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) April 23, 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 2.02. Results of Operations and Financial Condition.

On April 23, 2010, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its results for the first quarter of 2010 and reaffirmed its guidance for 2010 adjusted earnings. 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.

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 News Release dated April 23, 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. 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: April 23, 2010	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer
	CONSUMERS ENERGY COMPANY
Dated: April 23, 2010	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

CMS ENERGY REPORTS FIRST QUARTER NET INCOME OF $85 MILLION,
OR $0.34 PER SHARE, AND AFFIRMS ADJUSTED EARNINGS GUIDANCE

     JACKSON, Mich., April 23, 2010 – CMS Energy announced today reported net income of $85 million, or $0.34 per share, for the first quarter of 2010, compared to reported net income of $70 million, or $0.30 per share, in the same quarter of 2009.

     For the first quarter of 2010, the company’s adjusted (non-Generally Accepted Accounting Principles) net income, which excludes charges related to a recent downsizing program and certain other items, was $93 million, or $0.38 per share, compared to adjusted net income of $71 million, or $0.31 per share, for same quarter of 2009.

     CMS Energy reaffirmed its guidance for 2010 adjusted earnings of about $1.35 per share. Reported earnings could vary because of several factors such as legacy issues associated with prior asset sales. Because of those uncertainties, the company isn’t providing reported earnings guidance.

     David Joos, the president and chief executive officer of CMS Energy, said the first quarter results reflected strong operational performance at the company’s principal subsidiary, Consumers Energy, a Michigan electric and natural gas utility.

     “We had a solid quarter despite warmer than normal temperatures that had an unfavorable impact on our natural gas sales. We are dealing with that by tightly managing our costs,” Joos said. “We are starting to see signs of an economic recovery in Michigan and that’s encouraging news on several fronts, especially for electric sales to industrial customers.”

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

# # #

CMS Energy provides financial results on both a reported (Generally Accepted Accounting Principles) and adjusted (non-GAAP) basis. Management views adjusted earnings as a key measure of the company’s present operating financial performance, unaffected by discontinued operations, asset sales, impairments, or other items detailed in the attached summary financial statements. Certain contingent obligations arising in connection with previously disposed assets

or discontinued operations have the potential to impact, favorably or unfavorably, the company’s reported earnings in 2010.

This news release 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 Form 10-K and Consumers Energy’s Form 10-K each for the Year Ended December 31, 2009. 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.

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

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

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

CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts)

	First Quarter
	(Unaudited)
	2010			2009
Operating Revenue	$	1,967		$	2,104
Income (Loss) from Equity Method Investees		3			(1	)
Operating Expenses		1,728			1,894
Operating Income	$	242		$	209
Other Income		13			15
Interest Charges		105			99
Income before Income Taxes	$	150		$	125
Income Tax Expense		61			50
Income from Continuing Operations	$	89		$	75
Loss from Discontinued Operations		(1	)		(1	)
Net Income		88			74
Income Attributable to Noncontrolling Interests		—			1
Net Income Attributable to CMS Energy	$	88		$	73
Preferred Dividends		3			3
Net Income Available to Common Stockholders	$	85		$	70
Income Per Share
Basic	$	0.37		$	0.31
Diluted		0.34			0.30

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CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)

	March 31		December 31
	2010		2009
	(Unaudited)
Assets
Cash and cash equivalents	$	755	$	90
Restricted cash and cash equivalents		23		32
Other current assets		2,017		2,620
Total current assets	$	2,795	$	2,742
Plant, property & equipment		9,647		9,682
Non-current assets		2,784		2,832
Total Assets	$	15,226	$	15,256
Stockholders’ Investment and Liabilities
Current liabilities	$	973	$	1,220
Non-current liabilities		4,287		4,272
Capitalization
Debt and capital and finance leases (*)
Long-term debt and capital leases (excluding FIN 46 debt, non-recourse debt, finance leases and securitization debt)		6,507		6,225
FIN 46 debt, non-recourse debt and finance leases		283		358
Total debt and capital and finance leases		6,790		6,583
Preferred stock		239		239
Noncontrolling interests		44		97
Common stockholders’ equity		2,658		2,602
Total capitalization	$	9,731	$	9,521
Securitization debt		235		243
Total Stockholders’ Investment and Liabilities	$	15,226	$	15,256

(*) Current and long-term

CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)

	First Quarter
	(Unaudited)
	2010			2009
Beginning of Period Cash	$	90		$	207
Cash provided by operating activities	$	657		$	606
Cash used in investing activities		(212	)		(192	)
Cash flow from operating and investing activities	$	445		$	414
Cash provided by financing activities		221			199
Changes in cash included in assets held for sale		(1	)		2
Total Cash Flow	$	665		$	615
End of Period Cash	$	755		$	822

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CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income
(In Millions, Except Per Share Amounts)

	First Quarter
	(Unaudited)
	2010		2009
Net Income Available to Common Stockholders	$	85	$	70
Reconciling Items:
Discontinued Operations Loss		1		1
Downsizing Program and Other		7		—
Adjusted Net Income — Non-GAAP Basis	$	93	$	71
Average Number of Common Shares Outstanding
Basic		228		227
Diluted		247		233
Basic Earnings Per Average Common Share
Net Income Per Share as Reported	$	0.37	$	0.31
Reconciling Items:
Discontinued Operations Loss		0.01		0.01
Downsizing Program and Other		0.03		—
Adjusted Net Income — Non-GAAP Basis	$	0.41	$	0.32
Diluted Earnings Per Average Common Share
Net Income Per Share as Reported	$	0.34	$	0.30
Reconciling Items:
Discontinued Operations Loss		0.01		0.01
Downsizing Program and Other		0.03		—
Adjusted Net Income — Non-GAAP Basis	$	0.38	$	0.31

Note: Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company’s present operating financial performance, unaffected by discontinued operations, asset sales, impairments, or other items detailed in these summary financial statements.

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