##### 



Exhibit 99.1

|Strategic Overview

& Financial Review

February 16, 2006
|---------------------------------------------------------



---



##### 



|Safe Harbor Statement

The information contained herein  is as of the date of this presentation.  DTE Energy expressly disclaims any current intention to
update any forward-looking statements contained in this document as a result of new information or future events or developments.
Words such as "anticipate," "believe," "expect," "projected" and "goals" signify forward-looking statements.  Forward-looking
statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties.
This presentation contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and
actual results may differ materially.  Factors that may impact forward-looking statements include, but are not limited to: the effects of
weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; economic climate and
population growth or decline in the geographic areas where we do business; environmental issues, laws and regulations, and the
cost of remediation and compliance associated therewith; nuclear regulations and operations associated with nuclear facilities; the
higher price of oil and its impact on the value of Section 29 tax credits, and the ability to utilize and/or sell interests in facilities
producing such credits; implementation of electric and gas Customer Choice programs; impact of electric and gas utility
restructuring in Michigan, including legislative amendments; employee relations and the impact of collective bargaining agreements;
unplanned outages; access to capital markets and capital market conditions and the results of other financing efforts which can be
affected by credit agency ratings; the timing and extent of changes in interest rates; the level of borrowings; changes in the cost and
availability of coal and other raw materials, purchased power and natural gas; effects of competition; impact of regulation by FERC,
MPSC, NRC and other applicable governmental  proceedings or regulations; contributions to earnings by non-utility subsidiaries;
changes in federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court
proceedings and audits; the ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance;
the cost of protecting assets against damage due to terrorism; changes in accounting standards and financial reporting regulations;
changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues;
uncollectible accounts receivable and changes in the economic and financial viability of our suppliers, customers and trading
counterparties, and the continued ability of such parties to perform their obligations to the Company.  This presentation should also
be read in conjunction with the "Forward-Looking Statements" section in each of DTE Energy's, MichCon's and Detroit Edison's 2004
Form 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy,
MichCon and Detroit Edison.



Cautionary Note - The Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose
only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and
legally producible under existing economic and operating conditions. We use certain terms in this presentation such as "probable
reserves" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. You are urged to consider closely the
disclosure in our Forms 10-K and 10-Q, File No. 1-11607, available from our offices or from our website at www.dteenergy.com. You
can also obtain these Forms from the SEC by calling 1-800-SEC-0330.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Participants

Gerry Anderson

President and Chief Operating Officer



Dave Meador

Executive Vice President and Chief Financial Officer



Nick Khouri

Vice President and Treasurer



Peter Oleksiak

Corporate Controller



Mike McNalley

Director of Investor Relations
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 Earnings Results

2006 Earnings Guidance

2005 & 2006 Cash Flow and Capital Expenditures

Summary
|----------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 results show a return to growth

Solid financial performance, strong improvement over 2004

Regulatory certainty; significant progress toward achieving 11% ROE

Continued focus and increased scale at non-utility businesses



Continued execution in 2006 enhances growth

10-20% expected improvement in operating earnings per share

Implementation of Performance Excellence Process

Continued investment in non-utility businesses



DTE Energy's compelling value proposition

Utilities with opportunity for 5% annual earnings growth through 2010

Non-utility businesses achieving scale and creating value

Stable dividend, attractive yield and strong balance sheet
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|DTE Energy's 2005 Results Demonstrate
a Return to Growth
        2002    2003    2004    2005    2006E
    DTE    3.63    3.05    2.57    3.27    3.6
                        0.3


$3.63

DTE Energy

Operating Earnings per Share*


$3.05

$2.57

$3.27

* Reconciliation to GAAP reported earnings included in the appendix

$3.60-3.90**

+27%

** 2006 guidance assume no synfuel tax credit phase out
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Future Utility Income Growth Driven by
Significant Investment Opportunities
        Base Electric    Environmental    Gas System Expansion / Safety    Total
    bars    0    700    1450    0
    other    700    750    250    1700


