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 9, 2011

	Exact Name of Registrant as Specified in its Charter,
Commission	State of Incorporation, Address of Principal	IRS Employer
File Number	Executive 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 (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued February 9, 2011, announcing financial results for the year ended December 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 its earnings release and the slide presentation discussed below, DTE Energy issued its 2011 operating earnings per share guidance of $3.40-$3.70 per share.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued February 9, 2011. A copy of the slide presentation is furnished as Exhibit 99.3 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2011 operating earnings guidance. It is likely that certain items that impact the company’s 2011 reported results will be excluded from operating results. Reconciliations to the comparable 2011 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.

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 and 99.3, 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 9, 2011.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 9, 2011.
99.3	Slide Presentation of DTE Energy Company dated February 9, 2011.

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 The Detroit Edison Company’s (Detroit Edison) 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: February 9, 2011

DTE ENERGY COMPANY
(Registrant)

/s/ PETER B. OLEKSIAK                              
Peter B. Oleksiak
Vice President and Controller and
Chief Accounting Officer

THE DETROIT EDISON COMPANY
(Registrant)

/s/ PETER B. OLEKSIAK                             
Peter B. Oleksiak
Vice President and Controller and
Chief Accounting Officer

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated February 9, 2011.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 9, 2011.
99.3	Slide Presentation of DTE Energy Company dated February 9, 2011.

EX-99.1

Exhibit 99.1

Feb. 9, 2011

DTE Energy reports solid 2010 earnings
~ Company provides 2011 operating earnings guidance of $3.40 to $3.70 per share

DETROIT — DTE Energy (NYSE:DTE) today reported 2010 earnings of $630 million, or $3.74 per diluted share, compared with $532 million, or $3.24 per diluted share in 2009.

2010 operating earnings were $607 million, or $3.60 per diluted share, compared with 2009 operating earnings of $543 million, or $3.30 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, 2010 and 2009, are at the end of this news release.

The increase in operating earnings at DTE Energy was driven by higher operating earnings at Detroit Edison, MichCon and Power and Industrial Projects, partially offset by lower operating earnings at Energy Trading. As a signal of Michigan’s improving economy, Detroit Edison’s temperature-normal electric sales increased 3 percent overall, including a 21 percent increase in sales to industrial customers.

“I’m pleased with our solid results in 2010,” said Gerard M. Anderson, DTE Energy president and CEO. “We were able to achieve our financial goals by maintaining an intense focus on controlling costs and improving operating performance. DTE Energy operates in a region that is gaining momentum toward an economic recovery. We will contribute to this momentum by doing everything we can to keep energy affordable for our customers.

“As we plan for 2011 and beyond, we want DTE Energy to be a force for growth, investment and renewed prosperity for Michigan,” Anderson added. “We will continue to execute on our multi-year plan to invest in renewable energy, environmental controls and utility infrastructure. These investments will be a catalyst for bringing new jobs to Michigan while ensuring clean, reliable and affordable energy for our customers.”

2011 Guidance

DTE Energy announced 2011 operating earnings guidance of $3.40 to $3.70 per diluted share.

“Solid earnings and cash flow combined with a strong balance sheet allowed us to increase our dividend and secure an upgrade to DTE Energy’s credit rating from S&P in 2010,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “In many areas of the company we achieved top quartile performance in terms of operating and cost metrics.

“In 2011, our continuous improvement efforts will allow us to go beyond top quartile performance,” Meador added. “This will be key as we focus on achieving our long-term goal of 5 percent to 6 percent annual operating EPS growth while providing an attractive dividend to shareholders.”

Conference call and webcast information

This earnings announcement, as well as a package of slides and supplemental information, is available at dteenergy.com.

DTE Energy plans to conduct a conference call with the investment community hosted by Anderson at 9 a.m. EST today to discuss 2010 earnings results and 2011 guidance. Investors, the news media and the public may listen to a live internet broadcast of the meeting at dteenergy.com. The telephone dial-in numbers are U.S. and Canada toll free: (800) 401-3551 or International Toll: (913) 312-0644. 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 today to Feb. 24. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 5490724.

DTE Energy 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 2011 operating earnings guidance. It is likely that certain items that impact the company’s 2011 reported results will be excluded from operating results. Reconciliations to the comparable 2011 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 changes in 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:
Kurt Wasiluk (313) 235-7726
Mark Rolling (313) 235-7663

DTE Energy Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31						December 31
(in Millions, Except per Share Amounts)	2010			2009			2010			2009
Operating Revenues	$	2,173		$	2,121		$	8,557		$	8,014
Operating Expenses
Fuel, purchased power and gas		824			846			3,190			3,118
Operation and maintenance		680			632			2,578			2,372
Depreciation, depletion and amortization		252			282			1,027			1,020
Taxes other than income		77			71			308			275
Other asset (gains) and losses, reserves and impairments, net		(10	)		(17	)		(10	)		(20	)
		1,823			1,814			7,093			6,765
Operating Income		350			307			1,464			1,249
Other (Income) and Deductions
Interest expense		131			136			549			545
Interest income		(3	)		(2	)		(12	)		(19	)
Other income		(16	)		(28	)		(78	)		(102	)
Other expenses		23			26			55			43
		135			132			514			467
Income Before Income Taxes		215			175			950			782
Income Tax Provision		59			54			311			247
Net Income		156			121			639			535
Less: Net Income Attributable to the Noncontrolling Interests		4			1			9			3
Net Income Attributable to DTE Energy Company	$	152		$	120		$	630		$	532
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.90		$	0.72		$	3.75		$	3.24
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.90		$	0.72		$	3.74		$	3.24
Weighted Average Common Shares Outstanding
Basic		169			165			168			164
Diluted		170			165			169			164
Dividends Declared per Common Share	$	0.56		$	0.53		$	2.18		$	2.12

