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): October 28, 2019

Commission File Number: 1-11607

DTE Energy Company

Michigan	38-3217752
(State or other jurisdiction of incorporation or organization)	(I.R.S Employer Identification No.)

Commission File Number: 1-2198

DTE Electric Company

Michigan	38-0478650
(State or other jurisdiction of incorporation or organization)	(I.R.S Employer Identification No.)

Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1279

Registrants telephone number, including area code: (313) 235-4000

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Exchange on which Registered
Common stock, without par value	DTE	New York Stock Exchange
2012 Series C 5.25% Junior Subordinated Debentures due 2062	DTQ	New York Stock Exchange
2016 Series B 5.375% Junior Subordinated Debentures due 2076	DTJ	New York Stock Exchange
2016 Series F 6.00% Junior Subordinated Debentures due 2076	DTY	New York Stock Exchange
2017 Series E 5.25% Junior Subordinated Debentures due 2077	DTW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued October 28, 2019, announcing financial results for the quarter ended September 30, 2019. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference. In its earnings release and the slide presentation discussed below, DTE Energy increased its 2019 operating earnings guidance range from $6.02 - $6.38 to $6.06 - $6.40 per share. DTE Energy also announced its early outlook for 2020 operating earnings guidance range of $6.47 to $6.75.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued October 28, 2019. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2019 and 2020 operating earnings guidance. It is likely that certain items that impact the company's 2019 and 2020 reported results will be excluded from operating results. Reconciliations to the comparable 2019 and 2020 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they 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 Earnings Release of DTE Energy Company dated October 28, 2019.

99.2 Slide Presentation of DTE Energy Company dated October 28, 2019.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy's and DTE Electric Company's (DTE Electric) 2018 Form 10-K and 2019 Form 10-Qs (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

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.

Date: October 28, 2019
	DTE ENERGY COMPANY (Registrant)
	/s/Peter B. Oleksiak Peter B. Oleksiak Senior Vice President and Chief Financial Officer

DTE ELECTRIC COMPANY

(Registrant)

/s/Peter B. Oleksiak

Peter B. Oleksiak

Senior Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

DTE Energy reports strong third quarter 2019 results, increases 2019 guidance, provides 2020 early outlook and increases dividend 7 percent

• Announced goal to achieve net zero carbon emissions by 2050

• Ranked second in customer satisfaction at DTE Gas

• Entered into an agreement to acquire a midstream gathering and lateral system  

DETROIT, Oct. 28, 2019 - DTE Energy (NYSE:DTE) today reported third quarter 2019 earnings of $319 million, or $1.73 per diluted share, compared with $334 million, or $1.84 per diluted share in 2018.

Operating earnings for the third quarter 2019 were $351 million, or $1.91 per diluted share, compared with 2018 operating earnings of $388 million, or $2.13 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.  

The DTE Energy Board of Directors declared a $1.0125 per share dividend on its common stock payable Jan. 15, 2020, to shareholders of record at the close of business Dec. 16, 2019. This is a seven percent increase from the previous quarterly dividend of $0.945 per share. The new annualized dividend per share is $4.05, up from $3.78. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.

"This dividend increase reflects the company's strong performance and ability to consistently achieve our goals," said Jerry Norcia, DTE Energy President and CEO. "The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."

Norcia also noted the following business and environmental accomplishments: 

• Announced goal to achieve net zero carbon emissions in electric company by 2050: This sets the framework for DTE to go beyond its existing commitment to reduce carbon emissions 50% by 2030 and 80% by 2040, ensuring its medium- and long-term plans align with the scientific consensus around the importance of achieving significant economy-wide carbon emissions reduction by mid-century.  

• Received approval to purchase three wind parks: The Michigan Public Service Commission provided conditional approval for DTE Energy’s proposed purchase of three new Michigan wind parks, increasing the company's renewable energy portfolio nearly 50% and furthering DTE's commitment to provide clean, affordable and reliable power to its customers.

• Gained momentum with MIGreenPower voluntary renewable program: Partnered with the Detroit Zoo to meet its 100% renewable energy goal, following other significant recent partnerships with Ford, GM and the University of Michigan. DTE’s MIGreenPower program, one of the country’s first voluntary renewable programs, enables large business, industrial and residential customers to attribute a greater percentage of their energy use to Michigan-made renewable energy.