Potential utility asset base growth 2005-2010

Not including new base-load generation

($ millions)

~$1,600-1,800

Base
Utility

Environmental

Gas System
Expansion/Safety

Total

~$700-800

~$250

~$650-750

In addition to ongoing investments
to improve reliability and customer
satisfaction, we expect major
investments over the next 5 years

These new investments are an
opportunity to grow utility earnings
while enhancing service to
customers

Through rate cases, we will pursue
a structure that ensures a full and
timely recovery of investments

MichCon rate case filing
possible in 2006

Detroit Edison rate case
filing by July 1, 2007

        Base Electric    Environmental    Gas System Expansion / Safety    Total
    bars        35    75
    other    35    40    15    90


Potential Net Income Impact*

($ millions)

~$90

~$40

~$15

Base
Utility

Environmental

Gas System
Expansion/Safety

Total

~$35

* Assumes earning 11% ROE on 50% equity
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|DTE's Performance
Excellence Process

Mitigate inflation

Offset higher
commodity
prices

Reduced need
for future rate
increases

Help fund improved
reliability and
customer service

Help to fund large
scale utility
investment program

The Performance Excellence Process
Will Sharpen the Focus on Costs,
Productivity and Customer Satisfaction
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Performance Excellence Process
Update

Broad cost reduction, productivity improvement effort

Comprehensive focus on all areas of Detroit Edison, MichCon and Corporate Staffs

Targeting first quartile cost/performance/customer satisfaction in all areas

Currently completing final evaluations of opportunities

Implementation planning will begin in March

Estimate at least $250M of annual O&M and capital savings, realized over
the next 24 months (estimate to be further refined in next 2 months)

Identify
Opportunities

Timeline

Evaluate
Opportunities

Program Overview

December 2005

January 2006

March 2006

Q2 2006

Plan
Implementation

Implement
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Non-Utility Businesses Create
Growth and Value

Continue to apply value-focused
approach to invest strong near-
term cash flows...

....into three core segments
capable of achieving near-term
income of $50-100M each...

....producing a scale / focus
that increases visibility and
improves valuation

Disciplined

Investment

Increased

Scale

Improved

Visibility
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Power & Industrial Projects:

Executing Our Growth Plans

Increased scale in existing products and
industries

Five site transaction with DQE

Additional multi-site acquisition

Biomass acquisition



Executed second on-site project in Pulp &
Paper sector



For 2006, we have a full pipeline of similar
projects


Invested $115M in 2005 with expected unlevered IRR of 15-20%

Investment opportunities remain strong entering 2006
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Fuel Transportation & Marketing:

Expansion Continues

Investing $46M to add ~14 Bcf of non-utility
storage capacity in Michigan

Expect to add additional 15-35 Bcf of capacity over
the next five years to serve growing Ontario and
Northeast markets

Advancing a series of storage projects in New York

Moving forward on Vector pipeline expansion

DTE equity investment of ~$15M

Expected in-service date of late-2007

Progress on new Millennium pipeline

DTE equity investment of ~$45M

Expected in-service date of late-2007

Strong 2005 results at Coal Transportation &
Marketing

Playing into very strong storage & transportation fundamentals
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Unconventional Gas Production:

Antrim Reserves Have Significant Value

Antrim Net Income


Antrim Reserve Valuation

Less:  Allocated debt
   Component   Reserves (Bcfe)   Valuation
Comparable ($/mcf)
   Proved   338   2.50-3.00
   Probable   35   0.50-1.00

~$400-600

Valuation

Net Income

($ millions)

Current Natural
Gas Pricing ($/Mcf)

$-

$20

$40

$60

$80

$100

2005A

2006E

2007E

2008E

$0

$2

$4

$6

$8

$10

Actual/Forecasted net income

Additional income without fixed price obligations

Current forward natural gas pricing

($ millions)