DTE Energy Company

Segment Net Income (Unaudited)

	Three Months Ended December 31
	2010									2009
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	98		$	(3	)A	$	95		$	70		$	—			70
Gas Utility		35			—			35			57			(13	)B		57
														13	C
Non-utility Operations
Gas Storage and Pipelines		15			—			15			12			—			12
Unconventional Gas Production		(2	)		—			(2	)		(3	)		—			(3	)
Power and Industrial Projects		19			—			19			23			—			23
Energy Trading		6			—			6			2			—			2
Total Non-utility operations		38			—			38			34			—			34
Corporate and Other		(19	)		—			(19	)		(41	)		—			(41	)
Net Income Attributable to DTE Energy Company	$	152		$	(3	)	$	149		$	120		$	—		$	120

Adjustments key

A)	Detroit Edison settlement with Detroit Thermal
B)	Gain on sale of MichCon natural gas gathering and treating assets
C)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale

DTE Energy Company

Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended December 31
	2010									2009
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.58		$	(0.02	) A	$	0.56		$	0.42		$	—		$	0.42
Gas Utility		0.20			—			0.20			0.35			(0.08	)B		0.35
					—									0.08	C
Non-utility Operations
Gas Storage and Pipelines		0.09			—			0.09			0.07			—			0.07
Unconventional Gas Production		(0.01	)		—			(0.01	)		(0.02	)		—			(0.02	)
Power and Industrial Projects		0.11			—			0.11			0.14			—			0.14
Energy Trading		0.04			—			0.04			0.01			—			0.01
Total Non-utility operations		0.23			—			0.23			0.20			—			0.20
Corporate and Other		(0.11	)		—			(0.11	)		(0.25	)		—			(0.25	)
Net Income Attributable to DTE Energy Company	$	0.90		$	(0.02	)	$	0.88		$	0.72			—		$	0.72

Adjustments key

A)	Detroit Edison settlement with Detroit Thermal
B)	Gain on sale of MichCon natural gas gathering and treating assets
C)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale

DTE Energy Company

Segment Net Income (Unaudited)

	Twelve Months Ended December 31
	2010									2009
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	441		$	(3	)A	$	438		$	376		$	4	C	$	380
Gas Utility		127			(20	)B		107			80			(13	)D		80
					—									13	E
Non-utility Operations
Gas Storage and Pipelines		51			—			51			49			—			49
Unconventional Gas Production		(11	)		—			(11	)		(9	)		—			(9	)
Power and Industrial Projects		85			—			85			31			1	C		35
					—									3	F
Energy Trading		6			—			6			75			—			75
Total Non-utility operations		131			—			131			146			4			150
Corporate and Other		(69	)		—			(69	)		(70	)		3	G		(67	)
Net Income Attributable to DTE Energy Company	$	630		$	(23	)	$	607		$	532		$	11		$	543

Adjustments key

A)	Detroit Edison settlement with Detroit Thermal
B)	Deferral of costs to achieve restructing expenses for the Performance Excellence Process approved in the June 2010 MPSC rate order
C)	Chrysler accounts receivable bad debt reserve
D)	Gain on sale of MichCon natural gas gathering and treating assets
E)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
F)	General Motors accounts receivable bad debt reserve
G)	Residual hedge impact from Antrim sale

DTE Energy Company

Segment Diluted Earnings Per Share (Unaudited)

	Twelve Months Ended December 31
	2010									2009
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	2.62		$	(0.02	)A	$	2.60		$	2.28		$	0.02	C	$	2.30
Gas Utility		0.75			(0.12	)B		0.63			0.49			(0.08	)D		0.49
														0.08	E
Non-utility Operations
Gas Storage and Pipelines		0.30			—			0.30			0.30			—			0.30
Unconventional Gas Production		(0.06	)		—			(0.06	)		(0.05	)		—			(0.05	)
Power and Industrial Projects		0.50			—			0.50			0.19			0.01	C		0.22
					—									0.02	F
Energy Trading		0.04			—			0.04			0.46			—			0.46
Total Non-utility operations		0.78			—			0.78			0.90			0.03			0.93
Corporate and Other		(0.41	)		—			(0.41	)		(0.43	)		0.01	G		(0.42	)
Net Income Attributable to DTE Energy Company	$	3.74		$	(0.14	)	$	3.60		$	3.24			0.06		$	3.30

Adjustments key

A)	Detroit Edison settlement with Detroit Thermal
B)	Deferral of costs to achieve restructing expenses for the Performance Excellence Process approved in the June 2010 MPSC rate order
C)	Chrysler accounts receivable bad debt reserve
D)	Gain on sale of MichCon natural gas gathering and treating assets
E)	Amortization of goodwill associated with MichCon natural gas gathering and treating assets sale
F)	General Motors accounts receivable bad debt reserve
G)	Residual hedge impact from Antrim sale

