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): April 26, 2006

	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

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Earnings Release of DTE Energy Company
Financial Information Distributed for Media & 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 April 26, 2006, announcing financial results for the quarter ended March 31, 2006. 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 April 26, 2006.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated April 26, 2006.

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”) 2005 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: April 26, 2006

DTE ENERGY COMPANY
(Registrant)
 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak  

Controller 

THE DETROIT EDISON COMPANY
(Registrant)
 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak  

Controller 

MICHIGAN CONSOLIDATED GAS COMPANY
(Registrant)
 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak  

Controller 

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated April 26, 2006.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated April 26, 2006.

EX-99.1

Exhibit 99.1

April 26, 2006

DTE Energy reports first quarter 2006 earnings up 11 percent;
maintains 2006 earnings guidance

     DETROIT — DTE Energy (NYSE:DTE) today reported first quarter 2006 earnings of $136 million, or $0.76 per diluted share, compared with $122 million, or $0.70 per diluted share in the first quarter of 2005.

     Operating earnings for the first quarter 2006 were $171 million, or $0.96 per diluted share, compared with first quarter 2005 operating earnings of $154 million, or $0.88 per diluted share. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations. Reconciliations of operating to reported earnings are included at the end of this news release.

     “I am very pleased with our strong first quarter growth, which I expect to continue throughout 2006,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “We are maintaining our focus on executing our utility and non-utility growth strategies while implementing the Performance Excellence Process, our customer-focused program to improve productivity and service.”

     Operating earnings results for the first quarter of 2006, by business unit, were as follows:

     Electric Utility: Operating earnings for Detroit Edison were $0.37 per diluted share versus $0.32 in the first quarter 2005. Driving this improved performance was the expiration of residential rate caps in January 2006, as well as the return of some Electric Choice customers. These benefits were partially offset by higher storm restoration expense and lower customer usage due to warmer weather compared with 2005.

     Gas Utility: Primarily consisting of MichCon, this segment had operating earnings of $0.26 per diluted share compared with $0.28 in the first quarter 2005. The key earnings driver was lower customer usage due to warmer weather than in 2005. This change was partially mitigated by higher rates and the allocation of interest expense from merger debt to the Corporate & Other segment resulting from MichCon’s April 2005 rate order.

     Power and Industrial Projects: Operating earnings for this segment were $0.18 per diluted share versus $0.37 in the first quarter of 2005. Performance for the quarter was negatively affected by an increase of $0.29 per diluted share compared with first quarter 2005 in accounting deferrals associated with the potential phase out of synfuel tax credits. The value of tax credits generated from synfuel production is reduced if the annual average calendar year “reference price” of oil exceeds a threshold price (estimated to be about $59 NYMEX for 2006) and is eliminated entirely if the reference price exceeds a phase-out price (estimated to be about $73 NYMEX for 2006). It is possible that the reference price will exceed the threshold price or the phase-out price, depending on the price of oil for the remainder of 2006. Until the company has near total certainty that the tax credits will retain their full value, synfuel revenue will be deferred. 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 2006. In the first quarter of 2006, DTE Energy recognized mark-to-market gains of $0.11 per diluted share more than in the first quarter of 2005.

     Unconventional Gas Production: Operating earnings for this segment were down by $0.01 per diluted share compared with the first quarter of 2005. Expanding operations in the Barnett shale contributed to increased expenses, and are expected to lead to significantly higher production and revenue in 2006 and future years. The company successfully drilled 31 wells and produced 5.3 billion cubic feet of natural gas equivalent (Bcfe) in its Antrim shale properties in the first quarter of 2006 and plans to drill approximately 130 wells and produce 22.4 Bcfe for the full year 2006. In its Barnett shale properties, the company successfully drilled 10 wells and produced 0.5 Bcfe in the first quarter of 2006, and plans to drill 55 wells and produce 4.1 Bcfe for the full year 2006.

     Fuel Transportation and Marketing: Operating earnings for this segment were $0.23 per diluted share, compared with a loss of $0.06 in the first quarter of 2005. The primary driver of the improved results was the flowback of timing-related losses from 2005.

