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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 13, 2025

dtecolorlogo.jpg
Commission File Number: 1-11607
DTE Energy Company
Michigan38-3217752
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Commission File Number: 1-2198
DTE Electric Company
Michigan38-0478650
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1279
Registrants telephone number, including area code: (313) 235-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on which Registered
Common stock, without par value
DTE
New York Stock Exchange
2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
New York Stock Exchange
2020 Series G 4.375% Junior Subordinated Debentures due 2080DTB
New York Stock Exchange
2021 Series E 4.375% Junior Subordinated Debentures due 2081DTGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued February 13, 2025, announcing financial results for the year ended December 31, 2024. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued February 13, 2025. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2025 operating earnings guidance. It is likely that certain items that impact the company's 2025 reported results will be excluded from operating results. Reconciliations to the comparable 2025 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

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


Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Earnings Release of DTE Energy Company dated February 13, 2025.
Slide Presentation of DTE Energy Company dated February 13, 2025.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2024 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.




SIGNATURES

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

Date: February 13, 2025
DTE ENERGY COMPANY
(Registrant)
/s/David Ruud
David Ruud
Executive Vice President and Chief Financial Officer

DTE ELECTRIC COMPANY
(Registrant)
/s/David Ruud
David Ruud
Executive Vice President and Chief Financial Officer
Exhibit 99.1
image_0a.jpgDTE Energy reports 2024 accomplishments, investments and earnings

•Top-tier customer bill management; reduced customers' bills by $300 million in fuel and transportation cost savings
•Invested $4.4 billion in electric and gas infrastructure to improve reliability and generate cleaner energy
•Customers experienced a nearly 70% improvement in time spent without power from 2023 to 2024
•Supported vulnerable customers by connecting them to $144 million in energy assistance
•Championed legislation to assist low-income customers
•Brought comfort to Michigan families with $63 million in Energy Efficiency Assistance
•Improved safety, reliability and service for natural gas customers
•Launched DTE’s largest solar park and battery energy storage center
•Invested a record $3.3 billion in local business and championed job creation in Michigan

DETROIT, February 13, 2025 — DTE Energy (NYSE: DTE) today announced that it invested a record amount in 2024 in utility infrastructure, which helped customers experience a nearly 70% reduction in time spent without power. DTE Electric invested over $2.5 billion in infrastructure improvements and $1.1 billion in cleaner generation, while DTE Gas invested $740 million to upgrade its natural gas system and expand service to rural communities.

The company also reported 2024 earnings of $1.4 billion, or $6.77 per diluted share, compared with $1.4 billion, or $6.76 per diluted share in 2023. Operating earnings for 2024 were $1.4 billion, or $6.83 per diluted share, compared with 2023 operating earnings of $1.2 billion, or $5.73 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
“2024 was a breakthrough year for our company. We invested a historic $4 billion to modernize our infrastructure, which enabled our team to make significant progress building the electric grid of the future and upgrading our natural gas pipelines to produce more reliable, affordable and cleaner energy for our customers,” said Jerry Norcia, DTE Energy chairman and CEO. “Furthermore, our progress in 2024 positions DTE to support Michigan’s economic growth by powering the rise of data centers and the electrification of vehicles.”

Norcia noted the following accomplishments:

•Top-tier bill management for customers; reduced customers' bills by $300 million in fuel and transportation cost savings: Reduced the Power Supply Cost Recovery (PSCR) mechanism, which represents the actual cost of the fuel and other sources the company uses to produce electricity, by approximately $300 million through 2025. This adjustment reduced residential customers’ average electric bill by approximately $5 per month starting Nov. 1, 2024. Combined with this bill reduction, the electric rate order from the Michigan Public Service Commission results in


