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): July 29, 2004

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

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 12. Results of Operations and Financial Condition
	SIGNATURES
Earnings Release of DTE Energy dated July 29, 2004
Financial Information Distributed for Media and Investor Relations Communications

Item 7. Financial Statements and Exhibits

99.1	Earnings Release of DTE Energy Company (“DTE Energy”) dated July 29, 2004, including reconciliation and representations required by Regulation G.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated July 29, 2004.

Item 12. Results of Operations and Financial Condition

     DTE Energy is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued July 29, 2004, announcing financial results for the quarter ended June 30, 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 various assumptions, risks and uncertainties. They should be read in conjunction with the forward-looking statements in each of DTE Energy’s, The Detroit Edison Company’s (“Detroit Edison”) and Michigan Consolidated Gas Company’s (“MichCon”) 2003 Form 10-K (which forward-looking statements 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.

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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: July 29, 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 

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Exhibit Index

Exhibit Number	Description
99.1	Earnings Release of DTE Energy, dated July 29, 2004, including reconciliation and representations required by Regulation G.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated July 29, 2004.

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EX-99.1

EXHIBIT 99.1

July 29, 2004

DTE ENERGY REPORTS SECOND QUARTER EARNINGS

     DETROIT — DTE Energy (NYSE:DTE) today reported earnings for the second quarter ended June 30, 2004, of $35 million, or $0.20 per diluted share, compared with a reported loss of $39 million, or $0.23 per diluted share in the second quarter 2003.

     Operating earnings (which exclude non-recurring items, tax credit-driven normalization, discontinued operations and cumulative effect of accounting changes) for the 2004 second quarter were $39 million, or $0.23 per diluted share, which is comparable with operating earnings of $70 million, or $0.42 per diluted share for the same period in 2003.

     Reported earnings for the six months ended June 30, 2004, were $225 million, or $1.31 per diluted share versus $116 million or $0.69 per diluted share in 2003. Year-to-date operating earnings were $194 million, or $1.13 per diluted share, compared to $248 million, or $1.47 per diluted share in 2003.

     A reconciliation of reported to operating earnings for both the quarter ended and six months ended June 30, 2004 and 2003 is at the end of this release.

     “As we reported earlier in the week, our two utilities, Detroit Edison and MichCon, experienced another difficult quarter,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “The negative impact of Michigan’s Electric Choice program was the largest factor driving the earnings decline at Detroit Edison, and the combined effect of increased pension and healthcare expenses, high levels of uncollectable expenses and mild weather negatively impacted MichCon’s earnings performance. We continue to manage our costs aggressively and take actions to reduce our past-due receivables. While we have made progress in our electric and gas cases, the rate relief granted to date and the proposed changes to the Electric Choice program are inadequate, and much more is needed to ensure the financial health of our utilities and our ability to provide safe and reliable service to Michigan energy users.

     “I am pleased,” Earley continued, “that a bipartisan group of state senators recently introduced a package of bills designed to fix the problems associated with the Electric Choice program. I appreciate the efforts of this group of senators in tackling this critical issue. The proposed legislation addresses a number of the fundamental problems with Public Act 141 while preserving an Electric Choice program that is fair for all Michigan citizens and electricity users.”

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

• DTE Energy Resources operating earnings were $0.29 per diluted share versus $0.65 per diluted share in the second quarter 2003. The regulated operations of this business unit, which are the power generation services of Detroit Edison, declined $0.27 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 Choice program. Earnings for the quarter benefited from higher sales due to warmer weather, increased interim base rates and transition charge revenues, and the recording of $19 million (after tax) of regulatory deferrals.

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     The non-regulated operations of this business unit include the company’s energy services, energy marketing and trading, coal services and biomass businesses. Earnings at these non-regulated operations decreased $0.09 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 from seven of its nine plants in the second quarter, pending the sale of its remaining two plants. The company’s strategy is to produce synfuel from the plants in which it has sold an interest in order to optimize earnings and cash flow. During the second quarter 2004, the company produced 3.8 million tons of synfuel, versus 4.4 million tons in the same period last year. In addition, a gain was recorded in the second quarter of 2003 from the termination of a tolling agreement at a non-regulated power generation facility. Partially offsetting these declines were increased earnings from coke battery operations, driven by higher coke sales and coke prices, higher realized margins at energy marketing and trading, and a gain from selling an interest in an on-site energy project.

• DTE Energy Distribution had an operating loss of $0.01 per diluted share versus a loss of $0.12 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 $0.14 per diluted share, driven by an increase in interim base rates, residential sales growth and the effects of warmer weather, partially offset by increased pension and healthcare 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 declined by $0.03 per diluted share, reflecting an impairment charge for a decline in the fair value of a technology investment.

