8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 10, 2005

	Exact Name of Registrant as Specified in its Charter,
Commission	State of Incorporation, Address of Principal Executive	IRS Employer
File Number	Offices and Telephone Number	Identification No.
1-11607	DTE Energy Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	The Detroit Edison Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-0478650
1-7310	Michigan Consolidated Gas Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-0478040

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

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

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

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

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

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Earnings Release, Dated February 10, 2005
Financial Information Distributed for Media and Investor Relations Communications, Dated February 10, 2005

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued February 10, 2005, announcing financial results for the year ended December 31, 2004. Copies of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1	Earnings Release of DTE Energy Company dated February 10, 2005.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 10, 2005.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in each of DTE Energy’s, The Detroit Edison Company’s (“Detroit Edison”) and Michigan Consolidated Gas Company’s (“MichCon”) 2003 Form 10-K (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy, Detroit Edison and MichCon that discuss important factors that could cause DTE Energy’s, Detroit Edison’s and MichCon’s actual results to differ materially. DTE Energy, Detroit Edison and MichCon expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

SIGNATURES

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

Date: February 10, 2005

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 

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated February 10, 2005.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated February 10, 2005.

EX-99.1

EXHIBIT 99.1

Feb. 10, 2005

DTE ENERGY REPORTS 2004 EARNINGS, MAINTAINS EARNINGS GUIDANCE FOR 2005

         DETROIT — DTE Energy (NYSE:DTE) today reported earnings for 2004 of $431 million, or $2.49 per diluted share, compared with 2003 reported earnings of $521 million, or $3.09 per diluted share.

         Operating earnings, which exclude non-recurring items and discontinued operations, for 2004 were $427 million, or $2.46 per diluted share, compared with 2003 operating earnings of $500 million, or $2.97 per diluted share.

         A reconciliation of reported to operating earnings for both the fourth quarter and 12 months ended Dec. 31, 2003 and 2004 is at the end of this release.

         “Last year was a difficult year from an earnings perspective, but I believe our 2004 accomplishments have DTE Energy well-positioned for the future,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “The successful completion of Detroit Edison’s rate case and the expected first quarter resolution of MichCon’s rate case will strengthen DTE Energy’s utility core. Additionally, we continued our record of successfully growing our non-utility businesses while maintaining a strong balance sheet and healthy dividend.”

         DTE Energy President Gerard M. Anderson concurred: “We made tremendous progress on the regulatory front in 2004, but we have some key milestones in 2005, including the conclusion of the MichCon gas rate case and the recently filed electric rate restructuring process. During 2005 we plan to retire $200 million of parent company debt, and redeploy an additional $250 to $300 million. The redeployment will focus on high quality growth investments, but if we do not have a sufficient volume of investment opportunities, we will repurchase stock.”

         DTE Energy also reported 2004 cash from operations of approximately $1.0 billion, compared with $950 million reported in 2003. Including the ongoing proceeds from the sale of majority interests in the company’s synthetic fuel production facilities, adjusted cash from operations increased to $1.2 billion in 2004 from $1.0 billion in 2003.

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

•

DTE Energy Resources operating earnings were $1.84 per diluted share versus $2.72 per diluted share in 2003. The utility operations of this business unit, which are the power generation services of Detroit Edison, declined $0.89 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, as well as milder summer weather than in 2003. Increased operation and maintenance expenses, reflecting costs associated with maintaining the generation fleet and higher benefits costs, also impacted 2004 results negatively. Earnings for the year benefited from increased regulatory deferrals.

The non-utility operations of this business unit include the company’s energy services, energy marketing and trading, coal services and biomass businesses. Operating earnings at these non-utility operations were $1.35 per diluted share, an increase of $0.01 over 2003. The increase was attributable to higher earnings recognized from selling interests in the company’s synfuel plants, as well as higher production of synthetic fuel, partially offset by a mark-to-market loss on oil price hedges. In 2004, the company produced 15.6 million tons of synfuel versus 13.5 million tons in 2003. Earnings from the company’s energy marketing and trading operations benefited from stronger trading results and the

timing of gas storage accounting. These increases were partially offset by the absence of a gain recorded in 2003 from the early termination of a power contract.

•	DTE Energy Distribution reported operating earnings of $0.43 per diluted share versus $0.09 per diluted share in 2003. The utility operations of this business unit are the electric distribution services of Detroit Edison. These utility operations experienced a year-over-year increase of $0.36 per diluted share, driven primarily by increased revenues from interim and final base rate relief, but partially offset by lower sales due to milder summer weather and higher reserves for uncollectable accounts receivable.
	The non-utility 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 losses at this business increased by $0.02 per diluted share.
•	DTE Energy Gas recorded operating earnings of $0.25 per diluted share versus $0.44 per diluted share in 2003. The Energy Gas utility operations include the gas distribution services provided by MichCon. Utility operations were down $0.14 per diluted share due mainly to the impact of mild weather and higher reserves for uncollectable accounts receivable. Non-utility operations of this business unit include the production of gas in northern Michigan and the gathering, transporting, processing and storage of gas. Operating earnings from these businesses declined by $0.05 per diluted share year-over-year due primarily to gains recorded in 2003 from selling interests in joint ventures.
•	Corporate & Other includes non-allocated interest costs, as well as certain non-utility investments, including assets held for sale and investments in emerging energy technologies. Corporate & Other operating losses were $0.06 per diluted share, compared with a loss of $0.28 per diluted share in 2003, due to lower financing costs and gains from the sale of some of the company’s investment in Plug Power.

