<PAGE>   1

                                                   EXHIBIT 4.1
Form of Supplemental Indenture
(Mortgage) for General and Refunding
Mortgage Bonds (including Form
of Mortgage Bonds).



                           THE DETROIT EDISON COMPANY
                              (2000 Second Avenue,
                            Detroit, Michigan 48226)

                                       TO
                              FIRST CHICAGO TRUST
                              COMPANY OF NEW YORK
                                (14 Wall Street,
                           New York, New York 10005)

                                                  AS TRUSTEE

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

                               FORM OF INDENTURE
                          Dated as of

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

                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                          DATED AS OF OCTOBER 1, 1924

                                 PROVIDING FOR

   (A) GENERAL AND REFUNDING MORTGAGE BONDS,      SERIES  , DUE

                                      AND

                         (B) RECORDING AND FILING DATA
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                                        i

                               TABLE OF CONTENTS*
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                                                                        PAGE
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PARTIES..............................................................     1
RECITALS
  Original Indenture and Supplementals...............................     1
  Issue of Bonds under Indenture.....................................     1
  Bonds heretofore issued............................................     1
  Reason for creation of new series..................................     5
  Indenture to be Amended and Bonds to be 20  Series  ...............     6
  Further Assurance..................................................     6
  Authorization of Supplemental Indenture............................     6
  Consideration for Supplemental Indenture...........................     6

                                   PART I.
                                  CREATION OF
                               SERIES OF BONDS
                    GENERAL AND REFUNDING MORTGAGE BONDS,
                                  20  SERIES
Sec. 1. Terms of Bonds of 20  Series  ...............................     7
Sec. 2. Redemption of Bonds of 20  Series  ..........................     8
        Exchange and transfer........................................     9
Sec. 3. Consent......................................................     9
Sec. 4. Form of Bonds of 20  Series  ................................    10
        Form of Trustee's Certificate................................    14

                                   PART II.
                          RECORDING AND FILING DATA
Recording and filing of Original Indenture...........................    15
Recording and filing of Supplemental Indentures......................    15
Recording of Certificates of Provision for Payment...................    19

                                  PART III.
                                 THE TRUSTEE
Terms and conditions of acceptance of trust by Trustee...............    19

                                  PART IV.
                               MISCELLANEOUS
Confirmation of Section 318(c) of Trust Indenture Act................    19
Execution in Counterparts............................................    19
Testimonium..........................................................    20
Execution............................................................    20
Acknowledgment of execution by Company...............................    20
Acknowledgment of execution by Trustee...............................    21
Affidavit as to consideration and good faith.........................    22
</TABLE>

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* This Table of Contents shall not have any bearing upon the interpretation of
  any of the terms or provisions of this Indenture.
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                                        1
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<S>                  <C>
PARTIES.             SUPPLEMENTAL INDENTURE, dated as of the     day of        , in the year
                                                              , between THE DETROIT EDISON
                     COMPANY, a corporation organized and existing under the laws of the State
                     of Michigan and a public utility (hereinafter called the "Company"),
                     party of the first part, and First Chicago Trust Company of New York, a
                     trust company organized and existing under the laws of the State of
                     New York, having its corporate trust office at 14 Wall Street, in the
                     Borough of Manhattan, The City and State of New York, as
                     successor Trustee under the Mortgage and Deed of Trust hereinafter
                     mentioned (hereinafter called the "Trustee"), party of the second part.

ORIGINAL             WHEREAS, the Company has heretofore executed and delivered its Mortgage
INDENTURE AND        and Deed of Trust (hereinafter referred to as the "Original Indenture"),
SUPPLEMENTALS.       dated as of October 1, 1924, to the Trustee, for the security of all bonds
                     of the Company outstanding thereunder, and pursuant to the terms and
                     provisions of the Original Indenture, indentures dated as of,
                     respectively, June 1, 1925, August 1, 1927, February 1, 1931, June 1,
                     1931, October 1, 1932, September 25, 1935, September 1, 1936, November 1,
                     1936, February 1, 1940, December 1, 1940, September 1, 1947, March 1,
                     1950, November 15, 1951, January 15, 1953, May 1, 1953, March 15, 1954,
                     May 15, 1955, August 15, 1957, June 1, 1959, December 1, 1966, October 1,
                     1968, December 1, 1969, July 1, 1970, December 15, 1970, June 15, 1971,
                     November 15, 1971, January 15, 1973, May 1, 1974, October 1, 1974, January
                     15, 1975, November 1, 1975, December 15, 1975, February 1, 1976, June 15,
                     1976, July 15, 1976, February 15, 1977, March 1, 1977, June 15, 1977, July
                     1, 1977, October 1, 1977, June 1, 1978, October 15, 1978, March 15, 1979,
                     July 1, 1979, September 1, 1979, September 15, 1979, January 1, 1980,
                     April 1, 1980, August 15, 1980, August 1, 1981, November 1, 1981, June 30,
                     1982, August 15, 1982, June 1, 1983, October 1, 1984, May 1, 1985, May 15,
                     1985, October 15, 1985, April 1, 1986, August 15, 1986, November 30, 1986,
                     January 31, 1987, April 1, 1987, August 15, 1987, November 30, 1987, June
                     15, 1989, July 15, 1989, December 1, 1989, February 15, 1990, November 1,
                     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,
                     July 15, 1992, July 31, 1992, November 30, 1992, December 15, 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, 1995, December 1, 1994,
                     August 1, 1995, August 1, 1999, August 15, 1999 and January 1, 2000,
                     April 15, 2000, August 1, 2000, and March 15, 2001 supplemental to the
                     Original Indenture, have heretofore been entered into between the Company
                     and the Trustee (the Original Indenture and all indentures supplemental thereto
                     together being hereinafter sometimes referred to as the "Indenture"); and

ISSUE OF             WHEREAS, the Indenture provides that said bonds shall be issuable in one
BONDS UNDER          or more series, and makes provision that the rates of interest and dates
INDENTURE.           for the payment thereof, the date of maturity or dates of maturity, if of
                     serial maturity, the terms and rates of optional redemption (if
                     redeemable), the forms of registered bonds without coupons of any series
                     and any other provisions and agreements in respect thereof, in the
                     Indenture provided and permitted, as the Board of Directors may determine,
                     may be expressed in a supplemental indenture to be made by the Company to
                     the Trustee thereunder; and

BONDS HERETOFORE     WHEREAS, bonds in the principal amount of
ISSUED.              dollars ($     ) have
                     heretofore been issued under the indenture as follows, viz:
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<TABLE>
<CAPTION>
                             [Update As Necessary]

