8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2004

Commission File Number	Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address and Telephone Number	I.R.S. Employer 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

Item 7. Exhibits

99.1	Earnings Release of DTE Energy Company (“DTE Energy”) dated April 28,
	2004, including reconciliation and representations required by Regulation G.
99.2	Financial Information Distributed for Media and Investor Relations
	Communications dated April 28, 2004.

Item 12. Results of Operations and Financial Conditions

     DTE Energy is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued April 28, 2004 announcing financial results for the quarter ended March 31, 2004. A copy of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 to this report and contain the reconciliation and representations required by the SEC’s Regulation G.

Forward-Looking Statements:

     This Form 8-K contains “forward-looking statements” that are subject to risks and uncertainties. They should be read in conjunction with the forward-looking statements in DTE Energy’s, The Detroit Edison Company’s (“Detroit Edison”) and Michigan Consolidated Gas Company’s (“MichCon”) 2003 Form 10-K Item 1 (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 document as a result of new information or future events.

2

SIGNATURES

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

Date: April 28, 2004
	DTE ENERGY COMPANY
	(Registrant)
	/s/Daniel G. Brudzynski
	Daniel G Brudzynski
	Vice President and Controller
	THE DETROIT EDISON COMPANY
	(Registrant)
	/s/Daniel G. Brudzynski
	Daniel G Brudzynski
	Vice President and Controller
	MICHIGAN CONSOLIDATED GAS COMPANY
	(Registrant)
	/s/Daniel G. Brudzynski
	Daniel G Brudzynski
	Vice President and Controller

3

Exhibit Index

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy, dated April 28, 2004, including
	reconciliation and representations required by Regulation G.
99.2	Financial Information Distributed for Media and Investor Relations
	Communications dated April 28, 2004.

4

EX-99.1

Exhibit 99.1

April 28, 2004

DTE ENERGY REPORTS FIRST QUARTER EARNINGS

     DETROIT — DTE Energy (NYSE:DTE) today reported earnings for the first quarter ended March 31, 2004 of $186 million, or $1.09 per diluted share, compared with reported earnings of $155 million, or $0.92 per diluted share in the first quarter 2003.

     Operating earnings (which exclude non-recurring items, tax credit driven normalization, discontinued operations, and cumulative effect of accounting changes) for the 2004 first quarter were $151 million, or $0.89 per diluted share, which is comparable with operating earnings of $178 million, or $1.06 per diluted share for the same period in 2003.

     The 2004 reported results include a $48 million non-recurring net of tax gain at Energy Marketing & Trading resulting from a modification to future purchase commitments under a transportation agreement with an interstate pipeline company and the termination of a related long-term gas storage agreement for gas deliveries during the summer injection period and redeliveries during the winter heating season. Reported results also reflect a $7 million impairment charge relating to the expected loss on sale and discontinued operations of Southern Missouri Gas Co., and a $6 million unfavorable tax adjustment to normalize the company’s effective tax rate.

     2003 reported results included several non-recurring items, which are detailed in the reconciliation of reported to operating earnings located at the end of this release.

     “As our first quarter results demonstrate, we continue to face financial challenges in 2004,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “Our earnings performance this year will be largely dependent on the timing and amount of rate relief that we receive at our two utilities, Detroit Edison and MichCon. We’ve made significant progress in the Detroit Edison rate case, as we received an interim rate order from the MPSC in February, and are on track for a final rate order in the third quarter. In our gas rate case, which is a basic cost-of-service case, we expect the MPSC staff to file its recommendation regarding interim rate relief for MichCon next week, and we anticipate that an interim rate order in that case will be issued in July.”

     “There has also been good progress in the effort to reform Michigan’s electric restructuring legislation, Public Act 141,” Earley continued. “We have been actively advocating changes in the law to correct the structural flaws of Michigan’s Customer Choice Program. The Energy and Technology Committee of the Michigan Senate has conducted a series of hearings on this important issue, and we anticipate that PA 141 reform legislation will be introduced soon. It is critical that the Choice Program be corrected so that it is fair and balanced for all participants. We continue to work actively on both the regulatory and legislative fronts to establish a framework for our utilities that will position them to resume healthy growth in 2005 and beyond.”