• Opened first renewable natural gas processing and interstate injection site in Wisconsin: With more than three decades of experience in landfill waste-to-energy projects, DTE Biomass, along with local dairy farm partners, is leading the way in the Wisconsin dairy renewable energy movement.

• Ranked second in overall customer satisfaction at DTE Gas: J.D. Power’s 2019 study ranked DTE Gas second in customer satisfaction with residential customers in the Midwest.

• Entered into an agreement to acquire a midstream gathering and lateral system: DTE Midstream expands growth platform with acquisition of high-quality assets. These assets will enhance DTE Midstream’s business and provide access to growing Gulf Coast markets.

• Continued support of Michigan businesses: DTE Energy spent more than $1.8 billionwith Michigan-based companies through the third quarter of this year, executing its commitment to the Pure Michigan Business Connect local supplier initiative. This includes $668 million spent in the city of Detroit.

Financial outlook

DTE Energy increased its 2019 operating EPS guidance range from $6.02 - $6.38 to $6.06 - $6.40.

“We delivered strong third quarter financial results in our utility and non-utility businesses,” said Peter Oleksiak, DTE Energy senior vice president and CFO. "We feel confident we are well-positioned to exceed original guidance for 2019.”

DTE Energy also provided 2020 operating EPS early outlook guidance range of $6.47 - $6.75.

This earnings announcement and presentation slides are available at dteenergy.com/investors. 

The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 458-4121 or international: (323) 794-2093. The passcode is 6004989. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Monday, Nov. 11. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 6004989. 

About DTE Energy

DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTEutility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com,empoweringmichigan.com, twitter.com/dte_energy andfacebook.com. 

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

In this release, DTE Energy discusses 2019 operating earnings guidance. It is likely that certain items that impact the company's 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2019 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially.

Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term

financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.

For further information, members of the media may call:

Pete Ternes, DTE Energy, 313.235.5555

For further information, analysts may call:

Barbara Tuckfield, DTE Energy, 313.235.1018

John Dermody, DTE Energy, 313.235.8750

DTE Energy Company
Segment Net Income (Unaudited)
	Three Months Ended September 30,
	2019												2018
	Reported Earnings			Pre-tax Adjustments			Income Taxes(1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes(1)				Operating Earnings
	(In millions)
DTE Electric	$	307		$	—		$	—		$	307		$	305		$	—		$	(1	)	B	$	304
DTE Gas	(38		)	—			—			(38		)	(30		)	—			2			B	(28		)
Non-utility operations
Gas Storage and Pipelines	60			—			—			60			66			—			(2		)	B	64
Power and Industrial Projects	49			—			—			49			58			—			(1		)	B	63
				—			—									8		C	(2		)
Energy Trading	(14		)	43		A	(11		)	18			(13		)	37		A	(9		)		15
																—			—
Total Non-utility operations	95			43			(11		)	127			111			45			(14		)		142
Corporate and Other	(45		)	—			—			(45		)	(52		)	—			22			B	(30		)
Net Income Attributable to DTE Energy Company	$	319		$	43		$	(11	)	$	351		$	334		$	45		$	9			$	388
(1)Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended September 30, 2019 and 27% for the three months ended September 30, 2018.
Adjustments key
A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility
B) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense
C) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
	Three Months Ended September 30,
	2019												2018
	Reported Earnings			Pre-tax Adjustments			Income Taxes(1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments			Income Taxes(1)				Operating Earnings
DTE Electric	$	1.67		$	—		$	—		$	1.67		$	1.68		$	—		$	(0.01	)	B	$	1.67
DTE Gas	(0.21		)	—			—			(0.21		)	(0.17		)	—			0.01			B	(0.16		)
Non-utility operations
Gas Storage and Pipelines	0.33			—			—			0.33			0.36			—			(0.01		)	B	0.35
Power and Industrial Projects	0.27			—			—			0.27			0.32			—			(0.01		)	B	0.34
				—			—									0.04		C	(0.01		)
Energy Trading	(0.08		)	0.24		A	(0.06		)	0.10			(0.07		)	0.20		A	(0.05		)		0.08
Total Non-utility operations	0.52			0.24			(0.06		)	0.70			0.61			0.24			(0.08		)		0.77
Corporate and Other	(0.25		)	—			—			(0.25		)	(0.28		)	—			0.13			B	(0.15		)
Net Income Attributable to DTE Energy Company	$	1.73		$	0.24		$	(0.06	)	$	1.91		$	1.84		$	0.24		$	0.05			$	2.13
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended September 30, 2019 and 27% for the three months ended September 30, 2018.
(2) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited)
Adjustments key — see previous page

