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) July 25, 2019

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:

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))

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 Corporationo        Consumers Energy Companyo

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 Corporationo        Consumers Energy Companyo

Item 2.02. Results of Operations and Financial Condition.

On July 25, 2019, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2019 second quarter 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.  CMS Energy provides forward-looking earnings guidance on an adjusted basis.  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 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 July 25, 2019, 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 2019 second quarter results and provide a business and financial outlook on July 25 at 8:30 a.m. (EDT). 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 July 25, 2019
99.2	CMS Energy presentation dated July 25, 2019

2

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: July 25, 2019	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and
		Chief Financial Officer
		CONSUMERS ENERGY COMPANY
Dated: July 25, 2019	By:	/s/ Rejji P. Hayes
		Rejji P. Hayes
		Executive Vice President and
		Chief Financial Officer

3

EX-99.1

Exhibit 99.1

CMS Energy Announces Second Quarter Earnings of $0.33 Per Share; Reaffirms 2019 Earnings Guidance

JACKSON, Mich., July 25, 2019 — CMS Energy announced today reported net income of $93 million or $0.33 per share, for the second quarter of 2019, compared to $139 million or $0.49 per share for the same quarter in 2018. The company reported net income of $306 million, or $1.08 per share, for the first half of 2019 compared to $380 million or $1.35 per share for the comparable period in 2018. The key drivers of CMS’ year-to-date financial performance were mild weather and storm activity.

CMS Energy reaffirmed its guidance for 2019 adjusted earnings of $2.47 - $2.51 per share (*See below for important information about non-GAAP measures) or 6 to 8 percent annual adjusted earnings per share growth.

“CMS Energy’s strong commitment to our triple bottom line of people, planet and profit is reflected in our company’s financial results for the first six months of 2019,” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. “A major step forward for the company this quarter was the approval of our Integrated Resource Plan (IRP), which established our company and the state of Michigan as national clean energy leaders.”

CMS Energy noted several accomplishments in the second quarter:

·IRP SETTLEMENT APPROVAL: The IRP puts Consumers Energy on a path to eliminate coal, reduce carbon emissions by over 90 percent, and meet customers’ future electricity capacity needs with 90 percent clean energy resources by 2040. The Michigan Public Service Commission approved the plan in June, which also had support from customers, environmental groups, the MPSC’s technical staff, and the Michigan Attorney General.

·ELECTRIC VEHICLE CHARGING AND REBATE PROGRAM LAUNCH: In June, we announced PowerMIDrive, a multi-year program designed to make it easier for owners of electric vehicles to charge their vehicles when and where they want.

·GAS AUTOMATIC METER READING (AMR) INSTALLATION COMPLETE: We have now completed the deployment of gas AMR technology for our standalone gas customers. In total, we upgraded 1.1 million gas meters with communication modules on existing meters allowing us to read the meters remotely from service vehicles leading to an improved customer experience.

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

# # #

CMS Energy will hold a webcast to discuss its 2019 second quarter results and provide a business and financial outlook on July 25 at 8:30 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Investor Meeting.”

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 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, 517/788-2395

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

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended				Six Months Ended
	6/30/19		6/30/18		6/30/19		6/30/18
Operating revenue	$	1,445	$	1,492	$	3,504	$	3,445
Operating expenses	1,227		1,237		2,927		2,827
Operating Income	218		255		577		618
Other income	27		22		50		51
Interest charges	131		112		252		223
Income Before Income Taxes	114		165		375		446
Income tax expense	20		25		68		65
Net Income	94		140		307		381
Income attributable to noncontrolling interests	1		1		1		1
Net Income Available to Common Stockholders	$	93	$	139	$	306	$	380
Basic Earnings Per Average Common Share	$	0.33	$	0.49	$	1.08	$	1.35
Diluted Earnings Per Average Common Share	0.33		0.49		1.08		1.35