     Operating earnings results for the first quarter 2004, by business unit, were as follows:

• DTE Energy Resources operating earnings were $0.35 per diluted share versus $0.62 per diluted share in 2003. The regulated operations of this business unit, which are the power generation services of Detroit Edison, declined $0.06 per diluted share versus last year. The decrease was driven by reduced gross margins, due primarily to the loss of retail customer sales to the electric Customer Choice program, pension and benefit expenses, and the impact of the interim rate order that Detroit Edison received in February 2004. The interim rate order, which increased electric rates, also reinstated the power supply cost recovery (PSCR) mechanism, which had been frozen since June 2000. The PSCR is the mechanism by which Detroit Edison passes its fuel and purchased power costs through to customers. The retroactive reinstatement of the PSCR from the date of the interim order to Jan. 1, netted with the interim rate increase for the quarter, resulted in a $11 million after-tax revenue reduction, for Detroit Edison, mostly impacting DTE Energy Resources’ first quarter performance. Now that the PSCR has been restarted, any profits from wholesale sales will be used to reduce recoverable power supply costs until the MPSC issues a final rate order in the Detroit Edison rate case, which is expected in September. Earnings for the quarter benefited from increased residential sales, and the recording of $24 million (after tax) of regulatory deferrals, which lowers depreciation and amortization expense.

- more -

     The non-regulated operations of this business unit include the company’s energy services, energy marketing and trading (comprising DTE Energy Trading and CoEnergy), coal services and biomass businesses. Earnings at these non-regulated operations decreased $0.21 per diluted share from last year. The decrease was mainly attributable to lower production of synthetic fuel, reflecting the company’s decision to produce synfuel only from five of its nine plants in the first quarter, pending the sale of its remaining four plants. The company’s strategy is to produce synfuel mainly from the plants in which it has sold an interest in order to optimize earnings and cash flow. Also impacting the decline in quarterly earnings were reduced profits at Energy Trading, which benefited last year from higher margins on short term deliveries of power, and an increase in operating costs associated with the ramping up of the DTE Peptec business, a subsidiary that uses proprietary technology to produce high quality coal products from waste coal. The earnings decline was partially offset by increased earnings from coke battery operations, which was driven by higher coke sales and coke prices.

• DTE Energy Distribution had operating earnings of $0.13 per diluted share versus earnings of $0.03 per diluted share last year. The regulated operations of this business unit are the electric distribution services of Detroit Edison. These regulated operations experienced a year-over-year increase of $0.09 per diluted share, driven by increased revenues due to higher residential sales, lower transmission expenses, and reduced operation and maintenance expenses from cost reduction initiatives. This was partially offset by increased uncollectable accounts expenses and higher pension and benefit costs.

     The non-regulated operations of this business unit consist primarily of DTE Energy Technologies, which markets and distributes a portfolio of distributed generation products and services. Year-over-year performance at this business improved by $0.01 per diluted share, driven by increased sales and cost-reduction initiatives.

• DTE Energy Gas had operating earnings of $0.44 per diluted share versus $0.50 per diluted share last year. The regulated operations include the gas distribution services provided by MichCon. Regulated operations were down $0.04 per diluted share, due to warmer weather and increased uncollectable accounts expenses. Partially offsetting the expense increases were a lower effective tax rate driven by lower earnings and lower property taxes.

     Non-regulated operations include the production of gas in northern Michigan and the gathering, transporting, processing and storage of gas. Operating earnings from these operations declined by $0.02 per diluted share year-over-year, due mainly to the loss of earnings from the 2003 sale of our 16 percent pipeline interest in the Portland Natural Gas Transmission System.

• Corporate & Other includes interest costs, as well as certain non-regulated investments, including assets held for sale and investments in emerging energy technologies. Corporate & Other operating losses were $0.03 per diluted share, compared with an operating loss of $0.09 per diluted share in 2003, due primarily to lower financing costs.

• 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 addition to our corporate focus on bringing our rate cases to resolution this year, we’ll continue to pursue stable earnings growth at our non-regulated businesses,” said David E. Meador, DTE Energy senior vice president and chief financial officer.