residential electric customers not experiencing an increase in their monthly bills. Through supplier cost management, operational excellence and energy efficiency initiatives, DTE can claim top-tier bill management since 2021.
•Customers experienced a nearly 70% improvement in time spent without power from 2023 to 2024: DTE Electric made great progress toward improving reliability in 2024 by installing more than 450 smart technology reclosers, upgrading existing infrastructure including 850 miles of power lines and 3,400 utility poles, and trimming more than 4,300 miles of trees. This work to build a smarter, stronger and more resilient grid, coupled with less extreme weather, resulted in DTE customers experiencing a nearly 70% improvement in time spent without power from 2023 to 2024.
•Supported vulnerable customers by connecting them to $144 million in energy assistance: In the 2023-2024 fiscal year, DTE continued its partnership with human service agencies to connect vulnerable customers to nearly $144 million in energy assistance, providing access to more than $660 million in financial aid over the last five years.
•Championed legislation to assist low-income customers: Worked shoulder to shoulder with community leaders to double the Michigan Energy Assistance Program (MEAP) funding to $100 million in five years and increase the eligibility of MEAP funds to 200% of the Federal Poverty Level.
•Brought comfort to Michigan families with $63 million in Energy Efficiency Assistance: DTE’s Energy Efficiency Assistance (EEA) program provided $63 million in critical home upgrades at no cost to income-qualified customers, helping them lower their energy bills while improving their comfort and safety. Nearly 5,000 Michigan families benefit annually from EEA upgrades like new LED light bulbs, insulation, air sealing and furnace and boiler tune-ups or replacements, high-efficiency water heaters and ENERGY STAR® refrigerators. This year, DTE allocated over $2 million to Detroit’s North Coyle neighborhood, where families face some of the city’s highest energy usage and completed nearly 3,000 HVAC upgrades and replacements for residents in this area and across the service territory.
•Improved safety, reliability and service for natural gas customers: DTE Gas ensured the continued delivery of safe and reliable energy to 1.3 million customers across Michigan by replacing cast iron pipes with more durable materials and moving nearly 16,000 natural gas meters to the outside of homes and businesses to ensure people’s safety. DTE Gas also expanded natural gas service to 3,200 new customers in central and northern Michigan and earned top score in Customer Satisfaction for Business Natural Gas Service in Midwest from J.D. Power.
•Launched DTE’s largest solar park and battery energy storage center: Sauk Solar, a 150-megawatt solar park with nearly 347,000 solar panels, began operations in October in central Michigan, generating enough clean energy to power approximately 40,000 homes. Sauk is the first of six new solar parks to come online, all of which are funded by customers voluntarily enrolled in MIGreenPower. As Michigan’s largest producer of and investor in renewable energy, DTE also broke ground on the region’s largest battery energy storage plant, the Trenton Channel Energy Center, in June. The company continues to build renewable energy and storage projects to meet customer demand through its CleanVision MIGreenPower program. These new initiatives will help DTE reach its goal of achieving net zero carbon emissions by 2050 and help Michigan achieve its renewable energy standard of 60% by 2035.
•Invested a record $3.3 billion in local businesses and championed job creation in Michigan: DTE spent $3.3 billion with local businesses in 2024, creating and sustaining nearly 14,000 jobs across Michigan. The company continues to be a


leader in partnering with local suppliers, investing more than $24 billion since 2010 and creating or sustaining 92,000 Michigan jobs.

•DTE Energy Foundation granted $420,000 to Michigan domestic violence shelters: Continuing its mission to support victims of domestic violence in Michigan, DTE Energy Foundation awarded $420,000 to 45 state-funded domestic violence shelters, bringing the Foundation’s total commitment to more than $3 million over the past six years.

•Earned numerous honors as a great place to work including:
◦Gallup Exceptional Workplace Award for the 12th consecutive year, placing DTE in the top 6% of companies globally.
◦C. Everett Koop National Health Award for programs to improve employee health and wellness.
◦Best Place to Work for Disability Inclusion, earning a top score of 100 on the Disability Equality Index.
◦Michigan Veteran Affairs Agency Employer Innovator Award for proactive recruitment and onboarding programs to improve veterans’ lives.


Outlook for 2025

DTE Energy announces its 2025 operating EPS guidance of $7.09 - $7.23.

