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): July 28, 2005

	Exact Name of Registrant as Specified in its Charter,
Commission	State of Incorporation, Address of Principal Executive	IRS Employer
File Number	Offices and Telephone Number	Identification No.
1-11607	DTE Energy Company	38-3217752
	(a Michigan corporation)
	2000 2nd Avenue
	Detroit, Michigan 48226-1279
	313-235-4000
1-2198	The Detroit Edison Company	38-0478650
	(a Michigan corporation)
	2000 2nd Avenue
	Detroit, Michigan 48226-1279
	313-235-4000
1-7310	Michigan Consolidated Gas Company	38-0478040
	(a Michigan corporation)
	2000 2nd Avenue
	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))

TABLE OF CONTENTS

Earnings Release of DTE Energy Company dated July 28, 2005

Financial Information Distributed for Media and Investor Relations Communications

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued July 28, 2005, announcing financial results for the quarter ended June 30, 2005. Copies of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, under Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1	Earnings Release of DTE Energy Company dated July 28, 2005.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated July 28, 2005.

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 each of DTE Energy’s, The Detroit Edison Company’s (“Detroit Edison”) and Michigan Consolidated Gas Company’s (“MichCon”) 2004 Form 10-K (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy, Detroit Edison and MichCon that discuss important factors that could cause DTE Energy’s, Detroit Edison’s and MichCon’s actual results to differ materially. DTE Energy, Detroit Edison and MichCon 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: July 28, 2005

DTE ENERGY COMPANY

(Registrant)

/s/ Daniel G. Brudzynski

Daniel G. Brudzynski

Vice President and Controller

THE DETROIT EDISON COMPANY

(Registrant)

/s/ Daniel G. Brudzynski

Daniel G. Brudzynski

Vice President and Controller

MICHIGAN CONSOLIDATED GAS COMPANY

(Registrant)

/s/ Daniel G. Brudzynski

Daniel G. Brudzynski

Vice President and Controller

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated July 28, 2005.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated July 28, 2005.

EX-99.1

Exhibit 99.1

July 28, 2005

DTE ENERGY REPORTS SECOND QUARTER EARNINGS;
REAFFIRMS 2005 EARNINGS GUIDANCE

          DETROIT — DTE Energy (NYSE:DTE) today reported 2005 second quarter earnings of $29 million, or $0.17 per diluted share, compared with reported earnings of $35 million, or $0.20 per diluted share, in the second quarter of 2004.

          Operating earnings, which exclude non-recurring items and discontinued operations, for the 2005 second quarter were $37 million, or $0.21 per diluted share, compared with 2004 second quarter operating earnings of $52 million, or $0.30 per diluted share.

          Reported earnings for the six months ended June 30, 2005, were $151 million, or $0.87 per diluted share versus $225 million or $1.31 per diluted share in 2004. Year-to-date operating earnings were $198 million, or $1.14 per diluted share, compared with $186 million, or $1.08 per diluted share in 2004. Reconciliations of reported to operating earnings for both the quarter ended and six months ended June 30, 2005 and 2004 are at the end of this news release.

          “The operating earnings of our two utilities, Detroit Edison and MichCon, have improved considerably since the second quarter of last year,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “With the implementation of new base rates at both companies, as well as our continued focus on operational excellence, these businesses are well positioned to achieve higher levels of profitability than we have seen in several years.

          “The underlying earnings power of our non-utility businesses remains strong as well,” Earley continued. “The second quarter operating results of these businesses were negatively impacted by a timing item that shifts synfuel earnings recognition to later in the year, as well as a mark-to-market loss that will reverse later this year or early next year. On a normalized basis, looking at the underlying earnings power, our non-utility businesses show year-over-year improvement.”

          In the second quarter of 2005, DTE Energy changed how it reports financial results. Previously, Detroit Edison was reported in two segments, regulated energy resources and regulated energy distribution. Since it appears that Michigan’s electric utilities will remain fully regulated for the foreseeable future, Detroit Edison will now be reported as one segment.

