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) September 20, 2011

Commission File Number	Registrant; State of Incorporation; Address; and Telephone Number	IRS Employer 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))

Item 7.01. Regulation FD Disclosure.

On September 20, 2011, CMS Energy Corporation’s (“CMS Energy”) management will be meeting with investors at the Bank of America Merrill Lynch 2011 Power and Gas Leaders Conference (“Conference”). At the Conference, CMS Energy’s executive vice president and chief financial officer, Tom Webb, will provide a company overview presentation, scheduled to begin at 1:30 p.m. EDT. A copy of the CMS Energy presentation is furnished as Exhibit 99.1 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 CMS Energy presentation dated September 20, 2011

This Form 8-K contains “forward-looking statements” as defined in Rule 3b-6 of the Securities Exchange Act of 1934, as amended, Rule 175 of the Securities Act of 1933, as amended, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. They should be read in conjunction with “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of CMS Energy Corporation’s (“CMS Energy”) Form 10-K and Consumers Energy Company’s (“Consumers Energy”) Form 10-K each for the Year Ended December 31, 2010 and as updated in CMS Energy’s and Consumers Energy’s Forms 10-Q for the Quarters Ended March 31, 2011 and June 30, 2011. CMS Energy’s and Consumers Energy’s “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections are incorporated herein by reference and discuss important factors that could cause CMS Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

	CMS ENERGY CORPORATION
Dated: September 20, 2011	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer
	CONSUMERS ENERGY COMPANY
Dated: September 20, 2011	By:	/s/ Thomas J. Webb
		Thomas J. Webb
		Executive Vice President and Chief Financial Officer

Exhibit Index

99.1 CMS Energy presentation dated September 20, 2011

EX-99.1

Exhibit 99.1

Growing Forward Bank of America Merrill Lynch 2011 Power and Gas Leaders Conference September 20, 2011

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, 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. 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. Reported earnings could vary because of several factors, such as legacy issues associated with prior asset sales. Because of those uncertainties, the company is not providing reported earnings guidance. 1

Consumers Energy Needed Utility investment = rate base growth Unique enablers Good law Good regulation Affordable and sustainable Funded internally Ludington Pumped Storage B C Cobb J H Campbell D E Karn J C Weadock Mio Alcona Cooke Foote Loud 5 Channels Hodenpyl Tippy Rogers Hardy Croton Webber Allegan Electric Gas Combination Growth Overview Territory Investment growth balances responsible rate increases with attractive earnings growth. Zeeland J R Whiting 2

CMS Business Model . . . . Actual Results (2006-2010) Future Outlook (2011-2015) .. . . . predictable and repeatable. $4.6 Billion Investment 5%-7% OCF & EPS Growth NOLs in lieu of Equity <3% Base Rates <2% Base Rates NOLs in lieu of Equity $6.4 Billion Investment 7% OCF & EPS Growth 3

Plan Model Strengthens . . . . Needed Investment Enablers Michigan Energy Law Good regulation Base rates < inflation O&M cost flat to down Sales recovery Cash from NOLs Risk Mitigation Energy Law Discipline Strong liquidity RESULTS - Consistent Financial Performance .. . . . with enablers and risk mitigation. 4

ENABLER - 2011-2015 Capital Investment . . . . .. . . . "needed" (vs "wanted") -- grows rate base 5% to 7%. 5 $6.4 Billion

ENABLER - Michigan Energy Law . . . . Growth Renewable energy plan Energy optimization Speed File and implement ratemaking Forward test year Risk Mitigation Retail open access cap Decoupling ? ? ? ? Law Implementation ? ? ? .. . . . enables fast rate recovery and mitigates risks. ? ? ? ? ? 6

Regulatory Progress . . . . .. . . . working well. 2009 Filed $214 M Self-Imp $179 M Order $139 M 2010 Filed $178 M Self-Imp $150 M Order $146 M 2009 Filed $114 M Self-Imp $89 M Order $66 M 2010 Filed $55 M 78% 97% 74% Electric Gas New Renewable Plan $54 M Reduction 2011 Filed $195 M Self- Imp Order $31 M Decision New Energy Law 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Filed $49 M Self- Imp Decision 7