“In 2024, our financial strength and constructive regulatory environment allowed us to continue to invest above our generated cash flows to provide improved reliability and cleaner, more affordable energy to millions of Michiganders," stated David Ruud, DTE's executive vice president and CFO. "We are well-prepared to meet our financial targets in 2025 and excited about our future."

This earnings announcement and presentation slides are available at dteenergy.com/investors.

The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The telephone dial-in USA toll is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors.

About DTE Energy

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with


analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this release, DTE Energy discusses 2025 operating earnings guidance. It is likely that certain items that impact the company's 2025 reported results will be excluded from operating results. Reconciliations to the comparable 2025 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any information contained in this document as a result of new information or future events or developments. Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, 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 DTE Energy’s 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 in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; 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 and customer data 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 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 or increase 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; impacts of inflation and 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, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; 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 generation 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; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

For more information, members of the media may contact:
Dan Miner, DTE Energy: 313.235.5555




For further information, analysts may call:
Matt Krupinski, DTE Energy: 313.235.6649
John Dermody, DTE Energy: 313.235.8750



DTE Energy Company
Segment Net Income (Unaudited)
Three Months Ended December 31,
20242023
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric segment$186 $12 A$(3)$195 $225 $25 A$(6)$244 
DTE Gas segment104 — — 104 104 — — 104 
Non-utility operations
DTE Vantage segment61 23 B(6)78 44 — — 44 
Energy Trading segment43 (7)C3 39 102 (49)C11 64 
Non-utility operations104 16 (3)117 146 (49)11 108 
Corporate and Other(102)— — (102)(56)— 6 D(50)
Net Income Attributable to DTE Energy Company$292 $28 $(6)$314 $419 $(24)$11 $406 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) MPSC disallowance of certain capital project costs previously recorded — recorded in Operating Expenses — Asset (gains) losses and impairments, net
B) Impairment of equity investment for closure of a renewable facility — recorded in Other (Income) and Deductions
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
 D) Adjustment to Income Tax Expense due to a tax law change in Massachusetts


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Three Months Ended December 31,
20242023
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric segment$0.90 $0.06 A$(0.01)$0.95 $1.09 $0.12 A$(0.03)$1.18 
DTE Gas segment0.50 — — 0.50 0.51 — — 0.51 
Non-utility operations
DTE Vantage segment0.30 0.10 B(0.03)0.37 0.21 — — 0.21 
Energy Trading segment0.21 (0.03)C0.01 0.19 0.49 (0.22)C0.05 0.32 
Non-utility operations0.51 0.07 (0.02)0.56 0.70 (0.22)0.05 0.53 
Corporate and Other(0.50)— — (0.50)(0.28)— 0.03 D(0.25)
Net Income Attributable to DTE Energy Company$1.41 $0.13 $(0.03)$1.51 $2.02 $(0.10)$0.05 $1.97 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations.
Adjustments key — see previous page



DTE Energy Company
Segment Net Income (Unaudited)
Twelve Months Ended December 31,
20242023
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric segment$1,072 $32 A$(8)$1,105 $772 $25 B$(6)$791 
12 B(3)
DTE Gas segment257 8 A(2)263 294 — — 294 
Non-utility operations
DTE Vantage segment135 (25)C6 133 153 — — 153 
23 D(6)
Energy Trading segment125 (34)E9 100 336 (308)E77 105 
Non-utility operations260 (36)9 233 489 (308)77 258 
Corporate and Other(185)— — (185)(158)— (7)F(159)
— 6 G
Net Income Attributable to DTE Energy Company$1,404 $16 $(4)$1,416 $1,397 $(283)$70 $1,184 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) One-time costs resulting from the voluntary separation incentive program — recorded in Operating Expenses — Operation and maintenance
B) MPSC disallowance of certain capital project costs previously recorded — recorded in Operating Expenses — Asset (gains) losses and impairments, net
C) Gain on sale of equity investment — recorded in Other (Income) and Deductions
D) Impairment of equity investment for closure of a renewable facility — recorded in Other (Income) and Deductions
E) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
F) Adjustment to Income Tax Expense due to a tax law change in West Virginia
G) Adjustment to Income Tax Expense due to a tax law change in Massachusetts


