DTE Energy® 

Business and Financial Update 

Tony Earley, Executive Chairman 

Nick Khouri, Vice President and Treasurer 

Mark Rolling, Director of Investor Relations 

June 28, 2011 
DTB •n•rar 

Safe Harbor Statement , 

The information contained herein is as of the date of this presentation. Many factors may impact forward-looking statements including, but not 

limited to, 1he following: economic conditions and population changes in our geographic area resulting in changes in demand, customer 

conservation, increased 1hefts of electricity and gas and high levels of uncollectible accounts receivable; changes in the economic and financial 

viability of suppliers and trading counterparties, and the continued ability of such parties to perform their obligations to the Company; 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 

losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and 

contributions; the potential for increased costs or delays in completion of significant construction projects; the effects of weather and other 

natural phenomena on operations and sales to customers, and purchases from suppliers: environmental issues, laws, regulations, and the 

increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, 

environmental and regulatory risks associated with ownership and operation of nuclear facilities ; impact of electric and gas utility restructuring in 

Michigan, including legislative amendments and Customer Choice programs; employee relations and the impact of collective bargaining 

agreements; unplanned outages; changes in the cost and availability of coal and other raw materials, purchased power and natural gas: volatility 

in the short-term natural gas storage markets impacting third-party storage revenues: cost reduction efforts and the maximization of plant and 

distribution system performance: the effects of competition: the uncertainties of successful exploration of unconventional gas resources and 

challenges in estimating gas and oil reserves with certainty; impact of regulation by the FERC, MPSC, NRC and other applicable govemmental 

proceedings and regulations, including any associated impact on rate structures: 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 amount and timing of cost 

recovery allowed as a result of regulatory proceedings, related appeals or new legislation: the cost of protecting assets against, or damage due 

to, terrorism or cyber attacks; the availability, cost, coverage and terms of insurance and stability of insurance providers; 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; and binding arbitration, litigation and related appeals. New factors emerge from time to time. 

We cannot predict what factors may arise or how such factors may cause our results to differ materially from those contained in any forwardlooking statement. Any forward-looking statements refer 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 presentation should also be read in conjunction with the "Forward-Looking Statements" section in each 

of DTE Energy's and Detroit Edison's 2010 Forms 10-K and 2011 Form 10-Q (which sections are incorporated herein by reference), and in 

conjunction with other SEC reports filed by DTE Energy and Detroit Edison. 

cautionary Note - The Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disdose only proved reserves that 

a company has demonstrated by actual production or conclusive fonnation tests to be ec:onomically and legally producible under existing economic and 

operating conditions. We use certain tenns in this presentation such as •probable reserves" that the SEC's guidelines strictly prohibit us from including in filings 

with the SE.C. You are urged to consider closely the disdosure in DTE. Energy's 2010 Form 10-K and 2011 Form 10-Q, File No. 1-11607, available from our 

offices or from our website at www.dteenergy.com. You can also obtain these Forms from the SEC by calling 1-800-SEC-0330. 

2 
DT• •nergr 

7 

• Overview 

• Utility Growth 

• Non - Utility Growth 

• 2011 Guidance 

3 
DTB •n•rar 

DTE Energy is an Integrated Energy Company , 

Strong, Stable and 

Growing Utilities 

-80% of DTE Energy's 2010 Earnings 

Detroit Edison 

• Electric generation and 

distribution 

• 2.1 million customers 

• Fully regulated by Michigan 

Public Service Commission 

(MPSC) 

Mich Con 

• Natural gas distribution 

• 1.2 million customers 

• Fully regulated by MPSC 

Complementary Non-Utility 

Businesses 

-20% of DTE Energy's 2010 Earnings 

Gas Storage & Pipelines 

Power & Industrial Projects 

Unconventional Gas 

Production 

Energy Trading 

4 
Growth and Value Creation 

DTE Energy Operating Earnings Per Share* 

CAGR=-9% 

$2.82 

"Bridge" 

$3.60 

Targeting 5% - 6% 

Annual Growth 

DTB •n•rar 

, 

2007A 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E 5 

• Reconciliation to GAAP reported eamings included in the appendix 
Constructive Regulatory Environment 

Detroit Edison Rate Case Schedule 

*Revenue requirement of $443 less proposed reductions to: delay recognition of Choice Incentive Mechanism base reset 

($123); defer increased pension/OPEB expense ($47); reduce Nuclear Decommissioning surcharge ($20). 

