciation expense: $6
									Taxes: ($5)
									AFUDC: ($6)
4. Cost of Capital		18		(19	)		37		Return on equity (11% vs 10.35%): $30
									Capital structure: $9 Increased deferred taxes
									Debt costs: ($2)
Total	$	150	$	90		$	60

Ratemaking	Existing			Consumers			MPSC
Capital Structure %	(U-15645)			Filing			Staff Filing
Long Term Debt		44.80	%		41.77	%		40.62	%
Short Term Debt		0.78			1.51			1.51
Preferred Stock		0.48			0.44			0.44
Common Equity		40.51	(1)		41.49	(2)		41.59	(3)
Deferred FIT		12.80			14.26			15.30
JDITC/Other		0.63			0.53			0.54
		100.00	%		100.00	%		100.00	%

(1)	Equivalent to 47.23% on a financial basis
(2)	Equivalent to 49.57% on a financial basis
(3)	Equivalent to 50.32% on a financial basis

Rate Base and Return	Existing			Consumers			MPSC
Percentage	(U-15645)			Self Implement			Staff Filing
Rate Base ($ billions)	$	6.16		$	6.97		$	6.69
Return on Rate Base		6.98	%		7.16	%		6.83	%
Return on Equity		10.70	%		11.00	%		10.35	%

ELECTRIC RATE CASE SCHEDULE

Self Implement Rate Increase – $150 million	July 22, 2010
Cross of all Witnesses	July 15 – 28, 2010
Initial Briefs	August 26, 2010
Reply Briefs	September 16, 2010
Proposal for Decision	No PFD – Commission will read the record.
Decision	By January 20, 2011 (expected in fourth quarter)

* Electric Rate Case U-16191 can be accessed at the Michigan Public Service Commission’s website. http://efile.mpsc.cis.state.mi.us/efile/electric.html

GAS RATE CASE U-16418*

On August 13, 2010, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase in its gas delivery and transportation rates based on a 2011 test year. The Company requests an authorized ROE of 11%, and proposes a full decoupling mechanism, including weather. If approved, this request would add about $2.95 per month, or about 3.4%, to the typical residential customer’s average monthly bill. The $55 million revenue deficiency is detailed below.

Item	$ Millions		Explanation
1. O&M	$	16	Gas operations expense: $13
			Lost & unaccounted for and company use gas: $3
2. Margin		4	Miscellaneous revenues
3. Investment		30	Net plant: $19
			Working capital: $(2)
			Depreciation and property taxes: $10
			Taxes, AFUDC and other: $3
4. Cost of Capital		5	Return on equity: $8 (11.00% vs 10.55%)
			Capital structure and lower debt costs: $(3)
Total	$	55

Ratemaking	Existing			As Filed						After-Tax
Capital Structure	(U-15986)			Percent of Total			Annual Cost			Weighted Costs
Long Term Debt		43.58	%		41.86	%		5.95	%		2.49	%
Short Term Debt		0.59			1.82			3.46			0.06
Preferred Stock		0.46			0.42			4.46			0.02
Common Equity		40.78			40.51	(1)		11.00			4.46
Deferred Taxes		13.30			14.33			0.00			0.00
JDITC/Other		1.29			1.06			6.67			0.07
		100.00	%		100.00	%					7.10	%

	Existing
Rate Base and Return Percentage	(U-15986)			As Filed
Rate Base ($ billions)	$	2.74		$	2.90
Return on Rate Base		7.02	%		7.10	%
Return on Equity		10.55	%		11.00	%

(1)	Equivalent to 48.93% on financial basis.
*	Gas Rate Case U-16418 can be accessed at the Michigan Public Service Commission’s website. http://efile.mpsc.cis.state.mi.us/efile/gas.html

Electric Customer Base Diversified . . . . Hemlock Semiconductor General Motors Pfizer Incorporated Meijer Incorporated Delphi Corporation State of Michigan WalMart Stores Dow Corning Corporation Packaging Corporation of America Spartan Stores Percent of 2009 electric gross margin is 4% Top Ten Customers Residential Commercial Autos Industrial Other (including ROA) 0.46 0.33 0.02 0.12 0.07 $1.6 Billion .. . . . "Autos" only 2% of gross margin. 2009 Electric Gross Margin Appendix-3

