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 16, 2012

	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 (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	The Detroit Edison Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-0478650

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

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

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

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

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

TABLE OF CONTENTS

EX-99.1

EX-99.2

EX-99.3

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 16, 2012, announcing financial results for the year ended December 31, 2011. 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 2012 operating earnings per share guidance of $3.65-$3.95 per share.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued February 16, 2012. 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 2012 operating earnings guidance. It is likely that certain items that impact the company’s 2012 reported results will be excluded from operating results. Reconciliations to the comparable 2012 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 16, 2012.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 16, 2012.
99.3	Slide Presentation of DTE Energy Company dated February 16, 2012.

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) 2010 Form 10-K and 2011 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 16, 2012

DTE ENERGY COMPANY
(Registrant)

/s/ DAVID E. MEADOR

David E. Meador

Executive Vice President & CFO

THE DETROIT EDISON COMPANY
(Registrant)

/s/ DAVID E. MEADOR

David E. Meador

Executive Vice President & CFO

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated February 16, 2012.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 16, 2012.
99.3	Slide Presentation of DTE Energy Company dated February 16, 2012.

EX-99.1

Exhibit 99.1

February 16, 2012

DTE Energy reports solid 2011 results

~ Company provides 2012 operating earnings guidance of $3.65 to $3.95 per share

DETROIT — DTE Energy (NYSE:DTE) today reported 2011 earnings of $711 million, or $4.18 per diluted share, compared with $630 million, or $3.74 per diluted share in 2010. Reported earnings in 2011 include an $87 million, or $0.50 per diluted share, non-cash adjustment to income tax expense related to the enactment of the Michigan Corporate Income Tax in May of 2011.

2011 operating earnings were $633 million, or $3.73 per diluted share, compared with 2010 operating earnings of $607 million, or $3.60 per diluted share. Combined operating earnings at DTE’s electric and gas utilities in Michigan grew slightly. Higher earnings at DTE’s Energy Trading business were offset by lower earnings at Power & Industrial Projects. Reductions in Corporate & Other costs also contributed to the earnings improvement. Operating earnings exclude non-recurring items and discontinued operations. Reconciliations of reported earnings to operating earnings are at the end of this news release.

Gerard M. Anderson, DTE Energy’s chairman, president and CEO said he was proud of the company’s 2011 performance and its contribution to Michigan’s recovery. “As one of the largest investors in the state of Michigan, DTE Energy is delivering on its commitment to be a force for renewed growth and prosperity in the communities we serve.” Anderson said. “As part of our involvement in the Pure Michigan Business Connect Initiative, we pledged to invest $750 million in new business with Michigan-based suppliers over the next five years.

“We got off to a great start on this initiative in 2011, increasing our purchases from Michigan companies by nearly $125 million to approximately $600 million,” Anderson added. “Our experience shows that Michigan companies deliver quality products at a competitive price. Doing business with them is a win-win situation; it’s good for both our state and DTE Energy.”

Outlook for 2012

DTE Energy announced 2012 operating earnings guidance of $3.65 to $3.95 per diluted share.

“I am pleased with our solid financial and operational results in 2011,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “We made good progress in our multi-year plan to invest in renewable energy, environmental controls, and system reliability. These investments will benefit our customers by increasing our ability to deliver cleaner, more reliable energy. At the same time, we continue to tightly control our cost structure to help keep energy affordable for our customers.”

When highlighting recent investments, Meador noted:

• DTE Energy invested more than $600 million in 2011 in projects and programs to improve electrical system reliability.

• In 2011, 64 turbines were erected as part of the company’s Gratiot Wind Park. When completed, this will be the state’s largest wind farm with over 130 turbines spanning approximately 30,000 acres. This project will also generate tax revenues for schools, fire and police protection, road repair and other improvements.

• DTE started construction of the Michigan Thumb Wind Projects, its next big wind park project. This represents a $250 million investment and is expected to be operational by the end of 2012.

• DTE Energy was presented the “Utility Green Power Program of the Year” award by the U.S. Department of Energy (DOE) for its leadership in promoting renewable energy through the company’s GreenCurrents program.

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

DTE Energy plans to conduct a conference call with the investment community hosted by Anderson and Meador at 9:00 a.m. ET Thursday, February 16, to discuss 2011 earnings results and 2012 guidance. Investors, the news media and the public may listen to a live internet broadcast of the meeting at www.dteenergy.com. The telephone dial-in numbers are US/CAN Toll free: (877) 548-7914 or Int’l Toll: (719) 325-4805. The passcode is 2033474. The internet broadcast will be archived on the company’s website. An audio replay of the call will be available from noon today to March 1. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 2033474.