                          <S>                                    <C>
                          (1)  Bonds of Series A                 -- Principal Amount $26,016,000,
                          (2)  Bonds of Series B                 -- Principal Amount $23,000,000,
                          (3)  Bonds of Series C                 -- Principal Amount $20,000,000,
                          (4)  Bonds of Series D                 -- Principal Amount $50,000,000,
                          (5)  Bonds of Series E                 -- Principal Amount $15,000,000,
                          (6)  Bonds of Series F                 -- Principal Amount $49,000,000,
                          (7)  Bonds of Series G                 -- Principal Amount $35,000,000,
                          (8)  Bonds of Series H                 -- Principal Amount $50,000,000,
                          (9)  Bonds of Series I                 -- Principal Amount $60,000,000,
                         (10)  Bonds of Series J                 -- Principal Amount $35,000,000,
                         (11)  Bonds of Series K                 -- Principal Amount $40,000,000,
</TABLE>
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                                        2
<TABLE>
                   <S>         <C>                              <C>
                         (12)  Bonds of Series L                 -- Principal Amount $24,000,000,
                         (13)  Bonds of Series M                 -- Principal Amount $40,000,000,
                         (14)  Bonds of Series N                 -- Principal Amount $40,000,000,
                         (15)  Bonds of Series O                 -- Principal Amount $60,000,000,
                         (16)  Bonds of Series P                 -- Principal Amount $70,000,000,
                         (17)  Bonds of Series Q                 -- Principal Amount $40,000,000,
                         (18)  Bonds of Series W                 -- Principal Amount $50,000,000,
                         (19)  Bonds of Series AA                -- Principal Amount $100,000,000,
                         (20)  Bonds of Series BB                -- Principal Amount $50,000,000,
                         (21)  Bonds of Series CC                -- Principal Amount $50,000,000,
                         (22)  Bonds of Series UU                -- Principal Amount $100,000,000,
                      (23-31)  Bonds of Series DDP Nos. 1-9      -- Principal Amount $14,305,000,
                      (32-45)  Bonds of Series FFR Nos. 1-14     -- Principal Amount $45,600,000,
                      (46-67)  Bonds of Series GGP Nos. 1-22     -- Principal Amount $42,300,000,
                         (68)  Bonds of Series HH                -- Principal Amount $50,000,000,
                      (69-90)  Bonds of Series IIP Nos. 1-22     -- Principal Amount $3,750,000,
                      (91-98)  Bonds of Series JJP Nos. 1-8      -- Principal Amount $6,850,000,
                     (99-107)  Bonds of Series KKP Nos. 1-9      -- Principal Amount $34,890,000,
                    (108-122)  Bonds of Series LLP Nos. 1-15     -- Principal Amount $8,850,000,
                    (123-143)  Bonds of Series NNP Nos. 1-21     -- Principal Amount $47,950,000,
                    (144-161)  Bonds of Series OOP Nos. 1-18     -- Principal Amount $18,880,000,
                    (162-180)  Bonds of Series QQP Nos. 1-19     -- Principal Amount $13,650,000,
                    (181-195)  Bonds of Series TTP Nos. 1-15     -- Principal Amount $3,800,000,
                        (196)  Bonds of 1980 Series A            -- Principal Amount $50,000,000,
                    (197-221)  Bonds of 1980 Series CP Nos. 1-25 -- Principal Amount $35,000,000,
                    (222-232)  Bonds of 1980 Series DP Nos. 1-11 -- Principal Amount $10,750,000,
                    (233-248)  Bonds of 1981 Series AP Nos. 1-16 -- Principal Amount $124,000,000,
                        (249)  Bonds of 1985 Series A            -- Principal Amount $35,000,000,
                        (250)  Bonds of 1985 Series B            -- Principal Amount $50,000,000,
                        (251)  Bonds of Series PP                -- Principal Amount $70,000,000,
                        (252)  Bonds of Series RR                -- Principal Amount $70,000,000,
                        (253)  Bonds of Series EE                -- Principal Amount $50,000,000,
                    (254-255)  Bonds of Series MMP and MMP No. 2 -- Principal Amount $5,430,000,
                        (256)  Bonds of Series T                 -- Principal Amount $75,000,000,
                        (257)  Bonds of Series U                 -- Principal Amount $75,000,000,
                        (258)  Bonds of 1986 Series B            -- Principal Amount $100,000,000,
                        (259)  Bonds of 1987 Series D            -- Principal Amount $250,000,000,
                        (260)  Bonds of 1987 Series E            -- Principal Amount $150,000,000,
                        (261)  Bonds of 1987 Series C            -- Principal Amount $225,000,000,
                        (262)  Bonds of Series V                 -- Principal Amount $100,000,000,
                        (263)  Bonds of Series SS                -- Principal Amount $150,000,000,
                        (264)  Bonds of 1980 Series B            -- Principal Amount $100,000,000,
                        (265)  Bonds of 1986 Series C            -- Principal Amount $200,000,000,
                        (266)  Bonds of 1986 Series A            -- Principal Amount $200,000,000,
                        (267)  Bonds of 1987 Series B            -- Principal Amount $175,000,000,
                        (268)  Bonds of Series X                 -- Principal Amount $100,000,000,
                        (269)  Bonds of 1987 Series F            -- Principal Amount $200,000,000,
                        (270)  Bonds of 1987 Series A            -- Principal Amount $300,000,000,
                        (271)  Bonds of Series Y                 -- Principal Amount $60,000,000,
                        (272)  Bonds of Series Z                 -- Principal Amount $100,000,000,
                        (273)  Bonds of 1989 Series A            -- Principal Amount $300,000,000,
                        (274)  Bonds of 1984 Series AP           -- Principal Amount $2,400,000,
                        (275)  Bonds of 1984 Series BP           -- Principal Amount $7,750,000,
                        (276)  Bonds of Series R                 -- Principal Amount $100,000,000,
                        (277)  Bonds of Series S                 -- Principal Amount $150,000,000,
                        (278)  Bonds of 1993 Series D            -- Principal Amount $100,000,000,
                        (279)  Bonds of 1992 Series E            -- Principal Amount $50,000,000,
                        (280)  Bonds of 1993 Series B            -- Principal Amount $50,000,000,
                        (281)  Bonds of 1989 Series BP           -- Principal Amount $66,565,000,

                   all of which have either been retired and cancelled, or no longer
                   represent obligations of the Company, having been called for redemption
                   and funds necessary to effect the payment, redemption and retirement
                   thereof having been deposited with the Trustee as a special trust fund to
                   be applied for such purpose;
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<S>               <C>
                 (282-287) Bonds of Series KKP Nos. 10-15 in the principal
                 amount of One hundred seventy-nine million five hundred ninety
                 thousand dollars ($179,590,000), of which Ninety million four
                 hundred ninety thousand dollars ($90,490,000) principal amount
                 have heretofore been retired and eighty-nine million one
                 hundred thousand dollars ($89,100,000) principal amount are
                 outstanding at the date hereof;

                 (288) Bonds of 1990 Series A in the principal amount of One
                 hundred ninety-four million six hundred forty-nine thousand
                 dollars ($194,649,000) of which Sixty-nine million sixty-nine
                 thousand dollars ($69,069,000) principal amount have heretofore
                 been retired and One hundred twenty-five million five hundred
                 eighty thousand dollars ($125,580,000) principal amount are
                 outstanding at the date hereof;

                 (289) Bonds of 1990 Series B in the principal amount of Two
                 hundred fifty-six million nine hundred thirty-two thousand
                 dollars ($256,932,000) of which One hundred four million six
                 hundred seventy-six thousand dollars ($104,676,000) principal
                 amount have heretofore been retired and One hundred fifty-two
                 million two hundred fifty-six thousand dollars ($152,256,000)
                 principal amount are outstanding at the date hereof;

                 (290) Bonds of 1990 Series C in the principal amount of
                 Eighty-five million four hundred seventy-five thousand dollars
                 ($85,475,000) of which Thirty-seven million six hundred nine
                 thousand dollars ($37,609,000) principal amount have heretofore
                 been retired and Forty-seven million eight hundred sixty-six
                 thousand dollars ($47,866,000) principal amount are outstanding
                 at the date hereof;

                 (291) Bonds of 1991 Series AP in the principal amount of
                 Thirty-two million three hundred seventy-five thousand dollars
                 ($32,375,000), all of which are outstanding at the date hereof;

                 (292) Bonds of 1991 Series BP in the principal amount of
                 Twenty-five million nine hundred ten thousand dollars
                 ($25,910,000), all of which are outstanding at the date hereof;

                 (293) Bonds of 1991 Series CP in the principal amount of
                 Thirty-two million eight hundred thousand dollars
                 ($32,800,000), all of which are outstanding at the date hereof;

                 (294) Bonds of 1991 Series DP in the principal amount of
                 Thirty-seven million six hundred thousand dollars
                 ($37,600,000), all of which are outstanding at the date hereof;

                 (295) Bonds of 1991 Series EP in the principal amount of
                 Forty-one million four hundred eighty thousand dollars
                 ($41,480,000), all of which are outstanding at the date hereof;

                 (296) Bonds of 1991 Series FP in the principal amount of
                 Ninety-eight million three hundred seventy-five thousand
                 dollars ($98,375,000), all of which are outstanding at the date
                 hereof;

                 (297) Bonds of 1992 Series BP in the principal amount of Twenty
                 million nine hundred seventy-five thousand dollars
                 ($20,975,000), all of which are outstanding at the date hereof;

                 (298) Bonds of 1992 Series AP in the principal amount of
                 Sixty-six million dollars ($66,000,000), all of which are
                 outstanding at the date hereof;

                 (299) Bonds of 1992 Series D in the principal amount of Three
                 hundred million dollars ($300,000,000), of which One hundred
                 three million four hundred fifty thousand dollars
                 ($103,450,000) principal amount have heretofore been retired
                 and

</TABLE>
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                                        4

                 One hundred ninety-six million ($196,550,000) principal amount
                 are outstanding at the date hereof;

                 (300) Bonds of 1992 Series CP in the principal amount of
                 Thirty-five million dollars ($35,000,000), all of which are
                 outstanding at the date hereof;

                 (301) Bonds of 1989 Series BP No. 2 in the principal amount of
                 Thirty-six million dollars ($36,000,000), all of which are
                 outstanding at the date hereof;

