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): April 27, 2010

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

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 April 27, 2010, announcing financial results for the quarter ended March 31, 2010. 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 April 27, 2010.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated April 27, 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 2009 Form 10-K and 2010 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: April 27, 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 April 27, 2010.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated April 27, 2010.

EX-99.1

Exhibit 99.1

April 27, 2010

DTE Energy reports improved first quarter 2010 results

DETROIT — DTE Energy (NYSE:DTE) today reported first quarter 2010 earnings of $229 million, or $1.38 per diluted share, compared with $178 million, or $1.09 per diluted share, in the first quarter of 2009. Earnings increased primarily due to higher earnings at the utilities as the economy started to recover and strong results in its non-utility Power & Industrial Projects business. DTE Energy raised 2010 operating earnings guidance to $3.45 to $3.80 per diluted share from $3.35 to $3.75 per diluted share as a result of strong first quarter earnings and outlook for the balance of the year.

“Our focus as we started 2010 was to maintain the momentum from last year’s continuous improvement initiatives, and we successfully accomplished this in the first quarter,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “Continued success in these initiatives will allow us to further improve operational efficiency and customer satisfaction while making major investments in utility infrastructure, renewable energy and environmental controls. These multi-year investments are providing Michigan new jobs and sustainable economic development opportunities.”

Operating earnings for the first quarter 2010 were $229 million, or $1.38 per diluted share, compared with first quarter 2009 operating earnings of $179 million, or $1.10 per diluted share. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations. Reconciliations of reported to operating earnings are at the end of this news release.

First quarter 2010 operating earnings results, by segment:

Electric Utility: Operating earnings for Detroit Edison were $0.55 per diluted share versus $0.48 in 2009. The increase in earnings was primarily driven by the January 2010 rate order and continuous improvement projects. The new rates, minimized by Detroit Edison’s ongoing continuous improvement efforts, allow it to continue investing in utility infrastructure, renewable energy, and environmental controls. Partially offsetting the earnings improvements were higher depreciation on an increased asset base, higher property taxes, increased interest expense and higher benefit expenses. Temperature-normalized sales increased 2 percent year-over-year as the economy started to improve.

Gas Utility: MichCon had operating earnings of $0.48 per diluted share, compared with $0.37 per diluted share in 2009. The January 2010 implementation of new rates and savings from continuous improvement initiatives drove the increase, which was partially offset by decreased sales resulting from warmer weather and customer conservation, lower midstream revenues, higher taxes and increased interest expense.

Gas Storage and Pipelines: Operating earnings in this segment were $0.08 per diluted share, compared with $0.09 in 2009. Earnings for this segment were consistent year-over-year with the decrease in operating earnings per share resulting from an increase in the average shares outstanding in 2010 (166.3 million shares in 2010 versus 163.3 million in 2009).

Unconventional Gas Production: This segment had an operating loss of $0.02 per diluted share, compared with a first quarter 2009 operating loss of $0.01 per diluted share. In the first quarter 2010, the company successfully completed 5 wells and produced over 1 billion cubic feet of natural gas. The company continues to focus on cost reduction and production optimization of its Barnett assets.

Power and Industrial Projects: Operating earnings in this segment were $0.11 per diluted share, compared with $0.02 in the first quarter of 2009. Higher coke sales resulting from a rebound in the steel industry and new projects drove the increase.

Energy Trading: Energy Trading had another strong first quarter in 2010 with operating earnings of $0.23 per diluted share, on par with operating earnings of $0.24 per diluted share in the first quarter of 2009.

Corporate and Other: The Corporate and Other segment had an operating loss of $0.05 per diluted share compared with an operating loss of $0.09 in the first quarter of 2009 primarily due to lower tax expense.

Outlook for 2010

“This quarter’s results confirm that we are able to deliver solid performance at our utilities and grow our non-utility businesses. Our long-term plans set in place last year are working to ensure the sustainable strength of DTE Energy’s businesses and enable us to continue to invest in job-creating projects,” said David E. Meador, DTE Energy executive vice president and CFO. “We are confident that if we maintain our steadfast focus on continuous improvement, customer service and a strong balance sheet, we can deliver 5 percent to 6 percent long-term average annual operating EPS growth while paying an attractive dividend.”

Conference call and webcast information

This earnings announcement, as well as a package of slides and supplemental financial information, will be available and archived 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. EDT Wednesday, April 28, to discuss first quarter 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 (888) 539-3679 or (719) 325-2431. There is no passcode. The internet broadcast will be archived on the company’s website.

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, unconventional gas production, power and industrial projects, and energy trading. Information about DTE Energy is available at www.dteenergy.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 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.

