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): August 13, 2007

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

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (“DTE Energy”) is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued August 13, 2007, announcing financial results for the quarter ended June 30, 2007. 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 August 13, 2007.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated August 13, 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 both of DTE Energy’s and The Detroit Edison Company’s (“Detroit Edison”) 2006 Form 10-K (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and Detroit Edison that discuss important factors that could cause DTE Energy’s and Detroit Edison’s actual results to differ materially. DTE Energy and Detroit Edison expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: August 13, 2007

DTE ENERGY COMPANY
(Registrant)



 

/s/ Peter B. Oleksiak 

Peter B. Oleksiak 

Vice President and Controller

 

THE DETROIT EDISON COMPANY
(Registrant)



 

/s/ Peter B. Oleksiak  

Peter B. Oleksiak  

Vice President and Controller 

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated August 13, 2007.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated August 13, 2007.

EX-99.1

Aug. 13, 2007

DTE Energy announces second quarter 2007 earnings

     DETROIT — DTE Energy (NYSE:DTE) today reported second quarter 2007 earnings of $385 million, or $2.20 per diluted share, compared with a reported earnings loss of $33 million, or $0.19 per diluted share in the second quarter of 2006. Reported earnings increased primarily due to the sale of the company’s Antrim Shale gas exploration and production business and increased non-utility earnings.

     Operating earnings for the second quarter 2007 were $101 million, or $0.59 per diluted share, a significant increase compared with a second quarter 2006 operating earnings loss of $1 million, or $0.01 per diluted share. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations. Operating earnings increased primarily due to increased earnings in the Synthetic Fuel segment and timing-related losses at Energy Trading during second quarter 2006.

     DTE Energy also reported year-to-date cash flow from operations of approximately $998 million. Including synfuel production payments, adjusted cash from operations was approximately $1.2 billion, a 12 percent increase from year-to-date 2006.

     “We had a very productive quarter,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “The completed sale of our Antrim gas exploration and production business and pending sale of a 50-percent interest in a portfolio of our Power and Industrial projects exceeded our expectations and clearly demonstrated our ability to create value and return that value to our shareholders.

     “In addition, I am pleased with the agreement we recently reached on the sale of some base gas at MichCon. This collaborative settlement, which is subject to MPSC approval, calls for MichCon to share the gas sales proceeds with its customers, and provides us the opportunity to earn our authorized return on equity without raising customer base rates until 2010.”

     DTE also reported that its utilities have been performing well this summer. The Fermi 2 nuclear plant recently set a record for continuous generation and has now been online for 378 consecutive days.

     Reported earnings for the six months ended June 30, 2007, were $519 million or $2.95 per diluted share versus $103 million or $0.58 per diluted share in 2006. Year-to-date operating earnings were $253 million or $1.45 per diluted share, compared with $170 million or $0.95 per diluted share in 2006. Reconciliations of reported to operating earnings for both the quarter ended and six months ended June 30, 2007 and 2006, are at the end of this news release.

Second quarter 2007 operating earnings results, by segment:

     Electric Utility: Operating earnings for Detroit Edison were $0.37 per diluted share versus $0.46 in the second quarter of 2006. Drivers of the variance included the temporary rate reduction agreed to in August 2006 as part of the settlement of the show cause proceeding and SAP computer system startup costs partially offset by increased cooling degree days and continued implementation of the company’s cost-reduction program. The temporary rate reduction is approximately $76 million annualized and expires April 13, 2008.

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     Gas Utility: MichCon had an operating earnings loss of $0.01 per diluted share versus a $0.05 loss in the second quarter of 2006. Driving the improvement was better spring heating weather and higher gas sales volumes.

     Coal and Gas Midstream: Operating earnings in this segment, which includes non-utility gas pipelines and storage as well as coal transportation and marketing, were $0.06 per diluted share, equivalent to the second quarter of 2006.

     Unconventional Gas Production: Operating earnings from Antrim and Barnett Shale operations were $0.03 per diluted share, up from $0.01 in the second quarter of 2006. Driving the improvement was increased production from the company’s Barnett Shale wells.