EX-99.2

Exhibit 99.2

Supplemental Financial Information

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	December 31
(in Millions)	2010			2009
ASSETS
Current Assets
Cash and cash equivalents	$	65		$	52
Restricted cash		120			84
Accounts receivable (less allowance for doubtful accounts of $196 and $262, respectively)
Customer		1,393			1,438
Other		402			217
Inventories
Fuel and gas		460			309
Materials and supplies		202			200
Deferred income taxes		139			167
Derivative assets		131			209
Other		255			201
		3,167			2,877
Investments
Nuclear decommissioning trust funds		939			817
Other		518			598
		1,457			1,415
Property
Property, plant and equipment		21,574			20,588
Less accumulated depreciation, depletion and amortization		(8,582	)		(8,157	)
		12,992			12,431
Other Assets
Goodwill		2,020			2,024
Regulatory assets		4,058			4,110
Securitized regulatory assets		729			870
Intangible assets		67			54
Notes receivable		123			113
Derivative assets		77			116
Other		206			185
		7,280			7,472
Total Assets	$	24,896		$	24,195

DTE Energy Company
Consolidated Statements of Financial Position — (unaudited)

	December 31
(in Millions, except shares)	2010			2009
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	729		$	723
Accrued interest		111			114
Dividends payable		95			88
Short-term borrowings		150			327
Current portion long-term debt, including capital leases		925			671
Derivative liabilities		142			220
Other		597			502
		2,749			2,645
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,114			6,237
Securitization bonds		643			793
Trust preferred-linked securities		289			289
Capital lease obligations		43			51
		7,089			7,370
Other Liabilities
Deferred income taxes		2,632			2,096
Regulatory liabilities		1,328			1,337
Asset retirement obligations		1,498			1,420
Unamortized investment tax credit		75			85
Derivative liabilities		110			198
Liabilities from transportation and storage contracts		83			96
Accrued pension liability		866			881
Accrued postretirement liability		1,275			1,287
Nuclear decommissioning		149			136
Other		275			328
		8,291			7,864
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 169,428,406 and 165,400,045 shares issued and outstanding, respectively		3,440			3,257
Retained earnings		3,431			3,168
Accumulated other comprehensive loss		(149	)		(147	)
Total DTE Energy Company Shareholders’ Equity		6,722			6,278
Noncontrolling interests		45			38
Total Equity		6,767			6,316
Total Liabilities and Equity	$	24,896		$	24,195

DTE Energy Company
Consolidated Statements of Cash Flows (unaudited)

	Year Ended December 31
	2010			2009			2008
	(in Millions)
Operating Activities
Net income	$	639		$	535		$	553
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		1,027			1,020			899
Deferred income taxes		457			205			348
Gain on sale of non-utility business		—			—			(128	)
Other asset (gains), losses and reserves, net		(5	)		(10	)		(4	)
Gain on sale of interests in synfuel projects		—			—			(31	)
Contributions from synfuel partners		—			—			14
Changes in assets and liabilities, exclusive of changes shown separately		(293	)		69			(92	)
Net cash from operating activities		1,825			1,819			1,559
Investing Activities
Plant and equipment expenditures — utility		(1,011	)		(960	)		(1,183	)
Plant and equipment expenditures — non-utility		(88	)		(75	)		(190	)
Proceeds from sale of interests in synfuel projects		—			—			84
Refunds to synfuel partners		—			—			(387	)
Proceeds from sale of non-utility business		—			—			253
Proceeds from sale of other assets, net		56			83			25
Restricted cash for debt redemption		(32	)		2			54
Proceeds from sale of nuclear decommissioning trust fund assets		377			295			232
Investment in nuclear decommissioning trust funds		(410	)		(315	)		(255	)
Consolidation of VIEs		19			—			—
Investment in Millennium Pipeline Project		(49	)		(15	)		(31	)
Other investments		(88	)		(79	)		(125	)
Net cash used for investing activities		(1,226	)		(1,064	)		(1,523	)
Financing Activities
Issuance of long-term debt		614			427			1,310
Redemption of long-term debt		(663	)		(486	)		(446	)
Repurchase of long-term debt		—			—			(238	)
Short-term borrowings, net		(177	)		(417	)		(340	)
Issuance of common stock		36			35			—
Repurchase of common stock		—			—			(16	)
Dividends on common stock		(360	)		(348	)		(344	)
Other		(36	)		—			(10	)
Net cash used for financing activities		(586	)		(789	)		(84	)
Net Increase (Decrease) in Cash and Cash Equivalents		13			(34	)		(48	)
Cash and Cash Equivalents Reclassified from Assets Held for Sale		—			—			11
Cash and Cash Equivalents at Beginning of Period		52			86			123
Cash and Cash Equivalents at End of Period	$	65		$	52		$	86

The Detroit Edison Company
Consolidated Statements of Operations (unaudited)

	Year Ended December 31
(in Millions)	2010			2009			2008
Operating Revenues	$	4,993		$	4,714		$	4,874
Operating Expenses
Fuel and purchased power		1,580			1,491			1,778
Operation and maintenance		1,305			1,277			1,322
Depreciation and amortization		849			844			743
Taxes other than income		237			205			232
Asset (gains) losses and reserves, net		(6	)		(2	)		(1	)
		3,965			3,815			4,074
Operating Income		1,028			899			800
Other (Income) and Deductions
Interest expense		313			325			293
Interest income		(1	)		(2	)		(6	)
Other income		(39	)		(39	)		(51	)
Other expenses		44			11			47
		317			295			283
Income Before Income Taxes		711			604			517
Income Tax Provision		270			228			186
Net Income	$	441		$	376		$	331