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 2012 operating earnings guidance. It is likely that certain items that impact the company’s 2012 reported results will be excluded from operating results. Reconciliations to the comparable 2012 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 and population changes in our geographic area resulting in changes in demand, customer conservation, increased thefts of electricity and gas and high levels of uncollectible accounts receivable; changes in the economic and financial viability of suppliers and trading counterparties, and the continued ability of such parties to perform their obligations to the Company; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings; 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; health, safety, financial, environmental and regulatory risks associated with ownership and operation of 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 unconventional gas resources and challenges in estimating gas and oil reserves with certainty; 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, 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; binding arbitration, litigation and related appeals; and risks discussed in public filings with the SEC. 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” sections in each of DTE Energy’s and Detroit Edison’s 2010 Forms 10-K and 2011 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

	Three Months Ended						Twelve Months Ended
	December 31						December 31
(in Millions, Except per Share Amounts)	2011			2010			2011			2010
Operating Revenues	$	2,173		$	2,173		$	8,897		$	8,557
Operating Expenses
Fuel, purchased power and gas		829			824			3,537			3,190
Operation and maintenance		680			680			2,628			2,578
Depreciation, depletion and amortization		243			252			995			1,027
Taxes other than income		74			77			313			308
Asset (gains) and losses, reserves and impairments, net		1			(10	)		1			(10	)
		1,827			1,823			7,474			7,093
Operating Income		346			350			1,423			1,464
Other (Income) and Deductions
Interest expense		124			131			494			549
Interest income		(2	)		(3	)		(10	)		(12	)
Other income		(58	)		(16	)		(117	)		(78	)
Other expenses		38			23			69			55
		102			135			436			514
Income Before Income Taxes		244			215			987			950
Income Tax Expense		87			59			267			311
Net Income		157			156			720			639
Less: Net Income Attributable to Noncontrolling Interests		7			4			9			9
Net Income Attributable to DTE Energy Company	$	150		$	152		$	711		$	630
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.88		$	0.90		$	4.19		$	3.75
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.88		$	0.90		$	4.18		$	3.74
Weighted Average Common Shares Outstanding
Basic		169			169			169			168
Diluted		170			170			170			169
Dividends Declared per Common Share	$	0.59		$	0.56		$	2.32		$	2.18

DTE Energy Company
Segment Net Income

	Three Months Ended December 31
	2011								2010
	Reported					Operating			Reported						Operating
(in Millions)	Earnings			Adjustments		Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	89		$	—	$	89		$	98		$	(3)B		$	95
Gas Utility		41			—		41			35			—			35
Non-utility Operations
Gas Storage and Pipelines		15			—		15			15			—			15
Unconventional Gas Production		(1	)		—		(1	)		(2	)		—			(2	)
Power and Industrial Projects		11			—		11			19			—			19
Energy Trading		16			—		16			6			—			6
Total Non-utility operations		41			—		41			38			—			38
Corporate and Other		(21	)		1A		(20	)		(19	)		—			(19	)
Net Income Attributable to DTE Energy Company	$	150		$	1	$	151		$	152		$	(3	)	$	149

Adjustments key

A)	Income tax adjustment related to Michigan Corporate Income Tax.
B)	Detroit Edison settlement with Detroit Thermal.

DTE Energy Company
Segment Diluted Earnings Per Share

	Three Months Ended December 31
	2011								2010
	Reported					Operating			Reported						Operating
	Earnings			Adjustments		Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.52		$	—	$	0.52		$	0.58		$	(0.02) B		$	0.56
Gas Utility		0.24			—		0.24			0.20			—			0.20
Non-utility Operations
Gas Storage and Pipelines		0.09			—		0.09			0.09			—			0.09
Unconventional Gas Production		(0.01	)		—		(0.01	)		(0.01	)		—			(0.01	)
Power and Industrial Projects		0.07			—		0.07			0.11			—			0.11
Energy Trading		0.09			—		0.09			0.04			—			0.04
Total Non-utility operations		0.24			—		0.24			0.23			—			0.23
Corporate and Other		(0.12	)		0.01 A		(0.11	)		(0.11	)		—			(0.11	)
Net Income Attributable to DTE Energy Company	$	0.88		$	0.01	$	0.89		$	0.90		$	(0.02	)	$	0.88

Adjustments key

A)	Income tax adjustment related to Michigan Corporate Income Tax.
B)	Detroit Edison settlement with Detroit Thermal.

