Consumers Energy 8K Regulation FD Disclosure | CMS-PB 8 Jun 10

Exhibit 99.1

Growing Forward 2010 Citi Power, Gas, Coal & Alternative Energy Conference June 8, 2010 John G. Russell President & Chief Executive Officer

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.

Consumers Energy Fourth largest combination utility in the U.S. 1.8 million electric and 1.7 million gas customers 9,500 MW of owned and purchased generation capacity (summer) 935 MW Zeeland acquisition 307 Bcf of gas storage capacity including 142 Bcf of working storage Ludington Pumped Storage B C Cobb J H Campbell D E Karn J C Weadock J R Whiting Mio Alcona Cooke Foote Loud 5 Channels Hodenpyl Tippy Rogers Hardy Croton Webber Allegan Electric Gas Combination Zeeland Overview Territory Investment growth balances responsible rate increases and healthy capital structure with attractive earnings growth.

Electric Sales Trends (weather adjusted) . . . . 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 August Plan 22145 23722 24572 25237 25707 24533 24875 23916 24893 26051 26305 26977 27928 29143 29623 29894 30325 30877 31868 33177 34465 34622 35462 36355 37234 37463 37301 37792 37746 38017 37586 38372 38098 37339 36123 36958 Revised Potential 37339 36000 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% 2009 2010 2008 2009 2010 Industrial Sales -0.11 0.12 -0.04 -0.06 0.08 Total Sales -0.04 0.02 -0.02 -0.03 0.02 First Quarter Full Year

Economic Indicators -- Autos U.S. auto production up 62% through May 1.

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

Performance 2006 Baseline 2007 2008 2009 safety incidents 6.1 7 4.5 3.2 47% improvement from 2006. Employee Safety Moved into 1st quartile from 2008. Cost Management - 2009 Recordable Incident Rate FPL Nicor Xcel E.ON CMS Energy Puget Dominion WE Allegheny Alliant First Energy PG&E Ameren SCANA Berkshire Hathaway PPL NiSource PSE&G DTE National Grid Integrys Northeast Util 1.3 1.5 1.5 1.6 2 2.1 2.154 2.214 2.285 2.333 2.334 2.35 2.5 2.51 2.6 2.7 2.833 2.833 3.071 3.345 3.416 3.475 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Source: Oliver Wyman Benchmarking Study (July 2009) Consumers Energy Movement from 2008 Study

Reliability 2006 Baseline 2007 2008 2009 customer minutes 337 274 275 249 26% improvement from 2006. Distribution 39% improvement from 2006. Generation Customer Minutes 2006 Baseline 2007 2008 2009 EFOR 0.09 0.063 0.055 0.055 Equivalent Forced Outage Rate

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

Clean Coal Plant Deferral Defer new clean coal plant beyond 2017 launch schedule. 830 MW New clean coal plant deferred Three primary drivers Lower customer demand Lower gas prices Excess capacity in market New investment plan Growing Forward Strategy and Balanced Energy Initiative unchanged Earnings guidance unchanged

What's Changed? Peak Demand Long-Term Gas Prices EGAA Current Outlook 2009 9398 8384 2010 9513 8443 2011 9700 8577 2012 9783 8772 2013 9819 8924 2014 9889 9022 2015 10014 9161 2016 10076 9295 2017 10099 9378 2018 10123 9484 2019 10143 9571 2020 10160 9631 2021 10177 9667 2022 10192 9719 2023 10209 9808 2024 10229 9883 2025 10249 9937 2026 10272 9973 2027 10296 10026 2028 10320 10077 2029 10345 10125 2030 10376 10174 2031 10222 2032 10268 2033 10313 2034 10376 2035 10417 2036 10458 2037 10500 2038 10521 2039 10542 2040 10563 MW 0 Present Outlook Air Permit Peak demand down 700 MWs by 2017; "shale" gas lower price. 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EGAA 9.03475 7.091 7.862 8.013 7.951 7.933 8.48 9.02 9.563 9.997 10.473 11.058 11.788 12.541 13.474 14.344 15.011 15.788 Current Outlook 9.03475 3.99 4.26 5.21 5.65 5.95 6.25 6.57 6.94 7.32 7.7 7.99 8.23 8.48 8.75 8.98 9.18 9.46 Henry Hub Actuals 1.532583333 1.797666667 2.143333333 1.900583333 1.635583333 2.590833333 2.58725 2.10825 2.267833333 3.885666667 4.272666667 3.221166667 5.387916667 6.137583333 8.615666667 7.226333333 6.86025 9.03475 3.99 MMBtu $ Present Outlook (down 33%) Air Permit Actual

