|
Commission File Number
|
|
Registrants, State of Incorporation, Address, and Telephone Number
|
|
I.R.S. Employer Identification No.
|
1-11607
|
|
DTE Energy Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279
313-235-4000
|
|
38-3217752
|
|
|
|
|
|
1-2198
|
|
DTE Electric Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279 313-235-4000 |
|
38-0478650
|
DTE Energy Company (DTE Energy)
|
Yes
x
No
o
|
|
DTE Electric Company (DTE Electric)
|
Yes
x
No
o
|
DTE Energy
|
Yes
x
No
o
|
|
DTE Electric
|
Yes
x
No
o
|
DTE Energy
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
DTE Electric
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Emerging growth company
o
|
DTE Energy
|
Yes
o
No
x
|
|
DTE Electric
|
Yes
o
No
x
|
Registrant
|
|
Description
|
|
Shares
|
|
DTE Energy
|
|
Common Stock, without par value
|
|
183,212,427
|
|
|
|
|
|
|
|
DTE Electric
|
|
Common Stock, $10 par value, directly owned by DTE Energy
|
|
138,632,324
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
|
|
|
AGS
|
|
Appalachia Gathering System is a midstream natural gas asset located in Pennsylvania and West Virginia. DTE Energy purchased 100% of AGS in October 2016, and this asset is part of DTE Energy's Gas Storage and Pipelines segment.
|
|
|
|
ASU
|
|
Accounting Standards Update issued by the FASB
|
|
|
|
CCR
|
|
Coal Combustion Residuals
|
|
|
|
CFTC
|
|
U.S. Commodity Futures Trading Commission
|
|
|
|
DTE Electric
|
|
DTE Electric Company (a direct wholly-owned subsidiary of DTE Energy) and subsidiary companies
|
|
|
|
DTE Energy
|
|
DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries
|
|
|
|
DTE Gas
|
|
DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies
|
|
|
|
EGU
|
|
Electric Generating Unit
|
|
|
|
ELG
|
|
Effluent Limitations Guidelines
|
|
|
|
EPA
|
|
U.S. Environmental Protection Agency
|
|
|
|
Equity units
|
|
DTE Energy's 2016 equity units issued in October 2016, which were used to finance the October 1, 2016 Gas Storage and Pipelines acquisition
|
|
|
|
FASB
|
|
Financial Accounting Standards Board
|
|
|
|
FERC
|
|
Federal Energy Regulatory Commission
|
|
|
|
FOV
|
|
Finding of Violation
|
|
|
|
FTRs
|
|
Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid.
|
|
|
|
GCR
|
|
A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs.
|
|
|
|
GHGs
|
|
Greenhouse gases
|
|
|
|
Green Bonds
|
|
A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures.
|
|
|
|
MDEQ
|
|
Michigan Department of Environmental Quality
|
|
|
|
MGP
|
|
Manufactured Gas Plant
|
|
|
|
MPSC
|
|
Michigan Public Service Commission
|
|
|
|
MTM
|
|
Mark-to-market
|
|
|
|
NAV
|
|
Net Asset Value
|
|
|
|
NEXUS
|
|
NEXUS Gas Transmission, LLC, a joint venture in which DTE Energy own a 50% partnership interest.
|
|
|
|
Non-utility
|
|
An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC.
|
|
|
|
NOV
|
|
Notice of Violation
|
|
|
|
NO
X
|
|
Nitrogen Oxides
|
|
|
|
NRC
|
|
U.S. Nuclear Regulatory Commission
|
|
|
|
PG&E
|
|
Pacific Gas and Electric Corporation
|
|
|
|
Production tax credits
|
|
Tax credits as authorized under Sections 45K and 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the Internal Revenue Service.
|
|
|
|
PSCR
|
|
A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs.
|
|
|
|
RDM
|
|
A Revenue Decoupling Mechanism authorized by the MPSC that is designed to minimize the impact on revenues of changes in average customer usage.
|
|
|
|
REC
|
|
Renewable Energy Credit
|
|
|
|
REF
|
|
Reduced Emissions Fuel
|
|
|
|
Registrants
|
|
DTE Energy and DTE Electric
|
|
|
|
Retail access
|
|
Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas.
|
|
|
|
RNG
|
|
Renewable Natural Gas
|
|
|
|
SEC
|
|
Securities and Exchange Commission
|
|
|
|
SGG
|
|
Stonewall Gas Gathering is a midstream natural gas asset located in West Virginia. DTE Energy purchased 55% of SGG in October 2016, and this asset is part of DTE Energy's Gas Storage and Pipelines segment.
|
|
|
|
SO
2
|
|
Sulfur Dioxide
|
|
|
|
TCJA
|
|
Tax Cuts and Jobs Act of 2017
|
|
|
|
TCJA rate reduction liability
|
|
Beginning January 1, 2018, as a result of the change in the corporate tax rate,
DTE Electric and DTE Gas have reduced revenue and recorded an offsetting regulatory liability
|
|
|
|
Topic 606
|
|
FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended
|
|
|
|
Topic 840
|
|
FASB issued ASC 840, Leases
|
|
|
|
Topic 842
|
|
FASB issued ASU No. 2016-02, Leases, as amended, which replaced Topic 840
|
|
|
|
TRM
|
|
A Transitional Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of City of Detroit's Public Lighting Department customers to DTE Electric's distribution system.
|
|
|
|
VIE
|
|
Variable Interest Entity
|
Units of Measurement
|
||
|
|
|
Bcf
|
|
Billion cubic feet of natural gas
|
|
|
|
BTU
|
|
British thermal unit, heat value (energy content) of fuel
|
|
|
|
MMBtu
|
|
One million BTU
|
|
|
|
MWh
|
|
Megawatt-hour of electricity
|
•
|
impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures;
|
•
|
the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs;
|
•
|
economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas;
|
•
|
the operational failure of electric or gas distribution systems or infrastructure;
|
•
|
impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations;
|
•
|
impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations;
|
•
|
the risk of a major safety incident;
|
•
|
environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
|
•
|
the cost of protecting assets against, or damage due to, cyber incidents and terrorism;
|
•
|
health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities;
|
•
|
volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy;
|
•
|
volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations;
|
•
|
changes in the cost and availability of coal and other raw materials, purchased power, and natural gas;
|
•
|
advances in technology that produce power, store power, or reduce power consumption;
|
•
|
changes in the financial condition of significant customers and strategic partners;
|
•
|
the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions;
|
•
|
access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;
|
•
|
instability in capital markets which could impact availability of short and long-term financing;
|
•
|
the timing and extent of changes in interest rates;
|
•
|
the level of borrowings;
|
•
|
the potential for increased costs or delays in completion of significant capital projects;
|
•
|
changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits;
|
•
|
the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers;
|
•
|
unplanned outages;
|
•
|
employee relations and the impact of collective bargaining agreements;
|
•
|
the availability, cost, coverage, and terms of insurance and stability of insurance providers;
|
•
|
cost reduction efforts and the maximization of plant and distribution system performance;
|
•
|
the effects of competition;
|
•
|
changes in and application of 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;
|
•
|
contract disputes, binding arbitration, litigation, and related appeals; and
|
•
|
the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions, except per share amounts)
|
||||||
Operating Revenues
|
|
|
|
||||
Utility operations
|
$
|
1,864
|
|
|
$
|
1,740
|
|
Non-utility operations
|
1,650
|
|
|
2,013
|
|
||
|
3,514
|
|
|
3,753
|
|
||
|
|
|
|
||||
Operating Expenses
|
|
|
|
||||
Fuel, purchased power, and gas — utility
|
582
|
|
|
553
|
|
||
Fuel, purchased power, and gas — non-utility
|
1,385
|
|
|
1,773
|
|
||
Operation and maintenance
|
591
|
|
|
534
|
|
||
Depreciation and amortization
|
296
|
|
|
281
|
|
||
Taxes other than income
|
118
|
|
|
111
|
|
||
Asset (gains) losses and impairments, net
|
—
|
|
|
(3
|
)
|
||
|
2,972
|
|
|
3,249
|
|
||
Operating Income
|
542
|
|
|
504
|
|
||
|
|
|
|
||||
Other (Income) and Deductions
|
|
|
|
||||
Interest expense
|
152
|
|
|
135
|
|
||
Interest income
|
(4
|
)
|
|
(3
|
)
|
||
Non-operating retirement benefits, net
|
9
|
|
|
9
|
|
||
Other income
|
(88
|
)
|
|
(81
|
)
|
||
Other expenses
|
11
|
|
|
25
|
|
||
|
80
|
|
|
85
|
|
||
Income Before Income Taxes
|
462
|
|
|
419
|
|
||
|
|
|
|
||||
Income Tax Expense
|
54
|
|
|
68
|
|
||
|
|
|
|
||||
Net Income
|
408
|
|
|
351
|
|
||
|
|
|
|
||||
Less: Net Income (Loss) Attributable to Noncontrolling
Interests
|
7
|
|
|
(10
|
)
|
||
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
|
|
|
|
||||
Basic Earnings per Common Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
2.20
|
|
|
$
|
2.01
|
|
|
|
|
|
||||
Diluted Earnings per Common Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
2.19
|
|
|
$
|
2.00
|
|
|
|
|
|
||||
Weighted Average Common Shares Outstanding
|
|
|
|
||||
Basic
|
182
|
|
|
180
|
|
||
Diluted
|
183
|
|
|
180
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Net Income
|
$
|
408
|
|
|
$
|
351
|
|
|
|
|
|
||||
Other comprehensive income (loss), net
of tax:
|
|
|
|
||||
Benefit obligations, net of taxes of $1 and $1, respectively
|
4
|
|
|
2
|
|
||
Net unrealized losses on derivatives during the period, net of taxes of $(1) and $—, respectively
|
(3
|
)
|
|
—
|
|
||
Foreign currency translation
|
1
|
|
|
—
|
|
||
Other comprehensive income
|
2
|
|
|
2
|
|
||
|
|
|
|
||||
Comprehensive income
|
410
|
|
|
353
|
|
||
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
7
|
|
|
(10
|
)
|
||
Comprehensive Income Attributable to DTE Energy Company
