exv99w1

EX-99.1 2 k49257exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1

Growing Forward AGA Financial Forum May 2010 John G. Russell President and COO, Consumers Energy Thomas J. Webb Executive Vice President and CFO

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.

Recent Announcements Union ratified contract Five-year duration Increased health care cost sharing Access only retiree health care for new employees Legacy costs eliminated for new employees Increased operational flexibility Big Rock decommissioning ($85 million) MPSC authorized refund over 7 months Aligns with electric rate case self-implementation Gas Rate Case final order Management transition

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

. . . . continues on track. _ _ _ _ _ a Excluding MTM in 2004-2006 b $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock Dividend Annual ¢/share Payout 8% Growth 6%-8% Growth $1.20 $1.25 $1.21 b $1.26 Actual Guidance Adjusted EPS (non-GAAP)a Growth . . . . 25% 30% 40% 44% 60¢ $1.35 0.84 1.08 0.96 0.90 $0.81 0.80 1.00 0.90 0.85 $0.80 50¢ 36¢ 20¢ 2003 2004 2005 2006 2007 2008 2009 2010 Future

Performance 47% improvement from 2006. Employee Safety Moved into 1st quartile from 2008. Cost Management - 2009 Recordable Incident Rate 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Source: Oliver Wyman Benchmarking Study (July 2009) Consumers Energy Movement from 2008 Study 6.1 7.0 4.5 3.2 2006 Baseline 2007 2008 2009

Reliability 26% improvement from 2006. Distribution 39% improvement from 2006. Generation Customer Minutes Equivalent Forced Outage Rate 337 274 275 249 2006 Baseline 2007 2008 2009 9.0% 6.3% 5.5% 5.5% 2006 Baseline 2007 2008 2009

Balanced Energy Plan Diverse and balanced plan 935 MW natural gas plant purchased in 2008 New clean coal facility Energy efficiency reduction of 5.5% by 2015 Incentive achieved in 2009 - $6 million 10% Renewable portfolio standard by 2015

Consumers Energy Investments Lake Winds Energy Park - 100 MW Located in West Michigan 16,000 acres Turbine RFP issued; award in 2010 Ready access to transmission Operational 2012 Cross Winds Energy Park - 350 MW Located in East Michigan 35,000 acres Additional transmission needed Operational 2015 and 2017 Lake Winds Energy Park Cross Winds Energy Park

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

Manage Customer Rates Current residential rates below Michigan average Current residential rates below National average Source: Electric Rates - Michigan Public Service Commission (May 2010); Gas Rates - Energy Information Administration (Feb 2010) 2006-2009 % Electric Rates Gas Rates Fuel +4 Fuel +3 Fuel -2 Fuel -2 Customer EO/ Smart Grid Opportunities Customer EO/ Smart Grid Opportunities Flat Flat 2009-2012 2006-2009 2009-2012 Base +3 Base +3 Base +2 Base +2 +6% +7% 0 2 4 6 8 10 2006-2009 2009-2012 2006-2009 2009-2012

Electricity Cost / Disposable Income Highest 25 States - 3.1% - 5.4% Source: Moody's Global Infrastructure - U.S. Regulated Electric Utilities - July 2009 Michigan among the lowest 10 states in terms of electricity cost. National Average 3.4% Lowest 25 States - 1.8% - 3.0% Lowest 10 States 1.8% - 2.6% 2.4% CO UT MN NM WA WY NH ID MI CA IL WI KS RI NE AK OR MT ND DC NJ IA SD MA VT VA OH WV ME IN MS MD PA NY NV OK GA KY CT DE AZ AR HI NC SC TN FL AL LA TX MS

Regulatory Timeline Second year under new, comprehensive Michigan energy law. 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 Fourth Quarter Fourth Quarter First Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Fourth Quarter First Quarter Gas Rate Case U-15986 Self-implemented $89 M Self-implemented $89 M Final Order May Electric General Rate Case U-16191 Filed $178 M Filed $178 M Filed $178 M Self-implement July Final Order January Big Rock Point U-15611 $85 M refund $85 M refund $85 M refund $85 M refund $85 M refund "Show Cause" U-16113 (forestry and O&M in 2007) MPSC Staff $27 M refund ALJ PFD "no refund" MPSC Staff $27 M refund ALJ PFD "no refund" MPSC Staff $27 M refund ALJ PFD "no refund" 2007 PSCR (HSC and crane collapse) Final Order $11 M refund Final Order $11 M refund CE filed for rehearing Electric Decoupling Reconciliation U-15645 File Clean Coal Plant Air permit rec'd December File Certificate of Necessity "Cushion"

Electric Sales Trends (weather adjusted) . . . . Electric Sales Year-to-Year Comparison 0 (7)% Decline over three years ('79 -'82 recession) 2008 2009 -2% -3% . . . . industrial sales showing signs of turnaround. 2010 +2% First Quarter Full Year 15,000 20,000 25,000 30,000 35,000 40,000 1975 1982 1989 1996 2003 2010 GWh -11% -4% -6% -4% -2% -3% +8% +12% +2% +2% 2009 2010 2008 2009 2010 Industrial Sales Total Sales

Economic Indicators -- Autos U.S. auto production up 62% through May 1. Amount Percent (000) U.S. Auto Production 1,544 +62% - Ford 284 57 - GM 361 65 - Chrysler 190 58 2010 2009 Inventory 53 84 May 1, 2010 YTD over 2009 April Days Supply

Utility Risk Mitigation . . . . Sales $6.3 Billion $5.6 Billion Interest expense 5% Tree trimming and UAs "Tracked" . . . . enhanced with decoupling and new "UA" tracker. Decoupled Efficiency Economy Weather Possible in May Cost Fuel 62% O&M & other 21% Investment 11% "Pass Thru" Electric 60% Gas 40%

Investment Plan 6%-8% Utility Investment Drives . . . . Rate Base a Bils $ Present Rate Base 2009 2010 2011 2012 2013 2014 Average Rate Base (bils) $9.8 $10.5 $11.4 $12.6 $13.8 . . . . EPS growth at responsible rates. Investment 2010-14 Lifetime (mils) (bils) Base capital $ 4,330 Choices in Plan Clean coal plant $ 995 $1.9 Smart Grid 730 0.9 Renewables 570 1.3 Electric reliability and other 405 Gas compression and pipelines 180 Total Choices in Plan $ 2,880 Total Capital 2010-14 $ 7,210 Examples of Coal Plant Alternative Gas storage $150 Gas distribution 150 Gas transmission 200 Electric reliability 200 Electric generation 250 Total investment $950 _ _ _ _ _ a Reflects removal of DOE liability from rate base effective May 2009 0 ? ? 5 6 7 8 9 10 11 12 13 14 2009 2010 2011 2012 2013 2014 Clean coal plant Smart Grid Renewables Electric reliability and other Gas compression and pipelines Environmental Customer growth Maintenance Depreciation

Utility Investment Also Drives . . . . Billions $ Cash flow before dividend $1.3 $2.0 Interest Working capital and taxes Base Capex . . . . operating cash flow growth. Cash flow before choices $1.4 $1.5 $1.7 $1.8 Operating cash flow a up $0.1 billion per year Investment choices _ _ _ _ _ a Non-GAAP (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 2009 2010 2011 2012 2013 2014

Key Takeaways . . . . Utility investment - visible: EPS growth of 6%-8% annually Operating cash flow growth of ^$100 million annually NOLs - avoid new equity near term Regulatory framework -- constructive Risks -- mitigated Dividend payout ratio -- growing . . . . continued track record of strong results.