         For the fourth quarter of 2004, DTE Energy reported earnings were $113 million, or $0.65 per diluted share, down from 2003 reported earnings of $229 million, or $1.36 per diluted share. Operating earnings for the fourth quarter 2004 were $162 million, or $0.94 per diluted share, up from 2003 operating earnings of $138 million, or $0.82 per diluted share.

     Fourth quarter operating earnings results by business unit were:

•   DTE Energy Resources operating earnings were down $0.08 per diluted share versus the fourth quarter 2003. Earnings from utility operations decreased $0.27 per diluted share, driven primarily by lost sales under the electric Customer Choice program and higher power plant operations and maintenance expenses, which were offset partially by cost reductions. Earnings from non-utility operations increased $0.19 per diluted share versus 2003, due mostly to higher synthetic fuel production, earnings from the sale of interests in synfuel projects and increased storage profits related to gas prices.

•   DTE Energy Distribution operating earnings increased $0.15 per diluted share versus the fourth quarter 2003. Utility operations increased $0.15 per diluted share, mostly caused by interim and final rate relief. The non-utility operations were flat compared with the fourth quarter 2003.

•   DTE Energy Gas operating earnings increased by $0.14 per diluted share versus the fourth quarter 2003. Utility operations improved by $0.12 per diluted share due to interim rate relief, higher off-system sales, favorable weather and additional margin due to the acceleration of several midstream services contracts. Non-utility earnings were up $0.02 per diluted share due to higher gas storage revenues.

•   Corporate & Other operating losses were $0.14 per diluted share versus a $0.05 per diluted share loss in the fourth quarter 2003. The decline was due to technology investment writeoffs partially offset by decreased 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.

2005 Outlook

DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per diluted share.

     “We believe that 2005 will be a brighter year for DTE Energy,” said David E. Meador, DTE Energy executive vice president and CFO. “Financially, we expect that our electric rate restructuring proposal and the resolution of MichCon’s rate case will bring our utilities back to financial health and provide a sustainable and stable regulatory structure. We also plan to continue our successful strategy of growing our non-utility businesses while maintaining a strong balance sheet and an attractive dividend. Operationally, our focus will be to effectively redeploy the $1.65 billion in cash that we expect our non-utility businesses to generate from 2005 to 2008 into corporate debt reduction, investments in promising non-utility businesses and stock repurchases.”

         “With the utilities moving towards their authorized return on equity and continued non-utility growth, we expect earnings and cash flows to improve dramatically in 2005 and put us on the right path for 2006,” Meador said.

Recent Events and Developments

MPSC Issues Detroit Edison Final Rate Order

         On Nov. 23, 2004, the MPSC issued the final order in Detroit Edison’s general rate case. The order granted $374 million in rate relief based on an 11 percent allowed return on an equity base of $2.9 billion, with a 54 percent debt and 46 percent equity capital structure. The final order authorized full recovery of $550 million in past environmental expenditures, established surcharges to recover almost $400 million of accrued regulatory assets, enacted a pension expense tracking mechanism and allowed recovery of costs associated with transmission, the Midwest Independent System Operator and nitrogen oxide emission allowances through the power supply cost recovery mechanism.

Detroit Edison Files Rate Restructuring Proposal

         On Feb. 4, 2005, Detroit Edison filed the rate restructuring proposal mandated by the Michigan Public Service Commission’s (MPSC) final order in Detroit Edison’s general rate case. The primary purpose of this filing is to ensure that all customers, including participants in the electric Customer Choice program, pay their fair and proportionate share of each element of service. This will be achieved through the creation of a fair, equitable and unbundled rate structure that is free of subsidization and based on actual cost of service. In addition, Detroit Edison’s proposed method will provide a rational transition period for the removal of rate subsidies. Detroit Edison is not requesting any incremental revenues from this rate restructuring proposal above those granted in the final rate order.