1

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

	In Millions
	As of
	6/30/19		12/31/18
Assets
Current assets
Cash and cash equivalents	$	312	$	153
Restricted cash and cash equivalents	22		21
Other current assets	1,920		2,294
Total current assets	2,254		2,468
Non-current assets
Plant, property, and equipment	18,106		18,126
Other non-current assets	4,932		3,935
Total Assets	$	25,292	$	24,529
Liabilities and Equity
Current liabilities (1)	$	1,309	$	1,531
Non-current liabilities (1)	6,696		6,429
Capitalization
Debt, capital leases, and financing obligation (excluding securitization debt) (2)
Debt, capital leases, and financing obligation (excluding non-recourse and securitization debt)	9,913		9,646
Non-recourse debt	2,222		1,854
Total debt, capital leases, and financing obligation (excluding securitization debt)	12,135		11,500
Noncontrolling interests	37		37
Common stockholders’ equity	4,851		4,755
Total capitalization (excluding securitization debt)	17,023		16,292
Securitization debt (2)	264		277
Total Liabilities and Equity	$	25,292	$	24,529

(1)Excludes debt, capital leases, and financing obligation.

(2)Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

	In Millions
	Six Months Ended
	6/30/19			6/30/18
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts	$	175		$	204
Net cash provided by operating activities	1,185			1,416
Net cash used in investing activities	(1,410		)	(1,008		)
Cash flows from operating and investing activities	(225		)	408
Net cash provided by (used in) financing activities	384			(111		)
Total Cash Flows	$	159		$	297
End of Period Cash and Cash Equivalents, Including Restricted Amounts	$	334		$	501

2

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended						Six Months Ended
	6/30/19			6/30/18			6/30/19			6/30/18
Net Income Available to Common Stockholders	$	93		$	139		$	306		$	380
Reconciling items:
Other exclusions from adjusted earnings	*			1			*			1
Tax impact	(*		)	(*		)	(*		)	(*		)
Gain on assets previously sold	—			(4		)	(*		)	(4		)
Tax impact	—			1			*			1
Adjusted net income — non-GAAP	$	93		$	137		$	306		$	378
Average Common Shares Outstanding
Basic	282.9			282.1			282.9			281.8
Diluted	284.0			282.6			283.8			282.4
Basic Earnings Per Average Common Share
Reported net income per share	$	0.33		$	0.49		$	1.08		$	1.35
Reconciling items:
Other exclusions from adjusted earnings	*			*			*			*
Tax impact	(*		)	(*		)	(*		)	(*		)
Gain on assets previously sold	—			(0.01		)	(*		)	(0.01		)
Tax impact	—			*			*			*
Adjusted net income per share — non-GAAP	$	0.33		$	0.48		$	1.08		$	1.34
Diluted Earnings Per Average Common Share
Reported net income per share	$	0.33		$	0.49		$	1.08		$	1.35
Reconciling items:
Other exclusions from adjusted earnings	*			*			*			*
Tax impact	(*		)	(*		)	(*		)	(*		)
Gain on assets previously sold	—			(0.01		)	(*		)	(0.01		)
Tax impact	—			*			*			*
Adjusted net income per share — non-GAAP	$	0.33		$	0.48		$	1.08		$	1.34

*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. 

3

EX-99.2

Exhibit 99.2

Second Quarter 2019 Results and Outlook July 25, 2019

2 This presentation is made as of the date hereof and contains “forward-looking statements” as defined in Rule 3b-6 of the Securities 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 Commission 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 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. CMS Energy and Consumers Energy undertake no obligation 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-looking guidance on an adjusted basis. During an oral presentation, references to “earnings” guidance are on an adjusted basis. All references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, 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 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 adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. Similarly, management 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 ratio 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. 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.

Agenda Outlook & Business Update Patti Poppe President & CEO Financial Results Rejji Hayes Executive VP & CFO 3 PROFIT PLANET PEOPLE

First Half . . . . . . results reaffirm 6% to 8% EPS growth. First Half 2019 EPS $1.08 Reaffirm Guidance Full-year EPS $2.47 to $2.51 _ _ _ _ _ a Adjusted EPS (non-GAAP) Long-Term Outlook EPS & DPS growth +6% to +8% a 4 Results Amount a a a Commentary 6% to 8% vs. 2018 Bias toward the midpoint On track and managing the work