DTE Energy Company
Segment Net Income

	Twelve Months Ended December 31
	2011									2010
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	434		$	9 A		$	443		$	441		$	(3) C		$	438
Gas Utility		110			—			110			127			(20) D			107
Non-utility Operations
Gas Storage and Pipelines		57			—			57			51			—			51
Unconventional Gas Production		(6	)		—			(6	)		(11	)		—			(11	)
Power and Industrial Projects		38			—			38			85			—			85
Energy Trading		52			—			52			6			—			6
Total Non-utility operations		141			—			141			131			—			131
Corporate and Other		26			(87) B			(61	)		(69	)		—			(69	)
Net Income Attributable to DTE Energy Company	$	711		$	(78	)	$	633		$	630		$	(23	)	$	607

Adjustments key

A)	Fermi asset retirement obligation.
B)	Income tax adjustment due to enactment of Michigan Corporate Income Tax in May 2011.
C)	Detroit Edison settlement with Detroit Thermal.
D)	Deferral of costs to achieve restructuring expenses for the Performance Excellence Process approved in the June 2010 MPSC rate order.

DTE Energy Company
Segment Diluted Earnings Per Share

	Twelve Months Ended December 31
	2011									2010
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	2.55		$	0.05 A		$	2.60		$	2.62		$	(0.02) C		$	2.60
Gas Utility		0.65			—			0.65			0.75			(0.12) D			0.63
Non-utility Operations
Gas Storage and Pipelines		0.34			—			0.34			0.30			—			0.30
Unconventional Gas Production		(0.04	)		—			(0.04	)		(0.06	)		—			(0.06	)
Power and Industrial Projects		0.22			—			0.22			0.50			—			0.50
Energy Trading		0.31			—			0.31			0.04			—			0.04
Total Non-utility operations		0.83			—			0.83			0.78			—			0.78
Corporate and Other		0.15			(0.50) B			(0.35	)		(0.41	)		—			(0.41	)
Net Income Attributable to DTE Energy Company	$	4.18		$	(0.45	)	$	3.73		$	3.74		$	(0.14	)	$	3.60

Adjustments key

A)	Fermi 1 asset retirement obligation.
B)	Income tax adjustment due to enactment of the Michigan Corporate Income Tax in May 2011.
C)	Detroit Edison settlement with Detroit Thermal.
D)	Deferral of costs to achieve restructuring expenses for the Performance Excellence Process approved in the June 2010 MPSC rate order.

EX-99.2

EXHIBIT 99.2

DTE Energy

Q4 2011

Supplemental Financial Information

Dte Energy Company
Consolidated Statements Of Financial Position

	December 31			December 31
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	68		$	65
Restricted cash, principally Securitization		147			120
Accounts receivable (less allowance for doubtful accounts of $162 and $196, respectively)
Customer		1,317			1,351
Other		90			402
Inventories
Fuel and gas		572			460
Materials and supplies		219			202
Deferred income taxes		51			139
Derivative assets		222			131
Regulatory assets		314			100
Other		196			197
		3,196			3,167
Investments
Nuclear decommissioning trust funds		937			939
Other		525			518
		1,462			1,457
Property
Property, plant and equipment		22,541			21,574
Less accumulated depreciation, depletion and amortization		(8,795	)		(8,582	)
		13,746			12,992
Other Assets
Goodwill		2,020			2,020
Regulatory assets		4,539			4,058
Securitized regulatory assets		577			729
Intangible assets		73			67
Notes receivable		123			123
Derivative assets		74			77
Other		199			206
		7,605			7,280
Total Assets	$	26,009		$	24,896