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Year Ended December 31
(in Millions)	2010			2009			2008
Operating Revenues	$	1,628		$	1,765		$	2,115
Operating Expenses
Cost of gas		855			1,037			1,351
Operation and maintenance		373			411			464
Depreciation and amortization		92			109			102
Taxes other than income		54			48			47
Asset gains, net		—			(30	)		(26	)
		1,374			1,575			1,938
Operating Income		254			190			177
Other (Income) and Deductions
Interest expense		66			67			65
Interest income		(9	)		(8	)		(8	)
Other income		(6	)		(8	)		(11	)
Other expenses		5			6			13
		56			57			59
Income Before Income Taxes		198			133			118
Income Tax Provision		68			40			38
Net Income	$	130		$	93		$	80

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

Short-term borrowings	$	150
Current portion of long-term debt, including capital leases		925
Mortgage bonds, notes and other		6,114
Securitization bonds, excluding current portion		643
Capital lease obligations		43
Other adjustments		58
less Securitization bonds, including current portion		(793	)
50% Trust preferred-linked securities		144
Total debt		7,284
50% Trust preferred-linked securities		144
Total preferred/ other		144
Equity		6,722
Total capitalization	$	14,150
Debt		51	%
Preferred		1	%
Common shareholders’ equity		48	%
Total		100	%

Sales Analysis — Q4 2010

Electric Sales — Detroit Edison Service Area (GWh)

	Q4 2010		Q4 2009		% Change
Residential		3,425		3,633		-6	%
Commercial		3,910		4,436		-12	%
Industrial		2,757		2,339		18	%
Other		812		829		-2	%
		10,904		11,237		-3	%
Choice		1,330		479		178	%
TOTAL SALES		12,234		11,716		4	%

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

	Q4 2010		Q4 2009		% Change
Residential		459,698		471,479		-2	%
Commercial		389,259		423,775		-8	%
Industrial		188,414		159,653		18	%
Other		52,951		44,679		19	%
		1,090,322		1,099,586		-1	%
Choice		27,654		11,737		136	%
TOTAL REVENUES		1,117,976		1,111,323		1	%

Gas Sales — MichCon Service Area (MMcf)

	Q4 2010		Q4 2009		% Change
Residential		31,083		31,877		-2	%
Commercial		7,243		7,906		-8	%
Industrial		230		752		-69	%
		38,556		40,535		-5	%
End User Transportation*		39,492		37,906		4	%
TOTAL SALES		78,048		78,441		-1	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2010		Q4 2009		% Change
Residential		299,182		332,455		-10	%
Commercial		67,998		82,616		-18	%
Industrial		1,935		7,232		-73	%
		369,115		422,304		-13	%
End User Transportation*		54,075		43,091		25	%
TOTAL REVENUES		423,191		465,395		-9	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q4 2010			Q4 2009			% Change
Actuals		5			0			N/A
Normal		6			6
Deviation from normal		-25	%		-100	%

Heating Degree Days
MichCon service territory

	Q4 2010			Q4 2009			% Change
Actuals		2,249			2,265			-1	%
Normal*		2,206			2,350
Deviation from normal		2	%		-4	%

* Normal is 15 year weather for 2010 and 30 year weather for 2009

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

	Q4 2010		Q4 2009
MichCon		—		(3	)

Sales Analysis — YTD December 31, 2010

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2010		YTD 2009		% Change
Residential		15,726		14,625		8	%
Commercial		16,570		18,200		-9	%
Industrial		10,195		9,922		3	%
Other		3,210		3,229		-1	%
		45,701		45,976		-1	%
Choice		5,005		1,477		239	%
TOTAL SALES		50,706		47,453		7	%

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

	YTD 2010		YTD 2009		% Change
Residential		2,052,608		1,819,497		13	%
Commercial		1,628,757		1,702,367		-4	%
Industrial		687,960		729,987		-6	%
Other		193,014		176,331		9	%
		4,562,339		4,428,182		3	%
Choice		106,552		39,556		169	%
TOTAL REVENUES		4,668,891		4,467,738		5	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2010		YTD 2009		% Change
Residential		91,543		103,264		-11	%
Commercial		23,490		29,830		-21	%
Industrial		678		1,617		-58	%
		115,711		134,711		-14	%
End User Transportation*		139,605		124,472		12	%
TOTAL SALES		255,316		259,183		-1	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2010		YTD 2009		% Change
Residential		992,342		1,072,679		-7	%
Commercial		249,125		305,344		-18	%
Industrial		6,412		14,756		-57	%
		1,247,879		1,392,779		-10	%
End User Transportation*		196,685		146,368		34	%
TOTAL REVENUES		1,444,564		1,539,147		-6	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	YTD 2010			YTD 2009			% Change
Actuals		1,071			575			86	%
Normal		736			736
Deviation from normal		46	%		-22	%

Heating Degree Days
MichCon service territory

	YTD 2010			YTD 2009			% Change
Actuals		6,021			6,623			-9	%
Normal*		6,403			6,696
Deviation from normal		-6	%		-1	%

* Normal is 15 year weather for 2010 and 30 year weather for 2009

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

	YTD 2010			YTD 2009
MichCon		(17	)		(2	) Milder weather reduced MichCon’s earnings by $17M during 2010.