DD llne •• -. 

, 

6 
Dividend Increase is Well Supported 

Dividend Yield (as of May 2011) 

6% 

5% . 4.5% 

4% 

3% 

2% 

1% 

0% . . . . . . 

DTB •n•rar 

, 

•Recently increased dividend 

rate 5% to $2.35 per share 

•Dividend yield in-line with 

peers 

•Payout ratio in-line with 60%-

70% target 

•Future increases supported by 

targeted 5% - 6% EPS growth 

7 
DT• •nergr 

7 

• Overview 

• Utility Growth 

• Non - Utility Growth 

• 2011 Guidance 

8 
Dn•ergr 

Detroit Edison Investment Profile, 2011 - 2013 , 

• Investments to ensure 

reliability of generation 

fleet and distribution 

systems 

• Investments in scrubbers, 

SCRs to meet Clean Air Act 

requirements 

•New generation to meet 

Michigan RPS 

•Up to 50% owned by Detroit 

Edison 

9 
Emissions Reductions 

[ Monroe Power Plant 

•Current environmental capital focused on Monroe 

Power Plant {3,100 MW, 45% of coal-fired production) 

•Near/Mid-Term Plans: 

- Complete scrubbers and SCR at Monroe Power 

Plant 

- Conventional and/or emerging technologies at 

newer/larger units 

- Likely retire older/smaller coal units 

•Mid/Longer-Term Investments: 

-Additional wind generation 

- Potential for combined cycle gas turbine generation 

$800 - $900 million 2011-2013 Investment 

10 
Renewable Energy 

• 10% of retail sales required by 2015 

•New capacity requirement of 300 MWs by 2013, 

600 MWs by 2015; up to 50% owned by utility 

•Renewable spend pre-approved by MPSC; not 

subject to regulatory lag 

•Legislated returns based on authorized ROE at 

time of investment 

•Investments funded through existing surcharge 

Projected Earnings 

(millions, after-tax) 

2011E 2012E 

$500 - $600 million 2011-2013 Investment 

-$40 

2013E 

11 
Detroit Edison Wind Development 

Gratiot County Wind Park 

$250 million 2011 Investment* 

• 212MW wind farm with partner 

- Own 64 turbines ("'102MW) 

- Purchase output of 69 turbines 

{"'110MW) 

• Construction began December 2010 

• Investment will be substantially 

completed in 2011 

• Earnings contribution begins in 2011 

*Includes acquisition costs ($238 million) and internal development costs 

Dn•n-.r 

, 

Thumb Wind Projects 

• In advanced stage of development 

on three projects 

- Combined 110 MW 

- 2012/2013 commercial 

operation dates 

• Plan to contract for turbines by 

end of 2011, ahead of predicted 

turbine supply market tightening 

12 
DT• •nergr 

MichCon Investment Profile, 2011 - 2013 7 

Strengthen and expand distribution system 

• Main renewal 

• Investment in new markets 

Transmission pipeline integrity 

Customer focused investments 

• Meter relocation program 

• Appliance repair 

• NGV stations 

• Propane conversions 

13 
DTB •n•rar 

, 

• Overview 

• Utility Growth 

• Non - Utility Growth 

• 2011 Guidance 

14 
Gas Storage & Pipeline: Earnings Potential 

of $75 Million by 2015 

DT• •nergr 

7 

Growth Driven by Bluestone Lateral and 

Millennium Mainline Expansions 

Millennium 

.. 

N 

Solid Operating Earnings* Growth 

(millions) 

• Storage a Pipeline 

$49 $51 $

53 

-$75 

.------.. I. 

