-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DJfHw5KXOKGjoEcr6Aiu61gi1SpabnhjZfiZN3n4uBlmuHUqkWe5m8oPFPl+KxCE UbsmV4VsgPCKy2RjwMZ01Q== 0000950124-07-001117.txt : 20070227 0000950124-07-001117.hdr.sgml : 20070227 20070226173245 ACCESSION NUMBER: 0000950124-07-001117 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20070226 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070227 DATE AS OF CHANGE: 20070226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICHIGAN CONSOLIDATED GAS CO /MI/ CENTRAL INDEX KEY: 0000065632 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 380478040 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07310 FILM NUMBER: 07650348 BUSINESS ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DTE ENERGY CO CENTRAL INDEX KEY: 0000936340 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 383217752 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11607 FILM NUMBER: 07650349 BUSINESS ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DTE HOLDINGS INC DATE OF NAME CHANGE: 19950127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DETROIT EDISON CO CENTRAL INDEX KEY: 0000028385 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 380478650 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02198 FILM NUMBER: 07650350 BUSINESS ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: 2000 2ND AVENUE STREET 2: 2343 WCB CITY: DETROIT STATE: MI ZIP: 48226 8-K 1 k12732e8vk.htm CURRENT REPORT, DATED FEBRUARY 26, 2007 e8vk
 

 
 
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 26, 2007
         
    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))
 
 

 


 

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 February 26, 2007, announcing financial results for the year ended December 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 February 26, 2007.
 
   
99.2
  Financial Information Distributed for Media and Investor Relations Communications dated February 26, 2007.
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: February 26, 2007
         
  DTE ENERGY COMPANY
(Registrant)
 
 
  /s/ Peter Oleksiak    
  Peter Oleksiak    
  Vice President and Controller   
 
         
  THE DETROIT EDISON COMPANY
(Registrant)
 
 
  /s/ Peter Oleksiak    
  Peter Oleksiak    
  Controller   
 
         
  MICHIGAN CONSOLIDATED GAS COMPANY
(Registrant)
 
 
  /s/ Peter Oleksiak    
  Peter Oleksiak    
  Controller   

 


 

         
EXHIBIT INDEX
     
Exhibit    
Number   Description
 
   
99.1
  Earnings Release of DTE Energy Company dated February 26, 2007.
 
   
99.2
  Financial Information Distributed for Media and Investor Relations Communications dated February 26, 2007.

 

