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): February 22, 2010

	Exact Name of Registrant as Specified
	in its Charter, State of
Commission	Incorporation, Address of Principal	IRS Employer
File Number	Executive Offices and Telephone Number	Identification No.
1-11607	DTE Energy Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	The Detroit Edison Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-0478650

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued February 22, 2010, announcing financial results for the year and quarter ended December 31, 2009. A copy of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

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 it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1	Earnings Release of DTE Energy Company dated February 22, 2010.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 22, 2010.

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 Detroit Edison’s 2008 Form 10-K and 2009 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and Detroit Edison that discuss important factors that could cause DTE Energy’s and Detroit Edison’s actual results to differ materially. DTE Energy and Detroit Edison 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: February 22, 2010

DTE ENERGY COMPANY
(Registrant)
 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak 

Vice President, Controller & Investor Relations 

THE DETROIT EDISON COMPANY
(Registrant)
 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak
Vice President, Controller & Investor Relations 

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated February 22, 2010.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 22, 2010.

EX-99.1

Exhibit 99.1

Feb. 22, 2010

DTE Energy 2009 earnings solid despite economy

~ Cost control a key driver of utilities’ performance
~ Company provides 2010 operating earnings guidance of $3.35 to $3.75 per share

DETROIT — DTE Energy (NYSE:DTE) today reported 2009 earnings of $532 million, or $3.24 per diluted share, compared with $546 million, or $3.34 per diluted share in 2008. Reported earnings in 2008 included $0.50 per diluted share related to the sale of a portion of the company’s Barnett Shale natural gas property.

2009 operating earnings were $543 million, or $3.30 per diluted share, compared with 2008 operating earnings of $471 million, or $2.89 per diluted share. Operating earnings exclude certain non-recurring items and discontinued operations. Reconciliations of reported to operating earnings for both the quarter ended and 12 months ended Dec. 31, 2009 and 2008, are at the end of this news release.

“I’m proud to report that our employees all pulled together during the recession this past year to not only produce solid earnings results, but also sharply improve our operational and reliability metrics,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “However, while our continuous improvement program and one-time cost savings helped to preserve our financial health, neither of our utilities earned their authorized return. Our non-utility businesses also overcame the weak economy to deliver solid earnings and maintain their growth momentum.

“Our 2009 performance enables DTE Energy to continue to be a leader in Michigan’s economic rebound. During 2010 our focus on continuous improvement will allow us to efficiently invest capital to meet renewable and environmental regulations. These investments will be a catalyst for bringing new jobs to Michigan while ensuring clean, reliable and affordable energy for our customers.”

For the fourth quarter of 2009, DTE Energy had reported earnings of $120 million, or $0.72 per diluted share, compared with $129 million, or $0.79 per diluted share in 2008. Operating earnings for the fourth quarter 2009 were $120 million, or $0.72 per diluted share, compared with $142 million, or $0.87 per diluted share in 2008. The operating earnings per share reduction is primarily a result of lower sales volumes at Detroit Edison due to economy and weather coupled with the timing of maintenance activities and higher benefit expenses.

Operating earnings for 2009, by segment:

Electric Utility: Operating earnings for Detroit Edison were $2.30 per diluted share versus $2.03 in 2008. The increase in operating earnings was driven by rate increases and operation and maintenance (O&M) cost reductions, partially offset by lower sales volumes due to a weaker economy, cooler weather and higher benefit expenses.

Gas Utility: MichCon had operating earnings of $0.49 per diluted share compared with $0.55 per diluted share in 2008. The year-over-year variance is primarily due to higher gas theft and customer conservation, partially offset by lower O&M.

Gas Storage and Pipelines: (Name changed from Gas Midstream) Operating earnings were $0.30 per diluted share compared with 2008 operating earnings of $0.23 per diluted share. The increase in earnings is due to increased storage capacity and higher storage rates as well as Millennium pipeline being placed in service in December 2008.

Unconventional Gas Production: This segment had an operating loss of $0.05 per diluted share compared with operating earnings of $0.05 in 2008. Lower natural gas prices primarily drove the earnings loss in 2009.

Power and Industrial Projects: Power and Industrial Projects operating earnings were $0.22 per diluted share versus 2008 operating earnings of $0.26 per diluted share primarily due to lower coke sales resulting from the downturn in the steel industry in the first half of 2009.

Energy Trading: Operating earnings for this segment were $0.46 per diluted share in 2009 compared with $0.27 per diluted share in 2008. The primary driver of this increase in earnings was higher realized gains in gas trading in 2009.