Managing Work Every Year . . . . . . maximizes benefits for customers and investors. 2011 2012 2013 2014 2015 Offsets RECORD WARM Mild Summer Cost productivity above plan Reinvestment Hot Summer Mild Winter Hot Summer Storms Cost productivity above plan 0 Reinvestment EPS _ _ _ _ _ a Adjusted EPS (non-GAAP) a 2016 Storms Cost productivity above plan Cost productivity 2017 +7% +7% +7% +7% +7% +7% +7% 5 Weather & Storms 2018 +7% Hot Summer Reinvestment 2019 O&M $973 MM $1,093 MM $100+ MM Reinvested 2017 2018 _ _ _ _ _ b Adjusted Utility operating and maintenance expense (non-GAAP) b $1.20 $1.40 $1.60 $1.80 $2.00 $2.20 $2.40 $2.60

IRP Settlement Approved . . . . . . lays groundwork for Clean & Lean energy future. 6 Energy Efficiency Demand Response Expiration of Palisades PPA Karn 1&2 closure Financial Compensation Mechanism (FCM) for PPAs as an incentive FCM = PPA payment x Company’s WACC (currently 5.88%) Includes 525 MW of wind approved in the Renewable Energy Plan (REP) Competitive bidding for future solar Broad coalition of key stakeholders 50/50 own/PPA split of new solar 1,100 MW total Near-Term Additional Details a _ _ _ _ _ Weighted average cost of capital a Long-term plan includes 6,000 MW of solar

Clean Energy Future . . . Elimination of Coal 7 More Renewable Energy Innovative Energy Solutions . . . embodies the Triple Bottom Line. 11% 20% 31% 11% 9% 2019 Consumers Energy Capacity Mix 10% 42% 10% 14% 8% 6% 10% 12% 2030 2040 22% 20% 56% Earn incentive mechanisms Rate based or earn FCM Renewables Coal Natural Gas Storage Peaking Plants EWR 8% Nuclear a a Energy Waste Reduction

8 Story of the Last Half Century . . . . . . supports our Clean Energy Plan. Ludington Pumped Storage Pre- Post- Megawatts 1,872 2,292 Efficiency 70% 77% Pump Time 14 hours <9 hours Original Construction 1969 – 1973 Current Upgrade 2011 – 2020 Annual customer value of ~$60 MM TBU Upgrade a a _ _ _ _ _ While maintaining generation of 5 of 6 units FERC License renewed for 50 yrs b _ _ _ _ _ Represents total plant; for customer value Consumers Energy b

9 Michigan Energy Policy is Supportive . . . Michigan Public Service Commission Bipartisan Energy Law (2016 law enhanced 2008 law) Forward-looking test year (10-month rate case) Energy Efficiency incentive (20% of spend) Renewable Portfolio Standard (RPS) Constructive ROEs . . . and built into legislation. Sally Talberg (I), Chair Term Ends: July 2, 2021 Dan Scripps (D) Term Ends: July 2, 2023 Tremaine Phillips (D) Term Ends: July 2, 2025 Effective Sept. 9th

+7% Consistent Growth Through . . . Recession Governor (R) Governor (D) Commission (D) Commission (R) Recession 7% CAGR Polar vortex Cold Feb. Mild summer Warm winter Hot summer Hot summer Cold winter Cold winter Summer- “less” Mild summer Mild summer Commission (D) Hurt Help EPS _ _ _ _ _ a Adjusted EPS (non-GAAP) a Warm winter Hot summer Dividend Weather . . . changing circumstances. Commission (I) Cold Feb. Warm Dec. Warm winter Warm winter +6% to +8% 10 b _ _ _ _ _ b Non-GAAP 2003 2005 2006 2007 2008 2009 2010 2011 2004 2018 2017 2016 2015 2014 2013 2012 2019 Hot summer (D) (D)

11 First Half 2019 EPS . . . . . . tracking as planned. By Business Segment $1.14 0.04 (0.10) $1.08 EPS Results $1.35 2018 2019 $1.08 Second Quarter EPS – (GAAP) Adjustment Adjusted (non-GAAP) 49¢ (1) 48¢ 33¢ -- 33¢ EPS – (GAAP) _ _ _ _ _ a Adjusted EPS (non-GAAP) Adjustment Adjusted (non-GAAP) -- $1.08 (0.01) $1.34 Year-to-Date a a a Utility Enterprises Parent & Other CMS Energy