|
$
|
403
|
|
|
$
|
363
|
|
|
March 31,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
56
|
|
|
$
|
71
|
|
Restricted cash
|
5
|
|
|
5
|
|
||
Accounts receivable (less allowance for doubtful accounts of $91 for both periods)
|
|
|
|
||||
Customer
|
1,683
|
|
|
1,789
|
|
||
Other
|
72
|
|
|
108
|
|
||
Inventories
|
|
|
|
||||
Fuel and gas
|
195
|
|
|
406
|
|
||
Materials and supplies
|
409
|
|
|
405
|
|
||
Derivative assets
|
72
|
|
|
102
|
|
||
Regulatory assets
|
117
|
|
|
153
|
|
||
Other
|
231
|
|
|
221
|
|
||
|
2,840
|
|
|
3,260
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,509
|
|
|
1,378
|
|
||
Investments in equity method investees
|
1,772
|
|
|
1,771
|
|
||
Other
|
238
|
|
|
219
|
|
||
|
3,519
|
|
|
3,368
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
32,214
|
|
|
31,810
|
|
||
Accumulated depreciation and amortization
|
(10,350
|
)
|
|
(10,160
|
)
|
||
|
21,864
|
|
|
21,650
|
|
||
Other Assets
|
|
|
|
||||
Goodwill
|
2,293
|
|
|
2,293
|
|
||
Regulatory assets
|
4,520
|
|
|
4,568
|
|
||
Intangible assets
|
846
|
|
|
849
|
|
||
Notes receivable
|
158
|
|
|
64
|
|
||
Derivative assets
|
22
|
|
|
31
|
|
||
Prepaid postretirement costs
|
76
|
|
|
45
|
|
||
Operating lease right-of-use assets
|
138
|
|
|
—
|
|
||
Other
|
158
|
|
|
160
|
|
||
|
8,211
|
|
|
8,010
|
|
||
Total Assets
|
$
|
36,434
|
|
|
$
|
36,288
|
|
|
March 31,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
981
|
|
|
$
|
1,329
|
|
Accrued interest
|
149
|
|
|
127
|
|
||
Dividends payable
|
173
|
|
|
172
|
|
||
Short-term borrowings
|
156
|
|
|
609
|
|
||
Current portion long-term debt, including finance leases
|
1,499
|
|
|
1,499
|
|
||
Derivative liabilities
|
50
|
|
|
67
|
|
||
Gas inventory equalization
|
88
|
|
|
—
|
|
||
Regulatory liabilities
|
95
|
|
|
126
|
|
||
Operating lease liabilities
|
33
|
|
|
—
|
|
||
Other
|
423
|
|
|
509
|
|
||
|
3,647
|
|
|
4,438
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
11,624
|
|
|
10,982
|
|
||
Junior subordinated debentures
|
1,146
|
|
|
1,145
|
|
||
Finance lease liabilities
|
6
|
|
|
7
|
|
||
|
12,776
|
|
|
12,134
|
|
||
Other Liabilities
|
|
|
|
|
|
||
Deferred income taxes
|
2,029
|
|
|
1,975
|
|
||
Regulatory liabilities
|
2,895
|
|
|
2,922
|
|
||
Asset retirement obligations
|
2,500
|
|
|
2,469
|
|
||
Unamortized investment tax credit
|
137
|
|
|
138
|
|
||
Derivative liabilities
|
52
|
|
|
89
|
|
||
Accrued pension liability
|
722
|
|
|
837
|
|
||
Nuclear decommissioning
|
224
|
|
|
205
|
|
||
Operating lease liabilities
|
98
|
|
|
—
|
|
||
Other
|
334
|
|
|
364
|
|
||
|
8,991
|
|
|
8,999
|
|
||
Commitments and Contingencies (Notes 5 and 12)
|
|
|
|
||||
|
|
|
|
|
|
||
Equity
|
|
|
|
||||
Common stock (No par value, 400,000,000 shares authorized, and 183,212,427 and 181,925,281 shares issued and outstanding at March 31, 2019
and December 31, 2018, respectively)
|
4,324
|
|
|
4,245
|
|
||
Retained earnings
|
6,364
|
|
|
6,112
|
|
||
Accumulated other comprehensive loss
|
(143
|
)
|
|
(120
|
)
|
||
Total DTE Energy Company Equity
|
10,545
|
|
|
10,237
|
|
||
Noncontrolling interests
|
475
|
|
|
480
|
|
||
Total Equity
|
11,020
|
|
|
10,717
|
|
||
Total Liabilities and Equity
|
$
|
36,434
|
|
|
$
|
36,288
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
408
|
|
|
$
|
351
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
296
|
|
|
281
|
|
||
Nuclear fuel amortization
|
15
|
|
|
15
|
|
||
Allowance for equity funds used during construction
|
(7
|
)
|
|
(7
|
)
|
||
Deferred income taxes
|
49
|
|
|
60
|
|
||
Equity earnings of equity method investees
|
(23
|
)
|
|
(21
|
)
|
||
Dividends from equity method investees
|
44
|
|
|
15
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
143
|
|
|
33
|
|
||
Inventories
|
207
|
|
|
182
|
|
||
Prepaid postretirement benefit costs
|
(31
|
)
|
|
—
|
|
||
Accounts payable
|
(288
|
)
|
|
(136
|
)
|
||
Gas inventory equalization
|
88
|
|
|
85
|
|
||
Accrued pension liability
|
(115
|
)
|
|
(187
|
)
|
||
Accrued postretirement liability
|
—
|
|
|
(36
|
)
|
||
Derivative assets and liabilities
|
(15
|
)
|
|
(7
|
)
|
||
Regulatory assets and liabilities
|
112
|
|
|
148
|
|
||
Other current and noncurrent assets and liabilities
|
(131
|
)
|
|
62
|
|
||
Net cash from operating activities
|
752
|
|
|
838
|
|
||
Investing Activities
|
|
|
|
||||
Plant and equipment expenditures — utility
|
(641
|
)
|
|
(466
|
)
|
||
Plant and equipment expenditures — non-utility
|
(27
|
)
|
|
(61
|
)
|
||
Proceeds from sale of nuclear decommissioning trust fund assets
|
176
|
|
|
336
|
|
||
Investment in nuclear decommissioning trust funds
|
(178
|
)
|
|
(337
|
)
|
||
Distributions from equity method investees
|
1
|
|
|
4
|
|
||
Contributions to equity method investees
|
(22
|
)
|
|
(64
|
)
|
||
Notes receivable
|
(48
|
)
|
|
3
|
|
||
Other
|
(9
|
)
|
|
(1
|
)
|
||
Net cash used for investing activities
|
(748
|
)
|
|
(586
|
)
|
||
Financing Activities
|
|
|
|
||||
Issuance of long-term debt, net of issuance costs
|
644
|
|
|
—
|
|
||
Short-term borrowings, net
|
(453
|
)
|
|
14
|
|
||
Dividends paid on common stock
|
(172
|
)
|
|
(158
|
)
|
||
Contributions from noncontrolling interest, principally REF entities
|
9
|
|
|
12
|
|
||
Distributions to noncontrolling interests
|
(21
|
)
|
|
(4
|
)
|
||
Other
|
(26
|
)
|
|
(19
|
)
|
||
Net cash used for financing activities
|
(19
|
)
|
|
(155
|
)
|
||
Net Increase (Decrease) in Cash, Cash Equ
ivalents, and Restricted Cash
|
(15
|
)
|
|
97
|
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
76
|
|
|
89
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
61
|
|
|
$
|
186
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
||||
Plant and equipment expenditures in accounts payable
|
$
|
235
|
|
|
$
|
179
|
|
|
|
|
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|
|
|||||||||||
|
Common Stock
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2018
|
181,925
|
|
|
$
|
4,245
|
|
|
$
|
6,112
|
|
|
$
|
(120
|
)
|
|
$
|
480
|
|
|
$
|
10,717
|
|
Implementation of ASU 2018-02
|
—
|
|
|
—
|
|
|
25
|
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|||||
Net Income
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
|
7
|
|
|
408
|
|
|||||
Dividends declared on common stock ($0.945 per Common Share)
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|||||
Contribution of common stock to pension plan
|
815
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
472
|
|
|
(21
|
)
|
|
(1
|
)
|
|
—
|
|
|
(12
|
)
|
|
(34
|
)
|
|||||
Balance, March 31, 2019
|
183,212
|
|
|
$
|
4,324
|
|
|
$
|
6,364
|
|
|
$
|
(143
|
)
|
|
$
|
475
|
|
|
$
|
11,020
|
|
|
|
|
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|
|
|||||||||||
|
Common Stock
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2017
|
179,387
|
|
|
$
|
3,989
|
|
|
$
|
5,643
|
|
|
$
|
(120
|
)
|
|
$
|
478
|
|
|
$
|
9,990
|
|
Implementation of ASU 2016-01
|
—
|
|
|
—
|
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||||
Net Income (Loss)
|
—
|
|
|
—
|
|
|
361
|
|
|
—
|
|
|
(10
|
)
|
|
351
|
|
|||||
Dividends declared on common stock ($0.88 per Common Share)
|
—
|
|
|
—
|
|
|
(160
|
)
|
|
—
|
|
|
—
|
|
|
(160
|
)
|
|||||
Contribution of common stock to pension plan
|
1,751
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
345
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
7
|
|
|
5
|
|
|||||
Balance, March 31, 2018
|
181,483
|
|
|
$
|
4,163
|
|
|
$
|
5,848
|
|
|
$
|
(123
|
)
|
|
$
|
475
|
|
|
$
|
10,363
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Utility operations
|
$
|
1,235
|
|
|
$
|
1,205
|
|
|
|
|
|
||||
Operating Expenses
|
|
|
|
||||
Fuel and purchased power — utility
|
346
|
|
|
339
|
|
||
Operation and maintenance
|
358
|
|
|
320
|
|
||
Depreciation and amortization
|
221
|
|
|
212
|
|
||
Taxes other than income
|
84
|
|
|
81
|
|
||
|
1,009
|
|
|
952
|
|
||
Operating Income
|
226
|
|
|
253
|
|
||
|
|
|
|
||||
Other (Income) and Deductions
|
|
|
|
||||
Interest expense
|
76
|
|
|
68
|
|
||
Interest income
|
(1
|
)
|
|
—
|
|
||
Other income
|
(33
|
)
|
|
(27
|
)
|
||
Other expenses
|
8
|
|
|
25
|
|
||
|
50
|
|
|
66
|
|
||
Income Before Income Taxes
|
176
|
|
|
187
|
|
||
|
|
|
|
||||
Income Tax Expense
|
29
|
|
|
47
|
|
||
|
|
|
|
||||
Net Income
|
$
|
147
|
|
|
$
|
140
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Net Income
|
$
|
147
|
|
|
$
|
140
|
|
Other comprehensive income
|
—
|
|
|
—
|
|
||
Comprehensive Income
|
$
|
147
|
|
|
$
|
140
|
|
|
March 31,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
10
|
|
|
$
|
18
|
|
Accounts receivable (less allowance for doubtful accounts of $49 and $53, respectively)
|
|
|
|
||||
Customer
|
728
|
|
|
750
|
|
||
Affiliates
|
15
|
|
|
11
|
|
||
Other
|
25
|
|
|
54
|
|
||
Inventories
|
|
|
|
||||
Fuel
|
116
|
|
|
171
|
|
||
Materials and supplies
|
283
|
|
|
279
|
|
||
Notes receivable
|
|
|
|
|
|
||
Affiliates
|
83
|
|
|
—
|
|
||
Other
|
13
|
|
|
6
|
|
||
Regulatory assets
|
102
|
|
|
148
|
|
||
Prepaid property tax
|
87
|
|
|
47
|
|
||
Other
|
27
|
|
|
36
|
|
||
|
1,489
|
|
|
1,520
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,509
|
|
|
1,378
|
|
||
Other
|
35
|
|
|
34
|
|
||
|
1,544
|
|
|
1,412
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
23,100
|
|
|
22,747
|
|
||
Accumulated depreciation and amortization
|
(7,442
|
)
|
|
(7,310
|
)
|
||
|
15,658
|
|
|
15,437
|
|
||
Other Assets
|
|
|
|
||||
Regulatory assets
|
3,791
|
|
|
3,829
|
|
||
Intangible assets