     Power and Industrial Projects: Improvements from the restructuring of the company’s biomass projects and peakers resulted in operating earnings of $0.04 per diluted share, an increase over the loss of $0.02 in the second quarter of 2006.

     Energy Trading: Energy Trading had operating earnings of $0.05 per diluted share versus a loss of $0.13 in the second quarter of 2006. The year ago quarter included timing-related losses.

     Synthetic Fuel: Operating earnings from the Synthetic Fuel segment were $0.21 per diluted share compared with a $0.24 loss in the second quarter of 2006. Earnings improved due to higher production in 2007 and greater reserves recognized in 2006.

     Corporate and Other: The Corporate and Other segment had an operating loss of $0.16 per diluted share compared with a loss of $0.10 in the second quarter of 2006. Driving the performance were higher taxes and interest in 2007.

Outlook for 2007

     DTE Energy reiterated its 2007 operating earnings guidance, excluding synthetic fuel of $450 million to $485 million. Synthetic fuel is expected to add operating earnings of $150 million to $215 million in 2007.

     “The results of our non-utility monetization plan have exceeded our expectations,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “We have repurchased more than $625 million in common stock since December 2006 so we are well on our way to reaching our goal of buying back $900 million in stock by year end while maintaining a strong balance sheet.”

Conference call and webcast information

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

     DTE Energy plans to conduct a conference call with the investment community hosted by Meador at 9 a.m. EDT Tuesday, Aug. 14, to discuss 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 dteenergy.com/investors. The telephone dial-in numbers are (800) 500-0311 or (719) 457-2698. 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. Aug. 14 to Aug. 28. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 6860543.

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Recent Events and Developments

     Detroit Edison filed a rate case on April 13, 2007. According to the Michigan Public Service Commission’s (MPSC’s) schedule for the case, MPSC staff testimony is due Jan. 18, 2008, the administrative law judge’s proposal for decision is targeted for June 23, 2008, and a final order is expected in the third quarter of 2008.

     Detroit Edison expects to supplement its original filing by mid-September to include recovery of the premium paid to acquire MCN Energy in 2001, and also to include changes based on the recently enacted Michigan Business Tax. The company does not expect the additions to alter the timing of the case.

     MichCon signed a collaborative settlement agreement with all intervening parties on selling certain gas from its storage field. The settlement is subject to and has not yet received MPSC approval.

     MichCon’s gas storage enhancement projects will enable 7.2 billion cubic feet (Bcf) of base gas to become available for cycling. MichCon will deliver 3.6 Bcf of this gas to its customers at a substantial savings to market-priced supplies. The settlement also calls for MichCon to retain the proceeds from the sale of 3.6 Bcf of gas, which MichCon expects to sell in 2008 and 2009. By enabling MichCon to retain the profit from the sale of a portion of this gas, the settlement provides MichCon the opportunity to earn its authorized 11% return on equity without raising customer rates.

     MichCon agreed to not file a base rate case before Jan. 1, 2009. The rate case filing moratorium can be set aside if unanticipated changes in tax law, legislation or new accounting rules will affect MichCon’s annual net income by more than $5 million.

     Non-Utility Monetization Plan: DTE Energy’s sale of its Antrim Shale gas exploration and production business to Atlas Energy Resources LLC for approximately $1.258 billion as adjusted was announced May 20, 2007 and closed June 29.

     DTE Energy announced an agreement to sell a 50 percent interest in a portfolio of 15 power and industrial projects to GE Corporate Lending on June 30. The company expects to realize gross proceeds of approximately $800 million from the sale and a refinancing of the portfolio, which is expected to close by year end.

     In late July, DTE Energy closed the previously announced sale of its Georgetown peaker plant and also entered into an agreement to sell its 50 percent interest in the Crete peaker plant. Combined net proceeds from the sales exceeded the company’s estimate of $50 million. The sale of the Crete interest is subject to receipt of regulatory approval and is expected to close in the second half of 2007.

     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.

     Use of Adjusted Cash From Operations — DTE Energy management believes that adjusted cash from operations provides a more meaningful representation of the company’s cash from ongoing operations and uses adjusted cash from operations as a primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses adjusted cash from operations to measure performance against budget and to report to the Board of Directors.

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     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.