Administrative Law Judge Recommendation on MichCon Final Rate Relief

         On Dec. 10, 2004, the Administrative Law Judge (ALJ) issued a Proposal for Decision regarding final rate relief requested by MichCon. The ALJ recommended a $60 million base rate increase compared with the MPSC staff’s recommendation of $76 million and MichCon’s originally requested increase of $194 million. Additionally, the ALJ agreed with the MPSC staff in recommending the adoption of MichCon’s proposed mechanism to allow MichCon to recover or refund 90 percent of uncollectable accounts receivables expense above or below the amount that is reflected in base rates. The ALJ also agreed with the MPSC staff in

supporting a 50 percent debt and 50 percent equity capital structure utilizing a rate of return on common equity of 11 percent. MichCon expects a final order in the first quarter of 2005.

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

         DTE Energy will conduct a conference call with the investment community at 9 a.m. EST Friday, Feb. 11, to discuss fourth quarter and 2004 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/investors. 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.

         The information contained herein 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 customers, and purchases from suppliers; 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 higher price of oil and its impact on the value of Section 29 tax credits, and the ability to utilize 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 the availability 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-utility businesses; changes in federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance; the cost of protecting assets against, or damage due to, terrorism; changes in 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” section in each of DTE Energy’s, MichCon’s and Detroit Edison’s 2003 Form 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy, MichCon and Detroit Edison.

- 30 -

Members of the Media — For Further Information:

Lorie N. Kessler (313) 235-8807	Scott Simons (313) 235-8808
Analysts — For Further Information:
Investor Relations (313) 235-8030

DTE Energy Company
Consolidated Statement of Operations (unaudited)

	Year Ended December 31
(in Millions, Except per Share Amounts)	2004			2003
Operating Revenues	$	7,114		$	7,041
Operating Expenses
Fuel, purchased power and gas		2,007			2,241
Operation and maintenance		3,420			3,109
Depreciation, depletion and amortization		744			687
Taxes other than income		312			334
Asset gains and losses, net (1)		(215	)		(77	)
		6,268			6,294
Operating Income		846			747
Other (Income) and Deductions
Interest expense		518			546
Interest income		(55	)		(37	)
Other, net		(13	)		(28	)
		450			481
Income Before Income Taxes and Minority Interest		396			266
Income Tax Provision (Benefit)		165			(123	)
Minority Interest (2)		(212	)		(91	)
Income from Continuing Operations		443			480
Income (Loss) from Discontinued Operations, net of tax		(12	)		68
Cumulative Effect of Accounting Changes, net of tax		—			(27	)
Net Income	$	431		$	521
Basic Earnings per Common Share
Income from continuing operations	$	2.56		$	2.87
Discontinued operations		(.06	)		.41
Cumulative effect of accounting changes		—			(.17	)
Total	$	2.50		$	3.11
Diluted Earnings per Common Share
Income from continuing operations	$	2.55		$	2.85
Discontinued operations		(.06	)		.40
Cumulative effect of accounting changes		—			(.16	)
Total	$	2.49		$	3.09
Average Common Shares
Basic		173			168
Diluted		173			168
Dividends Declared per Common Share	$	2.06		$	2.06

     (1) Primarily represents gains on the sale of interests in synfuel projects.

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

DTE Energy Company
Segment Net Income (Unaudited)

	Three Months Ended December 31
	2004									2003
	Reported						Operating			Reported							Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments				Earnings
Energy Resources
Utility — Power Generation	$	11		$	28	A	$	39		$	103		$	(21	)	A	$	82
Non-utility
Energy Services		43			—			43			48			—				48
Energy Marketing & Trading		30			—			30			(7	)		—				(7	)
Other		2			—			2			(1	)		—				(1	)
Total Non-utility		75			—			75			40			—				40
		86			28			114			143			(21	)			122
Energy Distribution
Utility — Power Distribution		25			1	B		26			2			—				2
Non-utility		(4	)		—			(4	)		(3	)		—				(3	)
		21			1			22			(1	)		—				(1	)
Energy Gas
Utility — Gas Distribution		42			1	B		43			22			—				22
Non-utility		7			—			7			4			—				4
		49			1			50			26			—				26
Corporate and Other		(38	)		14	C		(24	)		61			(70	)	C		(9	)
		(38	)		14			(24	)		61			(70	)			(9	)
Income from Continuing Operations
Utility		78			30			108			127			(21	)			106
Non-utility		78			—			78			41			—				41
Corporate and Other		(38	)		14			(24	)		61			(70	)			(9	)
		118			44			162			229			(91	)			138
Discontinued Operations
Income from operations		—			—			—			—			—				—
Impairment loss/Gain on sale		(5	)		5	D		—			—			—				—
		(5	)		5			—			—			—				—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			—			—				—
Energy trading activities		—			—			—			—			—				—
		—			—			—			—			—				—
Net Income	$	113		$	49		$	162		$	229		$	(91	)		$	138