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Twelve Months Ended December 31,
20242023
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric segment$5.18 $0.15 A$(0.04)$5.34 $3.74 $0.12 B$(0.03)$3.83 
0.06 B(0.01)
DTE Gas segment1.24 0.04 A(0.01)1.27 1.43 — — 1.43 
Non-utility operations
DTE Vantage segment0.65 (0.11)C0.03 0.64 0.74 — — 0.74 
0.10 D(0.03)
Energy Trading segment0.60 (0.16)E0.04 0.48 1.63 (1.49)E0.37 0.51 
Non-utility operations1.25 (0.17)0.04 1.12 2.37 (1.49)0.37 1.25 
Corporate and Other(0.90)— — (0.90)(0.78)— (0.03)F(0.78)
— 0.03 G
Net Income Attributable to DTE Energy Company$6.77 $0.08 $(0.02)$6.83 $6.76 $(1.37)$0.34 $5.73 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations.
Adjustments key — see previous page
2024 Year-end Earnings Conference Call February 13, 2025 EXHIBIT 99.2

 
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, 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 our 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 in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; 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 and customer data 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 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 or increase 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; impacts of inflation and 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, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; 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 generation 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; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.

 
Participants 3 Jerry Norcia – Chairman and CEO Joi Harris – President and COO Dave Ruud – Executive Vice President and CFO Matt Krupinski – Director of Investor Relations

 
4 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings Delivered strong results in 2024; significant customer-focused utility investment drives growth in 2025 and beyond ✓ Strong 2024 operating EPS1 of $6.83 delivers at the high end of 2024 original guidance and provides 9% growth over 2023 original guidance midpoint ✓ Constructive outcome in DTE Electric rate case and solid financial strength allows us to make the necessary investments for improved reliability and cleaner generation ✓ 2025 operating EPS guidance midpoint provides 7% growth over 2024 original guidance midpoint; currently positioned to achieve high end of guidance in 2025 ✓ Increasing 5-year capital investment by $5 billion over previous plan primarily driven by increased customer-focused utility investment ✓ Potential incremental capital investment to support data center growth would be above current plan ✓ Updated plan provides higher quality earnings through increased customer-focused utility investments while moving to more utility-like investments at DTE Vantage ✓ Long-term operating EPS growth rate target of 6% - 8% through 2029 from 2025 original guidance midpoint 2024 2025 2023 2024 ActualOriginal guidance midpoint 2024 operating EPS 9% growth over 2023 guidance midpoint $6.25 $6.83 Guidance range Original guidance midpoint $6.69 $7.09 - $7.23 2025 operating EPS guidance midpoint 7% growth over 2024 guidance midpoint Positioned to achieve high end Achieved high end of guidance

 
5 Increased customer-focused utility investment, combined with a shift to more utility-like investments at DTE Vantage, provides higher quality 6% - 8% long-term operating EPS1 growth • Increased generation and reliability investment over the next 5 years drives $5 billion increase from prior plan — The overwhelming success of the voluntary renewables program combined with the 2023 IRP settlement and the Michigan Clean Energy legislation drives the need for increased generation investment — Additional grid investment required to improve customer reliability as supported by the recent MPSC electric distribution audit • Increased utility investment provided the flexibility to shift focus of DTE Vantage growth to more utility-like, long-term, fixed-fee contracted projects • Updated plan provides higher quality 6% - 8% operating EPS growth with potential upside — Potential longer-term upside to plan from data center growth — RNG tax credits provide confidence we will reach the high end of our growth rate 2025 through 2027 and provide flexibility to exceed the high end and support future years 5-year investment plan (billions) 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2024 - 2028 prior plan 2025 - 2029 current plan $25 $30 DTE Electric DTE Gas DTE Vantage Potential for upside to plan driven by data center growth