                 (302) Bonds of 1993 Series C in the principal amount of Two
                 hundred twenty-five million dollars ($225,000,000), of which
                 Sixty-one million six hundred thousand dollars
                 ($61,600,000,000) principal amount have heretofore been retired
                 and One hundred sixth-three million four hundred thousand
                 dollars ($163,400,000) principal amount are outstanding at the
                 date hereof;

                 (303) Bonds of 1993 Series E in the principal amount of Four
                 hundred million dollars ($400,000,000), of which Two hundred
                 thirteen million nine hundred thousand dollars ($213,900,000)
                 principal amount have heretofore been retired and One hundred
                 eighty-six million one hundred thousand dollars ($186,100,000)
                 principal amount are outstanding at the date hereof;

                 (304) Bonds of 1993 Series FP in the principal amount of Five
                 million six hundred eighty-five thousand dollars ($5,685,000),
                 all of which are outstanding at the date hereof;

                 (305) Bonds of 1993 Series G in the principal amount of Two
                 hundred twenty-five million dollars ($225,000,000), of which
                 One hundred twenty-five million dollars ($125,000,000)
                 principal amount have been retired and One hundred million
                 dollars ($100,000,000) principal amount are outstanding at the
                 date hereof;

                 (306) Bonds of 1993 Series J in the principal amount of Three
                 hundred million dollars ($300,000,000), of which One hundred
                 eleven million dollars ($111,000,000) principal amount have
                 heretofore been retired and One hundred eighty-nine million
                 dollars ($189,000,000) principal amount are outstanding at the
                 date hereof;

                 (307) Bonds of 1993 Series IP in the principal amount of Five
                 million eight hundred twenty-five thousand dollars
                 ($5,825,000), all of which are outstanding at the date hereof;

                 (308) Bonds of 1993 Series AP in the principal amount of
                 Sixty-five million dollars ($65,000,000), all of which are
                 outstanding at the date hereof;

                 (309) Bonds of 1993 Series H in the principal amount of Fifty
                 million dollars ($50,000,000), all of which are outstanding at
                 the date hereof;

                 (310) Bonds of 1993 Series K in the principal amount of One
                 hundred sixty million dollars ($160,000,000), all of which are
                 outstanding at the date hereof;

                 (311) Bonds of 1994 Series AP in the principal amount of Seven
                 million five hundred thirty-five thousand dollars ($7,535,000),
                 all of which are outstanding at the date hereof;

                 (312) Bonds of 1994 Series BP in the principal amount of Twelve
                 million nine hundred thirty-five thousand dollars
                 ($12,935,000), all of which are outstanding at the date hereof;

                 (313) Bonds of 1994 Series C in the principal amount of Two
                 hundred million dollars ($200,000,000), all of which are
                 outstanding at the date hereof;

                 (314) Bonds of 1994 Series DP in the principal amount of
                 Twenty-three million seven hundred thousand dollars
                 ($23,700,000), all of which are outstanding at the date hereof;

                 (315) Bonds of 1995 Series AP in the principal amount of
                 Ninety-seven million dollars ($97,000,000), all of which are
                 outstanding at the date hereof;


<PAGE>   7
                                        5

                 (316) Bonds of 1995 Series BP in the principal amount of
                 Twenty-two million, one hundred seventy-five thousand dollars
                 ($22,175,000), all of which are outstanding at the date hereof;

                 (317) Bonds of 1999 Series AP in the principal amount of One
                 hundred eighteen million three hundred sixty thousand dollars
                 ($118,360,000), all of which are outstanding at the date
                 hereof;

                 (318) Bonds of 1999 Series BP in the principal amount of
                 Thirty-nine million seven hundred forty-five thousand dollars
                 ($39,745,000), all of which are outstanding of the date hereof;

                 (319) Bonds of 1999 Series CP in the principal amount of
                 Sixty-six million five hundred sixty-five thousand dollars
                 ($66,565,000), all of which are outstanding at the date hereof;

                 (320) Bonds of 1999 Series D in the principal amount of Forty
                 million dollars ($40,000,000), all of which are outstanding at
                 the date hereof;

                 (321) Bonds of 2000 Series A in the principal amount of Two
                 Hundred Twenty million dollars ($220,000,000) of which Five
                 million six hundred seventy thousand dollars ($5,670,000)
                 principal amount have heretofore been retried and Two hundred
                 fourteen million three hundred thirty thousand dollars
                 ($214,330,000) principal amount are outstanding at the date
                 hereof;

                 (322) Bonds of 2000 Series B in the principal amount of Fifty
                 million seven hundred forty-five thousand dollars
                 ($50,745,000), all of which are outstanding at the date hereof;
                 and

                 accordingly, the Company has issued and has presently
                 outstanding aggregate principal amount of its General and
                 Refunding Mortgage Bonds (the "Bonds") at the date hereof; and

REASON FOR          WHEREAS, the Company desires to issue and sell a new series
CREATION OF      of bonds to be issued under the Indenture in the aggregate
NEW SERIES.      principal amount of up to    million dollars ($             )
                 to be authenticated and delivered pursuant to Section   of
                 Article     of the Indenture; and



<PAGE>   8

                                        6
<TABLE>
<S>                  <C>
INDENTURE TO BE          WHEREAS, the Company desires by this Supplemental Indenture to agree
AMENDED AND BONDS    with the Trustee to amend the Indenture and to create such new series of
TO BE                bonds, to be designated "General and Refunding Mortgage Bonds, 20  Series
SERIES   .              "; and

FURTHER                  WHEREAS, the Original Indenture, by its terms, includes in the
ASSURANCE.           property subject to the lien thereof all of the estates and properties,
                     real, personal and mixed, rights, privileges and franchises of every
                     nature and kind and wheresoever situate, then or thereafter owned or
                     possessed by or belonging to the Company or to which it was then or at any
                     time thereafter might be entitled in law or in equity (saving and
                     excepting, however, the property therein specifically excepted or released
                     from the lien thereof), and the Company therein covenanted that it would,
                     upon reasonable request, execute and deliver such further instruments as
                     may be necessary or proper for the better assuring and confirming unto the
                     Trustee all or any part of the trust estate, whether then or thereafter
                     owned or acquired by the Company (saving and excepting, however, property
                     specifically excepted or released from the lien thereof); and

AUTHORIZATION OF         WHEREAS, the Company in the exercise of the powers and authority
SUPPLEMENTAL         conferred upon and reserved to it under and by virtue of the provisions of
INDENTURE.           the Indenture, and pursuant to resolutions of its Board of Directors has
                     duly resolved and determined to make, execute and deliver to the Trustee a
                     supplemental indenture in the form hereof for the purposes herein
                     provided; and

                         WHEREAS, all conditions and requirements necessary to make this
                     Supplemental Indenture a valid and legally binding instrument in
                     accordance with its terms have been done, performed and fulfilled, and the
                     execution and delivery hereof have been in all respects duly authorized;

CONSIDERATION FOR        NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The Detroit Edison
SUPPLEMENTAL         Company, in consideration of the premises and of the covenants contained
INDENTURE.           in the Indenture and of the sum of One Dollar ($1.00) and other good and
                     valuable consideration to it duly paid by the Trustee at or before the
                     ensealing and delivery of these presents, the receipt whereof is hereby
                     acknowledged, hereby covenants and agrees to and with the Trustee and its
                     successors in the trusts under the Original Indenture and in said
                     indentures supplemental thereto as follows:
</TABLE>
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<TABLE>
<CAPTION>


                                       PART I.
                              CREATION OF
                                   SERIES OF BONDS.
                        GENERAL AND REFUNDING MORTGAGE BONDS,
                                       20  SERIES

<S>                  <C>
TERMS OF BONDS           SECTION 1. The Company hereby creates the
OF 20  SERIES  .                      series of bonds to be issued under and secured by the
                     Original Indenture as amended to date and as further amended by this
                     Supplemental Indenture, to be designated, and to be distinguished from the
                     bonds of all other series, by the title "General and Refunding Mortgage
                     Bonds, 20  Series  " (elsewhere herein referred to as the "bonds of 20
                     Series  "). The aggregate principal amount of bonds of 20  Series  shall
                     be limited to                 million dollars ($             ), except as
                     provided in Sections 7 and 13 of Article II of the Original Indenture with
                     respect to exchanges and replacements of bonds.