Michigan Public Service Commission (MPSC) Composed of three members appointed by the Governor with the advice and consent of the Senate Appointed to serve staggered six-year terms No more than two Commissioners may represent the same political party One Commissioner is designated as Chairman by the Governor Orjiakor Isiogu, Commissioner Appointed: 9/9/07 Term Ends: 7/2/13 Democrat Greg White, Commissioner Appointed: 12/4/09 Term Ends: 7/2/15 Independent 8 John D. Quackenbush, Chairman Appointed: 9/15/11 Term Ends: 7/2/17 Republican Photo not available

ENABLER - Intense Customer Focus . . . . .. . . . to maintain affordable and sustainable rates. 2011-2015 Estimated Annual Average Base Rate Increases Productivity Initiatives Customer Value Initiative Maximize Energy Optimization Improve system reliability Competitive rates 9

ENABLER - O&M Cost Control . . . . Fuel Western coal - $250 million Base Rates and Surcharges Benefit plans - $30 million SAP system efficiencies - $40 million Reduced workforce - $30 million Reduced customer renewable energy surcharge - about $54 million .. . . . helps maintain "affordability" (creates headroom). Recent Cost Reductions Average Annual Increasea 7.5% 2.8% _ _ _ _ _ a Excluding Energy Optimization 10

ENABLER - Electric Sales (weather adjusted) . . . . 2011 Sales (vs 2010) .. . . . near pre-recession levels, conservative outlook. Electric Sales 0 7% decline 1979 to 1982 6% decline 2007 to 2009 Total +2% Up 9% 1983 &1984 Up 4% 2010 & 2011 11

Annual Peak Load . . . . .. . . . reached new sendout record. 8,883 8,896 12

ENABLER - Federal Tax Benefits . . . . .. . . . offset need for equity (dilution) for five years! Gross NOLs (bils) $1.4 $1.3 $1.2 $0.5 $0 Net NOLs and Credits (bils) 13

Risk Mitigation . . . . Risk Mitigation Economy Sluggish recovery or downturn Back-up liquidity Customer focus Capital Investments Regulatory recovery Priority projects Regulatory alignment Regulatory / Political ROA and customer rate pressure ROA "cap" Rate increases < "inflation" Commodities (prices) Regulatory alignment Follow MPSC-approved plan to ensure recovery Capital Structure Interest rates Maintain financial flex Prefund obligations Shareowner Return Sustainable returns; interest rates Risk management Consistent EPS performance Attractive dividend policy .. . . . CMS ranks among best at risk mitigation. 14

Liquidity Strong With Recent Renewals . . . . .. . . . and substantial cash as of June 30, 2011. Renewal Availability Capacity $2.6 Billion $2.3 Billion Among first 5-year term revolvers since 2007 CMS Energy 5-year revolver Consumers Energy Cash Letter of Credit 2011 AR Facility 2011 Letter of Credit 2013 5-year revolver 2016 2016 $550 mils 500 150 250 994 30 $547 mils 311 150 250 994 3-year revolver 2013 104 46% of Mkt Cap 15

16 Amount (bils) $ Gross operating cash flow a up $0.1 billion per year $1.8 Interest Working capital and taxes Base Investment $1.3 $1.6 $1.6 $1.7 $1.5 $1.9 Cash flow before dividend Investment choices _ _ _ _ _ a Non-GAAP .. . . . supported by "desirable" investments. RESULTS - Operating Cash Flow Growth . . . .