2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E 

• Reconciliation to GAAP reported earnings included in the appendix 15 
Gas Storage & Pipeline Growth: 

DTB •n•rar 

Bluestone Pipeline & Gathering Project , 

MARCELLUS SHALE 

NY 

Bluestone 

--... ~NESsee 

PA 

Bluestone Project 

•Signed Letter of Intent with 

Southwestern Energy 

•Gathering pipeline lateral 

•In-field gathering system 

•Estimated capital investment of 

$150 - $200 million 

•Assets begin going in-service Q2 

2012 

•Several other active producers 

nearby 

16 
Strong Well Performance in Area of 

Bluestone Project 

DTB •n•rar 

, 

Well Performance by County Bluestone 

Location 

Average 

30 day IP rate CMMcf/dl 

• Tier 1: >5.7 

Tier 2: 3. 7 - 4. 7 

Tier 3: 3.0 - 3.3 

Tier 4: 2.0 - 2.5 

Source: Pennsylvania Department of Environmental Protection (DEP) reporting through June 30, 2010 

• Well performance in 

Susquehanna County among 

strongest in Marcellus 

• Over 80% of the wells 

exceed Tier 1 production 

• Recoverable reserves of 6 -

10 Bcf per well 

17 
Gas Storage & Pipeline Growth: 

DTB •n•rar 

Additional Opportunities around Millennium , 

TENNESSEE 

PA 

, 

, 

NJ 

~p~ 

cot\_'t\~ - ,.. - "'\_ 

. , -· 

, 

, , 

Millennium Mainline Expansions 

• Bluestone and other projects will bring 

additional supply to Millennium 

• Received interest for first 2 expansions 

- 2 new compressor stations 

- Expands capacity by "'50% to 0.8 Bcf /d 

- First expansion on-line late 2012; 

second expansion on-line 2013 

• Can be economically expanded to 1.5 

Bcf/d 

Millennium to Iroquois (M-1) Connector 

• Provide new source of supply for Iroquois 

- 55 miles pipe 

- Capacity 0.5-1.0 Bd/d 

-Target in-service 2016+ 

18 
Gas Storage Provides Stable Earnings 

Supported by Long-Term Contracts 

DTB •n•rar 

, 

Storage Expiration Profile 

Tiered expiration dates with manageable renewal volumes 

90Bcf • Fully contracted - 6 year average term 

• 95% of revenues based on fixed-price, 

multi-year term contracts 

- No exposure to gas price 

• Diversifies earnings outside of 

Michigan 

- Not linked to Michigan economy 

• Customer mix - LDCs, interstate 

'------_,.___,,, pipelines, and producer/marketers 

2011/12 2012/13 2013/14 2014/15 2015/16 

• Sold Unsold 

19 
Power & Industrial Projects: Earnings Potential 

of Over $100 Million by 2015 

Operating Earnings Contribution by Project Type 

Illustrative 

2009A 201 OA 2011 E 2012E 2013E 2014E 201 SE 

Operating 

Earnings* $85 $30 • $40 

(mllllons) 

•Reconciliation to GMP F8p0rted earnings included in the appendix 

Over 

$100 

Reduced 

Emissions Fuel 

$40-$50** 

••contribution eamings, excludes corporate allocations, interest and overheads of ($60)-($70) in aggregate in 2015 

Dn•n-.r 

, 

20 
Power & Industrial Projects Growth: 

Reduced Emissions Fuel 

•Five facilities placed in service in late 2009 

- Likely to construct 1-2 additional facilities this year 

• One facility currently in operation at power-plant site 

•Agreement reached to place a facility at a large power-plant site 

- Likely in operation this Fall 

•In advanced discussions with large utility about additional sites 

•In substantive discussions with several other utilities 

Sorbant Storage Tank 

,, /_ 

Feedstock Conveyor 

Motor Control Center 

DTB •n•rar 

, 

21 
DTB •n•rar 

Reduced Emissions Fuel: Potential for Significant 

Value and Strong Earnings for 10 Years , 

Illustrative 

Project Returns (millions) 

$400 

High case 

$300 

$200 

$100 

$0 • Return (NPV) 

Potential Earnings Contribution* (millions) 

