EDGAR 10-K Filing

Company CIK: 1876068
Filing Year: 2024
Filename: 1876068_10-K_2024_0001876068-24-000008.json

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ITEM 1. BUSINESS

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ITEM 1A. RISK FACTORS

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments
None.

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ITEM 2. PROPERTIES

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ITEM 3. LEGAL PROCEEDINGS

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
Not applicable.
Part II
The following Items have been omitted pursuant to General Instruction J of Form 10-K:
•Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
•Item 6. [Reserved]
•Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
•Item 7A. Quantitative and Qualitative Disclosures About Market Risk
•Item 8. Financial Statements and Supplementary Data
•Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
•Item 9A. Controls and Procedures

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY

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ITEM 6. SELECTED FINANCIAL DATA

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

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ITEM 9A. CONTROLS AND PROCEDURES

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers, and Corporate Governance
The following are the managers and executive officers of DTE Electric Securitization Funding I LLC as of December 31, 2023:
Name Age Present Position
Held Since
David S. Ruud 57
President and Manager of DTE Electric Securitization Funding I LLC
3/2022 to Present
Executive Vice President and Chief Financial Officer of DTE Energy Company and DTE Electric Company
5/2020 to Present(1)
Christopher J. Allen 44
Treasurer and Manager of DTE Electric Securitization Funding I LLC
3/2022 to Present
Vice President and Treasurer of DTE Energy Company and DTE Electric Company 6//2021 to Present(1)
Timothy J. Lepczyk 41
Secretary and Manager of DTE Electric Securitization Funding I LLC
3/2022 to Present
Assistant Treasurer of DTE Energy Company and DTE Electric Company 8/2021 to Present(1)
Lisa M. Pierro 43
Independent Manager of DTE Electric Securitization Funding I LLC 3/2022 to Present
Senior Customer Staffing Specialist and Independent Director/Manager of Wolters Kluwer 3/2013 to Present
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(1)These executive officers have held various other positions at DTE Energy for five or more years.
DTE Electric Securitization Funding I LLC is a wholly-owned subsidiary of DTE Electric Company, which in turn is a wholly-owned subsidiary of DTE Energy Company.
Code of Ethics
As a wholly-owned indirect subsidiary of DTE Energy Company, DTE Electric Securitization Funding I LLC, together with its managers and executive officers, is subject to DTE Energy Company’s Officer Code of Business Conduct and Ethics and its general standard of conduct, the DTE Energy Way. These policies, together with any waivers or amendments to these policies, can be found on the DTE Energy Company website, www.dteenergy.com/ethics. There were no waivers or amendments during 2023.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
Other than the annual independent manager fee of $2,300 paid to CT Corporation Staffing, Inc., DTE Electric Securitization Funding I, LLC does not pay any compensation to its managers or executive officers.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
None.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence
Manager Lisa M. Pierro is an independent manager and an employee of CT Corporation Staffing, Inc.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
Omitted pursuant to General Instruction J of Form 10-K.
Part IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules
(a)(1) and (a)(2) Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report.
(a)(3) and (b) Refer to exhibit listing below.
(c) None.
Exhibit Number Description
(i) Exhibits filed herewith:
31.1
Certification pursuant to Rule 13a-14(d)/15(d)-14(d)
33.1
Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for DTE Electric Company, Servicer
33.2
Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for The Bank of New York Mellon, Indenture Trustee
34.1
Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of DTE Electric Company, Servicer
34.2
Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, Indenture Trustee
35.1
Servicer Compliance Statement
(ii) Exhibits furnished herewith:
None.
(iii) Exhibits incorporated by reference:
3.1 Certificate of Formation of DTE Electric Securitization Funding I LLC (Exhibit 3.1 to Form SF-1 filed December 13, 2021, and incorporated herein by reference)
3.2 Amended and Restated Limited Liability Company Agreement, dated as of March 9, 2022, of DTE Electric Securitization Funding I LLC (Exhibit 3.2 to Form 8-K filed March 14, 2022, and incorporated herein by reference)
3.3 Amendment to Certificate of Formation of DTE Electric Securitization Funding I LLC (Exhibit 3.3 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
3.4 Amendment No. 1 dated March 16, 2022 to the Amended and Restated Limited Liability Company Agreement, dated as of March 9, 2022, of DTE Electric Securitization Funding I LLC (Exhibit 3.4 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
4.1 Indenture between DTE Electric Securitization Funding I LLC and The Bank of New York Mellon as the Indenture Trustee (including forms of the Senior Secured Securitization Bonds), dated as of March 17, 2022 (Exhibit 4.1 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
4.2 Series Supplement between DTE Electric Securitization Funding I LLC and The Bank of New York Mellon as the Indenture Trustee, dated as of March 17, 2022 (Exhibit 4.2 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
10.1 Securitization Property Servicing Agreement between DTE Electric Securitization Funding I LLC and DTE Electric Company, as Servicer, dated as of March 17, 2022 (Exhibit 10.1 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
10.1.1 Amendment to Securitization Property Servicing Agreement between DTE Electric Securitization Funding I LLC and DTE Electric Company, as Servicer, dated as of January 31, 2024 (Exhibit 10.1.1 to Form 8-K filed February 1, 2024, and incorporated herein by reference)
10.2 Securitization Property Purchase and Sale Agreement between DTE Electric Securitization Funding I LLC and DTE Electric Company, as Seller, dated as of March 17, 2022 (Exhibit 10.2 to Form 8-K filed March 17, 2022, and incorporated herein by reference)
10.3 Administration Agreement between DTE Electric Securitization Funding I LLC and DTE Electric Company, as Administrator, dated as of March 17, 2022 (Exhibit 10.3 to Form 8-K filed March 17, 2022, and incorporated herein by reference)