DTE Energy Company
Consolidated Statements of Financial Position

	December 31			December 31
(in Millions, Except Shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	782		$	729
Accrued interest		95			111
Dividends payable		99			95
Short-term borrowings		419			150
Current portion long-term debt, including capital leases		526			925
Derivative liabilities		158			142
Other		549			597
		2,628			2,749
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,405			6,114
Securitization bonds		479			643
Junior subordinated debentures		280			—
Trust preferred-linked securities		—			289
Capital lease obligations		23			43
		7,187			7,089
Other Liabilities
Deferred income taxes		3,116			2,632
Regulatory liabilities		1,019			1,328
Asset retirement obligations		1,591			1,498
Unamortized investment tax credit		65			75
Derivative liabilities		89			110
Accrued pension liability		1,298			866
Accrued postretirement liability		1,484			1,275
Nuclear decommissioning		148			149
Other		331			358
		9,141			8,291
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 169,247,282 and 169,428,406 shares issued and outstanding, respectively		3,417			3,440
Retained earnings		3,750			3,431
Accumulated other comprehensive loss		(158	)		(149	)
Total DTE Energy Company Equity		7,009			6,722
Noncontrolling interests		44			45
Total Equity		7,053			6,767
Total Liabilities and Equity	$	26,009		$	24,896

DTE Energy Company

Consolidated Statements of Cash Flows

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Activities
Net income	$	720		$	639		$	535
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		995			1,027			1,020
Deferred income taxes		220			457			205
Asset (gains) and losses, reserves and impairments, net		(21	)		(5	)		(10	)
Changes in assets and liabilities, exclusive of changes shown separately		94			(293	)		69
Net cash from operating activities		2,008			1,825			1,819
Investing Activities
Plant and equipment expenditures — utility		(1,382	)		(1,011	)		(960	)
Plant and equipment expenditures — non-utility		(102	)		(88	)		(75	)
Proceeds from sale of assets		18			56			83
Restricted cash for debt redemption, principally Securitization		(5	)		(32	)		2
Proceeds from sale of nuclear decommissioning trust fund assets		80			377			295
Investment in nuclear decommissioning trust funds		(97	)		(410	)		(315	)
Consolidation of VIEs		—			19			—
Investment in Millennium Pipeline Project		(3	)		(49	)		(15	)
Other		(69	)		(88	)		(79	)
Net cash used for investing activities		(1,560	)		(1,226	)		(1,064	)
Financing Activities
Issuance of long-term debt, net		1,179			614			427
Redemption of long-term debt		(1,455	)		(663	)		(486	)
Short-term borrowings, net		269			(177	)		(417	)
Issuance of common stock		—			36			35
Repurchase of common stock		(18	)		—			—
Dividends on common stock		(389	)		(360	)		(348	)
Other		(31	)		(36	)		—
Net cash used for financing activities		(445	)		(586	)		(789	)
Net Increase (Decrease) in Cash and Cash Equivalents		3			13			(34	)
Cash and Cash Equivalents at Beginning of Period		65			52			86
Cash and Cash Equivalents at End of Period	$	68		$	65		$	52

16

The Detroit Edison Company
Consolidated Statements of Operations

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Revenues	$	5,152		$	4,993		$	4,714
Operating Expenses
Fuel and purchased power		1,716			1,580			1,491
Operation and maintenance		1,369			1,305			1,277
Depreciation and amortization		813			849			844
Taxes other than income		240			237			205
Asset (gains) losses and reserves, net		12			(6	)		(2	)
		4,150			3,965			3,815
Operating Income		1,002			1,028			899
Other (Income) and Deductions
Interest expense		289			313			325
Interest income		—			(1	)		(2	)
Other income		(47	)		(39	)		(39	)
Other expenses		56			44			11
		298			317			295
Income Before Income Taxes		704			711			604
Income Tax Expense		267			270			228
Net Income	$	437		$	441		$	376

17

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Revenues	$	1,483		$	1,628		$	1,765
Operating Expenses
Cost of gas		729			855			1,037
Operation and maintenance		390			373			411
Depreciation and amortization		89			92			109
Taxes other than income		53			54			48
Asset (gains), net		—			—			(30	)
		1,261			1,374			1,575
Operating Income		222			254			190
Other (Income) and Deductions
Interest expense		63			66			67
Interest income		(7	)		(9	)		(8	)
Other income		(7	)		(6	)		(8	)
Other expenses		5			5			6
		54			56			57
Income Before Income Taxes		168			198			133
Income Tax Expense		59			68			40
Net Income	$	109		$	130		$	93

18

DTE Energy Debt/Equity Calculation
As of December 31, 2011
(Millions)

