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) February 4, 2021

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

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:

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange  on which registered
CMS Energy Corporation Common Stock, $0.01 par value	CMS	New York Stock Exchange
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078	CMSA	New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078	CMSC	New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079	CMSD	New York Stock Exchange
Consumers Energy Company Cumulative Preferred Stock, $1.00 par value: $4.50 Series	CMS-PB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company:  CMS Energy Corporation ¨        Consumers Energy Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  CMS Energy Corporation ¨        Consumers Energy Company ¨

Item 2.02. Results of Operations and Financial Condition.

On February 4, 2021, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2020 results. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.

Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in Securities and Exchange Commission rules. Other than forward-looking earnings guidance, Exhibit 99.1 contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Because CMS Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact reported earnings in future periods, Exhibit 99.1 does not contain reported earnings guidance nor a reconciliation for the comparable future period earnings. Management views adjusted earnings as a key measure of the company’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.

Item 7.01. Regulation FD Disclosure.

The information set forth in the CMS Energy News Release dated February 4, 2021, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.

CMS Energy will hold a webcast to discuss its 2020 results and provide a business and financial outlook on February 4 at 9:30 a.m. (ET). 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, 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.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

	Exhibit Index
99.1		CMS Energy News Release dated February 4, 2021
99.2		CMS Energy presentation dated February 4, 2021
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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: February 4, 2021	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and
		Chief Financial Officer

	CONSUMERS ENERGY COMPANY
Dated: February 4, 2021	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and
		Chief Financial Officer

EX-99.1

Exhibit99.1

 

CMS Energy Announces 2020 Results, Continues Long
Track Record of Strong EPS Growth and Raises 2021
Adjusted EPS Guidance

JACKSON, Mich., February 4, 2021 – CMS Energy announced today 2020 reported earnings per share of $2.64, compared to reported earnings per share of $2.39 for 2019. The company announced adjusted earnings per share of $2.67 for 2020, compared to $2.49 for 2019.

Financial Results and Outlook

2020 Results	Amount
Reported EPS	$2.64
Adjusted EPS	$2.67

2021 Updates	Amount
Adjusted EPS Guidance	$2.83 - $2.87*
Annual Dividend	$1.74 (+7%)

CMS Energy raised its guidance for 2021 adjusted earnings to $2.83 - $2.87* per share (*See below for important information about non-GAAP measures) reflecting continued strong growth of 6 to 8 percent, with a bias toward the midpoint.

“CMS Energy has delivered consistent industry-leading financial results for nearly two decades. That continued in 2020, and we are well positioned for success in 2021,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “The company remains committed to lead the clean energy transition by bringing renewable energy and energy waste reduction opportunities to all of our customers. In 2020, we contributed more than $80 million to support our customers and the communities we serve during the pandemic, and we invested more than $700 million in gas, electric and renewable infrastructure to support our clean energy transition.”

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business.

# # #

CMS Energy will hold a webcast to discuss its 2020 year-end results and provide a business and financial outlook on February 4 at 9:30 a.m. (EST). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

Important information for investors about non-GAAP measures and other disclosures.

*This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in the attached summary financial statements. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company’s adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy’s and Consumers Energy’s results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

For more information on CMS Energy, please visit our website at cmsenergy.com.
To sign up for email alert notifications, please visit the Investor Relations section of our website.

Media Contacts: Katie Carey, 517/740-1739

Investment Analyst Contact: Travis Uphaus, 517/817-9241

2

Page 1 of 3

CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended					Twelve Months Ended
		12/31/20			12/31/19		12/31/20			12/31/19
Operating revenue	$	1,798		$	1,795	$	6,680		$	6,845
Operating expenses		1,446			1,484		5,318			5,606
Operating Income		352			311		1,362			1,239
Other income (expense)		(15	)		28		84			109
Interest charges		140			134		561			519
Income Before Income Taxes		197			205		885			829
Income tax expense		35			37		133			147
Net Income		162			168		752			682
Income (loss) attributable to noncontrolling interests		4			1		(3	)		2
Net Income Available to Common Stockholders	$	158		$	167	$	755		$	680
Basic Earnings Per Average Common Share	$	0.55		$	0.59	$	2.65		$	2.40
Diluted Earnings Per Average Common Share		0.55			0.58		2.64			2.39

Page 2 of 3

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited) 

	In Millions
	As of
	12/31/20		12/31/19
Assets
Current assets
Cash and cash equivalents	$	168	$	140
Restricted cash and cash equivalents		17		17
Other current assets		2,219		2,174
Total current assets		2,404		2,331
Non-current assets
Plant, property, and equipment		21,039		18,926
Other non-current assets		6,223		5,580
Total Assets	$	29,666	$	26,837
Liabilities and Equity
Current liabilities (1)	$	1,568	$	1,484
Non-current liabilities (1)		6,825		7,051
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) (2)
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)		12,083		10,518
Non-recourse debt		2,888		2,478
Total debt, finance leases, and other financing (excluding securitization debt)		14,971		12,996
Noncontrolling interests		581		37
Common stockholders' equity		5,496		5,018
Total capitalization (excluding securitization debt)		21,048		18,051
Securitization debt (2)		225		251
Total Liabilities and Equity	$	29,666	$	26,837

⁽¹⁾ Excludes debt, finance leases, and other financing.