EX-99.1 2 k12732exv99w1.htm EARNINGS RELEASE, DATED FEBRUARY 26, 2007 exv99w1
 

Exhibit 99.1
Feb. 26, 2007
DTE Energy announces strong 2006 operating earnings
     DETROIT — DTE Energy (NYSE:DTE) today reported 2006 earnings of $433 million, or $2.43 per diluted share, compared with reported earnings of $537 million, or $3.05 per diluted share in 2005. Reported earnings declined from 2005 primarily due to reduced synthetic fuel production and associated accounting reserves. Additionally, restructuring of non-utility businesses resulted in one-time impairments related to peaking plants, waste coal recovery and biomass operations.
     The company had 2006 operating earnings of $593 million, or $3.33 per diluted share, compared with 2005 operating earnings of $577 million, or $3.28 per diluted share. Operating results exclude non-recurring items, certain timing-related items and discontinued operations.
     Excluding synthetic fuels, 2006 operating earnings were $2.89 per diluted share, above the company’s prior guidance of $2.52 to $2.63 per diluted share primarily due to better than expected performance at Detroit Edison and Energy Trading. Reconciliations of reported to operating earnings for both the quarter ended and 12 months ended Dec. 31, 2006 and 2005, are at the end of this news release.
     DTE Energy also reported cash flow from operations of approximately $1.5 billion in 2006, a 50 percent increase over the $1 billion reported in 2005.
     “I’m pleased with our accomplishments in 2006,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “Our robust cash flow enabled a dividend increase, and we worked hard to produce strong results in our utilities. Both customers and shareholders are benefiting from our investments in improving utility service and safety while at the same time reducing our operating costs through our comprehensive Performance Excellence Process.
     “In addition, our non-utility restructuring is proceeding as planned and we expect to generate more than $1 billion of cash flow in 2007 as we harvest some of the value we have created in our Unconventional Gas, Power and Industrial Projects and other non-utility businesses,” Earley continued. “Overall, I expect our utility and non-utility strategies to continue to produce sustainable long-term earnings growth and cash flow.”
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- 2 -
Operating earnings and other results for 2006, by segment:
     Electric Utility: Operating earnings for Detroit Edison were $2.03 per diluted share versus $1.54 in 2005. The primary earnings driver was higher gross margins due to the expiration of the cap on residential rates in 2006 and customers returning to full utility service. Partially offsetting these improved results was milder weather in 2006 compared with 2005. In 2006 Detroit Edison invested $230 million in environmental projects to produce cleaner air and water and $741 million on other power generation, distribution system and technology improvements to improve reliability and efficiency.
     Gas Utility: Primarily consisting of MichCon, this segment had operating earnings of $0.36 per diluted share compared with $0.42 in 2005. Lower sales due to milder weather and conservation were the main factors impacting year-over-year earnings. These impacts were partially offset by improved gas storage margins, a full year of higher rates from the April 2005 rate order, and lower operating and maintenance expense. MichCon invested $157 million in 2006 for improvements designed to benefit customers, including gas storage additions and a gas distribution system expansion to meet growing demand in western Michigan.
     Coal and Gas Midstream: This segment had operating earnings of $0.29 per diluted share compared with $0.26 in 2005. Driving earnings higher were higher non-utility gas storage margins and increased coal marketing activity.
     Unconventional Gas Production: Operating earnings for this segment increased to $0.05 per diluted share compared with $0.02 in 2005, primarily due to higher production from the Barnett shale and the continued repricing of Antrim shale gas production as low-priced legacy contracts expire. Offsetting these revenue increases were commensurate increases in operating and depletion expenses associated with higher production and the operation of new wells.
     DTE Energy drilled 142 wells and produced 22 billion cubic feet of natural gas equivalent (Bcfe) in its Antrim shale properties in Michigan in 2006. In its Barnett shale properties in Texas, the company successfully drilled 64 wells and produced 4.1 Bcfe in 2006.
     Power and Industrial Projects: Beginning in the third quarter of 2006, the synthetic fuel business has been shown as its own segment instead of being included in the Power and Industrial Projects segment. Power and Industrial Projects had an operating loss of $0.04 per diluted share compared with earnings of $0.02 in 2005. Key earnings drivers were improved coke battery performance offset by biomass underperformance.
     In 2006, DTE Energy recorded asset impairment charges of $0.40 per diluted share in this segment, primarily at its Crete and River Rouge peaking assets; these charges are excluded from operating earnings. The company is exploring options to remove the quarterly earnings drag resulting from its peaking plants including asset sales of remaining units.
     Energy Trading: This segment had operating earnings of $0.54 per diluted share compared with an operating loss of $0.25 in 2005. Driving earnings higher were increased trading activity and the flowback of timing-related losses incurred in 2005.
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- 3 -
     Synthetic Fuel: This segment had operating earnings of $0.44 per diluted share versus $1.56 in 2005. This decline was driven by the temporary idling of synthetic fuel plants and the partial phase out of production tax credits along with associated impairments, reserves and deferrals of potential gains from selling interests in the plants in 2006. The company has hedged its exposure to operating losses from oil price-related production tax credit phase out in 2007, and therefore expects to produce synthetic fuel at full capacity in 2007.
     Corporate and Other: This segment had an operating loss of $0.34 per diluted share, compared with a loss of $0.29 in 2005, primarily due to tax benefits received in 2005 and a contribution to the DTE Energy Foundation in 2006.
Fourth quarter 2006 operating earnings results, by segment:
     For the fourth quarter of 2006, DTE Energy had reported earnings of $142 million, or $0.79 per diluted share, compared with $382 million, or $2.14 per diluted share in 2005. Operating earnings for the fourth quarter 2006 were $167 million, or $0.93 per diluted share, compared with $378 million, or $2.12 per diluted share in 2005. Reported and operating earnings in the fourth quarter of 2005 were higher primarily due to the realization of earnings from synthetic fuel production that had been deferred for the first three quarters of 2005.
     Electric Utility: Operating earnings for Detroit Edison were $0.39 per diluted share versus $0.40 in the fourth quarter of 2005. Driving performance in 2006 was mild weather and a contribution to the DTE Energy Foundation, partially offset by more customers on full utility service compared with 2005.
     Gas Utility: MichCon had operating earnings of $0.20 per diluted share versus $0.26 in the fourth quarter of 2005. The key driver of this decline was lower gas usage due to mild weather in 2006.
     Non-Utility Operations: Operating earnings from non-utility operations were $0.44 per diluted share versus $1.60 in the fourth quarter of 2005. The higher 2005 earnings resulted from the recognition of synfuel earnings deferred from the first three quarters of 2005, as well as the flowback of timing-related accounting adjustments in the Energy Trading segment. Earnings from Unconventional Gas Production increased to $0.03 per diluted share from breakeven results in the fourth quarter of 2005 due primarily to higher gas production from the company’s Barnett shale properties.
     Corporate and Other: The Corporate and Other segment had operating losses of $0.10 per diluted share compared with losses of $0.14 in the fourth quarter of 2005. Driving the improvement was lower interest expense and taxes.
Outlook for 2007
     DTE Energy reiterated its 2007 operating earnings guidance excluding synthetic fuel of $2.60 to $2.80 per diluted share. Synthetic fuel is expected to add operating earnings of $0.60 to $1.25 per diluted share in 2007.
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- 4 -
     “In 2007 we expect to continue to earn our authorized returns at Detroit Edison and MichCon,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “As we complete portions of our non-utility restructuring, we will provide updates to our non-utility earnings outlook.”
Conference call and webcast information
     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 plans to conduct a conference call with the investment community hosted by Meador at 9 a.m. EST Tuesday, Feb. 27, to discuss 2006 earnings results and 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 telephone dial-in numbers are (800) 263-8506 or (719) 457-2681. 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. Feb. 27 to March 12, 2007. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 2050934.
     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 2007 operating earnings guidance. It is likely that certain items that impact the company’s 2007 reported results will be excluded from operating results. A reconciliation to the comparable 2007 reported earnings guidance 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.
     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 gas pipelines and storage, coal transportation, unconventional gas production and power and industrial projects. Information about DTE Energy is available at 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.
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- 5 -
     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, or the potential requirement to refund proceeds received from synfuel partners; 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, including any associated impact on rate structures; contributions to earnings by non-utility subsidiaries; 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; 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 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; uncollectible accounts receivable; binding arbitration, litigation and related appeals; 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; and the timing, terms and proceeds from any asset sale or monetization. This news release should also be read in conjunction with the “Forward-Looking Statements” section in DTE Energy’s 2005 Form 10-K and the 2006 quarterly reports on Form 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy.
- 30 -
For further information, members of the media may contact:
     