GAAP Reconciliation

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


	Unaudited Quarters
*(millions, except per share amounts)*	1Q03			2Q03			3Q03			4Q03			FY 2003

Reported net income	$	82		$	(65	)	$	(69	)	$	8		$	(44	)

After-tax items:
Electric and gas utility other											30			30
Enterprises other		5			7			62			37			111
Corporate other		1						19			4			24
Discontinued operations		(31	)		53			(2	)		(43	)		(23	)
Cumulative accounting changes		24												24

Ongoing earnings (non-GAAP)	$	81		$	(5	)	$	10		$	36		$	122


Average shares outstanding, basic		144.1			144.1			152.2			161.1			150.4

Average shares outstanding, diluted		165.0			144.1			152.2			161.1			150.4


Reported earnings per share	$	0.52		$	(0.45	)	$	(0.46	)	$	0.05		$	(0.30	)

After-tax items
Electric and gas utility other											0.19			0.21
Enterprises other		0.03			0.05			0.41			0.23			0.74
Corporate other								0.12			0.02			0.16
Discontinued operations		(0.19	)		0.37			(0.01	)		(0.27	)		(0.16	)
Cumulative accounting changes		0.14												0.16

Ongoing earnings per share (non-GAAP)	$	0.50		$	(0.03	)	$	0.06		$	0.22		$	0.81

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

2003 A-1

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


	Unaudited												31-Dec
*(millions, except per share amounts)*	1Q04*			2Q04			3Q04			4Q04			FY 2004

Reported net income — GAAP	$	(9	)	$	16		$	56		$	47		$	110

After-tax items:
Electric and gas utility other											(67	)		(67	)
Enterprises other		88						(29	)		48			107
Corporate other		(7	)					(1	)		1			(7	)
Discontinued operations		2						(8	)		10			4
Cumulative accounting changes		2												2

Adjusted earnings, including MTM	$	76		$	16		$	18		$	39		$	149
Mark-to-market impacts	NM				(13	)		9			9			5

Adjusted earnings, excluding MTM	$	76		$	3		$	27		$	48		$	154


Average shares outstanding, basic		161.1			161.2			161.5			190.2			168.6

Average shares outstanding, diluted		161.1			164.2			165.0			194.0			172.1


Reported earnings per share — GAAP	$	(0.06	)	$	0.10		$	0.34		$	0.24		$	0.64
After-tax items
Electric and gas utility other											(0.35	)		(0.39	)
Enterprises other		0.56						(0.17	)		0.25			0.62
Corporate other		(0.05	)					(0.01	)		0.01			(0.03	)
Discontinued operations		0.01						(0.05	)		0.05			0.02
Cumulative accounting changes		0.01												0.01


Adjusted earnings per share, including MTM	$	0.47		$	0.10		$	0.11		$	0.20		$	0.87
Mark-to-market impacts	NM				(0.08	)		0.06			0.05			0.03


Adjusted earnings per share, excluding MTM	$	0.47		$	0.02		$	0.17		$	0.25		$	0.90

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

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

NM: Not meaningful.

2004 A-1

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


	Unaudited												31-Dec
*(millions, except per share amounts)*	1Q05			2Q05			3Q05			4Q05			FY 2005

Reported net income — GAAP	$	150		$	27		$	(265	)	$	(6	)	$	(94	)

After-tax items:
Electric and gas utility other
Enterprises other		(2	)		(1	)		(1	)		13			9
Corporate other					1						8			9
Discontinued operations											(14	)		(14	)
Asset impairment								385						385

Adjusted earnings, including MTM	$	148		$	27		$	119		$	1		$	295
Mark-to-market impacts		(75	)		19			(75	)		40			(91	)

Adjusted earnings, excluding MTM	$	73		$	46		$	44		$	41		$	204


Average shares outstanding, basic		195.3			217.9			219.6			218.5			211.8

Average shares outstanding, diluted		206.3			228.9			219.6			218.5			211.8



Reported earnings per share — GAAP	$	0.74		$	0.12		$	(1.21	)	$	(0.03	)	$	(0.44	)

After-tax items
Electric and gas utility other
Enterprises other		(0.01	)	NM			NM				0.06			0.04
Corporate other				NM							0.03			0.04
Discontinued operations											(0.06	)		(0.07	)
Asset impairment								1.75						1.82

Adjusted earnings per share, including MTM	$	0.73		$	0.12		$	0.54		$	0.00		$	1.39
Mark-to-market impacts		(0.36	)		0.08			(0.34	)		0.19			(0.43	)

Adjusted earnings per share, excluding MTM	$	0.37		$	0.20		$	0.20		$	0.19		$	0.96

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

2005 A-1

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


	Unaudited
	2006												2006
*(In millions, except per share amounts)*	1Q			2Q			3Q			4Q			Dec YTD

Reported net income — GAAP	$	(27	)	$	72		$	(103	)	$	(32	)	$	(90	)

After-tax items:
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(29	)		25			(4	)
Corporate interest and other		2			(15	)		4			82			73
Discontinued operations (gain)		(1	)		(2	)		(1	)		(2	)		(6	)
Asset impairment charges		—			—			169			—			169

Adjusted earnings, including MTM	$	(26	)	$	55		$	40		$	73		$	142
Mark-to-market impacts		74			21			30			(13	)		112

Adjusted earnings, excluding MTM	$	48		$	76		$	70		$	60		$	254


Average shares outstanding, basic		219.1			219.6			220.1			220.6			219.9
Average shares outstanding, diluted		219.1			229.6			220.1			220.6			219.9


Reported earnings per share — GAAP	$	(0.12	)	$	0.31		$	(0.47	)	$	(0.15	)	$	(0.41	)

After-tax items
Electric and gas utility other		—			—			—			—			—
Enterprises other		—			—			(0.13	)		0.11			(0.02	)
Corporate other		0.01			(0.07	)		0.02			0.38			0.27
Discontinued operations		(0.01	)		(0.01	)		—			(0.01	)		(0.03	)
Asset impairment charges		—			—			0.76			—			0.76

Adjusted earnings per share, including MTM	$	(0.12	)	$	0.23		$	0.18		$	0.33		$	0.57
Mark-to-market impacts		0.34			0.10			0.13			(0.06	)		0.51

Adjusted earnings per share, excluding MTM	$	0.22		$	0.33		$	0.31		$	0.27		$	1.08

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

2006 A-1

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


	(In millions, except per share amounts)
		2007
		1Q			2Q			3Q			4Q			Dec YTD

Reported net income (loss) — GAAP			($215	)	$	33		$	82			($127	)		($227	)

