<PAGE>   1
================================================================================
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                             ----------------------

                                   FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

                      FOR THE QUARTER ENDED MARCH 31, 1997


COMMISSION        REGISTRANTS; STATE OF INCORPORATION;        I.R.S. EMPLOYER
FILE NUMBER       ADDRESS; AND TELEPHONE NUMBER               IDENTIFICATION NO.
-----------       ------------------------------------------  ------------------
1-11607           DTE Energy Company                          38-3217752
                  (a Michigan corporation)
                  2000 2nd Avenue
                  Detroit, Michigan 48226-1279
                  313-235-4000

1-2198            The Detroit Edison Company                  38-0478650
                  (a Michigan corporation)
                  2000 2nd Avenue
                  Detroit, Michigan 48226-1279
                  313-235-8000

Indicate by check mark whether the registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days. YES  X  NO 
                                                   ---    ---

At March 31, 1997, 145,101,736 shares of DTE Energy's Common Stock,
substantially all held by non-affiliates, were outstanding.
================================================================================

<PAGE>   2
                               DTE ENERGY COMPANY
                                      AND
                           THE DETROIT EDISON COMPANY
                                   FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 1997

This document contains the Quarterly Reports on Form 10-Q for the quarter ended
March 31, 1997 for each of DTE Energy Company and The Detroit Edison Company.
Information contained herein relating to an individual registrant is filed by
such registrant on its own behalf.  Accordingly, except for its subsidiaries,
The Detroit Edison Company makes no representation as to information relating
to any other companies affiliated with DTE Energy Company.

                               TABLE OF CONTENTS

                                                                            Page

<TABLE>
<S>                                                                           <C>
Definitions ............................................................        3

Quarterly Report on Form 10-Q for DTE Energy Company:
           Part I-Financial Information.................................        4
                   Item 1 -Financial Statements (Unaudited).............        4
                           Notes to Consolidated Financial 
                           Statements (Unaudited).......................       14
                           Independent Accountants' Report..............       16
                   Item 2 -Management's Discussion and 
                           Analysis of Financial Condition and Results
                           of Operations ...............................       17
           Part II-Other Information ...................................       26
                   Item 1 -Legal Proceedings   .........................       26
                   Item 5 -Other Information  ..........................       26

Quarterly Report on Form 10-Q for The Detroit Edison Company:
           Part I-Financial Information ................................       27
                   Item 1 -Financial Statements (Unaudited).............       27
                   Item 2 -Management's Discussion and Analysis of Financial
                           Condition and Results of Operations..........       27
           Part II-Other Information....................................       27
                   Item 1 -Legal Proceedings............................       27
                   Item 5 -Other Information............................       27

Quarterly Reports on Form 10-Q for DTE Energy Company and The Detroit
 Edison Company:
                   Item 6 -Exhibits and Reports on Form 8-K.............       28

Signature Page to DTE Energy Company Quarterly Report on Form 10-Q......       35
Signature Page to The Detroit Edison Company Quarterly 
Report on Form 10-Q.....................................................       36

</TABLE>


                                       2


<PAGE>   3


                                  DEFINITIONS



Annual Report ........  1996 Annual Report to the Securities and Exchange
                        Commission on Form 10-K for DTE Energy Company or The
                        Detroit Edison Company, as the case may be

Annual Report Notes ..  Notes to Consolidated Financial Statements appearing on
                        pages 49 through 59 of the 1996 Annual Report to the
                        Securities and Exchange Commission on Form 10-K for DTE
                        Energy Company and The Detroit Edison Company

Company ..............  DTE Energy Company and Subsidiary Companies

Detroit Edison .......  The Detroit Edison Company (a wholly owned subsidiary
                        of DTE Energy Company) and Subsidiary Companies

EPA ..................  United States Environmental Protection Agency

FERC .................  Federal Energy Regulatory Commission

kWh ..................  Kilowatthour

Mortgage Bonds .......  Detroit Edison's General and Refunding Mortgage Bonds

MPSC .................  Michigan Public Service Commission

MW ...................  Megawatts

Note(s) ..............  Note(s) to Consolidated Financial Statements
                        (Unaudited) appearing herein

PSCR .................  Power Supply Cost Recovery

QUIDS ................  Quarterly Income Debt Securities

Registrant ...........  Company or Detroit Edison, as the case may be



                                       3

<PAGE>   4
              QUARTERLY REPORT ON FORM 10-Q FOR DTE ENERGY COMPANY
                         PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS (UNAUDITED):

                  DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
                  CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
                             (Dollars in Thousands)


<TABLE>
<CAPTION>
                                                   Three Months Ended             Twelve Months Ended
                                                        March 31                        March 31
                                                  ----------------------------------------------------
                                                  1997            1996            1997            1996
                                                  ----------------------------------------------------
<S>                                          <C>             <C>             <C>            <C>
OPERATING REVENUES
 Electric - System                              $841,976        $887,627      $3,525,682     $ 3,585,049  
 Electric - Interconnection                       10,936          11,244          44,816          54,884  
 Steam and other                                  15,692          10,708          33,927          24,916  
 -------------------------------------------------------------------------------------------------------
       Total Operating Revenues                 $868,604        $909,579      $3,604,425     $ 3,664,849  
--------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
 Operation
   Fuel                                         $152,462        $175,667      $  672,333     $   721,974
   Purchased power                                46,035          23,496         172,772         121,941
   Other operation                               163,147         151,022         664,364         648,946
 Maintenance                                      69,632          73,611         273,806         261,255
 Steam heating special charges                         -               -         149,231          42,029
 Depreciation and amortization                   138,414         132,011         533,028         507,578
 Deferred Fermi 2 amortization                      (747)         (1,120)         (4,106)         (5,599)
 Amortization of deferred Fermi 2 depreciation
   and return                                     27,973          25,483         104,571          95,226
 Taxes other than income                          68,854          66,761         261,730         256,057
 Income taxes                                     54,391          76,104         200,893         283,740
--------------------------------------------------------------------------------------------------------
       Total Operating Expenses                 $720,161        $723,035      $3,028,622     $ 2,933,147
--------------------------------------------------------------------------------------------------------
OPERATING INCOME                                $148,443        $186,544      $  575,803     $   731,702
--------------------------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
 Allowance for other funds used
   during construction                          $    223        $    388      $    2,165     $     1,481
 Other income and (deductions) - net              (4,782)           (956)        (16,311)        (17,867)
 Income taxes                                      1,607             303           5,234           5,094
 Accretion income                                  1,591           2,327           7,489          10,354
 Accretion expense                                (2,382)              -          (2,382)              -
 Income taxes                                        307            (686)         (1,370)         (3,112)
-------------------------------------------------------------------------------------------------------- 
      Net Other Income and (Deductions)         $ (3,436)       $  1,376      $   (5,175)    $    (4,050)
--------------------------------------------------------------------------------------------------------
INTEREST CHARGES
 Long-term debt                                 $ 67,566        $ 68,360      $  274,367     $   275,535
 Amortization of debt discount and expense         2,986           2,955          11,914          11,468
 Other                                               839           1,574           3,483           7,339
 Allowance for borrowed funds used during
   construction (credit)                            (291)           (702)         (2,621)         (2,584)
--------------------------------------------------------------------------------------------------------
       Net Interest Charges                     $ 71,100        $ 72,187      $  287,143     $   291,758
--------------------------------------------------------------------------------------------------------
PREFERRED STOCK DIVIDENDS OF SUBSIDIARY            2,907           7,293          11,629          27,623
--------------------------------------------------------------------------------------------------------
NET INCOME                                      $ 71,000        $108,440      $  271,856     $   408,271
========================================================================================================
COMMON SHARES OUTSTANDING - AVERAGE          145,108,547     145,119,875     145,117,082     144,613,380
EARNINGS PER COMMON SHARE                       $   0.49        $   0.75      $     1.87     $      2.82
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK    $  0.515        $  0.515      $     2.06     $      2.06

</TABLE>


    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       4

<PAGE>   5
                  DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
                CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                                                                 Three Months Ended     Twelve Months Ended
                                                                      March 31                March 31
                                                              -----------------------------------------------
                                                                 1997       1996          1997        1996
                                                              -----------------------------------------------
<S>                                                           <C>         <C>         <C>         <C>
OPERATING ACTIVITIES
 Net Income                                                   $  71,000   $ 108,440   $  271,856   $  408,271
 Adjustments to reconcile net income to net cash
   from operating activities:
     Accretion income                                            (1,591)     (2,327)      (7,489)     (10,354)
     Accretion expense                                            2,382           -        2,382            -
     Depreciation and amortization                              138,414     132,011      533,028      507,578
     Deferred Fermi 2 amortization and return - net              27,226      24,363      100,465       89,627
     Deferred income taxes and investment tax credit - net      (13,963)     17,063      (29,131)      53,310
     Fermi 2 refueling outage - net                               3,527       3,258      (12,724)      12,533
     Steam heating special charges                                    -           -      149,231       42,029
     Other                                                       60,226     (21,800)      74,940        5,202
     Changes in current assets and liabilities:
       Customer accounts receivable and unbilled revenues        25,172       1,542       (2,443)     (92,644)
       Other accounts receivable                                (42,574)     (5,508)     (43,407)     (14,242) 
       Inventories                                                3,774      18,579       27,038        4,618
       Accounts payable                                         (10,839)       (270)     (16,280)      24,981
       Taxes payable                                             54,092      51,355       12,176        2,570
       Interest payable                                         (10,465)     14,705      (26,893)      17,529
       Other                                                    (71,525)    (85,602)      28,392       17,773
-------------------------------------------------------------------------------------------------------------
   Net cash from operating activities                         $ 234,856   $ 255,809   $1,061,141   $1,068,781
-------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
 Plant and equipment expenditures - regulated                 $ (85,568)  $(101,225)  $ (462,930)  $ (469,835)
 Plant and equipment expenditures - non-regulated                (5,774)    (14,534)     (43,165)     (14,534)
 Nuclear decommissioning trust funds                             (9,262)    (13,687)     (47,246)     (45,067)
 Non-regulated investments                                         (875)     (5,584)      (3,460)      (5,184)
 Other changes in current assets and liabilities                    507         921        2,363        5,842
 Other                                                             (230)         64      (29,562)     (31,696)
-------------------------------------------------------------------------------------------------------------
   Net cash used for investing activities                     $(101,202)  $(134,045)  $ (584,000)  $ (560,474)
-------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
 Issuance of long-term debt                                   $   6,600   $ 185,000   $   45,500   $  185,000
 Funds received from Trustees:  Installment sales
   contracts and loan agreements                                      -           -            -      201,525
 Increase (decrease) in short-term borrowings                    (6,001)    (36,990)       4,000     (137,936)
 Redemption of long-term debt                                   (45,214)          -     (220,928)    (201,525)
 Redemption of preferred stock                                        -    (185,000)           -     (185,955)
 Premiums on reacquired long-term debt and preferred stock            -      (1,850)           -       (7,796)
 Dividends on common stock                                      (74,737)    (74,737)    (298,949)    (298,633)
 Other                                                              (68)     (7,958)      (4,673)     (14,399)
-------------------------------------------------------------------------------------------------------------
   Net cash used for financing activities                     $(119,420)  $(121,535)  $ (475,050)  $ (459,719)
-------------------------------------------------------------------------------------------------------------
NET INCREASE IN CASH AND TEMPORARY
 CASH INVESTMENTS                                             $  14,234   $     229   $    2,091   $   48,588
CASH AND TEMPORARY CASH INVESTMENTS AT
 BEGINNING OF THE PERIOD                                         53,034      64,948       65,177       16,589
-------------------------------------------------------------------------------------------------------------
CASH AND TEMPORARY CASH INVESTMENTS AT END
 OF THE PERIOD                                                $  67,268   $  65,177   $   67,268   $   65,177
-------------------------------------------------------------------------------------------------------------
SUPPLEMENTARY CASH FLOW INFORMATION
 Interest paid (excluding interest capitalized)               $  77,136   $  54,557   $  299,859   $  259,177
 Income taxes paid                                                  568         618      206,599      230,915
 New capital lease obligations                                   32,546         297       66,846       29,356
 Exchange of preferred stock of subsidiary for long-term debt         -           -            -       49,878
=============================================================================================================
</TABLE>