Len Singer
  Lorie N. Kessler
(313) 235-8809
  (313) 235-8807
 
   
Analysts — for further information:
   
 
   
Dan Miner
  Lisa Muschong
(313) 235-5525
  (313) 235-8505

 


 

DTE Energy Company
Consolidated Statement of Operations (unaudited)
 
                 
    Twelve Months Ended  
    December 31  
(in Millions, Except per Share Amounts)   2006     2005  
Operating Revenues
  $ 9,022     $ 9,021  
 
           
 
               
Operating Expenses
               
Fuel, purchased power and gas
    3,056       3,530  
Operation and maintenance
    3,696       3,792  
Depreciation, depletion and amortization
    1,014       868  
Taxes other than income
    321       274  
Asset (gains) and losses, reserves and impairments, net
    107       (390 )
 
           
 
    8,194       8,074  
 
           
 
               
Operating Income
    828       947  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    526       519  
Interest income
    (47 )     (57 )
Other income
    (61 )     (68 )
Other expenses
    86       55  
 
           
 
    504       449  
 
           
 
               
Income Before Income Taxes and Minority Interest
    324       498  
 
               
Income Tax Provision
    137       202  
 
               
Minority Interest (1)
    (250 )     (281 )
 
           
 
               
Income from Continuing Operations
    437       577  
 
               
Loss from Discontinued Operations, net of tax
    (5 )     (37 )
 
               
Cumulative Effect of Accounting Changes, net of tax
    1       (3 )
 
           
 
               
Net Income
  $ 433     $ 537  
 
           
 
               
Basic Earnings per Common Share
               
Income from continuing operations
  $ 2.46     $ 3.30  
Discontinued operations
    (.03 )     (.21 )
Cumulative effect of accounting changes
    .01       (.02 )
 
           
Total
  $ 2.44     $ 3.07  
 
           
 
               
Diluted Earnings per Common Share
               
Income from continuing operations
  $ 2.45     $ 3.28  
Discontinued operations
    (.03 )     (.21 )
Cumulative effect of accounting changes
    .01       (.02 )
 
           
Total
  $ 2.43     $ 3.05  
 
           
 
               
Average Common Shares
               
Basic
    177       175  
Diluted
    178       176  
 
               
Dividends Declared per Common Share
  $ 2.075     $ 2.06  
 
(1)   Primarily represents our partners’ share of synfuel project losses.

 


 

DTE Energy Company
Segment Net Income (Unaudited)
 
                                                 
    Three Months Ended December 31  
    2006     2005  
    Reported             Operating     Reported             Operating  
(in Millions)   Earnings     Adjustments     Earnings     Earnings     Adjustments     Earnings  
 
                                               
Electric Utility
  $ 68     $ 2 A   $ 70     $ 65     $ 4 B   $ 73  
 
                                    3 A        
 
                                    1 H        
 
                                               
Gas Utility
    34       5 B     36       (86 )     1 B     45  
 
            (3 )A                     130 A        
 
                                               
Non-utility Operations
                                               
 
                                               
Coal and Gas Midstream
    14             14       12             12  
 
                                               
Unconventional Gas Production
    4             4       1             1  
 
                                               
Power and Industrial Projects
    (6 )     1 C     2       1       1 B     2  
 
            7 D                                
 
                                               
Energy Trading
    29             29       129             129  
 
                                               
Synthetic Fuel
    18       11 E     29       140       (3 )E     144  
 
                                    7 I        
 
                                   
Total Non-utility Operations.
    59       19       78       283       5       288  
 
                                   
 
                                               
Corporate and Other
    (17 )           (17 )     126       (154 )A     (28 )
 
                                               
 
                                   
Income from Continuing Operations
    144       23       167       388       (10 )     378  
 
                                   
 
                                               
Discontinued Operations
    (2 )     1 F           (3 )     3 F      
 
            1 G                                
 
                                               
Cumulative Effect of Accounting Change
                      (3 )     3 J      
 
                                               
 
                                   
Net Income
  $ 142     $ 25     $ 167     $ 382     $ (4 )   $ 378  
 
                                   
 