_ _ _ _ _ a Adjusted EPS (non-GAAP) excluding MTM in 2004-2006 b $1.25 excluding discontinued Exeter operations and accounting changes related to Convertible debt and restricted stock 8% CAGR .. . . . supported by "desirable" investments. RESULTS - EPS and Dividend Growth . . . . Dividend Annual ¢/share Payout 25% 30% 40% 84¢ +68% $1.20 $1.25 $1.26 $1.35 5%-7% Growth $1.44 $1.21 b Actual a Guidance Int'l Sale 17

Key Takeaways Needed Utility investment = rate base growth Enablers Good Energy Law Good regulation Affordable and sustainable Funded internally 18

Appendix

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$1.5 Billion Environmental Investment . . . . Environmental emission reductions better than plan Regulatory outlook improved GHG Regulation - minimal impact anticipated .. . . . over next 5 years. 23

Environmental Spending 2011-2015 . . . . Mercury SO2 NOx Emissions Reductions Expenditures .. . . . significantly reduced air emissions. 24

Renewable Energy Plans . . . . Michigan energy law requires: 10% renewables by 2015 Purchase 50% and build 50% Renewable energy surcharge reduced about $54 million annually Still plan to invest $650 million over next five years, primarily on wind power .. . . . at lower customer costs while maintaining investment. Renewable Facilities Proposed Company-owned Wind Facilities New Power Purchase Agreements (287 MW) ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Cross Winds Energy Park Lake Winds Energy Park ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Upper Peninsula 25

Reliability Investments . . . . $700 million next 5 years Reduce outage frequency Reduce repetitive outages Improves Customer Average Interruption Duration Index Increase customer satisfaction .. . . . reduces outages and increases customer satisfaction. 26

Ludington Upgrade to 2,200 MW . . . . .. . . . underway. Increase capacity by 15% Increase efficiency by 5% Operate for 30 years before next major overhaul $800 million total investment over 10 years $150 million upgrade $650 million maintenance Consumers Energy share $400 million 27

Smart Grid Deployment . . . . .. . . . improves overall financial viability. Billing Customer Information Outage Management Work and Asset Management Enterprise Applications MDM/MDUS Total project cost $750 million Meter deployment begins early 2012 Removed deployment of gas only meters Minimize upfront IT system cost by installing only basic functionality Expanded functions installed later Improved ability to scale plan 28

Bonus Depreciation . . . . Cash Flow Cash Flow Cash Flow 2010-2012 2013-2015 2011 EPS Utility (mils) (mils) New bonus depreciation benefit $ 400 $(100) -5¢ Accelerate investment and pension funding (200) 200 +5¢ Reduce debt (200) (100) - Total Utility $ 0 $ 0 0¢ Parent NOL use extended two years $(400) $400 New debt; less equity to Utility 400 (400) Total Parent $ 0 $ 0 0¢ .. . . . supports investment and extends use of NOLs. ? ? 29

U.S. DOE Settlement . . . . Amount (mils) Proceeds from DOE towards SNF costs $120 Existing book value (85) Excess over book value $35 Proposed refund to customers (23) Remaining proceeds $12 (subject to MPSC approval) .. . . . mitigates risk, reduces rate pressure, and creates earnings potential. Spent Nuclear Fuel (SNF) Settlement Earnings Potential Rate Mitigation 30

New Michigan Corporate Income Tax . . . . Utility Enterprises & Parent (mils) (mils) Future State Tax (payment)/ benefit $(134) $32 Regulatory asset to be recovered through rates 134 NA Gain recorded in Second Quarter $ 0 $32 .. . . . similar to MBT, except recognition of existing tax/book expense difference. a a _ _ _ _ _ a After tax 31

2011 Cash Flow Forecast (non-GAAP) CMS Energy Parent Consumers Energy _ _ _ _ _ a Includes other _ _ _ _ _ b Includes cost of removal and capital leases DOE 32

2011 Sensitivities . . . . _ _ _ _ _ * Less than 0.5¢ or $500,000 .. . . . partly mitigated. Annual Impact Annual Impact Annual Impact Sensitivity EPS OCF (mils) Sales (weather adjusted) Electric (37,558 Gwh) Gas (285 Bcf) + 1% + 1 $ 0 + 0.01 + $20 + 5 Gas prices (NYMEX) + 1.00 0.01 60 Uncollectible accounts (mils) + 5 0.01 * ROE (authorized) Electric (10.7%) Gas (10.5%) + 50 bps + 50 + 0.06 + 0.02 + 25 + 10 Stock price (dilution) $1 share + 0.01 0 - + - + - + 33