     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, including potential new federal and state requirements that could include carbon and more stringent mercury emission controls, a renewable portfolio standard and energy efficiency mandates; nuclear regulations and operations associated with nuclear facilities; impact of electric and gas Customer Choice programs; impact of electric and gas utility restructuring in Michigan, including legislative amendments; employee relations and the negotiation and 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; the timing, terms and proceeds from any asset sale or monetization; and implementation of new processes and new core information systems. This news release should also be read in conjunction with the “Forward-Looking Statements” section in DTE Energy’s 2006 Form 10-K and 2007 Form 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy.

# # #

For further information, members of the media may contact:
Scott Simons	Lorie N. Kessler
(313) 235-8808	(313) 235-8807
Analysts — for further information:
Dan Miner	Matt Krupinski
(313) 235-5525	(313) 235-6649

DTE Energy Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions, Except per Share Amounts)	2007			2006			2007			2006
Operating Revenues	$	1,954		$	1,895		$	4,684		$	4,530
Operating Expenses
Fuel, purchased power and gas		698			588			1,833			1,648
Operation and maintenance		1,110			906			2,168			1,927
Depreciation, depletion and amortization		242			221			467			446
Taxes other than income		114			83			208			175
Gain on sale of non-utility business		(897	)		—			(897	)		—
Other asset (gains) and losses, reserves and impairments, net		(32	)		127			(58	)		122
		1,235			1,925			3,721			4,318
Operating Income (Loss)		719			(30	)		963			212
Other (Income) and Deductions
Interest expense		134			134			271			267
Interest income		(11	)		(13	)		(21	)		(25	)
Other income		(6	)		(12	)		(24	)		(24	)
Other expenses		25			10			34			20
		142			119			260			238
Income (Loss) Before Income Taxes and Minority Interest		577			(149	)		703			(26	)
Income Tax Provision (Benefit)		247			(8	)		297			50
Minority Interest (1)		(55	)		(109	)		(113	)		(180	)
Income (Loss) from Continuing Operations		385			(32	)		519			104
Loss from Discontinued Operations, net of tax		—			(1	)		—			(2	)
Cumulative Effect of Accounting Change, net of tax		—			—			—			1
Net Income (Loss)	$	385		$	(33	)	$	519		$	103
Basic Earnings per Common Share
Income (loss) from continuing operations	$	2.21		$	(.18	)	$	2.96		$	.58
Discontinued operations		—			(.01	)		—			(.01	)
Cumulative effect of accounting change		—			—			—			.01
Total	$	2.21		$	(.19	)	$	2.96		$	.58
Diluted Earnings per Common Share
Income (loss) from continuing operations	$	2.20		$	(.18	)	$	2.95		$	.58
Discontinued operations		—			(.01	)		—			(.01	)
Cumulative effect of accounting change		—			—			—			.01
Total	$	2.20		$	(.19	)	$	2.95		$	.58
Weighted Average Common Shares Outstanding
Basic		174			177			175			177
Diluted		175			177			176			178
Dividends Declared per Common Share	$	.53		$	.515		$	1.06		$	1.03

(1) Primarily represents our partners’ share of synfuel project losses.

DTE Energy Company
Segment Net Income (Unaudited)

	Three Months Ended June 30
	2007									2006
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	60		$	1	A	$	64		$	57		$	23	C	$	81
					3	B								1	A
Gas Utility		(7	)		1	C		(3	)		(14	)		2	C		(10	)
					3	A								2	A
Non-utility Operations
Coal & Gas Midstream		11			—			11			10			—			10
Unconventional Gas Production		(211	)		210	D		5			2			—			2
					6	E
Power and Industrial Projects		6			—			6			(1	)		(1	)C		(2	)
Energy Trading		(13	)		21	H		8			(23	)					(23	)
Synthetic Fuel		37			—			37			(34	)		(8	)F		(42	)
		(170	)		237			67			(46	)		(9	)		(55	)
Corporate and Other		502			37	A		(27	)		(29	)		12	A		(17	)
					(566	)D
Income (Loss) from Continuing Operations		385			(284	)		101			(32	)		31			(1	)
Discontinued Operations		—			—			—			(1	)		1	G		—
Net Income (Loss)	$	385		$	(284	)	$	101		$	(33	)	$	32		$	(1	)