DTE Energy Company
Segment Net Income (Unaudited)
	Nine Months Ended September 30,
	2019													2018
	Reported Earnings			Pre-tax Adjustments				Income Taxes(1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes(1)				Operating Earnings
	(In millions)
DTE Electric	$	587		$	(11	)	A	$	3		$	588		$	608		$	—			$	7		D	$	609
				13			B	(4		)							2			E	(1		)
				—				—									(10		)	F	3
DTE Gas	121			(6		)	A	2			117			88			—				10			D	97
				—				—									1			E	—
				—				—									(3		)	F	1
Non-utility operations
Gas Storage and Pipelines	158			—				—			158			188			—				(2		)	D	186
Power and Industrial Projects	104			—				—			104			146			—				(1		)	D	148
				—				—									(4		)	F	1
																	8			G	(2		)
Energy Trading	12			12			C	(3		)	21			13			14			C	(3		)		24
Total Non-utility operations	274			12				(3		)	283			347			18				(7		)		358
Corporate and Other	(80		)	—				—			(80		)	(114		)	—				27			D	(87		)
Net Income Attributable to DTE Energy Company	$	902		$	8			$	(2	)	$	908		$	929		$	8			$	40			$	977
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the nine months ended September 30, 2019 and 27% for the nine months ended September 30, 2018.
Adjustments key
A) MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation and maintenance
B) MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility
D) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense
E) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance
F) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance
G) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
	Nine Months Ended September 30,
	2019													2018
	Reported Earnings			Pre-tax Adjustments				Income Taxes(1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes(1)				Operating Earnings
DTE Electric	$	3.20		$	(0.06	)	A	$	0.02		$	3.21		$	3.36		$	—			$	0.04		D	$	3.37
				0.07			B	(0.02		)							0.02			E	(0.01		)
				—				—									(0.06		)	F	0.02
DTE Gas	0.66			(0.03		)	A	0.01			0.64			0.49			—				0.06			D	0.55
				—				—									0.01			E	—
				—				—									(0.02		)	F	0.01
Non-utility operations
Gas Storage and Pipelines	0.86			—				—			0.86			1.04			—				(0.01		)	D	1.03
Power and Industrial Projects	0.57			—				—			0.57			0.81			—				(0.01		)	D	0.81
				—				—									(0.03		)	F	0.01
																	0.04			G	(0.01		)
Energy Trading	0.06			0.07			C	(0.02		)	0.11			0.07			0.08			C	(0.02		)		0.13
Total Non-utility operations	1.49			0.07				(0.02		)	1.54			1.92			0.09				(0.04		)		1.97
Corporate and Other	(0.44		)	—				—			(0.44		)	(0.64		)	—				0.14			D	(0.50		)
Net Income Attributable to DTE Energy Company	$	4.91		$	0.05			$	(0.01	)	$	4.95		$	5.13		$	0.04			$	0.22			$	5.39
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the nine months ended September 30, 2019 and 27% for the nine months ended September 30, 2018.
(2) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited)
Adjustments key — see previous page

EX-99.2

EXHIBIT 99.2 3Q 2019 Earnings Conference Call October 28, 2019 1

Safe Harbor Statement Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power, or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission. 2

Participants Jerry Norcia – President and CEO Peter Oleksiak – Senior Vice President and CFO Barbara Tuckfield – Director, Investor Relations 3

Delivering significant shareholder and customer value • Increasing 2019 operating EPS1 guidance • Providing 2020 operating EPS early outlook ‒ 7.5% growth over 2019 original guidance midpoint • Increasing dividend per share by 7% • Business update ‒ DTE Electric: announced commitment to net zero carbon emissions ‒ DTE Gas: progressing on infrastructure renewal investments ‒ GSP: accelerating growth platform with acquisition of high-quality midstream assets ‒ P&I: began operations at Wisconsin’s first combined RNG processing and interstate injection facility 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 4