     Corporate & Other: The Corporate & Other segment reported an operating loss of $0.08 per diluted share compared with a loss of $0.04 in the first quarter of 2005. Driving the change was the allocation of interest on merger debt from MichCon to corporate following MichCon’s April 2005 final rate order.

2006 Outlook

     As announced previously, DTE Energy expects 2006 operating earnings of $3.60 to $3.90 per diluted share, a 10 percent to 20 percent increase over 2005. DTE Energy also expects cash flow from operations of $1.10 billion to $1.15 billion in 2006, a 10 percent to 15 percent increase over 2005. This earnings and cash flow guidance assumes no oil price-related phase out of synfuel tax credits. Given current oil prices and uncertainty about pending legislation, a partial or full phase-out of tax credits is possible. If this occurs, it would be expected to adversely impact 2006 operating earnings and cash flow.

     “We expect strong performance in 2006 in both earnings and cash flow,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “We are working hard at Detroit Edison and MichCon to mitigate the impact of higher fuel prices on our customers and earn up to our authorized return on equity through our Performance Excellence Process. In our non-utility businesses, we expect to continue our steadfast focus on value creation while investing in our full pipeline of growth opportunities.”

Conference Call and Webcast

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

     DTE Energy will conduct a conference call with the investment community at 8:30 a.m. EDT Thursday, April 27, to discuss first quarter 2006 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the meeting at www.dteenergy.com/investors. The telephone dial-in numbers are (913) 312-1300 or (800) 665-0430. There is no passcode. The internet broadcast will be archived on the company’s website. An audio replay of the call will be available from 1 p.m. April 27 to May 10, 2006. To access the replay, dial (888) 203-1112 and enter passcode 9195412.

     Also on April 27, DTE Energy will hold its annual shareholder meeting. Earley and Gerard M. Anderson, DTE Energy president, will address shareholders at approximately 10 a.m. Investors, the news media and the public may listen to a live internet broadcast of the meeting at www.dteenergy.com/investors. The internet broadcast will be archived on the company’s website.

     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 provides 2006 operating earnings guidance. It is likely that certain items that impact the company’s 2006 reported results will be excluded from operating results. A reconciliation to the comparable 2006 reported earnings guidance is not provided because it is not possible to provide a reliable forecast of specific line items such as 2007 oil hedging costs, Performance Excellence Process restructuring charges and DTE2 implementation charges. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

     DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.3 million customers in Michigan and other non-utility, energy businesses focused on power and industrial projects, fuel transportation and marketing, and unconventional gas production. Information about DTE Energy is available at www.dteenergy.com.

     The information contained herein is as of the date of this news release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this news 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 news 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 higher price of oil and its impact on the value of production tax credits, and the ability to utilize and/or sell interests in facilities producing such credits; the uncertainties of successful exploration of gas shale resources and inability to estimate gas reserves with certainty; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; economic climate and population growth or decline in the geographic areas where we do business; environmental issues, laws, regulations, and the cost of remediation and compliance; nuclear regulations and operations associated with nuclear facilities; 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 and availability of coal and other raw materials, purchased power and natural gas; effects of competition; impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations; contributions to earnings by non-utility subsidiaries; 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; uncollectible accounts receivable; litigation and related appeals; 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 news 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 2005 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.

- 30 -

Members of the Media — For Further Information:
Lorie N. Kessler	Scott Simons
(313) 235-8807	(313) 235-8808
Analysts — For Further Information:
Marc Siwak	Dan Miner
(313) 235-8030	(313) 235-8030

DTE Energy Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended
	March 31
(in Millions, Except per Share Amounts)	2006			2005
Operating Revenues	$	2,635		$	2,309
Operating Expenses
Fuel, purchased power and gas		1,060			969
Operation and maintenance		1,021			893
Depreciation, depletion and amortization		225			208
Taxes other than income		92			91
Gains on sale of assets, net (1)		(5	)		(76	)
		2,393			2,085
Operating Income		242			224
Other (Income) and Deductions
Interest expense		133			128
Interest income		(12	)		(14	)
Other income		(12	)		(12	)
Other expenses		10			11
		119			113
Income (Loss) Before Income Taxes and Minority Interest		123			111
Income Tax Provision		58			38
Minority Interest (2)		(71	)		(53	)
Income from Continuing Operations		136			126
Loss from Discontinued Operations, net of tax		(1	)		(4	)
Cumulative Effect of Accounting Change, net of tax		1			—
Net Income	$	136		$	122
Basic Earnings per Common Share
Income from continuing operations	$	.76		$	.72
Discontinued operations		—			(.02	)
Cumulative effect of accounting change		.01			—
Total	$	.77		$	.70
Diluted Earnings per Common Share
Income from continuing operations	$	.76		$	.72
Discontinued operations		—			(.02	)
Cumulative effect of accounting change		—			—
Total	$	.76		$	.70
Average Common Shares
Basic		177			174
Diluted		178			175
Dividends Declared per Common Share	$	.515		$	.515