Detroit Edison Temperature Normal Sales Analysis -
December 31, 2010

Temperature Normal Electric Sales — Detroit Edison
Service Area (GWh)

	Q4 2010		Q4 2009		% Change
Residential		3,449		3,691		-7	%
Commercial		3,911		4,459		-12	%
Industrial		2,757		2,346		18	%
Other		812		829		-2	%
		10,929		11,326		-4	%
Choice		1,330		480		177	%
TOTAL SALES		12,259		11,806		4	%

Temperature Normal Electric Sales — Detroit Edison
Service Area (GWh)

	YTD 2010		YTD 2009		% Change
Residential		14,979		15,218		-2	%
Commercial		16,293		18,381		-11	%
Industrial		10,165		9,965		2	%
Other		3,210		3,229		-1	%
		44,647		46,793		-5	%
Choice		4,944		1,488		232	%
TOTAL SALES		49,591		48,280		3	%

Temperature Normal Electric Sales — Detroit Edison
Service Area (Includes Electric Choice) (GWh)

	Q4 2010		Q4 2009		% Change
Residential		3,449		3,692		-7	%
Commercial		4,726		4,940		-4	%
Industrial		3,272		2,345		40	%
Other		812		829		-2	%
TOTAL SALES		12,259		11,806		4	%

Temperature Normal Electric Sales — Detroit Edison
Service Area (Includes Electric Choice) (GWh)

	YTD 2010		YTD 2009		% Change
Residential		14,980		15,218		-2	%
Commercial		19,469		19,941		-2	%
Industrial		11,933		9,893		21	%
Other		3,210		3,229		-1	%
TOTAL SALES		49,591		48,280		3	%

EX-99.3

Exhibit 99.3

Business and Financial Update February 9, 2011

Safe Harbor Statement The information contained herein is as of the date of this presentation. Many factors may impact forward-looking statements including, but not limited to, the following: economic conditions resulting in changes in 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 presentation 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. Cautionary Note - The Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation such as "probable reserves" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. You are urged to consider closely the disclosure in DTE Energy's 2009 Form 10-K and 2010 Forms 10-Q, File No. 1-11607, available from our offices or from our website at www.dteenergy.com. You can also obtain these Forms from the SEC by calling 1-800-SEC-0330. 2

Participants Gerry Anderson, President and CEO Dave Meador, Executive Vice President and CFO Peter Oleksiak, Vice President, Controller & Investor Relations Nick Khouri, Vice President and Treasurer Mark Rolling, Director of Investor Relations 3

2010 Accomplishments Long-Term Growth Strategy 2010 Earnings / 2011 Guidance 4

5 2010 Overview Achieved solid 2010 operating EPS growth of 9% year over year Earned authorized return on equity (ROE) at both utilities Achieved solid earnings in our non-utility businesses Cash flow and balance sheet metrics remain strong S&P upgraded DTE credit ratings in December 2010 Increased annual dividend 6% Maintained intense focus on continuous improvement Utility O&M down nearly $100 million since 2005 MPSC complaints down 20% from 2009; 50% from 2005 Over 400,000 customer call backs in 2010 focused on improving customer satisfaction Successfully executed growth investments Announced first major Detroit Edison renewable energy investment Began construction of second scrubber at Monroe Power Plant Launched several new projects that enable future growth at Power & Industrial Projects

Continuous Improvement (CI) Initiatives Driving Cost Reductions and Customer Satisfaction 6 Utility O&M* CI initiatives have more than offset large, structural cost pressures over last 5 years Ultimate goal: manage rate affordability during heavy investment period Targeting additional cost savings to help offset inflation Driving all groups to top-quartile operating and cost performance In addition to cost savings, customer focused CI initiatives are: Reducing outage frequency and duration Providing better options for low-income customers Improving fieldwork and outage communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications communications * Excludes bad debt expense, Energy Efficiency and Renewable Energy (millions) Pension, healthcare, environmental and inflation Continuous Improvement cost reductions

Regulatory Highlights 7 Final Order Detroit Edison Rate Case (U-15768) Jan. Final Order MichCon Rate Case (U-15985) Filed MichCon Rate Case (U-16400) Filed Detroit Edison Case with Alternatives to Lower Rate Request (U-16472) Withdrew MichCon Rate Case (U-16400) Constructive rate orders during first half of 2010 at both utilities June July Oct. Dec. Continued focus on customer affordability drove regulatory actions during second half of 2010

(CHART) Michigan Economy Continues to Show Signs of Improvement (CHART) Detroit Edison Temperature Normal Territory Sales - GWh Residential Residential Commercial Commercial Industrial Industrial Other Other 48,280 49,591 +21% (2%) (2%) Michigan Unemployment* (%) Utility Accounts Receivable Arrears (millions) Detroit Edison MichCon MichCon Detroit Edison $430 $320 * Source: Bureau of Labor Statistics +3% 8 (CHART)