Capacity Fuel Mix (2018) With New Coal Plant New Plan With or without new coal plant projected fuel mix balanced.

Renewables - Build Lake Winds Energy Park Cross Winds Energy Park Michigan energy law renewables requirements 10 percent energy, 500 MW of new capacity by 2015 Purchase 50 percent and build 50 percent MPSC approved Renewable Plan (May 2009) Annual surcharge in place (Sept 2009) Lake Winds Energy Park 2012 - 100 MW "build" Cross Winds Energy Park 500 MW potential First wind farm construction authorized; PPAs underway.

New Investment Plan Utility Investment Drives . . . . .. . . . EPS growth at responsible rates. Investment 2010-14 (mils) Base capital $ 4,390 Choices in Plan Renewables $ 900 Smart Grid 650 Gas compression and pipelines 250 Electric generation 250 Electric reliability and other environmental 800 Total Choices in Plan $ 2,850 Total Capital 2010-14 $ 7,240 2008 2009 2010 2011 2012 2013 2014 Depreciation 7.851 8.729 9.2 8.814 8.482 7.999 7.577 7.077 Maintenance 0.583 1.162 1.753 2.342 2.951 Customer growth 0.055 0.112 0.171 0.234 0.301 Environmental 0.106 0.238 0.418 0.685 0.988 Electric generation 0 0 0.031 0.114 0.208 Gas compression and pipelines 0.076 0.155 0.217 0.252 0.275 Energy optimization 0 0.025 0.083 0.15 0.219 Electric reliability and other environmental 0.059 0.168 0.339 0.539 0.737 Smart Grid 0.056 0.144 0.232 0.385 0.578 Renewables 0.02 0.066 0.216 0.416 0.7 6%-8% Bils $ Present Rate Base 2009 2010 2011 2012 2013 2014 Average Rate Base (bils) $9.8 $10.5 $11.4 $12.5 $13.8 0 Rate Base

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. State % National Average CO 1.8 UT 2.1 MN 2.3 NM 2.3 WA 2.3 WY 2.4 NH 2.4 ID 2.4 MI 2.4 CA 2.6 IL 2.6 WI 2.6 KS 2.7 RI 2.7 NE 2.7 AK 2.7 OR 2.8 MT 2.8 ND 2.9 DC 2.9 NJ 2.9 IA 2.9 SD 3 MA 3 VT 3 VA 3.1 OH 3.1 WV 3.1 ME 3.1 IN 3.2 MS 3.2 MD 3.4 PA 3.4 NY 3.6 NV 3.7 OK 3.7 GA 3.8 KY 3.9 CT 3.9 DE 4 AZ 4 AR 4.1 HI 4.2 NC 4.2 SC 4.3 TN 4.4 FL 4.9 AL 4.9 LA 5 TX 5.2 MS 5.4 National Average 3.4% Lowest 25 States - 1.8% - 3.0% Lowest 10 States 1.8% - 2.6%

Regulatory Timeline Second year under new, comprehensive Michigan energy law. 2009 2010 2010 2010 2010 2010 2010 2010 2010 2011 Fourth Quarter Fourth 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 $66 M Electric General Rate Case U-16191 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 "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" Electric Decoupling Reconciliation U-15645 File "Cushion"