After-tax items:
Electric and gas utility			4			—			—			—			4
Enterprises			49			19			(10	)		222			280
Corporate interest and other			(81	)		32			9			(38	)		(78	)
Discontinued operations (income) loss			178			(91	)		—			2			89
Asset impairment charges, net			157			25			(49	)		—			133

Adjusted income — non-GAAP		$	92		$	18		$	32		$	59		$	201


Average shares outstanding, basic			221.5			222.6			223.0			223.4			222.6
Average shares outstanding, diluted			221.5			222.6			241.3			223.4			222.6


Reported earnings (loss) per share — GAAP			($0.97	)	$	0.15		$	0.34			($0.57	)		($1.02	)

After-tax items:
Electric and gas utility			0.01			—			—			—			(0.07	)
Enterprises			0.23			0.08			(0.04	)		0.99			1.25
Corporate interest and other			(0.36	)		0.15			0.03			(0.17	)		(0.32	)
Discontinued operations (income) loss			0.80			(0.41	)		—			0.01			0.40
Asset impairment charges, net			0.71			0.11			(0.20	)		—			0.60

Adjusted earnings per share — non-GAAP		$	0.42		$	0.08		$	0.13		$	0.26		$	0.84


		(In millions, except per share amounts)
		2008
		1Q			2Q			3Q			4Q			Dec YTD

Reported net income — GAAP		$	103		$	46		$	79		$	61		$	289

After-tax items:
Electric and gas utility			—			1			6			5			12
Enterprises			*			(4	)		(*	)		1			(3	)
Corporate interest and other			—			—			(6	)		1			(5	)
Discontinued operations (income) loss			(*	)		1			(1	)		*			*

Adjusted income — non-GAAP		$	103		$	44		$	78		$	68		$	293


Average shares outstanding, basic			223.5			223.7			224.1			224.5			223.9
Average shares outstanding, diluted			236.6			239.1			234.3			226.6			234.8


Reported earnings per share — GAAP		$	0.44		$	0.19		$	0.34		$	0.27		$	1.23

After-tax items:
Electric and gas utility			—			0.01			0.02			0.03			0.05
Enterprises			*			(0.02	)		0.01			*			(0.01	)
Corporate interest and other			—			—			(0.03	)		*			(0.02	)
Discontinued operations (income) loss			(*	)		0.01			(0.01	)		*			*

Adjusted earnings per share — non-GAAP (a)		$	0.44		$	0.19		$	0.33		$	0.30		$	1.25


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

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

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

2008 A-1

CMS ENERGY CORPORATION
Earnings Segment Results GAAP Reconciliation
(Unaudited)


	Three Months Ended						Twelve Months Ended
December 31	2008			2007			2008			2007

Electric Utility
Reported	$	0.17		$	0.17		$	1.16		$	0.88
Dilution Impact		—			—			—			(0.06	)
Unrealized Investment Loss		0.02			—			0.03			—
Asset Sales Loss and Other, net		—			—			*			0.01

Adjusted	$	0.19		$	0.17		$	1.19		$	0.83


Gas Utility		.
Reported	$	0.19		$	0.15		$	0.38		$	0.39
Dilution Impact		—			—			—			(0.03	)
Unrealized Investment Loss		0.01			—			0.02			—
Asset Sales Loss and Other, net		—			—			—			0.01

Adjusted	$	0.20		$	0.15		$	0.40		$	0.37


Enterprises
Reported	$	0.01		$	(0.97	)	$	0.06		$	(1.75	)
Unrealized Investment Loss		*			—			0.01			—
Asset Impairment Charges, net of insurance recoveries		—			—			—			0.55
Asset Sales (Gain) Loss and Other, net		—			0.99			(0.02	)		1.25

Adjusted	$	0.01		$	0.02		$	0.05		$	0.05


Corporate Interest and Other
Reported	$	(0.10	)	$	0.09		$	(0.37	)	$	(0.14	)
Dilution Impact		—			—			—			0.03
Unrealized Investment Loss		*			—			0.01			—
Asset Impairment Charges, net of insurance recoveries		—			—			—			0.05
Asset Sales Gain and Other, net		—			(0.17	)		(0.03	)		(0.35	)

Adjusted	$	(0.10	)	$	(0.08	)	$	(0.39	)	$	(0.41	)


Discontinued Operations
Reported	$	—		$	(0.01	)	$	—		$	(0.40	)
Discontinued Operations Loss		—		$	0.01			—			0.40

Adjusted	$	—		$	—		$	—		$	—


Totals
Reported	$	0.27		$	(0.57	)	$	1.23		$	(1.02	)
Discontinued Operations Loss		—			0.01			—			0.40
Dilution Impact		—			—			—			(0.06	)
Unrealized Investment Loss		0.03			—			0.07			—
Asset Impairment Charges, net of insurance recoveries		—			—			—			0.60
Asset Sales (Gain) Loss and Other, net		—			0.82			(0.05	)		0.92

Adjusted	$	0.30		$	0.26		$	1.25	(a)	$	0.84


Average Common Shares Outstanding — Diluted (in millions)		226.6			223.4			234.8			222.6


(a)		$1.21 including discontinued Exeter operations and accounting changes related to convertible debt and restricted stock.

*		Less than $0.01 per share.

2008 A-2

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


*(In millions, except per share amounts)*	2008
	1Q			2Q			3Q			4Q			Dec YTD

Reported net income — GAAP	$	102		$	44		$	78		$	60		$	284

After-tax items:
Electric and gas utility		—			1			6			5			12
Enterprises		*			(4	)		*			1			(3	)
Corporate interest and other		—			—			(6	)		1			(5	)
Discontinued operations (income) loss		(1	)		1			(1	)		*			(1	)

Adjusted income — non-GAAP	$	101		$	42		$	77		$	67		$	287


Average shares outstanding, basic		225.2			225.4			225.8			226.3			225.7
Average shares outstanding, diluted		237.6			240.6			236.3			228.1			236.2


Reported earnings per share — GAAP	$	0.43		$	0.18		$	0.33		$	0.26		$	1.20

After-tax items:
Electric and gas utility		—			0.01			0.02			0.03			0.05
Enterprises		*			(0.02	)		0.01			0.01			(0.02	)
Corporate interest and other		—			—			(0.03	)		*			(0.02	)
Discontinued operations (income) loss		(*	)		—			(0.01	)		*			(*	)

Adjusted earnings per share — non-GAAP (a)	$	0.43		$	0.17		$	0.32		$	0.30		$	1.21


*(In millions, except per share amounts)*	2009
	1Q			2Q			3Q			4Q			Dec YTD

Reported net income — GAAP	$	70		$	75		$	67		$	6		$	218

After-tax items:
Electric and gas utility		—			—			—			79			79
Enterprises		*			16			2			4			22
Corporate interest and other		*			1			1			(1	)		1
Discontinued operations (income) loss		1			(25	)		1			3			(20	)

Adjusted income — non-GAAP	$	71		$	67		$	71		$	91		$	300


Average shares outstanding, basic		226.6			226.9			227.3			227.8			227.2
Average shares outstanding, diluted		233.2			234.6			238.5			243.0			237.9


Reported earnings per share — GAAP	$	0.30		$	0.32		$	0.28		$	0.02		$	0.91

After-tax items:
Electric and gas utility		—			—			—			0.33			0.33
Enterprises		*			0.07			0.01			0.02			0.09
Corporate interest and other		*			*			*			(*	)		0.01
Discontinued operations (income) loss		0.01			(0.11	)		0.01			0.01			(0.08	)

Adjusted earnings per share — non-GAAP	$	0.31		$	0.28		$	0.30		$	0.38		$	1.26


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

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

(a)		Excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock, adjusted earnings per

		per share was $0.44, $0.19, $0.33, $0.30, and $1.25, respectively.