     Adjustments key

A)   Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
B)   Regulatory Asset Surcharge	Adjustment for billed sales
C)   Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
D)   Antrim sale	Net impact pertaining to Antrim sale
E)   Barnett impairment	Exploratory well write down
F)   2007 oil price option	Mark to market on 2007 synfuel oil hedges
G)   Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations
H)   Mark-to-market adjustment	Change in mark-to-market policy for natural gas contracts

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended June 30
	2007									2006
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	.34		$	.01	A	$	.37		$	.33		$	.13	C	$	.46
					.02	B
Gas Utility		(.04	)		.01	C		(.01	)		(.08	)		.01	C		(.05	)
					.02	A								.02	A
Non-utility Operations
Coal & Gas Midstream		.06			—			.06			.06			—			.06
Unconventional Gas Production		(1.20	)		1.20	D		.03			.01			—			.01
					.03	E
Power and Industrial Projects		.04			—			.04			(.01	)		(.01	)C		(.02	)
Energy Trading		(.07	)		.12	H		.05			(.13	)		—			(.13	)
Synthetic Fuel		.21			—			.21			(.19	)		(.05	)F		(.24	)
		(.96	)		1.35			.39			(.26	)		(.06	)		(.32	)
Corporate and Other		2.86			.21	A		(.16	)		(.17	)		.07	A		(.10	)
					(3.23	)D
Income (Loss) from Continuing Operations		2.20			(1.61	)		.59			(.18	)		.17			(.01	)
Discontinued Operations		—			—			—			(.01	)		.01	G		—
Net Income (Loss)	$	2.20		$	(1.61	)	$	.59		$	(.19	)	$	.18		$	(.01	)

     Adjustments key

A)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
B)	Regulatory Asset Surcharge	Adjustment for billed sales
C)	Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
D)	Antrim sale	Net impact pertaining to Antrim sale
E)	Barnett impairment.	Exploratory well write down
F)	2007 oil price option	Mark to market on 2007 synfuel oil hedges
G)	Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations
H)	Mark-to-market adjustment	Change in mark-to-market policy for natural gas contracts

DTE Energy Company
Segment Net Income (Unaudited)

	Six Months Ended June 30
	2007									2006
	Reported						Operating			Reported					Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments		Earnings
Electric Utility	$	100		$	2A		$	114		$	116		$	31D	$	148
					6B									1A
					6C
Gas Utility		60			2D			60			36			4D		38
					(2)A									(2)A
Non-utility Operations
Coal & Gas Midstream		23			—			23			23			—		23
Unconventional Gas Production		(209	)		210E			7			3			—		3
					6F
Power and Industrial Projects		10			—			10			(24	)		—		(24	)
Energy Trading		(12	)		21L			9			5					5
Synthetic Fuel		75			(1)G			74			(13	)		(14)G		10
														26H
														11I
		(113	)		236			123			(6	)		23		17
Corporate and Other		472			50A			(44	)		(42	)		9A		(33	)
					(566)E
Income from Continuing Operations		519			(266	)		253			104			66		170
Discontinued Operations		—			—			—			(2	)		2J		—
Cumulative Effect of Accounting Change		—			—			—			1			(1)K		—
Net Income	$	519		$	(266	)	$	253		$	103		$	67	$	170

     Adjustments key

A)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
B)	Regulatory Asset surcharge	Adjustment for billed sales
C)	Detroit Thermal	Increase in loss reserves
D)	Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
E)	Antrim sale	Net impact pertaining to Antrim sale
F)	Barnett impairment.	Exploratory well write down
G)	2007 oil price option	Mark to market on 2007 synfuel oil hedges
H)	2006 oil price option rollback	Mark to market on 2006 synfuel oil hedges recognized in 2005
I)	Impairment charge	Impairment charge PepTec operations
J)	Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations
K)	Cumulative effect of accounting change	Cumulative effect of a change in accounting principle from adoption of SFAS No. 123(R)
L)	Mark-to-market adjustment	Change in mark-to-market policy for natural gas contracts