Corporate and Other: This segment had an operating loss of $0.42 per diluted share versus the operating loss of $0.50 in 2008. The year-over-year variance is driven primarily by one-time tax savings in 2009, partially offset by contributions to the DTE Energy Foundation and a realignment of employee benefit costs from MichCon to Corporate and Other.

2010 Guidance

DTE Energy announced 2010 operating earnings guidance of $3.35 to $3.75 per diluted share.

“Thanks to the success we had last year in strengthening our balance sheet metrics, DTE Energy enters 2010 on very solid footing with the financial flexibility to fund future growth,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “We are focused on using our strong continuous improvement capabilities to further improve our operations and sharply step-up our customer satisfaction.

“We continue to target long-term average annual operating EPS growth of 5 percent to 6 percent while providing an attractive dividend to shareholders.”

Conference call and webcast information

This earnings announcement, as well as a package of supplemental financial information, will be available on the company’s website at dteenergy.com/investors.

DTE Energy plans to conduct a conference call with the investment community hosted by Meador at 9 a.m. EST Tuesday, Feb. 23, to discuss year-end earnings results. Investors, the news media and the public may listen to a live internet broadcast of the meeting at dteenergy.com/investors. The telephone dial-in numbers for investors are (877) 723-9519 or (719) 325-4871. There is no passcode. The internet broadcast will be archived on the company’s website. An audio replay of the call will be available from noon, Feb. 23 to March 11. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 1692594.

A package of slides with supplemental information will be available and archived on the company’s website at www.dteenergy.com/investors.

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 Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, power and industrial projects, energy trading and unconventional gas production. Information about DTE Energy is available at www.dteenergy.com.

Use of Operating Earnings Information — In this release, DTE Energy discusses 2010 operating earnings guidance. It is likely that certain items that impact the company’s 2010 reported results will be excluded from operating results. Reconciliations to the comparable 2010 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

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.

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,” “projected” 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 may impact forward-looking statements including, but not limited to, the following: the length and severity of ongoing economic decline resulting in lower demand, customer conservation and increased thefts of electricity and gas; changes in the economic and financial viability of our customers, suppliers, and trading counterparties, and the continued ability of such parties to perform their obligations to the Company; economic climate and population growth or decline in the geographic areas where we do business; high levels of uncollectible accounts receivable; access to capital markets and capital market conditions 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; potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; the potential for increased costs or delays in completion of significant construction projects; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements that include or could include carbon and more stringent mercury emission controls, a renewable portfolio standard, energy efficiency mandates, a carbon tax or cap and trade structure and ash landfill regulations; nuclear regulations and operations associated with nuclear facilities; impact of electric and gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs; employee relations and the impact of collective bargaining agreements; unplanned outages; changes in the cost and availability of coal and other raw materials, purchased power and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; the uncertainties of successful exploration of gas shale resources and challenges in estimating gas reserves with certainty; impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures; 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 amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals or new legislation; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; the availability, cost, coverage and terms of insurance and stability of insurance providers; 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; and binding arbitration, litigation and related appeals. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause our results to differ materially from those contained in any forward-looking statement. Any forward-looking statements refer only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the “Forward-Looking Statements” section in each of DTE Energy’s and Detroit Edison’s 2008 Forms 10-K and 2009 Forms 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and Detroit Edison.

For further information, members of the media may contact:
Scott Simons, (313) 235-8808
Len Singer, (313) 235-8809

Analysts — for further information:

Dan Miner, (313) 235-5525
Lisa Muschong, (313) 235-8505

DTE Energy Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31						December 31
(in Millions, Except per Share Amounts)	2009			2008			2009			2008
Operating Revenues	$	2,121		$	2,170		$	8,014		$	9,329
Operating Expenses
Fuel, purchased power and gas		846			974			3,118			4,306
Operation and maintenance		632			613			2,372			2,694
Depreciation, depletion and amortization		282			224			1,020			901
Taxes other than income		71			75			275			304
Gain on sale of non-utility assets		—			—			—			(128	)
Other asset (gains) and losses, reserves and impairments, net		(17	)		(18	)		(20	)		(11	)
		1,814			1,868			6,765			8,066
Operating Income		307			302			1,249			1,263
Other (Income) and Deductions
Interest expense		136			132			545			503
Interest income		(2	)		(6	)		(19	)		(19	)
Other income		(28	)		(30	)		(102	)		(104	)
Other expenses		26			19			43			64
		132			115			467			444
Income Before Income Taxes		175			187			782			819
Income Tax Provision		54			57			247			288
Income from Continuing Operations		121			130			535			531
Discontinued Operations Income, net of tax		—			—			—			22
Net Income		121			130			535			553
Less: Net Income Attributable to the Noncontrolling Interests From
Continuing operations		1			1			3			5
Discontinued operations		—			—			—			2
		1			1			3			7
Net Income Attributable to DTE Energy Company	$	120		$	129		$	532		$	546
Basic Earnings per Common Share
Income from continuing operations	$	0.72		$	0.79		$	3.24		$	3.22
Discontinued operations		—			—			—			0.12
Total	$	0.72		$	0.79		$	3.24		$	3.34
Diluted Earnings per Common Share
Income from continuing operations	$	0.72		$	0.79		$	3.24		$	3.22
Discontinued operations		—			—			—			0.12
Total	$	0.72		$	0.79		$	3.24		$	3.34
Weighted Average Common Shares Outstanding
Basic		165			162			164			163
Diluted		165			162			164			163
Dividends Declared per Common Share	$	0.53		$	0.53		$	2.12		$	2.12

DTE Energy Company
Segment Net Income (Unaudited)

	Three Months Ended December 31
	2009									2008
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	70		$	—		$	70		$	80		$	—		$	80
Gas Utility		57			(13	) A		57			52			1	C		53
					13	B
Non-utility Operations
Gas Storage and Pipelines		12			—			12			11			—			11
Unconventional Gas Production		(3	)		—			(3	)		(5	)		5	D		—
Power and Industrial Projects		23			—			23			10			—			10
Energy Trading		2			—			2			6			—			6
Total Non-utility operations		34			—			34			22			5			27
Corporate and Other		(41	)		—			(41	)		(25	)		7	E		(18	)
Income from Continuing Operations		120			—			120			129			13			142
Discontinued Operations		—			—			—			—			—			—
Net Income Attributable to DTE Energy Company	$	120		$	—		$	120		$	129		$	13		$	142

Adjustments key

A)	Gain on sale of MichCon natural gas gathering and treating assets
B)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
C)	Costs to achieve savings from Performance Excellence Process
D)	Impairment charge for Barnett leases
E)	Residual hedge impact from Antrim sale

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended December 31
	2009									2008
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.42		$	—		$	0.42		$	0.49		$	—		$	0.49
Gas Utility		0.35			(0.08	) A		0.35			0.32			0.01	C		0.33
					0.08	B
Non-utility Operations
Gas Storage and Pipelines		0.07			—			0.07			0.07			—			0.07
Unconventional Gas Production		(0.02	)		—			(0.02	)		(0.03	)		0.03	D		—
Power and Industrial Projects		0.14			—			0.14			0.06			—			0.06
Energy Trading		0.01			—			0.01			0.03			—			0.03
Total Non-utility operations		0.20			—			0.20			0.13			0.03			0.16
Corporate and Other		(0.25	)		—			(0.25	)		(0.15	)		0.04	E		(0.11	)
Income from Continuing Operations		0.72			—			0.72			0.79			0.08			0.87
Discontinued Operations		—			—			—			—			—			—
Net Income Attributable to DTE Energy Company	$	0.72		$	—		$	0.72		$	0.79		$	0.08		$	0.87

Adjustments key

A)	Gain on sale of MichCon natural gas gathering and treating assets
B)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
C)	Costs to achieve savings from Performance Excellence Process
D)	Impairment charge for Barnett leases
E)	Residual hedge impact from Antrim sale

DTE Energy Company
Segment Net Income (Unaudited)

	Twelve Months Ended December 31
	2009									2008
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	376		$	4	F	$	380		$	331		$	—		$	331
Gas Utility		80			(13	) A		80			85			4	C		89
					13	B
Non-utility Operations
Gas Storage and Pipelines		49			—			49			38			—			38
Unconventional Gas Production		(9	)		—			(9	)		84			(81	) H		8
														5	D
Power and Industrial Projects		31			1	F		35			40			1	C		41
					3	G
Energy Trading		75			—			75			42			1	C		43
Total Non-utility operations		146			4			150			204			(74	)		130
Corporate and Other		(70	)		3	E		(67	)		(94	)		13	E		(79	)
														2	I
Income from Continuing Operations		532			11			543			526			(55	)		471
Discontinued Operations		—			—			—			20			(20	) J		—
Net Income Attributable to DTE Energy Company	$	532		$	11		$	543		$	546		$	(75	)	$	471