2009 A-1

CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)


	Three Months Ended						Twelve Months Ended
December 31	2009			2008			2009			2008

Electric Utility
Reported	$	(0.10	)	$	0.17		$	0.82		$	1.16
Unrealized Investment Loss		—			0.01			—			0.03
Asset Sales Loss and Other, net		0.33			—			0.33			*

Adjusted	$	0.23		$	0.18		$	1.15		$	1.19


Gas Utility
Reported	$	0.18		$	0.19		$	0.41		$	0.38
Unrealized Investment Loss		—			0.01			—			0.02

Adjusted	$	0.18		$	0.20		$	0.41		$	0.40


Enterprises
Reported	$	(*	)	$	*		$	(0.03	)	$	0.06
Unrealized Investment Loss		—			*			—			0.01
Asset Sales (Gain) Loss and Other, net		0.02			0.01			0.09			(0.03	)

Adjusted	$	0.02		$	0.01		$	0.06		$	0.04


Corporate Interest and Other
Reported	$	(0.05	)	$	(0.10	)	$	(0.37	)	$	(0.40	)
Unrealized Investment Loss		—			0.01			—			0.01
Asset Sales (Gain) Loss and Other, net		(*	)		*			0.01			(0.03	)

Adjusted	$	(0.05	)	$	(0.09	)	$	(0.36	)	$	(0.42	)


Discontinued Operations
Reported	$	(0.01	)	$	(*	)	$	0.08		$	*
Discontinued Operations (Income) Loss		0.01			*			(0.08	)		(*	)

Adjusted	$	—		$	—		$	—		$	—


Totals
Reported	$	0.02		$	0.26		$	0.91		$	1.20
Discontinued Operations (Income) Loss		0.01			*			(0.08	)		(*	)
Unrealized Investment Loss		—			0.03			—			0.07
Asset Sales (Gain) Loss and Other, net		0.35			0.01			0.43			(0.06	)

Adjusted	$	0.38		$	0.30		$	1.26		$	1.21	(a)


Average Common Shares Outstanding — Diluted (in millions)		243.0			228.1			237.9			236.2


*		Less than $0.01 per share.

(a)		$1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock.

2009 A-2

Consumers Energy
Gross Margin Reconciliation
December 31, 2009
Reconciliation of reported measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures
in millions (unaudited)


Year Ended December 31, 2009	Electric			Gas utility		Consolidated

Reported Operating Revenue — GAAP	$	3,407		$	2,556	$	5,963
Less intersystem sales, net		94			—		94

Adjusted Operating Revenue — non-GAAP	$	3,313		$	2,556	$	5,869

Energy costs:
Fuel for electric generation		460			—		460
Purchased and interchange power		1,151			—		1,151
Purchased power — related parties		81			—		81
Cost of gas		—			1,778		1,778

Gross margin — non-GAAP	$	1,621		$	778	$	2,399

Other operating and maintenance expenses		646			399		1,045
Depreciation and amortization		441			118		559
General taxes		149			60		209
Loss (gain) on asset sales, net		(9	)		—		(9	)

Total Operating Expenses	$	2,919		$	2,355	$	5,274

Adjusted Operating Income — non-GAAP	$	394		$	201	$	595
Plus intersystem sales, net		94			—		94

Reported Operating Income — GAAP	$	488		$	201	$	689

2009 A-3

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

Target

2009

2010

Amount

(bils)

Consumers Operating (Consumers PTOI¹ + Depreciation)

1.3

1.4

Enterprises (Project Cash Flows)

Operating Cash Flow

1.3

1.4

non-GAAP

Other operating activities including taxes, interest payments, and working capital

(0.5

)

(0.4

)

Net cash provided by operating activities

0.8

1.0

GAAP


¹		PTOI=Pre-tax operating income

*		Less than $100 million.

2009 A-4

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


	2010
*(In millions, except per share amounts)*	1Q
Reported net income — GAAP	$	85

After-tax items:
Electric and gas utility		6
Enterprises		1
Corporate interest and other		*
Discontinued operations loss		1

Adjusted income — non-GAAP	$	93


Average shares outstanding, basic		228.0
Average shares outstanding, diluted		246.5


Reported earnings per share — GAAP	$	0.34

After-tax items:
Electric and gas utility		0.03
Enterprises		*
Corporate interest and other		*
Discontinued operations loss		0.01

Adjusted earnings per share — non-GAAP	$	0.38


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

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

2010 A-1

CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)


	Three Months Ended
March 31	2010			2009
Electric Utility
Reported	$	0.16		$	0.17
Downsizing Program and Other		0.02			—

Adjusted	$	0.18		$	0.17


Gas Utility
Reported	$	0.27		$	0.25
Downsizing Program and Other		0.01			—

Adjusted	$	0.28		$	0.25


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

Adjusted	$	0.04		$	0.01


Corporate Interest and Other
Reported	$	(0.12	)	$	(0.12	)
Downsizing Program and Other		*			*

Adjusted	$	(0.12	)	$	(0.12	)


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

Adjusted	$	—		$	—


Totals
Reported	$	0.34		$	0.30
Discontinued Operations Loss		0.01			0.01
Downsizing Program and Other		0.03			*

Adjusted	$	0.38		$	0.31


Average Common Shares Outstanding — Diluted (in millions)		246.5			233.2


*		Less than $0.01 per share.

2010 A-2

Consumers Energy
2010 Forecasted 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			Preferred			Common			Consolidated 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	$	1,430		$	(210	)	$	(221	)	$	—		$	—		$	23		$	35		$	—		$	—		$	1,057
Other working capital		(115	)		—			—			(97	)		89			—			—			—			—			(123	)

Sources	$	1,315		$	(210	)	$	(221	)	$	(97	)	$	89		$	23		$	35		$	—		$	—		$	934		Net cash provided by operating activities

Uses
Interest and preferred dividends	$	(223	)	$	—		$	221		$	—		$	—		$	—		$	—		$	2		$	—		$	—
Pension Contribution		(97	)		—			—			97			—			—			—			—			—			—
Capital expenditures		(1,035	)		—			—			—			—			—			—			—			—			(1,035	)
Dividends/tax sharing to CMS		(545	)		210			—			—			—			—			—			—			335			—

Uses	$	(1,900	)	$	210		$	221		$	97		$	—		$	—		$	—		$	2		$	335		$	(1,035	)	Net cash provided by investing activities


Cash flow	$	(585	)	$	—		$	—		$	—		$	89		$	23		$	35		$	2		$	335		$	(101	)	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			—			—			—			(89	)		—			—			—			—			(8	)