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Six Months Ended June 30
	2007									2006
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Electric Utility	$	.57		$	.02	A	$	.65		$	.65		$	.18	D	$	.83
					.03	B
					.03	C
Gas Utility		.34			.01	D		.34			.21			.02	D		.22
					(.01	)A								(.01	)A
Non-utility Operations
Coal & Gas Midstream		.13			—			.13			.12			—			.12
Unconventional Gas Production		(1.19	)		1.20	E		.04			.02			—			.02
					.03	F
Power and Industrial Projects		.06			—			.06			(.14	)		—			(.14	)
Energy Trading		(.07	)		.12	L		.05			.03			—			.03
Synthetic Fuel		.43			—			.43			(.07	)		(.08	)G		.06
														.15	H
														.06	I
		(.64	)		1.35			.71			(.04	)		.13			.09
Corporate and Other		2.68			.28	A		(.25	)		(.24	)		.05	A		(.19	)
					(3.21	)E
Income from Continuing Operations		2.95			(1.50	)		1.45			.58			.37			.95
Discontinued Operations		—			—			—			(.01	)		.01	J		—
Cumulative Effect of Accounting Change		—			—			—			.01			(.01	)K		—
Net Income	$	2.95		$	(1.50	)	$	1.45		$	.58		$	.37		$	.95

     Adjustments key

A)	Effective tax rate normalization	Quarterly adjustment to normalize effective tax rate. Annual results not impacted
B)	Regulatory Asset surcharge	Adjustment for billed sales
C)	Detroit Thermal	Increase in loss
D)	Performance Excellence Process	Costs to achieve savings from Performance Excellence Process
E)	Antrim Sale	Net impact pertaining to Antrim sale
F)	Barnett impairment	Exploratory well write down.
G)	2007 oil price option	Mark to market on 2007 synfuel oil hedges
H)	2006 oil price option rollback	Mark to market on 2006 synfuel oil hedges recognized in 2005
I)	Impairment charge	Impairment charge PepTec operations
J)	Impairment charge	Impairment charge and operating results relating to the discontinuance of Dtech operations
K)	Cumulative effect of accounting change	Cumulative effect of a change in accounting principle from adoption of SFAS No. 123(R)
L)	Mark-to-market adjustment	Change in mark-to-market policy for natural gas contracts

DTE Energy Company
Reconciliation of Cash from Operations to Adjusted Cash from Operations

(in Millions)	YTD June 30 2007		YTD June 30 2006
Cash from Operations	$	998	$	914
Synfuel Production Payment*		205		163
Adjusted Cash from Operations	$	1,203	$	1,077

* accounted for in the investing activities section of the statement of cash flows

EX-99.2

Exhibit 99.2

Second Quarter 2007 Supplemental Financial Information August 13, 2007

DTE Energy Company
Consolidated Statement of Financial Position (unaudited)

	June 30			December 31
	2007			2006
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	993		$	147
Restricted cash		143			146
Accounts receivable (less allowance for doubtful accounts of $179 and $170, respectively)
Customer		1,391			1,427
Customer Collateral held by others		102			68
Other		205			442
Accrued power and gas supply cost recovery revenue		88			117
Inventories
Fuel and gas		530			562
Materials and supplies		180			153
Deferred income taxes		283			245
Assets from risk management and trading activities		273			461
Other		148			193
		4,336			3,961
Investments
Nuclear decommissioning trust funds		794			740
Other		520			505
		1,314			1,245
Property
Property, plant and equipment		19,024			19,224
Less accumulated depreciation and depletion		(7,564	)		(7,773	)
		11,460			11,451
Other Assets
Goodwill		2,043			2,057
Regulatory assets		3,112			3,226
Securitized regulatory assets		1,182			1,235
Intangible assets		72			72
Notes receivable		149			164
Assets from risk management and trading activities		94			164
Prepaid pension assets		75			71
Other		121			139
		6,848			7,128
Total Assets	$	23,958		$	23,785

The Consolidated Statement of Financial Position (Unaudited) should be read in conjunction with the Notes
to Consolidated Financial Statements appearing in Forms 10-K and 10-Q

DTE Energy Company
Consolidated Statement of Financial Position (unaudited)

