Exhibit 99.2

Net Income Summary
(Preliminary/Unaudited)

(in millions, except per share amounts)	Reported						Operating			Operating
	Q3 2004			Adjustments			Q3 2004			Q3 2003			Variance
Energy Resources
Regulated — Power Generation		34						34			77			(43	)
Non-Regulated
Energy Services
Coal Based Fuels
Synfuels		55			—			55			27			28
Coke Batteries		4			—			4			—			4
On Site Energy Projects		5			—			5			2			3
Merchant Generation		(6	)		—			(6	)		(4	)		(2	)
Coal Services		4			—			4			2			2
Biomass Energy		1			—			1			2			(1	)
Energy Trading & CoEnergy Portfolio		12			—			12			23			(11	)
Energy Resources Overheads		(11	)					(11	)		(7	)		(4	)
Total Energy Resources Non-Regulated		64			—			64			45			19
Total Energy Resources		98			—			98			122			(24	)
Energy Distribution
Regulated — Power Distribution		28			—			28			35			(7	)
Non Regulated (Energy Technologies)		(4	)		—			(4	)		(3	)		(1	)
Total Energy Distribution		24			—			24			32			(8	)
Energy Gas
Regulated		(55	)		—			(55	)		(45	)		(10	)
Non-Regulated		5			—			5			12			(7	)
Total Energy Gas		(50	)		—			(50	)		(33	)		(17	)
Holding Company & Other
Energy Technology Investments		—			—			—			(2	)		2
Other		21			(24	)A		(3	)		(5	)		2
Total Holding Company & Other		21			(24	)		(3	)		(7	)		4
Total
Regulated
Electric	$	62		$	—		$	62		$	112		$	(50	)
Gas	$	(55	)	$	—		$	(55	)	$	(45	)	$	(10	)
Non-Regulated	$	65		$	—		$	65		$	52		$	13
Holding Company/Other	$	21		$	(24	)	$	(3	)	$	(5	)	$	2
Total	$	93		$	(24	)	$	69		$	114		$	(45	)
Total Net Income	$	93		$	(24	)	$	69		$	114		$	(45	)
Total Diluted EPS	$	0.54					$	0.40		$	0.67		$	(0.27	)
Average Diluted Shares Outstanding		174						174			168

Key:

A -   Quarterly Effective Tax Rate Adjustment

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)

Q3 2003 Reported Earnings per Share	$	1.04
Adjust for non-recurring direct costs of blackout		0.10
Adjust for Q3 2003 Quarterly Effective Tax Rate Adjustment		(0.49	)
Adjust for discontinued operations		0.02
Q3 2003 Operating Earnings per Share	$	0.67
Regulated Electric
Regulatory Assets		0.03
Weather		(0.11	)
Choice Lost Margin		(0.14	)
Net Interim Rate Relief Impact		0.06
Pension/Health Care		(0.06	)
Generation O&M & DTE2		(0.07	)
Regulated Gas
Margin		0.01
Other		0.01
Taxes		(0.07	)
Non-Regulated
Synfuels		0.16
Coke Batteries		0.02
Trading & CoEnergy Portfolio		(0.06	)
Non-Regulated Gas		(0.04	)
Other		(0.01	)
Holding Company & Share Dilution		—
Q3 2004 Operating Earnings per Share	$	0.40
Effective tax rate adjustment		0.14
Q3 2004 Reported Earnings per Share	$	0.54

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	(Unaudited)
	September 30			December 31
	2004			2003
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	74		$	54
Restricted cash		76			131
Accounts receivable
Customer (less allowance for doubtful accounts of $130 and $99, respectively)		868			877
Accrued unbilled revenues		174			316
Other		431			338
Inventories
Fuel and gas		568			467
Materials and supplies		159			162
Assets from risk management and trading activities		307			186
Other		247			181
		2,904			2,712
Investments
Nuclear decommissioning trust funds		557			518
Other		565			601
		1,122			1,119
Property
Property, plant and equipment		18,101			17,679
Less accumulated depreciation and depletion		(7,699	)		(7,355	)
		10,402			10,324
Other Assets
Goodwill		2,064			2,067
Regulatory assets		2,132			2,063
Securitized regulatory assets		1,462			1,527
Notes receivable		527			469
Assets from risk management and trading activities		205			88
Prepaid pension assets		183			181
Other		193			203
		6,766			6,598
Total Assets	$	21,194		$	20,753