$75 

$50 

$25 

-$75 High Case :-----: I 

I 

I 

I 

I ...-i-.:-mi-t--t-.. : Base Case 

Low case 

2011 2012 2013 2014 2015 

• Excludes corporate allocations and overheads 

Factors that Drive Earnings, NPV Level 

• Number of units ultimately sited 

- Five constructed; considering building 

more 

• Size of host power plants (higher tonnage= 

higher earnings/value) 

-Can range from 1-10 million tons/year 

• Pace/scale of adoption by host sites 

-Quicker deal closure= greater value 

- Operational issues at host sites 

22 
DT• •nergr 

Unconventional Gas: Barnett Shale Assets 7 

UNG 

MANCtIB ) 

-y H'AMILTON Y"'\ 

• Barnett (Cc1& Area) Gas Wells 

• Barnett Gas & 011 Combo Wells 

DTE Acreage (Gas & Oil Combo) 

• Focused on a new "Marble Falls" oil play, directly 

above Barnett formation 

• Continuing to develop and prove up acreage 

- DTE has 60,000 net acres in the area 

- Wells producing hydrocarbons throughout Jack 

County confirming play 

- Vertical wells producing 1st month average of 

100 bbls oil per day plus liquids rich gas 

- Third party horizontal wells reporting 300 bbl 

oil per day 

• Divestitures to be timed with oil play maturation 

- Potential small monetization in 2011 

- Targeting full monetization in 2012/2013 

23 
Dn•ergr 

, 

• Overview 

• Utility Growth 

• Non - Utility Growth 

• 2011 Guidance 

24 
2011 Guidance 

Operating Earnings* 

(millions) 

2010 

Actual 

Detroit Edison $438 

MichCon 107 

Gas Storage & 51 Plpellnes 

Unconventional Gas (11) Produdion 

Power & Industrial 85 Projects 

Energy Trading 6 

Corporate & Other (69) 

DTE Energy $607 

Operating EPS $3.60 

Avg. Outstanding Shares 169 

2011 

Guidance 

$435-$445 

110-115 

53 

0 

30-40 

10·40 

=== 

(62) 

$576-$631 

$3.40 • $3.70 

170 

• Reconciliation to GAAP reported eamings included in the appendix 

DTB •n•rar 

, 

2011 Drivers 

Productive outcome in Q4 2010 rate case filing; 

ongoing cost reductions; earn authorized ROE (11%) 

Earn authorized ROE (11%); lower midstream revenues; 

cost reductions offset inflation; normal weather 

Stable earnings supported by long-term contracts 

Higher oil production in 2011 ; non-strategic lease 

impairments in 2010 

Growth from new projects partially offsetting nonrepeating 2010 earnings, including Steel Industry Fuels 

Improvement over 201 O; not expected to fully return to 

historical levels in 2011 

Lower interest expense in 2011 

25 
2011 Capital Expenditures 

& Cash Flow Guidance 

Cash Flow Summary* 

(billions) 

Original Re\1sed 

Guidance Guidance 

Cash From Operations $1.9 $1.9 

capital Spending (1.4) (1.7) 

Free Cash Flow $0.5 $0.2 

Asset Sales $0.1 $0.1 

Di\1dends (0.4) (0.4) 

Net Cash $0.2 ($0.1) 

Debt ($0.2) $0.1 

* Includes securltlzatlon 

[ Capital Expenditures 

(millions) 

Original Revised 

Guidance Guidance 

Detroit Edison 

Operational $720 $720 

Environmental 230 230 

Renewables I EE 50 350 

$1,000 $1,300 

Mich Con 

Operational $155 $155 

Expansion 25 25 

$180 $180 

Non-utility I Corporate & $250 $250 Other 

Total $1,430 $1,730 

26 
Targeted Financial Metrics 

53% 

2009 

Leverage* 

____ - - - - - - - - - - - Target 

--------------- 50%-52% 

51% 51% 

2010 2011E 

Funds from Operations I Debt* 

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Target 

------r---2.;,--------1-22% - 24% 

22% 23~ 

2009 2010 2011E 

DTB •n•rar 

, 

• A strong balance sheet continues to be a 

key priority 

• Leverage and cash flow metrics within 

targeted ranges, without additional equity 

in 2011 

• -$2 billion of available liquidity at end of 

1Q 2011 

27 

*Debt excludes securilization, a portion of MichCon's short-tenn debt, and considers 50% of the trust prefeneds as equity 
Investment Thesis 