Accelerated near-term growth; sustaining growth from higher 2020 operating EPS1 early outlook Operating EPS • Delivering additional operating EPS growth from 2019 original guidance $6.61 ‒ Growing 2020 operating EPS 7.5% from 2019 original guidance $6.15 ‒ Executing on highly visible plan that delivers 5% – 7% operating EPS growth from higher 2020 early outlook through 2024 Yielding higher operating EPS growth 2019 Original Guidance 2020 Early Outlook ‒ Midpoint Midpoint from 2019 original guidance Providing incremental long-term value from 2019 original guidance midpoint 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 5

3Q 2019 operating earnings1 variance (millions, except EPS) 3Q 2018 3Q 2019 Change Primary Drivers DTE Electric $ 304 $ 307 $ 3 Rate implementation offset by rate base growth costs and cooler weather DTE Gas (28) (38) (10) Rate base growth costs and higher O&M offset by rate implementation Transition from AFUDC earnings at NEXUS and Gas Storage & Pipelines 64 60 (4) return to normal volumes across other platforms Power & Industrial Projects 63 49 (14) REF tax equity transactions in 4Q 2018 Energy Trading 15 18 3 Higher power portfolio earnings Corporate & Other (30) (45) (15) Timing of taxes DTE Energy $ 388 $ 351 $ (37) Operating EPS $ 2.13 $ 1.91 $(0.22) Avg. Shares Outstanding 182 184 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 6

Increasing 2019 operating earnings1 guidance (millions, except EPS) 2019 Current 2019 Revised Guidance Guidance DTE Electric $703 - $717 $705 - $719 DTE Gas 175 - 183 175 - 183 Gas Storage & Pipelines 208 - 218 208 - 218 Power & Industrial Projects 119 - 134 125 - 135 Energy Trading 15 - 25 20 - 30 Corporate & Other (112) - (102) (112) - (102) DTE Energy $1,108 - $1,175 $1,121 - $1,183 Operating EPS $6.02 - $6.38 $6.06 - $6.40 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 7

5% – 7% operating EPS1 growth from higher 2020 outlook (millions, except EPS) 2019 Original 2020 Guidance Early Outlook DTE Electric $698 - $712 $759 - $773 DTE Gas 171 - 179 185 - 193 Gas Storage & Pipelines 208 - 218 277 - 293 Power & Industrial Projects 119 - 134 133 - 148 Energy Trading 15 - 25 15 - 25 Corporate & Other (112) - (102) (122) - (132) DTE Energy $1,099 - $1,166 $1,247 - $1,300 Operating EPS $5.97 - $6.33 $6.47 - $6.75 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 8

2020 operating earnings1 early outlook for utilities shows material growth from 2019 original guidance (millions) DTE Electric Operating Earnings DTE Gas Operating Earnings $766 $189 $175 $705 2019 Original Guidance 2020 Early Outlook 2019 Original Guidance 2020 Early Outlook Midpoint Midpoint Midpoint Midpoint • Grows 8.7% from 2019 original guidance • Grows 8.0% from 2019 original guidance • Includes growth from distribution and cleaner • Includes growth from continued accelerated generation investments main renewal and other infrastructure improvements 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 9

2020 operating earnings1 early outlook for non-utilities shows material growth from 2019 original guidance (millions) GSP Operating Earnings P&I Operating Earnings $285 $141 $213 $127 2019 Original Guidance 2020 Early Outlook 2019 Original Guidance 2020 Early Outlook Midpoint Midpoint Midpoint Midpoint • Includes near-term acceleration of midstream • Earnings increase driven by new RNG and growth cogeneration projects ‒ Accelerates significant earnings growth into • Includes sunset of 2009 vintage REF earnings 2020 from Blue Union and LEAP acquisition offset by earnings from recently acquired REF units 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 10

Maintaining strong cash flow and balance sheet • Issuing $500 million in 20193 ‒ $300 million of acquisition equity financing ‒ $200 million with internal mechanisms • Issuing $1.5 – $2.0 billion of equity in 2020 – 2022 including convertible equity units ‒ $300 million of equity in 2020 using internal mechanisms • Updating 2019 cash and capital guidance • $1.7 billion of available liquidity at end of 3Q 2019 • Maintaining strong investment-grade credit rating Targeting 18% FFO1/Debt2 1. FFO (Funds from operations) is calculated using operating earnings 2. Debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior 11 subordinated notes and 100% of the convertible equity units as equity 3. Excludes $675 million of convertible equity units