⁽²⁾ Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

	In Millions
	Twelve Months Ended
		12/31/20			12/31/19
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts	$	157		$	175
Net cash provided by operating activities (3)		1,276			1,790
Net cash used in investing activities		(2,867	)		(2,816	)
Cash flows from operating and investing activities		(1,591	)		(1,026	)
Net cash provided by financing activities		1,619			1,008
Total Cash Flows	$	28		$	(18	)
End of Period Cash and Cash Equivalents, Including Restricted Amounts	$	185		$	157

⁽³⁾ Includes the impact of $700 million of pension contributions in 2020.

Page 3 of 3

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended						Twelve Months Ended
		12/31/20			12/31/19			12/31/20			12/31/19
Net Income Available to Common Stockholders	$	158		$	167		$	755		$	680
Reconciling items:
Other exclusions from adjusted earnings		2			36			13			37
Tax impact		(1	)		(9	)		(3	)		(9	)
Tax reform		-			-			(9	)		-
Voluntary separation program		*			-			11			-
Tax impact		(*	)		-			(3	)		-
Adjusted net income – non-GAAP	$	159		$	194		$	764		$	708
Average Common Shares Outstanding
Basic		285.7			283.0			285.0			283.0
Diluted		286.9			284.8			286.3			284.3
Basic Earnings Per Average Common Share
Reported net income per share	$	0.55		$	0.59		$	2.65		$	2.40
Reconciling items:
Other exclusions from adjusted earnings		0.01			0.13			0.04			0.13
Tax impact		(*	)		(0.03	)		(0.01	)		(0.03	)
Tax reform		-			-			(0.03	)		-
Voluntary separation program		*			-			0.04			-
Tax impact		(*	)		-			(0.01	)		-
Adjusted net income per share – non-GAAP	$	0.56		$	0.69		$	2.68		$	2.50
Diluted Earnings Per Average Common Share
Reported net income per share	$	0.55		$	0.58		$	2.64		$	2.39
Reconciling items:
Other exclusions from adjusted earnings		0.01			0.13			0.04			0.13
Tax impact		(*	)		(0.03	)		(0.01	)		(0.03	)
Tax reform		-			-			(0.03	)		-
Voluntary separation program		*			-			0.04			-
Tax impact		(*	)		-			(0.01	)		-
Adjusted net income per share – non-GAAP	$	0.56		$	0.68		$	2.67		$	2.49

* Less than $0.5 million or $0.01 per share.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements.  Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.  

EX-99.2

Exhibit 99.2

2020 Results and Outlook Leading the Clean Energy Transition February 4, 2021

2 Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller This presentation is made as of the date hereof and contains “forward - looking statements” as defined in Rule 3b - 6 of the Securit ies Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward - looking statements are subject to risks and uncertainties. All forward - looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy’s and Consumers Energy’s Securities and Exchange Commi ssi on filings. Forward - looking statements should be read in conjunction with “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy’s and Consumers Energy’s most recent Form 10 - K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy’s and Consum ers Energy’s “FORWARD - LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors th at could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no o bligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. 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 provides historical financial results on both a reported (GAAP) and adjusted (non - GAAP) basis and provides forward - lo oking guidance on an adjusted basis. During an oral presentation, references to “earnings” are on an adjusted basis. All references to net income refer to net income availabl e to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impa irm ents, restructuring costs, regulatory items from prior years, or other items. Management views adjusted earnings as a key measure of the company’s present operating financial perfo rma nce and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's rep orted earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjust ed earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. Similarly , m anagement views the ratio of Funds From Operations (FFO)/Average Debt as a key measure of the company’s operating financial performance and its financial position, and uses the ra tio for external communications with analysts and investors. Because the company does not establish its target FFO/Average Debt ratio based on a specific target numerator and target denominator, the company is unable to provide a reconciliation to a comparable GAAP financial measure for future periods. Management also views adjusted operating and maintenance (O&M) expenses as an important measure of operating efficiency. This measure excludes expenses related to energy efficiency because they have no i mpa ct on net income, as well as certain historical amounts that reduce comparability to the current period. Other adjustments could include restructuring costs and regulatory i tem s from prior years. Because the company is not able to estimate the impact of specific line items that have the potential to significantly impact reported maintenance and o the r operating expenses, the company is not providing a reconciliation for the comparable future period expenses. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Inves tor Relations section, www.cmsenergy.com/investor - relations, a channel of distribution. Presentation endnotes are included after the appendix. 2

3 A Simple Investment Thesis . . . . . . delivers results for ALL our stakeholders. Aging Infrastructure Constructive Legislation Strong Cash Flow & Balance Sheet Affordable Prices Clean Energy Leader Diversified Service Territory Industry - leading clean energy commitment Net Zero Carbon (2040) & Net Zero Methane (2030) a Excellence through the Top - tier regulatory jurisdiction b Premium total shareholder r eturn 6% to 8% adjusted EPS growth + ~3% dividend yield Nearly two decades of industry - leading financial performance Presentation endnotes are included after the appendix.