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	(Unaudited)
	September 30			December 31
	2004			2003
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	691		$	625
Accrued interest		111			110
Dividends payable		90			87
Accrued payroll		40			51
Income taxes		11			185
Short-term borrowings		476			370
Current portion of long-term debt, including capital leases		516			477
Liabilities from risk management and trading activities		454			326
Other		584			593
		2,973			2,824
Other Liabilities
Deferred income taxes		1,071			988
Regulatory liabilities		812			817
Asset retirement obligations		903			866
Unamortized investment tax credit		147			156
Liabilities from risk management and trading activities		357			173
Liabilities from transportation and storage contracts		397			495
Accrued pension liability		237			345
Deferred gains from asset sales		398			311
Minority interest		115			156
Nuclear decommissioning		72			67
Other		605			599
		5,114			4,973
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,689			5,624
Securitization bonds		1,400			1,496
Equity-linked securities		179			185
Trust preferred-linked securities		289			289
Capital lease obligations		70			75
		7,627			7,669
Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 173,958,093 and 168,606,522 shares issued and outstanding, respectively		3,312			3,109
Retained earnings		2,360			2,308
Accumulated other comprehensive loss		(192	)		(130	)
		5,480			5,287
Total Liabilities and Shareholders’ Equity	$	21,194		$	20,753

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

	Nine Months Ended
	September 30
	2004			2003
(in Millions)
Operating Activities
Net Income	$	318		$	292
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		536			551
Deferred income taxes		104			(55	)
Gain on sale of interests in synfuel projects		(166	)		(57	)
Gain on sale of ITC and other assets, net		(27	)		(130	)
Partners’ share of synfuel project losses		(158	)		(58	)
Contributions from synfuel partners		71			44
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes shown separately		(88	)		(328	)
Net cash from operating activities		590			286
Investing Activities
Plant and equipment expenditures — regulated		(555	)		(504	)
Plant and equipment expenditures — non-regulated		(52	)		(58	)
Investment in joint ventures		(36	)		(5	)
Proceeds from sale of interests in synfuel projects		151			67
Proceeds from sale of ITC and other assets		62			643
Restricted cash for debt redemptions		55			137
Other investments		(59	)		(61	)
Net cash from (used for) investing activities		(434	)		219
Financing Activities
Issuance of long-term debt		617			529
Redemption of long-term debt		(620	)		(897	)
Short-term borrowings, net		106			55
Issuance of common stock		31			33
Dividends on common stock		(265	)		(259	)
Other		(5	)		(9	)
Net cash used for financing activities		(136	)		(548	)
Net Increase (Decrease) in Cash and Cash Equivalents		20			(43	)
Cash and Cash Equivalents at Beginning of the Period		54			133
Cash and Cash Equivalents at End of the Period	$	74		$	90

THE DETROIT EDISON COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2004			2003			2004			2003
(in Millions)
Operating Revenues	$	958		$	1,017		$	2,679		$	2,824
Operating Expenses
Fuel and purchased power		238			288			654			762
Operation and maintenance		361			316			1,063			1,025
Depreciation and amortization		128			127			364			386
Taxes other than income		62			67			192			204
		789			798			2,273			2,377
Operating Income		169			219			406			447
Other (Income) and Deductions
Interest expense		72			71			215			217
Other income		(13	)		(29	)		(43	)		(62	)
Other expenses		16			30			61			67
		75			72			233			222
Income Before Income Taxes		94			147			173			225
Income Tax Provision		32			51			59			78
Income Before Accounting Change		62			96			114			147
Cumulative Effect of Accounting Change		—			—			—			(6	)
Net Income		62			96			114			141
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			—			—			6
Unusual Items
August 2003 Blackout Costs		—			16			—			16
Loss on Sale of Steam Heating Business		—			—			—			14
Operating Earnings		62			112			114			177
Regulatory Deferrals Impact:
Regulatory Deferrals (Net of Income Taxes)(1)		23			18			65			48
Operating Earnings Excluding Regulatory Deferrals	$	39		$	94		$	49		$	129
Return on Average Common Equity (2)
Operating Earnings Including Regulatory Deferrals		—			—			7.4	%		10.1	%
Operating Earnings Excluding Regulatory Deferrals		—			—			3.8	%		7.5	%

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

(1) Regulatory deferrals recorded pursuant to Michigan electric restructuring legislation and related Michigan Public Service Commission Orders. The deferrals include Electric Choice lost margin recovery, Electric Choice implementation costs, environmental compliance costs and other.

(2) Reflects reported earnings for the 12-month period ending September 30 and a 13-month average common equity.