Gross Antrim Reserve Value

Less:  Cost of Legacy Hedges

Based on $5 market to hedge price differential

(170)

(280)

$850-1,050

P/E valuation on 2005 earnings of <$0.50/share

Per share valuation of ~$2.25-3.25

Antrim production has material value that will be increasingly visible over next few years
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|We Have Made Considerable Progress in
Developing Our Barnett Position



Production

(mmcf/day)

0

4.0

12/31/2005

12/31/2004



Gross Producing Wells

5

65

12/31/2005

12/31/2004



Reserves

(Bcfe)

Probable
Reserves

Proven
Reserves

8

16

120


59

179

8

12/31/2005

12/31/2004



Acreage Position

(thousands)

Net
Undeveloped
Acres

Net
Developed
Acres

49

0

49

62

14

76

12/31/2005

12/31/2004
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Stable Dividend and Attractive Yield
Supported by Strong Balance Sheet

    PGN    0.056
    KSE    0.052
    AEE    0.051
    ED    0.05
    DTE    0.049
    PNW    0.049
    CNP    0.047
    XEL    0.046
    TE    0.046
    NI    0.045
    SO    0.045
    CIN    0.044
    AEP    0.041
    FE    0.037
    D    0.037
    PCG    0.036
    FPL    0.035
    PEG    0.034
    PPL    0.033
    ETR    0.031
    EXC    0.029
    EIX    0.025
    SRE    0.025
    AYE    0
    CMS    0


DTE ~4.9%

Current Dividend Yield

S&P Electrics/S&P MultiUtilities

Paid dividend for 96
consecutive years

Estimated 2006
dividend payout of
80% (excluding synfuel
earnings)

Stable credit ratings

Strong liquidity with
$1.2B of short term
credit currently
available
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Our Compelling Value Proposition



Utilities with opportunity for 5% annual earnings
growth through 2010

Non-utility businesses achieving scale and creating
value

Stable dividend, attractive yield and strong balance
sheet
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 Earnings Results

2006 Earnings Guidance

2005 & 2006 Cash Flow and Capital Expenditures

Summary
|----------------------------------------------------------------------------------------------------------------



---



##### 



|Significant Progress Was Made in
2005

Improving earnings and cash performance

Operating earnings per share 27% higher than 2004

Adjusted cash from operations 11% higher than 2004



Resolution of Detroit Edison's Rate Restructuring case

Represents a significant leveling of choice economics



Final order in MichCon rate case

$61M rate increase granted

Uncollectible tracker



Execution on the cash redeployment strategy

Paid down $120M of parent company debt

Funded $262M of non-utility capital expenditures
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2005 Operating Earnings

Operating Earnings per Share*

Detroit Edison

$1.54


Unconventional
Gas Production

$0.02

Non-Utility
Portfolio

$1.61

Fuel Transportation
and Marketing

$0.01***

Corporate & Other

($0.30)

MichCon**

$0.42

$3.27

Power and
Industrial Projects

$1.58

* Reconciliation to GAAP reported earnings included in the appendix

** Includes Citizens Gas Utility

*** Includes ($0.44) of timing related accounting impacts at Energy Trading
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2005 vs. 2004 Variance
        2004 Operating Earnings    DECO    MichCOn    PIP    UGP    FTM    Corp & Other    2005
        445    445    539    588    686    618    577    580
            94    49    101    2    68    42


Operating Earnings Variance*

($ millions)

2004
Operating
Earnings

Detroit
Edison

MichCon

Power &
Industrial
Projects

Corporate &
Other

Unconventional
Gas Production

2005
Operating
Earnings

$577

* Reconciliation to GAAP reported earnings included in the appendix

Fuel
Transportation &
Marketing

($42)

($68)

($2)

$101

$49

$94

$445

($70)

Timing-Related
Accounting
Impacts
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 Earnings Results