 
DTE Electric: transformational investments in distribution and generation support reliability improvements and cleaner energy for our customers 6 • 2024 DTE Electric achievements − Achieving reliability improvements as we transition to fully automated grid, update existing infrastructure, rebuild significant parts of the grid and continue enhanced tree-trimming − 2,300 MW of renewable generation in service; 10 new solar projects coming online adding over 1,000 MW; began construction of a 220 MW battery energy storage center • Long-term capital investment plan focused on continued enhancement of the grid and further build out of cleaner generation for our customers − Increasing 5-year capital investment by $4 billion over prior plan driven by expanded renewables and continued focus on reliability for our customers − Renewable investment supports continued success of MIGreenPower voluntary program and fulfills requirements of legislated clean energy plan • Strong development pipeline supports our ability to execute these projects; clear line of sight on panels, land positions and permitting; safe harbored investment tax credits through 2027 − Increased infrastructure investment to improve reliability while focusing on maintaining affordability; supported by the recent electric rate order and electric distribution audit directed by the MPSC $4 $4 $9 $10 $7 $10 2024 - 2028 prior plan 2025 - 2029 current plan Base infrastructure Cleaner generation $20 DTE Electric investment (billions) $24 Distribution infrastructure Potential for upside to plan driven by data center growth

 
Economic development and advancement of data center opportunities support long-term growth and continued top tier customer affordability 7 • Strong pipeline of economic development opportunities − Executed non-binding term sheet with Switch to be supported by hyperscaler tenant(s) and other AI and enterprise customers; anticipate load ramping up to ~1,400 MW through 2032 − Signed a third non-binding agreement with additional party, increasing current potential data center load to ~2,100 MW2, will drive ~40% sales growth after full ramp − Actively engaged in discussions with multiple other data center opportunities which could provide additional growth − Data center load ramp supported by nearly ~1 GW of existing capacity and will also require new generation build in the near-term; longer term investment opportunity will be supported by the 2026 IRP − Maintaining strong collaboration on overall business development in Michigan to attract a range of additional customers • Near term data center growth will drive affordability headroom for existing customers − These economic development opportunities combined with our continuous improvement culture will continue our historical success of managing customer affordability Top Tier Affordability 3-year total electric bill increases well below national average Total electric residential bill change % from 2021 to 20241 2.4% 11.9% 17.9% DTE Electric Great Lakes average National average 1. Source: Energy Information Administration (EIA). DTE Electric ending point is through 2025 and includes impact of 2025 rate order. Great Lakes and National average ending point is Nov 2023 – Oct 2024 average 2. Includes Switch, UofM and undisclosed party

 
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers 8 Gas renewal program Base infrastructure $1.6 $1.5 $2.1 $2.5 2024 - 2028 prior plan 2025 - 2029 current plan $3.7 $4.0 DTE Gas investment (billions) • 2024 DTE Gas achievements − Ranked #1 in customer satisfaction for business natural gas service in the Midwest by J.D. Power1 − Continued progress on main renewal program; renewed nearly 1,900 miles since program inception • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers − Significant investment to support main renewal recovered through Infrastructure Recovery Mechanism − Base infrastructure investments enhance distribution, transmission, compression and storage − Continued focus on safety and affordability for customers 1. J.D. Power 2024 Gas Utility Business Customer Satisfaction Study. Visit jdpower.com

 
2024 operating earnings1 variance 9 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2023 2024 Variance Primary drivers DTE Electric $791 $1,105 $314 Rate implementation, warmer weather, lower storm expense and higher renewable earnings partially offset by higher O&M and rate base costs DTE Gas 294 263 (31) Higher rate base, O&M costs and warmer weather partially offset by IRM and rate implementation DTE Vantage 153 133 (20) Solid 2024 performance drove earnings above midpoint of guidance range; timing and one-time items drove strong results in 2023 Energy Trading 105 100 (5) Stronger physical gas portfolio performance in 2023 Corporate & Other (159) (185) (26) Interest expense DTE Energy $1,184 $1,416 $232 Operating EPS $5.73 $6.83 $1.10 Avg. Shares Outstanding 206 207 (millions, except EPS)