    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       5

<PAGE>   6
                  DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
                     CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                     ASSETS
                             (Dollars in Thousands)



<TABLE>
<CAPTION>
                                                                      March 31    December 31
                                                                        1997         1996
                                                                      --------    -----------
<S>                                                                  <C>          <C>
UTILITY PROPERTIES
 Electric plant in service                                           $13,865,580  $13,776,535
 Less:  Accumulated depreciation and amortization                     (5,486,963)  (5,367,110)
---------------------------------------------------------------------------------------------
                                                                     $ 8,378,617  $ 8,409,425
 Construction work in progress                                            72,686       91,242
---------------------------------------------------------------------------------------------
     Net utility properties                                          $ 8,451,303  $ 8,500,667
---------------------------------------------------------------------------------------------
 Property under capital leases (less accumulated amortization
   of $103,091 and $102,346, respectively)                           $   155,998  $   126,137
 Nuclear fuel under capital lease (less accumulated amortization
   of $474,242 and $473,788, respectively)                               134,154      134,104
---------------------------------------------------------------------------------------------
     Net property under capital leases                               $   290,152  $   260,241
---------------------------------------------------------------------------------------------
      Total owned and leased properties                              $ 8,741,455  $ 8,760,908
---------------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
 Non-utility property                                                $    77,349  $    72,152
 Investments and special funds                                            47,285       47,543
 Nuclear decommissioning trust funds                                     180,776      171,514
---------------------------------------------------------------------------------------------
                                                                     $   305,410  $   291,209
---------------------------------------------------------------------------------------------
CURRENT ASSETS
 Cash and temporary cash investments                                 $    67,268  $    53,034
 Customer accounts receivable and unbilled revenues (less allowance
   for uncollectible accounts of $20,000)                                415,304      440,476
 Other accounts receivable                                                86,579       44,005
 Inventories (at average cost)
   Fuel                                                                  114,241      119,631
   Materials and supplies                                                146,799      144,316
 Prepayments                                                              79,282        8,913
 --------------------------------------------------------------------------------------------
                                                                     $   909,473  $   810,375
 --------------------------------------------------------------------------------------------
DEFERRED DEBITS
 Regulatory assets                                                   $   941,817  $   975,351
 Prepaid pensions                                                         89,124       91,579
 Unamortized debt expense                                                 44,506       45,357
 Other                                                                    21,310       40,150
---------------------------------------------------------------------------------------------
                                                                     $ 1,096,757  $ 1,152,437
---------------------------------------------------------------------------------------------
      TOTAL                                                          $11,053,095  $11,014,929
=============================================================================================
</TABLE>






    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       6

<PAGE>   7
                  DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
                     CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                  LIABILITIES
                             (Dollars in Thousands)



<TABLE>
<CAPTION>
                                                          March 31    December 31
                                                            1997         1996
                                                          --------    -----------
<S>                                                    <C>          <C>
CAPITALIZATION
 Common stock - without par value, 400,000,000 shares
   authorized; 145,101,736 and 145,119,875 shares
   outstanding, respectively                           $ 1,951,193  $ 1,951,437
 Retained earnings used in the business                  1,488,360    1,492,417
-------------------------------------------------------------------------------
      Total common shareholders' equity                $ 3,439,553  $ 3,443,854
 Cumulative preferred stock of subsidiary                  144,405      144,405
 Long-term debt                                          3,740,734    3,779,334
-------------------------------------------------------------------------------
      Total Capitalization                             $ 7,324,692  $ 7,367,593
-------------------------------------------------------------------------------

OTHER NON-CURRENT LIABILITIES
 Obligations under capital leases                      $   145,508  $   115,742
 Other postretirement benefits                                 372        5,516
 Other                                                      86,755       67,078
-------------------------------------------------------------------------------
                                                       $   232,635  $   188,336
-------------------------------------------------------------------------------

CURRENT LIABILITIES
 Short-term borrowings                                 $     4,000  $    10,001
 Amounts due within one year
   Long-term debt                                          144,214      144,214
   Obligations under capital leases                        144,644      144,499
 Accounts payable                                          149,520      160,786
 Property and general taxes                                 22,001       29,475
 Income taxes                                               75,555       14,334
 Accumulated deferred income taxes                          45,134       44,418
 Interest payable                                           49,940       60,405
 Dividends payable                                          77,636       77,644
 Payrolls                                                   92,958       81,448
 Fermi 2 refueling outage                                    4,876        1,349
 Other                                                     122,889      133,409
-------------------------------------------------------------------------------
                                                       $   933,367  $   901,982
-------------------------------------------------------------------------------

DEFERRED CREDITS
 Accumulated deferred income taxes                     $ 2,014,333  $ 2,023,691
 Accumulated deferred investment tax credits               311,248      315,030
 Other                                                     236,820      218,297
-------------------------------------------------------------------------------
                                                       $ 2,562,401  $ 2,557,018
-------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES (NOTE 3)
-------------------------------------------------------------------------------
      TOTAL                                            $11,053,095  $11,014,929
===============================================================================
</TABLE>





    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       7

<PAGE>   8
                  DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
       CONSOLIDATED STATEMENT OF COMMON SHAREHOLDERS' EQUITY (UNAUDITED)
                             (Dollars in Thousands)




<TABLE>
<CAPTION>
                                                              
                                                               Retained        Total    
                                          Common Stock         Earnings       Common    
                                       -------------------    Used in the  Shareholders'
                                       Shares       Amount     Business       Equity
----------------------------------------------------------------------------------------
<S>                                  <C>          <C>         <C>          <C>
BALANCE AT DECEMBER 31, 1996        145,119,875   $1,951,437   $1,492,417     $3,443,854

  Net income                                                       71,000         71,000

  Cash dividends declared on
    Common stock - $0.515 per share                               (74,728)       (74,728)

  Repurchase and retirement of
    common stock                        (18,139)        (244)        (329)          (573)
----------------------------------------------------------------------------------------
BALANCE AT MARCH 31, 1997           145,101,736   $1,951,193   $1,488,360     $3,439,553
========================================================================================
</TABLE>





























    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       8

<PAGE>   9
              THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES
                  CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
                             (Dollars in Thousands)




<TABLE>
<CAPTION>
                                                 Three Months Ended    Twelve Months Ended
                                                      March 31               March 31
                                                 ------------------    -------------------
                                                  1997       1996        1997        1996
                                                 ------------------    -------------------
<S>                                             <C>        <C>        <C>         <C>
OPERATING REVENUES
 Electric - System                               $841,976   $887,627  $3,525,681  $3,585,049
 Electric - Interconnection                        10,936     11,244      44,816      54,884
 Steam                                             11,244     10,020      26,811      24,228
 -------------------------------------------------------------------------------------------
        Total Operating Revenues                 $864,156   $908,891  $3,597,308  $3,664,161
 -------------------------------------------------------------------------------------------
OPERATING EXPENSES
 Operation
   Fuel                                          $152,462   $175,667  $  672,333  $  721,974
   Purchased power                                 46,035     23,496     172,771     121,941
   Other operation                                157,381    149,211     649,069     647,135
 Maintenance                                       69,632     73,611     273,806     261,255
 Steam heating special charges                          -          -     149,231      42,029
 Depreciation and amortization                    138,239    131,904     532,434     507,471
 Deferred Fermi 2 amortization                       (747)    (1,120)     (4,106)     (5,599)
 Amortization of deferred Fermi 2 depreciation
   and return                                      27,973     25,483     104,571      95,226
 Taxes other than income                           68,731     66,761     261,373     256,057
 Income taxes                                      56,084     76,672     205,979     284,308
--------------------------------------------------------------------------------------------
      Total Operating Expenses                   $715,790   $721,685  $3,017,461  $2,931,797
--------------------------------------------------------------------------------------------
OPERATING INCOME                                 $148,366   $187,206  $  579,847  $  732,364
--------------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
 Allowance for other funds used
   during construction                           $    223   $    388  $    2,165  $    1,481
 Other income and (deductions) - net               (5,289)    (1,613)    (19,036)    (18,524)
 Income taxes                                       1,607        303       5,235       5,094
 Accretion income                                   1,591      2,327       7,489      10,354
 Accretion expense                                 (2,382)         -      (2,382)          -
 Income taxes                                         307       (686)     (1,370)     (3,112)
 -------------------------------------------------------------------------------------------
        Net Other Income and (Deductions)        $ (3,943)      $719  $   (7,899) $   (4,707)
 -------------------------------------------------------------------------------------------
INTEREST CHARGES
 Long-term debt                                  $ 67,308   $ 68,360  $  274,114  $  275,535
 Amortization of debt discount and expense          2,973      2,952      11,864      11,465
 Other                                                512      1,551       2,897       7,316
 Allowance for borrowed funds used during
   construction (credit)                             (291)      (702)     (2,622)     (2,584)
 -------------------------------------------------------------------------------------------
       Net Interest Charges                      $ 70,502   $ 72,161  $  286,253  $  291,732
 -------------------------------------------------------------------------------------------
NET INCOME                                       $ 73,921   $115,764  $  285,695  $  435,925
PREFERRED STOCK DIVIDENDS                           2,907      7,293      11,629      27,623
--------------------------------------------------------------------------------------------
NET INCOME AVAILABLE FOR COMMON STOCK            $ 71,014   $108,471  $  274,066  $  408,302
============================================================================================
</TABLE>


Note: Detroit Edison's financial statements are presented here for ease of
      reference and are not considered to be part of Item 1 of the Company's
      report.