Financing	$	571		$	—		$	—		$	—		$	(89	)	$	(23	)	$	(35	)	$	(2	)	$	(335	)	$	87		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-3

CMS Energy Parent
2010 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 2009	$	23		$	—		$	—		$	—		$	—		$	28		$	51		Cash at year end 2009

Sources
Consumers Energy dividends/tax sharing	$	545		$	(124	)	$	(30	)	$	—		$	—		$	—		$	391
Enterprises		35																		35
Insurance settlement		50			—			—			(55	)		—			(10	)		(15	)

Sources	$	630		$	(124	)	$	(30	)	$	(55	)	$	—		$	(10	)	$	411		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	)		—			—			52			—			(57	)		(255	)

Uses (a)	$	(470	)	$	124		$	30		$	55		$	11		$	(57	)	$	(307	)	Net cash provided by investing activities

Cash flow	$	160		$	—		$	—		$	—		$	11		$	(67	)	$	104		Cash flow from operating and investing activities

Financing and dividends
New Issues	$	300		$	—		$	—		$	—		$	(11	)	$	47		$	336
Retirements		(67	)		—			—			—			—			—			(67	)
Net short-term financing & other		(19	)		—			—			—			—			—			(19	)
Common dividend		(137	)		—			—			—			—			—			(137	)

Financing	$	77		$	—		$	—		$	—		$	(11	)	$	47		$	113		Net cash provided by financing activities

Net change in cash	$	237		$	—		$	—		$	—		$	—		$	(20	)	$	217		Net change in cash

Cash at year end 2010	$	260		$	—		$	—		$	—		$	—		$	8		$	268		Cash at year end 2010


(a)		Includes other and roundings

2010 A-4

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
	Consumers			CMS Parent			Common Dividend			Infusions to			Consolidated Statements 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	$	934		$	411		$	(335	)	$	—		$	1,010		Net cash provided by operating activities

Net cash provided by investing activities		(1,035	)		(307	)		—			250			(1,092	)	Net cash provided by investing activities

Cash flow from operating and investing activities	$	(101	)	$	104		$	(335	)	$	250		$	(82	)	Cash flow from operating and investing activities

Net cash provided by financing activities	$	87		$	113		$	335		$	(250	)	$	285		Net cash provided by financing activities


Net change in cash	$	(14	)	$	217		$	—		$	—		$	203		Net change in cash


Cash at year end 2010	$	25		$	268		$	—		$	—		$	293		Cash at year end 2010

2010 A-5

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


	Amount
	(mils)
Consumers Operating (Consumers PTOI + Depreciation)	$	1,430
Enterprises (Project Cash Flows)		35

Operating Cash Flow	$	1,465		non-GAAP

Other operating activies including taxes, interest payments and working capital		(455	)


Net cash provided by operating activites	$	1,010		GAAP

2010 A-6

Appendix


		ELECTRIC RATE CASE U-16191*

On January 22, 2010, Consumers Energy filed an application with the Michigan Public Service Commission seeking an increase in its electric generation and distribution rates based on a June 2011 test year. The request seeks authority to recover new investment in system reliability, environmental compliance and technology enhancements. These investments are part of the Company’s Growing Forward strategy which calls for investing more than $6 billion in utility operations over the next five years. The proposed overall rate of return is based on an 11.0% authorized return on equity. If approved, the request would increase customer rates by an average of 5.2%. The $178 million request is detailed below.


Item	$ Millions		Explanation
1. O&M	$	49	Generation reliability and environmental: $25
			Technology: $24

2. Gross Margin		5	Reduced third-party revenues; lower sales will be addressed in sales decoupling mechanism.

3. Investment		106	Net plant (distribution and generation reliability, environmental and technology): $72
			Working capital: $29
			Depreciation and property taxes: $21
			DOE Liability: ($5)
			Taxes, AFUDC, and other: ($11)

4. Cost of Capital		18	Higher return on equity (11% vs. 10.7%): $12
			Other capitalization costs: $6

Total	$	178


Ratemaking	Existing			As Filed						After-Tax
Capital Structure	(U-15645)			Percent of Total			Annual Cost			Weighted Costs
Long Term Debt		44.80	%		41.77	%		5.92	%		2.47	%
Short Term Debt		0.78			1.51			3.96			0.06
Preferred Stock		0.48			0.44			4.46			0.02
Common Equity		40.51			41.49	⁽¹⁾		11.00			4.56
Deferred FIT		12.80			14.26			0.00			0.00
JDITC/Other		0.63			0.53			8.50			0.05

		100.00	%		100.00	%					7.16	%⁽²⁾


	Existing
Rate Base and Return	(U-15645)			As Filed
Rate Base ($ billions)	$	6.16		$	6.97
Return on Rate Base		6.98	%		7.16	%
Return on Equity		10.70	%		11.00	%


⁽¹⁾		Equivalent to 49.57% on a financial basis.

⁽²⁾		Equivalent to 10.10% pre-tax basis.

ELECTRIC RATE CASE SCHEDULE


Staff & Intervenors File Testimony		June 10, 2010
Consumers Files Self-implementation Rates		June 28, 2010
Rebuttal Testimony		July 1, 2010
Motions to Strike Testimony		July 8, 2010
Replies to Motions to Strike		July 13, 2010
Self-implementation Under PA 286		July 22, 2010
Cross of all Witnesses		July 15-28, 2010
Initial Briefs		August 26, 2010
Reply Briefs		September 16, 2010
Proposal for Decision		November 1, 2010
Commission Order		By January 21, 2011


*		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-15986*

On March 24, 2010, the Administrative Law Judge (ALJ) filed his Proposal for Decision (PFD) in Consumers Energy’s request for gas rate relief. If adopted, the ALJ’s recommendation would result in a base rate increase of $69 million, which is $20 million less than the amount implemented by the Company in November. The ALJ’s recommended increase is $4 million less than the MPSC’s recommendation (revised per their brief filed on January 27, 2010). The ALJ recommended approval of the revenue decoupling mechanism proposed by the Company, with a modification to reflect weather-normal consumption. He also recommended approval of the pension and OPEB equalization mechanisms (PEM and OEM). He recommended, however, that the MPSC not approve the Company’s proposed Uncollectibles Expense True-Up Mechanism (UETM). Details comparing the ALJ’s position with both the Company’s self-implemented amount and the MPSC Staff’s revised position are provided below:


	Company		Revised
	Self		MPSC		ALJ			Explanation of Variance
Item	Implement		Staff⁽¹⁾		PFD			Between Company and ALJ
	(mils)		(mils)		(mils)
1. O&M	$	17	$	12	$	12		Uncollectible accounts expense: $(12)
								Standard retirement units:$7
2. Sales		41		38		35		Higher throughput: $(3); (273 Bcf vs. 272 Bcf) Miscellaneous revenues: $(3)
3. Investment		23		23		24		Standard retirement units: $1; Shift from Capital to O&M
4. Cost of Capital		8		0		(2	)	Lower Return on Equity: $(10); (10.45% vs. 11.00%)