 
2025 operating EPS1 guidance midpoint provides 7% growth over 2024 original guidance midpoint; positioned to achieve high end 10 (millions, except EPS) 2025 operating earnings DTE Electric $1,205 - $1,225 DTE Gas 310 - 320 DTE Vantage 150 - 160 Energy Trading 50 - 60 Corporate & Other (255) - (245) 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix Positioned to achieve high end of operating EPS guidance in 2025 DTE operating earnings guidance $1,475 - $1,505 DTE operating EPS guidance $7.09 - $7.23 • Utility growth driven by customer-focused investment supporting building the grid of the future and cleaner energy transition • DTE Vantage guidance supported by new project development in the custom energy solutions space and production tax credit opportunities • Continued strength in contracted physical power and gas portfolios at Energy Trading

 
Maintaining strong cash flows, balance sheet and credit profile 11 Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Targeting minimal equity issuances of $0 - $100 million annually through 2027; expect modest increases to equity issuances beginning in 2028 to support our significant capital investment plan • Effectively managing debt maturities to support long-term plan • Maintaining solid investment-grade credit ratings; targeting 15% - 16% FFO / Debt1 1. Funds from Operations (FFO) is calculated using operating earnings, debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes as equity

 
Investment focused on improved reliability and cleaner generation; well-positioned for long-term growth 12 ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Strong 2024 operating EPS1 of $6.83 achieved the high end of 2024 original guidance ✓ 2025 operating EPS guidance provides 7% growth from 2024 original guidance midpoint; positioned to achieve high end of operating EPS guidance in 2025 ✓ Updated plan provides higher quality long-term operating EPS growth through increased customer-focused utility investments and shifting to more utility-like investments at DTE Vantage ✓ Increasing 5-year capital investment by $5 billion over previous plan primarily driven by customer-focused utility investment; potential incremental investment to support data center opportunities would be above current plan ✓ Investment plan supported by strong balance sheet and solid investment-grade credit profile, combined with a continued focus on customer affordability ✓ Long-term operating EPS growth rate target of 6% - 8% through 2029, with 2025 original guidance midpoint as the base; RNG tax credits provide confidence we will reach the high end of our growth rate 2025 through 2027 and provide flexibility to exceed the high end and support future years 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings

 
13 Appendix

 
DTE Vantage: shifting strategic focus to more utility-like projects supports consistent long-term earnings growth 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2. Approximately $50 - $60 million of 45z RNG tax credits assumed in 2025 guidance 14 • 2024 DTE Vantage achievements − Placed in-service a long-term, fixed-fee custom energy solutions project with Ford Motor Company in 4Q 2024 − Executed multiple custom energy solutions projects supported by long-term, fixed-fee contracts which will support our updated growth plan • Increased utility investment provides the flexibility to shift focus of DTE Vantage growth to more utility-like, long-term, fixed-fee contracted projects − Targeting ~$20 million of average annual base earnings growth from 2025 – 2029 excluding tax credits, consistent with historical development execution − RNG tax credits provide confidence we will reach the high end of our DTE growth rate 2025 through 2027 and provide flexibility to exceed the high end and support future years − New projects coming on-line in 2026 and 2027, combined with a solid development pipeline, provide confidence we can achieve our DTE 6% - 8% operating EPS growth through 2029 2024 2025 2029 Guidance2Original guidance $125-$135 $150-$160 DTE Vantage operating earnings1 (millions) $170-$190