         
Adjustments key    
A)
  Effective tax rate normalization   Quarterly adjustment to normalize effective tax rate. Annual results not impacted.
B)
  Performance Excellence Process   Costs to achieve savings from Performance Excellence Process
C)
  Impairment charge   Impairment charge of Crete, a joint venture merchant generating investment
D)
  Impairment charge   Impairment charge of Biomass landfill gas projects
E)
  2007 oil price option   Mark to market on 2007 synfuel oil hedges
F)
  Impairment charge   Impairment charge and operating results relating to the discontinuance of Dtech operations
G)
  Georgetown   Operating results relating to the discontinuance of Georgetown operations
H)
  DTE2/SAP project costs   Incremental non-recurring DTE2/SAP project costs
I)
  2006 oil price option   Mark to market on 2006 synfuel oil hedges
J)
  Cumulative effect of accounting change   Cumulative effect of change in accounting principle from adoption of FIN 47

 


 

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
 
                                                 
    Three Months Ended December 31  
    2006     2005  
    Reported             Operating     Reported             Operating  
    Earnings     Adjustments     Earnings     Earnings     Adjustments     Earnings  
 
                                               
Electric Utility
  $ 0.38     $ 0.01 A   $ 0.39     $ 0.36     $ 0.02 B   $ 0.40  
 
                                    0.02 A        
 
                                               
Gas Utility
    0.19       0.03 B     0.20       (0.48 )     0.01 B     0.26  
 
            (0.02) A                     0.73 A        
 
                                               
Non-utility Operations
                                               
 
                                               
Coal and Gas Midstream
    0.08             0.08       0.07             0.07  
 
                                               
Unconventional Gas Production
    0.03             0.03                    
 
                                               
Power and Industrial Projects
    (0.04 )     0.01 C     0.01       0.01             0.01  
 
            0.04 D                                
 
                                               
Energy Trading
    0.16             0.16       0.72             0.72  
 
                                               
Synthetic Fuel
    0.10       0.06 E     0.16       0.78       (0.02 )E     0.80  
 
                                    0.04 I        
 
                                   
Total Non-utility Operations.
    0.33       0.11       0.44       1.58       0.02       1.60  
 
                                   
 
                                               
Corporate and Other
    (0.10 )           (0.10 )     0.72       (0.86 )A     (0.14 )  
 
                                               
 
                                   
Income from Continuing Operations
    0.80       0.13       0.93       2.18       (0.06 )     2.12  
 
                                   
 
                                               
Discontinued Operations
    (0.01 )     0.01 F           (0.02 )     0.02 F      
 
                                               
Cumulative Effect of Accounting Change
                      (0.02 )     0.02 J      
 
                                               
 
                                   
Net Income
  $ 0.79     $ 0.14     $ 0.93     $ 2.14     $ (0.02 )   $ 2.12  
 
                                   
 
         
Adjustments key    
A)
  Effective tax rate normalization   Quarterly adjustment to normalize effective tax rate. Annual results not impacted.
B)
  Performance Excellence Process   Costs to achieve savings from Performance Excellence Process
C)
  Impairment charge   Impairment charge of Crete, a joint venture merchant generating investment
D)
  Impairment charge   Impairment charge of Biomass landfill gas projects
E)
  2007 oil price option   Mark to market on 2007 synfuel oil hedges
F)
  Impairment charge   Impairment charge and operating results relating to the discontinuance of Dtech operations
G)
  Georgetown   Operating results relating to the discontinuance of Georgetown operations
H)
  DTE2/SAP project costs   Incremental non-recurring DTE2/SAP project costs
I)
  2006 oil price option   Mark to market on 2006 synfuel oil hedges
J)
  Cumulative effect of accounting change   Cumulative effect of change in accounting principle from adoption of FIN 47

 


 

DTE Energy Company
Segment Net Income (Unaudited)
 
                                                 
    Twelve Months Ended December 31  
    2006     2005  
    Reported             Operating     Reported             Operating  
(in Millions)   Earnings     Adjustments     Earnings     Earnings     Adjustments     Earnings  
 
                                               
Electric Utility
  $ 325     $ 38 A   $ 363     $ 277     $ 4 B   $ 272  
 
                                    8 J        
 
                                    (17 )Q        
 
                                               
Gas Utility
    50       16 B      66       37       1 B     73  
 
                                    5 J        
 
                                    30 L        
 
                                               
Non-utility Operations
                                               
 
                                               
Coal and Gas Midstream
    50       1 B      51       45             45  
 
                                               
Unconventional Gas Production
    9             9       4             4  
 
                                               
Power and Industrial Projects
    (80 )     1 B      (9 )     4       1 B     5  
 
            13 C                                
 
            27 D                                
 
            21 E                                
 
            9 F                                
 
                                               
Energy Trading
    96             96       (43 )           (43 )
 
                                               
Synthetic Fuel
    48       26 G     78       305       (3 )H     276  
 
            4 H                     (26 )R        
 
                                   
Total Non-utility Operations
    123       102       225       315       (28 )     287  
 