                         The bonds of 20  Series  shall mature on              and shall be
                     issued as registered bonds without coupons in denominations of $1,000 and
                     any multiple thereof, and shall bear interest, payable [semi-annually] on
                           and           of each year (commencing on                  ), at the
                     rate of                          per centum (   %) per annum [if variable
                     rate, insert variable rate provisions] until the principal shall have
                     become due and payable, and thereafter until the Company's obligation with
                     respect to the payment of said principal shall have been discharged as
                     provided in the Indenture. Except as otherwise specifically provided in
                     this Supplemental Indenture, the principal of and interest on the bonds of
                     20  Series  shall be payable at the office or agency of the Company in the
                     Borough of Manhattan, The City of New York, The State of New York in any
                     coin or currency of the United States of America which at the time of
                     payment is legal tender for public and private debts. The interest on
                     bonds of 20  Series  , whether in temporary or definitive form, shall be
                     payable without presentation of such bonds and (subject to the provisions
                     of this Section 1) only to or upon the written order of the registered
                     holders thereof.

                         Each bond of 20  Series  shall be dated the date of its authentication
                     and interest shall be payable on the principal represented thereby from
                     the           or       next preceding the date thereof to which interest
                     has been paid on bonds of 20  Series  , unless the bond is authenticated
                     on a date to which interest has been paid, in which case interest shall be
                     payable from the date of authentication, or unless the date of
                     authentication is prior to              , in which case interest shall be
                     payable from                on the bond of 20  Series  originally
                     evidencing the debt represented thereby.

                         The bonds of 20  Series  in definitive form shall be, at the election
                     of the Company, fully engraved or shall be lithographed or printed in
                     authorized denominations as aforesaid and numbered 1 and upwards (with
                     such further designation as may be appropriate and desirable to indicate
                     by such designation the form, series and denomination of bonds of 20
                     Series  ). Until bonds of 20  Series  in definitive form are ready for
                     delivery, the Company may execute, and upon its request in writing the
                     Trustee shall authenticate and deliver in lieu thereof, bonds of 20
                     Series  in temporary form, as provided in Section 10 of Article II of the
                     Indenture. Temporary bonds of 20  Series  , if any, may be printed and may
                     be issued in authorized denominations in substantially the form of
                     definitive bonds of 20  Series  , but without a recital of redemption
                     prices and with such omissions, insertions and variations as may be
                     appropriate for temporary bonds, all as may be determined by the Company.

                         Interest on any bond of 20  Series  which is payable on any interest
                     payment date and is punctually paid or duly provided for shall be paid to
                     the person in whose name that bond, or any previous bond to the extent
                     evidencing the same debt as that evidenced by that bond, is registered at
                     the close of business on the regular record date for such interest, which
                     regular record date shall be the           day of      or          as the
                     case may be (whether or not a business day) next preceding such interest
                     payment date. If the Company shall default in the payment of the interest
                     due on any interest payment date on the principal represented by any bond
                     of 20  Series  ,
</TABLE>
<PAGE>   10

                                        8
<TABLE>
<S>                  <C>
                     such defaulted interest shall forthwith cease to be payable to the
                     registered holder of that bond on the relevant regular record date by
                     virtue of his having been such holder, and such defaulted interest may be
                     paid to the registered holder of that bond (or any bond or bonds of 20
                     Series  issued upon transfer or exchange thereof) on the date of payment
                     of such defaulted interest or, at the election of the Company, to the
                     person in whose name that bond (or any bond or bonds of 20  Series  issued
                     upon transfer or exchange thereof) is registered on a subsequent record
                     date established by notice given by mail by or on behalf of the Company to
                     the holders of bonds of 20  Series  not less than ten (10) days preceding
                     such subsequent record date, which subsequent record date shall be at
                     least five (5) days prior to the payment date of such defaulted interest.


REDEMPTION OF            SECTION 2. The bonds of 20  Series  shall be redeemable prior to
BONDS OF 20          stated maturity, at the election of the Company on any date prior to
SERIES  .            maturity, as a whole, or in part from time to time, by lot, at the
                     following redemption prices (expressed as percentages of the principal
                     amount thereof) plus in each case accrued interest to the date fixed for
                     redemption:
</TABLE>

<TABLE>
<CAPTION>
                       IF REDEEMED                                    IF REDEEMED
                     DURING 12 MONTH           REDEMPTION           DURING 12 MONTH           REDEMPTION
                      PERIOD ENDING              PRICE               PERIOD ENDING              PRICE
                     ---------------           ----------           ---------------           ----------
<S>                  <C>                       <C>                  <C>                       <C>
</TABLE>


                    provided, however, that prior to              no bonds
                    of 20  Series  may be redeemed, directly or indirectly,
                    from or in anticipation of the proceeds of any refunding
                    operation involving borrowing, at an interest cost to the
                    Company, computed in accordance with generally accepted
                    financial practice, of less than      % per annum.

                    The bonds of 20  Series  shall be redeemable as aforesaid
                    and except as otherwise provided herein, and as specified
                    in Article IV of the Indenture upon giving notice
                    of such redemption by first class mail, postage prepaid, by
                    or on behalf of the Company at least thirty (30) days, but
                    not more than ninety (90) days, prior to the date fixed for
                    redemption to the registered holders of bonds of 20  Series
                    so called for redemption at their last respective addresses
                    appearing on the register thereof, but failure to mail such
                    notice to the registered holders of any bonds of 20 Series
                    designated for redemption shall not affect the validity of
                    any such redemption of any other bonds of such series.
                    Interest shall cease to accrue on any bonds of 20  Series
                    (or any portion thereof) so called for redemption from and
                    after the date fixed for redemption if payment sufficient
                    to redeem the bonds of 20  Series  (or such portion)
                    designated for redemption has been duly provided for. Bonds
                    of 20  Series  redeemed in part only shall be in amounts of
                    $1,000 or any multiple thereof.

                    If the giving of the notice of redemption shall have
                    been completed, or if provision satisfactory to the Trustee
                    for the giving of such notice shall have been made, and if
                    the Company shall have deposited with the Trustee in trust
                    funds (which shall have become available for payment to the
                    holders of the bonds of 20  Series  so to be redeemed)
                    sufficient to redeem bonds of 20  Series  in whole or in
                    part, on the date fixed for redemption, then all
                    obligations of the Company in respect of such bonds (or
                    portions thereof) so to be redeemed and interest due or to
                    become due thereon shall cease and be discharged and the
                    holders of such bonds of 20  Series  (or portions thereof)
                    shall
<PAGE>   11

                                        9
<TABLE>
<S>                  <C>
                     thereafter be restricted exclusively to such funds for any and all claims
                     of whatsoever nature on their part under the Indenture or in respect of
                     such bonds (or portions thereof) and interest.
                     The bonds of 20  Series  [shall] [not] be entitled to or subject to any
                     sinking fund.

EXCHANGE AND           At the option of the registered holder, any bonds of 20  Series  , upon
TRANSFER.            surrender thereof for cancellation at the office or agency of the Company
                     in the Borough of Manhattan, The City of New York, The State of New York,
                     together with a written instrument of transfer (if so required by the
                     Company or by the Trustee) in form approved by the Company duly executed
                     by the holder or by its duly authorized attorney, shall be exchangeable
                     for a like aggregate principal amount of bonds of 20  Series  of other
                     authorized denominations, upon the terms and conditions specified herein
                     and in Section 7 of Article II of the Indenture. Bonds of 20  Series
                     shall be transferable at the office or agency of the Company in the
                     Borough of Manhattan, The City of New York, The State of New York. The
                     Company waives its rights under Section 7 of Article II of the Indenture
                     not to make exchanges or transfers of bonds of 20  Series  during any
                     period of ten (10) days next preceding any interest payment date for such
                     bonds.

                       Bonds of 20  Series  , in definitive and temporary form, may bear such
                     legends as may be necessary to comply with any law or with any rules or
                     regulations made pursuant thereto or with the rules or regulations of any
                     stock exchange or to conform to usage with respect thereto.

CONSENT.               SECTION 3. The holders of bonds of the 20  Series   consent that the
                     Company may, but shall not be obligated to, fix a record date for the
                     purpose of determining the holders of bonds of 20  Series   entitled to
                     consent to any amendment, supplement or waiver. If a record date is fixed,
                     those persons who were holders at such record date (or their duly
                     designated proxies), and only those persons, shall be entitled to consent
                     to such amendment, supplement or waiver or to revoke any consent
                     previously given, whether or not such persons continue to be holders after
                     such record date. No such consent shall be valid or effective for more
                     than 90 days after such record date.
</TABLE>
<PAGE>   12

                                       10
<TABLE>
<S>                  <C>
FORM OF              SECTION 4. The bonds of 20  Series  and the form of Trustee's Certificate
BONDS OF             to be endorsed on such bonds shall be substantially in the following
20  SERIES  .        forms, respectively:

                                     [FORM OF FACE OF BOND]

                                  THE DETROIT EDISON COMPANY
                              GENERAL AND REFUNDING MORTGAGE BOND
                                    20  Series  ,[   %] due
                     [$             IF REGISTERED                 No.