2006 Earnings Guidance

2005 & 2006 Cash Flow and Capital Expenditures

Summary
|----------------------------------------------------------------------------------------------------------------



---



##### 



|2006 - Continued Earnings Improvement
and Strategic Execution

Drive the utilities to their allowed 11% ROE

Attract Choice customers back to Detroit Edison's full service rates, retain
current full service customers

Control costs through the aggressive implementation of the Performance
Excellence Process

Continue progress on the cash redeployment strategy

Manage synfuel production and oil price risk

Redeploy $450-470M of synfuel cash (assuming no phase-out)

Continue development of Barnett, as well as investments in all three non-
utility segments

Deliver overall operating earnings per share growth of 10-20% over 2005
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Guidance

Operating Earnings*

($ millions)

** Includes synfuel earnings of $273M and $210-220M in 2005 & 2006, respectively

*** Includes Energy Trading earnings of ($39M) and $45-50M in 2005 & 2006, respectively

* Reconciliation to GAAP reported earnings included in the appendix
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Drivers

Detroit Edison

Weather normal (2005 impact +$63M vs.
normal)

Normal storm activity (2005 impact +$21M vs.
normal)

Choice volumes of 4,000-5,000 MWh vs. 6,800
MWh in 2005

Incremental benefit from expiration on
residential rate cap of $72M

PSCR (fuel clause) is in effect for all
customers

Flat electric demand on a temperature
normalized basis

Performance Excellence Process more than
offsets expected increase in inflation driven
costs

Assumptions



2005
Actuals

$272

2006
Guidance

Operating Earnings*

($ millions)

$320-335

ROE

9%

11% Target

* Reconciliation to GAAP reported earnings included in the appendix

10.5-11%
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Drivers

MichCon

Weather normal - 2005 impact ($3M)
vs. normal

Customer conservation due to high
natural gas prices

$7M incremental benefit from
uncollectibles tracker

Performance Excellence Process
more than offsets expected increase
in inflation driven costs


Assumptions



2005
Actuals

$73

2006
Guidance

Operating Earnings*

($ millions)

$70-80

ROE

9%

9-10%

* Reconciliation to GAAP reported earnings included in the appendix

11% Target
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|2006 Drivers

Non-Utility



2005 Actuals

$280

2006 Guidance

Operating Earnings*

($ millions)

Power &
Industrial
Projects

$215-225



2005 Actuals

$4

2006 Guidance

Unconventional Gas
Production

$25-30

            49
        2    36
            5


2005 Actuals

$2

2006 Guidance

Fuel Transportation &
Marketing

$85-90

Increased oil hedging expense for synfuels

Decline in coke battery earnings driven by a
contract that provided significant one-year
2005 earnings increase

Improvement in on-site energy projects

Increased production in Barnett

Benefit from the roll off of some legacy
contracts in Antrim

Flowback of timing-related accounting
impacts

Improved performance due to gas storage
expansion

Barnett

Antrim

$49 Flowback

* Reconciliation to GAAP reported earnings included in the appendix
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Drivers

Power & Industrial Projects:

Synfuels

Assumes no tax credit phase-out or legislation

Legislation that would use the prior year oil
prices to determine current year reference
price is moving to conference committee

The conference committee is likely to begin
in a few weeks with a potential resolution
by mid-March

2006 oil hedging expense of $40-50M, no
additional hedging expense anticipated

2006 production of 20-21M tons

Expense and mark-to-market impacts related to
2007 exposure are excluded from 2006
operating earnings

Lower band for 2006 tax credit phase-out is
$59.25, upper band $73.00**


Cash Generated

($ millions)

2005

2006E

$400*

$450-470
        2005    2006
        275    210
            10


Net Income

($ millions)

$273

$210-220

2005

2006E

* Excludes ~$79M of  proceeds to hedge 2005 & future synfuel cash flow

** Calendar year, average price per barrel of NYMEX oil
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Drivers

Power & Industrial Projects:

Synfuels - Impact of Potential Phase Out
        0    0.2    0.4    0.6    0.8    1
        215    164    110    57    14    55


Potential Phase Out Impact - 2006 Net Income

($ millions)

% Phase Out

$210-220

$160-
170

$105-
115

$50-60

$10-20

$50-60

Potential Phase Out Impact - 2006 Cash Flow

($ millions)
        0    0.2    0.4    0.6    0.8    1
        480    400    335    265    250    320


% Phase Out

$450-
470

$390-
410

$325-
345

$255-
275

$240-
260

$310-
330

While current guidance assumes no phase-out,
some level of tax credit phase out is possible

Assumptions for potential phase out impact:

Cash & net income benefits from oil hedges
currently in place

No additional oil hedges are established

Recovery of operating expenses from our
partners

At the top end of the phase out range, we have in
place additional hedges, resulting in more
protection at the 100% phase out level

The percentage of cash flow protected differs from
the percentage of net income protected due to: AMT
carryforward utilization, fourth quarter accruals and
the differences between cash and GAAP tax rates

Similar to 2005, we will likely defer recognition of
the quarterly variable note payments in 2006 until
later in the year, unless legislation passes

Due to changes in the agreements with our
synfuel partners, a significantly higher
percentage of the expected payments in 2006
will be variable note payments




Avg. cal.
year oil price

>$59.25

$62.00

$64.75

$67.50

$70.25

<$73.00
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|2006 Drivers

Fuel Transportation & Marketing:

Energy Trading

The majority of the expected
flowback was realized in Q4,
with the balance coming in
2006 & 2007

The forward amounts for 2006
& 2007 are based on prices as
of Dec. 31, 2005, and remain
subject to price shifts until the
contracts are settled


    Rollback    202        123    172
            123    49    30


Energy Trading Timing Related
Accounting Impacts

Net Income

($ millions)

$123

Q1-Q3
2005

Actuals

Q4 2005
Actuals

Total 2005

($79)

2006E

($202)

$49

2007E

$30
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 Earnings Results

2006 Earnings Guidance

2005 & 2006 Cash Flow and Capital Expenditures

Summary
|----------------------------------------------------------------------------------------------------------------



---



##### 



|2003    2004    2005    2006
    East    1039    1216    1350    1425
                    100


$1,216

$1,039

$1,350

$1,425-1,525

2003

2004

2005

2006E**

Adjusted Cash from Operations*

($ millions)

Improving Cash from Operations

* Includes synfuel production payment, reconciliation included in the appendix

** 2006 guidance assume no synfuel tax credit phase out
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Increasing Investment in our
Businesses

Capital Expenditures

($ millions)

2005

Actuals

2006

Estimate

* Includes maintenance and growth expenditures
|----------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Cash Flow Forecast

2005

Actuals

2006

Estimate



($ millions)
|-----------------------------------------------------------------



---



##### 



|Balance Sheet Position Remains Strong

Balance Sheet Metrics

* Excludes securitization debt and MichCon short term borrowings

** Assumes midpoint of applicable estimates
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Overview

2005 Earnings Results

2006 Earnings Guidance

2005 & 2006 Cash Flow and Capital Expenditures

Summary
|----------------------------------------------------------------------------------------------------------------



---



##### 



|Summary

The financial improvement demonstrated in 2005 is expected to
continue into 2006

Targeting 11% ROE at each utility

Excluding synfuels, continued growth is expected at the non-
utility businesses



Continued execution of our Cash Redeployment Strategy



Implementation of the Performance Excellence Process



Balance sheet remains strong

Cash metrics continue to improve
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Upcoming Events

March 16  - Morgan Stanley Global Electricity & Energy
Conference

Tony Earley, Chairman and CEO, will present



April 6 - DTE Energy Analyst Meeting in New York City
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Appendix
|--------



