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Long-Term Debt

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

Long-Term Debt

DTE Energy's long-term debt outstanding and interest rates of debt outstanding at December 31 were:


	Interest Rate(a)	Maturity Date	2023		2022
			(In millions)
Mortgage bonds, notes, and other
DTE Energy debt, unsecured	3.3%	2024 — 2030	$	5,105	$	5,105
DTE Electric debt, principally secured	3.8%	2024 — 2053	10,370		9,572

DTE Gas debt, principally secured	4.2%	2025 — 2052	2,545		2,325

			18,020		17,002
Unamortized debt discount			(26)		(26)
Unamortized debt issuance costs			(100)		(92)
Long-term debt due within one year			(2,075)		(1,077)
			$	15,819	$	15,807
Securitization bonds(b)
DTE Electric securitization bonds	5.3%	2027 — 2038	$	777	$	215
Unamortized debt issuance costs			(8)		(4)
Long-term debt due within one year			(64)		(39)
			$	705	$	172
Junior Subordinated Debentures
Subordinated debentures	4.8%	2077 — 2081	$	910	$	910
Unamortized debt issuance costs			(27)		(27)
			$	883	$	883

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(a)Weighted average interest rate as of December 31, 2023.

(b)Bonds are held by DTE Securitization I and DTE Securitization II, special purpose entities consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding these entities and restrictions related to the bonds.

DTE Electric's long-term debt outstanding and interest rates of debt outstanding at December 31 were:


	Interest Rate(a)	Maturity Date	2023		2022
			(In millions)
Mortgage bonds, notes, and other
Long-term debt, principally secured	3.8%	2024 — 2053	$	10,370	$	9,572


Unamortized debt discount			(23)		(22)
Unamortized debt issuance costs			(73)		(65)
Long-term debt due within one year			(100)		(203)
			$	10,174	$	9,282
Securitization bonds(b)
DTE Electric securitization bonds	5.3%	2027 — 2038	$	777	$	215
Unamortized debt issuance costs			(8)		(4)
Long-term debt due within one year			(64)		(39)
			$	705	$	172

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(a)Weighted average interest rate as of December 31, 2023.

Debt Issuances

Refer to the table below for debt issued in 2023:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage bonds(a)	5.20%	2033	$	600
DTE Electric	March	Mortgage bonds(a)	5.40%	2053	600
DTE Energy	March	Term loan facility draw(b)	Variable	2023	200
DTE Energy	May	Senior notes(c)	4.875%	2028	800
DTE Electric	June	Tax-exempt revenue bonds(d)	3.875%	2053	100
DTE Gas	October	Mortgage bonds(a)	5.57%	2030	150
DTE Gas	October	Mortgage bonds(a)	5.73%	2035	145
DTE Electric	November	Securitization bonds(e)	5.97%	2033(f)	301
DTE Electric	November	Securitization bonds(e)	6.09%	2038(g)	301

					$	3,197

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(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for general corporate purposes.

(c)Proceeds used for the repayment of amounts outstanding under the term loan facility.

(d)Tax-exempt revenue bonds are issued by a public body that loans the proceeds to DTE Electric with terms substantially mirroring the revenue bonds. Proceeds were used to finance costs relating to solid waste disposal facilities at the Monroe and St. Clair power plants. The bonds will be subject to mandatory tender in June 2030.

(e)Bonds were issued in alignment with Green Bond principles to support the closure and recovery of St. Clair and Trenton Channel generation plants and DTE Electric's transition to cleaner energy. Proceeds were used to reimburse DTE Electric for qualified costs incurred or the net book value of the St. Clair and Trenton Channel plants and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly, DTE Electric used net proceeds of $297 million towards the partial retirement of the 2013 Series B Mortgage bonds noted in the Debt Redemptions table below and issued a special dividend of $297 million to DTE Energy. Refer to Note 9 to the Consolidated Financial Statements, "Regulatory Matters," for additional information.

(f)Principal payments on the bonds will be made semi-annually beginning September 2024, with the final payment scheduled for March 2032.

(g)Principal payments on the bonds will be made semi-annually beginning March 2032, with the final payment scheduled for September 2037.

In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. Any borrowings on the loan were determined to be long-term debt, as the term of the facility exceeded one year. Through the first quarter of 2023, DTE Energy had drawn $1.0 billion on the term loan, bearing interest at SOFR plus 0.90% per annum. These borrowings were repaid in May and June 2023, as noted in the debt redemptions table below. Unused term loan capacity of $125 million terminated in June 2023 per the terms of the credit agreement.

Debt Redemptions

Refer to the table below for debt redeemed in 2023:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Gas	April	Senior notes	6.44%	2023	$	25
DTE Energy	May	Term loan facility	Variable	2023	800
DTE Electric	June	Securitization bonds	2.64%	2023	19
DTE Energy	June	Term loan facility	Variable	2023	200
DTE Electric	September	Mortgage bonds	4.31%	2023	102
DTE Electric	October	Senior notes	5.19%	2023	100
DTE Electric	December	Securitization bonds	2.64%	2023	20
DTE Gas	December	Mortgage bonds	3.64%	2023	50
DTE Electric	December	Mortgage bonds(a)	3.65%	2024	300







					$	1,616

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(a)Represents a partial redemption with $100 million remaining principal to be redeemed in 2024.

Debt Maturities

The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt:


	2024		2025		2026		2027		2028		2029 and Thereafter		Total
	(In millions)
DTE Energy(a)(b)	$	2,139	$	1,292	$	851	$	230	$	1,737	$	13,458	$	19,707
DTE Electric(b)	$	164	$	422	$	251	$	39	$	617	$	9,654	$	11,147

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(a)Amounts include DTE Electric's scheduled debt maturities.

(b)Amounts include DTE Securitization I and DTE Securitization II scheduled debt maturities.

The following table shows scheduled interest payments related to the Registrants' long-term debt:


	2024		2025		2026		2027		2028		2029 and Thereafter		Total
	(In millions)
DTE Energy(a)(b)	$	749	$	668	$	651	$	623	$	589	$	8,412	$	11,692
DTE Electric(b)	$	432	$	427	$	416	$	408	$	400	$	5,150	$	7,233

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(a)Amounts include DTE Electric's scheduled interest payments.

(b)Amounts include DTE Securitization I and DTE Securitization II scheduled interest payments.

Junior Subordinated Debentures

DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2023, no interest payments have been deferred on the Junior Subordinated Debentures.

Cross Default Provisions

Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.