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
D)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Three Months Ended December 31
	2004										2003
		Reported						Operating			Reported							Operating
		Earnings			Adjustments			Earnings			Earnings			Adjustments				Earnings
Energy Resources
Utility — Power Generation		$	0.06		$	0.16	A	$	0.22		$	0.61		$	(0.12	)	A	$	0.49
Non-utility
Energy Services			0.25			—			0.25			0.29			—				0.29
Energy Marketing & Trading			0.17			—			0.17			(0.04	)		—				(0.04	)
Other			0.01			—			0.01			(0.01	)		—				(0.01	)
Total Non-utility			0.43			—			0.43			0.24			—				0.24
			0.49			0.16			0.65			0.85			(0.12	)			0.73
Energy Distribution
Utility — Power Distribution			0.15			0.01	B		0.16			0.01			—				0.01
Non-utility			(0.02	)		—			(0.02	)		(0.02	)		—				(0.02	)
			0.13			0.01			0.14			(0.01	)		—				(0.01	)
Energy Gas
Utility — Gas Distribution			0.24			0.01	B		0.25			0.13			—				0.13
Non-utility			0.04			—			0.04			0.02			—				0.02
			0.28			0.01			0.29			0.15			—				0.15
Corporate and Other			(0.22	)		0.08	C		(0.14	)		0.37			(0.42	)	C		(0.05	)
			(0.22	)		0.08			(0.14	)		0.37			(0.42	)			(0.05	)
Income from Continuing Operations
Utility			0.45			0.18			0.63			0.75			(0.12	)			0.63
Non-utility			0.45			—			0.45			0.24			—				0.24
Corporate and Other			(0.22	)		0.08			(0.14	)		0.37			(0.42	)			(0.05	)
			0.68			0.26			0.94			1.36			(0.54	)			0.82
Discontinued Operations
Income from operations			—			—			—			—			—				—
Impairment loss/Gain on sale			(0.03	)		0.03	D		—			—			—				—
			(0.03	)		0.03			—			—			—				—
Cumulative Effect of Accounting Changes
Asset retirement obligations			—			—			—			—			—				—
Energy trading activities			—			—			—			—			—				—
			—			—			—			—			—				—
Net Income		$	0.65		$	0.29		$	0.94		$	1.36		$	(0.54	)		$	0.82

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
D)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company

2

DTE Energy Company
Segment Net Income (Unaudited)

	Twelve Months Ended December 31
	2004										2003
	Reported							Operating			Reported							Operating
(in Millions)	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Utility — Power Generation	$	62		$	21		A	$	85		$	235		$	(21	)	A	$	230
					2		B								16		F
Non-utility
Energy Services		188			—				188			199			—				199
Energy Marketing & Trading.		92			(48	)	C		44			45			(16	)	G		29
Other		1			—				1			(2	)		—				(2	)
Total Non-utility		281			(48	)			233			242			(16	)			226
		343			(25	)			318			477			(21	)			456
Energy Distribution
Utility — Power Distribution		88			5		B		93			17			14		H		31
Non-utility		(19	)		—				(19	)		(15	)		—				(15	)
		69			5				74			2			14				16
Energy Gas
Utility — Gas Distribution		20			4		B		24			29			17		I		46
Non-utility		21			—				21			29			—				29
		41			4				45			58			17				75
Corporate and Other		(10	)		—				(10	)		(57	)		10		J		(47	)
		(10	)		—				(10	)		(57	)		10				(47	)
Income from Continuing Operations
Utility		170			32				202			281			26				307
Non-utility		283			(48	)			235			256			(16	)			240
Corporate and Other		(10	)		—				(10	)		(57	)		10				(47	)
		443			(16	)			427			480			20				500
Discontinued Operations
Income from operations		—			—				—			5			(5	)	K		—
Impairment loss/Gain on sale.		(7	)		7		D		—			—			—				—
		(5	)		5		E		—			63			(63	)	E		—
		(12	)		12				—			68			(68	)			—
Cumulative Effect of Accounting Changes
Asset retirement obligations.		—			—				—			(11	)		11		L		—
Energy trading activities		—			—				—			(16	)		16		M		—
		—			—				—			(27	)		27				—
Net Income	$	431		$	(4	)		$	427		$	521		$	(21	)		$	500

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
D)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
E)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company
F)	Blackout Costs	Costs associated with the August 2003 Blackout
G)	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
H)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
I)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
J)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation
K)	Adjustment for discontinued operations	Sold International Transmission Company
L)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
M)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