---



##### 



|Unconventional Gas Production
Statistics


2005

2006E

$25-30

$4

Net Income

($ millions)
|--------------------------------------------------------------------------------------------



---



##### 



|Q4 2005 Operating Earnings

Operating Earnings per Share*

Detroit Edison

$0.40


Power and
Industrial Projects

$0.81


Unconventional
Gas Production

$0.00

Non-Utility
Portfolio

$1.60

Fuel Transportation
and Marketing

$0.79***

Corporate & Other

($0.14)

MichCon**

$0.26

$2.12

* Reconciliation to GAAP reported earnings included in this appendix

** Includes Citizens Gas Utility

*** Includes $0.69 of timing related accounting impacts at Energy Trading
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Q4 2005 vs. Q4 2004 Earnings Variance

Detroit Edison results
driven by the incremental
impacts of rate relief
partially offset by lower
regulatory deferrals

Improved results at
MichCon due to the
benefits of the rate order
granted in April 2005

Q4 recognition on deferred
synfuel variable note
payment from Q1-Q3 at
Power & Industrial Projects

Flowback of timing-related
accounting impacts at Fuel
Transportation & Marketing

Excluding the timing-
related accounting impacts
from synfuel and Energy
Trading, Q4 2005 earnings
would have been $146M



        Q4 2004 Operating Earnings    DECO    MichCOn    PIP    FTM    UGP    Corp & Other    2005
        151    151    156    175    279    380    378    146
            6    18    104    101    0    2    109
                                    123


Operating Earnings Variance*

($ millions)

Q4 2004
Operating
Earnings

Detroit Edison

MichCon

Power & Industrial
Projects

Corporate &
Other

Unconventional
Gas Production

Q4 2005
Operating
Earnings

$378

Fuel Transportation &
Marketing

($3)

$0

$101

$105

$18

$6

$151

* Reconciliation to GAAP reported earnings included in this appendix

$123

Energy
Trading
Timing-
Related
Accounting
impacts

$109

Deferred
Synfuel

Revenue

$146

Normalized

Q4 2005
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Detroit Edison

Operating Earnings

2005 vs. 2004 Variance
        2004    Margin    Reg Def    Merger Interest    Storm    Other O&M    2005
        178    178    264    264    279    270    272
            150    64    37    22    9


Operating Earnings Variance*

($ millions)

2004
Operating
Earnings

Gross
Margin

Higher Storm
Expense

Benefits

Lower Reg.
Deferrals

* Reconciliation to GAAP reported earnings included in this appendix

($64)

($7)

($22)

$37

$150

$178

Merger
Interest

2005 Operating
Earnings

Higher gross margin
driven by weather and
rate order impacts

Lower regulatory
deferrals, primarily
driven by the final rate
order

More frequent storms

Merger interest not
allocated from holding
company

Higher benefits expense


$272

ROE

6%

9%
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Detroit Edison

Gross Margin

2005 vs. 2004 Variance
        Weather     Rate Releif    Choice    Other    Total Electric Margin Imporvement
        96    96    172    200    197    150    150
            76    33    8
                            47


Detroit Edison Gross Margin Variance

($ millions, after-tax)

Rate
Increase

Margin Improvement
Before Residential Rate
Cap Impact

Weather

Choice

Other

Impacts of Residential
Rate Cap

2005 Margin Improvement

$96

($8)

$76

$33

$197

($47)

$150

Cooling degree days up
73% vs. 2004; 51% vs.
normal

Full year impact of
electric rate order
increased margin by
$76M

Lower choice volumes;
12% of sales in 2005 vs.
18% in 2004

Benefits from higher
margin partially offset by
residential rate cap that
expired on Jan. 1, 2006
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|MichCon

Operating Earnings

2005 vs. 2004 Variance
        2004    Rates    Weather    Merger Interest    Benefits    Other    2005
        23    23    54    59    70    71    72
            31    5    18    7    2