                                   
 
                                               
Corporate and Other
    (61 )           (61 )     (52 )     (3 )Q     (55 )
 
                                               
 
                                   
Income from Continuing Operations
    437       156       593       577             577  
 
                                   
 
                                               
Discontinued Operations
    (5 )     4 I           (37 )     36 I      
 
            1 P                     (2 )M        
 
                                    3 N        
 
                                               
Cumulative Effect of Accounting Changes
    1       (1 )K           (3 )     3O        
 
                                   
Net Income
  $ 433     $ 160     $ 593     $ 537     $ 40     $ 577  
 
                                   
 
         
Adjustments key    
A)
  September 2006 MPSC Electric   Impact of disallowance of 2004 stranded costs and PSCR reconciliation
B)
  Performance Excellence Process   Costs to achieve savings from Performance Excellence Process
C)
  Impairment charge   Impairment charge PepTec operations
D)
  Impairment charge   Impairment charge of River Rouge merchant generation facility
E)
  Impairment charge   Impairment charge of Crete, a joint venture merchant generating investment
F)
  Impairment charge   Impairment charge of Biomass landfill gas projects
G)
  2006 oil price option rollback   Mark to market on 2006 synfuel oil hedges recognized in 2005
H)
  2007 oil price option   Mark to market on 2007 synfuel oil hedges
I)
  Impairment charge   Impairment charge and operating results relating to the discontinuance of Dtech operations
J)
  DTE2/SAP project costs   Incremental non-recurring DTE2/SAP project costs
K)
  Cumulative effect of accounting change   Cumulative effect of a change in accounting principle from adoption of FASB No. 123-R
L)
  April 2005 MPSC Gas   Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
M)
  Gain on sale of Southern Missouri   Gain from the sale of Southern Missouri Gas Company
N)
  Gain on sale of ITC   A related adjustment from the sale of International Transmission Company
O)
  Cumulative effect of accounting change   Cumulative effect of a change in accounting principle from adoption of FIN 47
P)
  Georgetown   Operating results relating to the discontinuance of Georgetown operations
Q)
  Gain on sale of assets   Gain on sale of land
R)
  2006 oil price option   Mark to market on 2006 synfuel oil hedges

 


 

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
 
                                                 
    Twelve Months Ended December 31  
    2006     2005  
    Reported             Operating     Reported             Operating  
    Earnings     Adjustments     Earnings     Earnings     Adjustments     Earnings  
 
                                               
Electric Utility
  $ 1.82     $ 0.21 A   $ 2.03     $ 1.57     $ 0.02 B   $ 1.54  
 
                                    0.04  J        
 
                                    (0.09 )Q        
 
                                               
Gas Utility
    0.28       0.08 B     0.36       0.21       0.01 B     0.42  
 
                                    0.03 J        
 
                                    0.17 L        
 
                                               
Non-utility Operations
                                               
 
                                               
Coal and Gas Midstream
    0.28       0.01 B     0.29       0.26             0.26  
 
                                               
Unconventional Gas Production
    0.05             0.05       0.02             0.02  
 
                                               
Power and Industrial Projects
    (0.45 )     0.01 B     (0.04 )     0.02             0.02  
 
            0.08 C                                
 
            0.15 D                                
 
            0.12 E                                
 
            0.05 F                                
 
                                               
Energy Trading
    0.54             0.54       (0.25 )           (0.25 )
 
                                               
Synthetic Fuel
    0.27       0.15 G     0.44       1.73       (0.02 )H     1.56  
 
            0.02 H                     (0.15 )R        
 
                                   
Total Non-utility Operations
    0.69       0.59       1.28       1.78       (0.17 )     1.61  
 
                                   
 
                                               
Corporate and Other
    (0.34 )           (0.34 )     (0.28 )     (0.01 )Q     (0.29 )
 
                                               
 
                                   
Income from Continuing Operations
    2.45       0.88       3.33       3.28             3.28  
 
                                   
 
                                               
Discontinued Operations
    (0.03 )     0.02 I           (0.21 )     0.21  I      
 
            0.01 P                     (0.01 )M        
 
                                    0.01  N        
 
                                               
Cumulative Effect of Accounting Changes
    0.01       (0.01 )K           (0.02 )     0.02  O      
 
                                               
 
                                   
Net Income
  $ 2.43     $ 0.90     $ 3.33     $ 3.05     $ 0.23     $ 3.28  
 
                                   
 