Capacity Fuel Mix - 2009 Consumers Energy Coal Gas Nuclear Renewables Pumped Storage Oil Purchases Other 2009 0.5 0.25 0.08 0.03 0.02 0.05 0.04 0.03 Midwest ISO Diversified fuel mix minimizes risk and optimizes cost. Coal Gas Nuclear Renewables Pumped Storage Oil Purchases 2009 0.34 0.34 0.09 0.03 0.11 0.08 0.01 Appendix-4

Uncollectible Writeoffs Trend . . . . .. . . . expected to subside in 2010. Millions $ 2006 2007 2008 2009 2010 Forecast Net of Tracker 47 51 Net Charge-offs 27.4 29.6 41.5 43 46 Bankruptcies 3 2.6 4.1 10 6 Net of Tracker $30 $32 $46 $47 $51 (Electric and Gas Businesses) Appendix-5

2010 Sensitivities . . . . _ _ _ _ _ a Decoupled excluding weather * Less than 0.5¢ or $500,000 .. . . . mitigated by decoupling and electric "UA" tracker. Annual Impact (w/trackers) Annual Impact (w/trackers) Annual Impact (w/trackers) Sensitivity EPS FCF (mils) Sales (weather adjusted) Electric (36,900 Gwh) Gas (282.1 Bcf) + 1% + 3% Decoupled + $0.04 a + $15 + 15 Gas prices + $0.50 * 15 Uncollectible accounts - gas (mils) + $5 0.01 5 ROE Electric Gas + 50 bps + 50 bps + 0.06 + 0.02 + 25 + 10 Stock price (dilution) + $1 share 0.01 0 + + + + Appendix-6

MATURITY SCHEDULE OF CMS AND CECO LONG-TERM DEBT & PREFERRED SECURITIES
AS OF 07/31/2010
Reflects 7/15/10 payment of $563K of IQ Notes survivors’ option puts (CECo)

		Maturity		Amount
F/V	S/U	or Call Date		(000’s)			DEBT/ CO
SHORT-TERM DEBT:
F	U		08/01/10	$	67,291		7.75% Sr Unsec Notes (CMS)
F	U		04/15/11		213,653		8.5% Sr Notes (CMS)
F	U		SHORT-TERM		139,730		*3.375% Convertible Sr Notes (Next Put Date 07/15/13) (CMS)
				$	420,674
LONG-TERM DEBT:
F	U		12/01/11	$	287,500		*2.875% Convertible Sr Unsec Notes Put Date (CMS)
				$	287,500
F	U		02/01/12	$	150,000		6.3% Senior Notes (CMS)
F	S		02/15/12		300,000		5% Series L FMBs (CECo)
				$	450,000
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)
				$	525,000
F	S		02/15/14	$	200,000		6% FMBs (CECo)
F	U		06/15/14		172,500		5.5% Convertible Sr Notes Put Date (CMS)
F	S		03/15/15		225,000		5% FMBs Series N (CECo)
F	U		12/15/15		125,000		6.875% Sr Notes (CMS)
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		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		2/1/2020		300,000		6.25% Sr Notes (CMS)
F	S		04/15/20		300,000		5.65% 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		04/15/35		136,676		5.65% FMBs IQ Notes (CECo)
F	S		09/15/35		175,000		5.80% FMBs (CECo)
				$	4,195,543
				$	5,878,717		TOTAL
				$	5,850,050		TOTAL EXCLUDING PREFERRED SECURITIES
			Various Maturity Dates/No Maturity Date Available:
				$	218,085		CECo Securitization Bonds (Long-Term & Short-Term) after 07/20/10 payment
					220,977		CECo Capital lease rental commitments (Long-Term & Short-Term) as of 06/30/10
					162,922		CECo DOE Liability as of 07/31/10
					280,040		EnerBank (Long-Term & Short-Term) Discount Brokered CDs as of 06/30/10 (CMS)
					(33,090	)	CMS Net unamortized discount as of 06/30/10
					(4,512	)	CECo Net unamortized discount as of 06/30/10
				$	6,723,137		GRAND TOTAL

* —    Date that issue can be put to the Company is used instead of maturity date

            Status Codes: F-Fixed rate; V-Variable rate; S-Secured; U-Unsecured

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 M-T-M	$	76		$	16		$	18		$	39		$	149
Mark-to-market impacts	NM				(13	)		9			9			5
Adjusted earnings, excluding M-T-M	$	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 M-T-M	$	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 M-T-M	$	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 M-T-M	$	148		$	27		$	119		$	1		$	295
Mark-to-market impacts		(75	)		19			(75	)		40			(91	)
Adjusted earnings, excluding M-T-M	$	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 M-T-M	$	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 M-T-M	$	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.
NM:	Not Meaningful.

