SEC Info - DTE Energy Co., et al. - ‘10-Q’ for 9/30/22

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		Alternative Formats (Word, et al.) Combined Notes to Consolidated Financial Statements (Unaudited) Commitments and Contingencies Controls and Procedures Definitions Discontinued Operations DTE Electric Consolidated Financial Statements (Unaudited) DTE Energy Consolidated Financial Statements (Unaudited) Earnings Per Share Exhibits Fair Value Filing Format Financial and Other Derivative Instruments Financial Information Financial Statements Forward-Looking Statements Item 1 Item 1A Item 2 Item 3 Item 4 Item 6 Leases Legal Proceedings Long-Term Debt Management's Discussion and Analysis of Financial Condition and Results of Operations New Accounting Pronouncements Note 10 -- Long-Term Debt Note 11 -- Short-Term Credit Arrangements and Borrowings Note 12 -- Leases Note 13 -- Commitments and Contingencies Note 14 -- Retirement Benefits and Trusteed Assets Note 15 -- Segment and Related Information Note 1 -- Organization and Basis of Presentation Note 2 -- Significant Accounting Policies Note 3 -- New Accounting Pronouncements Note 4 -- Discontinued Operations Note 5 -- Revenue Note 6 -- Regulatory Matters Note 7 -- Earnings Per Share Note 8 -- Fair Value Note 9 -- Financial and Other Derivative Instruments Organization and Basis of Presentation Other Information Part I -- Financial Information Part Ii -- Other Information Quantitative and Qualitative Disclosures About Market Risk Regulatory Matters Retirement Benefits and Trusteed Assets Revenue Risk Factors Segment and Related Information Short-Term Credit Arrangements and Borrowings Signatures Significant Accounting Policies Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Definitions
"	Filing Format
"	Forward-Looking Statements
"	Part I -- Financial Information
"	Item 1
"	Financial Statements
"	DTE Energy Consolidated Financial Statements (Unaudited)
"	DTE Electric Consolidated Financial Statements (Unaudited)
"	Combined Notes to Consolidated Financial Statements (Unaudited)
"	Note 1 -- Organization and Basis of Presentation
"	Note 2 -- Significant Accounting Policies
"	Note 3 -- New Accounting Pronouncements
"	Note 4 -- Discontinued Operations
"	Note 5 -- Revenue
"	Note 6 -- Regulatory Matters
"	Note 7 -- Earnings Per Share
"	Note 8 -- Fair Value
"	Note 9 -- Financial and Other Derivative Instruments
"	Note 10 -- Long-Term Debt
"	Note 11 -- Short-Term Credit Arrangements and Borrowings
"	Note 12 -- Leases
"	Note 13 -- Commitments and Contingencies
"	Note 14 -- Retirement Benefits and Trusteed Assets
"	Note 15 -- Segment and Related Information
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Item 6
"	Exhibits
"	Signatures

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

__________________________________________

i ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Registrants address of principal executive offices: i One Energy Plaza, i Detroit, i Michigan i 48226-1279

Name of Exchange on which Registered

i Common stock, without par value

i New York Stock Exchange

i 2017 Series E 5.25% Junior Subordinated Debentures due 2077

i New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

DTE Energy Company (DTE Energy)

i Yes

☒

☐

DTE Electric Company (DTE Electric)

i Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

DTE Energy

i Yes

☒

☐

DTE Electric

i Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

DTE Energy

i Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

i ☐

DTE Electric

Large accelerated filer

Accelerated filer

i Non-accelerated filer

Smaller reporting company

Emerging growth company

☐

☒

i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

DTE Energy

Yes

i ☐

☒

DTE Electric

Yes

i ☐

☒

Number of shares of Common Stock outstanding at September 30, 2022:

Registrant

Description

DTE Energy

Common Stock, without par value

i 193,741,991

DTE Electric

Common Stock, $10 par value, indirectly-owned by DTE Energy

i 138,632,324

This combined Form 10-Q is filed separately by two registrants: DTE Energy and DTE Electric. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. DTE Electric makes no representation as to information relating exclusively to DTE Energy.

DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

Table of Contents

DEFINITIONS


ACE						Affordable Clean Energy


ASU						Accounting Standards Update issued by the FASB



CAD						Canadian Dollar (C$)

CARB						California Air Resources Board that administers California's Low Carbon Fuel Standard

Carbon emissions						Emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases

CCR						Coal Combustion Residuals

CFTC						U.S. Commodity Futures Trading Commission

COVID-19						Coronavirus disease of 2019

DTE Electric						DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies

DTE Energy						DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries

DTE Gas						DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies

DTE Securitization						DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for certain qualified costs authorized by the MPSC and to recover debt service costs from DTE Electric customers

DTE Sustainable Generation						DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies

DT Midstream						DT Midstream, Inc., formerly DTE Energy's natural gas pipeline, storage, and gathering non-utility business comprising the Gas Storage and Pipelines segment and certain DTE Energy holding company activity in the Corporate and Other segment, which separated from DTE Energy and became an independent public company on July 1, 2021

EGLE						Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality

EGU						Electric Generating Unit

ELG						Effluent Limitations Guidelines

EPA						U.S. Environmental Protection Agency

Equity units						DTE Energy's 2019 equity units issued in November 2019, which were used to finance the Gas Storage and Pipelines acquisition on December 4, 2019

EWR						Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through rates certain costs relating to energy waste reduction

FASB						Financial Accounting Standards Board

FERC						Federal Energy Regulatory Commission

FGD						Flue Gas Desulfurization

FOV						Finding of Violation

FTRs						Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid

GCR						A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs

GHGs						Greenhouse gases

Green Bonds						A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures

Table of Contents

DEFINITIONS


MGP						Manufactured Gas Plant

MPSC						Michigan Public Service Commission

MTM						Mark-to-market

NAV						Net Asset Value

Net zero						Collective efforts to reduce the carbon emissions of DTE Energy's utility operations and gas suppliers to DTE Gas, as well as efforts to offset an amount equivalent to any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets

Non-utility						An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC

NOX						Nitrogen Oxides

NPDES						National Pollutant Discharge Elimination System

NRC						U.S. Nuclear Regulatory Commission

Production tax credits						Tax credits as authorized under Section 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the Internal Revenue Service

PSCR						A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs

REC						Renewable Energy Credit

REF						Reduced Emissions Fuel

Registrants						DTE Energy and DTE Electric

Retail access						Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas

RPS						Renewable Portfolio Standard program, which includes a mechanism authorized by the MPSC allowing DTE Electric to recover through rates its renewable energy costs

RSN						Remarketable Senior Note

SIP						State Implementation Plan

SO2						Sulfur Dioxide

SOFR						Secured Overnight Financing Rate

TCJA						Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%

Topic 606						FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended





VIE						Variable Interest Entity


Units of Measurement

Bcf						Billion cubic feet of natural gas

BTU						British thermal unit, heat value (energy content) of fuel





MMBtu						One million BTU



MWh						Megawatt-hour of electricity

Table of Contents

FILING FORMAT

This combined Form 10-Q is separately filed by DTE Energy and DTE Electric. Information in this combined Form 10-Q relating to each individual Registrant is filed by such Registrant on its own behalf. DTE Electric makes no representation regarding information relating to any other companies affiliated with DTE Energy other than its own subsidiaries. Neither DTE Energy, nor any of DTE Energy’s other subsidiaries (other than DTE Electric), has any obligation in respect of DTE Electric's debt securities, and holders of such debt securities should not consider the financial resources or results of operations of DTE Energy nor any of DTE Energy’s other subsidiaries (other than DTE Electric and its own subsidiaries (in relevant circumstances)) in making a decision with respect to DTE Electric's debt securities. Similarly, none of DTE Electric nor any other subsidiary of DTE Energy has any obligation in respect to debt securities of DTE Energy. This combined Form 10-Q should be read in its entirety. No one section of this combined Form 10-Q deals with all aspects of the subject matter of this combined Form 10-Q. This combined Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in the combined DTE Energy and DTE Electric 2021 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of the Registrants. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of the Registrants including, but not limited to, the following:

•the duration and impact of the COVID-19 pandemic on the Registrants and customers;

•impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures;

•the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs;

•economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas;

•the operational failure of electric or gas distribution systems or infrastructure;

•impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage;

•the risk of a major safety incident;

•environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;

•the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism;

•health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities;

•volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations;

•changes in the cost and availability of coal and other raw materials, purchased power, and natural gas;

•advances in technology that produce power, store power, or reduce power consumption;

•changes in the financial condition of significant customers and strategic partners;

•the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions;

•access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;

•instability in capital markets which could impact availability of short and long-term financing;

•impacts of inflation and the timing and extent of changes in interest rates;

•the level of borrowings;

•the potential for increased costs or delays in completion of significant capital projects;

•changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits;

•the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers;

•unplanned outages at our generation plants;

•employee relations and the impact of collective bargaining agreements;

•the availability, cost, coverage, and terms of insurance and stability of insurance providers;

•cost reduction efforts and the maximization of plant and distribution system performance;

•the effects of competition;

•changes in and application of accounting standards and financial reporting regulations;

•changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues;

•successful execution of new business development and future growth plans;

•contract disputes, binding arbitration, litigation, and related appeals;

•the ability of the electric and gas utilities to achieve net zero emissions goals; and

•the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.

New factors emerge from time to time. The Registrants cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. The Registrants undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Part I — Financial Information

Item 1. Financial Statements

Table of Contents

DTE Energy Company

Consolidated Statements of Operations (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(In millions, except per share amounts)

Operating Revenues

Utility operations

i 2,053

i 1,875

i 6,196

i 5,483

Non-utility operations

i 3,198

i 1,840

i 8,556

i 4,834

i 5,251

i 3,715

i 14,752

i 10,317

Operating Expenses

Fuel, purchased power, and gas — utility

i 594

i 477

i 1,901

i 1,411

Fuel, purchased power, gas, and other — non-utility

i 3,023

i 1,766

i 8,324

i 4,708

Operation and maintenance

i 608

i 615

i 1,803

i 1,750

Depreciation and amortization

i 369

i 344

i 1,093

i 1,010

Taxes other than income

i 111

i 106

i 349

i 329

Asset (gains) losses and impairments, net

i 1

i 2

( i 4)

i 29

i 4,706

i 3,310

i 13,466

i 9,237

Operating Income

i 545

i 405

i 1,286

i 1,080

Other (Income) and Deductions

Interest expense

i 171

i 156

i 486

i 477

Interest income

( i 10)

( i 6)

( i 26)

( i 16)

Non-operating retirement benefits, net

( i 5)

i 3

( i 13)

i 10

Loss on extinguishment of debt

i —

i 376

i —

i 384

Other income

( i 16)

( i 90)

( i 35)

( i 187)

Other expenses

i 12

i 30

i 56

i 50

i 152

i 469

i 468

i 718

Income (Loss) Before Income Taxes

i 393

( i 64)

i 818

i 362

Income Tax Expense (Benefit) (Note 2)

i 6

( i 119)

i —

( i 124)

Net Income from Continuing Operations

i 387

i 55

i 818

i 486

Income (Loss) from Discontinued Operations, Net of Taxes (Note 4)

i —

( i 33)

i —

i 112

Net Income

i 387

i 22

i 818

i 598

Less: Net Income (Loss) Attributable to Noncontrolling Interests

Continuing operations

i —

( i 3)

i —

( i 9)