          The non-utility operations are now grouped into three segments, which represent the three areas of scale and future growth. Beginning with the second quarter of 2005, the company is reporting its segment information based on the following realignment:

• Electric Utility, consisting of Detroit Edison

• Gas Utility, primarily consisting of MichCon

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• Non-utility Operations

• Power and Industrial Projects, primarily consisting of synfuel projects, on-site energy services, steel-related projects, power generation with services and waste coal recovery operations

• Unconventional Gas Production, primarily consisting of gas production operations

• Fuel Transportation and Marketing, primarily consisting of coal transportation and marketing, gas pipelines and storage, and energy marketing and trading operations

• Corporate & Other, primarily consisting of corporate support functions and certain energy technology investments.

          Operating earnings results for the second quarter of 2005, by business unit, were as follows:

          Electric Utility operating earnings were $0.26 per diluted share versus $0.06 per diluted share in second quarter 2004. The increase in earnings was primarily due to rate increases as a result of the Michigan Public Service Commission’s (MPSC) final rate order issued in November 2004, stronger sales due to warmer weather and the realignment of merger interest to the holding company. Partially offsetting these improvements were increased depreciation and amortization expenses resulting from recording fewer regulatory assets in the second quarter of 2005.

          Gas Utility had an operating loss of $0.01 per diluted share versus a loss of $0.16 per diluted share in second quarter 2004. Key drivers of the year-over-year improvement were rate increases as a result of the MPSC final rate order in April, the realignment of merger interest to the holding company, lower depreciation expense and operating costs.

          Non-Utility

– Power and Industrial Projects had operating earnings of $0.12 per diluted share versus $0.31 per diluted share in second quarter 2004. Performance for the quarter was negatively affected by $0.26 per diluted share due to accounting deferrals of a portion of the gains received from the sale of interests in the company’s synfuel facilities. As a means to partially mitigate the risk of tax credit devaluation and protect synfuel cash flow, the company entered into oil price derivatives, which are marked to market until the contracts settle later in 2005. Given the continued high oil prices in the second quarter of 2005, the company recognized mark-to-market losses of $0.10 per share. In the absence of synfuel revenue deferral and mark-to-market oil price derivative losses, Power and Industrial Projects operating earnings would have been $0.36 per share higher in second quarter of 2005 than in second quarter 2004, primarily due to higher synfuel production and higher market prices for coke that the company produces at its three coke battery plants.

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– Unconventional Gas Production operating earnings declined $0.01 per diluted share, due to lower production volumes and higher operating expenses.

– Fuel Transportation and Marketing operating earnings improved by $0.01 per diluted share versus the same period in 2004, driven by increased business volume at the company’s trading and marketing, and coal services operations.

          Corporate & Other operating losses were $0.16 per diluted share, versus operating earnings of $0.09 per diluted share in the second quarter last year. The change was primarily due to the realignment of merger interest to the holding company and gains from the sale of Plug Power stock sold in the second quarter of 2004.

          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.

2005 Outlook

          DTE Energy reaffirmed its 2005 operating earnings guidance of $3.30 to $3.60 per diluted share.

          “Based on our year-to-date performance, we are maintaining our operating earnings guidance,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “While there are positive trends in both utilities due to recent rate cases, Detroit Edison is still partially exposed to fuel and purchased power until the residential rate caps expire in January 2006. In addition, the accounting for non-utility gas storage, which is economically hedged, can create quarterly mark-to-market moves.”

          This earnings announcement, as well as a package of detailed financial information, is available on the company’s website at www.dteenergy.com/investors.

          DTE Energy will conduct a meeting with the investment community at 8:30 a.m. EDT Friday, July 29, to discuss second quarter 2005 earnings results and to provide a general business update. Investors, the news media and the public may listen to a live internet broadcast of the meeting at www.dteenergy.com/investors. The live telephone dial in number is (888) 889-3918. The passcode is 14154 — Anthony Earley. The internet broadcast will be archived on the company’s website.

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          DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. DTE Energy’s largest operating subsidiaries are Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, and MichCon, a natural gas utility serving 1.2 million customers in Michigan. Information about DTE Energy is available at www.dteenergy.com.