Short-term borrowings	$	419
Current portion of long-term debt, including capital leases		526
Mortgage bonds, notes and other		6,405
Securitization bonds, excluding current portion		479
Capital lease obligations		23
Other adjustments		93
less Securitization bonds, including current portion		(643	)
50% Junior Subordinated Debentures		140
Total debt		7,442
50% Junior Subordinated Debentures		140
Total preferred/ other		140
Equity		7,009
Total capitalization	$	14,591
Debt		51	%
Junior Subordinated Debentures		1	%
Common shareholders’ equity		48	%
Total		100	%

Sales Analysis — Q4 2011

Electric Sales — Detroit Edison Service Area (GWh)

	Q4 2011		Q4 2010		% Change
Residential		3,549		3,425		4	%
Commercial		4,029		3,910		3	%
Industrial		2,386		2,757		-13	%
Other		793		812		-2	%
		10,757		10,904		-1	%
Choice		1,341		1,330		1	%
TOTAL SALES		12,098		12,234		-1	%

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

	Q4 2011		Q4 2010		% Change
Residential		503,087		459,698		9	%
Commercial		420,851		389,259		8	%
Industrial		171,790		188,414		-9	%
Other		51,516		52,952		-3	%
		1,147,244		1,090,323		5	%
Choice		23,811		27,654		-14	%
TOTAL REVENUES		1,171,055		1,117,977		5	%

Gas Sales — MichCon Service Area (MMcf)

	Q4 2011		Q4 2010		% Change
Residential		27,022		31,083		-13	%
Commercial		5,999		7,243		-17	%
Industrial		198		230		-14	%
		33,219		38,556		-14	%
End User Transportation*		36,446		39,492		-8	%
TOTAL SALES		69,665		78,048		-11	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2011		Q4 2010		% Change
Residential		241,667		299,182		-19	%
Commercial		51,817		67,998		-24	%
Industrial		1,548		1,935		-20	%
		295,033		369,115		-20	%
End User Transportation*		52,343		54,075		-3	%
TOTAL REVENUES		347,375		423,191		-18	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	Q4 2011			Q4 2010			% Change
Actuals		5			5			0	%
Normal		6			6
Deviation from normal		-17	%		-17	%

Heating Degree Days

MichCon service territory

	Q4 2011			Q4 2010			% Change
Actuals		1,905			2,249		-15%
Normal		2,255			2,206
Deviation from normal		-16	%		2	%

Earnings Impact of Weather

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

	Q4 2011			Q4 2010
MichCon		(12	)	—	Warmer weather decreased MichCon’s earnings by ($12M) Q4 2011.

Sales Analysis — YTD December 31, 2011

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2011		YTD 2010		% Change
Residential		15,907		15,726		1	%
Commercial		16,779		16,570		1	%
Industrial		9,739		10,195		-4	%
Other		3,136		3,210		-2	%
		45,561		45,701		0	%
Choice		5,445		5,005		9	%
TOTAL SALES		51,006		50,706		1	%

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

	YTD 2011		YTD 2010		% Change
Residential		2,182,292		2,052,608		6	%
Commercial		1,704,282		1,628,757		5	%
Industrial		692,424		687,960		1	%
Other		199,715		193,014		3	%
		4,778,713		4,562,339		5	%
Choice		101,482		106,553		-5	%
TOTAL REVENUES		4,880,195		4,668,892		5	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2011		YTD 2010		% Change
Residential		95,935		91,543		5	%
Commercial		23,203		23,490		-1	%
Industrial		812		678		20	%
		119,950		115,711		4	%
End User Transportation*		141,233		139,605		1	%
TOTAL SALES		261,183		255,316		2	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2011		YTD 2010		% Change
Residential		919,359		992,342		-7	%
Commercial		214,079		249,125		-14	%
Industrial		6,653		6,412		4	%
		1,140,090		1,247,879		-9	%
End User Transportation*		207,090		196,685		5	%
TOTAL REVENUES		1,347,181		1,444,564		-7	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	YTD 2011			YTD 2010			% Change
Actuals		1,039			1,071		-3%
Normal		736			736
Deviation from normal		41	%		46	%

Heating Degree Days

MichCon service territory

	YTD 2011			YTD 2010			% Change
Actuals		6,321			6,021			5	%
Normal		6,399			6,403
Deviation from normal		-1	%		-6	%

Earnings Impact of Weather

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

	YTD 2011			YTD 2010
MichCon		(1	)		(11	)	Warmer weather decreased MichCon’s earnings by ($1M) in 2011.