                        THE DETROIT EDISON COMPANY (hereinafter called the "Company"), a
                     corporation of the State of Michigan, for value received, hereby promises
                     to pay to                     or registered assigns, at its office or
                     agency in the Borough of Manhattan, The City and State of New York, the
                     principal sum of           in lawful money of the United States of America
                     on the     day of            , and to pay interest thereon at the rate
                     specified in the title hereof, at such office or agency, in like lawful
                     money, from                , and after the first interest payment on bonds
                     of this Series has been made or otherwise provided for, from the most
                     recent date to which such interest has been paid, [semi-annually] on the
                         day of     and         in each year (commencing on                  ),
                     to the person in whose name this bond is registered at the close of
                     business on the          day of the preceding      or            (subject
                     to certain exceptions provided in the Indenture hereinafter mentioned),
                     until the Company's obligation with respect to payment of said principal
                     shall have been discharged, all as provided, to the extent and in the
                     manner specified in such Indenture hereinafter mentioned on the reverse
                     hereof and in the supplemental indenture pursuant to which this bond has
                     been issued.]

                     [$                      IF BOOK-ENTRY           No.

                       Unless and until this Bond is exchanged in whole or in part for certified
                     Bonds registered in the names of the various beneficial holders hereof as
                     then certified to the Trustee by The Depository Trust Company or its
                     successor (the "Depositary"), this Bond may not be transferred except as a
                     whole by the Depositary to a nominee of the Depositary or by a nominee of
                     the Depositary to the Depositary or another nominee of the Depositary or
                     by the Depositary or any such nominee to a successor Depositary or a
                     nominee of such successor Depositary. Unless this certificate is presented
                     by an authorized representative of the Depositary to the issuer or its
                     agent for registration of transfer, exchange or payment, and any
                     certificate to be issued is registered in the name of Cede & Co. or such
                     other name as requested by an authorized representative of the Depositary
                     and any amount payable thereunder is made payable to Cede & Co. or such
                     other name, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
                     OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner
                     hereof, Cede & Co., has an interest herein.

                       This Bond may be exchanged for certificated Bonds registered in the names
                     of the various beneficial owners hereof only if (a) the Depositary is at
                     any time unwilling or unable to continue as depositary and a successor
                     depositary is not appointed by the issuer within 90 days, or (b) the
                     issuer, the Trustee and the Depositary consent to such exchange.]
                     Reference is hereby made to the further provisions of this bond set forth
                     on the reverse hereof and such further provisions shall for all purposes
                     have the same effect as though set forth at this place.

                       This bond shall not be valid or become obligatory for any purpose until
                     First Chicago Trust Company of New York, the Trustee under the Indenture
                     hereinafter mentioned on the reverse hereof, or its successor thereunder,
                     shall have signed the form of certificate endorsed hereon.
</TABLE>
<PAGE>   13
                                      11

                IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused this
         instrument to be executed on its behalf by its Chairman of the Board
         and its President or a Vice President, with their manual or facsimile
         signatures, and its corporate seal, or a facsimile thereof, to be
         impressed or imprinted hereon and the same to be attested by its
         Secretary or an Assistant Secretary by manual or facsimile signature.

         Dated:                         THE DETROIT EDISON COMPANY

                                        By
                                           ----------------------------
                                              Chairman of the Board

                                           ----------------------------
                                              Vice President
         [SEAL]                                and Treasurer

         Attest:

                 -----------------------------------------------
                 Secretary
<PAGE>   14

                                       12

                               [FORM OF REVERSE OF BOND]

                This bond is one of an authorized issue of bonds of the
         Company, unlimited as to amount except as provided in the Indenture
         hereinafter mentioned or any indentures supplemental thereto, and is
         one of a series of said bonds known as General and Refunding Mortgage
         Bonds, 20  Series   (elsewhere herein referred to as the "bonds of 20
         Series  "), limited to an aggregate principal amount of $
         , except as otherwise provided in the Indenture hereinafter mentioned.
         This bond and all other bonds of said series are issued and to be
         issued under, and are all equally and ratably secured (except insofar
         as any sinking, amortization, improvement or analogous fund,
         established in accordance with the provisions of the Indenture
         hereinafter mentioned, may afford additional security for the bonds of
         any particular series and except as provided in Section 3 of Article
         VI of said Indenture) by an Indenture, dated as of October 1, 1924,
         duly executed by the Company to First Chicago Trust Company of New
         York, a trust company of the State of New York, as successor Trustee,
         to which Indenture and all indentures supplemental thereto (including
         the Supplemental Indenture dated as of                   ) reference is
         hereby made for a description of the properties and franchises
         mortgaged and conveyed, the nature and extent of the security, the
         terms and conditions upon which the bonds are issued and under which
         additional bonds may be issued, and the rights of the holders of the
         bonds and of the Trustee in respect of such security (which Indenture
         and all indentures supplemental thereto, including the Supplemental
         Indenture dated as of                 , are hereinafter collectively
         called the "Indenture"). As provided in the Indenture, said bonds may
         be for various principal sums and are issuable in series, which may
         mature at different times, may bear interest at different rates and
         may otherwise vary as in said Indenture provided. With the consent of
         the Company and to the extent permitted by and as provided in the
         Indenture, the rights and obligations of the Company and of the
         holders of the bonds and the terms and provisions of the Indenture,
         or of any indenture supplemental thereto, may be modified or alted in
         certain respects by affirmative vote of at least eighty-five percent
         (85%) in principal amount of the bonds then outstanding, and, if the
         rights of one or more, but less than all, series of bonds then
         outstanding are to be affected by the action proposed to be taken,
         then also by affirmative vote of at least eighty-five percent (85%)
         in principal amount of the series of bonds so to be affected
         (excluding in every instance bonds disqualified from voting by reason
         of the Company's interest therein as specified in the Indenture);
         provided, however, that, without the consent of the holder hereof, no
         such modification or alteration shall, among other things, affect the
         terms of payment of the principal of, or the interest on, this bond,
         which in those respects is unconditional.


                                          If Book-Entry

                [The holder of this bond of 20  Series   hereby consents that
         the Company may, but shall not be obligated to, fix a record date for
         the purpose of determining the holders of bonds of this series
         entitled to consent to any amendment, supplement or waiver. If a
         record date is fixed, those persons who were holders at such record
         date (or their duly designated proxies), and only those persons, shall
         be entitled to consent to such amendment, supplement or waiver or to
         revoke any consent previously given, whether or not such persons
         continue to be holders after such record date. No such consent shall
         be valid or effective for more than 90 days after such record date.]

                This bond is redeemable on giving notice of such redemption by
         first class mail, postage prepaid, by or on behalf of the Company at
         least thirty (30) days, but not more than ninety (90) days, prior to
         the date fixed for redemption to the registered holder of this bond
         at his last address appearing on the register thereof, in the manner
         and upon the terms provided in the Indenture, at the election of the
         Company on any date as a whole or in part by lot, from time to time,
         at the following redemption prices (expressed


<PAGE>   15

                                       13

                 as percentages of the principal amount hereof) plus in each
                 case accrued interest to the date fixed for redemption:

<TABLE>
<CAPTION>
                       IF REDEEMED                                    IF REDEEMED
                     DURING 12 MONTH           REDEMPTION           DURING 12 MONTH           REDEMPTION
                      PERIOD ENDING              PRICE               PERIOD ENDING              PRICE
                     ---------------           ----------           ---------------           ----------
<S>                  <C>                      <C>                  <C>                       <C>
</TABLE>

         provided, however, that prior to             , no bonds of 20
         Series  may be redeemed, directly or indirectly, from the proceeds or
         in anticipation of any refunding operation involving borrowing at an
         interest cost to the Company, computed in accordance with generally
         accepted financial practice, of less than      % per annum.

           Under the Indenture, funds may be deposited with the Trustee
         (which shall have become available for payment), in advance of the
         redemption date of any of the bonds of 20  Series  (or portions
         thereof), in trust for the redemption of such bonds (or portions
         thereof) and the interest due or to become due thereon, and thereupon
         all obligations of the Company in respect of such bonds (or portions
         thereof) so to be redeemed and such interest shall cease and be
         discharged, and the holders thereof shall thereafter be restricted
         exclusively to such funds for any and all claims of whatsoever nature
         on their part under the Indenture or with respect to such bonds (or
         portions thereof) and interest.