(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 March 31
	2006								2005
	Reported					Operating			Reported						Operating
(in Millions)	Earnings			Adjustments		Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	58		$	8 A	$	66		$	55		$	2 H		$	57
Gas Utility		50			2 A		48			13			8 B			48
					(4) B								1 H
													26 I
Non-utility Operations
Power and Industrial Projects		(2	)		1 A		30			68			(3) J			65
					(6) C
					26 D
					11 E
Unconventional Gas Production		1			—		1			1			—			1
Fuel Transportation and Marketing		41			—		41			(10	)		—			(10	)
		40			32		72			59			(3	)		56
Corporate & Other		(12	)		(3) B		(15	)		(1	)		(6) B			(7	)
Income from Continuing Operations		136			35		171			126			28			154
Discontinued Operations		(1	)		1 F		—			(4	)		4 F			—
Cumulative effect of accounting change		1			(1) G		—			—			—			—
Net Income	$	136		$	35	$	171		$	122		$	32		$	154

Adjustments key
A) Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
B) Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
C) 2007 oil price option	Mark to market on 2007 synfuel oil hedges
D) 2006 oil price option rollback	Mark to market on 2006 synfuel oil hedges recognized in 2005
E) Impairment charge	Impairment charge PepTec operations
F) Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations
G) Cumulative effect of accounting change	Cumulative effect of a change in accounting principle from adoption of FASB No. 123-R
H) DTE2/SAP project costs	Incremental non-recurring DTE2/SAP project costs
I) April 2005 MPSC Gas	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs.
J) 2006 oil price option	Mark to market on 2006 synfuel oil hedges

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended March 31
	2006								2005
	Reported					Operating			Reported						Operating
(in Millions)	Earnings			Adjustments		Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	0.33		$	0.04 A	$	0.37		$	0.31		$	0.01 F		$	0.32
Gas Utility		0.28			0.01 A		0.26			0.07			0.05 H			0.28
					(0.03) B								0.01 F
													0.15 G
Non-utility Operations
Power and Industrial Projects		(0.01	)		0.01 A		0.18			0.39			(0.02) H			0.37
					(0.03) C
					0.15 D
					0.06 E
Unconventional Gas Production		—			—		—			0.01			—			0.01
Fuel Transportation and Marketing		0.23			—		0.23			(0.06	)		—			(0.06	)
		0.22			0.19		0.41			0.34			(0.02	)		0.32
Corporate & Other		(0.07	)		(0.01) B		(0.08	)		—			(0.04) B			(0.04	)
Income from Continuing Operations		0.76			0.20		0.96			0.72			0.16			0.88
Discontinued Operations		—			—		—			(0.02	)		0.02 I			—
Cumulative effect of accounting change		—			—		—			—			—			—
Net Income	$	0.76		$	0.20	$	0.96		$	0.70		$	0.18		$	0.88

Adjustments key
A) Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
B) Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
C) 2007 oil price option	Mark to market on 2007 synfuel oil hedges
D) 2006 oil price option rollback	Mark to market on 2006 synfuel oil hedges recognized in 2005
E) Impairment charge	Impairment charge PepTec operations
F) DTE2/SAP project costs	Incremental non-recurring DTE2/SAP project costs
G) April 2005 MPSC Gas	Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs.
H) 2006 oil price option	Mark to market on 2006 synfuel oil hedges
I) Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations

EX-99.2

Exhibit 99.2

Q1 2006 Supplemental Financial Information April 26, 2006

DTE Energy Company
Consolidated Statement of Financial Position

	(Unaudited)
	March 31			December 31
	2006			2005
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	75		$	88
Restricted cash		99			122
Accounts receivable
Customer (less allowance for doubtful accounts of $159 and $136, respectively)		1,284			1,288
Accrued unbilled revenues		297			458
Collateral held by others		29			286
Other		570			549
Inventories
Fuel and gas		318			522
Materials and supplies		139			146
Deferred income taxes		203			257
Assets from risk management and trading activities		573			806
Other		193			160
		3,780			4,682
Investments
Nuclear decommissioning trust funds		678			646
Other		543			530
		1,221			1,176
Property
Property, plant and equipment		18,762			18,660
Less accumulated depreciation and depletion		(7,845	)		(7,830	)
		10,917			10,830
Other Assets
Goodwill		2,057			2,057
Regulatory assets		2,037			2,074
Securitized regulatory assets		1,314			1,340
Notes receivable		360			409
Assets from risk management and trading activities		253			316
Prepaid pension assets		186			186
Other		252			265
		6,459			6,647
Total Assets	$	22,377		$	23,335

DTE Energy Company
Consolidated Statement of Financial Position

	(Unaudited)
	March 31			December 31
	2006			2005
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,090		$	1,187
Accrued interest		121			115
Dividends payable		92			92
Accrued payroll		39			34
Short-term borrowings		647			943
Gas inventory equalization		158			—
Current portion of long-term debt, including capital leases		693			691
Liabilities from risk management and trading activities		569			1,089
Other		774			769
		4,183			4,920
Other Liabilities
Deferred income taxes		1,444			1,396
Regulatory liabilities		728			715
Asset retirement obligations		1,111			1,091
Unamortized investment tax credit		128			131
Liabilities from risk management and trading activities		330			527
Liabilities from transportation and storage contracts		307			317
Accrued pension liability		305			284
Deferred gains from asset sales		173			188
Minority interest		17			92
Nuclear decommissioning		90			85
Other		699			740
		5,332			5,566
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,218			5,234
Securitization bonds		1,238			1,295
Equity-linked securities		175			175
Trust preferred-linked securities		289			289
Capital lease obligations		84			87
		7,004			7,080
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 177,769,890 and 174,814,429 shares issued and outstanding, respectively		3,466			3,483
Retained earnings		2,602			2,557
Accumulated other comprehensive loss		(210	)		(271	)
		5,858			5,769
Total Liabilities and Shareholders’ Equity	$	22,377		$	23,335

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)

	Three Months Ended
	March 31
	2006			2005
(in Millions)
Operating Activities
Net Income	$	136		$	122
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		225			208
Deferred income taxes		64			51
Gain on sale of interests in synfuel projects		(22	)		(82	)
Gain on sale of assets, net		—			4
Partners’ share of synfuel project losses		(71	)		(71	)
Contributions from synfuel partners		70			47
Changes in assets and liabilities, exclusive of changes shown separately		211			134
Net cash from operating activities		613			413
Investing Activities
Plant and equipment expenditures — utility		(264	)		(172	)
Plant and equipment expenditures — non-utility		(71	)		(26	)
Acquisitions, net of cash acquired		(23	)		—
Proceeds from sale of interests in synfuel projects		72			63
Proceeds from sale of other assets		29			2
Restricted cash for debt redemptions		23			52
Proceeds from sale of nuclear decommissioning trust fund assets		37			63
Investment in nuclear decommissioning trust funds		(47	)		(73	)
Other investments		(16	)		(21	)
Net cash used for investing activities		(260	)		(112	)
Financing Activities
Issuance of long-term debt		—			395
Redemption of long-term debt		(70	)		(628	)
Short-term borrowings, net		(193	)		36
Repurchase of common stock		(8	)		(9	)
Dividends on common stock		(91	)		(90	)
Other		(4	)		(1	)
Net cash used for financing activities		(366	)		(297	)
Net Increase in Cash and Cash Equivalents		(13	)		4
Cash and Cash Equivalents at Beginning of the Period		88			56
Cash and Cash Equivalents at End of the Period	$	75		$	60