    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       9

<PAGE>   10
              THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES
                     CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                     ASSETS
                             (Dollars in Thousands)



<TABLE>
<CAPTION>
                                                                      March 31    December 31
                                                                        1997         1996
                                                                      -----------------------
<S>                                                                  <C>          <C>
UTILITY PROPERTIES
 Electric plant in service                                           $13,865,580  $13,776,535
 Less:  Accumulated depreciation and amortization                     (5,486,963)  (5,367,110)
 --------------------------------------------------------------------------------------------
                                                                     $ 8,378,617  $ 8,409,425
 Construction work in progress                                            72,686       91,242
 --------------------------------------------------------------------------------------------
    Net utility properties                                           $ 8,451,303  $ 8,500,667
 --------------------------------------------------------------------------------------------
 Property under capital leases (less accumulated amortization
   of $103,091 and $102,346, respectively)                           $   155,998  $   126,137
 Nuclear fuel under capital lease (less accumulated amortization
   of $474,242 and $473,788, respectively)                               134,154      134,104
 --------------------------------------------------------------------------------------------
     Net property under capital leases                               $   290,152  $   260,241
 --------------------------------------------------------------------------------------------
     Total owned and leased properties                               $ 8,741,455  $ 8,760,908
 --------------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
 Non-utility property                                                $     7,423  $     7,423
 Investments and special funds                                            28,888       31,145
 Nuclear decommissioning trust funds                                     180,776      171,514
 --------------------------------------------------------------------------------------------
                                                                     $   217,087  $   210,082
 --------------------------------------------------------------------------------------------
CURRENT ASSETS
 Cash and temporary cash investments                                 $    15,498  $     2,465
 Customer accounts receivable and unbilled revenues (less allowance
   for uncollectible accounts of $20,000)                                415,304      440,476
 Other accounts receivable                                                81,779       41,367
 Inventories (at average cost)
   Fuel                                                                  114,241      119,631
   Materials and supplies                                                146,799      144,316
 Prepayments                                                              78,914        8,394
 --------------------------------------------------------------------------------------------
                                                                     $   852,535  $   756,649
 --------------------------------------------------------------------------------------------
DEFERRED DEBITS
 Regulatory assets                                                   $   941,817  $   975,351
 Prepaid pensions                                                         89,124       91,579
 Unamortized debt expense                                                 44,409       45,247
 Other                                                                    14,705       34,661
---------------------------------------------------------------------------------------------
                                                                     $ 1,090,055  $ 1,146,838
---------------------------------------------------------------------------------------------
      TOTAL                                                          $10,901,132  $10,874,477
=============================================================================================
</TABLE>






    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       10

<PAGE>   11
              THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES
                     CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                  LIABILITIES
                             (Dollars in Thousands)



<TABLE>
<CAPTION>
                                                                March 31    December 31
                                                                  1997         1996
                                                                --------    -----------
<S>                                                            <C>          <C>
CAPITALIZATION
 Common stock - $10 par value, 400,000,000 shares authorized;
   145,119,875 shares outstanding                              $ 1,451,199  $ 1,451,199
 Premium on common stock                                           547,799      547,799
 Common stock expense                                              (47,561)     (47,561)
 Retained earnings used in the business                          1,382,302    1,391,104
---------------------------------------------------------------------------------------
      Total common shareholders' equity                        $ 3,333,739  $ 3,342,541
 Cumulative preferred stock                                        144,405      144,405
 Long-term debt                                                  3,694,663    3,740,434
---------------------------------------------------------------------------------------
      Total Capitalization                                     $ 7,172,807  $ 7,227,380
---------------------------------------------------------------------------------------

OTHER NON-CURRENT LIABILITIES
 Obligations under capital leases                              $   145,508  $   115,742
 Other postretirement benefits                                         372        5,516
 Other                                                              86,755       67,078
---------------------------------------------------------------------------------------
                                                               $   232,635  $   188,336
---------------------------------------------------------------------------------------

CURRENT LIABILITIES
 Short-term borrowings                                         $     4,000  $    10,001
 Amounts due within one year
   Long-term debt                                                  144,214      144,214
   Obligations under capital leases                                144,644      144,499
 Accounts payable                                                  146,336      158,594
 Property and general taxes                                         21,718       29,455
 Income taxes                                                       77,599       15,959
 Accumulated deferred income taxes                                  45,134       44,418
 Interest payable                                                   49,939       60,403
 Dividends payable                                                  82,723       82,723
 Payrolls                                                           92,719       81,181
 Fermi 2 refueling outage                                            4,876        1,349
 Other                                                             121,277      131,840
---------------------------------------------------------------------------------------
                                                               $   935,179  $   904,636
---------------------------------------------------------------------------------------

DEFERRED CREDITS
 Accumulated deferred income taxes                             $ 2,012,913  $ 2,022,550
 Accumulated deferred investment tax credits                       311,248      315,030
 Other                                                             236,350      216,545
---------------------------------------------------------------------------------------
                                                               $ 2,560,511  $ 2,554,125
---------------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES (NOTE 3)
---------------------------------------------------------------------------------------
      TOTAL                                                    $10,901,132  $10,874,477
=======================================================================================
</TABLE>

    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       11

<PAGE>   12
              THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES
                CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
                             (Dollars in Thousands)


<TABLE>
<CAPTION>
                                                              Three Months Ended     Twelve Months Ended
                                                                   March 31                March 31
                                                            -----------------------------------------------
                                                               1997        1996        1997        1996
                                                            -----------------------------------------------
<S>                                                         <C>         <C>         <C>         <C>
OPERATING ACTIVITIES
 Net Income                                                 $  73,921   $ 115,764   $  285,695   $  435,925
 Adjustments to reconcile net income to net cash
   from operating activities:
     Accretion income                                          (1,591)     (2,327)      (7,489)     (10,354)
     Accretion expense                                          2,382           -        2,382            -
     Depreciation and amortization                            138,239     131,904      532,434      507,471
     Deferred Fermi 2 amortization and return - net            27,226      24,363      100,465       89,627
     Deferred income taxes and investment tax credit - net    (14,243)     16,935      (29,795)      53,182
     Fermi 2 refueling outage - net                             3,527       3,258      (12,724)      12,533
     Steam heating special charges                                  -           -      149,231       42,029
     Other                                                     62,559     (19,125)      71,599        7,877
     Changes in current assets and liabilities:
       Customer accounts receivable and unbilled revenues      25,172       1,542       (2,443)     (92,644)
       Other accounts receivable                              (40,412)     (3,272)     (40,843)     (12,006)
       Inventories                                              3,774      18,579       27,038        4,618
       Accounts payable                                       (11,831)     (7,293)     (12,441)      17,958
       Taxes payable                                           54,248      52,052       13,240        3,267
       Interest payable                                       (10,464)     14,684      (26,873)      17,508
       Other                                                  (71,691)    (98,395)      28,720        4,980
-----------------------------------------------------------------------------------------------------------
   Net cash from operating activities                       $ 240,816   $ 248,669   $1,078,196   $1,081,971
-----------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
 Plant and equipment expenditures                           $ (85,568)  $(101,225)  $ (462,930)  $ (469,835)
 Nuclear decommissioning trust funds                           (9,262)    (13,687)     (47,246)     (45,067)
 Other changes in current assets and liabilities                  507         921        2,363        5,842
 Other                                                            546      11,369      (31,530)     (19,991)
-----------------------------------------------------------------------------------------------------------
   Net cash used for investing activities                   $ (93,777)  $(102,622)  $ (539,343)  $ (529,051)
-----------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
 Issuance of long-term debt                                 $       -   $ 185,000   $        -   $  185,000
 Funds received from Trustees:  Installment sales
   contracts and loan agreements                                    -           -            -      201,525
 Increase (decrease) in short-term borrowings                  (6,001)    (36,990)       4,000     (137,936)
 Redemption of long-term debt                                 (45,214)          -     (220,928)    (201,525)
 Redemption of preferred stock                                      -    (185,000)           -     (185,955)
 Premiums on reacquired long-term debt and
    preferred stock                                                 -      (1,850)           -       (7,796)
 Dividends on common and preferred stock                      (82,723)    (85,509)    (329,022)    (329,735)
 Cash portion of restructuring dividend to parent                   -     (56,510)           -      (56,510)
 Other                                                            (68)     (4,478)      (3,063)     (10,919)
-----------------------------------------------------------------------------------------------------------
   Net cash used for financing activities                   $(134,006)  $(185,337)  $ (549,013)  $ (543,851)
-----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND TEMPORARY
 CASH INVESTMENTS                                           $  13,033   $ (39,290)  $  (10,160)  $    9,069
CASH AND TEMPORARY CASH INVESTMENTS AT
 BEGINNING OF THE PERIOD                                        2,465      64,948       25,658       16,589
-----------------------------------------------------------------------------------------------------------
CASH AND TEMPORARY CASH INVESTMENTS AT END
 OF THE PERIOD                                              $  15,498   $  25,658   $   15,498   $   25,658
-----------------------------------------------------------------------------------------------------------
SUPPLEMENTARY CASH FLOW INFORMATION
 Interest paid (excluding interest capitalized)             $  77,055   $  54,557   $  299,516   $  259,177
 Income taxes paid                                                568         618      209,262      230,915
 New capital lease obligations                                 32,546         297       66,846       29,356
 Exchange of preferred stock for long-term debt                     -           -            -       49,878
 Non-cash portion of restructuring dividend to parent               -      26,716            -       26,716
===========================================================================================================
</TABLE>


    See accompanying Notes to Consolidated Financial Statements (Unaudited).