Operating Earnings Variance*

($ millions)

2004 Operating
Earnings

Rate
Increase

Merger Interest

* Reconciliation to GAAP reported earnings included in this appendix

$2

($7)

$18

$24

Weather

2005 Operating
Earnings

$5

Other

$31

$73

Impact of final rate order

Marginally favorable
weather

Merger interest no longer
being allocated from
holding company

Higher benefits expense


Benefits

ROE

3%

9%
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Non-Utility

Operating Earnings

2005 vs. 2004 Variance
        2004    PIP    UGP    FTM    2005
    PIP    179    254    353    283    279
    UCG    6    101    2    68    4
    FTM    70                2


Operating Earnings Variance*

($ millions)

2004 Operating
Earnings

Power &
Industrial
Projects

Fuel
Transportation &
Marketing

* Reconciliation to GAAP reported earnings included in this appendix

($68)

($2)

$101

$255

Unconventional
Gas Production

2005 Operating
Earnings

$286

Power &
Industrial
Projects


$179

Unconven.

Gas Prod.


$6

Fuel
Transport &
Marketing

$70

$280

$4

$2

Higher synfuel production
(15.6M tons in 2004, 21.0M
in 2005)

Oil hedge income

2005 favorability from coke
battery contract

Lower power gen. losses

Other

Power & Industrial Projects

Primarily increased Antrim
severance tax

Unconventional Gas Production

Energy Trading, primarily
timing related impacts

Strong storage margins

Other

Fuel Transportation & Marketing

$68

9

14

5

Variance

5

($2)

($83)

10

5

$101

($68)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Synfuel Earnings

($ millions, after-tax)

NOTE:  Assumes average oil price for the calendar year remains below the phase-out threshold.
The exact 2005 threshold will not be verified by the IRS until April 2006

2005 Synfuel Earnings
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Timing-Related Accounting Losses Impacted
Fuel Transportation & Marketing Results

Time

Gross
Margin $

Economic

Benefit

Accounting
Margin

Contract
Inception

Mark-to-Market Adjustments

Interim Time Between
Inception and
Settlement

Contract
Settlement

Accounting Implications of Certain Energy Trading Contracts

Economic Benefit/Realized Economic Margin
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|2005 Flowback of Timing-Related Impacts of
Energy Trading Contracts

The flowback of timing-
related impacts in Q4
was very near to the
forecast provided at the
Q3 earnings release

    Rollback    -202    -79    -86
            -123    -116


($ millions)

$123

Q1-Q3 2005

Actuals

Q4 2005
Actuals

Total 2005 Impact from
Energy Trading Timing-
Related Impacts

($79M)

Q4 2005
Guidance
Provided
November 2005

($202)

$116

$0
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Definition of Reserve Classifications

Proved Reserves - quantities of natural gas, natural gas liquids and crude oil
which geological and engineering data demonstrate with reasonable certainty to
be recoverable under existing economic and operating conditions



Unproved Reserves - recovery of unproved reserves is considered to be less
certain than proved reserves.  Estimates of unproved reserves are based on data
similar to proved reserves, but technical, contractual, economic considerations
or Securities and Exchange Commission or other regulations prevent such
reserves from being classified as proved.  Unproved reserves may be further
sub-classified as probable and possible to denote progressively increasing
uncertainty of recoverability.