On track to continue delivering strong results for customers and shareholders 1 • Increasing 2019 operating EPS guidance Total Shareholder Return2 • On track to beat original guidance for 11th consecutive year 451% • Providing early outlook for 2020 operating EPS ‒ 7.5% growth from 2019 original guidance • Increasing dividend per share by 7% • Driving utility growth through infrastructure investments 106% • Continuing strategic and sustainable 56% growth in non-utility businesses Targeting 5% – 7% operating EPS 3-YR 5-YR 10-YR growth from 2020 early outlook S&P 500 Utilities DTE 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 12 2. Source: Bloomberg as of 9/30/2019

CONTACT US DTE Investor Relations www.dteenergy.com/investors 313.235.8030 13

Appendix 14

Weather and DTE Electric weather normal sales Cooling degree days – DTE Electric service territory Heating degree days – DTE Gas service territory 3Q 2018 3Q 2019 % change 3Q 2018 3Q 2019 % change Actuals 822 702 (15%) Actuals 88 57 ( 35% ) Normal 580 580 0% Normal 118 121 3% Deviation from normal 42% 21% Deviation from normal (25%) (53%) YTD 2018 YTD 2019 % change YTD 2018 YTD 2019 % change Actuals 1,145 852 (26%) Actuals 4,135 4,336 5% Normal 795 795 0% Normal 4,143 4,143 0% Deviation from normal 44% 7% Deviation from normal 0% 5% Earnings impact of weather – DTE Electric Earnings impact of weather – DTE Gas Variance from normal weather Variance from normal weather (millions, after-tax) 3Q YTD (millions, after-tax) 3Q YTD 2018 $66 $97 2018 $0 $2 2019 $34 $27 2019 ($2) $10 (per share) 3Q YTD (per share) 3Q YTD 2018 $0.36 $0.53 2018 $0.00 $0.01 2019 $0.18 $0.14 2019 ($0.01) $0.06 Weather normal sales – DTE Electric service area (GWh) YTD 2018 YTD 2019 % change Residential 11,433 11,342 (0.8%) Business & Other1 24,476 23,986 (2.0%) TOTAL SALES 35,909 35,328 (1.6%) 1. Includes choice of 3,573 YTD 2018 and 3,494 YTD 2019 15

Cash flow and capital expenditures actuals Cash Flow Capital Expenditures (billions) (millions) YTD 2018 YTD 2019 YTD 2018 YTD 2019 DTE Electric Cash From Operations1 $2.0 $1.9 Base Infrastructure $630 $524 Capital Expenditures (2.3) (2.8) New Generation 81 384 Free Cash Flow ($0.3) ($0.9) Distribution Infrastructure 529 699 $1,240 $1,607 Other - (0.1) DTE Gas Base Infrastructure $176 $179 Dividends (0.5) (0.5) NEXUS Related 18 - Net Cash ($0.8) ($1.5) Main Renewal 128 196 $322 $375 Debt Financing2 Non-Utility $784 $853 Issuances $1.4 $1.5 Redemptions (0.6) - Total $2,346 $2,835 Change in Debt $0.8 $1.5 1. Includes $0.25 billion and $0.2 billion of equity issued for employee benefit programs YTD 2018 and YTD 2019, respectively 16 2. Excludes the remarketing of $0.675 billion of securities related to the Link acquisition

Updating 2019 cash flow and capital expenditures guidance Cash Flow Capital Expenditures (billions) (millions) Prior Revised Prior Revised Guidance Guidance Guidance Guidance Cash From Operations1 $2.4 $2.7 DTE Electric Capital Expenditures (3.9) (5.9) Base Infrastructure $820 $820 Free Cash Flow ($1.5) ($3.2) New Generation 490 490 Distribution Infrastructure 890 890 $2,200 $2,200 Dividends (0.7) (0.7) Net Cash ($2.2) ($3.9) DTE Gas Base Infrastructure $270 $270 Debt Financing2 Main Renewal 240 240 Issuances $2.3 $3.7 $510 $510 Redemptions (0.8) (0.8) Change in Debt $1.5 $2.9 Non-Utility $900-$1,200 $3,100-$3,300 Equity Financing Total $3,610-$3,910 $5,810-$6,010 Issuances3 $0.7 $1.0 1. Includes $0.25 billion and $0.2 billion of equity issued for employee benefit programs in 2019 prior guidance and 2019 revised guidance, respectively 2. Excludes the remarketing of $0.675 billion of securities related to the Link acquisition and includes $1.95 billion related to the Blue Union/LEAP acquisition 17 3. Includes $0.675 billion issued in connection with the equity units related to the Link acquisition and $0.3 billion issued in connection with the equity related to the Blue Union/LEAP acquisition