Michigan 2010 Census Results Population Change by County: 2000-2010 15-25% 5-15 0-5 < -10 Not in service territory Service Territory Change Consumers +3% Non-Consumers - 7 State of Michigan - 1 > -10 34

Electric Customer Base Diversified . . . . Hemlock Semiconductor General Motors State of Michigan Meijer Incorporated Nexteer Automotive Corporation Packaging Corporation of America Gerdau MacSteel Denso International Spectrum Health City of Grand Rapids Percent of 2010 electric gross margin is 2% Top Ten Customers Residential Commercial Autos Industrial Other (including ROA) 0.48 0.31 0.04 0.1 0.07 $1.95 Billion .. . . . "Autos" only 4% of gross margin. 2010 Electric Gross Margin Note: "Autos" includes 180 Business Partners identified by customer account managers 35

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GAAP Reconciliation

CMS ENERGY CORPORATION
Earnings Per Share By Year GAAP Reconciliation
(Unaudited)

	2003			2004			2005			2006			2007			2008			2009			2010
Reported earnings (loss) per share — GAAP	$	(0.30	)	$	0.64		$	(0.44	)	$	(0.41	)	$	(1.02	)	$	1.20		$	0.91		$	1.28
After-tax items:
Electric and gas utility		0.21			(0.39	)		—			—			(0.07	)		0.05			0.33			0.03
Enterprises		0.74			0.62			0.04			(0.02	)		1.25			(0.02	)		0.09			(0.03	)
Corporate interest and other		0.16			(0.03	)		0.04			0.27			(0.32	)		(0.02	)		0.01			*
Discontinued operations (income) loss		(0.16	)		0.02			(0.07	)		(0.03	)		0.40			(*	)		(0.08	)		0.08
Asset impairment charges, net		—			—			1.82			0.76			0.60			—			—			—
Cumulative accounting changes		0.16			0.01			—			—			—			—			—			—
Adjusted earnings per share, including MTM — non-GAAP	$	0.81		$	0.87		$	1.39		$	0.57		$	0.84		$	1.21	(a)	$	1.26		$	1.36
Mark-to-market impacts					0.03			(0.43	)		0.51
Adjusted earnings per share, excluding MTM — non-GAAP	NA			$	0.90		$	0.96		$	1.08		NA			NA			NA			NA

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

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

2003-10 EPS

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

	2009			2010			2011			2012			2013			2014			2015
Consumers Operating Income + Depreciation & Amortization	$	1,248		$	1,498		$	1,525		$	1,601		$	1,657		$	1,757		$	1,872
Enterprises Project Cash Flows		16			39			30			35			47			47			46
Gross Operating Cash Flow	$	1,264		$	1,537		$	1,555		$	1,636		$	1,704		$	1,804		$	1,918
Other operating activities including taxes, interest payments and working capital		(416	)		(578	)		(385	)		(406	)		(472	)		(439	)		(835	)
Net cash provided by operating activities	$	848		$	959		$	1,170		$	1,230		$	1,232		$	1,365		$	1,083

2009-15 OCF

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

(In millions, except per share amounts)	2010
	1Q		2Q			3Q			4Q		YTD Dec
Reported net income — GAAP	$	85	$	80		$	134		$	25	$	324
After-tax items:
Electric and gas utility		6		*			—			—		6
Enterprises		1		(31	)		(2	)		24		(8	)
Corporate interest and other		*		*			—			*		*
Discontinued operations loss		1		16			*			6		23
Adjusted income — non-GAAP	$	93	$	65		$	132		$	55	$	345
Average shares outstanding, basic		228.0		228.2			229.0			240.7		231.5
Average shares outstanding, diluted		246.5		247.6			254.7			258.4		252.9
Reported earnings per share — GAAP	$	0.34	$	0.32		$	0.53		$	0.09	$	1.28
After-tax items:
Electric and gas utility		0.03		*			—			—		0.03
Enterprises		*		(0.13	)		(0.01	)		0.10		(0.03	)
Corporate interest and other		*		*			—			*		*
Discontinued operations loss		0.01		0.07			*			0.02		0.08
Adjusted earnings per share — non-GAAP	$	0.38	$	0.26		$	0.52		$	0.21	$	1.36