Total	$	89	$	73	$	69


Ratemaking	Existing			Company			Revised			ALJ
Capital Structure	(U-15506)			Self Implement			MPSC Staff			PFD
Long Term Debt		42.71	%		43.43	%		43.58	%		43.58	%
Short Term Debt		0.66			0.58			0.34			0.59
Preferred Stock		0.49			0.46			0.46			0.46
Common Equity		41.78			41.07	⁽²⁾		40.78			40.78
Deferred Taxes		12.94			13.17			13.30			13.30
JDITC/Other		1.42			1.29			1.54			1.29

		100.00	%		100.00	%		100.00	%		100.00	%


Rate Base and Return	Existing			Company			Revised			ALJ
Percentage	(U-15506)			Self Implement			MPSC Staff			PFD
Rate Base ($ billions)	$	2.52		$	2.76		$	2.75		$	2.75
Return on Rate Base		7.03	%		7.28	%		7.06	%		6.99	%
Return on Equity		10.55	%		11.00	%		10.70	%		10.45	%

GAS RATE CASE SCHEDULE – UPDATED AS OF MARCH 25, 2010


Exceptions		April 7, 2010

Replies to Exceptions		April 21, 2010

Commission Order		May 21, 2010


⁽¹⁾		The Company assumes this is Staff’s recommended revenue deficiency, based on positions taken in their brief

⁽²⁾		Equivalent to 48.34% on a financial basis.

*		Gas Rate Case U-15986 can be accessed at the Michigan Public Service Commission’s website. http://efile.mpsc.cis.state.mi.us/efile/gas.html

2010 Sensitivities . . . . _ _ _ _ _ a Prior to May Gas Rate Order * Less than 0.5¢ or $500,000 . . . . mitigated by decoupling and "UA" tracker. Annual Impact (w/trackers) Annual Impact (w/trackers) Annual Impact (w/trackers) Sensitivity EPS FCF (mils) Sales (weather adjusted) vs '09 Electric (37,000 Gwh) Gas (278.1 Bcf) a + 1% + 3 Decoupled + 0.02 + $15 + 10 Gas prices + 0.50 0.01 30 Uncollectible accounts (mils) + 5 0.01 * ROE Electric Gas + 50 bps + 50 + 0.06 + 0.02 + 25 + 10 Stock price (dilution) + $1 share 0.01 0 + + + Appendix 3

Federal Tax Benefits Appendix 4 Year-End Actual Estimate 2009 2010 2011 2012 (bils) (bils) (bils) (bils) Gross NOL carry forwards $ 1.3 $ .7 $ .2 $ 0 Net NOL cash benefit at 35% $ .5 $ .2 $ .1 0 Credit carry forwards .3 .3 .3 .2 Remaining cash benefit $ .8 $ .5 $ .4 $.2

Sales Decoupling (Residential) First Quarter Approved Rate Case Actual Decoupling Surcharge Average monthly sales per customer (kWh) 745 - 723 = (22) Number of customers (mils) 1.6 x 1.6 Average margin per kWh 6¢ x 6¢ Number of months x 3 Surcharge (mils) = $6 First Quarter electric sales lower than rate case levels - resulting in a surcharge. Appendix 5

Sales and Decoupling ? Appendix 6 Gas Total Sales Y Large customers (5)¢ Y Weather and other (2) Total sales (7)¢ (6)¢ (13)¢ Decoupling recovery 4 NA 4 Net (3)¢ (9)¢ Electric First Quarter 2010 Better/(Worse) than 2009

Retail Open Access Retail Open Access Higher ROA load reduced EPS by about 5¢ in the First Quarter of 2010. % of Total 2010 2009 10% "Bundled" Customer Demand a MW 2010 2009 (5)¢ Cap _ _ _ _ _ a Industrial and commercial 4% Appendix 7 0 2 4 6 8 10 12 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter 0 500 1,000 1,500 2,000 2,500 3,000 3,500 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter

"Patient Protection and Affordable Care" Act Amount (mils) Lost deduction $(68) Regulatory asset for Consumers Energy 65 Non-regulated business $ (3) Retiree prescription drug tax subsidy eliminated. ? Appendix 8

Capacity Fuel Mix Midwest ISO - 2009 Consumers Energy - 2009 Appendix 9 Gas 25% Coal 50% Load Modifying Resources 3% Pumped Storage 2% Purchases 4% Oil 5% Nuclear 8% Renewables (Firm) 3% Renewables (Firm) 3% Gas 34% Renewables (Firm) 3% Nuclear 9% Oil 8% Purchases 2% Pumped Storage 11% Coal 34% Renewables (Firm) 3%

Consumers Capital Expenditures Appendix 10 2010-2014 2010 2011 2012 2013 2014 Total (mils) (mils) (mils) (mils) (mils) (mils) Electric Distribution 226 $ 235 $ 202 $ 229 $ 209 $ 1,101 $ Generation 112 141 138 131 56 578 Environmental 141 134 226 339 314 1,154 New customers/other 83 85 125 129 122 544 - $ Base capital 562 $ 595 $ 691 $ 828 $ 701 $ 3,377 $ Gas Distribution 146 $ 144 $ 130 $ 148 $ 156 $ 724 $ New customers/other 48 41 42 45 53 229 Base capital 194 $ 185 $ 172 $ 193 $ 209 $ 953 $ Total base capital 756 $ 780 $ 863 $ 1,021 $ 910 $ 4,330 $ Investment choices: Smart Grid 91 $ 85 $ 221 $ 164 $ 169 $ 730 $ Coal plant (2017) 9 19 119 364 484 995 Renewables (wind) 35 68 209 2 256 570 Electric reliability/other 61 86 110 73 75 405 Pipeline/compression deliverability 83 37 38 16 6 180 Total choices 279 $ 295 $ 697 $ 619 $ 990 $ 2,880 $ Total Utility 1,035 $ 1,075 $ 1,560 $ 1,640 $ 1,900 $ 7,210 $ Forecast Plan

MATURITY SCHEDULE OF CMS AND CECO LONG-TERM DEBT & PREFERRED SECURITIES
AS OF 04/30/2010

Reflects 4/15/10 payment of $644K of IQ Notes survivors’ option puts (CECo) and reclassing of 8.5% Sr Notes (CMS) to current


		Maturity	Amount
F/V	S/U	or Call Date	(000’s)			DEBT/ CO
SHORT-TERM DEBT:
F	S	05/15/10	$	250,000		4% FMBs (CECo)
F	S	06/15/10		30,000		3.375% Fixed PCRBs (CECo)
F	S	06/15/10		27,900		4.25% PCRBs (CECo)
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 Put Date* (CMS)

			$	728,574

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		137,239		5.65% FMBs IQ Notes (CECo)
F	S	09/15/35		175,000		5.80% FMBs (CECo)

			$	4,196,106
			$	6,187,180		SUBTOTAL

			$	6,158,513		SUBTOTAL EXCLUDING PREFERRED SECURITIES

Various Maturity Dates/No Maturity Date Available:
			$	226,176		CECo Securitization Bonds (Long-Term & Short-Term) after 04/20/10 payment
				227,118		CECo Capital lease rental commitments (Long-Term & Short-Term) as of 03/31/10
				162,860		CECo DOE Liability as of 04/30/10
				239,698		EnerBank (Long-Term & Short-Term) Discount Brokered CDs as of 03/31/10 (CMS)
				(36,048	)	CMS Net unamortized discount as of 03/31/10
				(4,727	)	CECo Net unamortized discount as of 03/31/10