                                       12

<PAGE>   13
              THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES
       CONSOLIDATED STATEMENT OF COMMON SHAREHOLDERS' EQUITY (UNAUDITED)
                             (Dollars in Thousands)




<TABLE>
<CAPTION>                          
                                       Common Stock           Premium                Retained       Total
                                    --------------------        on      Common       Earnings      Common
                                                 $10 Par      Common     Stock      Used in the  Shareholders'
                                    Shares        Value       Stock     Expense       Business     Equity
-----------------------------------------------------------------------------------------------------------
<S>                              <C>           <C>          <C>        <C>          <C>          <C>
BALANCE AT DECEMBER 31, 1996     145,119,875   $1,451,199   $547,799   $(47,561)    $1,391,104   $3,342,541

 Net income                                                                             73,921       73,921
                                  
 Cash dividends declared
   Common stock - $0.55 per share                                                      (79,816)     (79,816)
   Cumulative preferred stock*                                                          (2,907)      (2,907)
-----------------------------------------------------------------------------------------------------------
BALANCE AT MARCH 31, 1997        145,119,875   $1,451,199   $547,799   $(47,561)    $1,382,302   $3,333,739
===========================================================================================================

</TABLE>

*At established rate for each series


    See accompanying Notes to Consolidated Financial Statements (Unaudited).
                                       13
<PAGE>   14
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
    DTE ENERGY COMPANY, THE DETROIT EDISON COMPANY AND SUBSIDIARY COMPANIES

NOTE 1 - ANNUAL REPORT NOTES

     These consolidated financial statements should be read in conjunction with
the Annual Report Notes.  The Notes contained herein update and supplement
matters discussed in the Annual Report Notes.

     The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

     The preceding consolidated financial statements are unaudited, but in the
opinion of the Company and Detroit Edison, with respect to its own financial
statements, include all adjustments necessary for a fair statement of the
results for the interim periods.  Financial results for this interim period are
not necessarily indicative of results that may be expected for any other
interim period or for the fiscal year.

NOTE 2 - FERMI 2

     As discussed in Note 2 of the Annual Report Notes, on January 17, 1997,
the Fermi 2 plant was shut down for inspection of the internal components of
the plant's generator and required repairs and testing.  Detroit Edison expects
that the unit will be back in service during the second quarter of 1997.  The
costs of the repairs are expected to be covered by insurance.  During the first
quarter of 1997, $24 million was recorded for additional Fermi 2 capacity
factor performance standard disallowances that are expected to be imposed by
the MPSC for the period 1997 - 1999, principally as a result of the outage
period caused by this shutdown.

     Effective April 1, 1997, extra expense insurance, which includes certain
replacement power costs, is available following a 17 week deductible.

NOTE 3 - COMMITMENTS AND CONTINGENCIES

     As discussed in Note 12 of the Annual Report Notes, a class action is
pending in the Circuit Court for Wayne County, Michigan (Gilford, et al v
Detroit Edison) in which plaintiffs are alleging that Detroit Edison has
engaged in age and racial discrimination.  A notice was sent to potential class
members; and in response to such notice, approximately 1,000 individuals have
opted out of the class and approximately 450 individuals have given information
of purported discriminatory treatment.  Approximately 2,750 individuals have
not responded in any fashion to the notice.  Detroit Edison is of the opinion
that the allegations of discrimination are without merit.

                                       14


<PAGE>   15



     As discussed in Note 12 of the Annual Report Notes, in January 1989, the
EPA issued an administrative order under the Comprehensive Environmental
Response, Compensation and Liability Act ordering Detroit Edison and 23 other
potentially responsible parties to begin removal activities at the Carter
Industrials Superfund site.  Clean-up of the Carter Industrials site began in
1995 and was completed in the spring of 1996.  An additional clean-up of the
sewer and sewer out-fall emptying into the Detroit River was completed in
November 1996.  On March 25, 1997, the EPA published its decision to remove the
site from the National Priorities List.

                     ----------------------------------

     This Quarterly Report on Form 10-Q, including the report of Deloitte &
Touche LLP (on page 16) will automatically be incorporated by reference in the
Prospectuses constituting part of the Registration Statements on Form S-3
(Registration Nos. 33-53207 and 33-64296) of The Detroit Edison Company and
Form S-8 (Registration No. 333-00023) and Form S-3 (Registration No. 33-57545)
of DTE Energy Company, filed under the Securities Act of 1933.  Such report of
Deloitte & Touche LLP, however, is not a "report" or "part of the Registration
Statement" within the meaning of Sections 7 and 11 of the Securities Act of
1933 and the liability provisions of Section 11(a) of such Act do not apply.



                                       15

<PAGE>   16
INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors and Shareholders of DTE Energy Company and
     The Detroit Edison Company

     We have reviewed the accompanying condensed consolidated balance sheets of
DTE Energy Company and subsidiary companies and of The Detroit Edison Company
and subsidiary companies as of March 31, 1997, and the related condensed
consolidated statements of income and of cash flows for the three-month and
twelve-month periods ended March 31, 1997 and 1996, and the condensed
consolidated statements of common shareholders' equity for the three-month
period ended March 31, 1997.  These financial statements are the responsibility
of DTE Energy Company's management and of The Detroit Edison Company's
management.

     We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures to
financial data and of making inquiries of persons responsible for financial and
accounting matters.  It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole.  Accordingly, we do not express such an opinion.

     Based on our reviews, we are not aware of any material modifications that
should be made to such condensed consolidated financial statements for them to
be in conformity with generally accepted accounting principles.

     We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheets of DTE Energy Company and subsidiary
companies and of The Detroit Edison Company and subsidiary companies as of
December 31, 1996, and the related consolidated statements of income, common
shareholders' equity, and cash flows for the year then ended (not presented
herein); and in our report dated January 27, 1997 we expressed an unqualified
opinion on those consolidated financial statements.  In our opinion, the
information set forth in the accompanying condensed consolidated balance sheets
as of December 31, 1996 is fairly stated, in all material respects, in relation
to the consolidated balance sheets from which it has been derived.




DELOITTE & TOUCHE LLP

Detroit, Michigan
May 1, 1997


                                       16

<PAGE>   17

ITEM 2  -    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS.
             DTE ENERGY COMPANY, THE DETROIT EDISON COMPANY AND SUBSIDIARY
             COMPANIES


     This analysis for the three and twelve months ended March 31, 1997, as
compared to the same periods in 1996, should be read in conjunction with the
consolidated financial statements (unaudited), the accompanying Notes and the
Annual Report Notes.

     Detroit Edison is the principal subsidiary of the Company and, as such,
this discussion explains material changes in results of operations of both the
Company and Detroit Edison and identifies recent trends and events affecting
both the Company and Detroit Edison.  For the periods presented, the Company's
operations and those of Detroit Edison are substantially the same.

RESULTS OF OPERATIONS

     For the three months ended March 31, 1997, the Company's net income was
$71.0 million, or $0.49 per common share, down 34.5 percent from the $108.4
million, or $0.75 per common share earned in the three months ended March 31,
1996.  For the twelve months ended March 31, 1997, the Company's net income was
$271.9 million, or $1.87 per common share, down 33 percent from the $408.3
million, or $2.82 per common share earned in the twelve months ended March 31,
1996.  The decreases in net income were due primarily to a repair and
maintenance outage at Fermi 2 which increased the Fermi 2 capacity factor
performance standard reserve for the period 1997-1999, lower electricity sales
and, to a lesser extent, the cost of responding to the March 1997 catastrophic
ice storm.  In addition, for the twelve-month period, a $149.2 million ($97
million after-tax), or $0.67 per common share, special charge to net income was
made in the third quarter of 1996 following completion of Detroit Edison's 
review of its steam heating operations.

     At March 31, 1997, the book value of the Company's common stock was $23.67
per share, a decrease of $0.02 per share or 0.08% since December 31, 1996.
Return on average total common shareholders' equity was 7.8% and 11.8% for the
twelve months ended March 31, 1997 and 1996, respectively.

     The Company's ratio of earnings to fixed charges was 2.50 and 3.22 for the
twelve months ended March 31, 1997 and 1996, respectively.  The Company's ratio
of earnings to fixed charges and preferred stock dividends for the 1997 and
1996 twelve-month periods was 2.36 and 2.83, respectively.


                                       17


<PAGE>   18


OPERATING REVENUES

Total operating revenues of the Company increased (decreased) due to the
following factors:

<TABLE>
<CAPTION>
                                                                    Three       Twelve
                                                                    Months      Months
                                                                    ------      ------
<S>                                                                 <C>         <C>
                                                                        (Millions)
Rate Changes
 Long-term service contracts                                        $   (3)     $   (8)
 PSCR Clause                                                             4           6
 Conservation programs                                                  (3)         (6)
                                                                    ------      ------
                                                                        (2)         (8)

System sales volume and mix                                            (11)        (25)                                  
Interconnection sales                                                    -         (10)                                  
Fermi 2 capacity factor performance                                                         
standard reserve                                                       (24)        (18)                                  
Other - net                                                             (4)          1                                   
                                                                    ------      ------                                  
      Total                                                         $  (41)     $  (60)                                  
                                                                    ======      ======                                  
                                                                                               
kWh SALES
---------                                      

kWh sales increased (decreased) as follows:
                                                                    Three       Twelve
                                                                    Months      Months
                                                                    -------     -------

Residential                                                           (1.8)%      (2.3)%
Commercial                                                            (1.2)       (0.1)
Industrial                                                             1.9         1.6
Other (includes primarily sales for resale)                          (16.5)       (5.5)
      Total System                                                    (1.1)       (0.4)
Interconnection                                                      (35.4)      (44.1)
      Total                                                           (3.0)       (3.3)
</TABLE>


     The decreases in residential and commercial sales reflect warmer winter
weather, and for the twelve-month period, cooler summer weather that more than
offset growth in the customer base.