2010 Accomplishments Long-Term Growth Strategy 2010 Earnings / 2011 Guidance 9

"Bridge" (CHART) 10 $2.82 $3.30 Growth and Value Creation * Reconciliation to GAAP reported earnings included in the appendix $2.89 DTE Energy Operating Earnings Per Share* $3.60 $3.55 CAGR = ~9% Targeting 5% - 6% Annual Growth

Target 5% - 6% Annual DTE EPS Growth Rate Resume 5% - 6% annual growth at the utilities Targeting authorized ROE Renewable and environmental investments ramp up materially DTE Annual EPS Growth Rate of ~9% Combined utility growth 9% Focus on CI and improved regulation drove utilities to earn allowed ROE Pulled back investments during financial crisis Bridge Year After Strong 2010 Targeting ~3% combined utility growth Earn authorized ROE of 11% Significant renewable and environmental investments 11 DTE Energy Financial Results & Outlook: Utilities 2007 - 2010 Results 2011 Outlook Next 2 - 5 Years Growth rates based on operating earnings; reconciliation to GAAP reported earnings included in the appendix; 2007-2010 growth is compound annual growth rate

(CHART) 12 Detroit Edison lowered capital spending during economic crisis This temporarily slowed rate base growth / earnings growth Renewable investments ramp up materially over next 3 years ~$200 million renewable project could be late 2011 or early 2012 Environmental mandates also driving increased capital spending As a result, expect to see 5% - 6% annual EPS contribution growth Detroit Edison Capital Investment (Billions) $1.0 $0.8 $1.0 $0.8 $0.9 $1.0 $2.4 - $2.8 Investments Retimed During Economic Crisis

13 Detroit Edison Investment Profile, 2011 - 2013 Base Infrastructure $2.1 - $2.3 billion Investments in scrubbers, SCRs to meet Clean Air Act requirements Infrastructure investments to ensure the reliability of generation fleet and distribution systems Renewable Energy & Energy Efficiency $500 - $600 million New generation to meet Michigan RPS 300 MWs of capacity required by 2013 - up to half Detroit Edison-owned wind generation Environmental Compliance $800 - 900 million

Renewable Energy Investments 14 Invenergy Project Detroit Edison pursuing 200MW wind farm with partner; Own 56 turbines (~90MW); ~$200 million capital investment Purchase output of 69 additional turbines (~110MW) Construction began December 2010; acquisition in late 2011 or early 2012 Two 3.2MW Landfill Gas Facilities 2011 COD 17MW Wood-waste Biomass Facility Currently Operating 25MW Wind Farm Currently Operating Invenergy - 200MW Wind Farm (CHART) ~$50 Renewable Energy Energy Efficiency Projected Earnings (millions, after-tax) Future Wind Development Future Wind Development Approximately 78,000 acres of easements under contract by Detroit Edison in Huron County Interconnection studies are underway ITC received MISO approval for proposed 345 kV transmission lines and three new 345 kV substations; MPSC reviewing expedited citing application Investments funded through existing surcharge $10 - $15 $25 - $35

Strengthen and expand MichCon's distribution system Main renewal, pipeline integrity and meter relocation Investment in additional pipelines to connect our storage products to third parties Expansion projects provide increased storage for third party customers Distribution Other Retail MichCon Growth Opportunities Utility Storage & Transportation $500 - $600 million 2011-2013 investment plan focused on wholesale services for third parties and retail customer satisfaction Continued growth in appliance repair business 15

Target 5% - 6% Annual DTE EPS Growth Rate REF and renewable investments provide solid growth at P&I Longer-term investments provide earnings growth at GSP Energy Trading returns to historical profit levels Monetize Unconventional Gas assets to fund growth DTE Annual EPS Growth Rate of ~9% 20% combined annual growth at Gas Storage & Pipelines (GSP) and Power & Industrial (P&I) ~$45 million average operating earnings contribution at Energy Trading Unconventional Gas sale: $1.5 billion gross proceeds Bridge Year After Strong 2010 P&I earnings lower due to absence of non-repeating items Scaling up P&I Reduced Emissions Fuel and renewable investments Continuing to identify GSP development opportunities Energy Trading working to rebound from reduced 2010 performance levels Positioning Unconventional Gas for monetization 16 DTE Energy Financial Results & Outlook: Non-Utility 2007 - 2010 Results 2011 Outlook Next 2 - 5 Years Growth rates based on operating earnings; reconciliation to GAAP reported earnings included in the appendix; 2007-2010 growth is compound annual growth rate

(CHART) *Reconciliation to GAAP reported earnings included in the appendix **Excludes corporate allocations, interest and overheads Power & Industrial Projects: Earnings Potential of Over $100 Million by 2015 Illustrative** 2010A 2009A 2011E Earnings Contribution by Project Type $85 2012E 2013E 2014E 17 Steel Industry Fuels 2015E $30 - $40 Over $100 Operating Earnings* (millions) BN Contract Higher Coke Pricing Reduced Emissions Fuel Renewable Energy Industrial Energy Services Long-term "take-or-pay" coke contracts provide stable earnings Purchased majority ownership of a 44MW coal-to- wood conversion project (Mt. Poso) in Nov. 2010 - Expected to be on-line in Q4 2011 Stockton (45MW conversion project) expected to be on-line in Q1 2013 Completed sale of interest in one project in January 2011 In negotiations with potential counterparties for additional transactions $40 - $50 $50 - $60 $75 - $85 2015 Earnings Contribution BN Contract Corporate allocations, interest and overheads ($60) - ($70)