• DTE Energy Gas had an operating loss of $0.19 per diluted share versus a loss of $0.01 per diluted share last year. The regulated operations include the gas distribution services provided by MichCon. Regulated operations were down $0.17 per diluted share due to higher reserves for uncollectable accounts receivable, increased pension and benefit costs, and lower sales due to the economy and warmer winter weather.

     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 $0.01 per diluted share year-over-year.

• 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 earnings were $0.14 per diluted share, compared with an operating loss of $0.10 per diluted share in 2003, due primarily to the gain on sale of Plug Power shares and 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.

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     “Although our utility earnings are under pressure, our non-regulated businesses continue to perform well,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “During the second quarter, we sold interest in two additional synfuel facilities, Indy Coke and Red Mountain. Currently, a majority interest in seven of our nine synfuel plants has been sold, representing 81 percent of our total synfuel production capacity. Given the successful progress in the sell down of our synfuel portfolio, we expect to generate higher production volumes and net income from this business. We now anticipate that our synfuels business will earn $190 million to $210 million in net income this year, up from our previous earnings guidance of $150 million to $190 million. We are also increasing the 2004 earnings guidance for our non-regulated business portfolio to $215 million to $255 million, up from our previous target of $194 million to $249 million.”

Recent Events and Developments

MPSC Staff Recommendation for Final MichCon Rate Order

On July 26, 2004, the MPSC staff issued its recommendation for final rate relief in MichCon’s rate proceeding. The staff recommended a rate increase of $70 million, using a projected 2005 test year. MichCon had requested $194 million in final rate relief, based on a projected 2005 test year. The staff also proposed an allowed return on common equity of 11 percent, with a capital structure of 50 percent debt and 50 percent equity. Rebuttal testimony is due Aug. 6. An interim rate order in this proceeding is expected in August, and a final rate order anticipated in January 2005.

Bills Introduced to fix Michigan’s Electric Choice Program

On July 1, 2004, a bipartisan group of state senators introduced a package of six bills designed to address the problems associated with Michigan’s Electric Choice Program. Leading the effort to introduce bills were Sens. Bruce Patterson, chairman of the Senate’s Technology & Energy Committee, Bev Hammerstrom, majority floor leader, and Dennis Olshove, the Technology & Energy Committee’s minority vice chairman. The bills were assigned to the Technology & Energy Committee, which will hold the first of a series of hearings and work group meetings Aug. 4 in an effort to build consensus among Michigan’s electric utilities, alternative electric suppliers and customer groups. The complete legislation text can be found at www.michiganlegislature.gov.

Union Contract Negotiation

Members of Local 223, Utility Workers Union of America (UWUA), have ratified a new three-year contract with DTE Energy covering employees in the power plants, customer service, distribution, corporate services and in a variety of office, technical and professional positions. Local 223 members working for MichCon, the company’s natural gas utility, are still conducting the ratification process, which is scheduled to conclude Aug. 2. The UWUA is the largest union at DTE Energy with approximately 4,700 members.

DTE Energy Services Purchases Utility Equipment at Eight DaimlerChrysler Corp. Plants

On May 26, 2004, DTE Energy Services and an affiliate of the Goldman Sachs Group Inc. formed a joint venture to acquire utility equipment at eight DaimlerChrysler Corp. manufacturing facilities. DTE Energy Services, a subsidiary of DTE Energy, will provide a variety of utility management services to DaimlerChrysler Corp. under a long-term management services agreement. The utility assets, at DaimlerChrysler Corp. plants in Michigan, Indiana and Ohio, were purchased for $288 million. The types of equipment included in the project are production-support systems such as electrical equipment, steam boilers, wastewater treatment and lighting systems, compressed air, chilled water and air handling equipment.

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DTE Energy Services and Regency Affiliates Inc. Purchase Mobile Energy Services Co.

On May 19, 2004, DTE Energy Services and Regency Affiliates Inc. purchased Mobile Energy Services Co. (MESC). MESC is an on-site energy facility that supplies steam and electricity to a Kimberly-Clark tissue mill in Mobile, Ala. DTE Energy Services, which owns and controls 50 percent of MESC, will provide management support and provide for the operation and maintenance of the energy facility. Under a 15-year agreement with Kimberly-Clark, MESC will be the exclusive steam supplier to the mill and will provide a substantial portion of the mill’s electricity requirements. The energy facility supplies up to 61 megawatts of cogenerated steam and electricity for use in the mill’s operations.