4 Recession Consistent Growth Through . . . . . . changing circumstances. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Recession Adjusted EPS Dividend +7% +6% to +8% Weather Help Hurt Cold winter Mild summer Warm winter Warm winter Mild summer Cold winter Summer - less Hot summer Hot summer Warm winter Mild summer Polar vortex Cold Feb Warm Dec Warm winter Warm winter Hot summer Storms Pandemic Governor (D) Governor (R) Gov. (D) Commission (D) Commission (D) Commission (R) Commission (I) Comm. (D) Dave Joos John Russell Patti Poppe K. Whipple Garrick Rochow 7% Adjusted EPS CAGR

5 vs. Prior Year Amount 2020 Financial Results & Outlook . . . . . . 18 th consecutive year of industry - leading financial performance. 2020 Results vs. 2020 guidance • Adjusted EPS $2.67 Up +7% • Adjusted OCF (MM) a $1,976 Up $226 MM 2021 Outlook • Adjusted EPS Guidance $2.83 – $2.87 Raised, up 1 ¢ • Annual Dividend $1.74 Up +7% Long - term Outlook • Adjusted EPS and DPS growth +6% to +8% Maintains top - tier growth • 5 - yr Capital Plan (Bn) ~$13¼ Up $1 Bn Presentation endnotes are included after the appendix. vs. preliminary 2021 guidance

6 2020 Successes . . . . . . delivered across the Triple Bottom Line. • 18 years of +7% e adjusted EPS growth • Dividend +7% YoY, 15th increase in as many years • Realized >$100 MM in cost savings Profit • >$80 MM to customers & communities • 1st quartile employee engagement a & customer experience b • 126 MW of new load; >$2½ Bn of Michigan investment & >4K jobs • >800 MW of new wind • 300 MW of new solar c (of 1,100 MW by 2024) • > $700 MM to support clean energy transition d • >500 MW of Demand Response People Planet Excellence through the Presentation endnotes are included after the appendix.

7 Customer Investment Investing in the Clean Energy Transition . . . . . . w hile focusing on safety, reliability & affordability. '20-'24 Prior Plan '21-'25 New Plan ~$12¼ Bn ~$13¼ Bn Clean Energy Mix c ~1½% ~12% 2008 Today 2040 (Estimated Clean Energy % Adjusted EPS) $3 - $6 Bn Solar Investment PLUS Incentives on PPAs & Demand Response x x Delivers : 40% investment in Clean Energy Transition a >7% annual rate base growth b Incentives above authorized ROE $25 Bn 10 - yr Plan with $3 - $4 Bn of Opportunities x 41% 43% 16% 40% 42% 18% Clean Energy Generation Electric Gas +$1 Bn Presentation endnotes are included after the appendix.

8 Cost of Capital Capital Investments Taxes O&M Costs Fuel and Power Costs 0% 100% Estimated Cost Savings Our Entire Cost Structure . . . Cost Components ~$19 Bn Customer investment (2007 - 2019) ~70% Non - capital related . . . offers cost reduction opportunities to maintain customer affordability. 2022 2023 2025 Palisades retirement Karn 1&2 coal unit retirements (adj. O&M savings b ) MCV contract change Campbell coal unit retirements (adj. O&M savings b ) $90 MM $30 MM $50 MM $60 MM Year Event Savings PLUS PRODUCTIVITY CE residential utility bill as % of wallet at ~3% a (down 100 bps from 2007) 2031 & Beyond >$200 MM identified future cost savings Presentation endnotes are included after the appendix.

9 Engaged Workforce… …Outstanding Customer Experience. …Delivers Productivity and… Excellence Through the . . . . . . d rives world class performance, delivering hometown service. 2015 2020 (Engagement) 2015 2020 ( CXi Index a ) 2010 2020 (Capex/Headcount) ($ in thousands) $290 $120 83 % 76 81% Up ~2.5x 37 Up >2x Bottom quartile Top quartile fo r U.S. utilities since 2011 Top quartile across all industries Presentation endnotes are included after the appendix.

10 Top - Tier Michigan Regulatory Environment . . . . . . aligns incentives for all stakeholders. Legislative Framework Strong Leadership Top Tier Regulatory Environment a Timely investment recovery − Forward - looking test years − 10 - month rate cases Supporti ve Incentives − Constructive ROEs − 10.7% ROE for RPS − EE incentive (~$45 MM/yr) − FCM adder on PPAs Appointed Commissioners 7 10 18 9 7 5 4 3 2 1 Dan Scripps (D), Chair Tremaine Phillips (D) Katherine Peretick (I) 1 Michigan 2013 - present Presentation endnotes are included after the appendix.

11 Q2: File Integrated Resource Plan Q4: Expected final order Dec. : File next rate case Regulatory Outlook . . . Gas 2020 . . . offers limited economic exposure in 2021. 2021 Regulatory / Policy Q1: File next rate case Electric 12/17 Order: U - 20697 a $126 MM 9.9% ROE, 51.11% Equity Ratio 8/10 Settlement Approved: U - 20650 b $144 MM 9.9% ROE, 52.05% Equity Ratio Stay - out until Dec. 2021 Gas 12/17 Order : Order for securitization of Karn 1&2 coal plants ~$688 MM Presentation endnotes are included after the appendix.