DTE Energy has a plan it believes will provide 5% - 6% 

long-term operating EPS growth, an attractive 

dividend yield and a strong balance sheet 

- Utility growth plan driven by mandated investments 

- Constructive regulatory structure and continued 

cost savings enable utilities to earn their authorized 

returns 

- Plans in place to achieve operational excellence and 

customer satisfaction that are distinctive in our 

industry, with a focus on customer affordability 

- Meaningful, low-risk growth opportunities in nonutility businesses continue to provide diversity in 

earnings and geography 

Dn•ergr 

, 

5%-6% Average Annual EPS Growth 

+ 

Attractive Dividend 

28 
DTB •n•rar 

Contact Us , 

DTE Energy Investor Relations 

www.dteenergy.com/i nvestors 

313-235-8030 

29 
DTE Energy® 

Appendix 
Gas Storage & Pipeline: Overview 

Dn•n-.r 

, 

Vector Pipeline - 40% 

_\ • Fully contracted (6 year avg. term) N 

• 348 miles of pipe; 120,000 H.P. of 

compression at five stations 

Millennium Pipeline-26.25% 

• Nearly 100% contracted(> 10 year avg. 

term) 

• 222 miles of pipe; 15,000 H.P. of 

compression 

DTE Gas Storage 

• Fully contracted (6 year avg. term) 

• 90 Bcf of storage capacity in Michigan 

• 26,200 H.P. of reciprocal compression 

Michigan Gathering Assets 

• Comprised of MichCon Lateral and 

MichCon Gathering Companies 

• Two systems: One designed to handle 

liquid rich gas and the other for dry 

production gas 

31 
DTB •n•rar 

Unconventional Gas Valuation , 

Reserves Value** Low Value High Value 

(Bcfe) ($ permcfe) ($millions) ($millions) 

Proved 201* $1.50 • $2.00 $300 $400 

Probable 354 $0.25 • $1.00 $100 $350 

Total 555 $400 $750 

*SEC proved reserves as of year end 2010 

* * Value based on comparative shale transactions adjusted for gas/natural gas liquid/oil mix 

32 
Dn•ergr 

Barnett Shale Operating Metrics , 

Reserves (Bcfe) 

555 

489 

234 

354 

255 

YE2009 YE2010 

Proven 

Probable 

(Unaudited) 

Gross Producing Wells 

194 200 

YE2010 1Q 2011 

Acreage Position (OOO's Acres) 

70 75 

16 Net 

Developed 

Acres 

Net 

I 20111Q Results 

• 6 new wells on-line, 8 in progress 

• Production of 1.1 Bcfe 

• 73% increase in oil sales year-overyear 

54 59 Undeveloped • Capital expenditures $8 million 

Acres 

YE2010 1Q2011 

Net Production (Bcfe) 

5.8 

4.8 

- YE2010 YE2011 Est. 

• Acquired 5k acres, net 

l 2011 Goals 

• Continue to prudently manage and 

develop Barnett assets 

• Invest $25 million 

• Drill -20 wells 

• Produce 5.8 Bcfe net, increase oil 

production 

• Develop oil reserves 

33 
DTB •n•rar 

Detroit Edison Generation Portfolio , 

Generating plants owned and in service as of December 31, 2010 

Summer Net Rated 

Location by Capability 

County (MW) % Year in Service 

Fo•ll..fualad Steam-Elactrtc 

Monroe Monroe 3,027 27.6 1971, 1973 and 1974 

St Clalr St. Clair 1,368 12.5 1953, 1954, 1959, 1961, 1969 

Bella River St. Clair 1,044 9.5 1984 and 1985 

Trenton Channel Wayne 698 6.4 1949 and 1968 

River Rouge Wayne 523 4.8 1957 and 1958 

Harbor Beach Huron 94 0.9 1968 

Marysvllle St. Clair 84 0.8 1943 and 1947 

Gntenwood (gasloll) St. Clair 785 7.1 1979 

Conners Cntek (galloil) Wayne 239 2.1 1951 

Subtotal 7,862 71.7 

Oil or Gas-fueled Peaking Units Various 1,101 10.0 1966-1971, 1981and1999 

Nudear - Fenni 2 Monroe 1,087 9.9 1988 

Hydroelectric Pumped Storage Mason 917 8.4 1973 

10,967 100 

34 
DTE Energy Trading Reconciliation of 

Operating Earnings* to Economic Net Income 

DTB •n•rar 

, 

($ millions) 