DTE Energy Services to Provide Services at La Paloma Generating Facility

On April 5, 2004, DTE Energy Services signed agreements with La Paloma Generating Co. LP to provide comprehensive asset management, and operation and maintenance services for the La Paloma Generating plant near Bakersfield, Calif. The La Paloma facility is a 1,121-megawatt combined-cycle power plant fueled by natural gas. It supplies wholesale electricity to the California market. Under the asset management agreement, DTE Energy Services is responsible for day-to-day management and administration of the project contracts. Under the O&M agreement, DTE Energy Services is responsible for supplying personnel to operate and maintain the facility, including daily facility operations and monitoring, and materials required for operation and maintenance of the facility.

DTE Energy Sells Portion of Plug Power Ownership

On May 25, 2004, DTE Energy sold, through its wholly owned subsidiary, DTE Energy Ventures Inc., 3.5 million shares of the stock it owns in Plug Power Inc. (NASDAQ:PLUG), a fuel-cell development and manufacturing company. After the sale, DTE Energy Ventures continues to be the largest shareholder of Plug Power, with an ownership position totaling 10.6 million shares, or 14.5 percent, down from 19.4 percent ownership.

     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 9 a.m. EDT Friday, July 30, to discuss second 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. A replay will be available approximately one hour after the conference call until Aug. 30 and the internet broadcast will be archived on the company’s website.

     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.

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     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 counterparties, 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 each of DTE Energy’s, MichCon’s and Detroit Edison’s 2003 Form 10-K, 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

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DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions, Except per Share Amounts)	2004			2003			2004			2003
Operating Revenues	$	1,501		$	1,600		$	3,594		$	3,695
Operating Expenses
Fuel, purchased power and gas		377			493			1,118			1,306
Operation and maintenance		851			792			1,633			1,556
Depreciation, depletion and amortization		179			180			346			377
Taxes other than income		60			87			145			184
Gain on sale of assets, net		(83	)		(23	)		(133	)		(16	)
		1,384			1,529			3,109			3,407
Operating Income		117			71			485			288
Other (Income) and Deductions
Interest expense		129			138			260			277
Interest income		(17	)		(7	)		(27	)		(15	)
Minority interest		(51	)		(36	)		(81	)		(52	)
Other income		(20	)		(18	)		(37	)		(31	)
Other expenses		23			18			45			51
		64			95			160			230
Income (Loss) Before Income Taxes		53			(24	)		325			58
Income Tax Provision (Benefit)		18			13			93			(13	)
Income (Loss) from Continuing Operations		35			(37	)		232			71
Income (Loss) from Discontinued Operations net of tax		—			(2	)		(7	)		72
Cumulative Effect of Accounting Changes, net of tax		—			—			—			(27	)
Net Income (Loss)	$	35		$	(39	)	$	225		$	116
Basic Earnings (Loss) per Common Share
Income (Loss) from continuing operations	$	.20		$	(.22	)	$	1.35		$	.43
Discontinued operations		—			(.01	)		(.04	)		.43
Cumulative effect of accounting changes		—			—			—			(.17	)
Total	$	.20		$	(.23	)	$	1.31		$	.69
Diluted Earnings (Loss) per Common Share
Income (Loss) from continuing operations	$	.20		$	(.22	)	$	1.35		$	.42
Discontinued operations		—			(.01	)		(.04	)		.43
Cumulative effect of accounting changes		—			—			—			(.16	)
Total	$	.20		$	(.23	)	$	1.31		$	.69
Average Common Shares
Basic		173			168			172			167
Diluted		174			168			172			168
Dividends Declared per Common Share	$	.515		$	.515		$	1.03		$	1.03

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DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)

	Three Months Ended June 30
	2004									2003
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	1		$	—		$	1		$	46		$	—		$	46
Non-regulated
Energy Services		56			—			56			76			—			76
Energy Marketing & Trading		(7	)		—			(7	)		(15	)		—			(15	)
Other		—			—			—			1			—			1
Total Non-regulated		49			—			49			62			—			62
		50			—			50			108			—			108
Energy Distribution
Regulated — Power Distribution		7			—			7			(16	)		—			(16	)
Non-regulated		(8	)		—			(8	)		(5	)		—			(5	)
		(1	)		—			(1	)		(21	)		—			(21	)
Energy Gas
Regulated — Gas Distribution		(38	)		—			(38	)		(8	)		—			(8	)
Non-regulated		5			—			5			6			—			6
		(33	)		—			(33	)		(2	)		—			(2	)
Corporate and Other		19			4	B		23			(122	)		107	B		(15	)
		19			4			23			(122	)		107			(15	)
Income from Continuing Operations
Regulated		(30	)		—			(30	)		22			—			22
Non-regulated		65			4			69			(59	)		107			48
		35			4			39			(37	)		107			70
Discontinued Operations
Income from operations		—			—			—			—			—			—
Impairment loss/ Gain on sale		—			—			—			(2	)		2	I		—
		—			—			—			(2	)		2			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			—			—			—
Energy trading activities		—			—			—			—			—			—
		—			—			—			—			—			—
Net Income	$	35		$	4		$	39		$	(39	)	$	109		$	70