12 By Business Segment Utility Enterprises EnerBank Parent & Other CMS Energy EPS - (GAAP) Adjustments a Adjusted (non - GAAP) Full Year Results 2020 Results . . . EPS - (GAAP) Adjustments a Adjusted (non - GAAP) $2.39 0.10 $ 2.49 58¢ 10 68 ¢ $2.64 0. 03 $ 2.67 55 ¢ 1 56 ¢ Adjusted EPS $2.91 0. 12 0. 20 ( 0. 56 ) $ 2.67 2019 2020 2019 2020 Fourth Quarter . . . reflect 7% adjusted EPS growth. Jan. 2020 Adj. Guidance $2. 84 – 2.88 0. 08 – 0.10 0. 18 – 0.20 ( 0. 46 ) – (0.50 ) $ 2.64 – $2.68 Presentation endnotes are included after the appendix.

13 2020 Objectives Achieved . . . . . . delivering benefits for customers and investors. Adjusted EPS (non - GAAP) DPS growth Adjusted OCF (MM) a FFO/average debt b (non - GAAP) Utility investment ( Bn) Planned equity issuance (MM) $2.64 – $2.68 In - line w/ earnings $1,750 ~17% $2.2 Up to $250 Objectives $2. 67 +7% $1,976 17½% $2.3 ~$250 Actual x x x x x x Presentation endnotes are included after the appendix.

14 2021 Guidance Offers 6% to 8% Growth . . . . . . compounding on 2020’s actual performance. Utility Enterprises EnerBank Parent and Other Consolidated EPS $3.03 – $3.07 0.12 – 0.13 0.20 – 0.22 (0.52) – (0.55) $2.83 – $2.87 Adjusted EPS +6% to +8%

15 2021 Adjusted EPS . . . 2020 Normal Weather Rates & Investment Customer Initiatives Spend/Cost Savings Usage, Enterprises, Tax & Other 2021 . . . managing through COVID - 19 risks. 6¢ (27)¢ 41¢ 0 ¢ – ( 4) ¢ $2.67 $2.83 – $2.87 +6% to +8% . . . s upports another year of 6% to 8% growth. Approved ERC U - 20697 Order (effective 1/21) GRC U - 20650 Order (effective 10/20) Amortization of gas tax benefits a $126 MM $144 MM ~$35 MM Safety, reliability & clean energy support x x x Waste elimination x 2021 sales roughly flat Presentation endnotes are included after the appendix.

16 Managing Work Every Year . . . 2012 2013 2014 2015 2016 2017 +7% +7% +7% +7% +7% 2018 2019 Mild winter Hot summer Cost productivity above plan Reinvestment Cost productivity above plan Mild summer Record warm Offsets Storms Cost productivity above plan Weather & storms Cost productivity Hot summer Reinvestment Cold January Storms . . . maximizes benefits for customers and investors year - in and year - out. +7% +7% Significant reinvestment at the Utility since 2013 (13)¢ +13¢ +7¢ (10)¢ +18¢ +17¢ (13)¢ +23¢ (16)¢ (9)¢ 2020 +7% Weather & COVID - 19 Cost productivity (CE Way) & weather Reinvestment & customer support +7% Adjusted EPS

17 Near - and Long - Term Objectives . . . . . . provide sustainable benefits fo r customers AND investors . Adjusted EPS (non - GAAP) DPS growth Operating cash flow (MM) Target credit ratings Utility investment (Bn) Planned equity issuance (MM) $2.83 – $2.87 In - line w/ earnings $1,850 i nvestment grade $2. 5 Up to $250 2021 +6% to +8% In - line w/ earnings >$10 Bn investment grade ~$2.6/yr Up to $250/yr Long - Term Plan FFO/Debt Target: Mid - teens a (cumulative, over 5 years) Solid FFO/Debt Target: Mid - teens a Solid Presentation endnotes are included after the appendix.

18 Full - Year Impact Sensitivity Adj. EPS OCF Sales a Electric (~35,200 GWh) Gas (~303 Bcf) + 1% + 1 ( ¢) + 7 + 3 ($MM) + 27 + 13 Gas Prices + 50 ¢ + 0 + 60 Utility Earned ROE Electric Gas + 10 bps + 10 + 2 + 1 + 7 + 4 Interest Rates + 25 bps <1 1 Effective Tax Rate (12%) + 100 bps 3 0 EE b Incentives (20% of spend) + 25 MM + 1 + 5 2021 Sensitivities . . . . . . reflect effective risk mitigation. + + + + Electric Residential Commercial Industrial 4¢ 2½ 2¢ (1% Full Year in Volume) 2021 Adj. EPS Sensitivities Gas ½ ½ ½ Presentation endnotes are included after the appendix.

19 A Simple Investment Thesis . . . . . . delivers results for ALL our stakeholders. Aging Infrastructure Constructive Legislation Strong Cash Flow & Balance Sheet Affordable Prices Clean Energy Leader Diversified Service Territory Industry - leading clean energy commitment Net Zero Carbon (2040) & Net Zero Methane (2030) a Excellence through the Top - tier regulatory jurisdiction b Premium total shareholder return 6% to 8% adjusted EPS growth + ~3% dividend yield Nearly two decades of industry - leading financial performance Presentation endnotes are included after the appendix.