- more -

2

     “This year, the key driver of our non-regulated earnings continues to be our synthetic fuels business, which we anticipate will contribute $150 million to $190 million in net income. In addition, we are actively developing opportunities in our other businesses such as on-site energy, waste coal recovery and power generating asset management services. These types of projects fit our selective criteria: they are low risk, require low capital investment, and build upon our core skills and assets. These businesses will serve as the basis for the future growth of our non-regulated business portfolio and help us to achieve our non-regulated earnings target of $195 million to $250 million this year.”

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

     DTE Energy will conduct a conference call with the investment community at 8:30 a.m. EDT Thursday, April 29, to discuss first quarter earnings results. Investors, the news media and the public may listen to a live Internet broadcast of the DTE Energy conference call at www.dteenergy.com.

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

     The information contained in this document is as of the date of this press release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “projected” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This press release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially. Factors that may impact forward-looking statements include, but are not limited to: the effects of weather and other natural phenomena on operations and sales to, and purchases by, customers; economic climate and growth or decline in the geographic areas where we do business; environmental issues, laws and regulations, and the cost of remediation and compliance associated therewith; nuclear regulations and operations associated with nuclear facilities; the ability to utilize Section 29 tax credits and/or sell interests in facilities producing such credits; implementation of electric and gas Customer Choice programs; impact of electric and gas utility restructuring in Michigan, including legislative amendments; employee relations and the impact of collective bargaining agreements; unplanned outages; access to capital markets and capital market conditions and the results of other financing efforts which can be affected by credit agency ratings; the timing and extent of changes in interest rates; the level of borrowings; changes in the cost of coal and other raw materials, purchased power and natural gas; effects of competition; impacts of FERC, MPSC, NRC and other applicable governmental proceedings and regulations; contributions to earnings by non-regulated businesses; changes in federal, state and local tax laws and their interpretations, including the code, regulations, rulings, court proceedings and audits; the ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance; the cost of protecting assets against or damage due to terrorism; changes in accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues; and changes in the economic and financial viability of our suppliers, customers and trading counter parties, and the continued ability of such parties to perform their obligations to the Company. This press release should also be read in conjunction with the forward-looking statements in DTE Energy’s, MichCon’s and Detroit Edison’s 2003 Form 10-K Item 1, and in conjunction with other SEC reports filed by DTE Energy, MichCon and Detroit Edison.

Members of the Media — For Further Information:

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

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

3

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended
	March 31
(in Millions, Except per Share Amounts)	2004			2003
Operating Revenues	$	2,093		$	2,095
Operating Expenses
Fuel, purchased power and gas		741			813
Operation and maintenance		736			771
Depreciation, depletion and amortization		167			197
Taxes other than income		85			97
		1,729			1,878
Operating Income		364			217
Other (Income) and Deductions
Interest expense		131			139
Interest income		(10	)		(8	)
Minority interest		(30	)		(16	)
Other income		(17	)		(13	)
Other expenses		22			33
		96			135
Income Before Income Taxes		268			82
Income Tax Provision (Benefit)		75			(26	)
Income from Continuing Operations		193			108
Income (Loss) from Discontinued Operations, net of tax		(7	)		74
Cumulative Effect of Accounting Changes, net of tax		—			(27	)
Net Income	$	186		$	155
Basic Earnings per Common Share
Income from continuing operations	$	1.14		$	.65
Discontinued operations		(.04	)		.44
Cumulative effect of accounting changes		—			(.17	)
Total	$	1.10		$	.92
Diluted Earnings per Common Share
Income from continuing operations	$	1.13		$	.64
Discontinued operations		(.04	)		.44
Cumulative effect of accounting changes		—			(.16	)
Total	$	1.09		$	.92
Average Common Shares
Basic		170			167
Diluted		170			168
Dividends Declared per Common Share	$	.515		$	.515

1

DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)