Discontinued operations

i —

i 6

Net Income Attributable to DTE Energy Company

i 387

i 25

i 818

i 601

Basic Earnings per Common Share

Continuing operations

i 2.00

i 0.30

i 4.22

i 2.55

Discontinued operations

i —

( i 0.17)

i —

i 0.55

Total

i 2.00

i 0.13

i 4.22

i 3.10

Diluted Earnings per Common Share

Continuing operations

i 1.99

i 0.30

i 4.21

i 2.55

Discontinued operations

i —

( i 0.17)

i —

i 0.55

Total

i 1.99

i 0.13

i 4.21

i 3.10

Weighted Average Common Shares Outstanding

Basic

i 193

Diluted

i 194

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(In millions)

Net Income

i 387

i 22

i 818

i 598

Other comprehensive income, net of tax:

Benefit obligations, net of taxes of $ i —, $ i 1, $ i 2, and $ i 2, respectively

i 2

i 7

i 5

Net unrealized gains on derivatives, net of taxes of $ i 1, $ i 1, $ i 2, and $ i 2, respectively

i 4

i 7

i 6

Other comprehensive income

i 6

i 14

i 11

Comprehensive income

i 393

i 28

i 832

i 609

Less: Comprehensive loss attributable to noncontrolling interests

i —

( i 3)

i —

( i 3)

Comprehensive Income Attributable to DTE Energy Company

i 393

i 31

i 832

i 612

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited)


	September 30,		December 31,
	2022		2021
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	i 26	$	i 28
Restricted cash	i 25		i 7
Accounts receivable (less allowance for doubtful accounts of $ i 95 and $ i 92, respectively)
Customer	i 1,781		i 1,695
Other	i 199		i 135
Inventories
Fuel and gas	i 540		i 368
Materials, supplies, and other	i 508		i 490
Derivative assets	i 395		i 181
Regulatory assets	i 511		i 195

Other	i 325		i 218

	i 4,310		i 3,317
Investments
Nuclear decommissioning trust funds	i 1,764		i 2,071
Investments in equity method investees	i 169		i 187
Other	i 157		i 194
	i 2,090		i 2,452
Property
Property, plant, and equipment	i 38,550		i 37,083
Accumulated depreciation and amortization	( i 10,451)		( i 10,139)
	i 28,099		i 26,944
Other Assets
Goodwill	i 1,993		i 1,993
Regulatory assets	i 3,583		i 3,482
Securitized regulatory assets	i 214		i —
Intangible assets	i 170		i 177
Notes receivable	i 316		i 310
Derivative assets	i 123		i 90
Prepaid postretirement costs	i 738		i 678
Operating lease right-of-use assets	i 91		i 97
Other	i 227		i 179

	i 7,455		i 7,006
Total Assets	$	i 41,954	$	i 39,719

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited) — (Continued)


	September 30,		December 31,
	2022		2021
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	i 1,619	$	i 1,414
Accrued interest	i 157		i 140
Dividends payable	i 171		i 171
Short-term borrowings	i 994		i 758

Current portion long-term debt, including securitization bonds and finance leases	i 1,425		i 2,874
Derivative liabilities	i 498		i 238

Regulatory liabilities	i 54		i 156
Operating lease liabilities	i 13		i 14

Other	i 535		i 581

	i 5,466		i 6,346
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	i 16,354		i 13,629
Securitization bonds	i 192		i —
Junior subordinated debentures	i 883		i 883
Finance lease liabilities	i 13		i 19
	i 17,442		i 14,531
Other Liabilities
Deferred income taxes	i 2,313		i 2,163
Regulatory liabilities	i 2,731		i 3,106
Asset retirement obligations	i 3,425		i 3,162
Unamortized investment tax credit	i 183		i 158
Derivative liabilities	i 256		i 192
Accrued pension liability	i 268		i 339
Accrued postretirement liability	i 350		i 358
Nuclear decommissioning	i 272		i 321
Operating lease liabilities	i 69		i 74
Other	i 193		i 256

	i 10,060		i 10,129
Commitments and Contingencies (Notes 6 and 13)
	i		i
Equity
Common stock (No par value, i i 400,000,000 / shares authorized, and i i 193,741,991 / and i i 193,747,509 / shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)	i 5,337		i 5,379
Retained earnings	i 3,741		i 3,438
Accumulated other comprehensive loss	( i 98)		( i 112)
Total DTE Energy Company Equity	i 8,980		i 8,705
Noncontrolling interests	i 6		i 8

Total Equity	i 8,986		i 8,713
Total Liabilities and Equity	$	i 41,954	$	i 39,719

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Operating Activities
Net Income	$	i 818	$	i 598
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	i 1,093		i 1,092
Nuclear fuel amortization	i 26		i 44
Allowance for equity funds used during construction	( i 20)		( i 20)
Deferred income taxes	i 15		( i 36)
Equity (earnings) losses of equity method investees	i 15		( i 90)
Dividends from equity method investees	i 4		i 78
Loss on extinguishment of debt	i —		i 384
Asset (gains) losses and impairments, net	( i 4)		i 46
Changes in assets and liabilities:
Accounts receivable, net	( i 150)		( i 8)
Inventories	( i 204)		( i 209)
Prepaid postretirement benefit costs	( i 60)		( i 59)
Accounts payable	i 228		i 225

Accrued pension liability	( i 71)		( i 65)
Accrued postretirement liability	( i 8)		( i 9)
Derivative assets and liabilities	i 77		i 309
Regulatory assets and liabilities	( i 552)		i 270
Other current and noncurrent assets and liabilities	i 205		( i 178)
Net cash from operating activities	i 1,412		i 2,372
Investing Activities
Plant and equipment expenditures — utility	( i 2,342)		( i 2,591)
Plant and equipment expenditures — non-utility	( i 55)		( i 109)

Proceeds from sale of assets	i 4		i 2
Proceeds from sale of nuclear decommissioning trust fund assets	i 707		i 854
Investment in nuclear decommissioning trust funds	( i 710)		( i 853)
Distributions from equity method investees	i 11		i 11
Contributions to equity method investees	( i 12)		( i 7)
Notes receivable	( i 13)		( i 65)
Other	( i 43)		( i 22)
Net cash used for investing activities	( i 2,453)		( i 2,780)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	i 1,771		i 4,033
Redemption of long-term debt	( i 316)		( i 3,242)