     The increases in industrial sales reflect strong demand in the automotive
and construction sectors.

     The decreased sales to other customers reflect decreased demand from
wholesale for resale customers.

     Interconnection sales decreases reflect lower demand for energy and the
impact of the Fermi 2 outage.


                                       18



<PAGE>   19


FERMI 2 CAPACITY FACTOR PERFORMANCE STANDARD RESERVE

     Due to a repair and maintenance outage at Fermi 2 the capacity factor
performance standard reserve was increased by $24 million during the first
quarter of 1997.

OPERATING EXPENSES

FUEL AND PURCHASED POWER

Fuel and purchased power expenses increased (decreased) due to the following
factors:


<TABLE>
<CAPTION>
                                                Three               Twelve
                                                Months              Months
                                                ------              ------
     <S>                                        <C>                 <C>
                                                        (Millions)

     Net system output                            $(5)               $(23)
     Average unit cost                             11                  19
     Fermi 2 business interruption insurance       (6)                  5
     Steam heating special charge amortization     (3)                 (3)
     Other                                          2                   3
                                                 ------             ------
   Total                                         $ (1)              $   1
                                                 ======             =======
</TABLE>

Net system output and average fuel and purchased power unit costs were as
follows:


<TABLE>
<CAPTION>
                                    Three Months         Twelve Months

                                  1997       1996       1997       1996
                                ---------  ---------  ---------  ---------
                                     (Thousands of Megawatthours, "MWh")
     
<S>                               <C>        <C>        <C>        <C>
     Power plant generation
        Fossil                     10,352     10,503     41,692     41,809
        Nuclear                         -      1,785      2,951      6,630
     Purchased power                2,204        621      6,732      4,480
                                ---------  ---------  ---------  ---------
     Net system output             12,556     12,909     51,375     52,919
                                =========  =========  =========  =========

     Average unit cost ($/MWh)    $ 14.92    $ 14.03    $ 15.25    $ 14.88
                                =========  =========  =========  =========
</TABLE>


     Fuel and purchased power expense decreased in the three-month period due
to the receipt of Fermi 2 business interruption insurance proceeds, lower net
system output, and the steam heating special charge amortization partially
offset by higher average unit costs resulting from increased usage of higher
cost purchased power replacing lower cost nuclear generation as a result of the
Fermi 2 outage.

     For the twelve-month period, fuel and purchased power expense increased
due to higher average unit costs resulting from increased usage of higher cost
purchased power replacing lower cost nuclear generation as a result of the
Fermi 2 outage,

                                       19



<PAGE>   20

increased coal contract buyout expense and a reduction in the receipt of Fermi
2 business interruption insurance proceeds, partially offset by lower net
system output and the steam heating special charge amortization.

OTHER OPERATION

Three Months

     Other operation expense increased primarily due to higher administrative
and general expenses ($7.6 million), non-regulated subsidiaries ($4 million)
and major storm ($2 million) expenses.

Twelve Months

     Other operation expense increased due primarily to higher sales expenses
($12.7 million), operating and development expense related to new computer
systems ($12 million), higher uncollectible customer accounts ($11.3 million)
and non-regulated subsidiaries ($10.4 million) expenses.  These expenses were
partially offset by lower incentive award expenses related to a shareholder
value improvement plan ($14.3 million), expenses recorded in the year-earlier
period in a reserve for the write-off of obsolete and excess stock material
($12 million) and the settlement of the Ludington Pumped Storage Plant fish
mortality case ($8.4 million).

MAINTENANCE

Three Months

     Maintenance expense decreased due to lower overhead and underground lines
support ($3 million), general property ($2.9 million) and transmission and
distribution ($2.2 million) expenses.  These decreases were partially offset by
higher major storm expenses ($3.7 million).

Twelve Months

     Maintenance expense increased due to higher overhead and underground lines
support ($14.7 million), nuclear plant ($5 million) and station maintenance
($4.1 million) expenses.  These increases were partially offset by lower
transmission and distribution ($6.2 million) and major storm ($3.3 million)
expenses.

STEAM HEATING SPECIAL CHARGES

     During the third quarter of 1996, following the completion of a review of
its steam heating operations, Detroit Edison recorded a special charge to net
income of $149.2 million.  The special charge included a reserve for steam
purchase commitments during the period 1997 through 2008 under the agreement
with the Detroit Resource Recovery Facility, and for expenditures in 1997 for
closure of a portion of the steam heating

                                       20



<PAGE>   21

system and improvements in service to remaining customers.  Beginning in 1997,
Detroit Edison recorded amortization of the reserve for steam purchase
commitments in fuel and purchased power expense.

DEPRECIATION AND AMORTIZATION

     Depreciation and amortization expense increased due primarily to increases
in plant in service, including internally developed software costs.

DEFERRED FERMI 2 AMORTIZATION

     Deferred Fermi 2 amortization, a non-cash item of income, was recorded
beginning with Detroit Edison's purchase of the Wolverine Power Supply
Cooperative, Inc.'s ownership interest in Fermi 2 in February 1990.  The annual
amount deferred decreases each year through 1999.

AMORTIZATION OF DEFERRED FERMI 2 DEPRECIATION AND RETURN

     Deferred Fermi 2 depreciation and return, non-cash items of income, were
recorded beginning with the implementation of the Fermi 2 rate phase-in plan in
January 1988.  The annual amounts of deferred depreciation and return decreased
each year through 1992.  Beginning in 1993 and continuing through 1998, these
deferred amounts will be amortized to operating expense as the cash recovery is
realized through revenues.

TAXES OTHER THAN INCOME TAXES

     Taxes other than income taxes increased due to higher MPSC assessment
fees, partially offset by lower payroll taxes.

INCOME TAXES

Three Months

     Income taxes decreased due to lower pretax income.

Twelve Months

     Income taxes decreased due to lower pretax income, partially offset by
changes in the prior years' federal income tax accrual and filed return
adjustments.


                                       21



<PAGE>   22


OTHER INCOME AND DEDUCTIONS

OTHER INCOME AND (DEDUCTIONS) - NET

Three Months

     Other deductions increased due primarily to an increase in the write-off
of unamortized expenses related to the open market purchases of Mortgage Bonds
($1.6 million), an increase in expenses related to merchandising, jobbing and
contract work ($1.1 million), and higher legal expenses ($0.7 million).

Twelve Months

     Other deductions decreased due primarily to lower corporate contributions
($2.3 million), partially offset by an increase in promotional expenses ($1
million).

ACCRETION INCOME

     Accretion income, a non-cash item of income, was recorded beginning in
January 1988 to restore to income, over the period 1988-1998, losses recorded
due to discounting indirect disallowances of plant costs.  The annual amount of
accretion income recorded decreases each year through 1998.

ACCRETION EXPENSE

     Accretion expense, a non-cash item of expense, was recorded beginning in
January 1997 to charge to income, over the period 1997-2008, accretion of
interest expense resulting from the recording of the reserve for steam purchase
commitments at its present value at December 31, 1996, using a risk free
discount rate of 6.9%.

INTEREST CHARGES

LONG-TERM DEBT

     Long-term debt interest charges decreased due to the scheduled and early
redemption of Mortgage Bonds, partially offset by the issuance of QUIDS.

OTHER

     Other interest charges decreased due primarily to lower levels of
short-term borrowings.


                                       22



<PAGE>   23


PREFERRED STOCK DIVIDENDS OF DETROIT EDISON

Three Months

     Preferred stock dividends of Detroit Edison decreased due to the
redemption of Cumulative Preferred Stock, 7.68% Series, 7.45% Series and 7.36%
Series.

Twelve Months

     Preferred stock dividends of Detroit Edison decreased due to the
redemption of Cumulative Preferred Stock, 7.68% Series, 7.45% Series and 7.36%
Series and the exchange of a portion of Cumulative Preferred Stock 7.75% Series
for QUIDS and the conversion and redemption of Cumulative Preferred Stock 5.5%
Convertible Series.

LIQUIDITY AND CAPITAL RESOURCES

PRIVATE SECURITIES LITIGATION REFORM ACT -
FORWARD-LOOKING STATEMENTS

     Certain information presented in this Quarterly Report on Form 10-Q is
based upon the expectations of the Company and Detroit Edison and, as such, is
forward-looking.  The Private Securities Litigation Reform Act of 1995
encourages reporting companies to provide analyses and estimates of future
prospects and also permits reporting companies to point out that actual results
may differ from those anticipated.

     Actual results for the Company and Detroit Edison may differ from those
expected due to a number of variables including, but not limited to, the impact
of newly-required FERC tariffs, actual sales and expenses, the effects of
competition, the implementation of utility restructuring in Michigan (which
involves pending regulatory proceedings, pending and proposed statutory
changes, and the recovery of stranded costs), environmental and nuclear
requirements and the success of non-utility projects.  While the Company and
Detroit Edison believe that estimates given accurately measure the expected
outcome, actual results could vary materially due to the variables mentioned as
well as others.

COMPETITION

THE DETROIT EDISON COMPANY

     MPSC.  The MPSC Staff Report on Electric Industry Restructuring was filed
in December 1996.  The Staff Report recognized that Michigan utilities should
have the opportunity to prepare for competition and be able to maintain their
financial health.

     In an order dated February 5, 1997, the MPSC requested that Detroit Edison
and Consumers Energy Company make informational filings with the MPSC to
disclose how they would propose to implement the Staff Report on Electric
Industry Restructuring.  The

                                       23



<PAGE>   24

filings were to include, among other items, detailed calculations of
anticipated stranded costs and transition charges.

     As discussed in the Company's Form 8-K, filed on March 13, 1997, Detroit
Edison filed its response with the MPSC on March 7, 1997 highlighting the
following points:

   -    Detroit Edison estimates the net after-tax present value of its
        stranded costs with reciprocity to be $5.4 billion.