Detroit Edison Temperature Normal Sales Analysis -
December 31, 2011

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

	Q4 2011		Q4 2010		% Change
Residential		3,729		3,449		8	%
Commercial		4,030		3,911		3	%
Industrial		2,386		2,757		-13	%
Other		793		812		-2	%
		10,938		10,929		0	%
Choice		1,341		1,330		1	%
TOTAL SALES		12,280		12,259		0	%

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

	YTD 2011		YTD 2010		% Change
Residential		15,213		14,979		2	%
Commercial		16,461		16,293		1	%
Industrial		9,706		10,165		-5	%
Other		3,136		3,210		-2	%
		44,516		44,647		0	%
Choice		5,378		4,944		9	%
TOTAL SALES		49,894		49,591		1	%

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

	Q4 2011		Q4 2010		% Change
Residential		3,729		3,449		8	%
Commercial		4,884		4,726		3	%
Industrial		2,874		3,272		-12	%
Other		793		812		-2	%
TOTAL SALES		12,280		12,259		0	%

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

	YTD 2011		YTD 2010		% Change
Residential		15,213		14,980		2	%
Commercial		19,799		19,469		2	%
Industrial		11,745		11,933		-2	%
Other		3,136		3,210		-2	%
TOTAL SALES		49,894		49,591		1	%

EX-99.3

EXHIBIT 99.3

February 16, 2012 Year End 2011 Earnings Conference Call

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 and population changes in our geographic area resulting in changes in demand, customer conservation, increased thefts of electricity and gas and high levels of uncollectible accounts receivable; changes in the economic and financial viability of suppliers and trading counterparties, and the continued ability of such parties to perform their obligations to the Company; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings; 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; health, safety, financial, environmental and regulatory risks associated with ownership and operation of 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 unconventional gas resources and challenges in estimating gas and oil reserves with certainty; 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, 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; binding arbitration, litigation and related appeals; and risks discussed in public filings with the SEC. 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" sections in each of DTE Energy's and Detroit Edison's 2010 Forms 10-K and 2011 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 2010 Form 10-K and 2011 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 accessing its website at www.sec.gov or by calling 1- 800-SEC-0330. 2

Participants Gerry Anderson - Chairman, 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

2011 Accomplishments Long-Term Growth Update Financial Update 4

DTE Energy System of Priorities 5

2011 Accomplishments 6 Continuous improvement driven deeper into organization O&M below 2005 level (~$350 million inflation adjusted) Improved operating performance across the enterprise Continuous Improvement Employee Engagement Customer Satisfaction Higher employee engagement Five consecutive years of increased Gallup scores DTE ranks in the 71st percentile * Improved safety performance Injury rate down over 70% since 2004 Both utilities at top quartile of industry MPSC complaints down over 50% past 5 years Improved J.D. Power rankings** at both utilities Provided payment related assistance to over 50,000 low-income customers * *Source: J.D. Power and Associates 2011 Gas/Electric Utility Residential Customer Satisfaction StudySM * Source: 2011 Gallup Overall Company Ranking

7 Financial Growth DTE Energy 2011 Operating EPS* of $3.73 (compared to original EPS guidance of $3.40 - $3.70) Earned allowed ROE at Detroit Edison for second straight year Increased annual dividend 5% to $2.35 per share First major wind development at Detroit Edison Significant progress on two new non-utility growth platforms (Bluestone and Reduced Emissions Fuel) Regulatory Constructive outcome in Detroit Edison rate case Solid political and regulatory context continues to support utility investments 2011 Accomplishments (continued) * Reconciliation to GAAP reported earnings included in the appendix

2011 Accomplishments Long-Term Growth Update Financial Update 8

9 $2.89 DTE Energy Earnings Growth * Reconciliation to GAAP reported earnings included in the appendix $3.73 DTE Energy Operating Earnings Per Share* CAGR = ~7% Targeting 5% - 6% Long-Term Operating EPS Growth From 2012 Guidance Midpoint ** Midpoint of $3.65 - $3.95 range $3.80** Guidance $3.60 $3.30 5% - 6% CAGR from 2012 Midpoint

10 Detroit Edison Investment Profile, 2012 - 2016 Base Infrastructure* ~$4 billion Investments to meet evolving environmental requirements $255 million investment in 2012 Investments to ensure reliability of generation fleet and distribution systems $785 million investment in 2012 Renewable Energy & Energy Efficiency $900 million Renewable generation to meet Michigan RPS $235 million investment in 2012 Environmental Compliance $1.3 - $1.8 billion * Includes AMI, Ludington expansion and other investments