           The bonds of 20  Series  , including this bond, [shall] [not] be
         entitled or subject to a sinking fund.

           In case an event of default, as defined in the Indenture, shall
         occur, the principal of all the bonds issued thereunder may become or
         be declared due and payable, in the manner, with the effect and
         subject to the conditions, provided in the Indenture.

           This bond is transferable by the registered holder hereof, in person
         or by his attorney duly authorized in writing, on the books of the
         Company kept at its office or agency in the Borough of Manhattan,
         The City and State of New York, upon surrender and cancellation of
         this bond, and, thereupon, a new registered bond or bonds of the same
         series of authorized denominations for a like aggregate principal
         amount will be issued to the transferee or transferees in exchange
         herefor, and this bond with others of like form may in like manner be
         exchanged for one or more new registered bonds of the same series of
         other authorized denominations, but of the same aggregate principal
         amount, all as provided and upon the terms and conditions set forth in
         the Indenture, and upon payment, in any event, of the charges
         prescribed in the Indenture.

           No recourse shall be had for the payment of the principal of, or
         the interest on, this bond, or for any claim based hereon or otherwise
         in respect hereof or of the Indenture, or of any indenture
         supplemental thereto, against any incorporator, or against any past,
         present or future stockholder, director or officer, as such, of the
         Company, or of any predecessor or successor corporation, either
         directly or through the Company or any such predecessor or successor
         corporation, whether for amounts unpaid on stock subscriptions or by
         virtue of any constitution, statute or rule of law, or by the
         enforcement of any assessment or penalty or otherwise howsoever; all
         such liability being, by the acceptance hereof and as part of the
         consideration for the issue hereof, expressly waived and released by
         every holder or owner hereof, as more fully provided in the Indenture.
<PAGE>   16

                                       14


                     expressly waived and released by every holder or owner
                     hereof, as more fully provided in the Indenture.

                                 [FORM OF TRUSTEE'S CERTIFICATE]

<TABLE>
<S>                  <C>
FORM OF              This bond is one of the bonds, of the series designated therein, described
TRUSTEE'S            in the within-mentioned Indenture.
CERTIFICATE.
</TABLE>

                                               FIRST CHICAGO TRUST COMPANY
                                                  OF NEW YORK,
                                                                      as Trustee

                                               By ..............................
                                                  Authorized Officer
<PAGE>   17

                                       15
<TABLE>
<CAPTION>
                                             PART II.
                                    RECORDING AND FILING DATA
<S>                  <C>
RECORDING AND            The Original Indenture and indentures supplemental thereto have been
FILING OF ORIGINAL   recorded and/or filed and Certificates of Provision for Payment have been
INDENTURE.           recorded as hereinafter set forth.

                         The Original Indenture has been recorded as a real estate mortgage and
                     filed as a chattel mortgage in the offices of the respective Registers of
                     Deeds of certain counties in the State of Michigan as set forth in the
                     Supplemental Indenture dated as of September 1, 1947, has been recorded as
                     a real estate mortgage in the office of the Register of Deeds of Genesee
                     County, Michigan as set forth in the Supplemental Indenture dated as of
                     May 1, 1974, has been filed in the Office of the Secretary of State of
                     Michigan on November 16, 1951 and has been filed and recorded in the
                     office of the Interstate Commerce Commission on December 8, 1969.

RECORDING AND            Pursuant to the terms and provisions of the Original Indenture,
FILING OF            indentures supplemental thereto heretofore entered into have been recorded
SUPPLEMENTAL         as a real estate mortgage and/or filed as a chattel mortgage or as a
INDENTURES.          financing statement in the offices of the respective Registers of Deeds of
                     certain counties in the State of Michigan, the Office of the Secretary of
                     State of Michigan and the Office of the Interstate Commerce Commission, as
                     set forth in supplemental indentures as follows:
</TABLE>

<TABLE>
<CAPTION>
                                                                                    RECORDED AND/OR
                                                                                   FILED AS SET FORTH
                                                                                           IN
                               SUPPLEMENTAL                    PURPOSE OF             SUPPLEMENTAL
                                INDENTURE                     SUPPLEMENTAL             INDENTURE
                               DATED AS OF                     INDENTURE              DATED AS OF:
                    ----------------------------------  ------------------------   ------------------
                    <S>                                 <C>                        <C>
                    June 1, 1925(a)(b)................  Series B Bonds             February 1, 1940
                    August 1, 1927(a)(b)..............  Series C Bonds             February 1, 1940
                    February 1, 1931(a)(b)............  Series D Bonds             February 1, 1940
                    June 1, 1931(a)(b)................  Subject Properties         February 1, 1940
                    October 1, 1932(a)(b).............  Series E Bonds             February 1, 1940
                    September 25, 1935(a)(b)..........  Series F Bonds             February 1, 1940
                    September 1, 1936(a)(b)...........  Series G Bonds             February 1, 1940
                    November 1, 1936(a)(b)............  Subject Properties         February 1, 1940
                    February 1, 1940(a)(b)............  Subject Properties         September 1, 1947
                    December 1, 1940(a)(b)............  Series H Bonds and         September 1, 1947
                                                          Additional Provisions
                    September 1, 1947(a)(b)(c)........  Series I Bonds,            November 15, 1951
                                                          Subject Properties and
                                                          Additional Provisions
                    March 1, 1950(a)(b)(c)............  Series J Bonds             November 15, 1951
                                                          and Additional
                                                          Provisions
                    November 15, 1951(a)(b)(c)........  Series K Bonds             January 15, 1953
                                                          Additional Provisions
                                                          and Subject Properties
                    January 15, 1953(a)(b)............  Series L Bonds             May 1, 1953
                    May 1, 1953(a)....................  Series M Bonds             March 15, 1954
                                                          and Subject Properties
                    March 15, 1954(a)(c)..............  Series N Bonds             May 15, 1955
                                                          and Subject Properties
                    May 15, 1955(a)(c)................  Series O Bonds             August 15, 1957
                                                          and Subject Properties
                    August 15, 1957(a)(c).............  Series P Bonds             June 1, 1959
                                                          Additional Provisions
                                                          and Subject Properties
                    June 1, 1959(a)(c)................  Series Q Bonds             December 1, 1966
                                                          and Subject Properties
                    December 1, 1966(a)(c)............  Series R Bonds             October 1, 1968
                                                          Additional Provisions
                                                          and Subject Properties
                    October 1, 1968(a)(c).............  Series S Bonds             December 1, 1969
                                                          and Subject Properties
</TABLE>
<PAGE>   18

                                        16
<TABLE>
<CAPTION>
                                                                                    RECORDED AND/OR
                                                                                   FILED AS SET FORTH
                                                                                           IN
                               SUPPLEMENTAL                    PURPOSE OF             SUPPLEMENTAL
                                INDENTURE                     SUPPLEMENTAL             INDENTURE
                               DATED AS OF                     INDENTURE              DATED AS OF:
                    ----------------------------------  ------------------------   ------------------
                    <S>                                 <C>                        <C>
                    December 1, 1969(a)(c)............  Series T Bonds             July 1, 1970
                                                          and Subject Properties
                    July 1, 1970(c)...................  Series U Bonds             December 15, 1970
                                                          and Subject Properties
                    December 15, 1970(c)..............  Series V and               June 15, 1971
                                                          Series W Bonds
                    June 15, 1971(c)..................  Series X Bonds             November 15, 1971
                                                          and Subject Properties
                    November 15, 1971(c)..............  Series Y Bonds             January 15, 1973
                                                          and Subject Properties
                    January 15, 1973(c)...............  Series Z Bonds             May 1, 1974
                                                          and Subject Properties
                    May 1, 1974.......................  Series AA Bonds            October 1, 1974
                                                          and Subject Properties
                    October 1, 1974...................  Series BB Bonds            January 15, 1975
                                                          and Subject Properties
                    January 15, 1975..................  Series CC Bonds            November 1, 1975
                                                          and Subject Properties
                    November 1, 1975..................  Series DDP Nos. 1-9        December 15, 1975
                                                          Bonds and Subject
                                                          Properties
                    December 15, 1975.................  Series EE Bonds            February 1, 1976
                                                          and Subject Properties
                    February 1, 1976..................  Series FFR Nos. 1-13       June 15, 1976
                                                          Bonds
                    June 15, 1976.....................  Series GGP Nos. 1-7        July 15, 1976
                                                          Bonds and Subject
                                                          Properties
                    July 15, 1976.....................  Series HH Bonds            February 15, 1977
                                                          and Subject Properties
                    February 15, 1977.................  Series MMP Bonds and       March 1, 1977
                                                          Subject Properties
                    March 1, 1977.....................  Series IIP Nos. 1-7        June 15, 1977
                                                          Bonds, Series JJP Nos.
                                                          1-7 Bonds, Series KKP
                                                          Nos. 1-7 Bonds and
                                                          Series LLP Nos. 1-7
                                                          Bonds
                    June 15, 1977.....................  Series FFR No. 14 Bonds    July 1, 1977
                                                          and Subject Properties
                    July 1, 1977......................  Series NNP Nos. 1-7        October 1, 1977
                                                          Bonds and Subject
                                                          Properties
                    October 1, 1977...................  Series GGP Nos. 8-22       June 1, 1978
                                                          Bonds and Series OOP
                                                          Nos. 1-17 Bonds and
                                                          Subject Properties
                    June 1, 1978......................  Series PP Bonds,           October 15, 1978
                                                          Series QQP Nos. 1-9
                                                          Bonds and Subject
                                                          Properties
                    October 15, 1978..................  Series RR Bonds            March 15, 1979
                                                          and Subject Properties
                    March 15, 1979....................  Series SS Bonds            July 1, 1979
                                                          and Subject Properties
</TABLE>
<PAGE>   19