12 2019 EPS . . . First Half Six Months To Go (26)¢ 40¢ - 44¢ $2.33 . . . weighted toward second half as planned. First Half $1.08 $2.47 - $2.51 First Half $1.34 6% - 8% 12¢ a _ _ _ _ _ a Adjusted EPS (non-GAAP) 7¢ 4¢ 24¢ - 28¢ (9)¢ (15)¢ (9)¢ Weather Storm Costs Rates & Investment Usage, Enterprises, Tax & Other Absence of 2018 Weather & Reinvestment Usage, Enterprises, Tax & Other Rates & Investment 2018 2019 Weather Reinvestment (19)¢ 23 4¢ Absent 2018: Cost savings Sales mix Enterprises July sales 6-9¢ 6-8 8 4 H2 ‘19 Tailwinds: Absent ‘18 (8)¢

Our Self-Funding Model . . . EPS Growth - Cost management (O&M, fuel, purchased power) - Sales (economic development, energy efficiency) - Other (Enterprises, tax planning, etc.) INVESTMENT SELF-FUNDED Customer Prices “at or below inflation” Plan 6% - 8% . . . delivers consistent growth while maintaining affordability. 2 - 3 pts 1 2 5 - 6 pts Self-Funding: 13 _ _ _ _ _ a Adjusted EPS (non-GAAP) a <2%

Utility Customer Investment Plan . . . . . . focuses on safety and reliability for the benefit of customers. $23 Bn Rate Base Growth 5-Year Plan $16 Bn Gas Electric >7% CAGR 70% 60% 14 Prior Plan Current Plan Capital Investment (Bn): Electric Utility New Utility Renewables Gas Utility Total Mix System Need: >$50 Bn $ 4 1 5 $10 $ 5 1 5 $11 ~45% ~10 ~45 100% ~30% ~40% 2018 2023

Managing Customer Bills . . . . . . provides headroom for additional customer investment. 15 ~70% a Source: Fred.stlouisfed.org, Bls.gov, Consumers internal bills; percentages may not total 100% due to rounding. Fuel and Power Costs Taxes 100% Capital Investments O&M Costs Cost of Capital ~70% (Electric & Gas) a Housing ~ 30% Other ~ 25% Food ~ 13% Utility Bill ~ 4% Utility Bill ~ 3½% Down 50 bps! Consumers energy bill as % of Michigan household income, adj. dollars. Healthcare ~ 9% TV & Phone ~ 4% Housing ~ 30% Other ~ 30% Transportation ~ 15% Food ~ 12% Healthcare ~ 5% TV & Phone ~ 4% ~$15 Bn Customer Investment (2007-2017) Transportation ~ 15% 2007 2017 Cost Components Residential Bills as % of Wallet 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Economic Development is Robust . . . Customer Committed Load . . . and helps drive our model. 16 45 MW 69 MW Residential 59% Commercial 28% Other Industrial 9% Other 2% Diversified Customer Base GDP Growth Population Growth Unemployment* 32 8 2.8 17 6 3.6 Grand Rapids U.S. Economic Indicators: % % (2018 Electric & Gas Rate Mix) +53% Auto 2% Target 100 MW % % % % 101 MW *May 2019 Unemployment Source: bea.gov, census.gov, bls.gov +46% a Tariff net of PSCR and GCR 2010 2017 2010 2018 a 2016 2017 2018 2019

S&P / Fitch Moody’s S&P (Dec. ‘18) Moody’s (Jul. ‘19) Fitch (Jul. ‘19) AA- Aa3 A+ A1 A A2 A- A3 BBB+ Baa1 BBB Baa2 BBB- Baa3 BB+ Ba1 BBB+ Baa1 BBB Baa2 BBB- Baa3 BB+ Ba1 BB Ba2 BB- Ba3 B+ B1 B B2 B- B3 Outlook Stable Stable Stable . . . at solid investment-grade levels. Credit Metrics Maintained . . . Present Prior 2002 Consumers Secured CMS Unsecured 17 Strong financial position Growing operating cash flow Return on regulated investment Supportive regulatory environment Ratings Drivers

Compelling Investment Thesis . . . 18 . . . adaptive to changing conditions. Aging Infrastructure Constructive Regulation Strong Cash Flow & Balance Sheet Diversified Service Territory Affordable Prices Clean Energy Leader

Q & A Thank You!