DTE Electric and DTE Gas regulatory update DTE Electric DTE Gas • General rate case – order received • General rate case – order received May 2019 (U-20162) September 2018 (U-18999) – Effective: May 2019 – Effective: October 2018 – Rate recovery: $273 million – Rate recovery: $47 million – ROE: 10.0% – ROE: 10.0% – Capital structure: 50% debt, 50% equity – Capital structure: 48% debt, 52% equity – Rate base: $17 billion – Rate base: $4.2 billion • General rate case – filed July 2019 (U-20561) • Anticipated rate case filing 4Q 2019 – Effective: May 2020 – Rate recovery: $351 million – ROE: 10.5% – Capital structure: 50% debt, 50% equity – Rate base: $18.3 billion • Filed Integrated Resource Plan – March 2019 (U-20471) – PFD expected late 2019 – Order expected early 2020 18

3Q and YTD Energy Trading reconciliation of operating earnings1 to economic net income (millions) 3Q 2018 2019 • Economic net income equals economic gross margin3 minus O&M expenses and taxes Operating Earnings $15 $18 Accounting Adjustments2 3 (8) • DTE Energy management uses economic net income as one of the performance measures Economic Net Income $18 $10 for external communications with analysts and investors • Internally, DTE Energy uses economic net income as one of the measures to review YTD performance against financial targets and 2018 2019 budget Operating Earnings $24 $21 Accounting Adjustments2 17 7 Economic Net Income $41 $28 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 2. Consists of 1) the income statement effect of not recognizing changes in the fair market value of certain non-derivative contracts including physical inventory and capacity contracts for transportation, transmission and storage. These contracts are not marked-to-market, instead are recognized for accounting purposes on an accrual basis; and 2) operating adjustments for 19 unrealized marked-to-market changes of certain derivative contracts 3. Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts including certain non-derivative contract costs

Reconciliation of reported to operating earnings (non-GAAP) Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Adjustments key A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non- derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility B) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cut and Jobs Act 2017 – recorded in Income Tax Expense C) Asset impairment at a renewable power generating facility – recorded in Operating Expenses – Assets (gains) losses and impairments, net 1. Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended 20 September 30, 2019 and 27% for the three months ended September 30, 2018

Reconciliation of reported to operating EPS (non-GAAP) Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Adjustments key A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non- derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility B) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cut and Jobs Act 2017 – recorded in Income Tax Expense C) Asset impairment at a renewable power generating facility – recorded in Operating Expenses – Assets (gains) losses and impairments, net 1. Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended September 30, 2019 and 27% for the three months ended September 30, 2018 21 Note: Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited)

Reconciliation of reported to operating earnings (non-GAAP) Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. 22

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Document and Entity Information Document and Entity Information	Oct. 28, 2019
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 28, 2019
Entity File Number	1-11607
Entity Registrant Name	DTE Energy Co
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-3217752
Entity Address, Address Line One	One Energy Plaza
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226-1279
City Area Code	313
Local Phone Number	235-4000
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Security Exchange Name	NYSE
2012 Series C 5.25% Junior Subordinated Debentures due 2062
Entity Information [Line Items]
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Security Exchange Name	NYSE
2016 Series B 5.375% Junior Subordinated Debentures due 2076
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Title of 12(b) Security	2016 Series B 5.375% Junior Subordinated Debentures due 2076
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Security Exchange Name	NYSE
2016 Series F 6.00% Junior Subordinated Debentures due 2076
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DTE Electric
Entity Information [Line Items]
Entity File Number	1-2198
Entity Registrant Name	DTE Electric Co
Entity Incorporation, State or Country Code	MI
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