Company: DTK
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000936340-25-000065
Chunk: 113

Company: DTE ENERGY CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 113
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 the On-site business(9)Higher demand and prices in the Steel business13 Higher costs in the Renewables business26 Other(2)$(10)

Operation and maintenance expense increased $29 million in 2024 and decreased $35 million in 2023.  The 2024 increase was primarily due to a new project in the On-site business of $7 million and higher costs in the On-site business of $11 million, Renewables business of $6 million, and Steel business of $6 million.  The 2023 decrease was primarily due to lower operating costs in the Renewables business of $13 million and lower operating costs in the On-site business of $24 million, which was primarily driven by a decrease of $11 million due to the sale of a project.

Depreciation and amortization increased $6 million in 2024 and $1 million in 2023.  The increase in 2024 was primarily due to new projects in the Renewables business.

Asset (gains) losses and impairments, net changed by $20 million in 2024 from the net gain of $10 million in 2023, and changed by $3 million in 2023 from the net gain of $7 million in 2022.  The change in 2024 was primarily due to the write-off of carbon capture and sequestration assets of $10 million and net gains of $10 million from 2023 that did not repeat in the current year.

The change in 2023 was primarily due to a gain of $17 million resulting from a change in estimate of an asset retirement obligation in the Steel business, partially offset by asset write-offs in other business units of $7 million.  The net gain for 2023 was also partially offset by $7 million due to settlement of contingent consideration relating to a 2017 acquisition in the Renewables business, which resulted in a loss of $2 million in 2023 compared to a gain of $5 million recorded in 2022.

Other (Income) and Deductions increased $37 million in 2024 and $12 million in 2023.  The 2024 increase was primarily due to higher interest income of $41 million associated with a new project in the On-site business and a gain in the Renewable business of $25 million attributed to the sale of a partnership interest, partially offset by a write-off of an equity investment in the Renewables business due to impairment of $23 million and higher net interest expense