	Twelve Months Ended December 31
	2004										2003
	Reported							Operating			Reported							Operating
	Earnings			Adjustments				Earnings			Earnings			Adjustments				Earnings
Energy Resources
Utility — Power Generation	$	0.36		$	0.12		A	$	0.49		$	1.40		$	(0.12	)	A	$	1.38
					0.01		B								0.10		F
Non-utility
Energy Services		1.08			—				1.08			1.18			—				1.18
Energy Marketing & Trading		0.53			(0.27	)	C		0.26			0.27			(0.10	)	G		0.17
Other		0.01			—				0.01			(0.01	)		—				(0.01	)
Total Non-utility		1.62			(0.27	)			1.35			1.44			(0.10	)			1.34
		1.98			(0.14	)			1.84			2.84			(0.12	)			2.72
Energy Distribution
Utility — Power Distribution		0.51			0.03		B		0.54			0.10			0.08		H		0.18
Non-utility		(0.11	)		—				(0.11	)		(0.09	)		—				(0.09	)
		0.40			0.03				0.43			0.01			0.08				0.09
Energy Gas
Utility — Gas Distribution		0.11			0.02		B		0.13			0.17			0.10		I		0.27
Non-utility		0.12			—				0.12			0.17			—				0.17
		0.23			0.02				0.25			0.34			0.10				0.44
Corporate and Other		(0.06	)		—				(0.06	)		(0.34	)		0.06		J		(0.28	)
		(0.06	)		—				(0.06	)		(0.34	)		0.06				(0.28	)
Income from Continuing Operations
Utility		0.98			0.18				1.16			1.67			0.16				1.83
Non-utility		1.63			(0.27	)			1.36			1.52			(0.10	)			1.42
Corporate and Other		(0.06	)		—				(0.06	)		(0.34	)		0.06				(0.28	)
		2.55			(0.09	)			2.46			2.85			0.12				2.97
Discontinued Operations
Income from operations		—			—				—			0.03			(0.03	)	K		—
Impairment loss/Gain on sale		(0.04	)		0.04		D		—			—			—				—
		(0.02	)		0.02		E		—			0.37			(0.37	)	E		—
		(0.06	)		0.06				—			0.40			(0.40	)			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—				—			(0.07	)		0.07		L		—
Energy trading activities		—			—				—			(0.09	)		0.09		M		—
		—			—				—			(0.16	)		0.16				—
Net Income	$	2.49		$	(0.03	)		$	2.46		$	3.09		$	(0.12	)		$	2.97

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
D)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
E)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company
F)	Blackout Costs	Costs associated with the August 2003 Blackout
G)	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
H)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
I)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
J)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation
K)	Adjustment for discontinued operations	Sold International Transmission Company
L)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
M)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10

EX-99.2

EXHIBIT 99.2

DTE Energy Company
Net Income Summary (Preliminary/Unaudited)

	Three Months Ended December 31
	2004									2003
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Utility – Power Generation	$	11		$	28	A	$	39		$	103		$	(21	)A	$	82
Non-utility
Synfuels		48			—			48			48			—			48
Coke Batteries		1			—			1			2			—			2
On Site Energy Projects		5			—			5			3			—			3
Power Generation		(3	)		—			(3	)		(4	)		—			(4	)
Coal Services		5			—			5			1			—			1
Biomass Energy		2			—			2			2			—			2
Energy Trading & CoEnergy Portfolio		30			—			30			(7	)		—			(7	)
Energy Resources Overheads/Development		(13	)		—			(13	)		(5	)		—			(5	)
Total Non-utility		75			—			75			40			—			40
		86			28			114			143			(21	)		122
Energy Distribution
Utility – Power Distribution.		25			1	B		26			2			—			2
Non-utility		(4	)		—			(4	)		(3	)		—			(3	)
		21			1			22			(1	)		—			(1	)
Energy Gas
Utility – Gas Distribution		42			1	B		43			22			—			22
Non-utility		7			—			7			4			—			4
		49			1			50			26			—			26
Corporate and Other
Energy Technology Investments		(3	)		—			(3	)		—			—			—
Other Holding Company		(35	)		14	C		(21	)		61			(70	)C		(9	)
		(38	)		14			(24	)		61			(70	)		(9	)
Discontinued Operations
Income from operations		—			—			—			—			—			—
Impairment loss/Gain on sale.		(5	)		5	D		—			—			—			—
		(5	)		5			—			—			—			—
Cumulative Effect of Accounting Changes
Asset retirement obligations.		—			—			—			—			—			—
Energy trading activities		—			—			—			—			—			—
		—			—			—			—			—			—
Net Income	$	113		$	49		$	162		$	229		$	(91	)	$	138

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
D)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company

Page 1

DTE Energy Company
Net Income Summary (Preliminary/Unaudited)