Probable Reserves - Estimates of unproved reserves that data suggest are more
likely than not to be recoverable.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Definition of Timing-Related
Accounting Items

Timing-related accounting adjustments include synfuel-related
items and certain gas and power transactions where forward
contracts are used to economically hedge physical and capacity
contracts

These contracts experience an accounting misalignment, as
required by FAS 133, where one side of the contract is
accounted for on a cost/accrual basis and the other side is
marked-to-market

DTE Energy will ultimately realize the positive economics as we
settle these transactions

DTE Energy has entered into other contracts that have mark-to-
market accounting and other timing related items that are not
included in this definition
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Synfuel Earnings Background

Quarterly earnings from synfuels primarily come from two
sources:



Quarterly payments received from partners in our projects
as tax credits are allocated to them

These payments are subject to gain recognition accounting



Mark-to-market gains/losses from the oil options we
purchased last year to protect a portion of our synfuel
cash flow that is exposed to crude oil price risk

The hedge does not qualify for hedge accounting; the
changes in fair market value are recorded in current earnings
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Recognition of Synfuel Earnings:
Payments Received from Buyers

Accounting principles for gain recognition of our synfuel sales
proceeds are conservative

Sale proceeds cannot be recognized until there is evidence they have
become determinable and collectability has been reasonably assured

Due to the rise in oil prices, a possibility exists that the reference
price for oil could reach the threshold at which synfuel-related tax
credits phase out

The certainty requirement for recognition of sale proceeds is very
high. More than a remote probability of phase-out leads to not
recognizing some portion of sales proceeds for the quarter. We
believe there is no possibility of a phase-out in 2005

Now that the accounting certainty requirement has been met for 2005,
we have recognized synfuel sales proceeds
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Synfuel Cash Protected Assumptions


No prior year tax credit phase out for 2005

No reduction in forecasted taxable income - AMT carryforwards
used by 2009

Excludes impact of potential future incremental hedging

Production forecast is realized
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Oil Price / Synfuel Key Statistics

Estimated Phase Out Bands
        Current Avg Price    Lower Band    Upper Band
        59.25    63.5    73

                Upper Band
        60.25    66.5    74.25


Avg. Price
Actual &
Forward

Lower
Band

Upper
Band

$59.25

$63.50

$73.00

Lower
Band

Upper
Band

$60.25

$66.50

$74.25

2006

2007

$ Price per barrel - Through 2/14/06

Avg.
Forward
Price
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Book Tax Timing at MichCon Substantially
Impacts Reported Earnings

Due to the amortization of permanent items,
MichCon's effective tax rate will differ from
the statutory rate for the foreseeable future

Identical to the Holding Company, MichCon
must adjust the effective tax rate quarterly to
remain consistent with the forecasted year-
end tax rate

The decline in reported earnings, as a result
of rate case disallowances, has resulted in a
sizable book tax rate adjustment in Q3

This adjustment is eliminated at the holding
company level and will reverse out by year
end

Due to the timing nature of these
adjustments (which have no net impact for
the total year), we have excluded this tax
adjustment from operating earnings at both
MichCon and the Holding Company




MichCon Actual/Forecasted

Quarterly Effective Tax Rate
Adjustment

($ millions)

Q1

Q2

Q3

Q4

$16

($9)

($23)

$16

($8)

($43)

$181

($130)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### 



|Reconciliation of 2003-2006 Adjusted
Cash from Operation to Cash from
Operations
|--------------------------------------------------------------------------------



---



##### 



|Reconciliation of 2002 & 2003

Reported Earnings to Operating Earnings

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the
company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with
analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Reconciliation of Q4 2004 & 2005
Reported Earnings to Operating
Earnings

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the
company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with
analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

*  Holding Company includes discontinued operations and cumulative effect of accounting changes
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Reconciliation of 2004 & 2005
Reported Earnings to
Operating Earnings

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's
earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors.
Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Reconciliation of 2006
Reported Earnings to
Operating Earnings

In this presentation, DTE Energy provides 2006 operating earnings guidance.  It is likely that
certain items that impact the company's 2006 reported results will be excluded from
operating results.  A reconciliation to the comparable 2006 reported earnings guidance is not
provided because it is not possible to provide a reliable forecast of specific line items such as
2007 oil hedging costs, Performance Excellence Process restructuring charges and DTE2
implementation charges.  These items may fluctuate significantly from period to period and
may have a significant impact on reported earnings.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------