$2 

1Q 2011 Operating 

Eamings* 

$38 

1Q 2010 Operating 

Eamings* 

$22 $24 

Accounting 1Q2011 

Adjustments** Economic Net Income 

$5 $43 

Accounting 1Q2010 

Adjustments** Economic Net Income 

* Reconciliation to GAAP reported earnings included in the appendix 

• Economic net income 

equals economic gross 

margin*** minus O&M 

expenses and taxes. 

• DTE Energy management 

uses economic net income 

as one of the performance 

measures for external 

communications with 

analysts and investors. 

• Internally, DTE Energy 

uses economic net income 

as one of the measures to 

review performance 

against financial targets 

and budget. 

** Consists of the income statement effect of not recognizing changes in the fair market value of certain nonderivative contracts including physical inventory and capacity contracts for transportation, transmission and 

storage. These contracts are not MTM, instead are recognized for accounting purposes on an accrual basis. 

- Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts 

including certain non-derivative contract costs 

Energy Trading Operating 

Earnings* 

($millions, after-tax) 

1Q 2011 1Q 2010 

Realized $16 $25 

Unrealized 28 

O&M/Other !W il§l 

$2 $38 

35 
Power & Industrial Growth Opportunities: 

Waste-Wood Renewable Overview 

Woodland Stoneman (In Start-Up) 

• 25 MW waste-wood • 40 MW coal-to-waste-wood 

• 1 0 year contract • On-line Q4 2010 

• 1 O year contract 

2004 2005 2006 2007 2008 2009 2010 2011 2012 

Moblle Energy Services Mt. Paso (In Conversion) 

• 60 MW coal/wood co-firing • 44 MW coal-to-waste-wood 

• 15 year contract • On-line Q4 2011 

• 50% ownership • 15 year contract 

• 50% Ownership (post conversion) 

Stockton (In Conversion) 

• 45 MW coal-to-waste-wood 

• On-line Q1 2013 

• 25 year contract 

2013 2014 2015 

New ProJect Development 

• Multiple projects in early 

stage development 

36 
DT• •nergr 

Michigan Public Service Commission (MPSC) 7 

• The Michigan Public Service Commission is composed of three members 

appointed by the Governor with the advice and consent of the Senate. 

• Commissioners are appointed to serve staggered six-year terms. 

• No more than two Commissioners may represent the same political party. 

• One commissioner is designated as chairman by the Governor. 

Orjiakor lsiogu 

Chairman 

Appointed: 9/9/07 

Term Ends: 7/2113 

(Democrat) 

Monica Martinez 

Commissioner 

Appointed: 7/3/05 

Term Ends: 7/2/11 

(Democrat) 

Source: MPSC website - www.michigan.gov/mpsc - Jen. 2010 

Greg White 

Commissioner 

Appointed: 12/4/09 

Term Ends: 7/2/15 

(Independent) 

37 
DTB •n•rar 

Reconciliation of 2010 Reported 

to Operating Earnings , 

Use of Operating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's 

earnings from ongoing operations and uses operating earnings as the primary perfonnance measurement for external communications with analysts and investors. 

Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to report to the Board of Directors. 