(In millions, except per share amounts)	2011
	1Q			2Q
Reported net income — GAAP	$	135		$	100
After-tax items:
Electric and gas utility		—			—
Enterprises		*			(28	)
Corporate interest and other		—			(4	)
Discontinued operations (income) loss		(2	)		*
Adjusted income — non-GAAP	$	133		$	68
Average shares outstanding, basic		250.0			250.3
Average shares outstanding, diluted		261.7			261.9
Reported earnings per share — GAAP	$	0.52		$	0.38
After-tax items:
Electric and gas utility		—			—
Enterprises		*			(0.11	)
Corporate interest and other		—			(0.01	)
Discontinued operations (income) loss		(0.01	)		*
Adjusted earnings per share — non-GAAP	$	0.51		$	0.26

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.

2011 A-1

CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)

	Three Months Ended						Six Months Ended
June 30	2011			2010			2011			2010
Electric Utility
Reported	$	0.32		$	0.35		$	0.57		$	0.51
Downsizing Program		—			*			—			0.02
Adjusted	$	0.32		$	0.35		$	0.57		$	0.53
Gas Utility
Reported	$	0.02		$	*		$	0.36		$	0.27
Downsizing Program		—			*			—			0.01
Adjusted	$	0.02		$	*		$	0.36		$	0.28
Enterprises
Reported	$	0.11		$	0.13		$	0.12		$	0.17
Tax Changes		(0.11	)		—			(0.11	)		—
Asset Sales Gains and Other		*			(0.13	)		*			(0.13	)
Adjusted	$	*		$	*		$	0.01		$	0.04
Corporate Interest and Other
Reported	$	(0.07	)	$	(0.09	)	$	(0.16	)	$	(0.21	)
Tax Changes		(0.01	)		—			(0.01	)		—
Asset Sales Gains and Other		—			*			—			*
Adjusted	$	(0.08	)	$	(0.09	)	$	(0.17	)	$	(0.21	)
Discontinued Operations
Reported	$	*		$	(0.07	)	$	0.01		$	(0.07	)
Discontinued Operations (Income) Loss		*			0.07			(0.01	)		0.07
Adjusted	$	—		$	—		$	—		$	—
Totals
Reported	$	0.38		$	0.32		$	0.90		$	0.67
Discontinued Operations (Income) Loss		*			0.07			(0.01	)		0.07
Downsizing Program		—			*			—			0.03
Tax Changes		(0.12	)		—			(0.12	)		—
Asset Sales Gains and Other		*			(0.13	)		*			(0.13	)
Adjusted	$	0.26		$	0.26		$	0.77		$	0.64
Average Common Shares Outstanding — Diluted (in millions)		261.9			247.6			261.5			247.7

* Less than $0.01 per share.

2011 A-2

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

				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Tax			Interest			Other Working			Capital			Securitization			Preferred			Common			Consolidated Statements of Cash Flows
	non-GAAP			Sharing			Payments			Capital			Lease Pymts			Debt Pymts			Dividends			Dividends			GAAP
Description	Amount			Operating			as Operating			as Investing			as Financing			as Financing			as Financing			as Financing			Amount			Description
Cash at year end 2010	$	71		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	71		Cash at year end 2010
Sources
Operating	$	1,525
Other working capital		(40	)
Sources	$	1,485		$	35		$	(233	)	$	23		$	23		$	37		$	—		$	—		$	1,370		Net cash provided by operating activities
Uses
Interest and preferred dividends	$	(235	)
Capital expenditures		(1,040	)
Dividends/tax sharing to CMS		(325	)
Uses	$	(1,600	)	$	(35	)	$	233		$	(23	)	$	—		$	—		$	2		$	360		$	(1,063	)	Net cash provided by investing activities
Cash flow	$	(115	)	$	—		$	—		$	—		$	23		$	37		$	2		$	360		$	307		Cash flow from operating and investing activities
Financing
Equity	$	125
New Issues		—
Retirements		—
Net short-term financing & other		(46	)
Financing	$	79		$	—		$	—		$	—		$	(23	)	$	(37	)	$	(2	)	$	(360	)	$	(343	)	Net cash provided by financing activities
Net change in cash	$	(36	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(36	)	Net change in cash
Cash at year end 2011	$	35		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	35		Cash at year end 2011

