exv99w2

Exhibit 99.2

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)


	September 30			December 31
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	46		$	65
Restricted cash, principally Securitization		73			120
Accounts receivable (less allowance for doubtful accounts of $168 and $196, respectively)
Customer		1,206			1,393
Other		121			402
Inventories
Fuel and gas		567			460
Materials and supplies		209			202
Deferred income taxes		130			139
Derivative assets		109			131
Regulatory assets		201			58
Other		249			197

		2,911			3,167


Investments
Nuclear decommissioning trust funds		893			939
Other		527			518

		1,420			1,457


Property
Property, plant and equipment		22,312			21,574
Less accumulated depreciation, depletion and amortization		(8,890	)		(8,582	)

		13,422			12,992


Other Assets
Goodwill		2,020			2,020
Regulatory assets		3,940			4,058
Securitized regulatory assets		618			729
Intangible assets		74			67
Notes receivable		124			123
Derivative assets		59			77
Other		192			206

		7,027			7,280


Total Assets	$	24,780		$	24,896

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)


	September 30			December 31
(in Millions, Except Shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	708		$	729
Accrued interest		121			111
Dividends payable		99			95
Short-term borrowings		275			150
Current portion long-term debt, including capital leases		247			925
Derivative liabilities		114			142
Other		536			597

		2,100			2,749


Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,702			6,114
Securitization bonds		479			643
Trust preferred-linked securities		289			289
Capital lease obligations		27			43

		7,497			7,089


Other Liabilities
Deferred income taxes		3,076			2,632
Regulatory liabilities		1,040			1,328
Asset retirement obligations		1,560			1,498
Unamortized investment tax credit		68			75
Derivative liabilities		62			110
Liabilities from transportation and storage contracts		73			83
Accrued pension liability		680			866
Accrued postretirement liability		1,216			1,275
Nuclear decommissioning		141			149
Other		258			275

		8,174			8,291


Commitments and Contingencies

Equity
Common stock, without par value, 400,000,000 shares authorized, 169,250,934 and 169,428,406 shares issued and outstanding, respectively		3,418			3,440
Retained earnings		3,698			3,431
Accumulated other comprehensive loss		(146	)		(149	)

Total DTE Energy Company Equity		6,970			6,722
Noncontrolling interests		39			45

Total Equity		7,009			6,767

Total Liabilities and Equity	$	24,780		$	24,896

DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended
	September 30
(in Millions)	2011			2010
Operating Activities
Net income	$	563		$	483
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		752			775
Deferred income taxes		123			173
Asset losses, reserves and impairments, net		—			5
Changes in assets and liabilities, exclusive of changes shown separately		48			73

Net cash from operating activities		1,486			1,509


Investing Activities
Plant and equipment expenditures — utility		(968	)		(743	)
Plant and equipment expenditures — non-utility		(61	)		(75	)
Proceeds from sale of assets, net		13			28
Restricted cash for debt redemption, principally Securitization		47			33
Proceeds from sale of nuclear decommissioning trust fund assets		69			179
Investment in nuclear decommissioning trust funds		(97	)		(204	)
Consolidation of VIEs		—			19
Investment in Millennium Pipeline Project		—			(49	)
Other		(55	)		(22	)

Net cash used for investing activities		(1,052	)		(834	)


Financing Activities
Issuance of long-term debt		908			595
Redemption of long-term debt		(1,161	)		(660	)
Short-term borrowings, net		126			(307	)
Issuance of common stock		—			26
Repurchase of common stock		(18	)		—
Dividends on common stock		(289	)		(265	)
Other		(19	)		(32	)

Net cash used for financing activities		(453	)		(643	)


Net Increase (Decrease) in Cash and Cash Equivalents		(19	)		32
Cash and Cash Equivalents at Beginning of Period		65			52

Cash and Cash Equivalents at End of Period	$	46		$	84

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	1,517		$	1,444		$	3,949		$	3,798


Operating Expenses
Fuel and purchased power		553			484			1,348			1,217
Operation and maintenance		352			325			1,012			960
Depreciation and amortization		215			230			619			644
Taxes other than income		63			54			182			180
Asset (gains) and losses, net		(1	)		—			13			(1	)