Short-term borrowings, net	i 236		i 323

Repurchase of common stock	( i 55)		( i 66)
Dividends paid on common stock	( i 514)		( i 631)
Contributions from noncontrolling interests	i 3		i 35
Distributions to noncontrolling interests	( i 5)		( i 33)


Prepayment costs for extinguishment of long-term debt	i —		( i 361)
Transfer of cash to DT Midstream at separation	i —		( i 37)
Other	( i 63)		( i 73)
Net cash from (used for) financing activities	i 1,057		( i 52)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	i 16		( i 460)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	i 35		i 516
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	i 51	$	i 56

Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	i 331	$	i 386
Separation of DT Midstream net assets, excluding cash transferred	$	i —	$	i 3,962

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited)

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Common Stock

Amount

Total

(Dollars in millions, shares in thousands)

Balance, December 31, 2021

i 193,748

i 5,379

i 3,438

( i 112)

i 8

i 8,713

Net Income

—

i 394

—

i 394

Dividends declared on common stock ($ i 0.89 per Common Share)

—

( i 171)

—

( i 171)

Repurchase of common stock

( i 465)

( i 55)

—

( i 55)

Other comprehensive income, net of tax

—

i 3

—

i 3

Stock-based compensation, net distributions to noncontrolling interests, and other

i 456

( i 14)

i 1

—

( i 4)

( i 17)

Balance, March 31, 2022

i 193,739

i 5,310

i 3,662

( i 109)

i 4

i 8,867

Net Income

—

i 37

—

i 37

Dividends declared on common stock ($ i 1.77 per Common Share)

—

( i 343)

—

( i 343)

Other comprehensive income, net of tax

—

i 5

—

i 5

Stock-based compensation, net contributions from noncontrolling interests, and other

( i 3)

i 13

( i 1)

—

i 1

i 13

Balance, June 30, 2022

i 193,736

i 5,323

i 3,355

( i 104)

i 5

i 8,579

Net Income

—

i 387

—

i 387

Other comprehensive income, net of tax

—

i 6

—

i 6

Stock-based compensation, net contributions from noncontrolling interests, and other

i 6

i 14

( i 1)

—

i 1

i 14

Balance, September 30, 2022

i 193,742

i 5,337

i 3,741

( i 98)

i 6

i 8,986

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited) — (Continued)

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Common Stock

Amount

Total

(Dollars in millions, shares in thousands)

Balance, December 31, 2020

i 193,771

i 5,406

i 7,156

( i 137)

i 164

i 12,589

Net Income

—

i 397

—

i 397

Dividends declared on common stock ($ i 1.09 per Common Share)

—

( i 210)

—

( i 210)

Repurchase of common stock

( i 430)

( i 54)

—

( i 54)

Other comprehensive income, net of tax

—

i 3

—

i 3

Stock-based compensation, net distributions to noncontrolling interests, and other

i 386

( i 8)

( i 1)

—

( i 2)

( i 11)

Balance, March 31, 2021

i 193,727

i 5,344

i 7,342

( i 134)

i 162

i 12,714

Net Income

—

i 179

—

i 179

Dividends declared on common stock ($ i 1.91 per Common Share)

—

( i 370)

—

( i 370)

Other comprehensive income, net of tax

—

i 2

—

i 2

Stock-based compensation, net distributions to noncontrolling interests, and other

i 25

i 17

( i 2)

—

( i 1)

i 14

Balance, June 30, 2021

i 193,752

i 5,361

i 7,149

( i 132)

i 161

i 12,539

Net Income (Loss)

—

i 25

—

( i 3)

i 22

Repurchase of common stock

( i 99)

( i 12)

—

( i 12)

Other comprehensive income, net of tax

—

i 6

—

i 6

Stock-based compensation, net contributions from noncontrolling interests, and other

i 74

i 17

i 1

—

i 5

i 23

Separation of DT Midstream

—

( i 3,858)

i 10

( i 151)

( i 3,999)

Balance, September 30, 2021

i 193,727

i 5,366

i 3,317

( i 116)

i 12

i 8,579

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Operations (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(In millions)

Operating Revenues — Utility operations

i 1,844

i 1,700

i 4,896

i 4,468

Operating Expenses

Fuel and purchased power — utility

i 595

i 462

i 1,551

i 1,185

Operation and maintenance

i 403

i 410

i 1,167

i 1,122

Depreciation and amortization

i 304

i 278

i 899

i 810

Taxes other than income

i 85

i 83

i 257

i 245

i 1,387

i 1,233

i 3,874

i 3,362

Operating Income

i 457

i 467

i 1,022

i 1,106

Other (Income) and Deductions

Interest expense

i 93

i 84

i 271

i 251

Non-operating retirement benefits, net

( i 1)

i —

( i 2)

( i 1)

Other income

( i 15)

( i 14)

( i 46)

( i 52)

Other expenses

i 11

i 8

i 37

i 26

i 88

i 78

i 260

i 224

Income Before Income Taxes

i 369

i 389

i 762

i 882

Income Tax Expense

i 6

i 45

i 12

i 92

Net Income

i 363

i 344

i 750

i 790

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Net Income	$	i 363	$	i 344	$	i 750	$	i 790


Other comprehensive income	i —		i —		i —		i —
Comprehensive Income	$	i 363	$	i 344	$	i 750	$	i 790

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited)


	September 30,		December 31,
	2022		2021
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	i 8	$	i 9
Restricted Cash	i 23		i —
Accounts receivable (less allowance for doubtful accounts of $ i 53 and $ i 54, respectively)
Customer	i 756		i 694
Affiliates	i 32		i 36
Other	i 59		i 40
Inventories
Fuel	i 180		i 171
Materials and supplies	i 319		i 316