         
Adjustments key
A) September 2006 MPSC Electric
 
Impact of disallowance of 2004 stranded costs and PSCR reconciliation
B)
  Performance Excellence Process   Costs to achieve savings from Performance Excellence Process
C)
  Impairment charge   Impairment charge PepTec operations
D)
  Impairment charge   Impairment charge of River Rouge merchant generation facility
E)
  Impairment charge   Impairment charge of Crete, a joint venture merchant generating investment
F)
  Impairment charge   Impairment charge of Biomass landfill gas projects
G)
  2006 oil price option rollback   Mark to market on 2006 synfuel oil hedges recognized in 2005
H)
  2007 oil price option   Mark to market on 2007 synfuel oil hedges
I)
  Impairment charge   Impairment charge and operating results relating to the discontinuance of Dtech operations
J)
  DTE2/SAP project costs   Incremental non-recurring DTE2/SAP project costs
K)
  Cumulative effect of accounting change   Cumulative effect of a change in accounting principle from adoption of FASB No. 123-R
L)
  April 2005 MPSC Gas   Impact of disallowances of 2002 gas costs and certain computer systems and equipment costs
M)
  Gain on sale of Southern Missouri   Gain from the sale of Southern Missouri Gas Company
N)
  Gain on sale of ITC   A related adjustment from the sale of International Transmission Company
O)
  Cumulative effect of accounting change   Cumulative effect of a change in accounting principle from adoption of FIN 47
P)
  Georgetown   Operating results relating to the discontinuance of Georgetown operations
Q)
  Gain on sale of assets   Gain on sale of land
R)
  2006 oil price option   Mark to market on 2006 synfuel oil price hedges

 

EX-99.2 3 k12732exv99w2.htm FINANCIAL INFORMATION DISTRIBUTED, DATED FEBRUARY 26, 2007 exv99w2
 

Exhibit 99.2
(DTE ENERGY COVER PAGE)

 


 

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)
                 
    December 31  
    2006     2005  
(in Millions)
               
ASSETS
               
Current Assets
               
Cash and cash equivalents
  $ 147     $ 88  
Restricted cash
    146       122  
Accounts receivable
               
Customer (less allowance for doubtful accounts of $170 and $136, respectively)
    1,427       1,746  
Collateral held by others
    68       286  
Other
    442       363  
Accrued power and gas supply cost recovery revenue.
    117       186  
Inventories
Fuel and gas
    562       522  
Materials and supplies
    153       146  
Deferred income taxes
    245       257  
Assets from risk management and trading activities
    461       806  
Other
    193       160  
 
           
 
    3,961       4,682  
 
           
 
               
Investments
               
Nuclear decommissioning trust funds
    740       646  
Other
    505       530  
 
           
 
    1,245       1,176  
 
           
 
               
Property
               
Property, plant and equipment
    19,224       18,660  
Less accumulated depreciation and depletion
    (7,773 )     (7,830 )
 
           
 
    11,451       10,830  
 
           
 
               
Other Assets
               
Goodwill
    2,057       2,057  
Regulatory assets
    3,198       2,074  
Securitized regulatory assets
    1,235       1,340  
Intangible assets
    72       99  
Notes receivable
    164       409  
Assets from risk management and trading activities
    164       316  
Prepaid pension assets
    71       186  
Other
    139       166  
 
           
 
    7,100       6,647  
 
           
 
               
Total Assets
  $ 23,757     $ 23,335  
 
           

 


 

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)
                 
    December 31  
    2006     2005  
(in Millions, Except Shares)
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities
               
Accounts payable
  $ 1,145     $ 1,187  
Accrued interest
    115       115  
Dividends payable
    94       92  
Short-term borrowings
    1,131       943  
Current portion of long-term debt, including capital leases
    354       691  
Liabilities from risk management and trading activities
    437       1,089  
Other
    888       803  
 
           
 
    4,164       4,920  
 
           
 
               
Other Liabilities
               
Deferred income taxes
    1,465       1,396  
Regulatory liabilities
    765       715  
Asset retirement obligations
    1,213       1,091  
Unamortized investment tax credit
    120       131  
Liabilities from risk management and trading activities
    259       527  
Liabilities from transportation and storage contracts
    157       317  
Accrued pension liability
    388       284  
Accrued postretirement liability
    1,414       406  
Deferred gains from asset sales
    36       188  
Minority interest
    42       92  
Nuclear decommissioning
    99       85  
Other
    312       334  
 
           
 
    6,270       5,566  
 
           
 
               
Long-Term Debt (net of current portion)
               
Mortgage bonds, notes and other
    5,918       5,234  
Securitization bonds
    1,185       1,295  
Equity-linked securities
          175  
Trust preferred-linked securities
    289       289  
Capital lease obligations
    82       87  
 
           
 
    7,474       7,080  
 
           
 
               
Commitments and Contingencies
               
 
               
Shareholders’ Equity
               
Common stock, without par value, 400,000,000 shares authorized, 177,138,060 and 177,814,429 shares issued and outstanding, respectively
    3,467       3,483  
Retained earnings
    2,593       2,557  
Accumulated other comprehensive loss
    (211 )     (271 )
 
           
 
    5,849       5,769  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 23,757     $ 23,335  
 
           

 


 

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)
                 
    Year Ended December 31  
    2006     2005  
(in Millions)
               
Operating Activities
               
Net Income
  $ 433     $ 537  
Adjustments to reconcile net income to net cash from operating activities:
               