	Three Months Ended March 31
	2004										2003
	Reported							Operating			Reported							Operating
(in Millions)	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Regulated — Power Generation	$	15		$	—			$	15		$	25		$	—			$	25
Non-regulated
Energy Services		38			—				38			51			—				51
Energy Marketing & Trading		57			(48	)	A		9			44			(16	)	D		28
Other		(2	)		—				(2	)		—			—				—
Total Non-regulated		93			(48	)			45			95			(16	)			79
		108			(48	)			60			120			(16	)			104
Energy Distribution
Regulated — Power Distribution		26			—				26			(4	)		14		E		10
Non-regulated		(3	)		—				(3	)		(4	)		—				(4	)
		23			—				23			(8	)		14				6
Energy Gas
Regulated — Gas Distribution		70			—				70			59			17		F		76
Non-regulated		4			—				4			8			—				8
		74			—				74			67			17				84
															10		G
Corporate and Other		(12	)		6		B		(6	)		(71	)		45		B		(16	)
		(12	)		6				(6	)		(71	)		55				(16	)
Income from Continuing Operations
Regulated		111			—				111			80			31				111
Non-regulated		82			(42	)			40			28			39				67
		193			(42	)			151			108			70				178
Discontinued Operations
Income from operations		—			—				—			5			(5	)	H		—
Impairment loss/Gain on sale		(7	)		7		C		—			69			(69	)	I		—
		(7	)		7				—			74			(74	)			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—				—			(11	)		11		J		—
Energy trading activities		—			—				—			(16	)		16		K		—
		—			—				—			(27	)		27				—
Net Income	$	186		$	(35	)		$	151		$	155		$	23			$	178

ADJUSTMENTS KEY

A) Adjustment for contract termination/modification	Terminated a long-term gas storage agreement and modified a related transportation agreement with a pipeline company
B) Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C) Impairment loss/Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D) Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E) Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F) Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G) Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H) Adjustment for discontinued operations	Sold ITC
I) Gain on sale of ITC	Sold ITC
J) Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K) Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10

2

DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended March 31
	2004										2003
	Reported							Operating			Reported							Operating
	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Regulated — Power Generation	$	0.09		$	—			$	0.09		$	0.15		$	—			$	0.15
Non-regulated
Energy Services		0.22			—				0.22			0.30			—				0.30
Energy Marketing & Trading		0.33			(0.28	)	A		0.05			0.26			(0.09	)	D		0.17
Other		(0.01	)		—				(0.01	)		—			—				—
Total Non-regulated		0.54			(0.28	)			0.26			0.56			(0.09	)			0.47
		0.63			(0.28	)			0.35			0.71			(0.09	)			0.62
Energy Distribution
Regulated — Power Distribution		0.15			—				0.15			(0.02	)		0.08		E		0.06
Non-regulated		(0.02	)		—				(0.02	)		(0.03	)		—				(0.03	)
		0.13			—				0.13			(0.05	)		0.08				0.03
Energy Gas
Regulated — Gas Distribution		0.41			—				0.41			0.35			0.10		F		0.45
Non-regulated		0.03			—				0.03			0.05			—				0.05
		0.44			—				0.44			0.40			0.10				0.50
															0.06		G
Corporate and Other		(0.07	)		0.04		B		(0.03	)		(0.42	)		0.27		B		(0.09	)
		(0.07	)		0.04				(0.03	)		(0.42	)		0.33				(0.09	)
Income from Continuing Operations
Regulated		0.65			—				0.65			0.48			0.18				0.66
Non-regulated		0.48			(0.24	)			0.24			0.16			0.24				0.40
		1.13			(0.24	)			0.89			0.64			0.42				1.06
Discontinued Operations
Income from operations		—			—				—			0.03			(0.03	)	H		—
Impairment loss/Gain on sale		(0.04	)		0.04		C		—			0.41			(0.41	)	I		—
		(0.04	)		0.04				—			0.44			(0.44	)			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—							—			(0.07	)		0.07		J		—
Energy trading activities		—							—			(0.09	)		0.09		K		—
		—							—			(0.16	)		0.16				—
Net Income	$	1.09		$	(0.20	)		$	0.89		$	0.92		$	0.14			$	1.06

ADJUSTMENTS KEY

A) Adjustment for contract termination/modification	Terminated a long-term gas storage agreement and modified a related transportation agreement with a pipeline company
B) Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C) Impairment loss/Discontinued Operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D) Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E) Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F) Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G) Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H) Adjustment for discontinued operations	Sold ITC
I) Gain on sale of ITC	Sold ITC
J) Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K) Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10

