Financial and Other Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the fair value of derivative instruments for DTE Energy:


	March 31, 2024				December 31, 2023
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	10	$	—	$	—	$	(16)
Foreign currency exchange contracts	—		(1)		—		(2)
Total derivatives designated as hedging instruments	$	10	$	(1)	$	—	$	(18)

Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	499	$	(506)	$	637	$	(615)
Electricity	235		(267)		421		(388)
Environmental & Other	146		(161)		139		(150)
Foreign currency exchange contracts	1		—		—		(1)
Total derivatives not designated as hedging instruments	$	881	$	(934)	$	1,197	$	(1,154)

Current	$	658	$	(642)	$	910	$	(847)
Noncurrent	233		(293)		287		(325)
Total derivatives	$	891	$	(935)	$	1,197	$	(1,172)

Offsetting Assets

The following table presents net cash collateral offsetting arrangements for DTE Energy:


	March 31, 2024		December 31, 2023
	(In millions)
Cash collateral netted against Derivative assets	$	(2)	$	—
Cash collateral netted against Derivative liabilities	49		72
Cash collateral recorded in Accounts receivable(a)	58		57
Cash collateral recorded in Accounts payable(a)	(4)		(3)
Total net cash collateral posted (received)	$	101	$	126

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(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:


	March 31, 2024						December 31, 2023
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	499	$	(346)	$	153	$	637	$	(416)	$	221
Electricity	235		(155)		80		421		(243)		178
Environmental & Other	146		(142)		4		139		(132)		7
Interest rate contracts	10		—		10		—		—		—
Foreign currency exchange contracts	1		—		1		—		—		—
Total derivative assets	$	891	$	(643)	$	248	$	1,197	$	(791)	$	406

Derivative liabilities
Commodity contracts(a)
Natural gas	$	(506)	$	371	$	(135)	$	(615)	$	429	$	(186)
Electricity	(267)		167		(100)		(388)		297		(91)
Environmental & Other	(161)		152		(9)		(150)		137		(13)
Interest rate contracts	—		—		—		(16)		—		(16)
Foreign currency exchange contracts	(1)		—		(1)		(3)		—		(3)
Total derivative liabilities	$	(935)	$	690	$	(245)	$	(1,172)	$	863	$	(309)

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(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Offsetting Liabilities

The following table presents net cash collateral offsetting arrangements for DTE Energy:


	March 31, 2024		December 31, 2023
	(In millions)
Cash collateral netted against Derivative assets	$	(2)	$	—
Cash collateral netted against Derivative liabilities	49		72
Cash collateral recorded in Accounts receivable(a)	58		57
Cash collateral recorded in Accounts payable(a)	(4)		(3)
Total net cash collateral posted (received)	$	101	$	126

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:


	March 31, 2024						December 31, 2023
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	499	$	(346)	$	153	$	637	$	(416)	$	221
Electricity	235		(155)		80		421		(243)		178
Environmental & Other	146		(142)		4		139		(132)		7
Interest rate contracts	10		—		10		—		—		—
Foreign currency exchange contracts	1		—		1		—		—		—
Total derivative assets	$	891	$	(643)	$	248	$	1,197	$	(791)	$	406

Derivative liabilities
Commodity contracts(a)
Natural gas	$	(506)	$	371	$	(135)	$	(615)	$	429	$	(186)
Electricity	(267)		167		(100)		(388)		297		(91)
Environmental & Other	(161)		152		(9)		(150)		137		(13)
Interest rate contracts	—		—		—		(16)		—		(16)
Foreign currency exchange contracts	(1)		—		(1)		(3)		—		(3)
Total derivative liabilities	$	(935)	$	690	$	(245)	$	(1,172)	$	863	$	(309)

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(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:


	March 31, 2024								December 31, 2023
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	658	$	233	$	(642)	$	(293)	$	910	$	287	$	(847)	$	(325)
Counterparty netting	(467)		(174)		467		174		(613)		(178)		613		178
Collateral adjustment	—		(2)		49		—		—		—		57		15
Total derivatives as reported	$	191	$	57	$	(126)	$	(119)	$	297	$	109	$	(177)	$	(132)

Gain (Loss) Recognized in Income on Derivatives

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:


	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
			2024		2023
			(In millions)
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations		$	(69)	$	71
Natural gas	Fuel, purchased power, gas, and other — non-utility		59		148
Electricity	Operating Revenues — Non-utility operations		(5)		(115)
Environmental & Other	Operating Revenues — Non-utility operations		(7)		(1)
Foreign currency exchange contracts	Operating Revenues — Non-utility operations		2		—
Total			$	(20)	$	103

Volume of Commodity Contracts

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of March 31, 2024:


Commodity						Number of Units
Natural gas (MMBtu)						2,169,902,328
Electricity (MWh)						42,932,324
Oil (Gallons)						3,204,000
Foreign currency exchange ($ CAD)						127,734,587
FTR (MWh)						29,452
Renewable Energy Certificates (MWh)						11,275,250
Carbon emissions (Metric Tons)						123,848
Interest rate contracts ($ USD)						950,000,000