Depreciation, depletion and amortization
    1,014       872  
Deferred income taxes
    28       147  
Gain on sale of assets, net
    (11 )     (38 )
Gain on sale of interests in synfuel projects
    (38 )     (367 )
Impairment of synfuel projects
    77        
Partners’ share of synfuel project losses
    (251 )     (318 )
Contributions from synfuel partners
    197       243  
Cumulative effect of accounting changes
    (1 )     3  
Changes in assets and liabilities, exclusive of changes shown separately
    8       (78 )
 
           
Net cash from operating activities
    1,456       1,001  
 
           
 
               
Investing Activities
               
Plant and equipment expenditures — utility
    (1,126 )     (850 )
Plant and equipment expenditures — non-utility
    (277 )     (215 )
Acquisitions, net of cash acquired
    (42 )     (50 )
Proceeds from sale of interests in synfuel projects
    246       349  
Proceeds from sale of assets, net
    67       60  
Restricted cash for debt redemptions
    (21 )     4  
Proceeds from sale of nuclear decommissioning trust fund assets
    253       201  
Investment in nuclear decommissioning trust funds
    (284 )     (235 )
Other investments
    (10 )     (66 )
 
           
Net cash used for investing activities
    (1,194 )     (802 )
 
             
 
               
Financing Activities
               
Issuance of long-term debt
    612       869  
Redemption of long-term debt
    (687 )     (1,266 )
Short-term borrowings, net
    291       437  
Issuance of common stock
    17       172  
Repurchase of common stock
    (61 )     (13 )
Dividends on common stock
    (365 )     (360 )
Other
    (10 )     (6 )
 
           
Net cash used for financing activities
    (203 )     (167 )
 
           
 
               
Net Increase in Cash and Cash Equivalents
    59       32  
Cash and Cash Equivalents at Beginning of the Period
    88       56  
 
           
Cash and Cash Equivalents at End of the Period
  $ 147     $ 88  
 
           

 


 

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)
                 
    Year Ended December 31  
    2006     2005  
(in Millions)
               
 
               
Operating Revenues
  $ 4,737     $ 4,462  
 
           
 
               
Operating Expenses
               
Fuel and purchased power
    1,566       1,590  
Operation and maintenance
    1,337       1,308  
Depreciation and amortization
    812       640  
Taxes other than income
    252       241  
Asset (gains) and losses, net
    (6 )     (26 )
 
           
 
    3,961       3,753  
 
           
 
               
Operating Income
    776       709  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    278       267  
Interest income
    (4 )     (3 )
Other income
    (35 )     (27 )
Other expenses
    55       46  
 
           
 
    294       283  
 
           
 
               
Income Before Income Taxes
    482       426  
 
               
Income Tax Provision
    162       149  
 
           
 
               
Income Before Accounting Change
    320       277  
 
               
Cumulative Effect of Accounting Change
    1       (3 )
 
           
 
               
Reported Earnings
    321       274  
 
               
Adjustments
               
September 2006 MPSC electric rate order
    38        
Cumulative Effect of Accounting Change
    (1 )     3  
Performance Excellence Process
          4  
Incremental non-recurring DTE2 project costs
          8  
Gain on sale of assets
          (17 )
 
           
 
               
Operating Earnings
  $ 358     $ 272  
 
           
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)
                 
    Year Ended Dececember 31  
    2006     2005  
(in Millions)
               
 
               
Operating Revenues
  $ 1,811     $ 2,098  
 
           
 
               
Operating Expenses
               
Cost of gas
    1,127       1,455  
Operation and maintenance
    421       411  
Depreciation, depletion and amortization
    95       97  
Taxes other than income
    53       42  
Asset (gains) and losses, net
          48  
 
           
 
    1,696       2,053  
 
           
 
               
Operating Income (Loss)
    115       45  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    67       57  
Interest income
    (9 )     (10 )
Other income
    (7 )     (4 )
Other expenses
          3  
 
           
 
    51       46  
 
           
 
               
Income (Loss) Before Income Taxes
    64       (1 )
 
               
Income Tax Provision (Benefit)
    12       (14 )
 
           
 
               
Reported Earnings
    52       13  
 
               
Adjustments
               
Performance Excellence Process
    16       1  
April 2005 MPSC gas orders
          57  
Incremental non-recurring DTE2 project costs.
          5  
 
           
 
               
Operating Earnings
  $ 68     $ 76  
 
           
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 LOGO)
DTE Energy Debt/Equity Calculation
As of Dec. 31, 2006
($ millions)
         
Short-term borrowings
  $ 1,131  
Current portion of long-term debt, including capital leases
    354  
Mortgage bonds, notes and other
    5,918  
Securitization bonds
    1,185  
Capital lease obligations
    82  
less MichCon short-term debt
    (331 )
less Securitization bonds, including current portion
    (1,296 )
 
     
Total debt
    7,043  
 
       
Trust preferred-linked securities
    289  
 
     
Total preferred/ other
    289  
 
       
Equity
    5,849  
 
       
 
     
Total capitalization
  $ 13,181  
 
     
 
       
Debt
    53.4 %
Preferred
    2.2 %
Common shareholders’ equity
    44.4 %
 
     
 
       
Total
    100.0 %
 
     

 


 

(LOGO)
Sales Analysis — 2006
Electric Sales — Detroit Edison Service Area (GWh)
                         