3

EX-99.2

Exhibit 99.2

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF OPERATIONS (PRELIMINARY/UNAUDITED)
(in Millions, Except per Share Amounts)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	2,093		$	2,095			—
Operating Expenses
Fuel, purchased power and gas		741			813			-9	%
Operation and maintenance		736			771			-5	%
Depreciation, depletion and amortization		167			197			-15	%
Taxes other than income		85			97			-12	%
		1,729			1,878			-8	%
Operating Income		364			217			68	%
Other (Income) and Deductions
Interest expense		131			139			-6	%
Interest income		(10	)		(8	)		-25	%
Minority interest		(30	)		(16	)		-88	%
Other income		(17	)		(13	)		-31	%
Other expenses		22			33			-33	%
		96			135			-29	%
Income Before Income Taxes		268			82			n/m
Income Tax Provision (Benefit)		75			(26	)		n/m
Income from Continuing Operations		193			108			79	%
Income (Loss) from Discontinued Operations		(7	)		74			n/m
Cumulative Effect of Accounting Changes		—			(27	)		—
Reported Net Income	$	186		$	155			20	%
Basic Earnings per Common Share
Income from Continuing Operations	$	1.14		$	0.65
Discontinued Operations	$	(0.04	)	$	0.44
Cumulative Effect of Accounting Changes	$	—		$	(0.17	)
Total	$	1.10		$	0.92			20	%
Diluted Earnings per Common Share
Income from Continuing Operations	$	1.13		$	0.64
Discontinued Operations	$	(0.04	)	$	0.44
Cumulative Effect of Accounting Changes		—		$	(0.16	)
Total	$	1.09		$	0.92			19	%
Significant Items Impacting Comparability
Unusual Items
Pipeline Contract Modification/Termination		(0.28	)		—			—
Tax credit driven normalization		0.04			0.27
Loss on Sale of Steam Heating Business		—			0.08			—
Contribution to DTE Energy Foundation		—			0.06			—
Disallowance of Gas Costs		—			0.10			—
Energy Trading Activities (EITF 98-10 flowback)		—			(0.09	)		—
Discontinued Operations
Southern Missouri Gas Company		0.04			—			—
International Transmission Company		—			(0.44	)		—
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			0.07			—
Energy Trading Activities (EITF 98-10 implementation)		—			0.09			—
Operating Earnings per Diluted Share	$	0.89		$	1.06			-16	%
Average Common Shares
Basic		170			167			2	%
Diluted		170			168			1	%
Dividends Declared per Common Share	$	0.515		$	0.515			—

The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, 10K and 10Q.

n/m — not meaningful

4

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)

Q1 2003 Reported Earnings per Share			$	0.92
Unusual Items				0.15
Adjust for Q4 2002 Quarterly Effective Tax Rate Adjustment				0.27
Adjust for discontinued operations (ITC)				(0.44	)
Cumulative Effect of Accounting Changes				0.16
Q1 2003 Operating Earnings per Share			$	1.06
Regulated Electric				0.03
Regulatory Assets	0.04
Bundled Sales Growth	0.03
Choice Margin Loss	(0.11	)
PSCR Rate Reduction	(0.11	)
Interim Relief	0.05
Power Supply (2003 price spike)	0.07
Pension/Health Care	(0.05	)
Interest/Taxes/Other	0.07
O&M Timing	0.04
Regulated Gas				($0.03	)
Weather	(0.03	)
Uncollectables	(0.05	)
Taxes & Other	0.05
Non-Regulated				(0.20	)
Synfuels	(0.08	)
Energy Trading/CoEnergy	(0.11	)
Coke Batteries	0.03
Other — Primarily Overheads	(0.04	)
Holding Company & Share Dilution				0.03
Q1 2004 Operating Earnings per Share			$	0.89
Pipeline contract termination				0.28
Effective tax rate adjustment				(0.04	)
Impairment loss				(0.04	)
Q1 2004 Reported Earnings per Share			$	1.09