                                       17
<TABLE>
<CAPTION>
                                                                                    RECORDED AND/OR
                                                                                   FILED AS SET FORTH
                                                                                           IN
                               SUPPLEMENTAL                    PURPOSE OF             SUPPLEMENTAL
                                INDENTURE                     SUPPLEMENTAL             INDENTURE
                               DATED AS OF                     INDENTURE              DATED AS OF:
                    ----------------------------------  ------------------------   ------------------
                    <S>                                 <C>                        <C>
                    July 1, 1979......................  Series IIP Nos. 8-22       September 1, 1979
                                                          Bonds, Series NNP Nos.
                                                          8-21 Bonds and Series
                                                          TTP Nos. 1-15 Bonds
                                                          and Subject Properties
                    September 1, 1979.................  Series JJP No. 8 Bonds,    September 15, 1979
                                                          Series KKP No. 8
                                                          Bonds, Series LLP Nos.
                                                          8-15 Bonds, Series MMP
                                                          No. 2 Bonds and Series
                                                          OOP No. 18 Bonds and
                                                          Subject Properties
                    September 15, 1979................  Series UU Bonds            January 1, 1980
                    January 1, 1980...................  1980 Series A Bonds and    April 1, 1980
                                                          Subject Properties
                    April 1, 1980.....................  1980 Series B Bonds        August 15, 1980
                    August 15, 1980...................  Series QQP Nos. 10-19      August 1, 1981
                                                          Bonds, 1980 Series CP
                                                          Nos. 1-12 Bonds and
                                                          1980 Series DP No.
                                                          1-11 Bonds and Subject
                                                          Properties
                    August 1, 1981....................  1980 Series CP Nos.        November 1, 1981
                                                          13-25 Bonds and
                                                          Subject Properties
                    November 1, 1981..................  1981 Series AP Nos. 1-12   June 30, 1982
                                                          Bonds
                    June 30, 1982.....................  Article XIV                August 15, 1982
                                                          Reconfirmation
                    August 15, 1982...................  1981 Series AP Nos.        June 1, 1983
                                                          13-14 and Subject
                                                          Properties
                    June 1, 1983......................  1981 Series AP Nos.        October 1, 1984
                                                          15-16 and Subject
                                                          Properties
                    October 1, 1984...................  1984 Series AP and 1984    May 1, 1985
                                                          Series BP Bonds and
                                                          Subject Properties
                    May 1, 1985.......................  1985 Series A Bonds        May 15, 1985
                    May 15, 1985......................  1985 Series B Bonds and    October 15, 1985
                                                          Subject Properties
                    October 15, 1985..................  Series KKP No. 9 Bonds     April 1, 1986
                                                          and Subject Properties
</TABLE>
<PAGE>   20

                                       18
<TABLE>
<CAPTION>
                                                                                    RECORDED AND/OR
                                                                                   FILED AS SET FORTH
                                                                                           IN
                               SUPPLEMENTAL                    PURPOSE OF             SUPPLEMENTAL
                                INDENTURE                     SUPPLEMENTAL             INDENTURE
                               DATED AS OF                     INDENTURE              DATED AS OF:
                    ----------------------------------  ------------------------   ------------------
                    <S>                                 <C>                        <C>
                    April 1, 1986.....................  1986 Series A and          August 15, 1986
                                                        Subject Properties
                    August 15, 1986...................  1986 Series B and          November 30, 1986
                                                        Subject Properties
                    November 30, 1986.................  1986 Series C              January 31, 1987
                    January 31, 1987..................  1987 Series A              April 1, 1987
                    April 1, 1987.....................  1987 Series B and 1987     August 15, 1987
                                                          Series C
                    August 15, 1987...................  1987 Series D and 1987     November 30, 1987
                                                          Series E and Subject
                                                          Properties
                    November 30, 1987.................  1987 Series F              June 15, 1989
                    June 15, 1989.....................  1989 Series A              July 15, 1989
                    July 15, 1989.....................  Series KKP No. 10          December 1, 1989
                    December 1, 1989..................  Series KKP No. 11 and      February 15, 1990
                                                          1989 Series BP
                    February 15, 1990.................  1990 Series A, 1990        November 1, 1990
                                                          Series B, 1990 Series
                                                          C, 1990 Series D, 1990
                                                          Series E and 1990
                                                          Series F
                    November 1, 1990..................  Series KKP No. 12          April 1, 1991
                    April 1, 1991.....................  1991 Series AP             May 1, 1991
                    May 1, 1991.......................  1991 Series BP and 1991    May 15, 1991
                                                          Series CP
                    May 15, 1991......................  1991 Series DP             September 1, 1991
                    September 1, 1991.................  1991 Series EP             November 1, 1991
                    November 1, 1991..................  1991 Series FP             January 15, 1992
                    January 15, 1992..................  1992 Series BP             February 29, 1992
                                                                                   and April 15, 1992
                    February 29, 1992.................  1992 Series AP             April 15, 1992
                    April 15, 1992....................  Series KKP No. 13          July 15, 1992
                    July 15, 1992.....................  1992 Series CP             November 30, 1992
                    July 31, 1992.....................  1992 Series D              November 30, 1992
                    November 30, 1992.................  1992 Series E and 1993     March 15, 1993
                                                          Series D
                    December 15, 1992.................  Series KKP No. 14 and      March 15, 1992
                                                          1989 Series BP No. 2
                    January 1, 1993...................  1993 Series C              April 1, 1993
                    March 1, 1993.....................  1993 Series E              June 30, 1993
                    March 15, 1993....................  1993 Series D              September 15, 1993
                    April 1, 1993.....................  1993 Series FP and 1993    September 15, 1993
                                                          Series IP
                    April 26, 1993....................  1993 Series G and          September 15, 1993
                                                          Amendment of Article
                                                          II, Section 5
                    May 31, 1993......................  1993 Series J              September 15, 1993
                    September 15, 1993................  1993 Series K              March 1, 1994
                    March 1, 1994.....................  1994 Series AP             June 15, 1994
                    June 15, 1994.....................  1994 Series BP             December 1, 1994
                    August 15, 1994...................  1994 Series C              December 1, 1994
                    December 1, 1994..................  Series KKP No. 15 and      August 1, 1995
                                                         1994 Series DP
                    August 1, 1995....................  1995 Series A Bond         August 1, 1999
                                                         1995 Series DP
                    March 15, 2001....................  2001 Series AP               [       ]
</TABLE>


                          [Update As Necessary]
                 ------------------------------------------
                 (a) See Supplemental Indenture dated as of July 1, 1970 for
                     Interstate Commerce Commission filing and recordation
                     information.

                 (b) See Supplemental Indenture dated as of May 1, 1953 for
                     Secretary of State of Michigan filing information.