ADJUSTMENTS KEY

A)	Adjustment for contract termination / modification	Terminated a long-term gas exchange 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

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DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended June 30
	2004									2003
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	0.01		$	—		$	0.01		$	0.28		$	—		$	0.28
Non-regulated
Energy Services		0.32			—			0.32			0.46			—			0.46
Energy Marketing & Trading		(0.04	)		—			(0.04	)		(0.09	)		—			(0.09	)
Other		—			—			—			—			—			—
Total Non-regulated		0.28			—			0.28			0.37			—			0.37
		0.29			—			0.29			0.65			—			0.65
Energy Distribution
Regulated — Power Distribution		0.04			—			0.04			(0.10	)		—			(0.10	)
Non-regulated		(0.05	)		—			(0.05	)		(0.02	)		—			(0.02	)
		(0.01	)		—			(0.01	)		(0.12	)		—			(0.12	)
Energy Gas
Regulated — Gas Distribution		(0.22	)		—			(0.22	)		(0.05	)		—			(0.05	)
Non-regulated		0.03			—			0.03			0.04			—			0.04
		(0.19	)		—			(0.19	)		(0.01	)		—			(0.01	)
Corporate and Other		0.11			0.03	B		0.14			(0.74	)		0.64	B		(0.10	)
		0.11			0.03			0.14			(0.74	)		0.64			(0.10	)
Income from Continuing Operations
Regulated		(0.17	)		—			(0.17	)		0.13			—			0.13
Non-regulated		0.37			0.03			0.40			(0.35	)		0.64			0.29
		0.20			0.03			0.23			(0.22	)		0.64			0.42
Discontinued Operations
Income from operations		—			—			—			—			—			—
Impairment loss/ Gain on sale		—			—			—			(0.01	)		0.01	I		—
		—			—			—			(0.01	)		0.01			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—						—			—			—			—
Energy trading activities		—						—			—			—			—
Net Income	$	0.20		$	0.03		$	0.23		$	(0.23	)	$	0.65		$	0.42

ADJUSTMENTS KEY

A) Adjustment for contract termination / modification	Terminated a long-term gas exchange 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

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DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)

	Six Months Ended June 30
	2004										2003
	Reported							Operating			Reported							Operating
(in Millions)	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Regulated — Power Generation	$	17		$	—			$	17		$	71		$	—			$	71
Non-regulated
Energy Services		94			—				94			127			—				127
Energy Marketing & Trading		50			(48	)	A		2			29			(16	)	D		13
Other		(2	)		—				(2	)		1			—				1
Total Non-regulated		142			(48	)			94			157			(16	)			141
		159			(48	)			111			228			(16	)			212
Energy Distribution
Regulated — Power Distribution		35			—				35			(20	)		14		E		(6	)
Non-regulated		(11	)		—				(11	)		(9	)		—				(9	)
		24			—				24			(29	)		14				(15	)
Energy Gas
Regulated — Gas Distribution		33			—				33			51			17		F		68
Non-regulated		9			—				9			14			—				14
		42			—				42			65			17				82
															10		G
Corporate and Other		7			10		B		17			(193	)		152		B		(31	)
		7			10				17			(193	)		162				(31	)
Income from Continuing Operations
Regulated		85			—				85			102			31				133
Non-regulated		147			(38	)			109			(31	)		146				115
		232			(38	)			194			71			177				248
Discontinued Operations
Income from operations		—			—				—			5			(5	)	H		—
Impairment loss/ Gain on sale		(7	)		7		C		—			67			(67	)	I		—
		(7	)		7				—			72			(72	)			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—				—			(11	)		11		J		—
Energy trading activities		—			—				—			(16	)		16		K		—
		—			—				—			(27	)		27				—
Net Income	$	225		$	(31	)		$	194		$	116		$	132			$	248

ADJUSTMENTS KEY

A) Adjustment for contract termination / modification	Terminated a long-term gas exchange 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

9

DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)