			$	7,002,256		GRAND TOTAL INCLUDING CMS ENERGY, CONSUMERS & OTHER CMS

						ENTERPRISES SUBSIDIARIES, INCLUDING PREFERRED SECURITIES


*		— 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

Convertible Securities Share Dilution Average Annual 2010 Over Stock 4.5% 3.375% 2.875% 5.5% Share 2009 Price Preferred Notes Notes Notes Dilution Dilution (mils) (mils) (mils) (mils) (mils) (%) $13 8.3 3.7 - - 12.0 0% 15 10.7 5.1 2.4 0.4 18.6 3 17 12.6 6.2 4.6 1.8 25.2 6 19 14.1 7.1 6.4 2.8 30.4 8 Outstanding (mils) $238 $140 $288 $173 Conversion Price a $8.962 $9.667 $13.362 $14.463 Trigger Price 10.75 11.60 16.03 18.80 Principal amount paid in cash; premium in stock. _ _ _ _ _ a As of May 2010; will be adjusted for future dividend payments Appendix 12

Fact Sheets


		*Consumers Electric Utility* *Financial & Operating Statistics*


Years Ended December 31	2009			2008			2007			2006			2005

ELECTRIC REVENUE AND POWER COSTS (Millions)
Residential	$	1,387		$	1,414		$	1,326		$	1,279		$	1,069
Commercial		1,099			1,129			1,111			1,062			878
Industrial		677			810			775			764			553
Other		36			32			30			29			26

Total revenue from customers	$	3,199		$	3,385		$	3,242		$	3,134		$	2,526
Wholesale		19			22			23			22			18
Intersystem		94			113			92			45			46
Retail open access/direct access		31			15			15			17			28
Miscellaneous		64			59			71			84			83

Total electric utility revenue	$	3,407		$	3,594		$	3,443		$	3,302		$	2,701

Fuel for electric generation	$	460		$	483		$	385		$	436		$	464
Purchased and interchange power		1,232			1,388			1,449			1,135			818

DEPRECIATION AND AMORTIZATION	$	441		$	438		$	397		$	380		$	292

OPERATING INCOME (Millions)	$	488		$	576		$	413		$	411		$	342

NET INCOME (Millions)	$	194		$	271		$	196		$	199		$	153

DELIVERIES (Million kWhs)
System sales
Residential		12,386			12,854			13,206			12,975			13,286
Commercial		11,211			11,969			12,384			12,199			11,221
Industrial		9,290			10,563			11,153			11,143			9,685
Other		230			225			231			227			229

Total sales to ultimate customers		33,117			35,611			36,974			36,544			34,421
Wholesale		328			333			496			498			468
Retail open access/direct access		2,326			1,541			1,364			1,455			4,056
Intersystem		1,277			1,176			1,329			814			3,624

Total electric system deliveries		37,048			38,661			40,163			39,311			42,569

AVERAGE ELECTRIC REVENUE (¢/kWh)
Residential		11.20			11.00			10.04			9.86			8.05
Commerical		9.80			9.43			8.98			8.71			7.82
Industrial		7.29			7.67			6.95			6.86			5.70
Other		15.65			14.22			12.99			12.78			11.45

Total		9.66			9.51			8.77			8.58			7.34

ELECTRIC CUSTOMERS BILLED (At December 31)
Residential		1,566,980			1,584,752			1,575,386			1,570,113			1,565,601
Commercial		210,223			208,931			211,365			211,718			211,273
Industrial		8,770			8,505			8,619			8,638			8,595
Retail Open Access/Direct Access		861			642			642			839			1,307
Other		1,282			2,045			2,025			2,009			1,972

Total		1,788,116			1,804,875			1,798,037			1,793,317			1,788,748

AUTHORIZED RETURN ON EQUITY		10.70	%		10.70	%		11.15	%		11.15	%		11.15	%

EARNED RETURN ON EQUITY-FINANCIAL		6.4%	¹		9.4	%		7.5	%		8.9	%		8.0	%

RATE BASE (At December 31) ($ Millions)	$	6,549		$	6,175		$	5,407		$	5,088		$	4,839

COOLING DEGREE DAYS
Normal degree days in calendar year		558			558			558			558			558
Actual degree days		379			542			773			613			916
Percent warmer (colder) than normal		(32.1	)		(2.9	)		38.5			9.9			64.2
Increase (decrease) from normal in:
Electric deliveries (millions of kWh)		(461	)		146			736			118			1,359
EPS	$	(0.09	)	$	0.02		$	0.09		$	0.01		$	0.14


¹		9.1% excluding Big Rock Decommissioning refund



CMS Energy Investor Relations	One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590	http://www.cmsenergy.com


		Consumers Electric Utility Supplemental Operating Statistics


Years Ended December 31	2009					2008					2007					2006					2005

FUEL COST ($/MMBtu)
Coal		2.37					2.01					2.04					2.09					1.78
Oil		9.59					11.54					8.21					8.68					5.98
Gas		6.57					10.94					10.29					8.92					9.76
Nuclear		0.00					0.00					0.42					0.24					0.34
Weighted average for all fuels		2.56					2.47					2.07					1.72					1.64

FUEL COST FOR GENERATION (%)
Coal		90.6					81.0					97.9					88.2					76.6
Oil and gas		2.5					4.1					9.1					6.7					14.4
Nuclear		0.0					0.0					2.2					3.7					5.4
Combustion turbine		6.8					14.6					0.9					0.8					1.8
Nox allowances		0.1					0.3					(10.2	)				0.6					1.8

POWER GENERATED (Millions of kWhs)
Coal		17,255		47.3	%		17,701		45.5	%		17,903		44.3	%		17,744		44.6	%		19,711		65.8	%
Nuclear		0		0.0	%		0		0.0	%		1,781		4.4	%		5,904		14.9	%		6,636		18.7	%
Oil		14		0.0	%		41		0.1	%		112		0.3	%		48		0.1	%		225		0.7	%
Gas		565		1.5	%		804		2.1	%		129		0.3	%		161		0.4	%		356		0.1	%
Hydro		466		1.3	%		454		1.2	%		416		1.0	%		485		1.2	%		387		1.6	%
Net pumped storage ^(a)		(303	)	-0.8	%		(382	)	-1.0	%		(478	)	-1.2	%		(426	)	-1.1	%		(516	)	-1.9	%

Total net generation		17,997		49.4	%		18,618		47.8	%		19,863		49.2	%		23,916		60.2	%		26,799		84.9	%

Purchased and interchange:
Non-utility generation		11,538		31.6	%		13,643		35.1	%		12,502		31.0	%		8,594		21.6	%		8,999		3.6	%
Net interchange power		6,925		19.0	%		6,653		17.1	%		8,009		19.8	%		7,244		18.2	%		1,772		11.5	%