   -    To mitigate the stranded costs, Detroit Edison proposed securitizing
        approximately $2.8 billion in assets, direct access phase-in
        totaling $1.4 billion, self-mitigation of $0.8 billion and a
        non-bypassable nuclear decommissioning surcharge of $0.4 billion.

   -    Implementing securitization will result in an annual net rate decrease 
        for all customers totaling $295 million.

   -    Transition charges would only be assessed to customers leaving the
        system.

   -    Endorsement of a bidding program to allocate capacity between
        customers interested in direct access.

   -    Deregulation of electric markets will result in financial
        uncertainty and risk to the shareholders of the Company.  Detroit
        Edison will bear the risk of full replacement of electricity sales lost
        to retail wheeling, plus approximately an additional $800 million in
        mitigation responsibility which should be in place during the 2001-2004
        time period, and which Detroit Edison anticipates will be achieved
        largely through reductions in operating and maintenance expenses.

     The MPSC has held public hearings on the informational filings and has
received additional written comments.

CASH GENERATION AND CASH REQUIREMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

     Net cash from operating activities decreased due primarily to lower net
income before non-cash charges and changes in current assets and liabilities.

     Net cash used for investing activities was lower in the three-month
period, due to decreased plant and equipment expenditures.  Net cash used for
financing activities was higher in the twelve-month period due primarily to
increased non-regulated plant and equipment expenditures.

     Net cash used for financing activities was lower in the three-month period
due primarily to a decrease in funds used to reduce short-term borrowings and
Detroit Edison's cash portion of a restructuring dividend to the Company in the
prior period. Net

                                       24



<PAGE>   25

cash used for financing activities was higher in the twelve-month period due
primarily to higher redemption of long-term debt.

ADDITIONAL INFORMATION

     During the period January through April 28, 1997, Detroit Edison purchased
a total of $40.5 million of Mortgage Bonds on the open market, consisting of
$19 million of 7.74% 1993 Series J, $7 million of 7.81% 1993 Series E, $4.5
million of 7.78% 1993 Series E and $10 million of 7.79% 1993 Series E.  These
bonds have been canceled.

     Detroit Edison's 1997 cash requirements for its capital expenditure
program are estimated at $448 million, of which $86 million had been expended
as of March 31, 1997.  Internal cash generation is expected to be sufficient to
meet its cash requirements for capital expenditures as well as scheduled
long-term debt redemptions.

     Detroit Edison had short-term credit arrangements of approximately $464
million at March 31, 1997, under which $4 million of borrowings were
outstanding.

NON-REGULATED INVESTMENTS

     Cash requirements for non-regulated investments are estimated to range
from $300 to $350 million in 1997, of which $6 million had been expended as of
March 31, 1997.  Non-regulated investments are expected to be substantially
externally financed.

CAPITALIZATION

     The Company's capital structure as of March 31, 1997 was 46.9% common
shareholders' equity, 2.0% cumulative preferred stock of subsidiary and 51.1%
long-term debt (which includes 3.2% of QUIDS) as compared to 46.7%, 2.0% and
51.3%, respectively, at December 31, 1996.

OTHER

     In 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 128, "Earnings per Share."  The Company does
not expect the application of this statement to have a material impact on its
financial position, liquidity or results of operations.



                                       25

<PAGE>   26
                               DTE ENERGY COMPANY
                          PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS.

     A former Detroit Edison employee has filed a lawsuit in the U.S. District
Court for the Southern District of Michigan alleging that Detroit Edison
engaged in age discrimination and procedural violations of the Federal Age
Discrimination in Employment Act of 1967.   In the lawsuit, (Frazier,
individually and on behalf of all similarly situated Detroit Edison voluntary
separation offer recipients v Detroit Edison) plaintiff seeks to represent a
group of individuals who accepted voluntary separation offers from Detroit
Edison.  Detroit Edison is of the opinion that the allegations of the lawsuit
are without merit.

     For information on further legal proceedings, see Note 3 herein.

ITEM 5 - OTHER INFORMATION.

     The Company, through its non-regulated subsidiary Edison Energy Services,
Inc., has reached a tentative agreement to acquire the coke oven battery and
related assets in River Rouge, Michigan from National Steel Corporation
("NSC").  NSC will continue to operate and maintain the facility under contract
with the Company.  A majority of the coke production will be dedicated to
meeting NSC's requirements under a twelve year supply agreement.  The
acquisition is expected to provide gross revenues between $100 and $150 million
per year.  The acquisition is subject to the Company and NSC reaching final
agreement on all aspects of the transaction, as well as regulatory review and
approval of both companies' boards of directors.




                                       26



<PAGE>   27


                       QUARTERLY REPORT ON FORM 10-Q FOR
                           THE DETROIT EDISON COMPANY

                         PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS (UNAUDITED).

     See pages 9 through 15.

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATION.

     See the Company's and Detroit Edison's "Item 2 - Management's Discussion
and Analysis of Financial Condition and Results of Operations," which is
incorporated herein by this reference.

                          PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS.

     See the Company's "Item 1 - Legal Proceedings," which is incorporated
herein by this reference.

ITEM 5 - OTHER INFORMATION.

     See the Company's "Item 5 - Other Information" which is incorporated
herein by this reference.




                                       27

<PAGE>   28
                       QUARTERLY REPORTS ON FORM 10-Q FOR
               DTE ENERGY COMPANY AND THE DETROIT EDISON COMPANY

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits

   (i)   Exhibits filed herewith.

         Exhibit
         Number
         -------

       *10-6  -    Detroit Edison Executive Incentive Plan.

       *10-7  -    1997 Detroit Edison Executive Incentive Plan Measures.


        11-7 -     DTE Energy Company and Subsidiary Companies Primary
                   and Fully Diluted Earnings Per Share of Common Stock.

        15-4  -    Awareness Letter of Deloitte & Touche LLP regarding
                   their report dated May 1, 1997.

        27-11 -    Financial Data Schedule for the period ended March
                   31, 1997 for DTE Energy Company and Subsidiary Companies.

        27-12 -    Financial Data Schedule for the period ended March
                   31, 1997 for The Detroit Edison Company and Subsidiary 
                   Companies.

  (ii) Exhibits incorporated herein by reference.

       3(a) - Restated Articles of Incorporation of Detroit Edison,
              as filed December 10, 1991 with the State of Michigan, Department
              of Commerce - Corporation and Securities Bureau (Exhibit 4-117 to
              Form 10-Q for quarter ended March 31, 1993).

       3(b) - Certificate containing resolution of the Detroit
              Edison Board of Directors establishing the Cumulative Preferred
              Stock, 7.75% Series as filed February 22, 1993 with the State of
              Michigan, Department of Commerce - Corporation and Securities
              Bureau (Exhibit 4-134 to Form 10-Q for quarter ended March 31,
              1993).

       3(c) - Certificate containing resolution of the Detroit
              Edison Board of Directors establishing the Cumulative Preferred
              Stock, 7.74% Series, as filed April 21, 1993 with the State of
              Michigan, Department of Commerce - Corporation and Securities
              Bureau (Exhibit 4-140 to Form 10-Q for quarter ended March 31,
              1993).

                                       28


<PAGE>   29

         Exhibit
         Number
         -------

         3(d) - Amended and Restated Articles of Incorporation of DTE
                Energy Company, dated December 13, 1995 (Exhibit 3A (3.1) to DTE
                Energy Form 8-B filed January 2, 1996, File No. 1-11607).

         3(e) - Agreement and Plan of Exchange (Exhibit 1(2) to DTE
                Energy Form 8-B filed January 2, 1996, File No. 1-11607).

         3(f) - Amended and Restated By-Laws, dated as of February
                26, 1996, of the Company (Exhibit 3-3 to Form 10-K for year 
                ended December 31, 1996).

         3(g) - Amended and Restated By-Laws, dated as of February
                26, 1996, of Detroit Edison (Exhibit 3-4 to Form 10-K for year
                ended December 31, 1996).

         4(a) - Mortgage and Deed of Trust, dated as of October 1,
                1924, between Detroit Edison (File No. 1-2198) and Bankers Trust
                Company as Trustee (Exhibit B-1 to Registration No. 2-1630) and
                indentures supplemental thereto, dated as of dates indicated
                below, and filed as exhibits to the filings as set forth below:


                September 1, 1947  Exhibit B-20 to Registration   No. 2-7136   
                October 1, 1968    Exhibit 2-B-33 to Registration No. 2-30096
                November 15, 1971  Exhibit 2-B-38 to Registration No. 2-42160
                January 15, 1973   Exhibit 2-B-39 to Registration No. 2-46595
                June 1, 1978       Exhibit 2-B-51 to Registration No. 2-61643
                June 30, 1982      Exhibit 4-30 to Registration No.   2-78941  
                August 15, 1982    Exhibit 4-32 to Registration No.   2-79674  

                October 15, 1985   Exhibit 4-170 to Form 10-K for year ended
                                    December 31, 1994
                November 30, 1987  Exhibit 4-139 to Form 10-K for year ended
                                    December 31, 1992
                July 15, 1989      Exhibit 4-171 to Form 10-K for year ended 
                                    December 31, 1994
                December 1, 1989   Exhibit 4-172 to Form 10-K for year ended
                                    December 31, 1994
                February 15, 1990  Exhibit 4-173 to Form 10-K for year ended
                                    December 31, 1994
                April 1, 1991      Exhibit 4-15 to Form 10-K for year ended 
                                    December 31, 1996
                May  1, 1991       Exhibit 4-178 to Form 10-K for year ended 
                                    December 31, 1996
                May  15, 1991      Exhibit 4-179 to Form 10-K for year ended 
                                    December 31, 1996

                                   
                                     29



<PAGE>   30

         Exhibit
         Number
         -------

                September 1, 1991    Exhibit 4-180 to Form 10-K for year ended
                                      December 31, 1996
                November 1, 1991     Exhibit 4-181 to Form 10-K for year ended
                                      December 31, 1996
                January 15, 1992     Exhibit 4-182 to Form 10-K for year ended
                                      December 31, 1996
                February 29, 1992    Exhibit 4-121 to Form 10-Q for quarter 
                                      ended March 31, 1992
                April 15, 1992       Exhibit 4-122 to Form 10-Q for quarter 
                                      ended June 30, 1992
                July 15, 1992        Exhibit 4-123 to Form 10-Q for quarter 
                                      ended September 30, 1992
                July 31, 1992        Exhibit 4-124 to Form 10-Q for quarter 
                                      ended September 30, 1992