2010 

Repor1ed Eaml~s 

Performance Exaellence Process -

Cost to Achiew Deferral'" 

Settlement with Detroit Thennal 

Operatl~ Eaml~s 

2010 

Reported Eami~s 

Perfonnance Excellence Process -

Cost to Achiew Deferral'" 

Settlement with Detroit Thennal 

Operati~ Eami~s 

DTE 

Enerav 

$630 

(20) 

(3) 

$607 

DTE 

Enerav 

$3.74 

(0.12) 

(0.02) 

$3.60 

Electric Gas 

Util!!x Utili~ 

$441 $127 

(20) 

(3) 

$438 $107 

Electric Gas 

Util!!x Util!!x 

$2.62 $0.75 

(0.12) 

(0.02) 

$2.60 $0.63 

Net Income ($millions) 

Gas Power& 

Storage& Unc. Gas lndusl Energy 

PiE!!lines Prod. Pro~ts Tradi~ 

$51 ($11) $85 $6 

$51 ($11) $85 $6 

$EPS 

Gas Power& 

Storage& Unc. Gas lndusl Energy 

PiE!!lines Prod. Projects Tradi~ 

$0.30 ($0.06) $0.50 $0.04 

$0.30 !$0.06l $0.50 $0.04 

*Deferral of previously expensed cost to achieve as allowed for in June 3, 2010 MPSC order (case - U-15985) 

Corporate 

&Other 

($69) 

($69) 

Corporate 

&Other 

($0.41) 

($0.41) 

38 
DTB •n•rar 

Reconciliation of 2009 Reported 

to Operating Earnings , 

Use of Operating Eamings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's 

earnings from ongoing operations and uses operating earnings as the primary perfonnanoe measurement for external communications with analysts and investors. 

Internally, DTE Energy uses operating eamings to measure performance against budget and to report to the Board of Directors. 

FY 2009 Nat Income ($ millions) 

Reported Earnings 

Gain on Sale - gathering and treating 

assets (before goodwill allocation) 

Goodwill allocation - ga1hering and 

treating assets 

Cl'lysler Bad Debt 

General Motors Bad Debt 

ArDimHedge 

Operating Earnings 

FY2009 

Reported Earrings 

Gain on Sale- gathering and treating 

assets (before goodwill allocation) 

Goodwlll allocatlon-gatherlng and 

treating assets 

Chrysler Bad Debt 

General Motors Bad Debt 

Antrim Hedge 

Operating Earrings 

DTE 

Enerav 

$532 

(13) 

13 

5 

3 

3 

$543 

DTE 

Energy 

$3.24 

(0.08) 

0.08 

0.03 

0.02 

0.01 

$3.30 

Electric Gas 

Util~ Utili~ 

$376 $80 

(13) 

13 

4 

$380 $80 

Electric Gas 

Utili~ Utility 

$2.28 $0.49 

(0.08) 

0.08 

0.02 

$2.30 $0.49 

Gas POINer& 

Storage and Unc. Gas lndust. 

Pie!ines Prod. Projects 

$49 ($9) $31 

1 

3 

$49 ($9) $35 

$EPS 

Gas Power& 

Storage and Unc. Gas lndust 

Pi~lines Prod. Projects 

$0.30 ($0.05) $0.19 

0.01 

0.02 

$0.30 iS0.05l $0.22 

Energy Corporate 

Tradi!:!S &Other 

$75 ($70) 

3 

$75 ($67) 

Energy Corporate 

Tradi~ &Other 

$0A6 ($0A3) 

0.01 

$0A6 i$0A2l 39 
DTB •n•rar 

Reconciliation of 2008 Reported 

to Operating Earnings , 

Use of Operating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's 

earnings from ongoing operations and uses operating earnings as the primary perfonnance measurement for external communications with analysts and investors. 

Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to report to the Board of Directors. 

FY2008 

Reported Earnings 

Perfonnance Excellence Process 

Core Barnett Sale 

Antrim hedge 

Barnett Lease impainnent 

Crete Sale - Tax True up 

S)'l'lNel Discontirued Operations 

Operating Earnings 

FY2008 

Reported Earnings 

Perfonnance Excellence Process 

Core Barnett Sale 

Anbimhedge 

Barnett Lease impainnent 

Crete Sale - Tax True up 

Synfuel Discontinued Operations 

Operating Earrings 

DTE Electric 

Ene utility 

$546 $331 

6 

(81) 

13 

5 

2 

20 

$471 $331 

DTE 

Ene 

$3.34 

0.05 

(0.50) 

0.08 

0.03 

0.01 

0.12 

Elecbic 

Utility 

$2.03 

Gas 

Utility 

$85 

4 

$89 

Gas 

utility 

$0.52 

0.03 

$2.89 $2.03 $0.55 

Net Income ($ mllllons) 

Gas 

Storage and 

Pipelines 

$38 

Unc. Gas 

Prod. 