|
24
|
|
|
21
|
|
||
Prepaid postretirement costs — affiliates
|
189
|
|
|
189
|
|
||
Operating lease right-of-use assets
|
70
|
|
|
—
|
|
||
Other
|
135
|
|
|
121
|
|
||
|
4,209
|
|
|
4,160
|
|
||
Total Assets
|
$
|
22,900
|
|
|
$
|
22,529
|
|
|
March 31,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND SHAREHOLDER’S EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
|
|
|
||||
Affiliates
|
$
|
71
|
|
|
$
|
71
|
|
Other
|
363
|
|
|
441
|
|
||
Accrued interest
|
81
|
|
|
74
|
|
||
Accrued vacation
|
44
|
|
|
41
|
|
||
Current portion long-term debt, including finance leases
|
4
|
|
|
4
|
|
||
Regulatory liabilities
|
87
|
|
|
98
|
|
||
Short-term borrowings
|
|
|
|
||||
Affiliates
|
51
|
|
|
101
|
|
||
Other
|
—
|
|
|
149
|
|
||
Operating lease liabilities
|
14
|
|
|
—
|
|
||
Other
|
101
|
|
|
98
|
|
||
|
816
|
|
|
1,077
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
7,178
|
|
|
6,538
|
|
||
Finance lease liabilities
|
6
|
|
|
7
|
|
||
|
7,184
|
|
|
6,545
|
|
||
Other Liabilities
|
|
|
|
||||
Deferred income taxes
|
2,276
|
|
|
2,246
|
|
||
Regulatory liabilities
|
2,142
|
|
|
2,171
|
|
||
Asset retirement obligations
|
2,299
|
|
|
2,271
|
|
||
Unamortized investment tax credit
|
136
|
|
|
137
|
|
||
Nuclear decommissioning
|
224
|
|
|
205
|
|
||
Accrued pension liability — affiliates
|
615
|
|
|
718
|
|
||
Accrued postretirement liability — affiliates
|
257
|
|
|
278
|
|
||
Operating lease liabilities
|
50
|
|
|
—
|
|
||
Other
|
85
|
|
|
88
|
|
||
|
8,084
|
|
|
8,114
|
|
||
Commitments and Contingencies (Notes 5 and 12)
|
|
|
|
||||
|
|
|
|
||||
Shareholder’s Equity
|
|
|
|
||||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both pe
riods)
|
4,631
|
|
|
4,631
|
|
||
Retained earnings
|
2,185
|
|
|
2,162
|
|
||
Total Shareholder’s Equity
|
6,816
|
|
|
6,793
|
|
||
Total Liabilities and Shareholder’s Equity
|
$
|
22,900
|
|
|
$
|
22,529
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
147
|
|
|
$
|
140
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
221
|
|
|
212
|
|
||
Nuclear fuel amortization
|
15
|
|
|
15
|
|
||
Allowance for equity funds used during construction
|
(6
|
)
|
|
(5
|
)
|
||
Deferred income taxes
|
23
|
|
|
48
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
47
|
|
|
39
|
|
||
Inventories
|
51
|
|
|
50
|
|
||
Accounts payable
|
(36
|
)
|
|
(30
|
)
|
||
Accrued pension liability — affiliates
|
(103
|
)
|
|
(178
|
)
|
||
Accrued postretirement liability — affiliates
|
(21
|
)
|
|
(24
|
)
|
||
Regulatory assets and liabilities
|
130
|
|
|
97
|
|
||
Other current and noncurrent assets and liabilities
|
(146
|
)
|
|
(41
|
)
|
||
Net cash from operating activities
|
322
|
|
|
323
|
|
||
Investing Activities
|
|
|
|
||||
Plant and equipment expenditures
|
(531
|
)
|
|
(370
|
)
|
||
Notes receivable, including affiliates
|
(96
|
)
|
|
—
|
|
||
Proceeds from sale of nuclear decommissioning trust fund assets
|
176
|
|
|
336
|
|
||
Investment in nuclear decommissioning trust funds
|
(178
|
)
|
|
(337
|
)
|
||
Other
|
(10
|
)
|
|
—
|
|
||
Net cash used for investing activities
|
(639
|
)
|
|
(371
|
)
|
||
Financing Activities
|
|
|
|
||||
Issuance of long-term debt, net of issuance costs
|
644
|
|
|
—
|
|
||
Short-term borrowings, net — affiliate
|
(50
|
)
|
|
26
|
|
||
Short-term borrowings, net — other
|
(149
|
)
|
|
142
|
|
||
Dividends paid on common stock
|
(124
|
)
|
|
(115
|
)
|
||
Other
|
(12
|
)
|
|
(4
|
)
|
||
Net cash from financing activities
|
309
|
|
|
49
|
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(8
|
)
|
|
1
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
18
|
|
|
15
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
10
|
|
|
$
|
16
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
||||
Plant and equipment expenditures in accounts payable
|
$
|
140
|
|
|
$
|
109
|
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
|
|||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||
Balance, December 31, 2018
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
3,245
|
|
|
$
|
2,162
|
|
|
$
|
6,793
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
147
|
|
||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(124
|
)
|
||||
Balance, March 31, 2019
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
3,245
|
|
|
$
|
2,185
|
|
|
$
|
6,816
|
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||
|
Common Stock
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2017
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,920
|
|
|
$
|
1,956
|
|
|
$
|
3
|
|
|
$
|
6,265
|
|
Implementation of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
—
|
|
|
140
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
(115
|
)
|
|||||
Balance, March 31, 2018
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,920
|
|
|
$
|
1,984
|
|
|
$
|
—
|
|
|
$
|
6,290
|
|
Note 1
|
|
Organization and Basis of Presentation
|
|
DTE Energy and DTE Electric
|
Note 2
|
|
Significant Accounting Policies
|
|
DTE Energy and DTE Electric
|
Note 3
|
|
New Accounting Pronouncements
|
|
DTE Energy and DTE Electric
|
Note 4
|
|
Revenue
|
|
DTE Energy and DTE Electric
|
Note 5
|
|
Regulatory Matters
|
|
DTE Energy and DTE Electric
|
Note 6
|
|
Earnings per Share
|
|
DTE Energy
|
Note 7
|
|
Fair Value
|
|
DTE Energy and DTE Electric
|
Note 8
|
|
Financial and Other Derivative Instruments
|
|
DTE Energy and DTE Electric
|
Note 9
|
|
Long-Term Debt
|
|
DTE Energy and DTE Electric
|
Note 10
|
|
Short-Term Credit Arrangements and Borrowings
|
|
DTE Energy and DTE Electric
|
Note 11
|
|
Leases
|
|
DTE Energy and DTE Electric
|
Note 12
|
|
Commitments and Contingencies
|
|
DTE Energy and DTE Electric
|
Note 13
|
|
Retirement Benefits and Trusteed Assets
|
|
DTE Energy and DTE Electric
|
Note 14
|
|
Segment and Related Information
|
|
DTE Energy
|
•
|
DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately
2.2 million
customers in southeastern Michigan;
|
•
|
DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately
1.3 million
customers throughout Michigan and the sale of storage and transportation capacity; and
|
•
|
Other businesses involved in 1) services related to the gathering, transportation, and storage of natural gas; 2) power and industrial projects; and 3) energy marketing and trading operations.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
SGG
(a)
|
|
Other
|
|
Total
|
|
SGG
(a)
|
|
Other
|
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
21
|
|
|
$
|
14
|
|
|
$
|
35
|
|
|
$
|
25
|
|
|
$
|
14
|
|
|
$
|
39
|
|
Restricted cash
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||||
Accounts receivable
|
10
|
|
|
28
|
|
|
38
|
|
|
9
|
|
|
37
|
|
|
46
|
|
||||||
Inventories
|
—
|
|
|
47
|
|
|
47
|
|
|
1
|
|
|
92
|
|
|
93
|
|
||||||
Property, plant, and equipment, net
|
394
|
|
|
42
|
|
|
436
|
|
|
395
|
|
|
46
|
|
|
441
|
|
||||||
Goodwill
|
25
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Intangible assets
|
553
|
|
|
—
|
|
|
553
|
|
|
557
|
|
|
—
|
|
|
557
|
|
||||||
Other current and long-term assets
|
1
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
|
$
|
1,004
|
|
|
$
|
136
|
|
|
$
|
1,140
|
|
|
$
|
1,015
|
|
|
$
|
194
|
|
|
$
|
1,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable and accrued current liabilities
|
$
|
1
|
|
|
$
|
22
|
|
|
$
|
23
|
|
|
$
|
3
|
|
|
$
|
31
|
|
|
$
|
34
|
|
Other current and long-term liabilities
|
8
|
|
|
10
|
|
|
18
|
|
|
9
|
|
|
10
|
|
|
19
|
|
||||||
|
$
|
9
|
|
|
$
|
32
|
|
|
$
|
41
|
|
|
$
|
12
|
|
|
$
|
41
|
|
|
$
|
53
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(In millions)
|
||||||
Investments in equity method investees
|
$
|
1,412
|
|
|
$
|
1,425
|
|
Notes receivable
|
$
|
26
|
|
|
$
|
15
|
|
Future funding commitments
|
$
|
64
|
|
|
$
|
55
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Income from REF entities
|
$
|
27
|
|
|
$
|
23
|
|
Equity earnings of equity method investees
|
23
|
|
|
21
|
|
||
Gains from equity securities
|
17
|
|
|
—
|
|
||
Contract services
|
8
|
|
|
20
|
|
||
Allowance for equity funds used during construction
|
7
|
|
|
7
|
|
||
Other
|
6
|
|
|
10
|
|
||
|
$
|
88
|
|
|
$
|
81
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Gains from equity securities allocated from DTE Energy
|
$
|
17
|
|
|
$
|
—
|
|
Contract services
|
8
|
|
|
20
|
|
||
Allowance for equity funds used during construction
|
6
|
|
|
5
|
|
||
Other
|
2
|
|
|
2
|
|
||
|
$
|
33
|
|
|
$
|
27
|
|
|
Effective Tax Rate
|
||||
|
Three Months Ended March 31,
|
||||
|
2019
|
|
2018
|
||
DTE Energy
|
12
|
%
|
|
16
|
%
|
DTE Electric
|
16
|
%
|
|
25
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Electric
(a)
|
|
|
|
||||
Residential
|
$
|
553
|
|
|
$
|
586
|
|
Commercial
|
421
|
|
|
429
|
|
||
Industrial
|
163
|
|
|
176
|
|
||
Other
(b)
|
98
|
|
|
14
|
|
||
Total Electric operating revenues
(c)
|
$
|
1,235
|
|
|
$
|
1,205
|
|
|
|
|
|
||||
Gas
|
|
|
|
||||
Gas sales
|
$
|
477
|
|
|
$
|
457
|
|
End User Transportation
|
81
|
|
|
85
|
|
||
Intermediate Transportation
|
26
|
|
|
18
|
|
||
Other
(d)
|
61
|
|
|
(10
|
)
|
||
Total Gas operating revenues
(e)
|
$
|
645
|
|
|
$
|
550
|
|
|
|
|
|
||||
Other segment operating revenues
|
|
|
|
||||
Gas Storage and Pipelines
(f)
|
$
|
116
|
|
|
$
|
119
|
|
Power and Industrial Projects
(g)
|
$
|
388
|
|
|
$
|
567
|
|
Energy Trading
(h)
|
$
|
1,301
|
|
|
$
|
1,498
|
|
(a)
|
Revenues under the Electric segment generally represent those of DTE Electric.
