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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 11, 2011


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))

TABLE OF CONTENTS


Item 7.01. Regulation FD Disclosure
Item 9.01. Financial Statements and Exhibits
SIGNATURES
Exhibit Index
EX-99.1

Item 7.01. Regulation FD Disclosure.

CMS Energy Corporation’s (“CMS Energy”) management will be meeting with investors on May 11, 2011, at the Deutsche Bank Securities 2011 Alternative Energy, Utilities & Power Conference (“Conference”). At the Conference, CMS Energy’s executive vice president and chief financial officer, Tom Webb, will provide a company overview presentation, scheduled to begin at 2:15 p.m. EDT. A copy of the presentation is furnished as Exhibit 99.1 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, Item 7.01, 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 May 11, 2011

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, 2010 and as updated in CMS Energy’s and Consumers Energy’s Forms 10-Q for the Quarter Ended March 31, 2011. 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 11, 2011	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

	CONSUMERS ENERGY COMPANY
Dated: May 11, 2011	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

Exhibit Index

99.1 CMS Energy presentation dated May 11, 2011

GAAP Reconciliation

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

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			—			—			—			—			—			—

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

Adjusted earnings per share, excluding MTM — non-GAAP	NA			$	0.90		$	0.96		$	1.08		NA			NA			NA			NA


*		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.

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		$	1,520		$	1,601		$	1,657		$	1,757		$	1,872
Enterprises Project Cash Flows		16			39			40			35			47			47			46

Gross Operating Cash Flow	$	1,264		$	1,537		$	1,560		$	1,636		$	1,704		$	1,804		$	1,918

Other operating activities including taxes, interest payments and working capital		(416	)		(578	)		(410	)		(406	)		(472	)		(439	)		(835	)

Net cash provided by operating activities	$	848		$	959		$	1,150		$	1,230		$	1,232		$	1,365		$	1,083

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


*(In millions, except per share amounts)*	2010
	1Q		2Q			3Q			4Q		YTD Dec

Reported net income — GAAP	$	85	$	80		$	134		$	25	$	324

After-tax items:
Electric and gas utility		6		*			—			—		6
Enterprises		1		(31	)		(2	)		24		(8	)
Corporate interest and other		*		*			—			*		*
Discontinued operations loss		1		16			*			6		23

Adjusted income — non-GAAP	$	93	$	65		$	132		$	55	$	345


Average shares outstanding, basic		228.0		228.2			229.0			240.7		231.5
Average shares outstanding, diluted		246.5		247.6			254.7			258.4		252.9


Reported earnings per share — GAAP	$	0.34	$	0.32		$	0.53		$	0.09	$	1.28

After-tax items:
Electric and gas utility		0.03		*			—			—		0.03
Enterprises		*		(0.13	)		(0.01	)		0.10		(0.03	)
Corporate interest and other		*		*			—			*		*
Discontinued operations loss		0.01		0.07			*			0.02		0.08

Adjusted earnings per share — non-GAAP	$	0.38	$	0.26		$	0.52		$	0.21	$	1.36


*(In millions, except per share amounts)*	2011
	1Q
Reported net income — GAAP	$	135

After-tax items:
Electric and gas utility		—
Enterprises		*
Corporate interest and other		—
Discontinued operations (income) loss		(2	)

Adjusted income — non-GAAP	$	133


Average shares outstanding, basic		250.0
Average shares outstanding, diluted		261.7


Reported earnings per share — GAAP	$	0.52

After-tax items:
Electric and gas utility		—
Enterprises		*
Corporate interest and other		—
Discontinued operations (income) loss		(0.01	)

Adjusted earnings per share — non-GAAP	$	0.51


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

CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)


	Three Months Ended
March 31	2011			2010
Electric Utility
Reported	$	0.25		$	0.16
Downsizing Program and Other, net		—			0.02

Adjusted	$	0.25		$	0.18


Gas Utility
Reported	$	0.33		$	0.27
Downsizing Program and Other, net		—			0.01

Adjusted	$	0.33		$	0.28


Enterprises
Reported	$	0.01		$	0.04
Downsizing Program and Other, net		*			*

Adjusted	$	0.01		$	0.04


Corporate Interest and Other
Reported	$	(0.08	)	$	(0.12	)
Downsizing Program and Other, net		—			*

Adjusted	$	(0.08	)	$	(0.12	)


Discontinued Operations
Reported	$	0.01		$	(0.01	)
Discontinued Operations (Income) Loss		(0.01	)		0.01

Adjusted	$	—		$	—


Totals
Reported	$	0.52		$	0.34
Discontinued Operations (Income) Loss		(0.01	)		0.01
Downsizing Program and Other, net		*			0.03

Adjusted	$	0.51		$	0.38


Average Common Shares Outstanding — Diluted (in millions)		261.7			246.5


*		Less than $0.01 per share.