Adjustments key

A)	Gain on sale of MichCon natural gas gathering and treating assets
B)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
C)	Costs to achieve savings from Performance Excellence Process
D)	Impairment charge for Barnett leases
E)	Residual hedge impact from Antrim sale
F)	Chrysler accounts receivable bad debt reserve
G)	General Motors accounts receivable bad debt reserve
H)	Gain on sale of Barnett core
I)	Residual impact from Crete sale
J)	Results relating to discontinuance of synfuel operations

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Twelve Months Ended December 31
	2009									2008
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	2.28		$	0.02	F	$	2.30		$	2.03		$	—		$	2.03
Gas Utility		0.49			(0.08	) A		0.49			0.52			0.03	C		0.55
					0.08	B
Non-utility Operations
Gas Storage and Pipelines		0.30			—			0.30			0.23			—			0.23
Unconventional Gas Production		(0.05	)		—			(0.05	)		0.52			(0.50	) H		0.05
														0.03	D
Power and Industrial Projects		0.19			0.01	F		0.22			0.25			0.01	C		0.26
					0.02	G
Energy Trading		0.46			—			0.46			0.26			0.01	C		0.27
Total Non-utility operations		0.90			0.03			0.93			1.26			(0.45	)		0.81
Corporate and Other		(0.43	)		0.01	E		(0.42	)		(0.59	)		0.08	E		(0.50	)
														0.01	I
Income from Continuing Operations		3.24			0.06			3.30			3.22			(0.33	)		2.89
Discontinued Operations		—			—			—			0.12			(0.12	) J		—
Net Income Attributable to DTE Energy Company	$	3.24		$	0.06		$	3.30		$	3.34		$	(0.45	)	$	2.89

Adjustments key

A)	Gain on sale of MichCon natural gas gathering and treating assets
B)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
C)	Costs to achieve savings from Performance Excellence Process
D)	Impairment charge for Barnett leases
E)	Residual hedge impact from Antrim sale
F)	Chrysler accounts receivable bad debt reserve
G)	General Motors accounts receivable bad debt reserve
H)	Gain on sale of Barnett core
I)	Residual impact from Crete sale
J)	Results relating to discontinuance of synfuel operations

EX-99.2

Exhibit 99.2

Full Year 2009 Supplemental Financial Information

February 22, 2010

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	December 31
	2009			2008
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	52		$	86
Restricted cash		84			86
Accounts receivable (less allowance for doubtful accounts of $262 and $265, respectively)
Customer		1,438			1,666
Other		217			166
Inventories
Fuel and gas		309			333
Materials and supplies		200			206
Deferred income taxes		167			227
Derivative assets		209			316
Other		201			242
		2,877			3,328
Investments
Nuclear decommissioning trust funds		817			685
Other		598			595
		1,415			1,280
Property
Property, plant and equipment		20,588			20,065
Less accumulated depreciation, depletion and amortization		(8,157	)		(7,834	)
		12,431			12,231
Other Assets
Goodwill		2,024			2,037
Regulatory assets		4,110			4,231
Securitized regulatory assets		870			1,001
Intangible assets		54			70
Notes receivable		113			115
Derivative assets		116			140
Other		185			157
		7,472			7,751
Total Assets	$	24,195		$	24,590

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	December 31
	2009			2008
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	723		$	899
Accrued interest		114			119
Dividends payable		88			86
Short-term borrowings		327			744
Current portion long-term debt, including capital leases		671			362
Derivative liabilities		220			285
Other		502			518
		2,645			3,013
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,237			6,458
Securitization bonds		793			932
Trust preferred-linked securities		289			289
Capital lease obligations		51			62
		7,370			7,741
Other Liabilities
Deferred income taxes		2,096			1,958
Regulatory liabilities		1,337			1,202
Asset retirement obligations		1,420			1,340
Unamortized investment tax credit		85			96
Derivative liabilities		198			344
Liabilities from transportation and storage contracts		96			111
Accrued pension liability		881			871
Accrued postretirement liability		1,287			1,434
Nuclear decommissioning		136			114
Other		328			328
		7,864			7,798
Equity
Common stock, without par value, 400,000,000 shares authorized, 165,400,045 and 163,019,596 shares issued and outstanding, respectively		3,257			3,175
Retained earnings		3,168			2,985
Accumulated other comprehensive loss		(147	)		(165	)
Total DTE Energy Company Shareholders’ Equity		6,278			5,995
Noncontrolling interests		38			43
Total Equity		6,316			6,038
Total Liabilities and Equity	$	24,195		$	24,590

DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)

	Year Ended December 31
	2009			2008			2007
	(In millions)
Operating Activities
Net income	$	535		$	553		$	787
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		1,020			899			926
Deferred income taxes		205			348			144
Gain on sale of non-utility business		—			(128	)		(900	)
Other asset (gains), losses and reserves, net		(10	)		(4	)		(9	)
Gain on sale of interests in synfuel projects		—			(31	)		(248	)
Impairment of synfuel projects		—			—			4
Contributions from synfuel partners		—			14			229
Changes in assets and liabilities, exclusive of changes shown separately		69			(92	)		192
Net cash from operating activities		1,819			1,559			1,125
Investing Activities
Plant and equipment expenditures — utility		(960	)		(1,183	)		(1,035	)
Plant and equipment expenditures — non-utility		(75	)		(190	)		(264	)
Proceeds from sale of interests in synfuel projects		—			84			447
Refunds to synfuel partners		—			(387	)		(115	)
Proceeds from sale of non-utility business		—			253			1,262
Proceeds from sale of other assets, net		83			25			85
Restricted cash for debt redemption		2			54			6
Proceeds from sale of nuclear decommissioning trust fund assets		295			232			286
Investment in nuclear decommissioning trust funds		(315	)		(255	)		(323	)
Other investments		(94	)		(156	)		(19	)
Net cash from (used) for investing activities		(1,064	)		(1,523	)		330
Financing Activities
Issuance of long-term debt		427			1,310			50
Redemption of long-term debt		(417	)		(446	)		(393	)
Repurchase of long-term debt		—			(238	)		—
Short-term borrowings, net		(454	)		(340	)		(47	)
Issuance of common stock		35			—			—
Repurchase of common stock		—			(16	)		(708	)
Dividends on common stock		(348	)		(344	)		(364	)
Other		—			(10	)		(6	)
Net cash used for financing activities		(789	)		(84	)		(1,468	)
Net Increase Decrease in Cash and Cash Equivalents		(34	)		(48	)		(13	)
Cash and Cash Equivalents Reclassified (to) from Assets Held for Sale		—			11			(11	)
Cash and Cash Equivalents at Beginning of Period		86			123			147
Cash and Cash Equivalents at End of Period	$	52		$	86		$	123

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Year Ended December 31
(in Millions)	2009			2008			2007
Operating Revenues	$	4,714		$	4,874		$	4,900
Operating Expenses
Fuel and purchased power		1,491			1,778			1,686
Operation and maintenance		1,277			1,322			1,422
Depreciation and amortization		844			743			764
Taxes other than income		205			232			277
Asset (gains) losses and reserves, net		(2	)		(1	)		8
		3,815			4,074			4,157
Operating Income		899			800			743
Other (Income) and Deductions
Interest expense		325			293			294
Interest income		(2	)		(6	)		(7	)
Other income		(39	)		(51	)		(40	)
Other expenses		11			47			30
		295			283			277
Income Before Income Taxes		604			517			466
Income Tax Provision		228			186			149
Net Income	$	376		$	331		$	317

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Year Ended December 31
(in Millions)	2009			2008			2007
Operating Revenues	$	1,765		$	2,115		$	1,842
Operating Expenses
Cost of gas		1,037			1,351			1,139
Operation and maintenance		411			464			422
Depreciation and amortization		109			102			93
Taxes other than income		48			47			55
Asset gains, net		(30	)		(26	)		(3	)
		1,575			1,938			1,706
Operating Income		190			177			136
Other (Income) and Deductions
Interest expense		67			65			60
Interest income		(8	)		(8	)		(10	)
Other income		(8	)		(11	)		(12	)
Other expenses		6			13			4
		57			59			42
Income Before Income Taxes		133			118			94
Income Tax Provision		40			38			23
Net Income	$	93		$	80		$	71

DTE Energy Debt/Equity Calculation
As of December 31, 2009
($ millions)

Short-term borrowings	$	327
Current portion of long-term debt, including capital leases		671
Mortgage bonds, notes and other		6,237
Securitization bonds, excluding current portion		793
Capital lease obligations		51
less MichCon short-term debt		(327	)
less Securitization bonds, including current portion		(933	)
Total debt		6,819
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		6,278
Total capitalization	$	13,386
Debt		50.9	%
Preferred		2.2	%
Common shareholders’ equity		46.9	%
Total		100.0	%