|
(b)
|
Includes a reduction of
$39 million
in revenues related to the TCJA rate reduction liability for the
three months ended
March 31, 2018
. Also includes revenue adjustments related to various regulatory mechanisms.
|
(c)
|
Includes
$4 million
and
$5 million
of other revenues outside the scope of Topic 606 for the
three months ended
March 31, 2019
and
2018
, respectively.
|
(d)
|
Includes a reduction of
$32 million
in revenues related to the TCJA rate reduction liability for the
three months ended
March 31, 2018
. Also includes revenue adjustments related to various regulatory mechanisms.
|
(e)
|
Includes
$3 million
under Alternative Revenue Programs for the
three months ended
March 31, 2018
and
$2 million
of other revenues for both periods, which are both outside the scope of Topic 606.
|
(f)
|
Includes revenues outside the scope of Topic 606 primarily related to
$2 million
of contracts accounted for as leases for the
three months ended
March 31, 2019
.
|
(g)
|
Includes revenues outside the scope of Topic 606 primarily related to
$31 million
and
$28 million
of contracts accounted for as leases for the
three months ended
March 31, 2019
and
2018
, respectively.
|
(h)
|
Includes revenues outside the scope of Topic 606 primarily related to
$926 million
and
$1.2 billion
of derivatives for the
three months ended
March 31, 2019
and
2018
, respectively.
|
|
DTE Energy
|
||
|
(In millions)
|
||
Beginning Balance, January 1, 2019
|
$
|
74
|
|
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period
|
17
|
|
|
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
|
(16
|
)
|
|
Ending Balance, March 31, 2019
|
$
|
75
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
43
|
|
2020
|
3
|
|
|
2021
|
5
|
|
|
2022
|
7
|
|
|
2023
|
6
|
|
|
2024 and thereafter
|
11
|
|
|
|
$
|
75
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
173
|
|
|
$
|
6
|
|
2020
|
295
|
|
|
—
|
|
||
2021
|
240
|
|
|
—
|
|
||
2022
|
188
|
|
|
—
|
|
||
2023
|
134
|
|
|
—
|
|
||
2024 and thereafter
|
656
|
|
|
—
|
|
||
|
$
|
1,686
|
|
|
$
|
6
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions, except per share amounts)
|
||||||
Basic Earnings per Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
Less: Allocation of earnings to net restricted stock awards
|
1
|
|
|
1
|
|
||
Net income available to common shareholders — basic
|
$
|
400
|
|
|
$
|
360
|
|
|
|
|
|
||||
Average number of common shares outstanding — basic
|
182
|
|
|
180
|
|
||
Basic Earnings per Common Share
|
$
|
2.20
|
|
|
$
|
2.01
|
|
|
|
|
|
||||
Diluted Earnings per Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
Less: Allocation of earnings to net restricted stock awards
|
1
|
|
|
1
|
|
||
Net income available to common shareholders — diluted
|
$
|
400
|
|
|
$
|
360
|
|
|
|
|
|
||||
Average number of common shares outstanding — basic
|
182
|
|
|
180
|
|
||
Incremental shares attributable to:
|
|
|
|
||||
Average dilutive equity units, performance share awards, and stock options
|
1
|
|
|
—
|
|
||
Average number of common shares outstanding — diluted
|
183
|
|
|
180
|
|
||
Diluted Earnings per Common Share
(a)
|
$
|
2.19
|
|
|
$
|
2.00
|
|
(a)
|
The 2016 Equity Units excluded from the calculation of diluted EPS was approximately
6.6 million
for the
three months ended
March 31, 2018
as the dilutive stock price threshold was not met.
|
•
|
Level 1
— Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.
|
•
|
Level 2
— Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
|
•
|
Level 3
— Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Other
(b)
|
|
Netting
(c)
|
|
Net Balance
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Other
(b)
|
|
Netting
(c)
|
|
Net Balance
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash equivalents
(d)
|
$
|
17
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
Nuclear decommissioning trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity securities
|
964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
964
|
|
|
851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
851
|
|
||||||||||||
Fixed income securities
|
13
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
517
|
|
|
12
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502
|
|
||||||||||||
Private equity and other
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||||||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||||||||
Other investments
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity securities
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
||||||||||||
Fixed income securities
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
||||||||||||
Cash equivalents
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural gas
|
41
|
|
|
80
|
|
|
57
|
|
|
—
|
|
|
(116
|
)
|
|
62
|
|
|
199
|
|
|
87
|
|
|
63
|
|
|
—
|
|
|
(277
|
)
|
|
72
|
|
||||||||||||
Electricity
|
—
|
|
|
134
|
|
|
21
|
|
|
—
|
|
|
(128
|
)
|
|
27
|
|
|
—
|
|
|
247
|
|
|
56
|
|
|
—
|
|
|
(252
|
)
|
|
51
|
|
||||||||||||
Other
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
6
|
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||||
Total derivative assets
|
43
|
|
|
217
|
|
|
80
|
|
|
—
|
|
|
(246
|
)
|
|
94
|
|
|
199
|
|
|
338
|
|
|
126
|
|
|
—
|
|
|
(530
|
)
|
|
133
|
|
||||||||||||
Total
|
$
|
1,242
|
|
|
$
|
723
|
|
|
$
|
80
|
|
|
$
|
23
|
|
|
$
|
(246
|
)
|
|
$
|
1,822
|
|
|
$
|
1,266
|
|
|
$
|
830
|
|
|
$
|
126
|
|
|
$
|
20
|
|
|
$
|
(530
|
)
|
|
$
|
1,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural gas
|
$
|
(42
|
)
|
|
$
|
(57
|
)
|
|
$
|
(67
|
)
|
|
$
|
—
|
|
|
$
|
107
|
|
|
$
|
(59
|
)
|
|
$
|
(197
|
)
|
|
$
|
(71
|
)
|
|
$
|
(112
|
)
|
|
$
|
—
|
|
|
$
|
272
|
|
|
$
|
(108
|
)
|
Electricity
|
—
|
|
|
(119
|
)
|
|
(46
|
)
|
|
—
|
|
|
128
|
|
|
(37
|
)
|
|
—
|
|
|
(227
|
)
|
|
(58
|
)
|
|
—
|
|
|
240
|
|
|
(45
|
)
|
||||||||||||
Other
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||||||
Interest rate contracts
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total derivative liabilities
|
(42
|
)
|
|
(183
|
)
|
|
(113
|
)
|
|
—
|
|
|
236
|
|
|
(102
|
)
|
|
(197
|
)
|
|
(302
|
)
|
|
(170
|
)
|
|
—
|
|
|
513
|
|
|
(156
|
)
|
||||||||||||
Total
|
$
|
(42
|
)
|
|
$
|
(183
|
)
|
|
$
|
(113
|
)
|
|
$
|
—
|
|
|
$
|
236
|
|
|
$
|
(102
|
)
|
|
$
|
(197
|
)
|
|
$
|
(302
|
)
|
|
$
|
(170
|
)
|
|
$
|
—
|
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
Net Assets (Liabilities) at end of period
|
$
|
1,200
|
|
|
$
|
540
|
|
|
$
|
(33
|
)
|
|
$
|
23
|
|
|
$
|
(10
|
)
|
|
$
|
1,720
|
|
|
$
|
1,069
|
|
|
$
|
528
|
|
|
$
|
(44
|
)
|
|
$
|
20
|
|
|
$
|
(17
|
)
|
|
$
|
1,556
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
57
|
|
|
$
|
167
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
(194
|
)
|
|
$
|
91
|
|
|
$
|
212
|
|
|
$
|
273
|
|
|
$
|
96
|
|
|
$
|
—
|
|
|
$
|
(461
|
)
|
|
$
|
120
|
|
Noncurrent
|
1,185
|
|
|
556
|
|
|
19
|
|
|
23
|
|
|
(52
|
)
|
|
1,731
|
|
|
1,054
|
|
|
557
|
|
|
30
|
|
|
20
|
|
|
(69
|
)
|
|
1,592
|
|
||||||||||||
Total Assets
|
$
|
1,242
|
|
|
$
|
723
|
|
|
$
|
80
|
|
|
$
|
23
|
|
|
$
|
(246
|
)
|
|
$
|
1,822
|
|
|
$
|
1,266
|
|
|
$
|
830
|
|
|
$
|
126
|
|
|
$
|
20
|
|
|
$
|
(530
|
)
|
|
$
|
1,712
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
(37
|
)
|
|
$
|
(147
|
)
|
|
$
|
(53
|
)
|
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
(50
|
)
|
|
$
|
(191
|
)
|
|
$
|
(251
|
)
|
|
$
|
(76
|
)
|
|
$
|
—
|
|
|
$
|
451
|
|
|
$
|
(67
|
)
|
Noncurrent
|
(5
|
)
|
|
(36
|
)
|
|
(60
|
)
|
|
—
|
|
|
49
|
|
|
(52
|
)
|
|
(6
|
)
|
|
(51
|
)
|
|
(94
|
)
|
|
—
|
|
|
62
|
|
|
(89
|
)
|
||||||||||||
Total Liabilities
|
$
|
(42
|
)
|
|
$
|
(183
|
)
|
|
$
|
(113
|
)
|
|
$
|
—
|
|
|
$
|
236
|
|
|
$
|
(102
|
)
|
|
$
|
(197
|
)
|
|
$
|
(302
|
)
|
|
$
|
(170
|
)
|
|
$
|
—
|
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
Net Assets (Liabilities) at end of period
|
$
|
1,200
|
|
|
$
|
540
|
|
|
$
|
(33
|
)
|
|
$
|
23
|
|
|
$
|
(10
|
)
|
|
$
|
1,720
|
|
|
$
|
1,069
|
|
|
$
|
528
|
|
|
$
|
(44
|
)
|
|
$
|
20
|
|
|
$
|
(17
|
)
|
|
$
|
1,556
|
|
(a)
|
See footnotes on following page.