20 20 Q&A Thank You

21 21 Appendix

22 Utility Customer Investment Plan Enter “so what” if necessary – Century Gothic, Bold, Size 18 or smaller 22 Clean Energy Generation Electric Utility Gas Utility Total Depreciation & Amortization $0.3 1.1 1.1 $ 2.5 $1.1 2025 $0.5 1.0 1.0 $ 2.5 $1.2 2022 2023 2024 Total 2021 $0.5 1.1 0.9 $ 2.5 $1.3 $0.5 1.1 1.1 $ 2.7 $1.2 $0.6 1.2 1.2 $ 3.0 $1.1 5 - Year Plan ($ Bn) $2.4 5.5 5.3 $ 13.2 $ 5.9 ~40% a in support of Clean Energy Transition Presentation endnotes are included after the appendix.

23 Rate Base Rate Base Growth . . . . . . r eflects over 7% annual growth over next 5 years . 2021 2025 ~$21½ Bn ~$28 Bn ROE Enhancements Clean Energy Generation Electric Gas > 7%/ yr a 20% EE incentive ~$45 MM/yr in 5 - yr plan PPA incentives (FCM) PPA payment x WACC 10.7% ROE on RPS investments ~$1.2 Bn rate base in 5 - yr plan x x x Presentation endnotes are included after the appendix.

24 Declining Exposure to Coal . . . . . . with plans to eliminate completely. Campbell 3 Campbell 3 Campbell 1&2 Campbell 1&2 <10% 2016 Today 2023 2040 ~1½% ~12% 2008 Today 2040 (Estimated Clean Energy % Adjusted EPS) 2016 Classic 7 retirement 2031 2039 (4)% (5½)% $3 - $6 Bn Solar Investment PLUS Incentives on PPAs and Demand Response 0% Coal % of Rate Base a Clean Energy Mix b 2023 Karn 1&2 retirement <15% <10% 20% Presentation endnotes are included after the appendix.

25 Operating Cash Flow Generation . . . (1.1) $2.3 2020 2021 2022 2023 2024 2025 $1. 85 $1. 95 $ 2.05 $2.15 $2.25 Amount (Bn) Cash flow before dividend Investment NOLs b & Credits $0.6 $0.5 $0.6 $0.6 $0.5 $0.4 ~$10¼ Bn in aggregate . . . remains strong and supports our capital plan. $1. 98 a Adj. Presentation endnotes are included after the appendix.

26 Consumers Energy: First Mortgage Bonds Term Loan CMS Energy: Hybrid Term Loan Planned Equity Retirements (incl. term loans): Consumers Energy CMS Energy Other: Pension Contribution Existing Facilities $850 MM (Jun - 2023) $550 MM (Jun - 2023) $250 MM (Nov - 2022) Consumers Energy CMS Energy Financings 2021 Planned Financings . . . 2020 (MM) $1 ,661 $300 $900 $300 ~$250 $1,060 $400 $700 2021 Plan (MM) $665 -- $ 235 -- Up to $250 -- $ 200 -- >$1.6 Bn a of net liquidity position with no CP outstanding (as of 12/31/20) . . . with a focus on liquidity management and interest savings. Opportunistic financings create customer benefits Presentation endnotes are included after the appendix.

27 . Ratings Drivers Credit Metrics Maintained . . . Consumers Energy CMS Energy • Strong financial position • Growing operating cash flow • Return on regulated investment • Supportive regulatory environment Senior Secured Commercial Paper Outlook Senior Unsecured Junior Subordinated Outlook Last Review A A - 2 Stable BBB BBB - Stable Jan. 2021 Aa3 P - 1 Negative Baa1 Baa2 Negative Jul. 2020 A+ F - 2 Stable BBB BB+ Stable Dec. 2020 S&P Moody’s Fitch . . . at solid investment - grade levels.

28 2020 Adjusted EPS . . . 2019 Weather Rates & Investment Costs Savings Usage, Tax & Other 2020 . . . managing through COVID - 19 risks. (12) ¢ 20 ¢ 31 ¢ (21) ¢ $2.49 $2.67 +7% . . . up 7% from prior year.

29 Residential Electric 36% Residential Gas 25% Commercial 28% Other Industrial 8% Auto 2% Other 1% 2020 Electric & Gas Rate Mix b Utility Sales Continue to Recover . . . Combined Residential >60% . . . a nd are supported by favorable mix. Weather - Normalized Electric Deliveries a (2020 vs. 2019) Res. Com. Ind. Total 5% (6)% (10)% c (2) % c Presentation endnotes are included after the appendix.