	Twelve Months Ended December 31
	2004									2003
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Utility — Power Generation	$	62		$	21	A	$	85		$	235		$	(21	)A	$	230
					2	B								16	F
Non-utility
Synfuels		198			—			198			197			—			197
Coke Batteries		9			—			9			(7	)		—			(7	)
On Site Energy Projects		23			—			23			9			—			9
Power Generation		(18	)		—			(18	)		4			—			4
Coal Services		12			—			12			8			—			8
Biomass Energy		5			—			5			6			—			6
Energy Trading & CoEnergy Portfolio		92			(48	)C		44			45			(16	)G		29
Energy Resources Overheads/Development		(40	)		—			(40	)		(20	)		—			(20	)
Total Non-utility		281			(48	)		233			242			(16	)		226
		343			(25	)		318			477			(21	)		456
Energy Distribution
Utility — Power Distribution.		88			5	B		93			17			14	H		31
Non-utility		(19	)		—			(19	)		(15	)		—			(15	)
		69			5			74			2			14			16
Energy Gas
Utility — Gas Distribution		20			4	B		24			29			17	I		46
Non-utility		21			—			21			29			—			29
		41			4			45			58			17			75
Corporate and Other
Energy Technology Investments		6			—			6			(9	)		—			(9	)
Other Holding Company		(16	)		—			(16	)		(48	)		10	J		(38	)
		(10	)					(10	)		(57	)		10			(47	)
Discontinued Operations
Income from operations		—			—			—			5			(5	)K		—
Impairment loss/Gain on sale		(7	)		7	D	—			—			—			—
		(5	)		5	E		—			63			(63	)E		—
		(12	)		12			—			68			(68	)		—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			(11	)		11	L		—
Energy trading activities		—			—			—			(16	)		16	M		—
		—			—			—			(27	)		27			—
Net Income	$	431		$	(4	)	$	427		$	521		$	(21	)	$	500

Adjustments key
A)	Stranded cost adjustment	Stranded costs adjustment made pursuant to November 2004 MPSC order
B)	DTE2 project costs	Incremental DTE2 project costs
C)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
D)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
E)	Gain on sale of ITC	Gain or a related adjustment from the sale of International Transmission Company
F)	Blackout Costs	Costs associated with the August 2003 Blackout
G)	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
H)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
I)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
J)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation
K)	Adjustment for discontinued operations	Sold International Transmission Company
L)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
M)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10

Page 2

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

2003 Reported Earnings per Share	$	3.09
Stranded costs pursuant to Nov. 2004 MPSC order		(0.12	)
Costs associated with August 2003 blackout		0.10
Accounting change related to rescission of EITF 98-10		(0.10	)
Loss on sale of Detroit Edison steam heating business		0.08
Reserve for potential disallowance of MichCon 2002 gas costs		0.10
Contribution to DTE Energy Foundation		0.06
Discontinuted operations — International Transmission Company (ITC)		(0.03	)
Gain or related adjustment from the sale of ITC		(0.37	)
Cumulative effect of accounting change — SFAS 143		0.07
Cumulative effect of accounting change — rescission of EITF 98-10		0.09
2003 Operating Earnings per Share	$	2.97
Regulated Electric
Weather		(0.09	)
Choice Lost Margin		(0.51	)
Net Rate Relief		0.14
Regulatory Deferrals		0.18
Pension/Health Care		(0.16	)
Other		(0.03	)
Regulated Gas
Weather		(0.06	)
Uncollectables		(0.08	)
Interim rate relief		0.03
Pension/Health Care		(0.03	)
Other		0.01
Non-Regulated
Synfuels		0.01
Coke Batteries		0.09
On-Site Projects		0.08
Power Generation		(0.14	)
Energy Trading & CoEnergy Portfolio		0.09
Energy Technology Investments		0.09
Overheads and other		(0.14	)
Holding Company & Share Dilution		0.01
2004 Operating Earnings per Share	$	2.46
Stranded costs pursuant to Nov. 2004 MPSC order		(0.12	)
Incremental DTE2 project costs		(0.06	)
Terminated a long-term gas exchange agreement with a pipeline company		0.27
Impairment charge related to expected loss on sale of So. Missouri Gas Co.		(0.04	)
Gain or related adjustment from the sale of ITC		(0.02	)
2004 Reported Earnings per Share	$	2.49

Page 3

DTE Energy Company
Consolidated Statement of Financial Position (UNAUDITED)

	December 31
	2004			2003
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	56		$	54
Restricted cash		126			131
Accounts receivable Customer (less allowance for doubtful accounts of $129 and $99, respectively)		880			877
Accrued unbilled revenues		378			316
Other		383			338
Inventories
Fuel and gas		509			467
Materials and supplies		159			162
Assets from risk management and trading activities		296			186
Other		209			181
		2,996			2,712
Investments
Nuclear decommissioning trust funds		590			518
Other		558			601
		1,148			1,119
Property
Property, plant and equipment		18,011			17,679
Less accumulated depreciation and depletion		(7,520	)		(7,355	)
		10,491			10,324
Other Assets
Goodwill		2,067			2,067
Regulatory assets		2,119			2,063
Securitized regulatory assets		1,438			1,527
Notes receivable		529			469
Assets from risk management and trading activities		125			88
Prepaid pension assets		184			181
Other		200			203
		6,662			6,598
Total Assets	$	21,297		$	20,753

     

Page 4

DTE Energy Company
Consolidated Statement of Financial Position (UNAUDITED)