|
(b)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(c)
|
Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.
|
(d)
|
At
March 31, 2019
, the
$19 million
consisted of
$4 million
,
$5 million
, and
$10 million
of cash equivalents included in Cash and cash equivalents, Restricted cash, and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At
December 31, 2018
, the
$18 million
consisted of
$3 million
,
$5 million
and
$10 million
of cash equivalents included in Cash and cash equivalents, Restricted cash, and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
|
(e)
|
Excludes cash surrender value of life insurance investments.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(a)
|
|
Net Balance
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(a)
|
|
Net Balance
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash equivalents
(b)
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Nuclear decommissioning trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity securities
|
964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
964
|
|
|
851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
851
|
|
||||||||||
Fixed income securities
|
13
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
517
|
|
|
12
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
502
|
|
||||||||||
Private equity and other
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||||||
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity securities
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||||||
Derivative assets — FTRs
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||||||||
Total
|
$
|
1,001
|
|
|
$
|
506
|
|
|
$
|
2
|
|
|
$
|
23
|
|
|
$
|
1,532
|
|
|
$
|
886
|
|
|
$
|
492
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
1,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Current
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
16
|
|
Noncurrent
|
993
|
|
|
504
|
|
|
—
|
|
|
23
|
|
|
1,520
|
|
|
878
|
|
|
490
|
|
|
—
|
|
|
20
|
|
|
1,388
|
|
||||||||||
Total Assets
|
$
|
1,001
|
|
|
$
|
506
|
|
|
$
|
2
|
|
|
$
|
23
|
|
|
$
|
1,532
|
|
|
$
|
886
|
|
|
$
|
492
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
1,404
|
|
(a)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(b)
|
At
March 31, 2019
, the
$10 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At
December 31, 2018
, the
$10 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of January 1
|
$
|
(49
|
)
|
|
$
|
(2
|
)
|
|
$
|
7
|
|
|
$
|
(44
|
)
|
|
$
|
(29
|
)
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
(9
|
)
|
Transfers into Level 3 from Level 2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers from Level 3 into Level 2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Total gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Included in earnings
|
31
|
|
|
(31
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(70
|
)
|
|
131
|
|
|
—
|
|
|
61
|
|
||||||||
Recorded in Regulatory liabilities
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Purchases, issuances, and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Settlements
|
8
|
|
|
8
|
|
|
(1
|
)
|
|
15
|
|
|
92
|
|
|
(156
|
)
|
|
(4
|
)
|
|
(68
|
)
|
||||||||
Net Assets (Liabilities) as of March 31
|
$
|
(10
|
)
|
|
$
|
(25
|
)
|
|
$
|
2
|
|
|
$
|
(33
|
)
|
|
$
|
(10
|
)
|
|
$
|
(13
|
)
|
|
$
|
4
|
|
|
$
|
(19
|
)
|
The amount of total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2019 and 2018 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
|
$
|
16
|
|
|
$
|
(21
|
)
|
|
$
|
(1
|
)
|
|
$
|
(6
|
)
|
|
$
|
(58
|
)
|
|
$
|
(10
|
)
|
|
$
|
—
|
|
|
$
|
(68
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Net Assets as of beginning of period
|
$
|
6
|
|
|
$
|
9
|
|
Change in fair value recorded in Regulatory liabilities
|
(3
|
)
|
|
—
|
|
||
Purchases, issuances, and settlements
|
|
|
|
||||
Settlements
|
(1
|
)
|
|
(4
|
)
|
||
Net Assets as of March 31
|
$
|
2
|
|
|
$
|
5
|
|
The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets held at March 31, 2019 and 2018 and reflected in DTE Electric's Consolidated Statements of Financial Position
|
$
|
—
|
|
|
$
|
3
|
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity Contracts
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range
|
|
Weighted Average
|
|||||||||||||
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural Gas
|
|
$
|
57
|
|
|
$
|
(67
|
)
|
|
Discounted Cash Flow
|
|
Forward basis price (per MMBtu)
|
|
$
|
(0.88
|
)
|
—
|
|
$
|
5.97
|
/MMBtu
|
|
$
|
(0.07
|
)/MMBtu
|
Electricity
|
|
$
|
21
|
|
|
$
|
(46
|
)
|
|
Discounted Cash Flow
|
|
Forward basis price (per MWh)
|
|
$
|
(7
|
)
|
—
|
|
$
|
7
|
/MWh
|
|
$
|
—
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Carrying
|
|
Fair Value
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Notes receivable
(a)
, excluding lessor finance leases
|
$
|
143
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
143
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40
|
|
Dividends payable
|
$
|
173
|
|
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
172
|
|
|
$
|
172
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term borrowings
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
$
|
—
|
|
Notes payable — Other
(b)
, excluding lessee finance leases
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41
|
|
Long-term debt
(c)
|
$
|
14,265
|
|
|
$
|
1,960
|
|
|
$
|
11,615
|
|
|
$
|
1,431
|
|
|
$
|
13,622
|
|
|
$
|
1,796
|
|
|
$
|
10,712
|
|
|
$
|
1,317
|
|
(a)
|
Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(b)
|
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(c)
|
Includes debt due within
one year
, unamortized debt discounts, and issuance costs. Excludes finance lease obligations.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Carrying
|
|
Fair Value
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Notes receivable
(a)
, excluding lessor finance leases
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Notes receivable — affiliates
|
$
|
83
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term borrowings — affiliates
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101
|
|
Short-term borrowings — other
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
—
|
|
Notes payable — Other
(b)
, excluding lessee finance leases
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Long-term debt
(c)
|
$
|
7,178
|
|
|
$
|
—
|
|
|
$
|
7,124
|
|
|
$
|
491
|
|
|
$
|
6,538
|
|
|
$
|
—
|
|
|
$
|
6,552
|
|
|
$
|
161
|
|
(a)
|
Noncurrent portion included in Other Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(b)
|
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
|
(c)
|
Includes debt due within
one year
, unamortized debt discounts, and issuance costs. Excludes finance lease obligations.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(In millions)
|
||||||
Fermi 2
|
$
|
1,502
|
|
|
$
|
1,372
|
|
Fermi 1
|
3
|
|
|
3
|
|
||
Low-level radioactive waste
|
4
|
|
|
3
|
|
||
|
$
|
1,509
|
|
|
$
|
1,378
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Realized gains
|
$
|
11
|
|
|
$
|
23
|
|
Realized losses
|
$
|
(7
|
)
|
|
$
|
(9
|
)
|
Proceeds from sale of securities
|
$
|
176
|
|
|
$
|
336
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized
Losses |
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Equity securities
|
$
|
964
|
|
|
$
|
313
|
|
|
$
|
(51
|
)
|
|
$
|
851
|
|
|
$
|
235
|
|
|
$
|
(79
|
)
|
Fixed income securities
|
517
|
|
|
13
|
|
|
(3
|
)
|
|
502
|
|
|
7
|
|
|
(8
|
)
|
||||||
Private equity and other
|
23
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
1,509
|
|
|
$
|
326
|
|
|
$
|
(54
|
)
|
|
$
|
1,378
|
|
|
$
|
242
|
|
|
$
|
(87
|
)
|
|
March 31, 2019
|
||
|
(In millions)
|
||
Due within one year
|
$
|
26
|
|
Due after one through five years
|
96
|
|
|
Due after five through ten years
|
109
|
|
|
Due after ten years
|
286
|
|
|
|
$
|
517
|
|
•
|
Asset Optimization
— Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility.
|
•
|
Marketing and Origination
— Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers.
|
•
|
Fundamentals Based Trading
— Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure.