2011 A-3

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

				Reclassifications From Sources and Uses to Statement of Cash Flows
Presentation Sources and Uses				Interest			Overheads &			Other			Preferred		Cash From			Consolidated Statements of Cash Flows
	non-GAAP			Payments			Tax Payments			Uses (a)			Dividends		Consolidated			GAAP
Description	Amount			as Operating			as Operating			as Operating			as Financing		Companies			Amount			Description
Cash at year end 2010	$	163		$	—		$	—		$	—		$	—	$	13		$	176		Cash at year end 2010
Sources
Consumers Energy dividends/tax sharing	$	325
Enterprises		30
Sources	$	355		$	(130	)	$	(15	)	$	(49	)	$	—	$	1		$	162		Net cash provided by operating activities
Uses
Interest and preferred dividends	$	(130	)
Overhead and Federal tax payments		(15	)
Equity infusions		(125	)
Uses (a)	$	(330	)	$	130		$	15		$	49		$	—	$	(82	)	$	(218	)	Net cash provided by investing activities
Cash flow	$	25		$	—		$	—		$	—		$	—	$	(81	)	$	(56	)	Cash flow from operating and investing activities
Financing and dividends
New Issues	$	250
Retirements		(200	)
Equity programs (DRP, continuous equity)		29
Net short-term financing & other		(9	)
Common dividend		(210	)
Financing	$	(140	)	$	—		$	—		$	—		$	—	$	82		$	(58	)	Net cash provided by financing activities
Net change in cash	$	(115	)	$	—		$	—		$	—		$	—	$	1		$	(114	)	Net change in cash
Cash at year end 2011	$	48		$	—		$	—		$	—		$	—	$	14		$	62		Cash at year end 2011

(a) Includes other and roundings

2011 A-4

Consolidated CMS Energy
2011 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)

							Eliminations/Reclassifications to Arrive at the Consolidated
							Statement of Cash Flows
Statements of Cash Flows							Consumers			Consumers			Equity
	Consumers			CMS Parent			Common Dividend			Preferred Dividend			Infusions to			Consolidated Statements of Cash Flows
Description	Amount			Amount			as Financing			as Operating			Consumers			Amount			Description
Cash at year end 2010	$	71		$	176		$	—		$	—		$	—		$	247		Cash at year end 2010
Net cash provided by operating activities	$	1,370		$	162		$	(360	)	$	(2	)	$	—		$	1,170		Net cash provided by operating activities
Net cash provided by investing activities		(1,063	)		(218	)		—			—			125			(1,156	)	Net cash provided by investing activities
Cash flow from operating and investing activities	$	307		$	(56	)	$	(360	)	$	(2	)	$	125		$	14		Cash flow from operating and investing activities
Net cash provided by financing activities	$	(343	)	$	(58	)	$	360		$	2		$	(125	)	$	(164	)	Net cash provided by financing activities
Net change in cash	$	(36	)	$	(114	)	$	—		$	—		$	—		$	(150	)	Net change in cash
Cash at year end 2011	$	35		$	62		$	—		$	—		$	—		$	97		Cash at year end 2011

2011 A-5

CMS Energy
2011 Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
(unaudited)
(mils)

	2011
Consumers Operating Income + Depreciation & Amortization	$	1,525
Enterprises Project Cash Flows		30
Gross Operating Cash Flow	$	1,555
Other operating activities including taxes, interest payments and working capital		(385	)
Net cash provided by operating activities	$	1,170

2011 A-6