30 30 Endnotes

31 31 Slide 3: a Methane emissions from our natural gas delivery system and carbon emissions company - wide b UBS Research, 2020 state rankings and D.C. Slide 5: a Adjusted operating cash flow (non - GAAP), excludes $700 MM discretionary pension contributions in 2020 (non - GAAP) Slide 6: a By CultureIQ , top quartile for U.S. utilities b Source : Data from CXi Forrester Index, top quartile across all industries c RFPs for 300 MW in 2020 d Includes electric clean generation, distribution, grid modernization and gas infrastructure modernization e Adjusted EPS (non - GAAP) CAGR Slide 7: a Includes electric clean generation, distribution, grid modernization and gas infrastructure modernization b Assumes ~$21½ billion rate base in 2021, $28 Bn in 2025, CAGR c Includes wind, solar, hydro and energy efficiency; 2008: (~$100 MM hydro rate base x 10.7% ROE x 42.1% equity ratio) ÷ 235 MM O/S ÷ $1.21 EPS = ~1½%; Today/2020: [(~$1 Bn renewables rate base x 10.7% ROE x 40.2% equity ratio ) + (~$400 MM hydro rate base x 10 .0% ROE x 42.2% equity ratio) + $31 MM tax - effected energy efficiency] ÷ 286.5 MM O/S ÷ $2.67 EPS = ~12% Slide 8: a 2019 Consumers Energy bill as % of Michigan household income, in current dollars. Source: Fred.stlouisfed.org, Bls.gov b Excludes potential fuel savings Slide 9: a Source : Data from Forrester CXi Index Slide 10: a UBS Research, 2020 state rankings and D.C. Slide 11: a Excludes $10 MM non - jurisdictional deficiency and includes $36 MM Calc C DFIT amortization b Includes ~$84.5 MM acceleration of amortization of tax liabilities Oct. 2021 - Sept. 2022 Slide 12: a See appendix slide 36 Slide 13: a Adjusted operating cash flow, excludes $700 MM discretionary pension contribution in 2020 (non - GAAP) b Not reflective of rating agency adjustments Presentation Endnotes ( pg 1)

32 32 Slide 15: a Rate relief equivalent Slide 17: a Reflects rating agency adjustments Slide 18: a Reflects 2021 sales forecast; weather - normalized b Energy Efficiency Slide 19: a Methane emissions from our natural gas delivery system and carbon emissions company - wide b UBS Research, 2020 state rankings and D.C. Slide 22: a Includes electric clean generation, distribution, grid modernization and gas infrastructure modernization Slide 23: a Assumes ~$21½ billion rate base in 2021, $28 Bn in 2025, CAGR Slide 24: a Coal rate base based on calendar year; total rate base based on a 13 - month average b Includes wind, solar, hydro and energy efficiency; 2008: (~$100 MM hydro rate base x 10.7% ROE x 42.1% equity ratio) ÷ 235 MM O/S ÷ $1.21 EPS = ~1½%; Today/2020: [(~$1 Bn renewables rate base x 10.7% ROE x 40.2% equity ratio ) + (~$400 MM hydro rate base x 10.0% ROE x 42.2% equity ratio) + $31 MM tax - effected energy efficiency ] ÷ 286.5 MM O/S ÷ $2.67 EPS = ~12% Slide 25: a Excludes $700 MM discretionary pension contributions in 2020 (non - GAAP) b After - tax Slide 26: a $1,624 MM in available revolvers + $168 MM of unrestricted cash - $145 MM of cash at EnerBank and other Slide 29: a 2020 year over year change in GWh, excludes ROA and other b Tariff net of PSCR and GCR c Excludes one large, low - margin industrial customer Presentation Endnotes ( pg 2)

33 33 GAAP Reconciliation

34 CMS ENERGY CORPORATION Reconciliation of GAAP EPS to Non - GAAP Adjusted EPS by Segment (Unaudited) Electric Utility Reported net income per share $ 0.32 $ 0.32 $ 1.94 $ 1.79 Reconciling items: Other exclusions from adjusted earnings 0.01 0.02 0.04 0.02 Tax impact (*) (*) (0.01) (*) Voluntary separation program * - 0.03 - Tax impact (*) - (0.01) - Adjusted net income per share – non-GAAP $ 0.33 $ 0.34 $ 1.99 $ 1.81 Gas Utility Reported net income per share $ 0.34 $ 0.40 $ 0.91 $ 0.82 Reconciling items: Other exclusions from adjusted earnings * - * - Tax impact (*) - (*) - Voluntary separation program - - 0.01 - Tax impact - - (*) - Adjusted net income per share – non-GAAP $ 0.34 $ 0.40 $ 0.92 $ 0.82 Enterprises Reported net income per share $ 0.01 $ 0.01 $ 0.13 $ 0.12 Reconciling items: Other exclusions from adjusted earnings (*) (*) * * Tax impact * * (*) (*) Tax reform - - (0.01) - Voluntary separation program * - * - Tax impact (*) - (*) - Adjusted net income per share – non-GAAP $ 0.01 $ 0.01 $ 0.12 $ 0.12 EnerBank Reported net income per share $ 0.08 $ 0.06 $ 0.20 $ 0.17 Reconciling items: Other exclusions from adjusted earnings - - - - Adjusted net income per share – non-GAAP $ 0.08 $ 0.06 $ 0.20 $ 0.17 Corporate Interest and Other Reported net loss per share $ (0.20) $ (0.21) $ (0.54) $ (0.51) Reconciling items: Other exclusions from adjusted earnings * 0.11 (*) 0.11 Tax impact (*) (0.03) * (0.03) Tax reform - - (0.02) - Adjusted net loss per share – non-GAAP $ (0.20) $ (0.13) $ (0.56) $ (0.43) Consolidated Reported net income per share $ 0.55 $ 0.58 $ 2.64 $ 2.39 Reconciling items: Other exclusions from adjusted earnings 0.01 0.13 0.04 0.13 Tax impact (*) (0.03) (0.01) (0.03) Tax reform - - (0.03) - Voluntary separation program * - 0.04 - Tax impact (*) - (0.01) - Adjusted net income per share – non-GAAP $ 0.56 $ 0.68 $ 2.67 $ 2.49 Average Common Shares Outstanding – Diluted 286.9 284.8 286.3 284.3 * Less than $0.01 per share. In Millions, Except Per Share Amounts Three Months Ended Twelve Months Ended 12/31/20 12/31/19 12/31/20 12/31/19