Gas Storage & Pipeline: Development of Marcellus Shale Provides Future Growth Opportunities Corning Vector Millennium Storage Assets Pipeline Interests Iroquois Trans Canada Empire Union Gas 18 Growth Opportunities Marcellus shale development creates growth opportunities for Millennium Pipeline Mainline expansions Bluestone pipeline Millennium to Iroquois (M-I) Connector (CHART) $23 $34 $38 $49 $51 (millions) Solid Operating Earnings* Growth ~$70 $53 * Reconciliation to GAAP reported earnings included in the appendix

Successfully execute our investments in Detroit Edison renewable assets Tightly manage our Monroe Power Plant environmental investments Execute non-utility investments focused on premium returns and shareholder value creation Achieve operating EPS* of $3.40 - $3.70 in 2011 Targeting 5%-6% long-term earnings per share growth Preserve our balance sheet strength Continue to drive to top quartile cost and operating performance across all business units Financial Performance Growth & Value Creation * Reconciliation to GAAP reported earnings included in the appendix 19 (CHART) $2.89 $3.30 $3.60 Operating Earnings Per Share* 2008A 2009A 2010A $3.40 - $3.70 2011 Guidance Maintain intense focus on controlling capital investments that pressure customer affordability (CHART) Capital Investment (billions) $4.5 - $5.3 $0.6 - $0.9 $0.5 - $0.6 $3.4 - $3.8 Detroit Edison MichCon Non-Utility $0.6 $0.6 $2.6 $3.8 Summary: DTE Energy Financial Results & Outlook 2012 Target 2013 Target

2010 Accomplishments Long-Term Growth Strategy 2010 Earnings / 2011 Guidance 20

2010 Operating Earnings Per Share* Detroit Edison $2.60 Unconventional Gas Production ($0.06) Non-Utility $0.78 Gas Storage & Pipelines $0.30 Corporate & Other ($0.41) MichCon** $0.63 $3.60 Power & Industrial Projects $0.50 * Reconciliation to GAAP reported earnings included in the appendix ** Includes Citizens Gas Utility Energy Trading $0.04 21

2011 Guidance Operating Earnings* (millions) 2011 Drivers * Reconciliation to GAAP reported earnings included in the appendix 2011 Guidance 2010 Actual 22 Productive outcome in Q4 2010 rate case filing; ongoing cost reductions; earn authorized ROE (11%) Earn authorized ROE (11%); lower midstream revenues; cost reductions offset inflation; normal weather Improvement over 2010; not expected to fully return to historical levels in 2011 Higher oil production in 2011; non-strategic lease impairments in 2010 Lower interest expense in 2011 Growth from new projects partially offsetting non- repeating 2010 earnings, including Steel Industry Fuels Stable earnings supported by long-term contracts

Detroit Edison General Rate Case Filing (U - 16472) 23 Detroit Edison's Estimated Net Rate Request* (CHART) Sales / Wholesale Revenue Rate Base / Capital Structure Benefit Expense / Other Total $116 $77 $60 $253 (millions) *Revenue requirement of $443 less proposed reductions to: delay recognition of Choice Incentive Mechanism base reset ($123); defer increased pension/OPEB expense ($47); temporarily reduce Nuclear Decommissioning surcharge ($20). April 1 April 29 June August October Staff Testimony Self-implementation (on or after 04/29) Briefs / Reply Briefs Proposal for Decision Final Order by 10/29 Rate Case Schedule

2011 Cash Flow Guidance Cash Flow Summary (billions) 2011 cash from operations expected to be higher than 2010 driven by lower tax payments 2011 capital spending increases $200 million versus 2010 due to: Increased environmental spend Increased non-utility investments Issued $180 million of equity in 2010 for pension and employee benefit programs No expected equity issuance in 2011 24 2011 Drivers Equity issued for employee benefit programs is considered non-cash and not included in financing activities

2011 Capital Expenditure Guidance Capital Expenditures Summary (millions) Detroit Edison Higher environmental capital for scrubbers at Monroe Power Plant Significant renewable construction in 2011; 56 turbines to be acquired from partner in late 2011 or early 2012 for $200 million MichCon Higher operational capital for pipeline integrity and meter relocation project Non-Utility Plan for $200 - $300 million of capital investment 25 2011 Drivers

(CHART) 26 *Debt excludes securitization, a portion of MichCon's short-term debt, and considers 50% of the trust preferreds as equity Targeted Financial Metrics A strong balance sheet continues to be a key priority Leverage and cash flow metrics within or above targeted ranges In December 2010, S&P upgraded the credit ratings of DTE Energy, Detroit Edison and MichCon to reflect decreasing regulatory risk and improved financial measures Detroit Edison issued $600 million of debt in 2010 at an average rate of 4.2% Successfully renewed $1.8 billion of bank credit lines in August 2010 $1.7 billion of available liquidity at year end 2010 Leverage* Funds from Operations / Debt* (CHART) 51% 51% Target 50% - 52% 28% 23% Target 22% - 24% 53% 22%