	June 30			December 31
	2007			2006
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,344		$	1,145
Accrued interest		116			115
Dividends payable		91			94
Short-term borrowings		801			1,131
Gas inventory equalization		145			—
Current portion of long-term debt, including capital leases		403			354
Liabilities from risk management and trading activities		263			437
Deferred gains from asset sales		288			208
Other		701			680
		4,152			4,164
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,816			5,918
Securitization bonds		1,124			1,185
Trust preferred-linked securities		289			289
Capital lease obligations		75			82
		7,304			7,474
Other Liabilities
Deferred income taxes		1,562			1,465
Regulatory liabilities		808			765
Asset retirement obligations		1,248			1,221
Unamortized investment tax credit		113			120
Liabilities from risk management and trading activities		411			259
Liabilities from transportation and storage contracts		137			157
Accrued pension liability		393			388
Accrued postretirement liability		1,424			1,414
Deferred gains from asset sales		16			36
Nuclear decommissioning		126			119
Other		328			312
		6,566			6,256
Commitments and Contingencies
Minority Interest		47			42
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 170,649,715 and 177,138,060 shares issued and outstanding, respectively		3,311			3,467
Retained earnings (less FIN 48 cumulative effect adjustment of $5 in 2007)		2,700			2,593
Accumulated other comprehensive loss		(122	)		(211	)
		5,889			5,849
Total Liabilities and Shareholders’ Equity	$	23,958		$	23,785

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)

	Six Months Ended
	June 30
	2007			2006
(in Millions)
Operating Activities
Net Income	$	519		$	103
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		467			446
Deferred income taxes		(4	)		53
Gain on sale of interests in synfuel projects		(77	)		(20	)
Gain on sale of non-utility business		(897	)		—
Other asset (gains), losses and reserves, net		10			2
Impairment of synfuel projects		—			122
Partners’ share of synfuel project losses		(115	)		(180	)
Contributions from synfuel partners		101			129
Cumulative effect of accounting change		—			(1	)
Changes in assets and liabilities, exclusive of changes shown separately		994			260
Net cash from operating activities		998			914
Investing Activities
Plant and equipment expenditures — utility		(480	)		(574	)
Plant and equipment expenditures — non-utility		(141	)		(144	)
Acquisitions, net of cash acquired		—			(27	)
Proceeds from sale of interests in synfuel projects		221			163
Refunds to synfuel partners		(16	)		—
Proceeds from sale of non-utility business		1,258			—
Proceeds from sale of other assets, net		11			34
Restricted cash for debt redemptions		4			(5	)
Proceeds from sale of nuclear decommissioning trust fund assets		124			99
Investment in nuclear decommissioning trust funds		(140	)		(118	)
Other investments		(30	)		(31	)
Net cash from (used for) investing activities		811			(603	)
Financing Activities
Issuance of long-term debt		—			545
Redemption of long-term debt		(111	)		(620	)
Short-term borrowings, net		(330	)		(50	)
Repurchase of common stock		(333	)		(10	)
Dividends on common stock		(187	)		(182	)
Other		(2	)		(6	)
Net cash used for financing activities		(963	)		(323	)
Net Increase (Decrease) in Cash and Cash Equivalents		846			(12	)
Cash and Cash Equivalents at Beginning of the Period		147			88
Cash and Cash Equivalents at End of the Period	$	993		$	76

The Consolidated Statement of Cash Flows (Unaudited) should be read in conjunction with the Notes
to Consolidated Financial Statements appearing in Forms 10-K and 10-Q

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2007			2006			2007			2006
Operating Revenues	$	1,210		$	1,175		$	2,304		$	2,225
Operating Expenses
Fuel and purchased power		402			409			756			718
Operation and maintenance		380			369			728			714
Depreciation and amortization		198			168			380			335
Taxes other than income		69			65			141			134
Asset (gains) and reserves, net		(1	)		—			6			—
		1,048			1,011			2,011			1,901
Operating Income		162			164			293			324
Other (Income) and Deductions
Interest expense		75			76			149			148
Interest income		(2	)		(1	)		(3	)		(1	)
Other income		(7	)		(6	)		(18	)		(13	)
Other expenses		6			10			15			20
		72			79			143			154
Income Before Income Taxes		90			85			150			170
Income Tax Provision		30			28			50			55
Income Before Accounting Change		60			57			100			115
Cumulative Effect of Accounting Change		—			—			—			1
Reported Earnings		60			57			100			116
Adjustments
Effective tax rate normalization		1			1			2			1
Regulatory asset surcharge		3			—			6			—
Performance Excellence Process		—			23			—			31
Detroit Thermal Reserve		—			—			6			—
		4			24			14			32
Operating Earnings	$	64		$	81		$	114		$	148

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to
Consolidated Financial Statements appearing in Forms 10-K and 10-Q.