35 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income by Quarter (Unaudited ) Net Income Available to Common Stockholders $ 243 $ 136 $ 218 $ 158 Reconciling items: Electric utility and gas utility 15 4 4 2 Tax impact (4) (1) (1) (1) Enterprises 1 (*) * (*) Tax impact (4) * (*) * EnerBank - - - - Tax impact - - - - Corporate interest and other (2) * (*) * Tax impact (4) (*) * (*) Adjusted Net Income – Non-GAAP $ 245 $ 139 $ 221 $ 159 Average Common Shares Outstanding – Diluted 285.2 286.5 286.9 286.9 Diluted Earnings Per Average Common Share $ 0.85 $ 0.48 $ 0.76 $ 0.55 Reconciling items: Electric utility and gas utility 0.05 0.02 0.01 0.01 Tax impact (0.01) (0.01) (*) (*) Enterprises * (*) * (*) Tax impact (0.01) * (*) * EnerBank - - - - Tax impact - - - - Corporate interest and other (*) * (*) * Tax impact (0.02) (*) * (*) Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.86 $ 0.49 $ 0.77 $ 0.56 Net Income Available to Common Stockholders $ 213 $ 93 $ 207 $ 167 Reconciling items: Electric utility and gas utility - - - 6 Tax impact - - - (1) Enterprises (*) * 1 (1) Tax impact * (*) (*) * EnerBank - - - - Tax impact - - - - Corporate interest and other * * * 31 Tax impact (*) (*) (*) (8) Adjusted Net Income – Non-GAAP $ 213 $ 93 $ 208 $ 194 Average Common Shares Outstanding – Diluted 283.6 284.0 284.6 284.8 Diluted Earnings Per Average Common Share $ 0.75 $ 0.33 $ 0.73 $ 0.58 Reconciling items: Electric utility and gas utility - - - 0.02 Tax impact - - - (*) Enterprises (*) * * (*) Tax impact * (*) (*) * EnerBank - - - - Tax impact - - - - Corporate interest and other * * * 0.11 Tax impact (*) (*) (*) (0.03) Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.75 $ 0.33 $ 0.73 $ 0.68 * Less than $0.5 million or $0.01 per share. In Millions, Except Per Share Amounts 2020 1Q 2Q 3Q 4Q In Millions, Except Per Share Amounts 2019 1Q 2Q 3Q 4Q

36 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non - GAAP Adjusted Net Income (Unaudited) Net Income Available to Common Stockholders $ 158 $ 167 $ 755 $ 680 Reconciling items: Other exclusions from adjusted earnings 2 36 13 37 Tax impact (1) (9) (3) (9) Tax reform - - (9) - Voluntary separation program * - 11 - Tax impact (*) - (3) - Adjusted net income – non-GAAP $ 159 $ 194 $ 764 $ 708 Average Common Shares Outstanding Basic 285.7 283.0 285.0 283.0 Diluted 286.9 284.8 286.3 284.3 Basic Earnings Per Average Common Share Reported net income per share $ 0.55 $ 0.59 $ 2.65 $ 2.40 Reconciling items: Other exclusions from adjusted earnings 0.01 0.13 0.04 0.13 Tax impact (*) (0.03) (0.01) (0.03) Tax reform - - (0.03) - Voluntary separation program * - 0.04 - Tax impact (*) - (0.01) - Adjusted net income per share – non-GAAP $ 0.56 $ 0.69 $ 2.68 $ 2.50 Diluted Earnings Per Average Common Share Reported net income per share $ 0.55 $ 0.58 $ 2.64 $ 2.39 Reconciling items: Other exclusions from adjusted earnings 0.01 0.13 0.04 0.13 Tax impact (*) (0.03) (0.01) (0.03) Tax reform - - (0.03) - Voluntary separation program * - 0.04 - Tax impact (*) - (0.01) - Adjusted net income per share – non-GAAP $ 0.56 $ 0.68 $ 2.67 $ 2.49 * Less than $0.5 million or $0.01 per share. In Millions, Except Per Share Amounts Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. Three Months Ended Twelve Months Ended 12/31/20 12/31/19 12/31/20 12/31/19