	Six Months Ended June 30
	2004										2003
	Reported							Operating			Reported							Operating
	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Regulated — Power Generation	$	0.10		$	—			$	0.10		$	0.42		$	—			$	0.42
Non-regulated
Energy Services		0.55			—				0.55			0.76			—				0.76
Energy Marketing & Trading		0.29			(0.28	)	A		0.01			0.17			(0.09	)	D		0.08
Other		(0.02	)		—				(0.02	)		0.01			—				0.01
Total Non-regulated		0.82			(0.28	)			0.54			0.94			(0.09	)			0.85
		0.92			(0.28	)			0.64			1.36			(0.09	)			1.27
Energy Distribution
Regulated — Power Distribution		0.20			—				0.20			(0.12	)		0.08		E		(0.04	)
Non-regulated		(0.06	)		—				(0.06	)		(0.05	)		—				(0.05	)
		0.14			—				0.14			(0.17	)		0.08				(0.09	)
Energy Gas
Regulated — Gas Distribution		0.19			—				0.19			0.31			0.10		F		0.41
Non-regulated		0.05			—				0.05			0.08			—				0.08
		0.24			—				0.24			0.39			0.10				0.49
															0.06		G
Corporate and Other		0.05			0.06		B		0.11			(1.16	)		0.90		B		(0.20	)
		0.05			0.06				0.11			(1.16	)		0.96				(0.20	)
Income from Continuing Operations
Regulated		0.49			—				0.49			0.61			0.18				0.79
Non-regulated		0.86			(0.22	)			0.64			(0.19	)		0.87				0.68
		1.35			(0.22	)			1.13			0.42			1.05				1.47
Discontinued Operations
Income from operations		—			—				—			0.03			(0.03	)	H		—
Impairment loss/ Gain on sale		(0.04	)		0.04		C		—			0.40			(0.40	)	I		—
		(0.04	)		0.04				—			0.43			(0.43	)			—
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	$	1.31		$	(0.18	)		$	1.13		$	0.69		$	0.78			$	1.47

ADJUSTMENTS KEY

A) Adjustment for contract termination / modification	Terminated a long-term gas exchange 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

10

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 - June									6 Months - June
	2004			2003			% Change			2004			2003			% Change
Operating Revenues	$	1,501		$	1,600			-6	%	$	3,594		$	3,695			-3	%
Operating Expenses
Fuel, purchased power and gas		377			493			-24	%		1,118			1,306			-14	%
Operation and maintenance		851			792			7	%		1,633			1,556			5	%
Depreciation, depletion and amortization		179			180			-1	%		346			377			-8	%
Taxes other than income		60			87			-31	%		145			184			-21	%
Gains on sale of assets, net		(83	)		(23	)		n/m			(133	)		(16	)		n/m
		1,384			1,529			-9	%		3,109			3,407			-9	%
Operating Income		117			71			65	%		485			288			68	%
Other (Income) and Deductions
Interest expense		129			138			-7	%		260			277			-6	%
Interest income		(17	)		(7	)		143	%		(27	)		(15	)		80	%
Minority interest		(51	)		(36	)		42	%		(81	)		(52	)		56	%
Other income		(20	)		(18	)		11	%		(37	)		(31	)		19	%
Other expenses		23			18			28	%		45			51			-12	%
		64			95			-33	%		160			230			-30	%
Income Before Income Taxes		53			(24	)		n/m			325			58			n/m
Income Tax Provision (Benefit)		18			13			38	%		93			(13	)		n/m
Income from Continuing Operations		35			(37	)		n/m			232			71			n/m
Income (Loss) from Discontinued Operations		—			(2	)		—			(7	)		72			n/m
Cumulative Effect of Accounting Changes		—			—			—			—			(27	)		—
Reported Net Income (Loss)	$	35		$	(39	)		n/m		$	225		$	116			n/m
Basic Earnings (Loss) per Common Share
Income (Loss) from Continuing Operations	$	0.20		$	(0.22	)				$	1.35		$	0.43
Discontinued Operations		—			(0.01	)					(0.04	)		0.43
Cumulative Effect of Accounting Changes		—			—						—			(0.17	)
Total	$	0.20		$	(0.23	)		n/m		$	1.31		$	0.69			n/m
Diluted Earnings (Loss) per Common Share
Income (Loss) from Continuing Operations	$	0.20		$	(0.22	)				$	1.35		$	0.42
Discontinued Operations		—			(0.01	)					(0.04	)		0.43
Cumulative Effect of Accounting Changes		—			—						—			(0.16	)
Total	$	0.20		$	(0.23	)		n/m		$	1.31		$	0.69			n/m
Significant Items Impacting Comparability
Unusual Items
Pipeline Contract Modification/Termination		—			—			—			(0.28	)		—			—
Tax credit driven normalization		0.03			0.64			—			0.06			0.90			—
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		—			0.01			—			—			(0.43	)		—
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	$	0.23		$	0.42			-45	%	$	1.13		$	1.47			-23	%
Average Common Shares
Basic		173			168			3	%		172			167			3	%
Diluted		174			168			4	%		172			168			2	%
Dividends Declared per Common Share	$	0.515		$	0.515			—		$	1.03		$	1.03			—