Investment Thesis DTE Energy has a plan it believes will provide 5% - 6% long-term operating EPS growth, an attractive dividend yield and a strong balance sheet Utility growth plan driven by mandated investments Constructive regulatory structure and continued cost savings enable utilities to earn their authorized returns Plans in place to achieve operational excellence and customer satisfaction that are distinctive in our industry, with a focus on customer affordability Meaningful, low-risk growth opportunities in non- utility businesses continue to provide diversity in earnings and geography 5%-6% Average Annual EPS Growth Attractive Dividend 27

Contact Us DTE Energy Investor Relations www.dteenergy.com/investors 313-235-8030 28

Appendix

Power & Industrial driven by higher coke sales and Steel Industry Fuels tax credit Energy Trading driven primarily by lower economic performance and accounting timing 2010 Operating Earnings Variance Full year rate increase and normal weather partially offset by higher depreciation and 2009 property tax settlement Drivers * Reconciliation to GAAP reported earnings included in the appendix Detroit Edison MichCon June 2010 rate order partially offset by warmer weather, lower midstream revenues and conservation Operating Earnings* (millions, except EPS) 2010 2009 Change Non-Utility (millions) 30

(CHART) Detroit Edison Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix 2009 Operating Earnings $90 $380 2010 Operating Earnings Margin ($14) (millions) Detroit Edison Operating Earnings* Variance Drivers $438 Full year impact of rate increase self- implemented in July 2009 Weather normal sales in 2010 due to decoupling compared to colder than normal weather in 2009 O&M driven by cost containment initiatives Higher depreciation on increased asset base Other driven primarily by 2009 property tax settlement $4 O&M Other ($22) Depreciation ROE: 10% 11% 31

(CHART) MichCon Variance Analysis Margin driven by June 2010 rate order and depreciation order partially offset by warmer weather, lower midstream revenues and conservation 2009 favorable impact of base gas sale Other primarily driven by increased O&M and property taxes (millions) MichCon Operating Earnings* Variance Drivers * Reconciliation to GAAP reported earnings included in the appendix ROE: 9% 11% 32 $80 2009 Operating Earnings Other $107 2010 Operating Earnings $46 ($5) ($14) 2009 base gas sale Margin

(CHART) DTE Energy Trading Reconciliation of Operating Earnings* to Economic Net Income ** Consists of 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 MTM, instead are recognized for accounting purposes on an accrual basis. (millions) FY 2010 Economic Net Income Accounting Adjustments** FY 2010 Operating Earnings* 6 16 22 Economic net income equals economic gross margin*** minus O&M expenses and taxes. DTE Energy management uses economic net income as one of the performance measures for external communications with analysts and investors. Internally, DTE Energy uses economic net income as one of the measures to review performance against financial targets and budget. * Reconciliation to GAAP reported earnings included in the appendix *** Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts including certain non-derivative contract costs (CHART) 75 (13) 62 FY 2009 Operating Earnings* FY 2009 Economic Net Income Accounting Adjustments** 33 Energy Trading Operating Earnings* Realized Unrealized O&M / Other YTD 2009 YTD 2010 $104 $54 (2) 18 (47) (46) ($ millions, after-tax) $75 $6

Barnett Shale Operating Metrics 34 Continue to prudently manage and develop oil and gas assets Invest $25 million Drill up to 25 wells Produce 6 Bcfe net, increase oil production Focus on water handling & production optimization 17 new wells on-line, 3 acquired Production of 4.8 Bcfe Increased oil production 39% Capital expenditures $26 million Acquired 7k acres, net 2010 Results 2011 Goals (CHART) (CHART) (CHART) Net Production (Bcfe) Gross Producing Wells 194 Reserves (Bcfe) Acreage Position (000's Acres) Net Undeveloped Net Developed 16 YE2010 54 70 15 48 YE2009 63 YE2010 YE2009 174 4.8 YE2009 5.0 (CHART) YE2010 YE2009 Probable (Unaudited) Proved 354 201 555 255 234 489 YE2010

DTE Unconventional Gas Valuation 14% decrease in proved reserves in 2010 due primarily to removal of reserves that exceed 5 year development limit for Proven Undeveloped classification; majority of reduction shifted to probable Increased focus on crude oil directed investments Oil commands a premium value versus natural gas Oil currently accounts for about 5% of proved reserves and ~12% of the value Oil accounts for 20% of probable reserves and ~50% of the value Reserves Value* Low Value High Value (Bcfe) ($ per mcfe) ($ millions) ($ millions) Proved 201 $1.50 - $2.00 $300 $400 Probable 354 $0.25 - $1.00 $100 $350 Total 555 $400 $750 35 * Value based on comparative shale transactions adjusted for gas/natural gas liquid/oil mix

2010 Capital Expenditures and Cash Flow DTE Energy Cash Flow (billions) DTE Energy Capital Expenditures (millions) 36

37 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. Reconciliation of 2010 Reported to Operating Earnings * Deferral of previously expensed cost to achieve as allowed for in June 3, 2010 MPSC order (case - U-15985)

Reconciliation of 2009 Reported to Operating Earnings 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. 38

Reconciliation of 2008 Reported to Operating Earnings 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. 39

Reconciliation of 2007 Reported to Operating Earnings 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. 40

Reconciliation of Other Reported to Operating Earnings 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 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. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. 41 Gas Storage & Pipelines There were no adjustments to reported earnings for Gas Storage & Pipelines in 2006