Consumers Energy
2011 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)


				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Tax			Interest			Other Working			Capital			Securitization			Preferred			Common			Consolidated Statements of Cash Flows
	non-GAAP			Sharing			Payments			Capital			Lease Pymts			Debt Pymts			Dividends			Dividends			GAAP
Description	Amount			Operating			as Operating			as Investing			as Financing			as Financing			as Financing			as Financing			Amount			Description
Cash at year end 2010	$	71		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	71		Cash at year end 2010

Sources
Operating	$	1,520		$	50		$	(233	)	$	—		$	23		$	37		$	—		$	—		$	1,397
Other working capital		(15	)		—			—			20			—			—			—			—			5		Net cash provided by

Sources	$	1,505		$	50		$	(233	)	$	20		$	23		$	37		$	—		$	—		$	1,402		operating activities

Uses
Interest and preferred dividends	$	(235	)	$	—		$	233		$	(20	)	$	—		$	—		$	2		$	—		$	(20	)
Capital expenditures		(1,065	)		—			—			—			—			—			—			—			(1,065	)
Dividends/tax sharing to CMS		(315	)		(50	)		—			—			—			—			—			365			—		Net cash provided by

Uses	$	(1,615	)	$	(50	)	$	233		$	(20	)	$	—		$	—		$	2		$	365		$	(1,085	)	investing activities

																												Cash flow from

Cash flow	$	(110	)	$	—		$	—		$	—		$	23		$	37		$	2		$	365		$	317		operating and
																												investing activities

Financing
Equity	$	125		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	125
New Issues		—			—			—			—			—			—			—			—			—
Retirements		—			—			—			—			(23	)		(37	)		—			(365	)		(425	)
Net short-term financing & other		(47	)		—			—			—			—			—			(2	)		—			(49	)	Net cash provided by

Financing	$	78		$	—		$	—		$	—		$	(23	)	$	(37	)	$	(2	)	$	(365	)	$	(349	)	financing activities


Net change in cash	$	(32	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(32	)	Net change in cash


Cash at year end 2011	$	39		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	39		Cash at year end 2011

CMS Energy Parent
2011 Forecasted 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		Cash From			Consolidated 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 2010	$	163		$	—		$	—		$	—		$	—	$	13		$	176		Cash at year end 2010

Sources
Consumers Energy dividends/tax sharing	$	315		$	(125	)	$	(15	)	$	—		$	—	$	—		$	175
Enterprises		35			—			—			(90	)		—		7			(48	)	Net cash provided by operating activities

Sources	$	350		$	(125	)	$	(15	)	$	(90	)	$	—	$	7		$	127

Uses
Interest and preferred dividends	$	(125	)	$	125		$	—		$	—		$	—	$	—		$	—
Overhead and Federal tax payments		(15	)		—			15			—			—		—			—
Equity infusions		(125	)		—			—			90			—		(60	)		(95	)	Net cash provided by investing activities

Uses (a)	$	(355	)	$	125		$	15		$	90		$	—	$	(60	)	$	(185	)

																					Cash flow from operating and investing activities

Cash flow	$	(5	)	$	—		$	—		$	—		$	—	$	(53	)	$	(58	)

Financing and dividends
New Issues	$	250		$	—		$	—		$	—		$	—	$	53		$	303
Retirements		(150	)		—			—			—			—		—			(150	)
Net short-term financing & other		20			—			—			—			—		—			20
Common dividend		(210	)		—			—			—			—		—			(210	)	Net cash provided by financing activities

Financing	$	(90	)	$	—		$	—		$	—		$	—	$	53		$	(37	)


Net change in cash	$	(95	)	$	—		$	—		$	—		$	—	$	—		$	(95	)	Net change in cash


Cash at year end 2011	$	68		$	—		$	—		$	—		$	—	$	13		$	81		Cash at year end 2011


(a)		Includes other and roundings

Consolidated CMS Energy
2011 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			Consumers			Equity
	Consumers			CMS Parent			Common Dividend			Preferred Dividend			Infusions to			Consolidated Statements of Cash Flows
Description	Amount			Amount			as Financing			as Operating			Consumers			Amount			Description
Cash at year end 2010	$	71		$	176		$	—		$	—		$	—		$	247		Cash at year end 2010

Net cash provided by operating activities	$	1,402		$	127		$	(365	)	$	(2	)	$	—		$	1,162		Net cash provided by operating activities

Net cash provided by investing activities		(1,085	)		(185	)		—			—			125			(1,145	)	Net cash provided by investing activities


Cash flow from operating and investing activities	$	317		$	(58	)	$	(365	)	$	(2	)	$	125		$	17		Cash flow from operating and investing activities

Net cash provided by financing activities	$	(349	)	$	(37	)	$	365		$	2		$	(125	)	$	(144	)	Net cash provided by financing activities


Net change in cash	$	(32	)	$	(95	)	$	—		$	—		$	—		$	(127	)	Net change in cash


Cash at year end 2011	$	39		$	81		$	—		$	—		$	—		$	120		Cash at year end 2011

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Table of Contents

Table of Contents

Table of Contents