    2006     2005     % Change  
 
Residential
    15,769       16,812       -6 %
Commercial
    17,948       15,618       15 %
Industrial
    13,235       12,317       7 %
Other
    3,228       2,719       19 %
     
 
    50,180       47,466       6 %
Interconnection
    3,242       5,217       -38 %
Choice*
    3,603       7,278       -50 %
     
TOTAL SALES
    57,025       59,961       -5 %
     
 
*   Includes Dearborn Industrial Group sales
Electric Revenue — Detroit Edison Service Area ($000s)
                         
    2006     2005     % Change  
 
Residential
    1,670,697       1,516,645       10 %
Commercial
    1,602,777       1,330,824       20 %
Industrial
    835,296       696,837       20 %
Other
    165,679       127,487       30 %
     
 
    4,274,449       3,671,793       16 %
Interconnection
    169,071       380,035       -56 %
Choice*
    83,813       142,070       -41 %
     
TOTAL REVENUES
    4,527,333       4,193,898       8 %
     
 
*   Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales — MichCon Service Area (Mcf)
                         
    2006     2005     % Change  
 
Residential
    102,759,921       123,089,401       -17 %
Commercial
    31,278,460       39,624,830       -21 %
Industrial
    1,217,010       1,501,936       -19 %
     
 
    135,255,391       164,216,167       -18 %
End User Transportation*
    135,850,307       157,046,718       -13 %
     
TOTAL SALES
    271,105,698       321,262,885       -16 %
     
 
*   Includes choice customers
Gas Revenue — MichCon Service Area ($000s)
                         
    2006     2005     % Change  
 
Residential
    1,212,498       1,349,073       -10 %
Commercial
    366,381       429,589       -15 %
Industrial
    13,493       15,968       -15 %
     
 
    1,592,372       1,794,630       -11 %
End User Transportation*
    134,929       133,887       1 %
     
TOTAL REVENUES
    1,727,301       1,928,517       -10 %
     
 
*   Includes choice customers
Weather
Cooling Degree Days
Detroit Edison service territory
                         
    2006     2005     % Change  
 
Actuals
    867       1,109       -22 %
Normal
    736       736          
             
Deviation from normal
    18 %     51 %        
 
Heating Degree Days
                       
MichCon service territory
                       
                         
    2006     2005     % Change  
 
Actuals
    5,779       6,475       -11 %
Normal
    6,671       6,776          
             
Deviation from normal
    -13 %     -4 %        

 


 

(LOGO)
Sales Analysis — Q4 2006
Electric Sales — Detroit Edison Service Area (GWh)
                         
    Q4 2006     Q4 2005     % Change  
 
Residential
    3,536       3,440       3 %
Commercial
    4,508       3,972       13 %
Industrial
    3,177       3,199       -1 %
Other
    841       716       17 %
     
 
    12,061       11,327       6 %
Interconnection
    1,235       1,246       -1 %
Choice*
    722       1,671       -57 %
     
TOTAL SALES
    14,018       14,244       -2 %
     
 
*   Includes Dearborn Industrial Group sales
Electric Revenue — Detroit Edison Service Area ($000s)
                         
    Q4 2006     Q4 2005     % Change  
 
Residential
    375,094       308,365       22 %
Commercial
    402,351       342,036       18 %
Industrial
    202,239       188,232       7 %
Other
    40,499       32,467       25 %
     
 
    1,020,183       871,100       17 %
Interconnection
    52,130       84,921       -39 %
Choice*
    15,149       32,705       -54 %
     
TOTAL REVENUES
    1,087,462       988,726       10 %
     
 
*   Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales — MichCon Service Area (Mcf)
                         
    Q4 2006     Q4 2005     % Change  
 
Residential
    33,418,677       38,269,239       -13 %
Commercial
    8,974,517       11,823,294       -24 %
Industrial
    284,327       451,373       -37 %
     
 
    42,677,521       50,543,906       -16 %
End User Transportation*
    37,243,007       40,332,976       -8 %
     
TOTAL SALES
    79,920,528       90,876,882       -12 %
     
 
*   Includes choice customers
Gas Revenue — MichCon Service Area ($000s)
                         
    Q4 2006     Q4 2005     % Change  
 
Residential
    333,234       522,906       -36 %
Commercial
    88,981       161,790       -45 %
Industrial
    2,712       5,879       -54 %
     
 
    424,927       690,575       -38 %
End User Transportation*
    38,963       36,336       7 %
     
TOTAL REVENUES
    463,890       726,911       -36 %
     
 
*   Includes choice customers
Weather
Cooling Degree Days
Detroit Edison service territory
                         
    Q4 2006     Q4 2005     % Change  
 
Actuals
    3       33       -91 %
Normal
    6       6          
             
Deviation from normal
    -50 %     450 %        
Heating Degree Days
MichCon service territory
                         
    Q4 2006     Q4 2005     % Change  
 
Actuals
    2,097       2,272       -8 %
Normal
    2,353       2,352          
             
Deviation from normal
    -11 %     -3 %        

 

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