[LOGO]

Regulatory Outlook . . . Electric Regulatory / Policy 2019 21 3/23: Filed settlement agreement for IRP . . . builds on recent momentum and provides long-term visibility. 6/7: IRP settlement order approved U-20165 Q3: Expected order Filed $229 MM U-20322 Next Electric Order 1/9: Settlement approved U-20134 10% ROE Q4: File next gas rate case 7/18: Demand Response final order U-20164 2/7: REP approved for 525 MW of wind  Gas Gas 2020 Q3: Calc. C final order

Solid Rate Case History . . . 22 $11.1 $5.2 $4.3 $4.1 $6.5 $10.7 $10.7 $9.8 Electric Rate Base (Bn) Gas Rate Base (Bn) Settled Settled Settled Request $8.5 Settled Settled $3.6 . . . demonstrates our ability to prioritize customers and investors. $3.1 Settled 2013A 2019E $106 $106 Residential Electric Bill Flat 2013A 2019E $60 $87 Residential Gas Bill (31)% Includes renewables, 2019 assumes $500 MM in renewables a b b a Source: bls.gov for historical data, Bloomberg for 2019 estimate; current dollars c Data as of test-year end b c c Stay out (Weather-normalized) (Weather-normalized) Dec. 2012 Dec. 2015 Dec. 2016 Dec. 2017 Jun. 2019 Sep. 2020 Dec. 2013 May 2016 Aug. 2017 Sep. 2018 Dec. 2019

Operating Cash Flow Generation . . . . . . remains strong and supports our capital plan. Amount (Bn) $ Investment Cash flow before dividend NOLs & credits $0.4 $0.3 $0.3 $0.4 $0.4 $0.5 23 >$9 Bn in aggregate 1.70 1.65 1.75 1.85 1.95 2.05 (1.3) (0.8) (0.3) 0.2 0.7 1.2 1.7 2.2 2018 2019 2020 2021 2022 2023

“DIG” (750 MW) & Peakers (200 MW) . . . . . . offers risk mitigation to Plan with future upside opportunities. Pre-Tax Income (MM) $30 $45 $38 Opportunities $ $3.00 $7.50 $95 $35 24 _ _ _ _ _ Beyond Plan assumes 100% capacity available at $3.00 and $7.50/ kw-month a $45 Better Performance Better Performance Better Performance Contracted Capacity Contracted Capacity Contracted Capacity Contracted Capacity Contracted Energy b b b $/ kw-month 2019 2019 Through 2022 Capacity (~$2.00/kw-month) Energy >80% >90% Contracted Capacity ~$0.70/kw-month Surplus of only 252 ZRCs DIG largely contracted 2019/20 MISO Zone 7 Auction a 0 10 20 30 40 50 60 70 80 90 100 2016 2017 2018 2019 Beyond Plan