                November 30, 1992    Exhibit 4-130 to Registration  No. 33-56496
                January 1, 1993      Exhibit 4-131 to Registration No. 33-56496

                March 1, 1993        Exhibit 4-141 to Form 10-Q for quarter 
                                      ended March 31, 1993
                March 15, 1993       Exhibit 4-142 to Form 10-Q for quarter 
                                      ended March 31, 1993
                April 1, 1993        Exhibit 4-143 to Form 10-Q for quarter 
                                      ended March 31, 1993
                April 26, 1993       Exhibit 4-144 to Form 10-Q for quarter 
                                      ended March 31, 1993
                May  31, 1993        Exhibit 4-148 to Registration No. 33-64296
                June 30, 1993        Exhibit 4-149 to Form 10-Q for quarter 
                                      ended June 30, 1993 (1993 Series AP)
                June 30, 1993        Exhibit 4-150 to Form 10-Q for quarter 
                                      ended June 30, 1993 (1993 Series H)
                September 15, 1993   Exhibit 4-158 to Form 10-Q for quarter 
                                      ended September 30, 1993
                March 1, 1994        Exhibit 4-163 to Registration No. 33-53207
                June 15, 1994        Exhibit 4-166 to Form 10-Q for
                                      quarter ended June 30, 1994
                August 15, 1994      Exhibit 4-168 to Form 10-Q for quarter 
                                      ended September 30, 1994
                December 1, 1994     Exhibit 4-169 to Form 10-K for year ended
                                      December 31, 1994
                August 1, 1995       Exhibit 4-174 to Form 10-Q for quarter 
                                      ended September 30, 1995

         4(b) - Collateral Trust Indenture (notes), dated as of June
                30, 1993 (Exhibit 4-152 to Registration No. 33-50325).


                                       30



<PAGE>   31

          Exhibit
          Number
          ------

         4(c) - First Supplemental Note Indenture, dated as of June
                30, 1993 (Exhibit 4-153 to Registration No. 33-50325).

         4(d) - Second Supplemental Note Indenture, dated as of
                September 15, 1993 (Exhibit 4-159 to Form 10-Q for quarter ended
                September 30, 1993).

         4(e) - First Amendment, dated as of August 15, 1996, to
                Second Supplemental Note Indenture (Exhibit 4-17 to Form 10-Q 
                for quarter ended September 30, 1996).

         4(f) - Third Supplemental Note Indenture, dated as of August
                15, 1994 (Exhibit 4-169 to Form 10-Q for quarter ended September
                30, 1994).

         4(g) - First Amendment, dated as of December 12, 1995, to
                Third Supplemental Note Indenture, dated as of August 15, 1994
                (Exhibit 4-12 to Registration No. 333-00023).

         4(h) - Fourth Supplemental Note Indenture, dated as of
                August 15, 1995 (Exhibit 4-175 to Detroit Edison Form 10-Q for
                quarter ended September 30, 1995).

         4(i) - Fifth Supplemental Note Indenture, dated as of
                February 1, 1996 (Exhibit 4-14 to Form 10-K for year ended
                December 31, 1996).

         4(j) - Standby Note Purchase Credit Facility, dated as of
                August 17, 1994, among The Detroit Edison Company, Barclays Bank
                PLC, as Bank and Administrative Agent, Bank of America, The Bank
                of New York, The Fuji Bank Limited, The Long-Term Credit Bank of
                Japan, LTD, Union Bank and Citicorp Securities, Inc. and First
                Chicago Capital Markets, Inc. as Remarketing Agents (Exhibit
                99-18 to Form 10-Q for quarter ended September 30, 1994).

         4(k) - Support Agreement, dated as of March 8, 1996, between
                the Company and Detroit Edison (Exhibit 4-176 to Form 10-Q for
                quarter ended March 31, 1996).

        99(a) - Belle River Participation Agreement between Detroit
                Edison and Michigan Public Power Agency, dated as of December 
                1, 1982 (Exhibit 28-5 to Registration No. 2-81501).

        99(b) - Belle River Transmission Ownership and Operating
                Agreement between Detroit Edison and Michigan Public Power
                Agency, dated as of December 1, 1982 (Exhibit 28-6 to
                Registration No. 2-81501.)


                                       31



<PAGE>   32

       Exhibit
       Number
       -------

       99(c) -1988 Amended and Restated Loan Agreement, dated as
              of October 4, 1988, between Renaissance Energy Company (an
              unaffiliated company) ("Renaissance") and Detroit Edison (Exhibit
              99-6 to Registration No. 33-50325).

       99(d) -First Amendment to 1988 Amended and Restated Loan
              Agreement, dated as of February 1, 1990, between Detroit Edison
              and Renaissance (Exhibit 99-7 to Registration No. 33-50325).

       99(e) -Second Amendment to 1988 Amended and Restated Loan
              Agreement, dated as of September 1, 1993, between Detroit Edison
              and Renaissance (Exhibit 99-8 to Registration No. 33-50325).

       99(f) -$200,000,000 364-Day Credit Agreement, dated as of
              September 1, 1993, among Detroit Edison, Renaissance and Barclays
              Bank PLC, New York Branch, as Agent (Exhibit 99-12 to
              Registration No. 33-50325).

       99(g) -First Amendment, dated as of August 31, 1994, to
              $200,000,000 364-Day Credit Agreement, dated September 1, 1993,
              among The Detroit Edison Company, Renaissance Energy Company, the
              Banks party thereto and Barclays Bank, PLC, New York Branch, as
              Agent (Exhibit 99-19 to Form 10-Q for quarter ended September 30,
              1994).

       99(h) -Third Amendment, dated as of March 8, 1996, to
              $200,000,000 364-Day Credit Agreement, dated September 1, 1993,
              as amended, among Detroit Edison, Renaissance, the Banks party
              thereto and Barclays Bank, PLC, New York Branch, as Agent
              (Exhibit 99-11 to Form 10-Q for quarter ended March 31, 1996).

       99(i) -Fourth Amendment, dated as of August 29, 1996, to
              $200,000,000 364-Day Credit Agreement as of September 1, 1990, as
              amended, among Detroit Edison, Renaissance, the Banks party
              thereto and Barclays Bank, PLC, New York Branch, as Agent
              (Exhibit 99-13 to Form 10-Q for quarter ended September 30,
              1996).

       99(j) -$200,000,000 Three-Year Credit Agreement, dated
              September 1, 1993, among Detroit Edison, Renaissance and Barclays
              Bank PLC, New York Branch, as Agent (Exhibit 99-13 to
              Registration No. 33-50325).

       99(k) -First Amendment, dated as of September 1, 1994, to
              $200,000,000 Three-Year Credit Agreement, dated as of September
              1, 1993, among The Detroit Edison Company, Renaissance Energy
              Company, the Banks party thereto and Barclays Bank, PLC, New York
              Branch, as

                                       32



<PAGE>   33

       Exhibit
       Number
       -------

              Agent (Exhibit 99-20 to Form 10-Q for quarter ended September
              30, 1994).

       99(l)- Third Amendment, dated as of March 8, 1996, to
              $200,000,000 Three-Year Credit Agreement, dated September 1,
              1993, as amended among Detroit Edison, Renaissance, the Banks
              party thereto and Barclays Bank, PLC, New York Branch, as Agent
              (Exhibit 99-12 to Form 10-Q for quarter ended March 31, 1996).

       99(m)- Fourth Amendment, dated as of September 1, 1996, to
              $200,000,000 Multi-Year (formerly Three-Year) Credit Agreement,
              dated as of September 1, 1993, as amended among Detroit Edison,
              Renaissance, the Banks party thereto and Barclays Bank, PLC, New
              York Branch, as Agent (Exhibit 99-14 to Form 10-Q for quarter
              ended September 30, 1996).

       99(n) -1988 Amended and Restated Nuclear Fuel Heat Purchase
              Contract, dated October 4, 1988, between Detroit Edison and
              Renaissance (Exhibit 99-9 to Registration No. 33-50325).

       99(o) -First Amendment to 1988 Amended and Restated Nuclear
              Fuel Heat Purchase Contract, dated as of February 1, 1990,
              between Detroit Edison and Renaissance (Exhibit 99-10 to
              Registration No. 33-50325).

       99(p) -Second Amendment, dated as of September 1, 1993, to
              1988 Amended and Restated Nuclear Fuel Heat Purchase Contract
              between Detroit Edison and Renaissance (Exhibit 99-11 to
              Registration No. 33-50325).

       99(q) -Third Amendment, dated as of August 31, 1994, to
              1988 Amended and Restated Nuclear Fuel Heat Purchase Contract,
              dated October 4, 1988, between The Detroit Edison Company and
              Renaissance Energy Company (Exhibit 99-21 to Form 10-Q for
              quarter ended September 30, 1994).

       99(r) -Fourth Amendment, dated as of March 8, 1996, to 1988
              Amended and Restated Nuclear Fuel Heat Purchase Contract
              Agreement, dated as of October 4, 1988, between Detroit Edison
              and Renaissance (Exhibit 99-10 to Form 10-Q for quarter ended
              March 31, 1996).

       99(s) -Credit Agreement, dated as of March 1, 1996 among
              DTE Capital Corporation, the Initial Lenders named therein, and
              Citibank, N.A., as Agent (Exhibit 99-9 to Form 10-Q for quarter
              ended March 31, 1996).


                                       33



<PAGE>   34


(b)  Registrants filed a report on Form 8-K dated March 13, 1997, discussing
     the Detroit Edison Company's response to the MPSC Staff Report on
     Electric Industry Restructuring.

(c)  *Denotes management contract or compensatory plan or arrangement required
     to be filed as an exhibit to this report.


                                       34

<PAGE>   35
                                   SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.







                                            DTE ENERGY COMPANY
                                        --------------------------  
                                              (Registrant)






Date  May 1, 1997                        /s/ SUSAN M. BEALE
     --------------                    ---------------------------      
                                             Susan M. Beale
                              Vice President and Corporate Secretary





Date  May 1, 1997                        /s/ DAVID E. MEADOR
     --------------                    ---------------------------
                                             David E. Meador
                                    Vice President and Controller
                       





                                       35

<PAGE>   36
                                   SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.