|
•
|
Other
— Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Derivative
Assets |
|
Derivative Liabilities
|
|
Derivative
Assets |
|
Derivative Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Natural gas
|
$
|
178
|
|
|
$
|
(166
|
)
|
|
$
|
349
|
|
|
$
|
(380
|
)
|
Electricity
|
155
|
|
|
(165
|
)
|
|
303
|
|
|
(285
|
)
|
||||
Other
|
4
|
|
|
(1
|
)
|
|
7
|
|
|
(1
|
)
|
||||
Foreign currency exchange contracts
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Total derivatives not designated as hedging instruments
|
$
|
340
|
|
|
$
|
(332
|
)
|
|
$
|
663
|
|
|
$
|
(666
|
)
|
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
266
|
|
|
$
|
(237
|
)
|
|
$
|
563
|
|
|
$
|
(518
|
)
|
Noncurrent
|
74
|
|
|
(101
|
)
|
|
100
|
|
|
(151
|
)
|
||||
Total derivatives
|
$
|
340
|
|
|
$
|
(338
|
)
|
|
$
|
663
|
|
|
$
|
(669
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(In millions)
|
||||||
FTRs — Other current assets
|
$
|
2
|
|
|
$
|
6
|
|
Total derivatives not designated as hedging instruments
|
$
|
2
|
|
|
$
|
6
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(In millions)
|
||||||
Cash collateral netted against Derivative assets
|
$
|
(10
|
)
|
|
$
|
(17
|
)
|
Cash collateral recorded in Accounts receivable
(a)
|
10
|
|
|
10
|
|
||
Cash collateral recorded in Accounts payable
(a)
|
(6
|
)
|
|
(6
|
)
|
||
Total net cash collateral posted (received)
|
$
|
(6
|
)
|
|
$
|
(13
|
)
|
(a)
|
Amounts are recorded net by counterparty.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas
|
$
|
178
|
|
|
$
|
(116
|
)
|
|
$
|
62
|
|
|
$
|
349
|
|
|
$
|
(277
|
)
|
|
$
|
72
|
|
Electricity
|
155
|
|
|
(128
|
)
|
|
27
|
|
|
303
|
|
|
(252
|
)
|
|
51
|
|
||||||
Other
|
4
|
|
|
(2
|
)
|
|
2
|
|
|
7
|
|
|
(1
|
)
|
|
6
|
|
||||||
Foreign currency exchange contracts
|
3
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||
Total derivative assets
|
$
|
340
|
|
|
$
|
(246
|
)
|
|
$
|
94
|
|
|
$
|
663
|
|
|
$
|
(530
|
)
|
|
$
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas
|
$
|
(166
|
)
|
|
$
|
107
|
|
|
$
|
(59
|
)
|
|
$
|
(380
|
)
|
|
$
|
272
|
|
|
$
|
(108
|
)
|
Electricity
|
(165
|
)
|
|
128
|
|
|
(37
|
)
|
|
(285
|
)
|
|
240
|
|
|
(45
|
)
|
||||||
Other
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||||
Interest rate contracts
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Total derivative liabilities
|
$
|
(338
|
)
|
|
$
|
236
|
|
|
$
|
(102
|
)
|
|
$
|
(669
|
)
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total fair value of derivatives
|
$
|
266
|
|
|
$
|
74
|
|
|
$
|
(237
|
)
|
|
$
|
(101
|
)
|
|
$
|
563
|
|
|
$
|
100
|
|
|
$
|
(518
|
)
|
|
$
|
(151
|
)
|
Counterparty netting
|
(187
|
)
|
|
(49
|
)
|
|
187
|
|
|
49
|
|
|
(451
|
)
|
|
(62
|
)
|
|
451
|
|
|
62
|
|
||||||||
Collateral adjustment
|
(7
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||||||
Total derivatives as reported
|
$
|
72
|
|
|
$
|
22
|
|
|
$
|
(50
|
)
|
|
$
|
(52
|
)
|
|
$
|
102
|
|
|
$
|
31
|
|
|
$
|
(67
|
)
|
|
$
|
(89
|
)
|
|
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
|
Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||||
|
|
|
|
(In millions)
|
||||||
Commodity contracts
|
|
|
|
|
||||||
Natural gas
|
|
Operating Revenues — Non-utility operations
|
|
$
|
(15
|
)
|
|
$
|
(110
|
)
|
Natural gas
|
|
Fuel, purchased power, and gas — non-utility
|
|
70
|
|
|
52
|
|
||
Electricity
|
|
Operating Revenues — Non-utility operations
|
|
(49
|
)
|
|
129
|
|
||
Other
|
|
Operating Revenues — Non-utility operations
|
|
1
|
|
|
(1
|
)
|
||
Foreign currency exchange contracts
|
|
Operating Revenues — Non-utility operations
|
|
(1
|
)
|
|
2
|
|
||
Total
|
|
|
|
$
|
6
|
|
|
$
|
72
|
|
Commodity
|
|
Number of Units
|
|
Natural gas (MMBtu)
|
|
2,537,411,045
|
|
Electricity (MWh)
|
|
33,565,053
|
|
Foreign currency exchange (Canadian dollars)
|
|
97,013,854
|
|
Company
|
|
Month
|
|
Type
|
|
Interest Rate
|
|
Maturity Date
|
|
Amount
|
||
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||
DTE Electric
|
|
February
|
|
Mortgage Bonds
(a)
|
|
3.95%
|
|
2049
|
|
$
|
650
|
|
|
|
|
|
|
|
|
|
|
|
$
|
650
|
|
(a)
|
Bonds were issued as Green Bonds and the proceeds will be used to finance expenditures for solar and wind energy, payments under power purchase agreements for solar and wind energy, and energy optimization programs.
|
|
DTE Energy
|
|
DTE Electric
|
|
DTE Gas
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Unsecured letter of credit facility, expiring in February 2021
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150
|
|
Unsecured letter of credit facility, expiring in September 2019
|
70
|
|
|
—
|
|
|
—
|
|
|
70
|
|
||||
Unsecured revolving credit facility, expiring April 2022
|
1,200
|
|
|
400
|
|
|
300
|
|
|
1,900
|
|
||||
|
1,420
|
|
|
400
|
|
|
300
|
|
|
2,120
|
|
||||
Amounts outstanding at March 31, 2019
|
|
|
|
|
|
|
|
||||||||
Commercial paper issuances
|
77
|
|
|
—
|
|
|
79
|
|
|
156
|
|
||||
Letters of credit
|
195
|
|
|
—
|
|
|
—
|
|
|
195
|
|
||||
|
272
|
|
|
—
|
|
|
79
|
|
|
351
|
|
||||
Net availability at March 31, 2019
|
$
|
1,148
|
|
|
$
|
400
|
|
|
$
|
221
|
|
|
$
|
1,769
|
|
|
Three months ended March 31, 2019
|
||
|
(In millions)
|
||
Operating lease cost
|
$
|
11
|
|
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
1
|
|
|
Interest of lease liabilities
|
—
|
|
|
Total finance lease cost
|
1
|
|
|
Variable lease cost
|
5
|
|
|
|
$
|
17
|
|
|
Three months ended March 31, 2019
|
||
|
(In millions)
|
||
Operating lease cost
|
$
|
4
|
|
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
1
|
|
|
Interest of lease liabilities
|
—
|
|
|
Total finance lease cost
|
1
|
|
|
Variable lease cost
|
—
|
|
|
|
$
|
5
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
2019
|
|
2019
|
||||
|
(In millions)
|
||||||
Supplemental Cash Flows Information
|
|
|
|
||||
Cash paid for amounts included in the measurement of these liabilities:
|
|
|
|
||||
Operating cash flows from finance leases
|
$
|
1
|
|
|
$
|
1
|
|
Operating cash flows from operating leases
|
$
|
10
|
|
|
$
|
3
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
|
||||
Operating leases
|
$
|
11
|
|
|
$
|
—
|
|
|
|
|
|
||||
Weighted Average Remaining Lease Term
|
|
|
|
||||
Operating leases
|
9.1 years
|
|
10.4 years
|
||||
Finance leases
|
2.7 years
|
|
2.7 years
|
||||
|
|
|
|
||||
Weighted Average Discount Rate
|
|
|
|
||||
Operating leases
|
3.8%
|
|
3.6%
|
||||
Finance leases
|
3.0%
|
|
3.0%
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
Operating Leases
|
|
Finance Leases
|
|
Operating Leases
|
|
Finance Leases
|
||||||||
|
(In millions)
|
||||||||||||||
2019
|
$
|
28
|
|
|
$
|
3
|
|
|
$
|
12
|
|
|
$
|
3
|
|
2020
|
30
|
|
|
4
|
|
|
12
|
|
|
4
|
|
||||
2021
|
22
|
|
|
3
|
|
|
11
|
|
|
3
|
|
||||
2022
|
16
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
2023
|
13
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
2024 and thereafter
|
50
|
|
|
—
|
|
|
30
|
|
|
—
|
|
||||
Total future minimum lease payments
|
159
|
|
|
10
|
|
|
78
|
|
|
10
|
|
||||
Imputed interest
|
(28
|
)
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
||||
|
$
|
131
|
|
|
$
|
10
|
|
|
$
|
64
|
|
|
$
|
10
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
March 31, 2019
|
||||||
|
(In millions)
|
||||||
Right-of-use assets, within Property, plant, and equipment, net
|
$
|
10
|
|
|
$
|
10
|
|
Current lease liabilities, within Current Liabilities
—
Other
|
$
|
4
|
|
|
$
|
4
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
42
|
|
|
$
|
17
|
|
2020
|
30
|
|
|
12
|
|
||
2021
|
18
|
|
|
10
|
|
||
2022
|
11
|
|
|
7
|
|
||
2023
|
8
|
|
|
5
|
|
||
2024 and thereafter
|
45
|
|
|
29
|
|
||
|
$
|
154
|
|
|
$
|
80
|
|
|
Three months ended March 31, 2019
|
||
|
(In millions)
|
||
Fixed payments
|
$
|
17
|
|
Variable payments
|
27
|
|
|
|
$
|
44
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
50
|
|
2020
|
67
|
|
|
2021
|
65
|
|
|
2022
|
22
|
|
|
2023
|
22
|
|
|
2024 and thereafter
|
216
|
|
|
|
$
|
442
|
|
|
DTE Energy
|
||
|
March 31, 2019
|
||
|
(In millions)
|
||
Gross property under operating leases
|
$
|
442
|
|
Accumulated amortization of property under operating leases
|
$
|
154
|
|
|
DTE Energy
|
||
|
March 31, 2019
|
||
|
(In millions)
|
||
2019
|
$
|
7
|
|
2020
|
9
|
|
|
2021
|
—
|
|
|
2022
|
—
|
|
|
2023
|
—
|
|
|
2024 and thereafter
|
1
|
|
|
Total minimum future lease receipts
|
17
|
|
|
Residual value of leased pipeline
|
40
|
|
|
Less unearned income
|
8
|
|
|
Net investment in finance lease
|
49
|
|
|
Less current portion
|
5
|
|
|
|
$
|
44
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
66
|
|
2020
|
66
|
|
|
2021
|
64
|
|
|
2022
|
20
|
|
|
2023
|
20
|
|
|
2024 and thereafter
|
196
|
|
|
|
$
|
432
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
10
|
|
2020
|
9
|
|
|
2021
|
—
|
|
|
2022
|
—
|
|
|
2023
|
—
|
|
|
2024 and thereafter
|
1
|
|
|
Total minimum future lease receipts
|
20
|
|
|
Residual value of leased pipeline
|
40
|
|
|
Less unearned income
|
9
|
|
|
Net investment in capital lease
|
51
|
|
|
Less current portion
|
5
|
|
|
|
$
|
46
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
Gross property under operating leases
|
$
|
447
|
|
Accumulated amortization of property under operating leases
|
$
|
148
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