2019 and Long-Term Financial Targets . . . 25

GAAP Reconciliation

27 CMS ENERGY CORPORATION Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment (Unaudited) In Millions, Except Per Share Amounts Three Months Ended Six Months Ended 6/30/19 6/30/18 6/30/19 6/30/18 Electric Utility Reported net income per share $ 0.32 $ 0.46 $ 0.69 $ 0.95 Reconciling items: Other exclusions from adjusted earnings - - - - Adjusted net income per share – non-GAAP $ 0.32 $ 0.46 $ 0.69 $ 0.95 Gas Utility Reported net income per share $ 0.03 $ 0.07 $ 0.45 $ 0.44 Reconciling items: Other exclusions from adjusted earnings - - - - Adjusted net income per share – non-GAAP $ 0.03 $ 0.07 $ 0.45 $ 0.44 Enterprises Reported net income per share $ 0.03 $ 0.05 $ 0.04 $ 0.11 Reconciling items: Other exclusions from adjusted earnings * * * * Tax impact (*) (*) (*) (*) Gain on assets previously sold - (0.01) (*) (0.01) Tax impact - * * * Adjusted net income per share – non-GAAP $ 0.03 $ 0.04 $ 0.04 $ 0.10 Corporate Interest and Other Reported net loss per share $ (0.05) $ (0.09) $ (0.10) $ (0.15) Reconciling items: Other exclusions from adjusted earnings * * * * Tax impact (*) (*) (*) (*) Adjusted net loss per share – non-GAAP $ (0.05) $ (0.09) $ (0.10) $ (0.15) Consolidated Reported net income per share $ 0.33 $ 0.49 $ 1.08 $ 1.35 Reconciling items: Other exclusions from adjusted earnings * * * * Tax impact (*) (*) (*) (*) Gain on assets previously sold - (0.01) (*) (0.01) Tax impact - * * * Adjusted net income per share – non-GAAP $ 0.33 $ 0.48 $ 1.08 $ 1.34 Average Common Shares Outstanding – Diluted 284.0 282.6 283.8 282.4 * Less than $0.01 per share.

28 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) In Millions, Except Per Share Amounts 2019 1Q 2Q Net Income Available to Common Stockholders $ 213 $ 93 Reconciling items: Electric utility and gas utility - - Tax impact - - Enterprises (*) * Tax impact * (*) Corporate interest and other * * Tax impact (*) (*) Adjusted Net Income – Non-GAAP $ 213 $ 93 Average Common Shares Outstanding – Diluted 283.6 284.0 Diluted Earnings Per Average Common Share $ 0.75 $ 0.33 Reconciling items: Electric utility and gas utility - - Tax impact - - Enterprises (*) * Tax impact * (*) Corporate interest and other * * Tax impact (*) (*) Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.75 $ 0.33 In Millions, Except Per Share Amounts 2018 1Q 2Q 3Q 4Q Net Income Available to Common Stockholders $ 241 $ 139 $ 169 $ 108 Reconciling items: Electric utility and gas utility - - - - Tax impact - - - 2 Enterprises * (3) * 8 Tax impact (*) 1 (*) (5) Corporate interest and other * * * * Tax impact (*) (*) (*) (1) Adjusted Net Income – Non-GAAP $ 241 $ 137 $ 169 $ 112 Average Common Shares Outstanding – Diluted 282.2 282.6 283.2 283.3 Diluted Earnings Per Average Common Share $ 0.86 $ 0.49 $ 0.59 $ 0.38 Reconciling items: Electric utility and gas utility - - - - Tax impact - - - * Enterprises * (0.01) * 0.03 Tax impact (*) * (*) (0.01) Corporate interest and other * * * * Tax impact (*) (*) (*) (*) Adjusted Diluted Earnings Per Average Common Share – Non-GAAP $ 0.86 $ 0.48 $ 0.59 $ 0.40 * Less than $0.5 million or $0.01 per share.

29 CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) GAAP GAAP 2018 over 2018 over 2003 2017 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 NM 41% Pretax items: Electric and gas utility 0.32 (0.60) - - (0.06) 0.08 0.55 0.05 - 0.27 - - - 0.04 - - Tax impact (0.11) 0.21 - - (0.01) (0.03) (0.22) (0.02) - (0.10) - - - (0.01) 0.12 (b) 0.01 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) 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) 0.20 (b) (*) Discontinued operations (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * * (*) Asset impairment charges - - 2.80 1.07 0.93 - - - - - - - - - - - Adjusted Adjusted Tax impact - - (0.98) (0.31) (0.33) - - - - - - - - - - - 2018 over 2018 over Cumulative accounting changes 0.25 0.02 - - - - - - - - - - - - - - 2003 2017 Tax impact (0.09) (0.01) - - - - - - - - - - - - - - CAGR Growth 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 7% 7% 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 * 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. NM is not calculable

30 Consumers Energy Reconciliation of Annual O&M Expense (Unaudited) In Millions 12/31/2017 12/31/2018 Maintenance & Other Operating Expenses (GAAP) $ 1,113 $ 1,287 Less: Energy Waste Reduction Spending 128 185 Job Work & Other 12 9 Maintenance & Other Operating Expenses (Non-GAAP) $ 973 $ 1,093