	December 31
	2004			2003
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	836		$	625
Accrued interest		111			110
Dividends payable		90			87
Accrued payroll		33			51
Income taxes		16			185
Short-term borrowings		403			370
Current portion long-term debt, including capital leases		692			477
Liabilities from risk management and trading activities		369			326
Other		637			593
		3,187			2,824
Other Liabilities
Deferred income taxes		1,124			988
Regulatory liabilities		817			817
Asset retirement obligations		916			866
Unamortized investment tax credit		143			156
Liabilities from risk management and trading activities		224			173
Liabilities from transportation and storage contracts		387			495
Accrued pension liability		265			345
Deferred gains from asset sales		414			311
Minority interest		132			156
Nuclear decommissioning		78			67
Other		634			599
		5,134			4,973
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,495			5,624
Securitization bonds		1,400			1,496
Equity-linked securities		178			185
Trust preferred-linked securities		289			289
Capital lease obligations		66			75
		7,428			7,669
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized,174,209,034 and 168,606,522 shares issued and outstanding, respectively		3,323			3,109
Retained earnings		2,383			2,308
Accumulated other comprehensive loss		(158	)		(130	)
		5,548			5,287
Total Liabilities and Shareholders’ Equity	$	21,297		$	20,753

     

Page 5

DTE Energy Company
Consolidated Statement of Cash Flows (UNAUDITED)

	Year Ended December 31
	2004			2003
(in Millions)
Operating Activities
Net income	$	431		$	521
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		744			691
Deferred income taxes		129			(220	)
Gain on sale of interests in synfuel projects		(219	)		(83	)
Gain on sale of ITC and other assets, net		(17	)		(145	)
Partners’ share of synfuel project losses		(223	)		(78	)
Contributions from synfuel partners		141			65
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes shown separately		9			172
Net cash from operating activities		995			950
Investing Activities
Plant and equipment expenditures — utility		(815	)		(679	)
Plant and equipment expenditures — non-utility		(89	)		(72	)
Investment in joint ventures		(36	)		(34	)
Proceeds from sale of interests in synfuel projects		221			89
Proceeds from sale of ITC and other assets		104			669
Restricted cash for debt redemptions		5			106
Other investments		(71	)		(69	)
Net cash from (used for) investing activities		(681	)		10
Financing Activities
Issuance of long-term debt		736			527
Redemption of long-term debt		(759	)		(1,208	)
Short-term borrowings, net		33			(44	)
Issuance of common stock		41			44
Dividends on common stock		(354	)		(346	)
Other		(9	)		(12	)
Net cash used for financing activities		(312	)		(1,039	)
Net Increase (Decrease) in Cash and Cash Equivalents		2			(79	)
Cash and Cash Equivalents at Beginning of Period		54			133
Cash and Cash Equivalents at End of Period	$	56		$	54

     

Page 6

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)

	Year ended
	December 31
(in Millions)	2004			2003
Operating Revenues	$	3,568		$	3,695
Operating Expenses
Fuel and purchased power		885			939
Operation and maintenance		1,395			1,332
Depreciation and amortization		523			473
Taxes other than income		249			257
Asset gains and losses, net		(1	)		20
		3,051			3,021
Operating Income		517			674
Other (Income) and Deductions
Interest expense		280			284
Interest income		—			(7	)
Other, net		23			—
		303			277
Income Before Income Taxes		214			397
Income Tax Provision		64			145
Income Before Accounting Change		150			252
Cumulative Effect of Accounting Change		—			(6	)
Reported Earnings		150			246
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			6
Unusual Items
Stranded Cost adjustment		21			(21	)
DTE2 Capitalized costs		7			—
August 2003 Blackout Costs		—			16
Loss on Sale of Steam Heating Business		—			14
Operating Earnings	$	178		$	261
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

Page 7

Michigan Consolidated Gas Company
Consolidated Statement of Operations (unaudited)

	Year ended
	December 31
(in Millions)	2004			2003
Operating Revenues	$	1,645		$	1,492
Operating Expenses
Cost of gas		1,044			888
Operation and maintenance		387			349
Depreciation, depletion and amortization		108			105
Taxes other than income		48			52
Asset gains and losses, net		(2	)		8
		1,585			1,402
Operating Income		60			90
Other (Income) and Deductions
Interest expense		57			57
Interest income		(9	)		(10	)
Other, net		(2	)		(11	)
		46			36
Income Before Income Taxes		14			54
Income Tax Provision (Benefit)		(8	)		9
Reported Earnings		22			45
Purchase Accounting and Other Adjustments		(3	)		(6	)
Disallowance of Gas Costs		—			(17	)
DTE2 Capitalized Costs		4			—
Operating Earnings	$	23		$	22
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