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	$	0.44		$	0.19		$	0.33		$	0.30	$	1.25

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)	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.

2009 A-1

Consumers Energy
2009 Cash Flow GAAP Reconciliation (in millions) (unaudited)

				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Tax			Interest			Pension			Accts/Rec			Capital			Securitization			Operating			Preferred			Common			Consolidated Statements of Cash Flows
	non-GAAP			Sharing			Payments			Contribution			Financing			Lease Pymts			Debt Pymts			Activites			Dividends			Dividends			GAAP
Description	Amount			Operating			as Operating			as Operating			as Operating			as Financing			as Financing			as Investing			as Financing			as Financing			Amount			Description
Cash at year end 2008	$	69		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	69		Cash at year end 2008
Sources
Operating	$	1,315		$	(82	)	$	(224	)	$	—		$	—		$	23		$	34		$	(35	)	$	—		$	—		$	1,031
Other working capital		210			—			—			(199	)		(120	)		—			—			—			—			—			(109	)	Net cash provided by operating activities
Sources	$	1,525		$	(82	)	$	(224	)	$	(199	)	$	(120	)	$	23		$	34		$	(35	)	$	—		$	—		$	922
Uses
Interest and preferred dividends	$	(226	)	$	—		$	224		$	—		$	—		$	—		$	—		$	35		$	2		$	—		$	35
Pension Contribution		(199	)		—			—			199			—			—			—			—			—			—			—
Capital expenditures		(885	)		—			—			—			—			—			—			—			—			—			(885	)
Dividends/tax sharing to CMS		(367	)		82			—			—			—			—			—			—			—			285			—		Net cash provided by investing activities
Uses	$	(1,677	)	$	82		$	224		$	199		$	—		$	—		$	—		$	35		$	2		$	285		$	(850	)
Cash flow	$	(152	)	$	—		$	—		$	—		$	(120	)	$	23		$	34		$	—		$	2		$	285		$	72		Cash flow from operating and investing activities
Financing
Equity	$	100		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	—		$	98
New Issues		500			—			—			—			—			—			—			—			—			—			500
Retirements		(353	)		—			—			—			—			(23	)		(34	)		—			—			(285	)		(695	)
Other		(5	)		—			—			—			—			—			—			—			—			—			(5	)
Net short-term financing		(120	)		—			—			—			120			—			—			—			—			—			—		Net cash provided by financing activities
Financing	$	122		$	—		$	—		$	—		$	120		$	(23	)	$	(34	)	$	—		$	(2	)	$	(285	)	$	(102	)
Net change in cash	$	(30	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(30	)	Net change in cash
Cash at year end 2009	$	39		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	39		Cash at year end 2009

2009 A-2

CMS Energy Parent
2009 Cash Flow GAAP Reconciliation (in millions) (unaudited)

				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Interest			Overheads &			Other			Preferred			Pref Stk			Cash From			Consolidated Statements of Cash Flows
	non-GAAP			Payments			Tax Payments			Uses (a)			Dividends			Retirement			Consolidated			GAAP
Description	Amount			as Operating			as Operating			as Operating			as Financing			as Operating			Companies			Amount			Description
Cash at year end 2008	$	117		$	—		$	—		$	—		$	—		$	—		$	21		$	138		Cash at year end 2008
Sources
Consumers Energy dividends/tax sharing	$	367		$	(125	)	$	(19	)	$	—		$	—		$	(7	)	$	—		$	216
Enterprises		16			—			—			(34	)		—			—			13			(5	)
Sources	$	383		$	(125	)	$	(19	)	$	(34	)	$	—		$	(7	)	$	13		$	211		Net cash provided by operating activities
Uses
Interest and preferred dividends	$	(136	)	$	125		$	—		$	—		$	11		$	—		$	—		$	—
Overhead and Federal tax payments		(19	)		—			19			—			—			—			—			—
Pension Contributions		(7	)		—			—			7			—			—			—			—
Equity infusions		(100	)		—			—			27			—			—			(82	)		(155	)
Uses (a)	$	(292	)	$	125		$	19		$	34		$	11		$	—		$	(82	)	$	(185	)	Net cash provided by investing activities
Cash flow	$	91		$	—		$	—		$	—		$	11		$	(7	)	$	(69	)	$	26		Cash flow from operating and investing activities
Financing and dividends
New Issues	$	473		$	—		$	—		$	—		$	(11	)	$	7		$	71		$	540
Retirements		(473	)		—			—			—			—			—			—			(473	)
Net short-term financing		(80	)		—			—			—			—			—			—			(80	)
Other		8			—			—			—			—			—			—			8
Common dividend		(113	)		—			—			—			—			—			—			(113	)
Financing	$	(185	)	$	—		$	—		$	—		$	(11	)	$	7		$	71		$	(118	)	Net cash provided by financing activities
Net change in cash	$	(94	)	$	—		$	—		$	—		$	—		$	—		$	2		$	(92	)	Net change in cash
Changes in Cash included in asset held for sale	$	—		$	—		$	—		$	—		$	—		$	—		$	5		$	5		Changes in Cash included in asset held for sale
Cash at year end 2009	$	23		$	—		$	—		$	—		$	—		$	—		$	28		$	51		Cash at year end 2009