 
Economic development fuels Michigan’s growth • Michigan ranked in the top 10 by CNBC for America’s Top States for Business in 2024 • Maintaining strong collaboration on business development in Michigan to attract a range of customers, including data centers — Executed multiple non-binding agreements to serve significant data center load — Actively engaged in discussions with multiple other data center opportunities which could provide additional growth • Significant investment in Michigan, supporting thousands of jobs, including over $10 billion for: — General Motors investment to convert an assembly plant to produce full-size electric pickup trucks — Henry Ford Health, Detroit Pistons and Michigan State University investment in Detroit for hospital expansion, research facility and neighborhood redevelopment — Ilitch Organization and University of Michigan investment for an innovation campus — LG Energy Solution investment to expand battery manufacturing facility 15

 
Top tier affordability for our customers over the last 3 years 16 State comparison – electric residential bill change % from 2021 to 20241 DTE 2.4% Great Lakes average 11.9% U.S. average 17.9% 1st quartile 2nd quartile 3rd quartile 4th quartile Great Lake peer states 1. Source: Energy Information Administration (EIA). DTE Electric ending point is through 2025 and includes impact of 2025 rate order. Great Lakes and National average ending point is Nov 2023 – Oct 2024 average

 
Weather impact on sales 17 Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas (GWh) 2023 2024 % Change Residential 15,313 15,369 0.4% Commercial 18,923 19,039 0.6% Industrial 10,273 10,125 (1.4%) Other 204 199 (2.5%) 44,713 44,732 0.0% (millions) (per share) 4Q YTD 4Q YTD 2023 ($11) ($106) ($0.05) ($0.52) 2024 ($10) ($31) ($0.05) ($0.15) (millions) (per share) 4Q YTD 4Q YTD 2023 ($20) ($52) ($0.10) ($0.25) 2024 ($12) ($61) ($0.06) ($0.30) 2023 2024 % Change Actuals 703 926 32% Normal 913 915 0% Deviation from normal (23%) 1% 4Q 2023 4Q 2024 % Change 2023 2024 % Change Actuals 1,924 1,948 1% 5,564 5,306 (5%) Normal 2,179 2,140 (2%) 6,319 6,288 0% Deviation from normal (12%) (9%) (12%) (16%) 1. DTE Electric 2023 weather normalized data based on 2007 – 2021 weather and 2024 weather normalized data based on 2008 – 2022 weather 2. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 3. DTE Gas 2023 weather normalized data based on 2008 – 2022 weather and 2024 weather normalized data based on 2009 – 2023 weather

 
Cash flow and capital expenditures 18 1. Includes equity issued for employee benefit programs 2024 actuals 2025 guidance DTE Electric Base infrastructure $862 $765 Cleaner generation 1,132 1,450 Distribution infrastructure 1,665 1,520 $3,659 $3,735 DTE Gas Base infrastructure $395 $345 Gas renewal program 345 315 $740 $660 Non-utility $596 $375 - $575 Total $4,995 $4,770 - $4,970 2024 actuals 2025 guidance Cash from operations1 $3.6 $3.3 Capital expenditures (5.0) (4.9) Free cash flow ($1.4) ($1.6) Dividends (0.8) (0.9) Other - (0.3) Net cash ($2.2) ($2.8) Debt financing Issuances $4.5 $4.1 Redemptions (2.3) (1.3) Total debt financing $2.2 $2.8 (millions) Cash flow Capital expenditures (billions)

 
2023 and 2024 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) 19 Adjustments key A) One-time costs resulting from the voluntary separation incentive program — recorded in Operating Expenses — Operation and maintenance B) MPSC disallowance of certain capital project costs previously recorded — recorded in Operating Expenses — Asset (gains) losses and impairments, net C) Gain on sale of equity investment — recorded in Other (Income) and Deductions D) Impairment of equity investment for closure of a renewable facility — recorded in Other (Income) and Deductions E) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility F) Adjustment to Income Tax Expense due to a tax law change in West Virginia G) Adjustment to Income Tax Expense due to a tax law change in Massachusetts 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments 2. Per share amounts are divided by Weighted Average Common Shares Outstanding – Diluted, as noted on the Consolidated Statements of Operations (Earnings per share2)

 
Reconciliation of reported to operating earnings (non-GAAP) 20 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.