                                        THE DETROIT EDISON COMPANY
                                        --------------------------
                                              (Registrant)






Date  May 1, 1997                        /s/ SUSAN M. BEALE
     --------------                    ---------------------------
                                             Susan M. Beale
                                Vice President and Corporate Secretary





Date  May 1, 1997                        /s/ DAVID E. MEADOR
     --------------                    ---------------------------
                                             David E. Meador
                                     Vice President and Controller


                                       36
<PAGE>   37
                            QUARTERLY REPORT ON FORM
                              10-Q FOR THE QUARTER
                              ENDED MARCH 31, 1997


                  DTE ENERGY COMPANY                  FILE NO. 1-11607

                  THE DETROIT EDISON COMPANY          FILE NO.  1-2198



                                 EXHIBIT INDEX
                                 -------------


         Exhibits filed herewith.


         Exhibit                                                        Page
         Number                                                         Number
         -------                                                        ------

         *10-6 -  Detroit Edison Executive Incentive Plan.

         *10-7 -  1997 Detroit Edison Executive Incentive Plan Measures.


         11-7  -  DTE Energy Company and Subsidiary Companies Primary
                  and Fully Diluted Earnings Per Share of Common Stock.

         15-4  -  Awareness Letter of Deloitte & Touche LLP regarding
                  their report dated May 1, 1997.

         27-11 -  Financial Data Schedule for the period ended March
                  31, 1997 for DTE Energy Company and Subsidiary Companies.

         27-12 -  Financial Data Schedule for the period ended March
                  31, 1997 for The Detroit Edison Company and Subsidiary 
                  Companies.


         Exhibits incorporated herein by reference.           See Page Nos.
                                                              ____  through
                                                              ____ for location
                                                              of exhibits 
                                                              incorporated by
                                                              reference



         3(a) -   Restated Articles of Incorporation of Detroit Edison,
                  as filed December 10, 1991 with the State of Michigan, 
                  Department of Commerce - Corporation and Securities Bureau.



<PAGE>   38

          Exhibit
          Number
          ------


         3(b) -   Certificate containing resolution of the Detroit
                  Edison Board of Directors establishing the Cumulative 
                  Preferred Stock, 7.75% Series as filed February 22, 1993 
                  with the State of Michigan, Department of Commerce - 
                  Corporation and Securities Bureau.

         3(c) -   Certificate containing resolution of the Detroit
                  Edison Board of Directors establishing the Cumulative 
                  Preferred Stock, 7.74% Series, as filed April 21, 1993 with 
                  the State of Michigan, Department of Commerce - Corporation 
                  and Securities Bureau.

         3(d) -   Amended and Restated Articles of Incorporation of DTE
                  Energy Company, dated December 13, 1995.

         3(e) -   Agreement and Plan of Exchange.

         3(f) -   Amended and Restated By-Laws, dated as of February
                  26, 1996, of the Company.

         3(g) -   Amended and Restated By-Laws, dated as of February
                  26, 1996, of Detroit Edison.

         4(a) -   Mortgage and Deed of Trust, dated as of October 1,
                  1924, between Detroit Edison and Bankers Trust Company as 
                  Trustee and indentures supplemental thereto, dated as of 
                  dates indicated below:

                  September 1, 1947
                  October 1, 1968
                  November 15, 1971
                  January 15, 1973
                  June 1, 1978
                  June 30, 1982
                  August 15, 1982
                  October 15, 1985
                  November 30, 1987
                  July 15, 1989
                  December 1, 1989
                  February 15, 1990
                  April 1, 1991
                  May  1, 1991
                  May  15, 1991
                  September 1, 1991
                  November 1, 1991
                  January 15, 1992
                  February 29, 1992
                  April 15, 1992





<PAGE>   39

          Exhibit
          Number
          -------



                  July 31, 1992
                  November 30, 1992
                  January 1, 1993
                  March 1, 1993
                  March 15, 1993
                  April 1, 1993
                  April 26, 1993
                  May  31, 1993
                  June 30, 1993
                  June 30, 1993
                  September 15, 1993
                  March 1, 1994
                  June 15, 1994
                  August 15, 1994
                  December 1, 1994
                  August 1, 1995


         4(b) -   Collateral Trust Indenture (notes), dated as of June 30, 1993.

         4(c) -   First Supplemental Note Indenture, dated as of June 30, 1993.

         4(d) -   Second Supplemental Note Indenture, dated as of
                  September 15, 1993.

         4(e) -   First Amendment, dated as of August 15, 1996, to
                  Second Supplemental Note Indenture.

         4(f) -   Third Supplemental Note Indenture, dated as of August
                  15, 1994.

         4(g) -   First Amendment, dated as of December 12, 1995, to
                  Third Supplemental Note Indenture, dated as of August 15, 
                  1994.


         4(h) -   Fourth Supplemental Note Indenture, dated as of August 15, 
                  1995.

         4(i) -   Fifth Supplemental Note Indenture, dated as of February 1, 
                  1996.

         4(j) -   Standby Note Purchase Credit Facility, dated as of August 17,
                  1994, among The Detroit Edison Company, Barclays Bank PLC, 
                  as Bank and Administrative Agent, Bank of America, The Bank
                  of New York, The Fuji Bank Limited, The Long-Term Credit Bank
                  of Japan, LTD, Union Bank and Citicorp Securities, Inc. and 
                  First Chicago Capital Markets, Inc. as Remarketing Agents.

         4(k) -   Support Agreement, dated as of March 8, 1996, between
                  the Company and Detroit Edison.




<PAGE>   40

          Exhibit
          Number
          -------


         99(a) -  Belle River Participation Agreement between Detroit
                  Edison and Michigan Public Power Agency, dated as of December
                  1, 1982.

         99(b) -  Belle River Transmission Ownership and Operating Agreement 
                  between Detroit Edison and Michigan Public Power Agency, 
                  dated as of December 1, 1982.

         99(c) -  1988 Amended and Restated Loan Agreement, dated as of October
                  4, 1988, between Renaissance Energy Company (an unaffiliated 
                  company) and Detroit Edison.

         99(d) -  First Amendment to 1988 Amended and Restated Loan Agreement, 
                  dated as of February 1, 1990, between Detroit Edison and 
                  Renaissance.

         99(e) -  Second Amendment to 1988 Amended and Restated Loan Agreement,
                  dated as of September 1, 1993, between Detroit Edison and 
                  Renaissance.

         99(f) -  $200,000,000 364-Day Credit Agreement, dated as of September 
                  1, 1993, among Detroit Edison, Renaissance and Barclays Bank 
                  PLC, New York Branch, as Agent.

         99(g) -  First Amendment, dated as of August 31, 1994, to $200,000,000
                  364-Day Credit Agreement, dated September 1, 1993, among The 
                  Detroit Edison Company, Renaissance Energy Company, the
                  Banks party thereto and Barclays Bank, PLC, New York Branch, 
                  as Agent.

         99(h) -  Third Amendment, dated as of March 8, 1996, to $200,000,000 
                  364-Day Credit Agreement, dated September 1, 1993, as 
                  amended, among Detroit Edison, Renaissance, the Banks party
                  thereto and Barclays Bank, PLC, New York Branch, as Agent .

         99(i) -  Fourth Amendment, dated as of August 29, 1996, to 
                  $200,000,000 364-Day Credit Agreement as of September 1, 
                  1990, as amended, among Detroit Edison, Renaissance, the 
                  Banks party thereto and Barclays Bank, PLC, New York Branch, 
                  as Agent.

         99(j) -  $200,000,000 Three-Year Credit Agreement, dated September 1, 
                  1993, among Detroit Edison, Renaissance and Barclays Bank 
                  PLC, New York Branch, as Agent.

         99(k) -  First Amendment, dated as of September 1, 1994, to
                  $200,000,000 Three-Year Credit Agreement, dated as of 
                  September 1, 1993, among The Detroit Edison Company, 
                  Renaissance Energy Company, the Banks party thereto and 
                  Barclays Bank, PLC, New York Branch, as Agent.





<PAGE>   41

          Exhibit
          Number
          -------


         99(l) -  Third Amendment, dated as of March 8, 1996, to
                  $200,000,000 Three-Year Credit Agreement, dated September 1,
                  1993, as amended among Detroit Edison, Renaissance, the Banks
                  party thereto and Barclays Bank, PLC, New York Branch, as 
                  Agent.

         99(m) -  Fourth Amendment, dated as of September 1, 1996, to
                  $200,000,000 Multi-Year (formerly Three-Year) Credit 
                  Agreement, dated as of September 1, 1993, as amended among 
                  Detroit Edison, Renaissance, the Banks party thereto and 
                  Barclays Bank, PLC, New York Branch, as Agent.

         99(n) -  1988 Amended and Restated Nuclear Fuel Heat Purchase
                  Contract, dated October 4, 1988, between Detroit Edison and
                  Renaissance.

         99(o) -  First Amendment to 1988 Amended and Restated Nuclear
                  Fuel Heat Purchase Contract, dated as of February 1, 1990,
                  between Detroit Edison and Renaissance.

         99(p) -  Second Amendment, dated as of September 1, 1993, to 1988 
                  Amended and Restated Nuclear Fuel Heat Purchase Contract
                  between Detroit Edison and Renaissance.

         99(q) -  Third Amendment, dated as of August 31, 1994, to 1988 Amended
                  and Restated Nuclear Fuel Heat Purchase Contract, dated 
                  October 4, 1988, between The Detroit Edison Company and
                  Renaissance Energy Company.

         99(r) -  Fourth Amendment, dated as of March 8, 1996, to 1988 Amended 
                  and Restated Nuclear Fuel Heat Purchase Contract Agreement, 
                  dated as of October 4, 1988, between Detroit Edison and 
                  Renaissance.

         99(s) -  Credit Agreement, dated as of March 1, 1996 among DTE Capital
                  Corporation, the Initial Lenders named therein, and Citibank,
                  N.A., as Agent.

    *Denotes management contract or compensatory plan or arrangement required
     to be filed as an exhibit to this report.