(a) Includes other and roundings

2009 A-3

Consolidated CMS Energy
2009 Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)

							Eliminations/Reclassifications
							to Arrive at the Consolidated
							Statement of Cash Flows
Statements of Cash Flows							Consumers			Equity
	Consumers			CMS Parent			Common Dividend			Infusions to			Consolidated Statements of Cash Flows
Description	Amount			Amount			as Financing			Consumers			Amount			Description
Cash at year end 2008	$	69		$	138		$	—		$	—		$	207		Cash at year end 2008
Net cash provided by operating activities	$	922		$	211		$	(285	)	$	—		$	848		Net cash provided by operating activities
Net cash provided by investing activities		(850	)		(185	)		—			100			(935	)	Net cash provided by investing activities
Cash flow from operating and investing activities	$	72		$	26		$	(285	)	$	100		$	(87	)	Cash flow from operating and investing activities
Net cash provided by financing activities	$	(102	)	$	(118	)	$	285		$	(100	)	$	(35	)	Net cash provided by financing activities
Net change in cash	$	(30	)	$	(92	)	$	—		$	—		$	(122	)	Net change in cash
Changes in Cash included in asset held for sale	$	—		$	5		$	—		$	—		$	5		Changes in Cash included in asset held for sale
Cash at year end 2009	$	39		$	51		$	—		$	—		$	90		Cash at year end 2009

2009 A-4

CMS Energy
Reconciliation of 2009 Operating Cash Flow Target to GAAP Operating Activities
(unaudited)

	Amount
	(mils)
Consumers Operating (Consumers PTOI + Depreciation)	$	1,315
Enterprises (Project Cash Flows)		16
Operating Cash Flow	$	1,331		non-GAAP
Other operating activies including taxes, interest payments and working capital		(483	)
Net cash provided by operating activites	$	848		GAAP

2009 A-5

Consumers Energy
2010 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)

				Reclassifications From Sources and Uses to Statement of Cash Flows																								Consolidated
Presentation Sources and Uses				Tax			Interest			Pension			Accts/Rec			Capital			Securitization			Preferred			Common			Statements of Cash Flows
	non-GAAP			Sharing			Payments			Contribution			Financing			Lease Pymts			Debt Pymts			Dividends			Dividends			GAAP
Description	Amount			Operating			as Operating			as Operating			as Operating			as Financing			as Financing			as Financing			as Financing			Amount			Description
Cash at year end 2009	$	39		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	39		Cash at year end 2009
Sources
Operating	$	1,450		$	(235	)	$	(221	)	$	—		$	—		$	23		$	35		$	—		$	—		$	1,052
Other working capital		(135	)		—			—			(97	)		(50	)		—			—			—			—			(282	)
Sources	$	1,315		$	(235	)	$	(221	)	$	(97	)	$	(50	)	$	23		$	35		$	—		$	—		$	770		Net cash provided by operating activities
Uses
Interest and preferred dividends	$	(223	)	$	—		$	221		$	—		$	—		$	—		$	—		$	2		$	—		$	—
Pension Contribution		(97	)		—			—			97			—			—			—			—			—			—
Capital expenditures		(1,010	)		—			—			—			—			—			—			—			—			(1,010	)
Dividends/tax sharing to CMS		(570	)		235			—			—			—			—			—			—			335			—
Uses	$	(1,900	)	$	235		$	221		$	97		$	—		$	—		$	—		$	2		$	335		$	(1,010	)	Net cash provided by investing activities
Cash flow	$	(585	)	$	—		$	—		$	—		$	(50	)	$	23		$	35		$	2		$	335		$	(240	)	Cash flow from operating and investing activities
Financing
Equity	$	250		$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	—		$	248
New Issues		550			—			—			—			—			—			—			—			—			550
Retirements		(310	)		—			—			—			—			(23	)		(35	)		—			(335	)		(703	)
Net short-term financing & other		81			—			—			—			50			—			—			—			—			131
Financing	$	571		$	—		$	—		$	—		$	50		$	(23	)	$	(35	)	$	(2	)	$	(335	)	$	226		Net cash provided by financing activities
Net change in cash	$	(14	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(14	)	Net change in cash
Cash at year end 2010	$	25		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	25		Cash at year end 2010