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2007			2006			2007			2006
Operating Revenues	$	305		$	229		$	1,166		$	1,092
Operating Expenses
Cost of gas		158			88			771			712
Operation and maintenance		111			110			220			229
Depreciation and amortization		24			24			45			47
Taxes other than income		15			13			29			28
Asset (gains) and losses, net		—			3			3			3
		308			238			1,068			1,019
Operating Income (Loss)		(3	)		(9	)		98			73
Other (Income) and Deductions
Interest expense		12			15			27			32
Interest income		(5	)		(2	)		(7	)		(4	)
Other income		(2	)		(2	)		(5	)		(4	)
Other expenses		1			—			2			1
		6			11			17			25
Income (Loss) Before Income Taxes		(9	)		(20	)		81			48
Income Tax Provision (Benefit)		(2	)		(7	)		21			11
Reported Earnings (Loss)		(7	)		(13	)		60			37
Adjustments
Effective tax rate normalization		3			2			(2	)		(2	)
Performance Excellence Process		1			2			2			4
		4			4			—			2
Operating Earnings (Loss)	$	(3	)	$	(9	)	$	60		$	39

The Consolidated Statement of operations (Unaudited) should be read in conjunction with the
Notes to Consolidated Financial Statements appearing in Forms 10-K and 10-Q.

DTE Energy Debt/Equity Calculation
As of June 30, 2007
($ millions)

Short-term borrowings	$	801
Current portion of long-term debt, including capital leases		403
Mortgage bonds, notes and other		5,816
Securitization bonds		1,124
Capital lease obligations		75
less MichCon short-term debt		—
less Securitization bonds, including current portion		(1,238	)
Total debt		6,981
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		5,889
Total capitalization	$	13,159
Debt		53.0	%
Preferred		2.2	%
Common shareholders’ equity		44.8	%
Total		100.0	%

Sales Analysis — Q2 2007

Electric Sales — Detroit Edison Service Area (GWh)

	Q2 2007		Q2 2006		% Change
Residential		3,718		3,514		6	%
Commercial		4,871		4,506		8	%
Industrial		3,322		3,209		4	%
Other		804		792		2	%
		12,715		12,021		6	%
Choice*		524		984		-47	%
TOTAL SALES		13,239		13,005		2	%

* Includes Dearborn Industrial Group sales

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

	Q2 2007		Q2 2006		% Change
Residential		398,757		380,178		5	%
Commercial		440,434		411,570		7	%
Industrial		214,972		207,966		3	%
Other		42,914		42,830		0	%
		1,097,077		1,042,544		5	%
Choice*		9,412		22,067		-57	%
TOTAL REVENUES		1,106,489		1,064,611		4	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	Q2 2007		Q2 2006		% Change
Residential		16,260,472		13,361,179		22	%
Commercial		4,868,998		3,747,549		30	%
Industrial		140,387		160,681		-13	%
		21,269,857		17,269,409		23	%
End User Transportation*		23,832,347		27,338,128		-13	%
TOTAL SALES		45,102,204		44,607,537		1	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q2 2007		Q2 2006		% Change
Residential		189,088		167,356		13	%
Commercial		54,065		45,044		20	%
Industrial		1,445		1,785		-19	%
		244,598		214,185		14	%
End User Transportation*		28,224		26,836		5	%
TOTAL REVENUES		272,822		241,021		13	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	Q2 2007			Q2 2006			% Change
Actuals		277			225			23	%
Normal		193			193			n/m
Deviation from normal		43	%		17	%

Heating Degree Days

MichCon service territory

	Q2 2007			Q2 2006			% Change
Actuals		784			683			15	%
Normal		840			853
Deviation from normal		-7	%		-20	%