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended
	March 31
	2006			2005
(in Millions)
Operating Revenues	$	1,050		$	990
Operating Expenses
Fuel and purchased power		309			301
Operation and maintenance		345			321
Depreciation and amortization		167			150
Taxes other than income		69			69
		890			841
Operating Income		160			149
Other (Income) and Deductions
Interest expense		72			64
Interest income		—			(1	)
Other income		(7	)		(12	)
Other expenses		10			18
		75			69
Income Before Income Taxes		85			80
Income Tax Provision		27			25
Income Before Accounting Change		58			55
Cumulative Effect of Accounting Change		1			—
Reported Earnings		59			55
Adjustments
Incremental non-recurring DTE2 project costs		—			2
Performance Excellence Process		8			—
Operating Earnings	$	67		$	57

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.

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Unaudited)

	Three Months Ended March 31
	2006			2005
(in Millions)
Operating Revenues	$	863		$	834
Operating Expenses
Cost of gas		624			627
Operation and maintenance		119			119
Depreciation, depletion and amortization		23			26
Taxes other than income		15			13
Asset (gains) and losses, net		—			48
		781			833
Operating Income (Loss)		82			1
Other (Income) and Deductions
Interest expense		17			15
Interest income		(2	)		(2	)
Other income		(2	)		—
Other expenses		1
		14			13
Income (Loss) Before Income Taxes		68			(12	)
Income Tax Provision (Benefit)		18			1
Reported Earnings		50			(13	)
Adjustments
Effective tax rate normalization		(4	)		8
Performance Excellence Process		2			—
April 2005 MPSC gas orders		—			53
Incremental non-recurring DTE2 project costs		—			1
Operating Earnings	$	48		$	49

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.

DTE Energy Debt/Equity Calculation
As of March 31, 2006
($ millions)

Short-term borrowings	647
Current portion long-term debt, including capital leases	693
Mortgage bonds, notes and other	5,218
Securitization bonds	1,238
Capital lease obligations	84
Equity-linked securities	175
less MichCon short-term debt	(186	)
less Securitization bonds, including current portion	(1,345	)
Total debt	6,524
Trust preferred-linked securities	289
Total preferred/ other	289
Equity	5,858
Total capitalization	12,671
Debt	51.5	%
Preferred	2.3	%
Common shareholders’ equity	46.2	%
Total	100.0	%

Sales Analysis — Q1 2006

Electric Sales — Detroit Edison Service Area (GWh)

	Q1 2006		Q1 2005		% Change
Residential		3,836		4,051		-5	%
Commercial		4,008		3,365		19	%
Industrial		3,154		2,896		9	%
Other		782		666		17	%
		11,780		10,978		7	%
Interconnection		414		1,719		-76	%
Choice*		1,363		1,914		-29	%
TOTAL SALES		13,557		14,611		-7	%

* Includes Dearborn Industrial Group sales

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

	Q1 2006		Q1 2005		% Change
Residential		385,971		361,539		7	%
Commercial		344,029		286,344		20	%
Industrial		185,072		154,662		20	%
Other		37,902		30,118		26	%
		952,974		832,663		14	%
Interconnection		16,212		79,273		-80	%
Choice*		30,072		37,269		-19	%
TOTAL REVENUES		999,258		949,205		5	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	Q1 2006		Q1 2005		% Change
Residential		48,165,971		61,048,508		-21	%
Commercial		16,385,031		20,370,715		-20	%
Industrial		541,165		542,713		0	%
		65,092,167		81,961,936		-21	%
End User
Transportation*		43,453,449		49,593,455		-12	%
TOTAL SALES		108,545,616		131,555,391		-17	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q1 2006		Q1 2005		% Change
Residential		607,843		538,990		13	%
Commercial		206,061		182,707		13	%
Industrial		6,675		4,820		38	%
		820,579		726,517		13	%
End User
Transportation*		44,980		45,422		-1	%
TOTAL REVENUES		865,559		771,939		12	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	Q1 2006		Q1 2005		% Change
Actuals		0		0		n/m
Normal		0		0
Deviation from normal		n/m		n/m

Heating Degree Days

MichCon service territory

	Q1 2006			Q1 2005			% Change
Actuals		2,851			3,388			-16	%
Normal		3,288			3,283
Deviation from normal		-13	%		3	%