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: economic conditions 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; the 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 press release should also be read in conjunction with the “Forward-Looking Statements” section in each of DTE Energy’s and Detroit Edison’s 2009 Forms 10-K and 2010 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
	March 31
(in Millions, Except per Share Amounts)	2010			2009
Operating Revenues	$	2,453		$	2,255
Operating Expenses
Fuel, purchased power and gas		995			960
Operation and maintenance		652			591
Depreciation, depletion and amortization		251			232
Taxes other than income		82			80
Other asset (gains) and losses, reserves and impairments, net		1			(3	)
		1,981			1,860
Operating Income		472			395
Other (Income) and Deductions
Interest expense		140			132
Interest income		(3	)		(3	)
Other income		(19	)		(24	)
Other expenses		8			14
		126			119
Income Before Income Taxes		346			276
Income Tax Provision		116			97
Net Income		230			179
Less: Net Income Attributable to Noncontrolling Interests		1			1
Net Income Attributable to DTE Energy Company	$	229		$	178
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.38		$	1.09
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.38		$	1.09
Weighted Average Common Shares Outstanding
Basic		166			163
Diluted		166			163
Dividends Declared per Common Share	$	0.53		$	0.53

DTE Energy Company
Segment Net Income (Unaudited)

	Three Months Ended March 31
	2010								2009
	Reported					Operating			Reported					Operating
(in Millions)	Earnings			Adjustments		Earnings			Earnings			Adjustments		Earnings
Electric Utility	$	91		$	—	$	91		$	78		$	—	$	78
Gas Utility		79			—		79			61			—		61
Non-utility Operations
Gas Storage and Pipelines		14			—		14			14			—		14
Unconventional Gas Production		(3	)		—		(3	)		(2	)		—		(2	)
Power and Industrial Projects		18			—		18			4			—		4
Energy Trading		38			—		38			40			—		40
Total Non-utility operations		67			—		67			56			—		56
Corporate and Other		(8	)		—		(8	)		(17	)		1A		(16	)
Net Income Attributable to DTE Energy Company	$	229		$	—	$	229		$	178		$	1	$	179

Adjustments key

A) Residual hedge impact from Antrim sale.

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended March 31
	2010								2009
	Reported					Operating			Reported					Operating
	Earnings			Adjustments		Earnings			Earnings			Adjustments		Earnings
Electric Utility	$	0.55		$	—	$	0.55		$	0.48		$	—	$	0.48
Gas Utility		0.48			—		0.48			0.37			—		0.37
Non-utility Operations
Gas Storage and Pipelines		0.08			—		0.08			0.09			—		0.09
Unconventional Gas Production		(0.02	)		—		(0.02	)		(0.01	)		—		(0.01	)
Power and Industrial Projects		0.11			—		0.11			0.02			—		0.02
Energy Trading		0.23			—		0.23			0.24			—		0.24
Total Non-utility operations		0.40			—		0.40			0.34			—		0.34
Corporate and Other		(0.05	)		—		(0.05	)		(0.10	)		0.01A		(0.09	)
Net Income Attributable to DTE Energy Company	$	1.38		$	—	$	1.38		$	1.09		$	0.01	$	1.10

Adjustments key

A) Residual hedge impact from Antrim sale.

EX-99.2

Exhibit 99.2

Q1 2010 Supplemental Financial Information

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	March 31			December 31
(in Millions)	2010			2009
ASSETS
Current Assets
Cash and cash equivalents	$	193		$	52
Restricted cash		39			84
Accounts receivable (less allowance for doubtful accounts of $263 and $262, respectively)
Customer		1,403			1,438
Other		60			217
Inventories
Fuel and gas		233			309
Materials and supplies		210			200
Deferred income taxes		163			167
Derivative assets		265			209
Other		167			201
		2,733			2,877
Investments
Nuclear decommissioning trust funds		859			817
Other		477			598
		1,336			1,415
Property
Property, plant and equipment		20,924			20,588
Less accumulated depreciation, depletion and amortization		(8,270	)		(8,157	)
		12,654			12,431
Other Assets
Goodwill		2,024			2,024
Regulatory assets		4,099			4,110
Securitized regulatory assets		835			870
Intangible assets		54			54
Notes receivable		130			113
Derivative assets		150			116
Other		188			185
		7,480			7,472
Total Assets	$	24,203		$	24,195

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	March 31			December 31
(in Millions, Except Shares)	2010			2009
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	637		$	723
Accrued interest		148			114
Dividends payable		88			88
Short-term borrowings		—			327
Gas inventory equalization		190			—
Current portion long-term debt, including capital leases		677			671
Derivative liabilities		239			220
Other		503			502
		2,482			2,645
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,242			6,237
Securitization bonds		717			793
Trust preferred-linked securities		289			289
Capital lease obligations		47			51
		7,295			7,370
Other Liabilities
Deferred income taxes		2,191			2,096
Regulatory liabilities		1,362			1,337
Asset retirement obligations		1,456			1,420
Unamortized investment tax credit		82			85
Derivative liabilities		184			198
Liabilities from transportation and storage contracts		92			96
Accrued pension liability		699			881
Accrued postretirement liability		1,338			1,287
Nuclear decommissioning		142			136
Other		285			328
		7,831			7,864
Equity
Common stock, without par value, 400,000,000 shares authorized, 168,409,616 and 165,400,045 shares issued and outstanding, respectively		3,388			3,257
Retained earnings		3,309			3,168
Accumulated other comprehensive loss		(146	)		(147	)
Total DTE Energy Company Equity		6,551			6,278
Noncontrolling interests		44			38
Total Equity		6,595			6,316
Total Liabilities and Equity	$	24,203		$	24,195

DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended
	March 31
(in Millions)	2010			2009
Operating Activities
Net income	$	230		$	179
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		251			232
Deferred income taxes		36			66
Other asset (gains), losses and reserves, net		1			(3	)
Changes in assets and liabilities, exclusive of changes shown separately		299			365
Net cash from operating activities		817			839
Investing Activities
Plant and equipment expenditures — utility		(209	)		(303	)
Plant and equipment expenditures — non-utility		(30	)		(23	)
Proceeds from sale of other assets, net		13			30
Restricted cash for debt redemption		49			64
Proceeds from sale of nuclear decommissioning trust fund assets		59			113
Investment in nuclear decommissioning trust funds		(68	)		(113	)
Consolidation of equity method companies		19			—
Other investments		(4	)		(24	)
Net cash from (used) for investing activities		(171	)		(256	)
Financing Activities
Redemption of long-term debt		(90	)		(86	)
Short-term borrowings, net		(330	)		(414	)
Issuance of common stock		9			9
Dividends on common stock		(88	)		(86	)
Other		(6	)		(4	)
Net cash used for financing activities		(505	)		(581	)
Net Increase in Cash and Cash Equivalents		141			2
Cash and Cash Equivalents at Beginning of Period		52			86
Cash and Cash Equivalents at End of Period	$	193		$	88

The Detroit Edison Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended
	March 31
(in Millions)	2010			2009
Operating Revenues	$	1,146		$	1,118
Operating Expenses
Fuel and purchased power		343			340
Operation and maintenance		309			316
Depreciation and amortization		204			188
Taxes other than income		65			60
Asset (gains) losses and reserves, net		(1	)		—
		920			904
Operating Income		226			214
Other (Income) and Deductions
Interest expense		81			79
Other income		(8	)		(7	)
Other expenses		6			12
		79			84
Income Before Income Taxes		147			130
Income Tax Provision		56			52
Net Income	$	91		$	78

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended
	March 31
(in Millions)	2010			2009
Operating Revenues	$	745		$	759
Operating Expenses
Cost of gas		458			503
Operation and maintenance		108			114
Depreciation and amortization		26			26
Taxes other than income		16			13
		608			656
Operating Income		137			103
Other (Income) and Deductions
Interest expense		17			16
Interest income		(2	)		(2	)
Other income		(2	)		(3	)
Other expenses		1			3
		14			14
Income Before Income Taxes		123			89
Income Tax Provision		44			26
Net Income	$	79		$	63

DTE Energy Debt/Equity Calculation
As of March 31, 2010
($ millions)

Short-term borrowings	$	—
Current portion of long-term debt, including capital leases		677
Mortgage bonds, notes and other		6,242
Securitization bonds, excluding current portion		717
Capital lease obligations		47
less MichCon short-term debt		—
less Securitization bonds, including current portion		(861	)
Total debt		6,822
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		6,551
Total capitalization	$	13,662
Debt		49.9	%
Preferred		2.1	%
Common shareholders’ equity		48.0	%
Total		100.0	%

Sales Analysis — Q1 2010

Electric Sales — Detroit Edison Service Area (GWh)

	Q1 2010		Q1 2009		% Change
Residential		3,665		3,738		-2	%
Commercial		3,942		4,423		-11	%
Industrial		2,475		2,637		-6	%
Other		802		817		-2	%
		10,884		11,615		-6	%
Choice		1,103		317		248	%
TOTAL SALES		11,987		11,932		0	%

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

	Q1 2010		Q1 2009		% Change
Residential		467,973		447,022		5	%
Commercial		385,170		410,028		-6	%
Industrial		160,679		197,049		-18	%
Other		45,757		48,915		-6	%
		1,059,579		1,103,014		-4	%
Choice		25,728		11,116		131	%
TOTAL REVENUES		1,085,307		1,114,130		-3	%

Gas Sales — MichCon Service Area (MMcf)

	Q1 2010		Q1 2009		% Change
Residential		43,157		50,191		-14	%
Commercial		12,075		16,427		-26	%
Industrial		216		595		-64	%
		55,448		67,213		-18	%
End User Transportation*		43,953		41,605		6	%
TOTAL SALES		99,401		108,818		-9	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q1 2010		Q1 2009		% Change
Residential		474,263		486,808		-3	%
Commercial		131,897		159,772		-17	%
Industrial		2,359		5,093		-54	%
		608,519		651,673		-7	%
End User Transportation*		76,993		52,356		47	%
TOTAL REVENUES		685,511		704,029		-3	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q1 2010		Q1 2009		% Change
Actuals						N/A
Normal
Deviation from normal		N/A		N/A

Heating Degree Days
MichCon service territory

	Q1 2010			Q1 2009			% Change
Actuals		3,040			3,397			-11	%
Normal		3,309			3,306
Deviation from normal		-8	%		3	%

Earnings Impact of Weather

Variance from normal weather ($millions, after-tax)

	Q1 2010			Q1 2009
MichCon		(8	)		3	Milder weather reduced MichCon’s earnings by $8M Q1 2010