37 CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) GAAP GAAP 2020 over 2020 over 2003 2019 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CAGR Growth Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 $1.64 $2.32 $2.47 $2.64 NM 6.9% Pretax items: Electric and gas utility 0.32 (0.60) - - (0.06) 0.08 0.55 0.05 - 0.27 - - - 0.04 - - 0.02 0.08 Tax impact (0.11) 0.21 - - (0.01) (0.03) (0.22) (0.02) - (0.10) - - - (0.01) 0.12 (b) 0.01 (*) (0.02) Enterprises 0.93 0.97 0.06 (0.12) 1.67 (0.02) 0.14 (0.05) * (0.01) * 0.05 * * * 0.02 * * Tax impact (0.19) (0.35) (0.02) 0.10 (0.42) * (0.05) 0.02 (0.11) * (*) (0.02) (*) (*) 0.20 (b) (0.02) (*) (0.01) EnerBank - - - - - - - - - - - - - - - - - - Tax impact - - - - - - - - - - - - - - 0.01 (b) * - - Corporate interest and other 0.25 (0.06) 0.06 0.45 0.17 0.01 0.01 * - * * * * 0.02 0.01 * * (*) Tax impact (0.09) 0.03 (0.02) (0.18) (0.49) (0.03) (*) (*) (0.01) (*) (*) (*) (*) (0.01) 0.19 (b) (*) (*) (0.02) Adjusted Adjusted Discontinued operations (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * * (*) (*) * 2020 over 2020 over Asset impairment charges - - 2.80 1.07 0.93 - - - - - - - - - - - - - 2003 2019 Tax impact - - (0.98) (0.31) (0.33) - - - - - - - - - - - - - CAGR Growth Cumulative accounting changes 0.25 0.02 - - - - - - - - - - - - - - - - 7.3% 7.2% Tax impact (0.09) (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 $1.45 $1.55 $1.66 $1.77 $1.89 $2.02 $2.17 $2.33 $2.49 $2.67 Mark-to-market 0.04 (0.65) 0.80 Tax impact (0.01) 0.22 (0.29) Adjusted earnings per share, excluding MTM - non-GAAP NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA NA NA NA NA NA *Less than $0.01 per share. (a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. (b) Reflects the impact of tax reform. CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited)

38 CMS ENERGY CORPORATION Reconciliation of GAAP Operating Activities to Non - GAAP Operating Activities (Unaudited) (MM) 2020 GAAP Net cash provided by operating activities 1,276$ 700 Non-GAAP Net cash provided by operating activities 1,976$ Add back discretionary pension contribution

39 CMS ENERGY CORPORATION Reconciliation of Non - GAAP FFO to Average Debt Ratio (Unaudited) FUNDS FROM OPERATIONS Net Cash Provided by Operating Activities $ 1,276 Reconciling items: Pension contributions 700 Net changes in assets and liabilities (working capital)Working capital 50 None RequiredOther (174) Funds From Operations (FFO) – Non-GAAP $ 1,852 AVERAGE DEBT Indebtedness Long-term debt (1) $ 15,118 $ 13,062 Finance leases and other financing (1) 78 95 Notes payable - 90 Total Indebtedness 15,196 13,247 Reconciling items: Securitization debt (1) (225) (251) EnerBank debt (1) (2,804) (2,389) 50% of Junior subordinated notes (1,005) (555) Adjusted Debt – Non-GAAP $ 11,162 $ 10,052 Average Debt – Non-GAAP $ 10,607 (1) FFO TO AVERAGE DEBT RATIO Funds from operations (FFO) – non-GAAP $ 1,852 Average debt – non-GAAP $ 10,607 FFO to Average Debt Ratio – Non-GAAP 17.5% 12/31/20 In Millions Year Ended 12/31/20 In Millions As of 12/31/20 12/31/19 Includes current and non-current portions. In Millions, Except Ratio Year Ended

XML

Cover	Feb. 04, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 04, 2021
Entity File Number	1-9513
Entity Registrant Name	CMS ENERGY CORPORATION
Entity Central Index Key	0000811156
Entity Tax Identification Number	38-2726431
Entity Incorporation, State or Country Code	MI
Entity Address, Address Line One	One Energy Plaza
Entity Address, City or Town	Jackson
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49201
City Area Code	517
Local Phone Number	788-0550
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	CMS Energy Corporation Common Stock, $0.01 par value
Trading Symbol	CMS
Security Exchange Name	NYSE
A 5.625 Junior Subordinated Notes Due 2078 Member
Document Information [Line Items]
Title of 12(b) Security	CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078
Trading Symbol	CMSA
Security Exchange Name	NYSE
A 5.875 Junior Subordinated Notes Due 2078 Member
Document Information [Line Items]
Title of 12(b) Security	CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078
Trading Symbol	CMSC
Security Exchange Name	NYSE
A 5.875 Junior Subordinated Notes Due 2079 Member
Document Information [Line Items]
Title of 12(b) Security	CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
Trading Symbol	CMSD
Security Exchange Name	NYSE
Consumers Energy Company Member
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 04, 2021
Entity File Number	1-5611
Entity Registrant Name	CONSUMERS ENERGY COMPANY
Entity Central Index Key	0000201533
Entity Tax Identification Number	38-0442310
Entity Incorporation, State or Country Code	MI
Entity Address, Address Line One	One Energy Plaza
Entity Address, City or Town	Jackson
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49201
City Area Code	517
Local Phone Number	788-0550
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Consumers Energy Company Cumulative Preferred Stock, $1.00 par value: $4.50 Series
Trading Symbol	CMS-PB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false