           The information contained herein is as of the date of this press release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this press 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 press release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially. Factors that may impact forward-looking statements include, but are not limited to: the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; economic climate and growth or decline in the geographic areas where we do business; environmental issues, laws and regulations, and the cost of remediation and compliance associated therewith; nuclear regulations and operations associated with nuclear facilities; the higher price of oil and its impact on the value of Section 29 tax credits, and the ability to utilize and/or sell interests in facilities producing such credits; implementation of electric and gas Customer Choice programs; impact of electric and gas utility restructuring in Michigan, including legislative amendments; employee relations and the impact of collective bargaining agreements; unplanned outages; access to capital markets and capital market conditions and the results of other financing efforts which can be affected by credit agency ratings; the timing and extent of changes in interest rates; the level of borrowings; changes in the cost of coal and the availability of coal and other raw materials, purchased power and natural gas; effects of competition; impact of regulation by FERC, MPSC, NRC and other applicable governmental proceedings and regulations; contributions to earnings by non-utility businesses; changes in federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance; the cost of protecting assets against, or damage due to, terrorism; changes in 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 changes in the economic and financial viability of our suppliers, customers and trading counterparties, and the continued ability of such parties to perform their obligations to the company. This press release should also be read in conjunction with the “Forward-Looking Statements” section in each of DTE Energy’s, MichCon’s and Detroit Edison’s 2004 Form 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy, MichCon and Detroit Edison.

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Members of the Media — For Further Information:

Lorie N. Kessler	Scott Simons
(313) 235-8807	(313) 235-8808

Analysts — For Further Information:
Investor Relations
(313) 235-8030

DTE Energy Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions, Except per Share Amounts)	2005			2004			2005			2004
Operating Revenues	$	1,945		$	1,501		$	4,260		$	3,594
Operating Expenses
Fuel, purchased power and gas		638			377			1,607			1,118
Operation and maintenance		936			851			1,840			1,633
Depreciation, depletion and amortization		216			179			424			346
Taxes other than income		89			60			180			145
Gains on sale of assets, net (1)		(19	)		(61	)		(95	)		(111	)
		1,860			1,406			3,956			3,131
Operating Income		85			95			304			463
Other (Income) and Deductions
Interest expense		129			129			257			260
Interest income		(13	)		(17	)		(27	)		(27	)
Other income		(11	)		(33	)		(23	)		(43	)
Other expenses		15			14			26			29
		120			93			233			219
Income (Loss) Before Income Taxes and Minority Interest		(35	)		2			71			244
Income Tax Provision		3			18			40			93
Minority Interest (2)		(68	)		(51	)		(121	)		(81	)
Income from Continuing Operations		30			35			152			232
Loss from Discontinued Operations, net of tax		(1	)		—			(1	)		(7	)
Net Income	$	29		$	35		$	151		$	225
Basic Earnings per Common Share
Income from continuing operations	$	.17		$	.20		$	.87		$	1.35
Discontinued operations		—			—			—			(.04	)
Total	$	.17		$	.20		$	.87		$	1.31
Diluted Earnings per Common Share
Income from continuing operations	$	.17		$	.20		$	.87		$	1.35
Discontinued operations		—			—			—			(.04	)
Total	$	.17		$	.20		$	.87		$	1.31
Average Common Shares
Basic		174			173			174			172
Diluted		175			174			175			172
Dividends Declared per Common Share	$	.515		$	.515		$	1.03		$	1.03

(1)	Primarily represents gains on the sale of interests in synfuel projects.
(2)	Primarily represents our partners’ share of synfuel project losses.

DTE Energy Company
Segment Net Income (Unaudited)

	Three Months Ended June 30
				2005									2004
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	43		$	3	A	$	46		$	8		$	2	A	$	10
Gas Utility		(51	)		2	A		(2	)		(38	)		1	A		(28	)
					4	B								9	D
					43	D
Non-utility Operations
Power and Industrial Projects		31			(11)	C		20			53			—			53
Unconventional Gas Production		—						—			2			—			2
Fuel Transportation and Marketing		—						—			(1	)		—			(1	)
		31			(11	)		20			54			—			54
Corporate and Other		7			(34)	D		(27	)		11			5	D		16
Income from Continuing Operations		30			7			37			35			17			52
Discontinued Operations		(1	)		(2)	E		—			—			—			—
					3	F
Net Income	$	29		$	8		$	37		$	35		$	17		$	52