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2004			2003			2004			2003
(in Millions)
Operating Revenues	$	155		$	142		$	1,141		$	1,078
Operating Expenses
Cost of gas		64			56			713			637
Operation and maintenance		90			90			293			251
Depreciation, depletion and amortization		28			26			81			79
Taxes other than income		12			12			37			42
Property write-down		—			—			—			5
		194			184			1,124			1,014
Operating Income (Loss)		(39	)		(42	)		17			64
Other (Income) and Deductions
Interest expense		14			13			41			42
Interest income		(2	)		(2	)		(7	)		(8	)
Other		—			(2	)		1			(4	)
		12			9			35			30
Income (Loss) Before Income Taxes		(51	)		(51	)		(18	)		34
Income Tax Provision (Benefit)		2			(14	)		2			7
Reported Earnings (Loss)	$	(53	)	$	(37	)	$	(20	)	$	27
Purchase Accounting and Other Adjustments		(1	)		(5	)		(2	)		(5	)
Disallowance of Gas Costs		—			—			—			(17	)
Operating Earnings(A)	$	(54	)	$	(42	)	$	(22	)	$	5

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

(A) Represents MichCon’s results included in the DTE Energy Consolidated Statement of Operations

DTE Energy Debt/Equity Calculation
As of September 30, 2004
($ millions)

short-term borrowings	476
current portion LTD + cap leases	516
long-term debt	5,689
securitization bonds	1,400
capital leases	70
less QUIDS	(385	)
less MichCon short-term debt	(209	)
less securitization debt, including current portion	(1,496	)
Total debt	6,061
Trust preferred	289
QUIDS	385
Mandatory convertible	179
Total preferred/ other	853
Equity	5,480
Total capitalization	12,394
Debt	48.9	%
Preferred stock	6.9	%
Common shareholders’ equity	44.2	%
Total	100.0	%

Sales Analysis

Electric Sales — Detroit Edison Service Area (000’s of GWh)

	Q3 2004		Q3 2003		% Change
Residential		4,113,927		4,456,931		-7.7	%
Commercial		3,557,384		4,162,910		-14.5	%
Industrial		2,854,400		3,044,498		-6.2	%
Other		628,397		653,532		-3.8	%
TOTAL SYSTEM		11,154,108		12,317,871		-9.4	%
Interconnection Sales		1,442,501		1,046,630		37.8	%
Choice Sales (Distribution Charge)*		2,654,802		2,141,011		24.0	%
TOTAL SALES		15,251,411		15,505,512		-1.6	%

* Includes Dearborn Industrial Group sales

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

	Q3 2004		Q3 2003		% Change
Residential		369,059		404,888		-8.8	%
Commercial		294,301		338,121		-13.0	%
Industrial		137,412		158,683		-13.4	%
Other		29,209		29,634		-1.4	%
TOTAL SYSTEM		829,981		931,326		-10.9	%
Interconnection Sales		58,090		45,384		28.0	%
Choice Sales (Distribution Charge)*		50,506		9,476		433.0	%**
TOTAL SALES		938,577		986,186		-4.8	%

* Includes Dearborn Industrial Group sales

** Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charge

Gas Sales — MichCon Service Area (Mcf)

	Q3 2004		Q3 2003		% Change
Residential		9,180,323		9,150,523		0.3	%
Commercial		2,695,926		3,093,001		-12.8	%
Industrial		188,258		314,234		-40.1	%
		12,064,507		12,557,758		-3.9	%
End User Transportation*		27,441,684		26,696,816		2.8	%
TOTAL SALES		39,506,191		39,254,574		0.6	%

* includes choice customers

Gas Revenue — MichCon Service Area (Mcf)

	Q3 2004		Q3 2003		% Change
Residential		96,521,908		86,566,132		11.5	%
Commercial		26,379,204		26,021,106		1.4	%
Industrial		1,651,688		2,298,651		-28.1	%
		124,552,800		114,885,889		8.4	%
End User Transportation*		20,818,581		18,914,849		10.1	%
TOTAL SALES		145,371,381		133,800,738		8.6	%

* includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q3 2004			Q3 2003			% Change
Actuals		470			548			-14	%
Normal		537			537			n/m
Deviation from normal		-12.5	%		2.0	%

Heating Degree Days
MichCon service territory

	Q3 2004			Q3 2003			% Change
Actuals		134			165			-19	%
Normal*		147			189			-22	%
Deviation from normal		-8.8	%		-12.7	%

* 2004 data based on 10-year average, 2003 data based on 30 year average