		1,182			1,093			3,174			3,000


Operating Income		335			351			775			798


Other (Income) and Deductions
Interest expense		74			83			218			241
Interest income		—			(1	)		—			(1	)
Other income		(9	)		(10	)		(30	)		(27	)
Other expenses		14			6			26			23

		79			78			214			236

Income Before Income Taxes		256			273			561			562

Income Tax Expense		98			108			214			219


Net Income	$	158		$	165		$	347		$	343

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	156		$	167		$	1,074		$	1,142


Operating Expenses
Cost of gas		35			36			526			575
Operation and maintenance		91			96			294			271
Depreciation and amortization		22			20			66			68
Taxes other than income		11			11			42			42

		159			163			928			956


Operating Income (Loss)		(3	)		4			146			186


Other (Income) and Deductions
Interest expense		16			17			47			50
Interest income		(1	)		(2	)		(5	)		(6	)
Other income		(2	)		(2	)		(5	)		(5	)
Other expenses		3			—			4			3

		16			13			41			42

Income (Loss) Before Income Taxes		(19	)		(9	)		105			144

Income Tax Expense (Benefit)		(8	)		(4	)		37			51


Net Income (Loss)	$	(11	)	$	(5	)	$	68		$	93

DTE Energy Debt/Equity Calculation
As of September 30, 2011
($ millions)


Short-term borrowings	$	275
Current portion of long-term debt, including capital leases		247
Mortgage bonds, notes and other		6,702
Securitization bonds, excluding current portion		479
Capital lease obligations		27
Other adjustments		305
less Securitization bonds, including current portion		(643	)
50% Trust preferred-linked securities		144
Total debt		7,536

50% Trust preferred-linked securities		144

Total preferred/ other		144

Equity		6,970


Total capitalization	$	14,650


Debt		51	%
Preferred		1	%
Common shareholders’ equity		48	%


Total		100	%

Sales Analysis — 3Q 2011

Electric Sales — Detroit Edison Service Area (GWh)


	3Q 2011		3Q 2010		% Change
Residential		4,863		5,034		-3	%
Commercial		4,759		4,730		1	%
Industrial		2,606		2,357		11	%
Other		782		798		-2	%

		13,010		12,919		1	%
Choice		1,393		1,289		8	%

TOTAL SALES		14,403		14,208		1	%

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


	3Q 2011		3Q 2010		% Change
Residential		665,301		653,756		2	%
Commercial		478,457		459,441		4	%
Industrial		186,946		164,850		13	%
Other		50,035		49,605		1	%

		1,380,739		1,327,652		4	%
Choice		26,160		28,167		-7	%

TOTAL REVENUES		1,406,899		1,355,819		4	%

Gas Sales — MichCon Service Area (MMcf)


	3Q 2011		3Q 2010		% Change
Residential		7,123		6,058		18	%
Commercial		1,531		1,491		3	%
Industrial		110		120		-8	%

		8,764		7,669		14	%
End User Transportation*		25,722		28,469		-10	%

TOTAL SALES		34,486		36,138		-5	%


*		Includes choice customers

Gas Revenue — MichCon Service Area ($000s)


	3Q 2011		3Q 2010		% Change
Residential		85,932		84,929		1	%
Commercial		17,442		18,719		-7	%
Industrial		886		1,092		-19	%

		104,261		104,740		0	%
End User Transportation*		30,332		29,494		3	%

TOTAL REVENUES		134,593		134,235		0	%


*		Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory


	3Q 2011			3Q 2010			% Change
Actuals		793			758			5	%
Normal		537			537


Deviation from normal		48	%		41	%

Heating Degree Days
MichCon service territory


	3Q 2011			3Q 2010			% Change
Actuals		142			136			4	%
Normal		128			129


Deviation from normal		11	%		5	%

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


	3Q 2011		3Q 2010
MichCon		1		—

Colder weather increased MichCon’s earnings by $1M Q3 2011

Sales Analysis — YTD September 30, 2011