Detroit Edison Renewable Energy Update 11 First Spinning Detroit Edison Turbine, Nov. 2011 212 MW project scheduled to be fully operational by March 2012 All 64 (102 MW) Detroit Edison owned turbines constructed and operational Foundation Construction for Wind Turbine Construction underway on three wind parks, totaling 110 MW Targeting completion by end of 2012 $250 million capital investment Gratiot Wind Energy Michigan Thumb Wind Projects

12 MichCon Investment Profile, 2012 - 2016 Base Capital Meter Move-out Main Renewal Strengthen and expand distribution system Transmission pipeline integrity $155 million investment in 2012 670 mile main replacement over 10 years ($500 million total capital investment) Plan to file for capital recovery mechanism $40 million investment in 2012 $250 million $675 million $115 million Move out ~27,000 meters per year Improves customer service $20 million investment in 2012

Non-Utility Growth Driven by Investments in Bluestone and Reduced Emissions Fuel (REF) 13 ($millions) ~$100 $57 $57 - $60 * Reconciliation to GAAP reported earnings included in the appendix $38 ~$125 $45 - $55 Growth projects driving earnings potential of $225 million by 2016 Gas Storage & Pipeline Operating Earnings* Power & Industrial Projects Operating Earnings*

14 Gas Storage and Pipeline Development Update First 2 mainline expansions on- line late 2012 and 2013 Expands capacity by ~50% to 0.8 Bcf/d Phase 1 Phase 2 Millennium Pipeline Initial gathering $280 million investment Phase 1 (including initial gathering) in-service mid-2012 Phase 2 in-service late 2012 Bluestone Pipeline & Gathering

15 3 units in service at Detroit Edison plants 2 units constructed and in service at two mid- west utilities 4 units available for relocation Under $5 million contribution Optimize operations and throughput at 5 units in service Relocate 4 units Expected to contribute ~$30 million Average annual contribution of ~$50 million Significant value and strong contribution for next 10 years Power & Industrial Projects Reduced Emission Fuels Development Update 9 units in operation 2011 Status 2012 Plan 2013 - 2021 Outlook

2011 Accomplishments Long-Term Growth Update Financial Update 16

2011 Operating Earnings Per Share* Detroit Edison $2.60 Unconventional Gas Production ($0.04) Non-Utility $0.83 Gas Storage & Pipelines $0.34 Corporate & Other ($0.35) MichCon** $0.65 $3.73 Power & Industrial Projects $0.22 * Reconciliation to GAAP reported earnings included in the appendix ** Includes Citizens Gas Utility Energy Trading $0.31 17

Continuous Improvement Efforts Offsetting Inflation and Other Costs *Excludes bad debt expense, energy efficiency and renewable energy Utility Operations and Maintenance Expense* ($ millions) ~$1,900 Inflation-adjusted O&M expense ~$1,590** 18 ~$350 Utility O&M reduction of $85 million from 2005 to 2012E $1,550 **Includes $40 million of higher storm costs vs. 2010 Target $1,550

Michigan Economy Continues to Show Signs of Improvement Detroit Edison Sales Improving Residential Commercial Industrial Other 48,280 49,894 Michigan Unemployment Declining* * Source: Bureau of Labor Statistics 19 2011 includes 1% cumulative reduction (~500GWh) from Energy Efficiency initiatives (000's) 53,770 % Michigan Auto Production Increasing* Ford GM Chrysler (Temperature Normal Territory Sales - GWh) * Source: IHS Automotive

2012 Operating Earnings Guidance* 2012 Drivers * Reconciliation to GAAP reported earnings included in the appendix 2012 Guidance * 2011 Actual* 20 (millions, except EPS) Full year rate order impact at lower ROE, 2011 one-time tax items and increased earnings from renewable investments Modest incremental earnings from existing projects; more significant growth begins in 2013 from new projects Incremental earnings from REF Continued cost control; 2Q rate case filing Targeting monetization Expect performance near historical levels Primarily lower interest expense

DTE Energy 2012 Cash Flow Guidance Cash Flow Summary (billions) 2012 cash from operations slightly lower than 2011 driven by higher VEBA contributions and federal tax payments 2012 capital spending driven by $300 million increased non-utility investment Projecting ~$300 million equity issuance in 2012; focus on internal mechanisms 21 2012 Drivers Equity issued for employee benefit programs is considered non-cash and not included in financing activities