Adjustments key

A)	DTE2 project costs	Incremental non-recurring DTE2 project costs
B)	April 2005 MPSC gas orders	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
C)	2006 oil price option	Mark to market adjustment on 2006 oil price option
D)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E)	Gain on sale of Southern Missouri	Gain from the sale of Southern Missouri Gas Company
F)	Gain on sale of ITC	A related adjustment from the sale of International Transmission Company

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended June 30
				2005									2004
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.24		$	0.02	A	$	0.26		$	0.05		$	0.01	A	$	0.06
Gas Utility		(.29	)		0.01	A		(0.01	)		(0.22	)		0.01	A		(0.16	)
					0.02	B								0.05	D
					0.25	D
Non-utility Operations
Power and Industrial Projects		0.18			(0.06)	C		0.12			0.31			—			0.31
Unconventional Gas Production		—			—			—			0.01			—			0.01
Fuel Transportation and Marketing		—			—			—			(0.01	)		—			(0.01	)
		0.18			(0.06	)		0.12			0.31			—			0.31
Corporate and Other		0.04			(0.20)	D		(0.16	)		0.06			0.03	D		0.09
Income from Continuing Operations		0.17			0.04			0.21			0.20			0.10			0.30
Discontinued Operations		—			(0.01)	E		—			—			—			—
					0.01	F
Net Income	$	0.17		$	0.04		$	0.21		$	0.20		$	0.10		$	0.30

Adjustments key

A)	DTE2 project costs	Incremental non-recurring DTE2 project costs
B)	April 2005 MPSC gas orders	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
C)	2006 oil price option	Mark to market adjustment on 2006 oil price option
D)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E)	Gain on sale of Southern Missouri	Gain from the sale of Southern Missouri Gas Company
F)	Gain on sale of ITC	A related adjustment from the sale of International Transmission Company

DTE Energy Company
Segment Net Income (Unaudited)

	Six Months Ended June 30
				2005									2004
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	98		$	5	A	$	103		$	52		$	4	A	$	48
														(1)	D
														(7)	G
Gas Utility		(38	)		2	A		56			33			3	A		29
					41	B								(7)	D
					51	D
Non-utility Operations
Power and Industrial Projects		99			(13)	C		86			89			—			89
Unconventional Gas Production		1			—			1			3			—			3
Fuel Transportation and Marketing		(10	)		—			(10	)		59			(48)	H		11
		90			(13	)		77			151			(48	)		103
Corporate and Other		2			(40)	D		(38	)		(4	)		10	D		6
Income from Continuing Operations		152			46			198			232			(46	)		186
Discontinued Operations		(1	)		(2)	E		—			(7	)		7	E		—
					3	F
Net Income	$	151		$	47		$	198		$	225		$	(39	)	$	186

Adjustments key

A)	DTE2 project costs	Incremental non-recurring DTE2 project costs
B)	April 2005 MPSC gas orders	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
C)	2006 oil price option	Mark to market adjustment on 2006 oil price option
D)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E)	Gain on sale of Southern Missouri	Gain from the sale of Southern Missouri Gas Company
F)	Gain on sale of ITC	A related adjustment from the sale of International Transmission Company
G)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
H)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Six Months Ended June 30
				2005									2004
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.56		$	0.03	A	$	0.59		$	0.30		$	0.02	A	$	0.27
														(0.01)	D
														(0.04)	G
Gas Utility		(0.22	)		0.02	A		0.33			0.19			0.02	A		0.17
					0.24	B								(0.04)	D
					0.29	D
Non-utility Operations
Power and Industrial Projects		0.57			(0.08)	C		0.49			0.51			—			0.51
Unconventional Gas Production		0.01			—			0.01			0.02			—			0.02
Fuel Transportation and Marketing		(0.06	)		—			(0.06	)		0.35			(0.28)	H		0.07
		0.52			(0.08	)		0.44			0.88			(0.28	)		0.60
Corporate and Other		0.01			(0.23)	D		(0.22	)		(0.02	)		0.06	D		0.04
Income from Continuing Operations		0.87			0.27			1.14			1.35			(0.27	)		1.08
Discontinued Operations		—			(0.01)	E		—			(0.04	)		0.04	E		—
					0.01	F
Net Income	$	0.87		$	0.27		$	1.14		$	1.31		$	(0.23	)	$	1.08