Three Months Ended March 31,
|
||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions)
|
||||||||||||||
Service cost
|
$
|
21
|
|
|
$
|
25
|
|
|
$
|
5
|
|
|
$
|
7
|
|
Interest cost
|
55
|
|
|
50
|
|
|
18
|
|
|
17
|
|
||||
Expected return on plan assets
|
(81
|
)
|
|
(82
|
)
|
|
(31
|
)
|
|
(36
|
)
|
||||
Amortization of:
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
32
|
|
|
44
|
|
|
3
|
|
|
3
|
|
||||
Prior service credit
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Net periodic benefit cost (credit)
|
$
|
27
|
|
|
$
|
37
|
|
|
$
|
(7
|
)
|
|
$
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
Other Postretirement Benefits
|
||||||
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Service cost
|
$
|
4
|
|
|
$
|
5
|
|
Interest cost
|
13
|
|
|
13
|
|
||
Expected return on plan assets
|
(21
|
)
|
|
(24
|
)
|
||
Amortization of:
|
|
|
|
||||
Net actuarial loss
|
1
|
|
|
2
|
|
||
Prior service credit
|
(1
|
)
|
|
—
|
|
||
Net periodic benefit credit
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
|
|
|
|
Date
|
|
Number of Shares
|
|
Price per Share
|
|
Amount
|
||
|
|
|
|
|
|
(In millions)
|
||
March 5, 2019
|
|
814,597
|
|
$122.76
|
|
$
|
100
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Electric
|
$
|
14
|
|
|
$
|
13
|
|
Gas
|
2
|
|
|
2
|
|
||
Gas Storage and Pipelines
|
3
|
|
|
8
|
|
||
Power and Industrial Projects
|
145
|
|
|
155
|
|
||
Energy Trading
|
7
|
|
|
7
|
|
||
Corporate and Other
|
1
|
|
|
1
|
|
||
|
$
|
172
|
|
|
$
|
186
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Utility operations
|
|
|
|
||||
Electric
|
$
|
1,235
|
|
|
$
|
1,205
|
|
Gas
|
645
|
|
|
550
|
|
||
Operating Revenues — Non-utility operations
|
|
|
|
||||
Gas Storage and Pipelines
|
116
|
|
|
119
|
|
||
Power and Industrial Projects
|
388
|
|
|
567
|
|
||
Energy Trading
|
1,301
|
|
|
1,498
|
|
||
Corporate and Other
|
1
|
|
|
—
|
|
||
Reconciliation and Eliminations
|
(172
|
)
|
|
(186
|
)
|
||
Total
|
$
|
3,514
|
|
|
$
|
3,753
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Net Income (Loss) Attributable to DTE Energy by Segment:
|
|
|
|
||||
Electric
|
$
|
147
|
|
|
$
|
140
|
|
Gas
|
151
|
|
|
104
|
|
||
Gas Storage and Pipelines
|
48
|
|
|
62
|
|
||
Power and Industrial Projects
|
26
|
|
|
45
|
|
||
Energy Trading
|
32
|
|
|
31
|
|
||
Corporate and Other
|
(3
|
)
|
|
(21
|
)
|
||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions, except per share amounts)
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
Diluted Earnings per Common Share
|
$
|
2.19
|
|
|
$
|
2.00
|
|
•
|
electric and gas customer satisfaction;
|
•
|
electric distribution system reliability;
|
•
|
new electric generation;
|
•
|
gas distribution system renewal;
|
•
|
rate competitiveness and affordability;
|
•
|
regulatory stability and investment recovery for the electric and gas utilities;
|
•
|
employee safety and engagement;
|
•
|
cost structure optimization across all business segments;
|
•
|
cash, capital, and liquidity to maintain or improve financial strength; and
|
•
|
investments that integrate assets and leverage skills and expertise.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Net Income (Loss) Attributable to DTE Energy by Segment
|
|
|
|
||||
Electric
|
$
|
147
|
|
|
$
|
140
|
|
Gas
|
151
|
|
|
104
|
|
||
Gas Storage and Pipelines
|
48
|
|
|
62
|
|
||
Power and Industrial Projects
|
26
|
|
|
45
|
|
||
Energy Trading
|
32
|
|
|
31
|
|
||
Corporate and Other
|
(3
|
)
|
|
(21
|
)
|
||
Net Income Attributable to DTE Energy Company
|
$
|
401
|
|
|
$
|
361
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Utility operations
|
$
|
1,235
|
|
|
$
|
1,205
|
|
Fuel and purchased power — utility
|
346
|
|
|
339
|
|
||
Utility Margin
|
889
|
|
|
866
|
|
||
Operation and maintenance
|
352
|
|
|
312
|
|
||
Depreciation and amortization
|
221
|
|
|
212
|
|
||
Taxes other than income
|
84
|
|
|
81
|
|
||
Operating Income
|
232
|
|
|
261
|
|
||
Other (Income) and Deductions
|
56
|
|
|
74
|
|
||
Income Tax Expense
|
29
|
|
|
47
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
147
|
|
|
$
|
140
|
|
|
Three Months
|
||
|
(In millions)
|
||
Weather
|
$
|
8
|
|
Implementation of new rates
|
8
|
|
|
Base sales
|
4
|
|
|
Regulatory mechanisms and other
|
3
|
|
|
Increase in Utility Margin
|
$
|
23
|
|
|
Three Months Ended March 31,
|
||||
|
2019
|
|
2018
|
||
|
(In thousands of MWh)
|
||||
DTE Electric Sales
|
|
|
|
||
Residential
|
3,688
|
|
|
3,677
|
|
Commercial
|
4,077
|
|
|
4,030
|
|
Industrial
|
2,460
|
|
|
2,604
|
|
Other
|
63
|
|
|
57
|
|
|
10,288
|
|
|
10,368
|
|
Interconnection sales
(a)
|
1,030
|
|
|
1,082
|
|
Total DTE Electric Sales
|
11,318
|
|
|
11,450
|
|
|
|
|
|
||
DTE Electric Deliveries
|
|
|
|
||
Retail and wholesale
|
10,288
|
|
|
10,368
|
|
Electric retail access, including self-generators
(b)
|
1,120
|
|
|
1,142
|
|
Total DTE Electric Sales and Deliveries
|
11,408
|
|
|
11,510
|
|
(a)
|
Represents power that is not distributed by DTE Electric.
|
(b)
|
Represents deliveries for self-generators that have purchased power from alternative energy suppliers to supplement their power requirements.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Utility operations
|
$
|
645
|
|
|
$
|
550
|
|
Cost of gas — utility
|
241
|
|
|
220
|
|
||
Utility Margin
|
404
|
|
|
330
|
|
||
Operation and maintenance
|
128
|
|
|
111
|
|
||
Depreciation and amortization
|
35
|
|
|
32
|
|
||
Taxes other than income
|
24
|
|
|
21
|
|
||
Operating Income
|
217
|
|
|
166
|
|
||
Other (Income) and Deductions
|
16
|
|
|
14
|
|
||
Income Tax Expense
|
50
|
|
|
48
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
151
|
|
|
$
|
104
|
|
|
Three Months
|
||
|
(In millions)
|
||
Implementation of new rates
|
$
|
23
|
|
Weather
|
18
|
|
|
TCJA rate reduction liability
|
14
|
|
|
Midstream storage and transportation revenues
|
9
|
|
|
Regulatory mechanism
—
RDM
|
3
|
|
|
Other regulatory mechanisms and other
|
7
|
|
|
Increase in Utility Margin
|
$
|
74
|
|
|
Three Months Ended March 31,
|
||||
|
2019
|
|
2018
|
||
|
(In Bcf)
|
||||
Gas Markets
|
|
|
|
||
Gas sales
|
69
|
|
|
62
|
|
End-user transportation
|
58
|
|
|
59
|
|
|
127
|
|
|
121
|
|
Intermediate transportation
|
127
|
|
|
72
|
|
Total Gas sales
|
254
|
|
|
193
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Non-utility operations
|
$
|
116
|
|
|
$
|
119
|
|
Cost of gas — Non-utility
|
—
|
|
|
4
|
|
||
Operation and maintenance
|
25
|
|
|
23
|
|
||
Depreciation and amortization
|
22
|
|
|
20
|
|
||
Taxes other than income
|
3
|
|
|
3
|
|
||
Asset (gains) losses and impairments, net
|
—
|
|
|
(2
|
)
|
||
Operating Income
|
66
|
|
|
71
|
|
||
Other (Income) and Deductions
|
(6
|
)
|
|
(17
|
)
|
||
Income Tax Expense
|
18
|
|
|
19
|
|
||
Net Income
|
54
|
|
|
69
|
|
||
Less: Net Income Attributable to Noncontrolling Interests
|
6
|
|
|
7
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
48
|
|
|
$
|
62
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Non-utility operations
|
$
|
388
|
|
|
$
|
567
|
|
Fuel, purchased power, and gas — non-utility
|
304
|
|
|
498
|
|
||
Non-utility Margin
|
84
|
|
|
69
|
|
||
Operation and maintenance
|
81
|
|
|
82
|
|
||
Depreciation and amortization
|
17
|
|
|
16
|
|
||
Taxes other than income
|
4
|
|
|
4
|
|
||
Operating Loss
|
(18
|
)
|
|
(33
|
)
|
||
Other (Income) and Deductions
|
(27
|
)
|
|
(18
|
)
|
||
Income Taxes
|
|
|
|
||||
Expense
|
3
|
|
|
—
|
|
||
Production Tax Credits
|
(21
|
)
|
|
(43
|
)
|
||
|
(18
|
)
|
|
(43
|
)
|
||
Net Income
|
27
|
|
|
28
|
|
||
Less: Net Income (Loss) Attributable to Noncontrolling
Interests
|
1
|
|
|
(17
|
)
|
||
Net Income Attributable to DTE Energy Company
|
$
|
26
|
|
|
$
|
45
|
|
|
Three Months
|
||
|
(In millions)
|
||
Higher demand and prices in the Steel business
|
$
|
12
|
|
Higher demand in the Onsite business
|
7
|
|
|
Higher production and a new project in the Renewables business
|
3
|
|
|
Lower revenue due to customer discount in the Renewables business
|
(5
|
)
|
|
Lower revenue due to sale of membership interests in three projects and project terminations in the REF business
|
(196
|
)
|
|
|
$
|
(179
|
)
|
|
Three Months
|
||
|
(In millions)
|
||
Higher due to sale of membership interests in three projects and project terminations in the REF business
|
$
|
6
|
|
Higher demand in the On-site business
|
6
|
|
|
Higher demand and prices in the Steel business
|
5
|
|
|
Higher production and a new project in the Renewables business
|
3
|
|
|
Lower due to customer discounts in the Renewables business
|
(5
|
)
|
|
|
$
|
15
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Revenues — Non-utility operations
|
$
|
1,301
|
|
|
$
|
1,498
|
|
Purchased power and gas — non-utility
|
1,235
|
|
|
1,436
|
|
||
Non-utility Margin
|
66
|
|
|
62
|
|
||
Operation and maintenance
|
19
|
|
|
17
|
|
||
Depreciation and amortization
|
1
|
|
|
1
|
|
||
Taxes other than income
|
2
|
|
|
2
|
|
||
Operating Income
|
44
|
|
|
42
|
|
||
Other (Income) and Deductions
|
1
|
|
|
1
|
|
||
Income Tax Expense
|
11
|
|
|
10
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
32
|
|
|
$
|
31
|
|
(a)
|
Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract. These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts.
