exv99w2

Exhibit 99.2

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)


	March 31			December 31
	2008			2007
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	77		$	123
Restricted cash		83			140
Accounts receivable (less allowance for doubtful accounts of $203 and $182, respectively Customer		1,724			1,658
Collateral held by others		64			56
Other		224			448
Accrued power and gas supply cost recovery revenue		40			76
Inventories
Fuel and gas		273			429
Materials and supplies		210			204
Deferred income taxes		167			387
Assets from risk management and trading activities		345			195
Other		158			196
Current assets held for sale		75			83

		3,440			3,995


Investments
Nuclear decommissioning trust funds		797			824
Other		437			446

		1,234			1,270


Property
Property, plant and equipment		19,009			18,809
Less accumulated depreciation and depletion		(7,512	)		(7,401	)

		11,497			11,408


Other Assets
Goodwill		2,037			2,037
Regulatory assets		2,776			2,786
Securitized regulatory assets		1,095			1,124
Intangible assets		30			25
Notes receivable		77			87
Assets from risk management and trading activities		282			207
Prepaid pension assets		156			152
Other		127			116
Noncurrent assets held for sale		426			547

		7,006			7,081


Total Assets	$	23,177		$	23,754

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

DTE Energy Company
Consolidated Statement of Financial Position (Unaudited)


	March 31			December 31
	2008			2007
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	996		$	1,198
Accrued interest		125			112
Dividends payable		86			87
Short-term borrowings		550			1,084
Gas inventory equalization		336			—
Current portion of long-term debt, including capital leases		460			454
Liabilities from risk management and trading activities		456			282
Deferred gains and reserves		379			400
Other		451			566
Current liabilities associated with assets held for sale		48			48

		3,887			4,231


Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,320			5,576
Securitization bonds		996			1,065
Trust preferred-linked securities		289			289
Capital lease obligations		40			41

		6,645			6,971


Other Liabilities
Deferred income taxes		1,793			1,824
Regulatory liabilities		1,166			1,168
Asset retirement obligations		1,282			1,277
Unamortized investment tax credit		105			108
Liabilities from risk management and trading activities		559			452
Liabilities from transportation and storage contracts		122			126
Accrued pension liability		68			68
Accrued postretirement liability		1,055			1,094
Deferred gains		15			15
Nuclear decommissioning		130			134
Other		277			303
Noncurrent liabilities associated with assets held for sale		67			82

		6,639			6,651


Commitments and Contingencies Minority Interest		41			48


Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 163,148,592 and 163,232,095 shares issued and outstanding, respectively		3,166			3,176
Retained earnings		2,920			2,790
Accumulated other comprehensive loss		(121	)		(113	)
		5,965			5,853


Total Liabilities and Shareholders’ Equity	$	23,177		$	23,754

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)


	Three Months Ended
	March 31
	2008			2007
(in Millions)
Operating Activities
Net Income	$	212		$	134
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		225			225
Deferred income taxes		190			(6	)
Gain on sale of non-utility business		(126	)		—
Other asset (gains), losses and reserves, net		(4	)		11
Gain on sale of interests in synfuel projects		(16	)		(36	)
Partners’ share of synfuel project losses		—			(59	)
Contributions from synfuel partners		22			36
Change in assets and liabilities, exclusive of changes shown separately		387			327

Net cash from operating activities		890			632


Investing Activities
Plant and equipment expenditures – utility		(277	)		(306	)
Plant and equipment expenditures – non-utility		(52	)		(69	)
Proceeds from sale of interests in synfuel projects		82			113
Refunds to synfuel partners		(31	)		(8	)
Proceeds from sale of non-utility business		250			—
Proceeds from sale of other assets, net		10			5
Restricted cash for debt redemptions		57			57
Proceeds from sale of nuclear decommissioning trust fund assets.		52			57
Investment in nuclear decommissioning trust funds		(61	)		(66	)
Other investments		(9	)		(7	)

Net cash used for investing activities		21			(224	)


Financing Activities
Redemption of long-term debt		(317	)		(77	)
Short-term borrowings, net		(534	)		(185	)
Repurchase of common stock		(13	)		(55	)
Dividends on common stock		(86	)		(94	)
Other		(4	)		—

Net cash used for financing activities		(954	)		(411	)


Net Decrease in Cash and Cash Equivalents		(43	)		(3	)
Cash and Cash Equivalents Reclassified to Assets Held for Sale		(14	)		—
Cash and Cash Equivalents at Beginning of the Period		134			147

Cash and Cash Equivalents at End of the Period	$	77		$	144

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

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)


	Three Months Ended
	March 31
(in Millions)	2008			2007
Operating Revenues	$	1,153		$	1,094


Operating Expenses
Fuel and purchased power		402			354
Operation and maintenance		358			348
Depreciation and amortization		192			182
Taxes other than income		62			72
Asset (gains) and losses, net		—			7

		1,014			963


Operating Income		139			131


Other (Income) and Deductions
Interest expense		76			74
Interest income		(1	)		(1	)
Other income		(12	)		(11	)
Other expenses		11			9