Adjustments key

A)	DTE2 project costs	Incremental non-recurring DTE2 project costs
B)	April 2005 MPSC gas orders	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
C)	2006 oil price option	Mark to market adjustment on 2006 oil price option
D)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E)	Gain on sale of Southern Missouri	Gain from the sale of Southern Missouri Gas Company
F)	Gain on sale of ITC	A related adjustment from the sale of International Transmission Company
G)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
H)	Adjustment for contract termination/modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company

EX-99.2

Exhibit 99.2

DTE Energy Company
Historical Operating Net Income

(Preliminary/Unaudited)

(in millions, except per share amounts)

	2004															2005
	Q1			Q2			Q3			Q4			Total			Q1			Q2
Electric Utility		38			10			62			68			178			57			46
Gas Utility		57			(28	)		(31	)		26			24			58			(2	)
Total Utilities		95			(18	)		31			94			202			115			44
Power & Industrial Projects
Synfuels		41			54			51			47			193			65			18
Power Generation		(4	)		(4	)		(6	)		(3	)		(17	)		(4	)		(3	)
All Other Projects		1			6			6			(1	)		12			5			8
Corporate Overheads		(2	)		(3	)		(2	)		(2	)		(9	)		—			(3	)
Total Power & Industrial Projects		36			53			49			41			179			66			20
Fuel Transportation & Marketing
Coal Services		3			5			5			7			20			5			6
Midstream		3			4			4			6			17			8			5
Energy Trading and CoEnergy Portfolio		9			(7	)		12			30			44			(22	)		(7	)
Corporate Overheads		(3	)		(3	)		(3	)		(3	)		(12	)		(1	)		(4	)
Total Fuel Transportation & Marketing		12			(1	)		18			40			69			(10	)		—
Unconventional Gas Production		1			2			2			1			6			1			—
Corporate & Other		(10	)		16			(8	)		(27	)		(29	)		(11	)		(27	)
Total Net Income		134			52			92			149			427			161			37
Earnings Per Diluted Share	$	0.79		$	0.30		$	0.53		$	0.85		$	2.46		$	0.92		$	0.21
Average Diluted Shares Outstanding		170			174			174			175			173			175			175

1

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES

Earnings Variance Analysis (Preliminary/Unaudited)

Q2 2004 Reported Earnings per Share	$	0.20
Quarterly adjustment normalize the effective tax rate		0.08
Incremental non-recurring DTE2 project costs		0.02
Q2 2004 Operating Earnings per Share	$	0.30
Electric Utility
Rate Relief		0.13
Weather		0.11
Economy		(0.03	)
Electric Choice		0.03
Regulatory Deferrals		(0.07	)
Merger Interest		0.06
Benefits		(0.05	)
Other		0.02
Gas Utility
Rate Relief		0.04
Gas Margins		0.03
Merger Interest		0.03
Other		0.05
Non-Utility
Synfuel production		0.14
Mark-to-market loss on oil price hedges		(0.10	)
Q2 deferred synfuel variable note payment		(0.26	)
Power & Industrial projects (excl. synfuels)		0.03
Other
Holding Company (merger interest, gain on Plug Power in 2004)		(0.25	)
Q2 2005 Operating Earnings per Share	$	0.21
Quarterly adjustment normalize the effective tax rate		(0.05	)
Incremental non-recurring DTE2 project costs		(0.03	)
Mark to market adjustment on 2006 oil price options		0.06
Impact of disallowances from April 2005 MPSC gas order		(0.02	)
Discontinued operations — gain on sale of Southern Missouri Gas Company		(0.01	)
Discontinued operations — adjustment from the sale of Int’l Transmission Co.		0.01
Q2 2005 Reported Earnings per Share	$	0.17

2

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)