5

Net Income Summary
(Preliminary/Unaudited)

(in millions, except per share amounts)	Reported							Operating			Operating
	Q1 2004			Adjustments				Q1 2004			Q1 2003			Variance
Energy Resources
Regulated — Power Generation	$	15		$	—			$	15		$	25		$	(10	)
Non-Regulated
Energy Services
Coal Based Fuels
Synfuels		40			—				40			54		$	(14	)
Coke Batteries		4			—				4			(1	)		5
On Site Energy Projects		3			—				3			2			1
Merchant Generation		(4	)		—				(4	)		(4	)		—
Coal Services		1			—				1			3			(2	)
Biomass Energy		1			—				1			2			(1	)
Energy Trading & CoEnergy Portfolio		57			(48	)	A		9			28			(19	)
Energy Resources Overheads		(9	)		—				(9	)		(5	)		(4	)
Total Energy Resources Non-Regulated	$	93		$	(48	)		$	45		$	79		$	(34	)
Total Energy Resources	$	108		$	(48	)		$	60		$	104		$	(44	)
Energy Distribution
Regulated — Power Distribution	$	26		$	—				26		$	10		$	16
Non Regulated (Energy Technologies)		(3	)		—				(3	)		(4	)		1
Total Energy Distribution	$	23		$	—			$	23		$	6		$	17
Energy Gas
Regulated	$	70		$	—				70		$	76		$	(6	)
Non-Regulated		4			—				4			8			(4	)
Total Energy Gas	$	74		$	—			$	74		$	84		$	(10	)
Holding Company & Other
Energy Technology Investments	$	—							—		$	(3	)	$	3
Other		(12	)		6		B		(6	)		(13	)		7
Total Holding Company & Other	$	(12	)	$	6			$	(6	)	$	(16	)	$	10
Total
Regulated
Electric	$	41		$	—			$	41		$	35		$	6
Gas		70			—				70			76			(6	)
Non-Regulated		94			(48	)			46			80			(34	)
Holding Company/Other		(12	)		6				(6	)		(13	)		7
Total	$	193		$	(42	)		$	151		$	178		$	(27	)
Discontinued Operations	$	(7	)	$	7		C	$	—
Total Net Income	$	186		$	(35	)		$	151		$	178		$	(27	)
Total Diluted EPS	$	1.09		$	(0.20	)		$	0.89		$	1.06		$	(0.17	)
Average Diluted Shares Outstanding		170			170				170			168

Key:
A	Adjustment for contract termination/modification	Terminated a long-term gas storage agreement and modified a related transportation agreement with a pipeline company
B	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normailize its effective tax rate. Annual results not impacted.
C	Impairment Loss / Discontinued Operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company.

6

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRELIMINARY/UNAUDITED)

(in Millions)

	Mar. 31			Dec. 31			Percent
ASSETS	2004			2003			Change
Current Assets
Cash and cash equivalents	$	64		$	54			19	%
Restricted cash		77			131			-41	%
Accounts receivable
Customer (less allow. for doubtful accounts of $116 and $99)		1,052			877			20	%
Accrued unbilled revenues		266			316			-16	%
Other		426			338			26	%
Inventories
Fuel and gas		208			467			-55	%
Materials and supplies		161			162			-1	%
Assets from risk management and trading activities		216			186			16	%
Other		238			181			31	%
		2,708			2,712			—
Investments
Nuclear decommissioning trust funds		537			518			4	%
Other		575			601			-4	%
		1,112			1,119			-1	%
Property
Property, plant and equipment		17,806			17,679			1	%
Less accumulated depreciation and depletion		(7,474	)		(7,355	)		—
		10,332			10,324			—
Other Assets
Goodwill		2,064			2,067			—
Regulatory assets		2,085			2,063			1	%
Securitized regulatory assets		1,505			1,527			-1	%
Notes receivable		527			469			12	%
Assets from risk management and trading activities		156			88			77	%
Prepaid pension assets		182			181			1	%
Other		203			203			—
		6,722			6,598			2	%
Total Assets	$	20,874		$	20,753			1	%