                 (c) See Supplemental Indenture dated as of May 1, 1974 for
                     County of Genesee, Michigan recording and filing
                     information.
<PAGE>   21

                                       19
<TABLE>

<S>                  <C>
RECORDING OF             All the bonds of Series A which were issued under the Original
CERTIFICATES         Indenture dated as of October 1, 1924, and of Series B, C, D, E, F, G, H,
OF PROVISION         I, J, K, L, M, N, O, P, Q, W, Y, Z, AA, BB, CC, DDP Nos. 1-9, FFR Nos.
FOR PAYMENT.         1-14, GGP Nos. 1-22, HH, IIP Nos. 1-22, JJP Nos. 1-8, KKP Nos. 1-8, LLP
                     Nos. 1-15, NNP Nos. 1-21, OOP Nos. 1-18, QQP Nos. 1-17, TTP Nos. 1-15, UU,
                     1980 Series A, 1980 Series CP Nos. 1-25, 1980 Series DP Nos. 1-11, 1981
                     Series AP Nos. 1-16, 1985 Series A, 1985 Series B, 1987 Series A, PP, RR,
                     EE, MMP and MMP No. 2 which were issued under Supplemental Indentures
                     dated as of, respectively, June 1, 1925, August 1, 1927, February 1, 1931,
                     October 1, 1932, September 25, 1935, September 1, 1936, December 1, 1940,
                     September 1, 1947, November 15, 1951, January 15, 1953, May 1, 1953, March
                     15, 1954, May 15, 1955, August 15, 1957, December 15, 1970, November 15,
                     1971, January 15, 1973, May 1, 1974, October 1, 1974, January 15, 1975,
                     November 1, 1975, February 1, 1976, June 15, 1976, July 15, 1976, October
                     1, 1977, March 1, 1977, July 1, 1979, March 1, 1977, March 1, 1977, March
                     1, 1977, September 1, 1979, July 1, 1977, July 1, 1979, September 15,
                     1979, October 1, 1977, June 1, 1978, October 1, 1977, July 1, 1979,
                     January 1, 1980, August 15, 1980, November 1, 1981, May 1, 1985, May 15,
                     1985, January 31, 1987, June 1, 1978, October 15, 1978, December 15, 1975,
                     February 15, 1977, and September 1, 1979 have matured or have been called
                     for redemption and funds sufficient for such payment or redemption have
                     been irrevocably deposited with the Trustee for that purpose; and
                     Certificates of Provision for Payment have been recorded in the offices of
                     the respective Registers of Deeds of certain counties in the State of
                     Michigan, with respect to all bonds of Series A, B, C, D, E, F, G, H, K,
                     L, M, O, W, BB, CC, DDP Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP
                     No. 1, JJP No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.

                                            PART III.
                                          THE TRUSTEE.
TERMS AND                The Trustee hereby accepts the trust hereby declared and provided, and
CONDITIONS OF        agrees to perform the same upon the terms and conditions in the Original
ACCEPTANCE OF        Indenture, as amended to date and as supplemented by this Supplemental
TRUST BY TRUSTEE.    Indenture, and in this Supplemental Indenture set forth, and upon the
                     following terms and conditions:
                         The Trustee shall not be responsible in any manner whatsoever for and
                     in respect of the validity or sufficiency of this Supplemental Indenture
                     or the due execution hereof by the Company or for or in respect of the
                     recitals contained herein, all of which recitals are made by the Company
                     solely.

                                                  PART IV.
                                               MISCELLANEOUS.
CONFIRMATION OF          Except to the extent specifically provided therein, no provision of
SECTION 318(C) OF    this supplemental indenture or any future supplemental indenture is
TRUST INDENTURE      intended to modify, and the parties do hereby adopt and confirm, the
ACT                  provisions of Section 318(c) of the Trust Indenture Act which amend and
                     supersede provisions of the Indenture in effect prior to November 15,
                     1990.

EXECUTION IN             THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY EXECUTED IN ANY
COUNTERPARTS.        NUMBER OF COUNTERPARTS, EACH OF WHICH WHEN SO EXECUTED SHALL BE DEEMED TO
                     BE AN ORIGINAL; BUT SUCH COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE
                     AND THE SAME INSTRUMENT.
</TABLE>
<PAGE>   22

                                       20
<TABLE>

<S>                 <C>
TESTIMONIUM.             IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND FIRST CHICAGO TRUST
                     COMPANY OF NEW YORK HAVE CAUSED THESE PRESENTS TO BE SIGNED IN THEIR
                     RESPECTIVE CORPORATE NAMES BY THEIR RESPECTIVE CHAIRMEN OF THE BOARD,
                     PRESIDENTS, VICE PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR
                     ASSISTANT TREASURERS AND IMPRESSED WITH THEIR RESPECTIVE CORPORATE SEALS,
                     ATTESTED BY THEIR RESPECTIVE SECRETARIES OR ASSISTANT SECRETARIES, ALL AS
                     OF THE DAY AND YEAR FIRST ABOVE WRITTEN.
</TABLE>

                                            THE DETROIT EDISON COMPANY,
                    (Corporate Seal)        By
                                                ------------------------
                                                Name:
                                                Title:

EXECUTION.          Attest:

                    --------------------
                    Name:
                    Assistant Corporate Secretary

                    Signed, sealed and delivered by THE
                    DETROIT EDISON COMPANY, in the
                    presence of

                    ----------------------
                    Name:

                    ---------------------
                    Name:



<TABLE>

<CAPTION>
                    STATE OF MICHIGAN
                                        SS.:
                    COUNTY OF WAYNE
<S>                 <C>
ACKNOWLEDGMENT       On this     day of            , before me, the subscriber, a Notary Public
OF EXECUTION         within and for the County of Wayne, in the State of Michigan, personally
BY COMPANY.          appeared          , to me personally known, who, being by me duly
                     sworn, did say that he does business at 2000 Second Avenue, Detroit,
                     Michigan 48226 and is the               of THE DETROIT EDISON
                     COMPANY, one of the corporations described in and which executed the
                     foregoing instrument; that he knows the corporate seal of the said
                     corporation and that the seal affixed to said instrument is the corporate
                     seal of said corporation; and that said instrument was signed and sealed
                     in behalf of said corporation by authority of its Board of Directors and
                     that he subscribed his name thereto by like authority; and said
                              acknowledged said instrument to be the free act and deed of said
                     corporation.
</TABLE>

                                          ----------------------
                     (Notarial Seal)             , Notary Public
                                          Wayne County, MI
                                          My Commission Expires

<PAGE>   23

                                       21

                                            FIRST CHICAGO TRUST COMPANY
                                            OF NEW YORK,
                    (Corporate Seal)        By
                                                -------------------
                                                Name:
                                                Title:
                    Attest:

                    ----------------
                    Name:
                    Title:

                    Signed, sealed and delivered by
                    FIRST CHICAGO TRUST COMPANY OF NEW YORK, in the
                    presence of

                    -----------------------
                    Name:

                    --------------------
                    Name:


<TABLE>
<CAPTION>

                             STATE OF NEW YORK
                                                 SS.:
                             COUNTY OF NEW YORK

<S>                 <C>
ACKNOWLEDGMENT       On this      day of            , before me, the subscriber, a Notary
OF EXECUTION         Public within and for the County of New York, in the State of New York,
BY TRUSTEE.          personally appeared            , to me personally known, who, being by me
                     duly sworn, did say that his business office is located at 14 Wall
                     Street, New York, New York 10005, and he is Vice President of FIRST
                     CHICAGO TRUST COMPANY OF NEW YORK, one of the corporations described in
                     and which executed the foregoing instrument; that he knows the corporate
                     seal of the said corporation and that the seal affixed to said instrument
                     is the corporate seal of said corporation; and that said instrument was
                     signed and sealed in behalf of said corporation by authority of its Board
                     of Directors and that he subscribed his name thereto by like authority;
                     and said           acknowledged said instrument to be the free act and
                     deed of said corporation.
</TABLE>

                     (Notarial Seal)
                                                --------------------

                                                Notary Public, State of New York
                                                No.
                                                Qualified in New York County
                                                Commission Expires
<PAGE>   24

                                       22

STATE OF MICHIGAN
COUNTY OF WAYNE              SS.:


<TABLE>

<S>                 <C>
AFFIDAVIT AS TO                  , being duly sworn, says: that he is the
CONSIDERATION        of THE DETROIT EDISON COMPANY, the Mortgagor named in the foregoing
AND GOOD FAITH.      instrument, and that he has knowledge of the facts in regard to the making
                     of said instrument and of the consideration therefor; that the
                     consideration for said instrument was and is actual and adequate, and that
                     the same was given in good faith for the purposes in such instrument set
                     forth.
</TABLE>

                                                               --------------
                                                               Name
                      Sworn to before me this     day of


                          -------------------------
                                    , Notary Public
                               Wayne County, MI
                       My Commission Expires
                               (Notarial Seal)

                      This instrument was drafted by