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

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

Q2 2003 Reported Earnings per Share				($0.23	)
Adjust for Q2 2003 Quarterly Effective Tax Rate Adjustment				0.64
Adjust for discontinued operations (ITC)				0.01
Q2 2003 Operating Earnings per Share			$	0.42
Regulated Electric				(0.13	)
Regulatory Assets	0.03
Weather	0.04
Choice Lost Margin	(0.12	)
Net Interim Rate Relief Impact	0.06
Other Margin Changes	(0.05	)
Pension/Health Care	(0.06	)
Storm Costs	0.06
Other O&M Expenses	(0.09	)
Regulated Gas				($0.17	)
Weather	(0.02	)
Other Margin Changes	(0.03	)
Pension/Health Care	(0.04	)
Uncollectables	(0.03	)
Other Costs	(0.05	)
Non-Regulated				(0.02	)
Synfuels	(0.08	)
Power Generation	(0.11	)
Other Energy Resources Non-Regulated	0.10
Technology Investments (Primarily Plug Power)	0.09
DTE Energy Technologies	(0.02	)
Holding Company & Share Dilution				0.13
Q2 2004 Operating Earnings per Share			$	0.23
Effective tax rate adjustment				(0.03	)
Q2 2004 Reported Earnings per Share			$	0.20

Net Income Summary
(Preliminary/Unaudited)

(in millions, except per share amounts)	Reported					Operating			Operating
	Q2 2004			Adjustments		Q2 2004			Q2 2003			Variance
Energy Resources
Regulated — Power Generation	$	1		$	—	$	1		$	46		$	(45	)
Non-Regulated
Energy Services
Coal Based Fuels
Synfuels		56			—		56			70			(14	)
Coke Batteries		—			—		—			(8	)		8
On Site Energy Projects		9			—		9			2			7
Merchant Generation		(4	)		—		(4	)		16			(20	)
Coal Services		2			—		2			3			(1	)
Biomass Energy		1			—		1			1			—
Energy Trading & CoEnergy Portfolio		(7	)		—		(7	)		(15	)		8
Energy Resources Overheads		(8	)		—		(8	)		(7	)		(1	)
Total Energy Resources Non-Regulated	$	49		$	—		49		$	62		$	(13	)
Total Energy Resources	$	50		$	—		50		$	108		$	(58	)
Energy Distribution
Regulated — Power Distribution		7		$	—		7		$	(16	)	$	23
Non Regulated (Energy Technologies)		(8	)		—		(8	)		(5	)		(3	)
Total Energy Distribution	$	(1	)	$	—		(1	)	$	(21	)	$	20
Energy Gas
Regulated		(38	)	$	—		(38	)	$	(8	)	$	(30	)
Non-Regulated		5			—		5			6			(1	)
Total Energy Gas	$	(33	)	$	—		(33	)	$	(2	)	$	(31	)
Holding Company & Other
DTE Energy Ventures	$	10					10		$	(5	)	$	15
Other		9			4 A		13			(10	)		23
Total Holding Company & Other	$	19			4	$	23		$	(15	)	$	38
Total Net Income		35		$	4	$	39		$	70		$	(31	)
Total Diluted EPS	$	0.20		$	0.03	$	0.23		$	0.42		$	(0.19	)
Average Diluted Shares Outstanding		174			174		174			168

Key:

A -Quarterly Effective Tax Rate Adjustment $4M

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

	June 30			Dec. 31			Percent
ASSETS	2004			2003			Change
Current Assets
Cash and cash equivalents	$	75		$	54			39	%
Restricted cash		121			131			-8	%
Accounts receivable
Customer (less allow. for doubtful accounts of $129 and $99)		859			877			-2	%
Accrued unbilled revenues		212			316			-33	%
Other		464			338			37	%
Inventories
Fuel and gas		390			467			-16	%
Materials and supplies		161			162			-1	%
Assets from risk management and trading activities		238			186			28	%
Other		207			181			14	%
		2,727			2,712			1	%
Investments
Nuclear decommissioning trust funds		544			518			5	%
Other		574			601			-4	%
		1,118			1,119			—
Property
Property, plant and equipment		17,966			17,679			2	%
Less accumulated depreciation and depletion		(7,590	)		(7,355	)		3	%
		10,376			10,324			1	%
Other Assets
Goodwill		2,063			2,067			—
Regulatory assets		2,109			2,063			2	%
Securitized regulatory assets		1,484			1,527			-3	%
Notes receivable		552			469			18	%
Assets from risk management and trading activities		196			88			123	%
Prepaid pension assets		182			181			1	%
Other		204			203			1	%
		6,790			6,598			3	%
Total Assets	$	21,011		$	20,753			1	%