LIABILITIES AND	Mar. 31			Dec. 31			Percent
SHAREHOLDERS’ EQUITY	2004			2003			Change
Current Liabilities
Accounts payable	$	652		$	625			4	%
Accrued interest		113			110			3	%
Dividends payable		89			87			2	%
Accrued payroll		31			51			-39	%
Income taxes		—			185			—
Short-term borrowings		504			370			36	%
Current portion long-term debt, including capital leases		592			477			24	%
Liabilities from risk management and trading activities		387			326			19	%
Gas inventory equalization		167			—			—
Other		539			648			-17	%
		3,074			2,879			7	%
Other Liabilities
Deferred income taxes		1,103			988			12	%
Regulatory liabilities		818			817			—
Asset retirement obligations		879			866			2	%
Unamortized investment tax credit		153			156			-2	%
Liab. from risk mgmt. and trading activities		218			173			26	%
Liab. from transportation and storage contracts		418			495			-16	%
Accrued pension liability		199			345			-42	%
Deferred gains from asset sales		373			311			20	%
Minority interest		159			156			2	%
Nuclear decommissioning		69			67			3	%
Other		523			544			-4	%
		4,912			4,918			-
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,437			5,624			-3	%
Securitization bonds		1,446			1,496			-3	%
Equity-linked securities		183			185			-1	%
Trust preferred-linked securities		186			289			-36	%
Capital lease obligations		73			75			-3	%
		7,325			7,669			-4	%
Contingencies
Shareholders’ Equity
Common stock		3,288			3,109			6	%
Retained earnings		2,406			2,308			4	%
Accumulated other comprehensive loss		(131	)		(130	)		-1	%
		5,563			5,287			5	%
Total Liabilities and Shareholders’ Equity	$	20,874		$	20,753			1	%

The Consolidated Statement of Financial Position (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.

7

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (PRELIMINARY/UNAUDITED)

	3 Months - March
	2004			2003
(in Millions)
Operating Activities
Net Income	$	186		$	155
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion, and amortization		167			201
Deferred income taxes		113			18
Gain on sale of assets, net		(3	)		(118	)
Partners’ share of synfuel project losses		(36	)		(16	)
Contributions from synfuel partners		17			14
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes shown separately		(164	)		(140	)
Net cash from operating activities	$	280		$	141
Investing Activities
Plant and equipment expenditures — regulated		(161	)		(191	)
Plant and equipment expenditures — non-regulated		(18	)		(20	)
Proceeds from sale of interests in synfuel projects		26			16
Proceeds from sale of ITC and other assets		31			612
Restricted cash for debt redemptions		54			147
Other investments		(26	)		(21	)
Net cash from (used for ) investing activities	$	(94	)	$	543
Financing Activities
Issuance of long-term debt		—			199
Redemption of long-term debt		(232	)		(417	)
Short-term borrowings, net		134			(384	)
Issuance of common stock		11			10
Dividends on common stock		(87	)		(86	)
Other		(2	)		(3	)
Net cash used for financing activities	$	(176	)	$	(681	)
Net Increase in Cash and Cash Equivalents		10			3
Cash and Cash Equivalents at Beginning of the Period		54			133
Cash and Cash Equivalents at End of the Period	$	64		$	136

8

The Detroit Edison Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	886		$	937			-5	%
Operating Expenses
Fuel and purchased power		216			247			-13	%
Operation and maintenance		346			366			-5	%
Depreciation, depletion and amortization		114			135			-16	%
Taxes other than income		68			73			-7	%
		744			821			-9	%
Operating Income		142			116			22	%
Other (Income) and Deductions
Interest expense		72			75			-4	%
Other income		(15	)		(11	)		-36	%
Other expense		22			19			16	%
		79			83			-5	%
Income Before Income Taxes		63			33			91	%
Income Tax Provision		22			12			83	%
Income Before Accounting Change		41			21			95	%
Cumulative Effect of Accounting Change		—			(6	)		—
Reported Earnings	$	41		$	15			173	%
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			6			—
Unusual Items
Loss on Sale of Steam Heating Business		—			14			—
Operating Earnings	$	41		$	35			17	%

The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q.

n/m-not meaningful

9

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)