2010 A-1

CMS Energy Parent
2010 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)

				Reclassifications From Sources and Uses to Statement of Cash Flows
																			Consolidated
Presentation Sources and Uses				Interest			Overheads &			Other			Preferred			Cash From			Statements of Cash Flows
	non-GAAP			Payments			Tax Payments			Uses (a)			Dividends			Consolidated			GAAP
Description	Amount			as Operating			as Operating			as Operating			as Financing			Companies			Amount			Description
Cash at year end 2009	$	23		$	—		$	—		$	—		$	—		$	28		$	51		Cash at year end 2009
Sources
Consumers Energy dividends/tax sharing	$	570		$	(124	)	$	(30	)	$	—		$	—		$	—		$	416
Enterprises		35																		35
Insurance settlement		50			—			—			(45	)		—			5			10
Sources	$	655		$	(124	)	$	(30	)	$	(45	)	$	—		$	5		$	461		Net cash provided by operating activities
Uses
Interest and preferred dividends	$	(135	)	$	124		$	—		$	—		$	11		$	—		$	—
Overhead and Federal tax payments		(30	)		—			30			—			—			—			—
Pension Contributions		(3	)		—			—			3			—			—			—
Equity infusions		(250	)		—			—			42			—			(48	)		(256	)
Uses (a)	$	(460	)	$	124		$	30		$	45		$	11		$	(48	)	$	(298	)	Net cash provided by investing activities
Cash flow	$	195		$	—		$	—		$	—		$	11		$	(43	)	$	163		Cash flow from operating and investing activities
Financing and dividends
New Issues	$	300		$	—		$	—		$	—		$	(11	)	$	26		$	315
Retirements		(80	)		—			—			—			—			—			(80	)
Net short-term financing & other		(21	)		—			—			—			—			—			(21	)
Common dividend		(137	)		—			—			—			—			—			(137	)
Financing	$	62		$	—		$	—		$	—		$	(11	)	$	26		$	77		Net cash provided by financing activities
Net change in cash	$	257		$	—		$	—		$	—		$	—		$	(17	)	$	240		Net change in cash
Cash at year end 2010	$	280		$	—		$	—		$	—		$	—		$	11		$	291		Cash at year end 2010

(a) Includes other and roundings

2010 A-2

Consolidated CMS Energy
2010 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)

							Eliminations/Reclassifications
							to Arrive at the Consolidated
							Statement of Cash Flows
Statements of Cash Flows							Consumers			Equity			Consolidated Statements
	Consumers			CMS Parent			Common Dividend			Infusions to			of Cash Flows
Description	Amount			Amount			as Financing			Consumers			Amount			Description
Cash at year end 2009	$	39		$	51		$	—		$	—		$	90		Cash at year end 2009
Net cash provided by operating activities	$	770		$	461		$	(335	)	$	—		$	896		Net cash provided by operating activities
Net cash provided by investing activities		(1,010	)		(298	)		—			250			(1,058	)	Net cash provided by investing activities
Cash flow from operating and investing activities	$	(240	)	$	163		$	(335	)	$	250		$	(162	)	Cash flow from operating and investing activities
Net cash provided by financing activities	$	226		$	77		$	335		$	(250	)	$	388		Net cash provided by financing activities
Net change in cash	$	(14	)	$	240		$	—		$	—		$	226		Net change in cash
Cash at year end 2010	$	25		$	291		$	—		$	—		$	316		Cash at year end 2010

2010 A-3

CMS Energy
Reconciliation of 2010 Operating Cash Flow Target to GAAP Operating Activities
(unaudited)

	Amount
	(mils)
Consumers Operating (Consumers PTOI + Depreciation)	$	1,450
Enterprises (Project Cash Flows)		35
Operating Cash Flow	$	1,485		non-GAAP
Other operating activies including taxes, interest payments and working capital		(589	)
Net cash provided by operating activites	$	896		GAAP

2010 A-4