	(Unaudited)
	June 30			December 31
	2005			2004
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	86		$	56
Restricted cash		107			126
Accounts receivable Customer (less allowance for doubtful accounts of $138 and $129, respectively)		1,103			880
Accrued unbilled revenues		232			378
Other		470			383
Inventories
Fuel and gas		517			509
Materials and supplies		153			159
Assets from risk management and trading activities		361			296
Other		237			209
		3,266			2,996
Investments
Nuclear decommissioning trust funds		613			590
Other		563			558
		1,176			1,148
Property
Property, plant and equipment		18,118			18,011
Less accumulated depreciation and depletion		(7,619	)		(7,520	)
		10,499			10,491
Other Assets
Goodwill		2,064			2,067
Regulatory assets		2,132			2,119
Securitized regulatory assets		1,391			1,438
Notes receivable		488			529
Assets from risk management and trading activities		328			125
Prepaid pension assets		185			184
Other		212			200
		6,800			6,662
Total Assets	$	21,741		$	21,297

3

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)

	(Unaudited)
	June 30			December 31
	2005			2004
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	979		$	892
Accrued interest		117			111
Dividends payable		90			90
Accrued payroll		24			33
Income taxes		—			16
Short-term borrowings		494			403
Gas inventory equalization		116			—
Current portion of long-term debt, including capital leases		885			514
Liabilities from risk management and trading activities		460			369
Other		601			581
		3,766			3,009
Other Liabilities
Deferred income taxes		1,169			1,124
Regulatory liabilities		831			817
Asset retirement obligations		943			916
Unamortized investment tax credit		137			143
Liabilities from risk management and trading activities		450			224
Liabilities from transportation and storage contracts		368			387
Accrued pension liability		313			265
Deferred gains from asset sales		357			414
Minority interest		120			132
Nuclear decommissioning		80			77
Other		774			635
		5,542			5,134
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,122			5,673
Securitization bonds		1,345			1,400
Equity-linked securities		172			178
Trust preferred-linked securities		289			289
Capital lease obligations		61			66
		6,989			7,606
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 174,159,338 and 174,209,034 shares issued and outstanding, respectively		3,307			3,323
Retained earnings		2,355			2,383
Accumulated other comprehensive loss		(218	)		(158	)
		5,444			5,548
Total Liabilities and Shareholders’ Equity	$	21,741		$	21,297

4

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)

	Six Months Ended
	June 30
	2005			2004
(in Millions)
Operating Activities
Net Income	$	151		$	225
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		424			346
Deferred income taxes		65			112
Gain on sale of interests in synfuel projects		(100	)		(106	)
Loss (gain) on sale of assets, net		3			(24	)
Partners’ share of synfuel project losses		(149	)		(87	)
Contributions from synfuel partners		113			36
Changes in assets and liabilities, exclusive of changes shown separately		172			17
Net cash from operating activities		679			519
Investing Activities
Plant and equipment expenditures — utility		(372	)		(363	)
Plant and equipment expenditures — non-utility		(58	)		(33	)
Proceeds from sale of interests in synfuel projects		145			88
Proceeds from sale of other assets		18			59
Restricted cash for debt redemptions		19			10
Other investments		(56	)		(74	)
Net cash used for investing activities		(304	)		(313	)
Financing Activities
Issuance of long-term debt		395			418
Redemption of long-term debt		(639	)		(565	)
Short-term borrowings, net		91			120
Issuance of common stock		—			21
Repurchase of common stock		(11	)		—
Dividends on common stock		(179	)		(176	)
Other		(2	)		(3	)
Net cash used for financing activities		(345	)		(185	)
Net Increase in Cash and Cash Equivalents		30			21
Cash and Cash Equivalents at Beginning of the Period		56			54
Cash and Cash Equivalents at End of the Period	$	86		$	75

5

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2005			2004			2005			2004
Operating Revenues	$	1,035		$	835		$	2,025		$	1,721
Operating Expenses
Fuel and purchased power		343			200			644			416
Operation and maintenance		330			359			651			702
Depreciation and amortization		160			122			310			236
Taxes other than income		63			62			132			130
		896			743			1,737			1,484
Operating Income		139			92			288			237
Other (Income) and Deductions
Interest expense		69			71			133			143
Interest income		—			—			(1	)		—
Other income		(18	)		(15	)		(30	)		(30	)
Other expenses		24			23			42			45
		75			79			144			158
Income Before Income Taxes		64			13			144			79
Income Tax Provision		21			5			46			27
Reported Earnings		43			8			98			52
Adjustments
Stranded Cost adjustment		—			—			—			(7	)
Incremental non-recurring DTE2 project costs		3			2			5			4
Effective tax rate normalization		—			—			—			(1	)
Operating Earnings	$	46		$	10		$	103		$	48

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 10Q.