Total net purchased and interchange power		18,463		50.6	%		20,296		52.2	%		20,511		50.8	%		15,838		39.8	%		10,771		15.1	%

Total net power supply		36,460		100.0	%		38,914		100.0	%		40,374		100.0	%		39,754		100.0	%		37,570		100.0	%

NET DEMONSTRATED CAPABILITY (MW) AT PEAK / POWER SOURCE (%)
Coal		2,850		31.8	%		2,850		29.7	%		2,841		30.5	%		2,841		30.9	%		2,837		31.8	%
Oil and gas		1,814		20.3	%		1,997		29.7	%		1,459		15.7	%		1,459		15.8	%		1,459		16.4	%
Nuclear		0		0.0	%		0		0.0	%		0		0.0	%		778		0.0	%		778		0.0	%
Combustion turbine		661		7.4	%		661		6.9	%		345		3.7	%		345		3.7	%		332		3.9	%
Hydro		74		0.8	%		73		0.8	%		73		0.8	%		74		0.8	%		74		0.8	%
Pumped storage		955		10.7	%		955		10.0	%		955		10.3	%		955		10.4	%		955		10.7	%

Total owned generation		6,354		71.0	%		6,536		68.2	%		5,673		61.0	%		6,452		70.1	%		6,435		72.2	%

Plus P&I power capability		2,600		29.0	%		3,050		31.8	%		3,627		39.0	%		2,756		29.9	%		2,516		27.8	%

Total owned and P&I		8,954		100.0	%		9,586		100.0	%		9,300		100.0	%		9,208		100.0	%		8,951		100.0	%

Peak load (MW) (b)		7,421					7,488					8,183					8,657					7,845
Reserve capacity (%)		17.0					22.0					12.0					6.0					12.4
Nameplate generating capacity (MW) at peak		6,784					6,784					6,784					6,784					6,784
Load factor (b)		55.9					59.2					56.3					52.4					54.7
Heat rate-average Btu of fuel per net kWh generated		9,522					10,201					10,198					10,123					10,088


^(a)		Consumers’ portion of the Ludington pumped storage facility.

^(b)		Excluding Retail Open Access loads.



CMS Energy Investor Relations	One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590	http://www.cmsenergy.com


		Consumers Gas Utility Financial & Operating Statistics


	2009			2008			2007			2006			2005

GAS REVENUE AND COST OF GAS ($ Millions)
Residential	$	1,808		$	1,971		$	1,823		$	1,646		$	1,742
Commercial		511			598			552			498			510
Industrial		101			124			113			111			116
Other		3			5			6			4			9

Total sales revenue	$	2,423		$	2,698		$	2,494		$	2,259		$	2,377
Transportation fees		48			45			44			40			43
Miscellaneous		85			84			83			75			63

Total gas utility revenue	$	2,556		$	2,827		$	2,621		$	2,374		$	2,483
Cost of gas sold		1,778			2,079			1,918			1,770			1,844

Gas utility revenue net of cost of gas	$	778		$	748		$	703		$	604		$	639

DEPRECIATION, DEPLETION AND AMORTIZATION	$	118		$	136		$	127		$	122		$	117

OPERATING INCOME	$	201		$	190		$	170		$	113		$	151

NET INCOME	$	96		$	89		$	87		$	37		$	48

SALES AND DELIVERIES (Bcf)
Residential		163			171			167			154			176
Commercial		52			57			55			50			57
Industrial		11			12			12			12			13
Other		—			—			—			—			1

Total gas sales (1)		226			240			234			216			247
Gas transportation deliveries		93			98			107			92			103

Total gas sales and transportation deliveries		319			338			341			308			350

GAS CUSTOMERS BILLED (at December 31)
Residential		1,574,246			1,577,863			1,580,586			1,584,666			1,577,358
Commercial		118,199			118,870			119,703			119,936			121,314
Industrial		7,073			6,961			7,014			6,982			7,081
Transportation		2,725			2,507			2,495			2,483			2,567

Total customers		1,702,243			1,706,201			1,709,798			1,714,067			1,708,320

AVERAGE GAS REVENUE ($ per Mcf)
Residential	$	11.09		$	11.53		$	10.93		$	10.70		$	9.89
Commercial		9.83			10.49			10.09			9.87			8.96
Industrial		9.18			10.33			9.62			9.45			8.68
Transportation (2)		0.82			0.70			0.68			0.61			0.61

GAS SUPPLY (MMcf)
Gas Cost Recovery		206,866			208,296			216,843			207,223			236,978
Gas Customer Choice		31,498			24,177			19,520			15,915			13,989

Total		238,364			232,473			236,363			223,138			250,967

AVERAGE COST OF GAS SOLD ($ per Mcf) (3)
Gas Cost Recovery	$	7.66		$	8.36		$	7.91		$	8.03		$	7.47
Gas Customer Choice		7.98			9.99			9.79			8.94			6.75

AUTHORIZED RETURN ON EQUITY		10.6	%		10.55	%		10.75	%		11.0	%		11.4	%

RATE BASE (at December 31) ($ Millions)	$	2,778		$	2,638		$	2,444		$	2,446		$	2,226

EARNED RETURN ON EQUITY-FINANCIAL		9.9%	⁴		9.2	%		9.2	%		4.4	%		7.0	%

HEATING DEGREE DAYS
Normal degree days in calendar year		7,098			7,098			7,098			7,098			7,098
Actual degree days		6,815			6,917			6,561			6,119			6,557
Percent colder (warmer) than normal		(4.0	)		(2.6	)		(7.6	)		(13.8	)		(7.6	)
Increase (decrease) from normal in:
Gas deliveries (Bcf)		(0.9	)		4.1			(6.3	)		(30.2	)		(7.4	)
EPS	$	(0.01	)	$	0.02		$	(0.03	)	$	(0.12	)	$	(0.03	)



(1)		Includes Gas Customer Choice sales.

(2)		Average gas revenue for transportation excludes amounts related to MCV and off-system transportation.

(3)		Includes pipeline transportation charges.

(4)		Rate is reflective of exceptionally warm weather



CMS Energy Investor Relations	One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590	http://www.cmsenergy.com


		Independent Power Production Asset List


	Gross				Primary				Percentage of Gross
	Capacity		CMS		Fuel		In-Service		Capacity Under Long-
No. Project Name	MW		MW		Type	Location	Date		Term Contract
									(%)
Projects in Operation:
* 1 Craven		50		25	Biomass	N. Carolina		1990		0
* 2 DIG		710		710	Natural Gas	Michigan		2001		92
* 3 Exeter		31		31	Tires	Connecticut		1991		0
* 4 Filer City		73		37	Coal/Wood Waste	Michigan		1990		100
* 5 Genesee		38		19	Biomass	Michigan		1996		100
* 6 Grayling		40		20	Biomass	Michigan		1992		100
* 7 Honey Lake		36		13	Biomass	California		1989		100
* 8 Michigan Power		224		224	Natural Gas	Michigan		1999		0


Projects in Operation		1,202		1,079


*		Operated by CMS Energy

As of March 2010



CMS Energy Investor Relations	One Energy Plaza, Jackson, MI 49201 Tel. 517-788-2590	http://www.cmsenergy.com