DTE Energy 2012 Capital Expenditure Guidance Capital Expenditures Summary (millions) Detroit Edison Increased operational investment for improved generation and distribution reliability Higher environmental capital for scrubbers at Monroe Power Plant Gratiot Wind Energy turbines placed in service late 2011 MichCon Higher capital for main renewal and meter relocation projects Non-Utility Increased capital investment driven by Bluestone and various Power & Industrial projects 22 2012 Drivers

23 *Debt excludes securitization, a portion of MichCon's short-term debt, and considers 50% of the Trust Preferreds/Junior Subordinated Notes as equity A strong balance sheet remains a key priority Leverage and cash flow metrics within targeted ranges Refinanced over $1 billion of debt in 2011, generating annual interest savings of over $25 million Closed on $1.8 billion 5-year credit facilities in October 2011 $1.4 billion of available liquidity at year-end 2011 Leverage* Funds from Operations / Debt* 51% 50% Target 50% - 52% 24% 22% Target 22% - 24% 51% 28% Strong Balance Sheet Supports Growth

Dividend is Well Supported 24 Dividend Yield (as of February 2012) Payout ratio in-line with 60% - 70% target Future increases supported by targeted 5% - 6% operating EPS growth DTE Energy Annualized Dividend $2.12 $2.24 2009 $2.35 2010 2011 5.3% CAGR 4.4%

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 25

Contact Us DTE Energy Investor Relations www.dteenergy.com/investors 313-235-8030 26

Appendix

28 2011 Operating Earnings Variance Operating Earnings* ($ millions, except EPS) 2010 2011 Change * Reconciliation to GAAP reported earnings included in the appendix Detroit Edison Rate increase partially offset by increased maintenance activity MichCon Primarily cooler 2011 weather partially offset by lower midstream revenues Non-Utility Gas Storage & Pipelines driven by higher transportation revenues Power & Industrial due to non-repeating 2010 earnings Energy Trading due to improved economic performance Corporate & Other Primarily driven by lower interest expense in 2011 Drivers

29 Detroit Edison Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix 2010 Operating Earnings $438 Margin $35 ($ millions) Detroit Edison Operating Earnings* Variance $443 Margin 2011 rate increase Increased energy optimization incentives Return on renewable energy capital O&M Higher storm costs Increased fossil generation reliability and outage expenses Other Drivers ($31) O&M 2011 Operating Earnings $1

30 MichCon Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix 2010 Operating Earnings $107 Weather $16 ($ millions) MichCon Operating Earnings* Variance $110 Other Drivers ($8) Midstream 2011 Operating Earnings Colder weather in 2011 Lower midstream revenue Other primarily driven by 2010 GCR adjustment

Net Production (Bcfe) Gross Producing Wells 215 Reserves (Bcfe) Acreage Position (000s Acres) Net Undeveloped Acres Net Developed Acres Barnett Shale Operating Metrics 17 YE2011 70 87 16 54 YE2010 70 YE2011 YE2010 194 5.1 YE2010 4.8 YE2011 YE2010 Probable (Unaudited) Proved 373 186 559 354 201 555 Prudently manage Barnett assets and focus on developing liquids production Pursue monetization opportunities 21 new wells on-line, 2 in progress Production of 5.1 Bcfe (54% liquids) 58% increase in oil sales volume year- over-year Proved reserves (Mcfe basis): 50% liquids / 50% dry gas Acquired 17 thousand acres, net 2011 Results 2012 Goals YE2011 31

Unconventional Gas: Barnett Shale Assets Focused on Marble Falls Oil Play 32 Oil and NGLs* driving value Revenue by product (%) * Natural gas liquids Oil 52% NGL34% Gas 14% Proved reserves by product (%) Oil 11% NGL39% Gas 50%

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 2011 Economic Net Income Accounting Adjustments** FY 2011 Operating Earnings* ($5) $47 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. Energy Trading Operating Earnings* Realized Unrealized O&M / Other YE 2010 YE 2011 $56 $71 28 (2) (48) (47) ($ millions, after-tax) $6 $52 $6 $16 $22 FY 2010 Operating Earnings* FY 2010 Economic Net Income Accounting Adjustments** 33 $52

34 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 2011 Reported to Operating Earnings

35 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. 36

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. 37

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. 38