Key Takeaways . . . . .. . . . continued track record of strong results. CMS Adjusted EPS (non-GAAP) Potential a _ _ _ _ _ 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 25% 30% 2003 2004 2005 2006 2007 2008 2009 2010 Future Actual 0.81 0.9 0.96 1.08 0.84 1.21 1.26 Guidance 0.8 0.85 0.9 1 0.8 1.2 1.25 1.35 1.45 1.45 8% Growth 6%-8% Growth $1.21b $1.20 $1.25 $1.35 40% 44% 60¢ $1.26 Actual Guidance 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

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 utility			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 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


*(In millions, except per share amounts)*	2010
	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

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 May 17, 2010, the Michigan Public Service Commission (MPSC) issued its final order in Consumers Energy’s Gas Rate Case U-15986, authorizing Consumers to increase its base gas rates by $66 million annually with an authorized ROE of 10.55%. The MPSC approved a sales decoupling mechanism, but did not approve trackers for uncollectibles expense or pension and OPEB expenses. On November 19, 2009, the Company self implemented an $89 million annual rate increase. As a result of the final order, the $23 million annual reduction will be refunded to customers later this year. Compared to rates that were implemented last November, the revenue decrease will reduce the residential class rates by 1.2%. A typical residential customer’s average monthly winter bill will be reduced by about $1 per month.


	Company		MPSC
	Self		Final			B/W Than
Item	Implement		Order			Self Implement			Explanation of Variance
	(mils)		(mils)			(mils)

1. O&M	$	17	$	13		$	(4	)	Uncollectible accounts expense: $(4)
									Standard retirement units:$7
									Corporate: $(3); outside services
									Manufactured gas plant (MGP) amortization: $(4)
									(shift from O&M to capital)

2. Sales		41		28			(13	)	Higher throughput: $(11); (283 Bcf vs. 272 Bcf)
									Miscellaneous revenues: $(2)

3. Investment		23		27			4		Net Plant: $(2); (reduced AMI investment)
									Depreciation expense and taxes: $2
									MGP amortization: $4

4. Cost of Capital		8		(2	)		(10	)	Lower return on equity: $(8); (10.55% vs. 11.00%)
									Lower debt costs: $(2)


Total	$	89	$	66		$	(23	)


Ratemaking	Existing			Company Self			MPSC
Capital Structure	(U-15506)			Implement			Final Order
Long Term Debt		42.71	%		43.43	%		43.58	%
Short Term Debt		0.66			0.58			0.59
Preferred Stock		0.49			0.46			0.46
Common Equity		41.78			41.07	⁽¹⁾		40.78	⁽²⁾
Deferred Taxes		12.94			13.17			13.30
JDITC/Other		1.42			1.29			1.29

		100.00	%		100.00	%		100.00	%


Rate Base and Return	Existing			Company			MPSC
Percentage	(U-15506)			Self Implement			Final Order
Rate Base ($ billions)	$	2.52		$	2.76		$	2.74
Return on Rate Base		7.03	%		7.28	%		7.02	%
Return on Equity		10.55	%		11.00	%		10.55	%


⁽¹⁾		Equivalent to 48.34% on a financial basis.

⁽²⁾		Equivalent to 48.07% 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

Federal Tax Benefits Appendix 3 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 4

Sales and Decoupling ? Appendix 5

Retail Open Access Retail Open Access Higher ROA load reduced EPS by about 5¢ in the First Quarter of 2010. First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter 4 5.2 6.1 8.4 10 10 10 10 10 10 % of Total 2010 2009 10% First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter 3185 3160 3204 2865 2607 "Bundled" Customer Demand a MW 2010 2009 (5)¢ Cap _ _ _ _ _ a Industrial and commercial 4% Appendix 6

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 NotesPut 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

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

Consumers Energy (CMS-PB) 8-KRegulation FD Disclosure