Sales Analysis — Q4 2009

Electric Sales — Detroit Edison Service Area (GWh)

	Q4 2009		Q4 2008		% Change
Residential		3,633		3,537		3	%
Commercial		4,436		4,573		-3	%
Industrial		2,339		3,012		-22	%
Other		829		811		2	%
		11,237		11,933		-6	%
Choice		479		377		27	%
TOTAL SALES		11,716		12,310		-5	%

Electric Revenue — Detroit Edison Service Area ($000s)

	Q4 2009		Q4 2008		% Change
Residential		471,479		400,449		18	%
Commercial		423,775		431,144		-2	%
Industrial		159,653		208,767		-24	%
Other		44,679		44,022		1	%
		1,099,586		1,084,382		1	%
Choice		11,737		10,622		10	%
TOTAL REVENUES		1,111,323		1,095,004		1	%

Gas Sales — MichCon Service Area (MMcf)

	Q4 2009		Q4 2008		% Change
Residential		31,877		36,594		-13	%
Commercial		7,906		10,969		-28	%
Industrial		752		339		122	%
		40,535		47,902		-15	%
End User Transportation*		37,906		32,426		17	%
TOTAL SALES		78,441		80,328		-2	%

^* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2009		Q4 2008		% Change
Residential		332,455		406,985		-18	%
Commercial		82,616		120,611		-32	%
Industrial		7,232		3,488		107	%
		422,303		531,084		-20	%
End User Transportation*		43,091		39,166		10	%
TOTAL REVENUES		465,394		570,250		-18	%

^* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q4 2009			Q4 2008			% Change
Actuals		0			0			N/A
Normal		6			6
Deviation from normal		-100	%		-100	%

Heating Degree Days
MichCon service territory

	Q4 2009			Q4 2008			% Change
Actuals		2,265			2,446			-7	%
Normal		2,350			2,350
Deviation from normal		-4	%		4	%

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)

	Q4 2009			Q4 2008
Detroit Edison		(5	)		1	Milder weather reduced Detroit Edison’s earnings by $5M Q4 2009
MichCon		(3	)		3	Milder weather reduced MichCon’s earnings by $3M Q4 2009

Sales Analysis — YTD December 31, 2009

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2009		YTD 2008		% Change
Residential		14,625		15,493		-6	%
Commercial		18,200		18,920		-4	%
Industrial		9,922		13,086		-24	%
Other		3,229		3,217		0	%
		45,976		50,716		-9	%
Choice		1,477		1,458		1	%
TOTAL SALES		47,453		52,174		-9	%

Electric Revenue — Detroit Edison Service Area ($000s)

	YTD 2009		YTD 2008		% Change
Residential		1,819,497		1,726,154		5	%
Commercial		1,702,367		1,753,228		-3	%
Industrial		729,987		893,461		-18	%
Other		176,331		175,761		0	%
		4,428,182		4,548,604		-3	%
Choice		39,556		34,371		15	%
TOTAL REVENUES		4,467,738		4,582,975		-3	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2009		YTD 2008		% Change
Residential		103,264		109,684		-6	%
Commercial		29,830		35,231		-15	%
Industrial		1,617		1,015		59	%
		134,711		145,930		-8	%
End User Transportation*		124,472		122,224		2	%
TOTAL SALES		259,183		268,154		-3	%

^* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2009		YTD 2008		% Change
Residential		1,072,679		1,237,581		-13	%
Commercial		305,344		389,503		-22	%
Industrial		14,756		11,015		34	%
		1,392,779		1,638,099		-15	%
End User Transportation*		146,368		143,599		2	%
TOTAL REVENUES		1,539,147		1,781,698		-14	%

^* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	YTD 2009			YTD 2008			% Change
Actuals		575			759			-24	%
Normal		736			736
Deviation from normal		-22	%		3	%

Heating Degree Days
MichCon service territory

	YTD 2009			YTD 2008			% Change
Actuals		6,623			6,682			-1	%
Normal		6,696			6,724
Deviation from normal		-1	%		-1	%

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)

	YTD 2009			YTD 2008
Detroit Edison		(43	)		2	Colder weather reduced Detroit Edison's earnings by $43M YTD 2009
MichCon		(2	)		—	Milder weather decreased MichCon's earnings by $2M YTD 2009