LIABILITIES AND	June 30			Dec. 31			Percent
SHAREHOLDERS’ EQUITY	2004			2003			Change
Current Liabilities
Accounts payable	$	701		$	625			12	%
Accrued interest		106			110			-4	%
Dividends payable		90			87			3	%
Accrued payroll		43			51			-16	%
Income taxes		—			185			—
Short-term borrowings		490			370			32	%
Current portion long-term debt, including capital leases		340			477			-29	%
Liabilities from risk management and trading activities		387			326			19	%
Other		610			593			3	%
		2,767			2,824			-2	%
Other Liabilities
Deferred income taxes		1,093			988			11	%
Regulatory liabilities		816			817			—
Asset retirement obligations		892			866			3	%
Unamortized investment tax credit		150			156			-4	%
Liab. from risk mgmt. and trading activities		306			173			77	%
Liab. from transportation and storage contracts		407			495			-18	%
Accrued pension liability		216			345			-37	%
Deferred gains from asset sales		412			311			32	%
Minority interest		145			156			-7	%
Nuclear decommissioning		70			67			4	%
Other		589			599			-2	%
		5,096			4,973			2	%
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,672			5,624			1	%
Securitization bonds		1,446			1,496			-3	%
Equity-linked securities		181			185			-2	%
Trust preferred-linked securities		289			289			—
Capital lease obligations		71			75			-5	%
		7,659			7,669			—
Contingencies
Shareholders’ Equity
Common stock		3,300			3,109			6	%
Retained earnings		2,356			2,308			2	%
Accumulated other comprehensive loss		(167	)		(130	)		-28	%
		5,489			5,287			4	%
Total Liabilities and Shareholders’ Equity	$	21,011		$	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.

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

	6 Months - June
	2004			2003
(in Millions)
Operating Activities
Net Income	$	225		$	116
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation, depletion, and amortization		346			381
Deferred income taxes		112			61
Gain on sale of interests in synfuel projects		(106	)		(33	)
Gain on sale of ITC and other assets, net		(24	)		(118	)
Partners’ share of synfuel project losses		(87	)		(38	)
Contributions from synfuel partners		36			29
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes
shown separately		17			(97	)
Net cash from operating activities	$	519		$	328
Investing Activities
Plant and equipment expenditures — regulated		(363	)		(356	)
Plant and equipment expenditures — non-regulated		(33	)		(44	)
Investment in joint ventures		(36	)		(4	)
Proceeds from sale of interests in synfuel projects		88			43
Proceeds from sale of ITC and other assets		59			604
Restricted cash for debt redemptions		10			110
Other investments		(38	)		(49	)
Net cash from (used for) investing activities	$	(313	)	$	304
Financing Activities
Issuance of long-term debt		418			480
Redemption of long-term debt		(565	)		(800	)
Short-term borrowings, net		120			(184	)
Issuance of common stock		21			21
Dividends on common stock		(176	)		(173	)
Other		(3	)		(6	)
Net cash used for financing activities	$	(185	)	$	(662	)
Net Increase (Decrease) in Cash and Cash Equivalents		21			(30	)
Cash and Cash Equivalents at Beginning of the Period		54			133
Cash and Cash Equivalents at End of the Period	$	75		$	103

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

	3 Months - June									6 Months - June
	2004			2003			% Change			2004			2003			% Change
Operating Revenues	$	835		$	870			-4	%	$	1,721		$	1,807			-5	%
Operating Expenses
Fuel and purchased power		200			226			-12	%		416			474			-12	%
Operation and maintenance		359			343			5	%		702			709			-1	%
Depreciation and amortization		122			124			-2	%		236			259			-9	%
Taxes other than income		62			65			-5	%		130			137			-5	%
		743			758			-2	%		1,484			1,579			-6	%
Operating Income		92			112			-18	%		237			228			4	%
Other (Income) and Deductions
Interest expense		71			71			—			143			146			-2	%
Other income		(15	)		(22	)		-32	%		(30	)		(33	)		-9	%
Other expense		23			17			35	%		45			37			22	%
		79			66			20	%		158			150			5	%
Income Before Income Taxes		13			46			-72	%		79			78			1	%
Income Tax Provision		5			16			-69	%		27			27			—
Income Before Accounting Change		8			30			-73	%		52			51			2	%
Cumulative Effect of Accounting Change		—			—			—			—			(6	)		—
Reported Earnings	$	8		$	30			-73	%	$	52		$	45			16	%
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			—			—			—			6			—
Unusual Items
Loss on Sale of Steam Heating Business		—			—			—			—			14			—
Operating Earnings	$	8		$	30			-73	%	$	52		$	65			-20	%

