<SEC-DOCUMENT>0001104659-22-084745.txt : 20220801
<SEC-HEADER>0001104659-22-084745.hdr.sgml : 20220801
<ACCEPTANCE-DATETIME>20220801165233
ACCESSION NUMBER:		0001104659-22-084745
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220801
DATE AS OF CHANGE:		20220801

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236742-01
		FILM NUMBER:		221125515

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177880550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMERS ENERGY CO
		CENTRAL INDEX KEY:			0000201533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				380442310
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201
		BUSINESS PHONE:		5177880550

	MAIL ADDRESS:	
		STREET 1:		ONE ENERGY PLAZA
		CITY:			JACKSON
		STATE:			MI
		ZIP:			49201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSUMERS POWER CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2222175d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 12pt"><B>Filed
under Rule&nbsp;433<BR>
File No.&nbsp;333-236742-01</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Final
Term Sheet</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">August&nbsp;1,
2022</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; width: 30%"><FONT STYLE="font-size: 12pt">Issuer:</FONT></TD>
    <TD STYLE="font-size: 12pt; width: 70%"><FONT STYLE="font-size: 12pt">Consumers Energy Company</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Securities:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">3.60% First Mortgage Bonds due 2032 (the &ldquo;2032 Bonds&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">4.20% First Mortgage Bonds due 2052 (the &ldquo;2052 Bonds&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">$350,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">$450,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Maturity Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">August 15, 2032</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">September 1, 2052</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Coupon:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">3.60%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">4.20%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">3.609%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">4.204%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">+100 basis points</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">+125 basis points</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Benchmark Treasury Security:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">2.875% due May 15, 2032</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">2.250% due February 15, 2052</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Benchmark Treasury Price and Yield:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">102-09; 2.609%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">86-06; 2.954%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">February 15 and August 15</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">March 1 and September 1</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">First Interest Payment Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">February 15, 2023</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">March 1, 2023</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Record Dates:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">February 1 and August 1</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">February 15 and August 15</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Public Offering Price:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">99.925%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">99.929%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Optional Redemption:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Make-whole call at any time prior to February 15, 2032 at the Treasury Rate plus 15 basis points
    and,</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">thereafter, at par</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in; width: 30%"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt; width: 70%"><FONT STYLE="font-size: 12pt">Make-whole call at any time prior to March 1, 2052 at the Treasury Rate plus
    20 basis points and, thereafter, at par</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Trade Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">August 1, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Settlement Date:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">August 11, 2022 (T+8)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Expected Ratings</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">(Moody&rsquo;s / S&amp;P / Fitch):</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">A1 (stable) / A (stable) / A+ (stable)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt"><B>Note:</B> A securities rating is not a recommendation to buy, sell or hold securities and may
    be subject to revision or withdrawal at any time</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">J.P. Morgan Securities LLC</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">MUFG Securities Americas Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">PNC Capital Markets LLC</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">U.S. Bancorp Investments, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Barclays Capital Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">BNP Paribas Securities Corp.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">KeyBanc Capital Markets Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Mizuho Securities USA LLC</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Scotia Capital (USA) Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">SMBC Nikko Securities America, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Truist Securities, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Co-Managers:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Comerica Securities, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Fifth Third Securities, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">Loop Capital Markets LLC</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2032 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">210518 DP8 / US210518DP81</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-left: 0.375in"><FONT STYLE="font-size: 12pt">2052 Bonds:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">210518 DQ6 / US210518DQ64</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Consumers Energy
Company has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration
statement and other documents Consumers Energy Company has filed with the SEC for more complete information about Consumers Energy Company
and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Consumers
Energy Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it
by calling J.P. Morgan Securities LLC collect at (212) 834-4533, <FONT STYLE="font-family: Times New Roman, Times, Serif">MUFG Securities
Americas Inc. toll-free at (877) 649-6848, </FONT>PNC Capital Markets LLC toll-free at (855) 881-0697 or U.S. Bancorp Investments,&nbsp;Inc.
toll-free at (877) 558-2607.</B></FONT></P>

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