Regulatory assets	i 424		i 168
Prepaid property tax	i 125		i 57
Other	i 49		i 44
	i 1,975		i 1,535
Investments
Nuclear decommissioning trust funds	i 1,764		i 2,071
Other	i 39		i 44
	i 1,803		i 2,115
Property
Property, plant, and equipment	i 29,909		i 28,849
Accumulated depreciation and amortization	( i 7,928)		( i 7,676)
	i 21,981		i 21,173
Other Assets
Regulatory assets	i 3,110		i 2,968
Securitized regulatory assets	i 214		i —


Prepaid postretirement costs — affiliates	i 439		i 402
Operating lease right-of-use assets	i 57		i 64
Other	i 188		i 148
	i 4,008		i 3,582
Total Assets	$	i 29,767	$	i 28,405

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited) — (Continued)


	September 30,		December 31,
	2022		2021
	(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$	i 72	$	i 83
Other	i 551		i 567
Accrued interest	i 91		i 95

Current portion long-term debt, including securitization bonds and finance leases	i 148		i 322
Regulatory liabilities	i 52		i 154
Short-term borrowings
Affiliates	i 78		i 53
Other	i 459		i 153
Operating lease liabilities	i 9		i 10
Other	i 196		i 206
	i 1,656		i 1,643
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	i 9,380		i 8,591
Securitization bonds	i 192		i —
Finance lease liabilities	i 2		i 7
	i 9,574		i 8,598
Other Liabilities
Deferred income taxes	i 2,876		i 2,741
Regulatory liabilities	i 1,860		i 2,221
Asset retirement obligations	i 3,186		i 2,932
Unamortized investment tax credit	i 183		i 158
Nuclear decommissioning	i 272		i 321
Accrued pension liability — affiliates	i 365		i 405
Accrued postretirement liability — affiliates	i 334		i 340
Operating lease liabilities	i 41		i 46
Other	i 71		i 97
	i 9,188		i 9,261
Commitments and Contingencies (Notes 6 and 13)	i		i

Shareholder’s Equity
Common stock ($ i i 10 / par value, i i 400,000,000 / shares authorized, and i i i i 138,632,324 / / / shares issued and outstanding for both periods)	i 6,298		i 6,002
Retained earnings	i 3,051		i 2,901

Total Shareholder’s Equity	i 9,349		i 8,903
Total Liabilities and Shareholder’s Equity	$	i 29,767	$	i 28,405

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Operating Activities
Net Income	$	i 750	$	i 790
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	i 899		i 810
Nuclear fuel amortization	i 26		i 44
Allowance for equity funds used during construction	( i 18)		( i 18)
Deferred income taxes	i 11		i 90

Changes in assets and liabilities:
Accounts receivable, net	( i 77)		( i 25)
Inventories	( i 26)		( i 19)
Accounts payable	i 17		i 40
Prepaid postretirement benefit costs — affiliates	( i 37)		( i 36)
Accrued pension liability — affiliates	( i 40)		( i 34)
Accrued postretirement liability — affiliates	( i 6)		( i 6)
Regulatory assets and liabilities	( i 563)		i 229
Other current and noncurrent assets and liabilities	i 166		( i 259)
Net cash from operating activities	i 1,102		i 1,606
Investing Activities
Plant and equipment expenditures	( i 1,853)		( i 2,152)

Proceeds from sale of assets	i 4		i —

Proceeds from sale of nuclear decommissioning trust fund assets	i 707		i 854
Investment in nuclear decommissioning trust funds	( i 710)		( i 853)
Notes receivable and other	( i 42)		( i 22)
Net cash used for investing activities	( i 1,894)		( i 2,173)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	i 1,118		i 986
Redemption of long-term debt	( i 316)		( i 321)

Capital contribution by parent company	i 296		i 273
Short-term borrowings, net — affiliate	i 25		( i 69)
Short-term borrowings, net — other	i 306		i 159
Dividends paid on common stock	( i 600)		( i 441)
Other	( i 15)		( i 18)
Net cash from financing activities	i 814		i 569
Net Increase in Cash, Cash Equivalents, and Restricted Cash	i 22		i 2
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	i 9		i 16
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	i 31	$	i 18

Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	i 242	$	i 307

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Electric Company

Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

Additional Paid-in Capital

Retained Earnings

Common Stock

Amount

Total

(Dollars in millions, shares in thousands)

Balance, December 31, 2021

i 138,632

i 1,386

i 4,616

i 2,901

i 8,903

Net Income

—

i 201

Dividends declared on common stock

—

( i 277)

Balance, March 31, 2022

i 138,632

i 1,386

i 4,616

i 2,825

i 8,827

Net Income

—

i 186

Dividends declared on common stock

—

( i 162)

Balance, June 30, 2022

i 138,632

i 1,386

i 4,616

i 2,849

i 8,851

Net Income

—

i 363

Dividends declared on common stock

—

( i 161)

Capital contribution by parent company

—

i 296

—

i 296

Balance, September 30, 2022

i 138,632

i 1,386

i 4,912

i 3,051

i 9,349

Additional Paid-in Capital

Retained Earnings

Common Stock

Amount

Total

(Dollars in millions, shares in thousands)

Balance, December 31, 2020

i 138,632

i 1,386

i 4,061

i 2,623

i 8,070

Net Income

—

i 208

Dividends declared on common stock

—

( i 147)

Balance, March 31, 2021

i 138,632

i 1,386

i 4,061

i 2,684

i 8,131

Net Income

—

i 238

Dividends declared on common stock

—

( i 146)

Balance, June 30, 2021

i 138,632

i 1,386

i 4,061

i 2,776

i 8,223

Net Income

—

i 344

Dividends declared on common stock

—

( i 148)

Capital contribution by parent company

i 273

Balance, September 30, 2021

i 138,632

i 1,386

i 4,334

i 2,972

i 8,692

See Combined Notes to Consolidated Financial Statements (Unaudited)

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited)

Index of Combined Notes to Consolidated Financial Statements (Unaudited)

The Combined Notes to Consolidated Financial Statements (Unaudited) are a combined presentation for DTE Energy and DTE Electric. The following list indicates the Registrant(s) to which each note applies:

Note 1

Organization and Basis of Presentation

DTE Energy and DTE Electric

Note 2

Significant Accounting Policies

DTE Energy and DTE Electric

Note 3

New Accounting Pronouncements

DTE Energy and DTE Electric

Note 4

Discontinued Operations

DTE Energy

Note 5

Revenue

DTE Energy and DTE Electric

Note 6

Regulatory Matters

DTE Energy and DTE Electric

Note 7

Earnings per Share

DTE Energy

Note 8

Fair Value

DTE Energy and DTE Electric

Note 9

Financial and Other Derivative Instruments

DTE Energy and DTE Electric

Note 10

Long-Term Debt

DTE Energy and DTE Electric

Note 11

Short-Term Credit Arrangements and Borrowings

DTE Energy and DTE Electric

Note 12

Leases

DTE Energy

Note 13

Commitments and Contingencies

DTE Energy and DTE Electric

Note 14

Retirement Benefits and Trusteed Assets

DTE Energy and DTE Electric

Note 15

Segment and Related Information

DTE Energy

NOTE 1 — i ORGANIZATION AND BASIS OF PRESENTATION

DTE Energy owns the following businesses:

•DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately i 2.3 million customers in southeastern Michigan;

•DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately i 1.3 million customers throughout Michigan and the sale of storage and transportation capacity; and

•Other businesses include (1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing industrial energy services and was formerly involved in reduced emissions fuel projects until 2022, and 2) energy marketing and trading operations.

DTE Electric and DTE Gas are regulated by the MPSC. Certain activities of DTE Electric and DTE Gas, as well as various other aspects of businesses under DTE Energy, are regulated by the FERC. In addition, the Registrants are regulated by other federal and state regulatory agencies including the NRC, the EPA, EGLE, and for DTE Energy, the CFTC and CARB.

Basis of Presentation

The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2021 Annual Report on Form 10-K.

The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022.

The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself.

Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation.

Separation of DT Midstream

On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage and gathering non-utility business. Financial results of DT Midstream in the prior period are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations.

No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information.

Principles of Consolidation

The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions.

The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method.

The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is i no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is i no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts.

In the first quarter 2022, DTE Electric financed regulatory assets for previously deferred costs related to the River Rouge generation plant and tree trimming surge program through the sale of bonds by a wholly-owned special purpose entity, DTE Securitization. DTE Securitization is a VIE. DTE Electric has the power to direct the most significant activities of DTE Securitization, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and DTE Securitization is consolidated by the Registrants.

The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments.

The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 2022 and December 31, 2021. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below.

Amounts for the Registrants' consolidated VIEs are as follows:

September 30, 2022

December 31, 2021

DTE Energy

DTE Electric(a)

DTE Energy

(In millions)

ASSETS

Cash and cash equivalents

i 10

i —

i 11

Restricted cash

i 23

i 6

Securitized regulatory assets

i 214

i —

Notes receivable

i 80

i —

i 70

Other current and long-term assets

i 14

i 2

i 8

i 341

i 239

i 95

LIABILITIES

Short-term borrowings

i 79

i —

i 75

Securitization bonds(b)

i 232

i —

Other current and long-term liabilities

i 17

i 11

i 5

i 328

i 243

i 80

_______________________________________

(a)DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022. See Note 6 to the Consolidated Financial Statements, "Regulatory Matters."

(b)Includes $ i i 40 / million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the period ended September 30, 2022.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Amounts for DTE Energy's non-consolidated VIEs are as follows:


	September 30, 2022		December 31, 2021
	(In millions)
Investments in equity method investees	$	i 141	$	i 172
Notes receivable	$	i 15	$	i 13
Future funding commitments	$	i 2	$	i 3

NOTE 2 — i SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of DTE Energy's Other income:

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(In millions)

Contract services

i 7

i 6

i 21

Allowance for equity funds used during construction

i 6

i 7

i 20

Income from REF entities

i —

i 57

i —

i 102

Gains from rabbi trust securities(a)

i —

i 4

Equity earnings (losses) of equity method investees

i —

i 17

( i 15)

i 31

Other

i 3

i 9

i 16

i 90

i 35

i 187

_______________________________________

(a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations.

The following is a summary of DTE Electric's Other income:

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(In millions)

Contract services

i 7

i 6

i 21

Allowance for equity funds used during construction

i 6

i 18

Gains from rabbi trust securities allocated from DTE Energy(a)

i —

i 4

Other

i 2

i 7

i 9

i 15

i 14

i 46

i 52

_______________________________________

(a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations.

Changes in Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist.

Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity, if any. For the three and nine months ended September 30, 2022 and 2021, reclassifications out of Accumulated other comprehensive income (loss) were not material.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The interim effective tax rates of the Registrants are as follows:


	Effective Tax Rate
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
DTE Energy	i 2	%	i 186	%	i —	%	( i 34)	%
DTE Electric	i 2	%	i 12	%	i 2	%	i 10	%

These tax rates are affected by estimated annual permanent items, production tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. DTE Energy's effective tax rates in 2021 were significantly impacted by pre-tax losses in the third quarter, driven primarily by the loss on extinguishment of debt and reclassification of DT Midstream earnings to discontinued operations.

The i 184% decrease in DTE Energy's effective tax rate for the three months ended September 30, 2022 was primarily due to a deferred tax remeasurement of i 133% in 2021, production tax credits of i 57%, and amortization of the TCJA regulatory liability of i 32%, partially offset by a valuation allowance of i 28% in 2021 and recognition of a deferred intercompany gain of i 13% in 2021.

The i 34% increase in DTE Energy’s effective tax rate for the nine months ended September 30, 2022 was primarily due to a deferred tax remeasurement of i 23% in 2021 and closure of the REF business and resulting decrease in production tax credits of i 17%, partially offset by a valuation allowance of i 5% in 2021.