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

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

	3 Months - June									6 Months - June
	2004			2003			% Change			2004			2003			% Change
Operating Revenues	$	271		$	284			-5	%	$	986		$	936			5	%
Operating Expenses
Cost of gas		161			160			1	%		649			581			12	%
Operation and maintenance		108			83			30	%		203			161			26	%
Depreciation, depletion and amortization		26			28			-7	%		53			53			—
Taxes other than income		13			13			—			25			30			-17	%
Property write-down		—			5			—			—			5			—
		308			289			7	%		930			830			12	%
Operating Income (Loss)		(37	)		(5	)		—			56			106			-47	%
Other (Income) and Deductions
Interest expense		13			14			-7	%		27			29			-7	%
Interest income		(3	)		(3	)		—			(5	)		(6	)		-17	%
Other		—			(1	)		—			1			(2	)		-150	%
		10			10			—			23			21			10	%
Income (Loss) Before Income Taxes		(47	)		(15	)		-213	%		33			85			-61	%
Income Tax Provision (Benefit)		(10	)		(4	)		-150	%		—			21			—
Reported Earnings (Loss) (A)		(37	)		(11	)		-236	%		33			64			-48	%
Operating Earnings	$	(37	)	$	(11	)		-236	%	$	33		$	64			-48	%

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) Excludes $26 million ($17 million after-tax) of 2002 gas disallowance costs that were previously reflected in 2003 earnings. 2002 earnings have been restated to account for these gas disallowance costs.

n/m — not meaningful

DTE Energy Debt/Equity Calculation
As of June 30, 2004
($ millions)

short-term borrowings	$	490
current portion LTD + cap leases		340
long-term debt		5,672
securitization bonds		1,446
capital leases		71
less QUIDS		(385	)
less MichCon short-term debt		—
less securitization debt, including current portion		(1,539	)
Total debt	$	6,095
Trust preferred	$	289
QUIDS		385
Mandatory convertible		181
Total preferred/other	$	855
Equity	$	5,489
Total cap	$	12,439
Debt		49.0	%
Preferred stock		6.9	%
Common shareholders’ equity		44.1	%
Total		100.0	%

Sales Analysis

Electric Sales - Detroit Edison Service Area (000’s of GWh)								Electric Revenue - Detroit Edison Service Area ($000s)
	Q2 2004		Q2 2003		% Change				Q2 2004		Q2 2003		% Change
Residential		3,473		3,243		7.1	%	Residential		309,485		287,350		7.7	%
Commercial		3,049		3,962		-23.0	%	Commercial		257,378		329,040		-21.8	%
Industrial		2,810		3,134		-10.4	%	Industrial		135,628		164,043		-17.3	%
Other		656		639		2.6	%	Other		30,531		28,634		6.6	%
TOTAL SYSTEM		9,987		10,978		-9.0	%	TOTAL SYSTEM		733,022		809,067		-9.4	%
Interconnection Sales		1026		619				Interconnection Sales		39,614		27,298
Choice Sales*		2,480		1,844		34.5	%	Choice Sales*		46,937		8,643,778		-99.5	%
TOTAL SALES		13,493		13,440		0.4	%	TOTAL SALES		819,572		9,480,143		-91.4	%
* Includes Dearborn Industrial Group sales								* Includes Dearborn Industrial Group sales

Gas Sales - MichCon									Gas Revenue - MichCon
	Q2 2004			Q2 2003		% Change				Q2 2004			Q2 2003		% Change
Residential		17,721,665			24,713,839		-28.3	%	Residential		146,783,207			168,597,970		-12.9	%
Commercial		5,666,174			6,647,296		-14.8	%	Commercial		44,811,717			46,225,700		-3.1	%
Industrial		(947,171	)		238,568		-497.0	%	Industrial		(6,674,363	)		1,550,787		-530.4	%
		22,440,668			31,599,703		-29.0	%			184,920,561			216,374,457		-14.5	%
End User Transportation*		29,160,337			25,578,325		14.0	%	End User Transportation*		25,135,891			27,947,928		-10.1	%
TOTAL SALES		51,601,005			57,178,028		-9.8	%	TOTAL SALES		210,056,452			244,322,385		-14.0	%
* Includes choice customers									* Includes choice customers

Weather

Cooling Degree Days										Heating Degree Days
	Q1 2004			Q1 2003			% Change				Q2 2004			Q2 2003			% Change
Actuals		171			114			50	%	Actuals		766			909		-16%
Normal		193			193			n/m		Normal		888			882
Deviation from normal		-11.4	%		-40.9	%				Deviation from normal		-13.7	%		3.1	%