6

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2005			2004			2005			2004
Operating Revenues	$	261		$	271		$	1,095		$	986
Operating Expenses
Cost of gas		131			161			758			649
Operation and maintenance		96			108			215			205
Depreciation, depletion and amortization		24			26			50			53
Taxes other than income		13			13			26			25
Asset (gains) and losses, net		—			—			48			(2	)
		264			308			1,097			930
Operating Income (Loss)		(3	)		(37	)		(2	)		56
Other (Income) and Deductions
Interest expense		13			13			28			27
Interest income		(3	)		(3	)		(5	)		(5	)
Other		—			—			—			(1	)
		10			10			23			23
Income (Loss) Before Income Taxes		(13	)		(47	)		(25	)		33
Income Tax Provision (Benefit)		37			(10	)		38			—
Reported Earnings		(50	)		(37	)		(63	)		33
Adjustments
Incremental non-recurring DTE2 project costs		2			1			2			3
April 2005 MPSC gas orders		4			—			65			—
Effective tax rate normalization		43			9			51			(7	)
Operating Earnings	$	(1	)	$	(27	)	$	55		$	29

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 10Q.

7

DTE Energy Debt/Equity Calculation
As of June 30, 2005
($ millions)

short-term borrowings	$	494
current portion LTD & cap leases		885
long-term debt		5,122
securitization bonds		1,345
capital leases		61
less MichCon short-term debt		—
less securitization debt, including current portion		(1,446	)
Total debt	$	6,461
Trust preferred	$	289
Mandatory convertible		172
Total preferred/ other	$	461
Equity	$	5,444
Total capitalization	$	12,366
Debt		52.3	%
Preferred stock		3.7	%
Common shareholders’ equity		44.0	%
Total		100.0	%

8

Sales Analysis — Q2 2005

Electric Sales — Detroit Edison Service Area (GWh)

	Q2 2005			Q2 2004		% Change
Residential		3,766			3,472		8	%
Commercial		3,820			3,049		25	%
Industrial		3,024			2,810		8	%
Other		646			656		-2	%
		11,256			9,987		13	%
Interconnection		1,142	*		1,026		11	%
Choice**		1,996			2,480		-20	%
TOTAL SALES		14,393			13,493		7	%

*	Estimated due to MISO startup
**	Includes Dearborn Industrial Group sales

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

	Q2 2005		Q2 2004		% Change
Residential		338,297		309,485		9	%
Commercial		326,309		257,378		27	%
Industrial		166,384		135,628		23	%
Other		30,730		30,531		1	%
		861,720		733,022		18	%
Interconnection		76,490		39,614		93	%
Choice*		39,180		46,937		-17	%
TOTAL REVENUES		977,390		819,573		19	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	Q2 2005		Q2 2004			% Change
Residential		16,509,131		17,721,665			-7	%
Commercial		5,017,774		5,666,174			-11	%
Industrial		306,601		(947,171	)		n/m
		21,833,506		22,440,668			-3	%
End User Transportation*		32,628,790		29,160,337			12	%
TOTAL SALES		54,462,296		51,601,005			6	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q2 2005		Q2 2004			% Change
Residential		185,175		146,783			26	%
Commercial		54,235		44,812			21	%
Industrial		3,082		(6,674	)		n/m
		242,492		184,921			31	%
End User Transportation*		27,861		25,136			11	%
TOTAL REVENUES		270,353		210,057			29	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service area

	Q2 2005			Q2 2004			% Change
Actuals		301			171			76	%
Normal		193			193
Deviation from normal		56	%		-11	%

Heating Degree Days

MichCon service area

	Q2 2005			Q2 2004			% Change
Actuals		757			766			-1	%
Normal*		860			888
Deviation from normal		-12	%		-14	%

* 2005 data based on 30-year average, 2004 data based on 10-year average

9