	3 Months - March
	2004			2003			% Change
Operating Revenues	$	715		$	625			14	%
Operating Expenses
Cost of gas		488			421			16	%
Operation and maintenance		96			78			23	%
Depreciation, depletion and amortization		27			25			8	%
Taxes other than income		12			17			-29	%
		623			541			15	%
Operating Income		92			84			10	%
Other (Income) and Deductions    Interest expense		14			15			-7	%
Interest income		(2	)		(3	)		—
Other		1			(2	)		—
		13			10			30	%
Income Before Income Taxes		79			74			7	%
Income Tax Provision		10			15			-33	%
Reported Earnings		69			59			17	%
Unusual Item
Disallowance of gas costs		—			17			—
Operating Earnings (A)	$	69		$	76			-9	%

The Consolidated Statement of Operations
(Preliminary/Unaudited) should be read in conjunction
with the Notes to Consolidated Financial Statements
appearing in the Annual Report to Shareholders,
Form 10K and Form 10Q.

(A) Represents MichCon’s results included in the
DTE Energy Consolidated Statement of Operations.

n/m — not meaningful

10

DTE Energy Debt/Equity Calculation
As of March 31, 2004
($ millions)

short-term borrowings	$	504
current portion LTD + cap leases		592
long-term debt		5,623
securitization bonds		1,446
capital leases		73
less QUIDS		(385	)
less trust pref linked debt		(186	)
less MichCon short-term debt		—
less securitization debt		(1,539	)
Deco invested
Total debt	$	6,129
Trust preferred	$	186
QUIDS		385
Mandatory convertible		183
Total preferred/ other	$	753
Equity	$	5,563
Total cap	$	12,446
Debt		49.2	%
Preferred stock		6.1	%
Common shareholders’ equity		44.7	%
Total		100.0	%

11

Sales Analysis

Electric Sales — Detroit Edison Service Area (000’s of GWh)

	Q1 2004		Q1 2003		% Change
Residential		4,068		3,856		5.5	%
Commercial		3,491		4,126		-15.4	%
Industrial		2,754		3,085		-10.7	%
Other		666		683		-2.5	%
TOTAL SYSTEM		10,979		11,750		-6.6	%
Choice Sales*		1,943		1,172		65.8	%
TOTAL SALES		12,922		12,922		0.0	%

* Includes Dearborn Industrial Group sales

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

	Q1 2004		Q1 2003		% Change
Residential		360,250		344,525		4.6	%
Commercial		334,952		335,368		-0.1	%
Industrial		133,413		159,858		-16.5	%
Other		29,182		29,761		-1.9	%
TOTAL SYSTEM		857,797		869,512		-1.3	%
Choice Sales*		27,556		6,884		300.3	%
TOTAL SALES		885,353		876,396		1.0	%

* Includes Dearborn Industrial Group sales

Gas Sales — MichCon Service Area (Mcf)

	Q1 2004		Q1 2003		% Change
Residential		60,701,689		60,229,684		0.8	%
Commercial		20,315,556		19,292,592		5.3	%
Industrial		1,761,162		506,582		247.7	%
		82,778,407		80,028,858		3.4	%
End User Transportation*		49,878,340		60,772,150		-17.9	%
TOTAL SALES		132,656,747		140,801,008		-5.8	%

* includes choice customers

Gas Revenue — MichCon Service Area (Mcf)

	Q1 2004		Q1 2003		% Change
Residential		437,059,933		380,648,119		14.8	%
Commercial		149,147,387		125,572,503		18.8	%
Industrial		12,696,249		3,194,207		297.5	%
		598,903,569		509,414,829		17.6	%
End User Transportation*		42,316,720		57,185,584		-26.0	%
TOTAL SALES		641,220,289		566,600,414		13.2	%

* includes choice customers

Weather

Cooling Degree Days

	Q1 2004		Q1 2003		% Change
Actuals		0		0		n/m
Normal		0		0		n/m
Deviation from normal		n/m		n/m

Heating Degree Days

	Q1 2004			Q1 2003			% Change
Actuals		3,358			3,551			-5	%
Normal		3,220			3,383
Deviation from normal		4.3	%		5.0	%

12