Company: DTK
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000936340-25-000065
Chunk: 92

Company: DTE ENERGY CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1A
Chunk 92
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  The Registrants' long-term revolving credit facilities do not expire until 2029, but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's non-utility businesses, and the Registrants cannot predict the pricing or demand for those future transactions.

Emerging technologies may have a material adverse effect on the Registrants.  Advances in technology that produce power or reduce power consumption include cost-effective renewable energy technologies, distributed generation, energy waste reduction technologies, and energy storage devices.  Such developments may impact the price of energy, may affect energy deliveries as customer-owned generation becomes more cost-effective, may require further improvements to our distribution systems to address changing load demands, and could make portions of our electric system power supply and/or distribution facilities obsolete prior to the end of their useful lives.  Such technologies could also result in further declines in commodity prices or demand for delivered energy.  Each of these factors could materially affect the Registrants’ results of operations, cash flows, or financial position.

DTE Energy's participation in energy trading markets subjects it to risk.  Events in the energy trading industry have increased the level of scrutiny on the energy trading business and the energy industry as a whole.  In certain situations, DTE Energy may be required to post collateral to support trading operations, which could be substantial.  If access to liquidity to support trading activities is curtailed, DTE Energy could experience decreased earnings potential and cash flows.  Energy trading activities take place in volatile markets and expose DTE Energy to risks related to commodity price movements, deviations in weather, and other related risks.  DTE Energy's trading business routinely has speculative trading positions in the market, within strict policy guidelines DTE Energy sets, resulting from the management of DTE Energy's business portfolio.  To the extent speculative trading positions exist, fluctuating commodity prices can improve or diminish DTE Energy's financial results and financial position.  DTE Energy manages its exposure by establishing and enforcing strict risk limits and risk management procedures.  During periods of extreme volatility, these risk limits and risk management procedures may not work as planned and cannot eliminate all risks associated with these activities.

Regional, national, and international economic conditions can have an unfavorable impact on the Registrants.  The Registrants' utility and DTE Energy's non-utility businesses follow the economic cycles of the customers they serve and credit risk of counterparties they do business with.  Should the financial conditions of some of DTE Energy's significant