Page 8

DTE Energy Debt/Equity Calculation

As of December 31, 2004
($ millions)

short-term borrowings	403
current portion LTD + cap leases	692
long-term debt	5,495
securitization bonds	1,400
capital leases	66
less QUIDS	(385	)
less MichCon short-term debt	(232	)
less securitization debt, including current portion	(1,496	)
Total debt	5,943
Trust preferred	289
QUIDS	385
Mandatory convertible	178
Total preferred/ other	852
Equity	5,548
Total capitalization	12,343
Debt	48.2	%
Preferred stock	6.9	%
Common shareholders’ equity	44.9	%
Total	100.0	%

Sales Analysis — Q4

Electric Sales — Detroit Edison Service Area
(GWh)

	Q4 2004		Q4 2003		% Change
Residential		3,426		3,519		-3	%
Commercial		3,328		3,691		-10	%
Industrial		3,054		2,990		2	%
Other		648		667		-3	%
		10,456		10,867		-4	%
Interconnection		2,274		992		129	%
Choice*		2,563		2,089		23	%
TOTAL SALES		15,293		13,948		10	%

*   Includes Dearborn Industrial Group sales

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

	Q4 2004		Q4 2003		% Change
Residential		305,966		314,120		-3	%
Commercial		281,008		305,971		-8	%
Industrial		150,646		150,968		0	%
Other		27,871		27,947		0	%
		765,491		799,006		-4	%
Interconnection		84,797		30,814		175	%
Choice*		48,734		10,439		367	%**
TOTAL REVENUES		899,022		840,259		7	%

*	Distribution charge includes Dearborn Industrial Group revenues
**	Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charges

Gas Sales — MichCon Service Area (Mcf)

	Q4 2004		Q4 2003		% Change
Residential		39,621,965		40,307,846		-2	%
Commercial		12,070,676		12,102,969		0	%
Industrial		335,373		466,728		-28	%
		52,028,014		52,877,543		-2	%
End User Transportation*		38,386,908		38,042,355		1	%
TOTAL SALES		90,414,922		90,919,898		-1	%

*   includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2004		Q4 2003		% Change
Residential		348,149		304,168		14	%
Commercial		106,907		91,702		17	%
Industrial		2,919		3,503		-17	%
		457,975		399,373		15	%
End User Transportation*		30,499		31,389		-3	%
TOTAL REVENUES		488,474		430,762		13	%

*   includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q4 2004			Q4 2003		% Change
Actuals		1			0		n/m
Normal		6			6		n/m
Deviation from normal		-83	%		n/m

Heating Degree Days
MichCon service territory

	Q4 2004			Q4 2003			% Change
Actuals		2,216			2,177			2	%
Normal*		2,252			2,396			-6	%
Deviation from normal		-2	%		-9	%

*   2004 data based on 10-year average, 2003 data based on 30 year average

Sales Analysis — 2004

Electric Sales — Detroit Edison Service Area
(GWh)

	2004		2003		% Change
Residential		15,082		15,074		0	%
Commercial		13,425		15,942		-16	%
Industrial		11,472		12,254		-6	%
Other		2,598		2,643		-2	%
TOTAL SYSTEM		42,577		45,913		-7	%
Interconnection		6,372		3,359		90	%
Choice*		9,840		7,281		35	%
TOTAL SALES		58,789		56,553		4	%

*   Includes Dearborn Industrial Group sales

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

	2004		2003		% Change
Residential		1,344,761		1,350,882		0	%
Commercial		1,122,902		1,308,501		-14	%
Industrial		557,098		633,551		-12	%
Other		116,793		115,975		1	%
TOTAL SYSTEM		3,141,554		3,408,909		-8	%
Interconnection		244,206		134,352		82	%
Choice*		173,734		35,443		390	%**
TOTAL REVENUES		3,559,494		3,578,704		-1	%

*	Distribution charge includes Dearborn Industrial Group revenues
**	Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charges

Gas Sales — MichCon Service Area (Mcf)

	2004		2003		% Change
Residential		127,225,642		134,401,892		-5	%
Commercial		40,748,332		41,135,858		-1	%
Industrial		1,337,622		1,526,112		-12	%
		169,311,596		177,063,862		-4	%
End User Transportation*		144,867,269		151,089,646		-4	%
TOTAL SALES		314,178,865		328,153,508		-4	%

*   includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	2004		2003		% Change
Residential		1,028,514		939,980		9	%
Commercial		327,245		289,521		13	%
Industrial		10,592		10,547		0	%
		1,366,351		1,240,048		10	%
End User Transportation*		118,770		135,438		-12	%
TOTAL REVENUES		1,485,121		1,375,486		8	%

*   includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	2004			2003			% Change
Actuals		642			662			-3	%
Normal		736			736			n/m
Deviation from normal		-13	%		-10	%

Heating Degree Days
MichCon service territory

	2004			2003			% Change
Actuals		6,474			6,802			-5	%
Normal*		6,469			6,850			-6	%
Deviation from normal		0	%		-1	%

*   2004 data based on 10-year average, 2003 data based on 30 year average

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