$84 

(81) 

5 

Power& 

lndust. 

Projects 

$40 

1 

Energy 

Trading 

$42 

1 

Corporate 

& Other Synfuel 

($94) $20 

13 

2 

(20) 

~~...,$3 ..... 8~ ~~~$-8~ ~""""""""$4~1~ ~~...,$4 .... 3~~~..,]!<..,.$7 .... 9~) $0 

Gas 

Storage and 

Pipelines 

$023 

$023 

$EPS 

Unc.Gas 

Prod. 

$0.52 

(0.50) 

0.03 

$0.05 

Power& 

hdusl 

Projects 

$0.25 

0.01 

$0.26 

Energy 

Trading 

$0.26 

0.01 

$0.27 

Corporate 

&Other 

($0.59) 

0.08 

0.01 

($0.50) 

Synfuel 

$0.12 

(0.12) 

$0.00 40 
DTB •n•rar 

Reconciliation of 2007 Reported 

to Operating Earnings , 

Use of Operating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's 

earnings from ongoing operations and uses operating earnings as the primary perfonnance measurement for external communications with analysts and investors. 

Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to report to the Board of Directors. 

FY 2007 Net Income ($ millions) 

Reported Earnings 

Perfonnance Excellence Process (CTA) 

GCR Dlsallowance 

Detroit Thermal 

Regulatory Asset Surcharge 

Antrim Sale 

Lease lmpalnnent 

Synfuel Discontinued Operations 

Crete Sale 

Operating Eamings 

FY2007 

Reported Earnings 

Perfonnance Excellence Process (CTA) 

GCR Disallowance 

Detroit Thennal 

Regulatory Asset Surcharge 

Antrtm Sale 

Lease Impairment 

Synfuel Discontinued OperaUona 

Crete Sale 

Operating Earnings 

DTE 

Enerav 

$971 

7 

6 

17 

8 

(334) 

17 

(205) 

(51 

$480 

DTE 

Enerav 

$5.70 

0.04 

0.03 

0.10 

0.04 

(1.96) 

0.10 

(1.20) 

(0.031 

$2.82 

Electrlc Gas 

Utll!!k'. Ullll~ 

$317 $70 

6 

6 

17 

8 

$340 $82 

Electric Gas 

Util!!x Util~ 

$1.86 $0A1 

0.04 

0.03 

0.10 

0.04 

$2.00 $0.48 

Gas Power& lklcov. 

Storage& lndust. Gas 

Pl(!!llnee Prolecta Prod. 

$34 $49 ($217) 

1 

211 

17 

{5} 

$34 $45 $11 

$EPS 

Gas Power& Uncov. 

Storage& lnduat. Gas 

PiE!!linn Projeots Prod. 

$0.20 $0.29 ($1.27) 

1.23 

0.10 

{0.03) 

$0.20 $0.26 $0.06 

Energy Corporate 

Tradl!:!S &Other Svnfuel 

$32 $481 $205 

21 (566) 

(205) 

$53 ($85) $0 

Energy Corporate 

Tradi!!S &Other SYrlfuel 

$0.19 $2.82 $1.20 

0.12 (3.31) 

(1.20) 

$0.31 '$0.49l $0.00 

41 
DTB •n•rar 

Reconciliation of Other Reported 

to Operating Earnings , 

Use of Operating E.amings lnfonnation - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's 

earnings from ongoing operations and uses operating earnings as the primary perfonnance measurement for external communications with analysts and investors. 

Internally. DTE Energy uses operating eamings to measure perfonnance against budget and to report to the Board of Directors. 

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. These items may fluctuate significantly from 

period to period and may have a significant impact on reported earnings. 

Gas Storage & Pipelines 

There were no adjustments to reported earnings for Gas Storage & Pipelines in 2006. 

42