The i 10% decrease in DTE Electric's effective tax rate for the three months ended September 30, 2022 and the i 8% decrease in DTE Electric's effective tax rate for the nine months ended September 30, 2022 were primarily due to higher amortization of the TCJA regulatory liability, which was driven by the accelerated amortization approved in DTE Electric's prior year accounting applications to the MPSC.

DTE Electric had income tax receivables with DTE Energy related to federal and state taxes of $ i 31 million and $ i 33 million at September 30, 2022 and December 31, 2021, respectively, which are included in Accounts Receivable - Affiliates on the DTE Electric Consolidated Statements of Financial Position. DTE Electric also had income tax payables with DTE Energy related to state taxes of $ i 2 million at December 31, 2021, which are included in Accounts Payable - Affiliates on the DTE Electric Consolidated Statements of Financial Position.

DTE Energy and DTE Electric had respective unrecognized tax benefits of $ i 10 million and $ i 13 million related to state exposures at September 30, 2022, which are included in Current Liabilities - Other on the Registrants' Consolidated Statements of Financial Position. Of these benefits, the Registrants believe it is reasonably possible that $ i 8 million at DTE Energy and $ i 9 million at DTE Electric will be recognized in the next 12 months. If recognized, these benefits would favorably impact effective tax rates and reduce tax expense in future periods by $ i 6 million at DTE Energy and $ i 7 million at DTE Electric, net of federal benefit.

During the third quarter 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA included several new tax provisions, including a corporate alternative minimum tax and various tax incentives for energy and climate initiatives. Enactment of this legislation did not impact the Registrants' financial statements for the period ended September 30, 2022. The Registrants do not expect the legislation to have a significant impact in the near term and continue to assess any potential long-term impacts.

Unrecognized Compensation Costs

As of September 30, 2022, DTE Energy had $ i 81 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of i 1.4 years.

Allocated Stock-Based Compensation

DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $ i 9 million and $ i 10 million for the three months ended September 30, 2022 and 2021, respectively, while such allocation was $ i 30 million and $ i 35 million for the nine months ended September 30, 2022 and 2021, respectively.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset.

Financing Receivables

Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value.

The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status.

The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2022.

DTE Energy

DTE Electric

Year of Origination

2022

2021

2020 and Prior

Total

2022 and Prior

(In millions)

Notes receivable

Internal grade 1

i —

i 21

i 17

Internal grade 2

i 25

i 3

i 16

i 44

i —

Total notes receivable(a)

i 25

i 3

i 37

i 65

i 17

Net investment in leases

Net investment in leases, internal grade 1

i —

i 38

i —

Net investment in leases, internal grade 2

i 64

i —

i 189

i 253

i —

Total net investment in leases(a)

i 64

i —

i 227

i 291

i —

_______________________________________

(a)For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position.

The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in i 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is i 150 days after service has been terminated.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of i 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable.

Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans.

Notes receivable are typically considered delinquent when payment is not received for periods ranging from i 60 to i 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions.

Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current.

The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves:

DTE Energy

DTE Electric

Trade accounts receivable

Other receivables

Total

Trade and other accounts receivable

(In millions)

Beginning reserve balance, January 1, 2022

i 89

i 3

i 92

i 54

Current period provision

i 41

i —

i 41

i 25

Write-offs charged against allowance

( i 72)

i —

( i 72)

( i 47)

Recoveries of amounts previously written off

i 34

i —

i 34

i 21

Ending reserve balance, September 30, 2022

i 92

i 3

i 95

i 53

DTE Energy

DTE Electric

Trade accounts receivable

Other receivables

Total

Trade and other accounts receivable

(In millions)

Beginning reserve balance, January 1, 2021

i 101

i 3

i 104

i 57

Current period provision

i 53

i 1

i 54

i 36

Write-offs charged against allowance

( i 126)

( i 1)

( i 127)

( i 77)

Recoveries of amounts previously written off

i 61

i —

i 61

i 38

Ending reserve balance, December 31, 2021

i 89

i 3

i 92

i 54

Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
DTE Energy	$	i 12	$	i 7	$	i 46	$	i 42
DTE Electric	$	i 12	$	i 10	$	i 28	$	i 26

There are i no material amounts of past due financing receivables for the Registrants as of September 30, 2022.

Table of Contents

DTE Energy Company — DTE Electric Company

Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 3 — i NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements


i Michigan						i 38-3217752
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)


i Michigan						i 38-0478650
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)


	DTE Energy
	(In millions)
Beginning Balance, January 1, 2022	$	i 78
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	i 86
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	( i 54)
Ending Balance, September 30, 2022	$	i 110


	September 30, 2022
	(In millions)
Due within one year	$	i 22
Due after one through five years	i 105
Due after five through ten years	i 92
Due after ten years	i 240
	$	i 459


Commodity						Number of Units
Natural gas (MMBtu)						i 2,218,333,992
Electricity (MWh)						i 30,593,651
Oil (Gallons)						i 8,532,000
Foreign currency exchange ($ CAD)						i 132,812,314

Renewable Energy Certificates (MWh)						i 7,816,573
Carbon emissions (Metric Tons)						i 592,605

DTE Energy Co., et al. – ‘10-Q’ for 9/30/22

On: Thursday, 10/27/22, at 9:12am ET · For: 9/30/22 · Accession #: 936340-22-205 · File #s: 1-02198, 1-11607

Previous ‘10-Q’: ‘10-Q’ on 7/28/22 for 6/30/22 · Next: ‘10-Q’ on 4/27/23 for 3/31/23 · Latest: ‘10-Q’ on 4/25/24 for 3/31/24 · 2 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing


	Three Months		Nine Months
	(In millions)
Regulatory mechanism — RPS	$	12	$	33
COVID-19 voluntary refund amortization	9		25
Regulatory mechanism — DTE Securitization	9		20
Regulatory mechanism — EWR	12		18
Weather	(14)		(5)
Base sales / rate mix	(24)		(42)