		74			71


Income Before Income Taxes		65			60

Income Tax Provision		24			20


Reported Earnings	$	41		$	40

Adjustments
Effective tax rate normalization		—			2
Detroit Thermal reserve		—			6

		—			8


Operating Earnings	$	41		$	48

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

Michigan Consolidated Gas Company
Consolidated Statement of Operations (unaudited)


	*Three Months Ended*
	*March 31*
(in Millions)	2008			2007
Operating Revenues	$	896		$	861


Operating Expenses
Cost of gas		644			613
Operation and maintenance		122			109
Depreciation and amortization		25			21
Taxes other than income		13			14
Asset (gains) and losses, net		—			3

		804			760


Operating Income		92			101


Other (Income) and Deductions
Interest expense		16			15
Interest income		(2	)		(2	)
Other income		(2	)		(3	)
Other expenses		3			1

		15			11


Income Before Income Taxes		77			90

Income Tax Provision		25			23


Reported Earnings	$	52		$	67

Adjustments
Effective tax rate normalization		—			(6	)
Performance Excellence Process		—			1

		—			(5	)


Operating Earnings (Loss)	$	52		$	62

DTE Energy Debt/Equity Calculation
As of March 31, 2008
($ millions)


Short-term borrowings	$	550
Current portion of long-term debt, including capital leases		460
Mortgage bonds, notes and other		5,320
Securitization bonds		996
Capital lease obligations		40
less MichCon short-term debt		(110	)
less Securitization bonds, including current portion		(1,123	)

Total debt		6,133

Trust preferred-linked securities		289

Total preferred/ other		289

Equity		5,965


Total capitalization	$	12,387

Debt		49.5	%
Preferred		2.3	%
Common shareholders’ equity		48.2	%


Total		100.0	%

Sales Analysis — Q1 2008

Electric Sales — Detroit Edison Service Area (GWh)


	Q1 2008		Q1 2007		% Change

Residential		3,932		3,786		4	%
Commercial		4,363		4,309		1	%
Industrial		3,516		3,374		4	%
Other		831		845		-2	%

		12,642		12,314		3	%
Choice*		456		518		-12	%

TOTAL SALES		13,098		12,832		2	%


*		Includes Dearborn Industrial Group sales

Gas Sales — MichCon Service Area (Mcf)


	Q1 2008		Q1 2007		% Change

Residential		51,738		52,728		-2	%
Commercial		17,693		15,305		16	%
Industrial		400		683		683	%

		69,831		68,716		2	%
End User Transportation*		44,257		48,772		-9	%

TOTAL SALES		114,088		117,488		-3	%


*		Includes choice customers

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


	Q1 2008		Q1 2007		% Change

Residential		430,052		407,897		5	%
Commercial		387,555		390,519		-1	%
Industrial		230,873		217,696		6	%
Other		43,715		43,580		0	%

		1,092,195		1,059,692		3	%
Choice*		11,344		12,610		-10	%

TOTAL REVENUES		1,103,539		1,072,302		3	%


*		Distribution charge, includes Dearborn Industrial Group revenues

Gas Revenue — MichCon Service Area ($000s)


	Q1 2008		Q1 2007		% Change

Residential		525,471		497,036		6	%
Commercial		179,280		145,043		24	%
Industrial		4,279		6,449		-34	%

		709,030		648,528		9	%
End User Transportation*		50,444		52,005		-3	%

TOTAL REVENUES		759,474		700,533		8	%


*		Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

Q1 2008

Q1 2007

% Change

Actuals

n/m

Normal

Deviation from normal

n/m

Heating Degree Days
MichCon service territory


	Q1 2008			Q1 2007			% Change

Actuals		3,382			3,217			5	%
Normal		3,334			3,291


Deviation from normal		1	%		-2	%

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)


	Q1 2008		Q1 2007

Detroit Edison		1		(1	)	Colder than normal weather added $1 million to Detroit Edison’s earnings in Q1 2008
MichCon		2		(1	)	Colder than normal weather added $2 million to MichCon’s earnings in Q1 2008

DTE Energy Company
Consolidated Statements of Operations (unaudited)


	Three Months Ended March 31, 2008
				Operating
(in Millions)	1Q 2008 Reported			Adjustments			1Q 2008 Operating
Operating Revenues	$	2,570		$	9		$	2,579

Operating Expenses
Fuel, purchased power and gas		1,266			—			1,266
Operation and maintenance		699			(1	)		698
Depreciation, depletion and amortization		226			—			226
Taxes other than income		80			—			80
Gain on sale of non-utility business		(126	)		126			-
Other asset (gains) and losses, reserves and impairments, net		(4	)		—			(4	)

		2,141			125			2,266


Operating Income		429			(116	)		313


Other (Income) and Deductions
Interest expense		124			—			124
Interest income		(4	)		—			(4	)
Other income		(22	)		—			(22	)
Other expenses		14			—			14

		112			—			112

Income Before Income Taxes and Minority		317			(116	)		201

Interest

Income Tax Provision		116			(44	)		72

Minority Interest		1			—			1


Income from Continuing Operations		200			(72	)		128

Income (loss) from discontinued operations, net of tax		12			(12	)		-


Net Income	$	212			($84	)	$	128