|
(b)
|
Amount includes
$48 million
of timing related gains related to gas strategies which will reverse in future periods as the underlying contracts settle.
|
(c)
|
Amount includes
$53 million
of timing related gains related to gas strategies recognized in previous periods that reversed as the underlying contracts settled.
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Cash, Cash Equivalents, and Restricted Cash
|
|
|
|
||||
Cash Flow From (Used For)
|
|
|
|
||||
Operating Activities
|
|
|
|
||||
Net Income
|
$
|
408
|
|
|
$
|
351
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
296
|
|
|
281
|
|
||
Nuclear fuel amortization
|
15
|
|
|
15
|
|
||
Allowance for equity funds used during construction
|
(7
|
)
|
|
(7
|
)
|
||
Deferred income taxes
|
49
|
|
|
60
|
|
||
Working capital and other
|
(9
|
)
|
|
138
|
|
||
Net cash from operating activities
|
752
|
|
|
838
|
|
||
Investing Activities
|
|
|
|
||||
Plant and equipment expenditures — utility
|
(641
|
)
|
|
(466
|
)
|
||
Plant and equipment expenditures — non-utility
|
(27
|
)
|
|
(61
|
)
|
||
Contributions to equity method investees
|
(22
|
)
|
|
(64
|
)
|
||
Notes receivable
|
(48
|
)
|
|
3
|
|
||
Other
|
(10
|
)
|
|
2
|
|
||
Net cash used for investing activities
|
(748
|
)
|
|
(586
|
)
|
||
Financing Activities
|
|
|
|
||||
Issuance of long-term debt, net of issuance costs
|
644
|
|
|
—
|
|
||
Short-term borrowings, net
|
(453
|
)
|
|
14
|
|
||
Dividends paid on common stock
|
(172
|
)
|
|
(158
|
)
|
||
Contributions from noncontrolling interest, principally REF entities
|
9
|
|
|
12
|
|
||
Distributions to noncontrolling interests
|
(21
|
)
|
|
(4
|
)
|
||
Other
|
(26
|
)
|
|
(19
|
)
|
||
Net cash used for financing activities
|
(19
|
)
|
|
(155
|
)
|
||
Net Increase (Decrease) in Cash, Cash Equ
ivalents, and Restricted Cash
|
$
|
(15
|
)
|
|
$
|
97
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
MTM at December 31, 2018
|
$
|
(23
|
)
|
Reclassified to realized upon settlement
|
9
|
|
|
Changes in fair value recorded to income
|
6
|
|
|
Amounts recorded to unrealized income
|
15
|
|
|
Changes in fair value recorded in regulatory liabilities
|
(3
|
)
|
|
Amounts recorded in other comprehensive income, pretax
|
(3
|
)
|
|
Change in collateral
|
6
|
|
|
MTM at March 31, 2019
|
$
|
(8
|
)
|
Source of Fair Value
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and Beyond
|
|
Total Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Level 1
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
1
|
|
Level 2
|
|
17
|
|
|
13
|
|
|
3
|
|
|
1
|
|
|
34
|
|
|||||
Level 3
|
|
1
|
|
|
(3
|
)
|
|
(7
|
)
|
|
(24
|
)
|
|
(33
|
)
|
|||||
MTM before collateral adjustments
|
|
$
|
17
|
|
|
$
|
12
|
|
|
$
|
(5
|
)
|
|
$
|
(22
|
)
|
|
2
|
|
|
Collateral adjustments
|
|
|
|
|
|
|
|
|
|
(10
|
)
|
|||||||||
MTM at March 31, 2019
|
|
|
|
|
|
|
|
|
|
$
|
(8
|
)
|
|
Credit Exposure
Before Cash Collateral |
|
Cash
Collateral |
|
Net Credit
Exposure |
||||||
|
(In millions)
|
||||||||||
Investment Grade
(a)
|
|
|
|
|
|
||||||
A− and Greater
|
$
|
276
|
|
|
$
|
—
|
|
|
$
|
276
|
|
BBB+ and BBB
|
281
|
|
|
—
|
|
|
281
|
|
|||
BBB−
|
44
|
|
|
—
|
|
|
44
|
|
|||
Total Investment Grade
|
601
|
|
|
—
|
|
|
601
|
|
|||
Non-investment grade
(b)
|
5
|
|
|
—
|
|
|
5
|
|
|||
Internally Rated — investment grade
(c)
|
305
|
|
|
(1
|
)
|
|
304
|
|
|||
Internally Rated — non-investment grade
(d)
|
22
|
|
|
(5
|
)
|
|
17
|
|
|||
Total
|
$
|
933
|
|
|
$
|
(6
|
)
|
|
$
|
927
|
|
(a)
|
This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB- assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc. (Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented
16%
of the total gross credit exposure.
|
(b)
|
This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented
1%
of the total gross credit exposure.
|
(c)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented
14%
of the total gross credit exposure.
|
(d)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented
1%
of the total gross credit exposure.
|
|
|
Assuming a
10% Increase in Prices/Rates |
|
Assuming a
10% Decrease in Prices/Rates |
|
|
||||||||||||
|
|
As of March 31,
|
|
As of March 31,
|
|
|
||||||||||||
Activity
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Change in the Fair Value of
|
||||||||
|
|
(In millions)
|
|
|
||||||||||||||
Gas contracts
|
|
$
|
20
|
|
|
$
|
18
|
|
|
$
|
(20
|
)
|
|
$
|
(19
|
)
|
|
Commodity contracts
|
Power contracts
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
Commodity contracts
|
Interest rate risk — DTE Energy
|
|
$
|
(636
|
)
|
|
$
|
(593
|
)
|
|
$
|
683
|
|
|
$
|
572
|
|
|
Long-term debt
|
Interest rate risk — DTE Electric
|
|
$
|
(310
|
)
|
|
$
|
(250
|
)
|
|
$
|
335
|
|
|
$
|
268
|
|
|
Long-term debt
|
|
Number of
Shares
Purchased
(a)
|
|
Average
Price
Paid per
Share
(a)
|
|
Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
Average
Price Paid
per Share
|
|
Maximum Dollar
Value that May
Yet Be
Purchased Under
the Plans or
Programs
|
||||||
01/01/2019 — 01/31/2019
|
1,596
|
|
|
$
|
110.07
|
|
|
—
|
|
|
—
|
|
|
—
|
|
02/01/2019 — 02/28/2019
|
39,603
|
|
|
$
|
116.60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
03/01/2019 — 03/31/2019
|
2,733
|
|
|
$
|
117.94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
43,932
|
|
|
|
|
—
|
|
|
|
|
|
(a)
|
Represents shares of common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the price in effect at the grant date.
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
(i) Exhibits filed herewith:
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report
|
|
|
|
X
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
X
|
|
X
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
X
|
|
X
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
X
|
|
X
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Database
|
|
X
|
|
X
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
X
|
|
X
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
(ii) Exhibits furnished herewith:
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
(iii) Exhibits incorporated by reference:
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture dated as of February 1, 2019, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee. (2019 Series A) (Exhibit 4.70 to DTE Energy's Form S-3 filed on April 1, 2019)
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Energy, the lenders party thereto, Citibank, N.A., as Administrative Agent. (Exhibit 10.01 to DTE Energy's Form 8-K filed on April 16, 2019)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Gas the lenders party thereto, and Citibank, N.A. as Administrative Agent.(Exhibit 10.02 to DTE Energy's Form 8-K filed on April 16, 2019)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Electric Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent. (Exhibit 10.01 to DTE Energy's and DTE Electric's Form 8-K filed on April 16, 2019)
|
|
|
|
X
|
Date:
|
April 24, 2019
|
|
|
|
|
|
DTE ENERGY COMPANY
|
|
|
|
|
|
|
By:
|
/S/ MARK C. ROLLING
|
|
|
|
Mark C. Rolling
Vice President, Controller, and Chief Accounting Officer |
|
|
|
(Duly Authorized Officer)
|
|
|
|
|
|
|
|
|
|
|
|
DTE ELECTRIC COMPANY
|
|
|
|
|
|
|
By:
|
/S/ MARK C. ROLLING
|
|
|
|
Mark C. Rolling
Vice President, Controller, and Chief Accounting Officer |
|
|
|
(Duly Authorized Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ GERARD M. ANDERSON
|
Date:
|
April 24, 2019
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ PETER B. OLEKSIAK
|
Date:
|
April 24, 2019
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Electric Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ GERARD M. ANDERSON
|
Date:
|
April 24, 2019
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Electric Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ PETER B. OLEKSIAK
|
Date:
|
April 24, 2019
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
|
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 24, 2019
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 24, 2019
|
/S/ PETER B. OLEKSIAK
|
|
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 24, 2019
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 24, 2019
|
/S/ PETER B. OLEKSIAK
|
|
|
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
|
|