Other regulatory mechanisms and other	9		14
Increase in Utility Margin	$	13	$	63


	Three Months
	(In millions)
Unrealized Margins(a)
Favorable results, primarily in gas structured and gas transportation strategies(b)	$	204
Unfavorable results, primarily in power full requirements and environmental trading strategies	(48)
	156
Realized Margins(a)
Favorable results, primarily in the environmental trading strategy	16
Unfavorable results, primarily in power full requirements, gas transportation, and gas trading strategies(c)	(48)
	(32)
Increase in Non-utility Margin	$	124


Note						Title
1						Organization and Basis of Presentation
2						Significant Accounting Policies
6						Regulatory Matters
9						Financial and Other Derivative Instruments
10						Long-Term Debt
11						Short-Term Credit Arrangements and Borrowings
13						Commitments and Contingencies
14						Retirement Benefits and Trusteed Assets


	DTE Energy
	(In millions)
MTM at December 31, 2021	$	(159)
Reclassified to realized upon settlement	(33)
Changes in fair value recorded to income	(114)
Amounts recorded to unrealized income	(147)
Changes in fair value recorded in Regulatory liabilities	20
Amounts recorded in other comprehensive income, pre-tax	2
Change in collateral	48
MTM at September 30, 2022	$	(236)


Source of Fair Value	2022		2023		2024		2025 and Beyond		Total Fair Value
	(In millions)
Level 1	$	66	$	130	$	50	$	15	$	261
Level 2	(10)		(33)		(55)		(31)		(129)
Level 3	(68)		(151)		(64)		(91)		(374)
MTM before collateral adjustments	$	(12)	$	(54)	$	(69)	$	(107)	(242)
Collateral adjustments									6
MTM at September 30, 2022									$	(236)


	Credit Exposure Before Cash Collateral		Cash Collateral		Net Credit Exposure
	(In millions)
Investment Grade(a)
A- and Greater	$	1,017	$	(206)	$	811
BBB+ and BBB	471		—		471
BBB-	77		—		77
Total Investment Grade	1,565		(206)		1,359
Non-investment grade(b)	26		—		26
Internally Rated — investment grade(c)	883		(3)		880
Internally Rated — non-investment grade(d)	33		(2)		31
Total	$	2,507	$	(211)	$	2,296


	Assuming a 10% Increase in Prices/Rates				Assuming a 10% Decrease in Prices/Rates
	As of September 30,				As of September 30,
Activity	2022		2021		2022		2021		Change in the Fair Value of
	(In millions)
Environmental contracts	$	(8)	$	(16)	$	8	$	15	Commodity contracts
Gas contracts	$	19	$	102	$	(19)	$	(102)	Commodity contracts
Power contracts	$	13	$	13	$	(13)	$	(13)	Commodity contracts
Oil contracts	$	2	$	—	$	(2)	$	—	Commodity contracts
Interest rate risk — DTE Energy	$	(667)	$	(649)	$	718	$	674	Long-term debt
Interest rate risk — DTE Electric	$	(426)	$	(329)	$	466	$	348	Long-term debt


	Number of Shares Purchased(a)	Average Price Paid per Share(a)		Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Average Price Paid per Share	Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs
07/01/22 - 07/31/22	5,035	$	106.01	—	—	—
08/01/22 - 08/31/22	1,264	$	117.14	—	—	—
09/01/22 - 09/30/22	565	$	119.44	—	—	—
Total	6,864			—


Date:	October 27, 2022
			DTE ENERGY COMPANY

		By:	/S/ *TRACY J. MYRICK*
			Tracy J. Myrick Chief Accounting Officer
			(Duly Authorized Officer)


			DTE ELECTRIC COMPANY

		By:	/S/ *TRACY J. MYRICK*
			Tracy J. Myrick Chief Accounting Officer
			(Duly Authorized Officer)

This ‘10-Q’ Filing	Date	Other Filings

	12/31/28
	12/31/25
	11/1/25
	11/1/24
	12/15/23
	10/31/23
	6/24/23
	12/31/22
	12/15/22
	11/1/22
Filed on:	10/27/22	8-K
	10/25/22
For Period end:	9/30/22
	9/1/22
	8/8/22
	8/1/22
	6/30/22	10-Q
	6/1/22
	3/31/22	10-Q
	3/17/22	8-K, DEF 14A, DEFA14A
	3/14/22	424B1, 8-K
	1/21/22
	1/1/22
	12/31/21	10-K, 11-K
	10/13/21
	10/11/21
	9/30/21	10-Q
	7/27/21	10-Q, 8-K
	7/1/21	4, 8-K
	6/30/21	10-Q, 25-NSE, 4
	6/23/21	11-K
	4/11/21
	4/5/21	4
	3/31/21	10-Q
	3/19/21
	1/19/21
	1/13/21
	1/1/21
	12/31/20	10-K, 11-K
	11/12/20	4
	10/13/20
	8/28/20
	12/4/19
	11/1/19	8-K
	6/19/19
	10/10/17
	4/12/17
	6/30/16	10-Q
	5/31/16
	4/9/01	POS AM
		List all Filings

DTE Energy Co., et al. – ‘10-Q’ for 9/30/22

On: Thursday, 10/27/22, at 9:12am ET · For: 9/30/22 · Accession #: 936340-22-205 · File #s: 1-02198, 1-11607

Previous ‘10-Q’: ‘10-Q’ on 7/28/22 for 6/30/22 · Next: ‘10-Q’ on 4/27/23 for 3/31/23 · Latest: ‘10-Q’ on 4/25/24 for 3/31/24 · 2 References: By: DTE Energy Co. – ‘10-K’ on 2/8/24 for 12/31/23 By: DTE Energy Co. – ‘10-K’ on 2/23/23 for 12/31/22

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

Previous ‘10-Q’: ‘10-Q’ on 7/28/22 for 6/30/22 · Next: ‘10-Q’ on 4/27/23 for 3/31/23 · Latest: ‘10-Q’ on 4/25/24 for 3/31/24 · 2 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents