10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

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

For the Quarterly Period ended March 31, 2023

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-11607

DTE Energy Company

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

Commission File Number: 1-2198

DTE Electric Company

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

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

Registrants telephone number, including area code: (313) 235-4000

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of Each Class	Trading Symbol(s)	Name of Exchange on which Registered
DTE Energy Company (DTE Energy)	Common stock, without par value	DTE	New York Stock Exchange
DTE Energy	2017 Series E 5.25% Junior Subordinated Debentures due 2077	DTW	New York Stock Exchange
DTE Energy	2020 Series G 4.375% Junior Subordinated Debentures due 2080	DTB	New York Stock Exchange
DTE Energy	2021 Series E 4.375% Junior Subordinated Debentures due 2081	DTG	New York Stock Exchange
DTE Electric Company (DTE Electric)	None		None

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) Yes ☒ No ☐ DTE Electric Company (DTE Electric) Yes ☒ No ☐

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 Yes ☒ No ☐ DTE Electric Yes ☒ No ☐

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	Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
	☒	☐	☐	☐	☐
DTE Electric	Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
	☐	☐	☒	☐	☐

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 ☐ No ☒ DTE Electric Yes ☐ No ☒

Number of shares of Common Stock outstanding at March 31, 2023:

Registrant	Description	Shares
DTE Energy	Common Stock, without par value	206,109,174
DTE Electric	Common Stock, $10 par value, indirectly-owned by DTE Energy	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

		Page
	Definitions	1
	Filing Format	3
	Forward-Looking Statements	3
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements
	DTE Energy Consolidated Financial Statements (Unaudited)	5
	DTE Electric Consolidated Financial Statements (Unaudited)	11
	Combined Notes to Consolidated Financial Statements (Unaudited)	17
	Note 1 — Organization and Basis of Presentation	17
	Note 2 — Significant Accounting Policies	20
	Note 3 — New Accounting Pronouncements	24
	Note 4 — Revenue	24
	Note 5 — Regulatory Matters	26
	Note 6 — Earnings Per Share	27
	Note 7 — Fair Value	28
	Note 8 — Financial and Other Derivative Instruments	35
	Note 9 — Long-Term Debt	40
	Note 10 — Short-Term Credit Arrangements and Borrowings	40
	Note 11 — Leases	41
	Note 12 — Commitments and Contingencies	42
	Note 13 — Retirement Benefits and Trusteed Assets	47
	Note 14 — Segment and Related Information	48
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	67
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	68
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 6.	Exhibits	69
	Signatures	70

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
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 former Gas Storage and Pipelines segment 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
MGP	Manufactured Gas Plant
MPSC	Michigan Public Service Commission
MTM	Mark-to-market
NAV	Net Asset Value

1

DEFINITIONS

Net zero	Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset 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
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
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

2

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 2022 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:

•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;

3

•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

4

DTE Energy Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions, except per share amounts)
Operating Revenues
Utility operations	$	2,060	$	2,234
Non-utility operations	1,719		2,343
	3,779		4,577
Operating Expenses
Fuel, purchased power, and gas — utility	584		700
Fuel, purchased power, gas, and other — non-utility	1,437		2,242
Operation and maintenance	600		596
Depreciation and amortization	385		358
Taxes other than income	122		123
Asset (gains) losses and impairments, net	(1)		—
	3,127		4,019
Operating Income	652		558
Other (Income) and Deductions
Interest expense	191		154
Interest income	(17)		(8)
Non-operating retirement benefits, net	3		(3)
Other income	(26)		(8)
Other expenses	6		13
	157		148
Income Before Income Taxes	495		410
Income Tax Expense	50		16
Net Income Attributable to DTE Energy Company	$	445	$	394
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	2.16	$	2.03
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	2.16	$	2.03
Weighted Average Common Shares Outstanding
Basic	206		193
Diluted	206		194

See Combined Notes to Consolidated Financial Statements (Unaudited)

5

DTE Energy Company

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income	$	445	$	394
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— and $1, respectively	1		3
Net unrealized losses on derivatives, net of taxes of $(1) and $—, respectively	(4)		—
Other comprehensive income (loss)	(3)		3
Comprehensive Income Attributable to DTE Energy Company	$	442	$	397

See Combined Notes to Consolidated Financial Statements (Unaudited)

6

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	2023		2022
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	115	$	33
Restricted cash	22		10
Accounts receivable (less allowance for doubtful accounts of $84 and $79, respectively)
Customer	1,515		2,038
Other	178		144
Inventories
Fuel and gas	285		433
Materials, supplies, and other	521		509
Derivative assets	206		328
Regulatory assets	434		450
Other	261		235
	3,537		4,180
Investments
Nuclear decommissioning trust funds	1,896		1,825
Investments in equity method investees	173		165
Other	156		165
	2,225		2,155
Property
Property, plant, and equipment	39,901		39,346
Accumulated depreciation and amortization	(10,714)		(10,579)
	29,187		28,767
Other Assets
Goodwill	1,993		1,993
Regulatory assets	3,869		3,886
Securitized regulatory assets	197		206
Intangible assets	164		166
Notes receivable	334		331
Derivative assets	68		105
Prepaid postretirement costs	593		571
Operating lease right-of-use assets	86		89
Other	265		234
	7,569		7,581
Total Assets	$	42,518	$	42,683

See Combined Notes to Consolidated Financial Statements (Unaudited)

7

DTE Energy Company

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

	March 31,		December 31,
	2023		2022
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,085	$	1,604
Accrued interest	174		154
Dividends payable	196		196
Short-term borrowings	130		1,162
Current portion long-term debt, including securitization bonds and finance leases	1,723		1,124
Derivative liabilities	143		342
Gas inventory equalization	100		—
Regulatory liabilities	39		34
Operating lease liabilities	12		13
Other	434		544
	4,036		5,173
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	16,597		15,807
Securitization bonds	172		172
Junior subordinated debentures	883		883
Finance lease liabilities	10		11
	17,662		16,873
Other Liabilities
Deferred income taxes	2,466		2,394
Regulatory liabilities	2,673		2,673
Asset retirement obligations	3,509		3,460
Unamortized investment tax credit	182		182
Derivative liabilities	177		315
Accrued pension liability	346		378
Accrued postretirement liability	279		287
Nuclear decommissioning	294		282
Operating lease liabilities	65		68
Other	183		197
	10,174		10,236
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 206,109,174 and 205,632,393 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	6,652		6,651
Retained earnings	4,055		3,808
Accumulated other comprehensive loss	(65)		(62)
Total DTE Energy Company Equity	10,642		10,397
Noncontrolling interests	4		4
Total Equity	10,646		10,401
Total Liabilities and Equity	$	42,518	$	42,683

See Combined Notes to Consolidated Financial Statements (Unaudited)

8

DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Activities
Net Income	$	445	$	394
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	385		358
Nuclear fuel amortization	16		3
Allowance for equity funds used during construction	(9)		(8)
Deferred income taxes	52		18
Equity (earnings) losses of equity method investees	(4)		11
Dividends from equity method investees	1		1
Asset (gains) losses and impairments, net	(1)		—
Changes in assets and liabilities:
Accounts receivable, net	486		18
Inventories	133		129
Prepaid postretirement benefit costs	(22)		(27)
Accounts payable	(419)		(42)
Gas inventory equalization	100		108
Accrued pension liability	(32)		(25)
Accrued postretirement liability	(8)		(8)
Derivative assets and liabilities	(178)		108
Regulatory assets and liabilities	159		(154)
Other current and noncurrent assets and liabilities	(180)		(76)
Net cash from operating activities	924		808
Investing Activities
Plant and equipment expenditures — utility	(924)		(737)
Plant and equipment expenditures — non-utility	(13)		(27)
Proceeds from sale of nuclear decommissioning trust fund assets	166		207
Investment in nuclear decommissioning trust funds	(168)		(209)
Distributions from equity method investees	4		2
Contributions to equity method investees	(10)		(1)
Notes receivable	14		(8)
Other	(50)		(9)
Net cash used for investing activities	(981)		(782)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,386		1,119
Redemption of long-term debt	—		(250)
Short-term borrowings, net	(1,032)		(514)
Repurchase of common stock	—		(55)
Dividends paid on common stock	(188)		(171)
Other	(15)		(34)
Net cash from financing activities	151		95
Net Increase in Cash, Cash Equivalents, and Restricted Cash	94		121
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	43		35
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	137	$	156
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	333	$	300

See Combined Notes to Consolidated Financial Statements (Unaudited)

9

DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited)

				Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Common Stock
	Shares	Amount								Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2022	205,632	$	6,651	$	3,808	$	(62)	$	4	$	10,401
Net Income	—	—		445		—		—		445
Dividends declared on common stock ($0.95 per Common Share)	—	—		(196)		—		—		(196)
Issuance of common stock	76	9		—		—		—		9
Other comprehensive loss, net of tax	—	—		—		(3)		—		(3)
Stock-based compensation and other	401	(8)		(2)		—		—		(10)
Balance, March 31, 2023	206,109	$	6,652	$	4,055	$	(65)	$	4	$	10,646

See Combined Notes to Consolidated Financial Statements (Unaudited)

				Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount								Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2021	193,748	$	5,379	$	3,438	$	(112)	$	8	$	8,713
Net Income	—	—		394		—		—		394
Dividends declared on common stock ($0.89 per Common Share)	—	—		(171)		—		—		(171)
Repurchase of common stock	(465)	(55)		—		—		—		(55)
Other comprehensive income, net of tax	—	—		—		3		—		3
Stock-based compensation, net distributions to noncontrolling interests, and other	456	(14)		1		—		(4)		(17)
Balance, March 31, 2022	193,739	$	5,310	$	3,662	$	(109)	$	4	$	8,867

See Combined Notes to Consolidated Financial Statements (Unaudited)

10

DTE Electric Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Utility operations	$	1,375	$	1,486
Operating Expenses
Fuel and purchased power — utility	365		440
Operation and maintenance	411		381
Depreciation and amortization	317		294
Taxes other than income	84		88
	1,177		1,203
Operating Income	198		283
Other (Income) and Deductions
Interest expense	102		87
Interest income	(6)		—
Non-operating retirement benefits, net	(1)		(1)
Other income	(20)		(16)
Other expenses	6		9
	81		79
Income Before Income Taxes	117		204
Income Tax Expense	17		3
Net Income	$	100	$	201

See Combined Notes to Consolidated Financial Statements (Unaudited)

11

DTE Electric Company

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income	$	100	$	201
Other comprehensive income	—		—
Comprehensive Income	$	100	$	201

See Combined Notes to Consolidated Financial Statements (Unaudited)

12

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	2023		2022
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	68	$	15
Restricted Cash	21		9
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively)
Customer	683		727
Affiliates	9		8
Other	44		75
Inventories
Fuel	160		167
Materials and supplies	359		331
Notes receivable
Affiliates	30		—
Other	2		17
Regulatory assets	424		421
Prepaid property tax	100		54
Other	22		27
	1,922		1,851
Investments
Nuclear decommissioning trust funds	1,896		1,825
Other	46		44
	1,942		1,869
Property
Property, plant, and equipment	31,076		30,591
Accumulated depreciation and amortization	(8,236)		(8,095)
	22,840		22,496
Other Assets
Regulatory assets	3,230		3,219
Securitized regulatory assets	197		206
Prepaid postretirement costs — affiliates	357		345
Operating lease right-of-use assets	53		56
Other	214		194
	4,051		4,020
Total Assets	$	30,755	$	30,236

See Combined Notes to Consolidated Financial Statements (Unaudited)

13

DTE Electric Company

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

	March 31,		December 31,
	2023		2022
	(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$	82	$	71
Other	609		637
Accrued interest	95		105
Current portion long-term debt, including securitization bonds and finance leases	647		248
Regulatory liabilities	38		33
Short-term borrowings
Affiliates	—		27
Other	—		568
Operating lease liabilities	9		9
Other	177		204
	1,657		1,902
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,070		9,282
Securitization bonds	172		172
Finance lease liabilities	—		1
	10,242		9,455
Other Liabilities
Deferred income taxes	2,982		2,946
Regulatory liabilities	1,773		1,778
Asset retirement obligations	3,266		3,221
Unamortized investment tax credit	182		182
Nuclear decommissioning	294		282
Accrued pension liability — affiliates	374		387
Accrued postretirement liability — affiliates	267		275
Operating lease liabilities	37		39
Other	68		74
	9,243		9,184
Commitments and Contingencies (Notes 5 and 12)
Shareholder’s Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	6,602		6,602
Retained earnings	3,011		3,093
Total Shareholder’s Equity	9,613		9,695
Total Liabilities and Shareholder’s Equity	$	30,755	$	30,236

See Combined Notes to Consolidated Financial Statements (Unaudited)

14

DTE Electric Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Activities
Net Income	$	100	$	201
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	317		294
Nuclear fuel amortization	16		3
Allowance for equity funds used during construction	(9)		(7)
Deferred income taxes	19		—
Changes in assets and liabilities:
Accounts receivable, net	74		(18)
Inventories	(21)		12
Accounts payable	41		34
Prepaid postretirement benefit costs — affiliates	(12)		(15)
Accrued pension liability — affiliates	(13)		(13)
Accrued postretirement liability — affiliates	(8)		(8)
Regulatory assets and liabilities	93		(165)
Other current and noncurrent assets and liabilities	(120)		(33)
Net cash from operating activities	477		285
Investing Activities
Plant and equipment expenditures	(743)		(609)
Proceeds from sale of nuclear decommissioning trust fund assets	166		207
Investment in nuclear decommissioning trust funds	(168)		(209)
Notes receivable	(15)		—
Other	(50)		(8)
Net cash used for investing activities	(810)		(619)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,186		1,119
Redemption of long-term debt	—		(250)
Short-term borrowings, net — affiliate	(27)		(53)
Short-term borrowings, net — other	(568)		(153)
Dividends paid on common stock	(182)		(277)
Other	(11)		(11)
Net cash from financing activities	398		375
Net Increase in Cash, Cash Equivalents, and Restricted Cash	65		41
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	24		9
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	89	$	50
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	277	$	251

See Combined Notes to Consolidated Financial Statements (Unaudited)

15

DTE Electric Company

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

				Additional Paid-in Capital		Retained Earnings
	Common Stock
	Shares	Amount						Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2022	138,632	$	1,386	$	5,216	$	3,093	$	9,695
Net Income	—	—		—		100		100
Dividends declared on common stock	—	—		—		(182)		(182)
Balance, March 31, 2023	138,632	$	1,386	$	5,216	$	3,011	$	9,613

				Additional Paid-in Capital		Retained Earnings
	Common Stock
	Shares	Amount						Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2021	138,632	$	1,386	$	4,616	$	2,901	$	8,903
Net Income	—	—		—		201		201
Dividends declared on common stock	—	—		—		(277)		(277)
Balance, March 31, 2022	138,632	$	1,386	$	4,616	$	2,825	$	8,827

See Combined Notes to Consolidated Financial Statements (Unaudited)

16

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	Revenue	DTE Energy and DTE Electric
Note 5	Regulatory Matters	DTE Energy and DTE Electric
Note 6	Earnings per Share	DTE Energy
Note 7	Fair Value	DTE Energy and DTE Electric
Note 8	Financial and Other Derivative Instruments	DTE Energy and DTE Electric
Note 9	Long-Term Debt	DTE Energy and DTE Electric
Note 10	Short-Term Credit Arrangements and Borrowings	DTE Energy and DTE Electric
Note 11	Leases	DTE Energy
Note 12	Commitments and Contingencies	DTE Energy and DTE Electric
Note 13	Retirement Benefits and Trusteed Assets	DTE Energy and DTE Electric
Note 14	Segment and Related Information	DTE Energy

NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Energy owns the following businesses:

•DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 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 1.3 million customers throughout Michigan and the sale of storage and transportation capacity

•Other businesses include (1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing custom energy solutions to industrial, commercial, and institutional customers, 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 2022 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.

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, 2023.

17

DTE Energy Company — DTE Electric Company

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

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.

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.

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 March 31, 2023, 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 March 31, 2023, 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 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 no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts.

During 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. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of the Registrants.

18

DTE Energy Company — DTE Electric Company

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

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 March 31, 2023 and December 31, 2022. 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:

	March 31, 2023				December 31, 2022
	DTE Energy		DTE Electric(a)		DTE Energy		DTE Electric(a)
	(In millions)
ASSETS
Cash and cash equivalents	$	7	$	—	$	14	$	—
Restricted cash	21		21		9		9
Securitized regulatory assets	197		197		206		206
Notes receivable	81		—		81		—
Other current and long-term assets	7		2		14		3
	$	313	$	220	$	324	$	218
LIABILITIES
Short-term borrowings	$	81	$	—	$	81	—
Securitization bonds(b)	211		211		211		211
Other current and long-term liabilities	14		11		14		9
	$	306	$	222	$	306	$	220

_______________________________________

(a)DTE Electric amounts reflect DTE Securitization.

(b)Includes $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for both periods ended March 31, 2023 and December 31, 2022.

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

	March 31, 2023		December 31, 2022
	(In millions)
Investments in equity method investees	$	134	$	137
Notes receivable	$	15	$	15
Future funding commitments	$	2	$	2

19

DTE Energy Company — DTE Electric Company

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Other Income

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	8
Contract services	6		7
Equity earnings (losses) of equity method investees	4		(11)
Other	7		4
	$	26	$	8

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	7
Contract services	6		7
Other	5		2
	$	20	$	16

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, if any. 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 months ended March 31, 2023 and 2022, reclassifications out of Accumulated other comprehensive income (loss) were not material.

20

DTE Energy Company — DTE Electric Company

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

Income Taxes

Tax rates are affected by estimated annual permanent items, production and investment tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. The tables below detail how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:

	Three Months Ended March 31,
	2023		2022
DTE Energy
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	4.4		4.4
Production tax credits	(6.2)		(7.5)
TCJA amortization	(4.1)		(12.4)
Investment tax credits	(2.3)		(0.2)
Enactment of West Virginia income tax legislation, net of federal benefit	(1.2)		—
Other	(1.5)		(1.5)
Effective income tax rate	10.1	%	3.8	%

	Three Months Ended March 31,
	2023		2022
DTE Electric
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	5.6		5.8
Production tax credits	(7.1)		(8.9)
TCJA amortization	(4.5)		(15.5)
Other	(0.8)		(0.9)
Effective income tax rate	14.2	%	1.5	%

DTE Electric had income tax receivables with DTE Energy of $6 million and $1 million at March 31, 2023 and December 31, 2022, respectively, which are primarily related to state taxes and 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 federal taxes of $2 million at March 31, 2023, 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 $15 million and $13 million at March 31, 2023, that, if recognized, would favorably impact effective tax rates. DTE Energy believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $15 million due to anticipated settlements with tax authorities, comprised of $5 million related to a federal claim and $10 million related to state exposures. DTE Electric believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $13 million due to an anticipated settlement with tax authorities related to state exposures.

Unrecognized Compensation Costs

As of March 31, 2023, DTE Energy had $103 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 1.9 years.

Allocated Stock-Based Compensation

DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $10 million and $12 million for the three months ended March 31, 2023 and 2022, respectively.

21

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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through March 31, 2023.

	DTE Energy								DTE Electric
	Year of Origination
	2023		2022		2021 and Prior		Total		2023 and Prior
	(In millions)
Notes receivable
Internal grade 1(a)	$	—	$	—	$	6	$	6	$	32
Internal grade 2	2		45		18		65		—
Total notes receivable(b)	$	2	$	45	$	24	$	71	$	32
Net investment in leases
Net investment in leases, internal grade 1	$	—	$	—	$	37	$	37	$	—
Net investment in leases, internal grade 2	—		66		188		254		—
Total net investment in leases(b)	$	—	$	66	$	225	$	291	$	—

_______________________________________

(a)DTE Electric includes Notes receivable — affiliate balance of $30 million originated in 2023 that eliminates in consolidation for DTE Energy. Remaining balance for DTE Electric originated prior to 2023.

(b)For DTE Energy, current portion is 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 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 150 days after service has been terminated.

22

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 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 60 to 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, 2023	$	78	$	1	$	79	$	49
Current period provision	22		—		22		8
Write-offs charged against allowance	(26)		—		(26)		(18)
Recoveries of amounts previously written off	9		—		9		6
Ending reserve balance, March 31, 2023	$	83	$	1	$	84	$	45

	DTE Energy						DTE Electric
	Trade accounts receivable		Other receivables		Total		Trade and other accounts receivable
	(In millions)
Beginning reserve balance, January 1, 2022	$	89	$	3	$	92	$	54
Current period provision	49		—		49		33
Write-offs charged against allowance	(105)		(2)		(107)		(66)
Recoveries of amounts previously written off	45		—		45		28
Ending reserve balance, December 31, 2022	$	78	$	1	$	79	$	49

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 March 31,
	2023		2022
	(In millions)
DTE Energy	$	22	$	20
DTE Electric	$	8	$	8

There are no material amounts of past due financing receivables for the Registrants as of March 31, 2023.

23

DTE Energy Company — DTE Electric Company

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

NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Registrants adopted the ASU effective January 1, 2023 using the prospective approach, with no impact on the Registrants' financial position or results of operations. Gross write-offs, if any, will be disclosed in the Financing Receivables section of Note 2 to the Consolidated Financial Statements, "Significant Accounting Policies."

NOTE 4 — REVENUE

Disaggregation of Revenue

The following is a summary of revenues disaggregated by segment for DTE Energy:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric(a)
Residential	$	654	$	700
Commercial	495		477
Industrial	169		161
Other(b)	61		152
Total Electric operating revenues	$	1,379	$	1,490
Gas
Gas sales	$	601	$	596
End User Transportation	86		98
Intermediate Transportation	31		29
Other(b)	(11)		43
Total Gas operating revenues	$	707	$	766
Other segment operating revenues
DTE Vantage	$	184	$	179
Energy Trading	$	1,568	$	2,203

_______________________________________

(a)Revenues generally represent those of DTE Electric, except $4 million of Other revenues related to DTE Sustainable Generation for the three months ended March 31, 2023 and 2022.

(b)Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas.

24

DTE Energy Company — DTE Electric Company

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

Revenues included the following which were outside the scope of Topic 606:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric — Other revenues	$	5	$	4
Gas — Alternative Revenue Programs	$	3	$	—
Gas — Other revenues	$	3	$	2
DTE Vantage — Leases	$	15	$	20
Energy Trading — Derivatives	$	1,161	$	1,734

Deferred Revenue

The following is a summary of deferred revenue activity:

	DTE Energy
	(In millions)
Beginning Balance, January 1, 2022	$	94
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	27
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(34)
Ending Balance, March 31, 2023	$	87

The deferred revenues at DTE Energy generally represent amounts paid by or receivables from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues associated with RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer.

The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:

	DTE Energy
	(In millions)
2023	$	79
2024	6
2025	1
2026	1
2027	—
2028 and thereafter	—
	$	87

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.

Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year.

25

DTE Energy Company — DTE Electric Company

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

The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:

	DTE Energy		DTE Electric
	(In millions)
2023	$	150	$	6
2024	218		8
2025	145		—
2026	81		—
2027	59		—
2028 and thereafter	304		—
	$	957	$	14

NOTE 5 — REGULATORY MATTERS

Ludington Accounting Application

During April 2022, DTE Electric and Consumers Energy Company (“Consumers”) filed a complaint against Toshiba America Energy Systems (“TAES”) and its parent corporation for defective and non-conforming work relating to the overhaul and upgrade of the Ludington Hydroelectric Pumped Storage Plant (“Ludington”). Refer to the Ludington Plant Contract Dispute section of Note 12 to the Consolidated Financial Statements, “Commitments and Contingencies,” for additional information regarding the complaint and ongoing legal proceedings.

DTE Electric and Consumers, joint owners of Ludington, believe that certain costs must be incurred in the near term for repairing and/or replacing defective work performed by TAES in order to ensure the continued safe and reliable operation of the plant. In November 2022, DTE Electric and Consumers filed an accounting application with the MPSC for authority to defer these costs as a regulatory asset. DTE Electric and Consumers are seeking the regulatory asset for their respective 49% and 51% shares of these costs, to be offset by any potential litigation proceeds. The parties are also seeking that appropriate recovery and ratemaking treatment may be granted in a future rate case or other proceeding. A response in this filing is currently expected in the second quarter 2023.

2023 Electric Rate Case Filing

DTE Electric filed a rate case with the MPSC on February 10, 2023 requesting an increase in base rates of $622 million based on a projected twelve-month period ending November 30, 2024, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses. These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability. The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs. A final MPSC order in this case is expected in December 2023.

2023 Securitization Filing

On April 3, 2023, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $496 million of qualified costs related to the net book value of the St. Clair and Trenton Channel generation plants. The filing requests recovery of these qualifying costs from DTE Electric's customers. A final MPSC order is expected by July 2023.

26

DTE Energy Company — DTE Electric Company

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

NOTE 6 — EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units and performance shares do not receive cash dividends; as such, these awards are not considered participating securities.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:

		Three Months Ended March 31,
		2023		2022
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — basic		$	444	$	393
Average number of common shares outstanding — basic		206		193
Basic Earnings per Common Share		$	2.16	$	2.03
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — diluted		$	444	$	393
Average number of common shares outstanding — basic		206		193
Average performance share awards		—		1
Average number of common shares outstanding — diluted		206		194
Diluted Earnings per Common Share(a)		$	2.16	$	2.03

_______________________________________

(a)Equity units excluded from the calculation of diluted EPS were approximately 10.7 million for the three months ended March 31, 2022, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock.

27

DTE Energy Company — DTE Electric Company

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

NOTE 7 — FAIR VALUE

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2023 and December 31, 2022. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.

•Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

28

DTE Energy Company — DTE Electric Company

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

The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:

	March 31, 2023												December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance
	(In millions)
Assets
Cash equivalents(c)	$	110	$	—	$	—	$	—	$	—	$	110	$	10	$	—	$	—	$	—	$	—	$	10
Nuclear decommissioning trusts
Equity securities	738		—		—		141		—		879		701		—		—		138		—		839
Fixed income securities	116		367		—		90		—		573		115		359		—		89		—		563
Private equity and other	—		—		—		269		—		269		—		—		—		262		—		262
Hedge funds and similar investments	81		41		—		—		—		122		78		41		—		—		—		119
Cash equivalents	53		—		—		—		—		53		42		—		—		—		—		42
Other investments(d)
Equity securities	57		—		—		—		—		57		56		—		—		—		—		56
Fixed income securities	7		—		—		—		—		7		7		—		—		—		—		7
Cash equivalents	60		—		—		—		—		60		72		—		—		—		—		72
Derivative assets
Commodity contracts(e)
Natural gas	209		161		130		—		(382)		118		426		183		135		—		(649)		95
Electricity	—		395		115		—		(358)		152		—		720		243		—		(643)		320
Environmental & Other	—		223		3		—		(225)		1		—		201		12		—		(196)		17
Other contracts	—		3		—		—		—		3		—		2		—		—		(1)		1
Total derivative assets	209		782		248		—		(965)		274		426		1,106		390		—		(1,489)		433
Total	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas	$	(228)	$	(169)	$	(192)	$	—	$	419	$	(170)	$	(297)	$	(331)	$	(390)	$	—	$	645	$	(373)
Electricity	—		(368)		(153)		—		381		(140)		—		(659)		(276)		—		665		(270)
Environmental & Other	—		(238)		(1)		—		237		(2)		—		(213)		(1)		—		201		(13)
Other contracts	—		(8)		—		—		—		(8)		—		(2)		—		—		1		(1)
Total	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746
Assets
Current	$	280	$	601	$	180	$	—	$	(745)	$	316	$	360	$	881	$	286	$	—	$	(1,189)	$	338
Noncurrent	1,151		589		68		500		(220)		2,088		1,147		625		104		489		(300)		2,065
Total Assets	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Current	$	(203)	$	(546)	$	(171)	$	—	$	777	$	(143)	$	(273)	$	(876)	$	(386)	$	—	$	1,193	$	(342)
Noncurrent	(25)		(237)		(175)		—		260		(177)		(24)		(329)		(281)		—		319		(315)
Total Liabilities	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746

_______________________________________

(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.

(c)Amounts include $22 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.

(d)Excludes cash surrender value of life insurance investments.

(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

29

DTE Energy Company — DTE Electric Company

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

The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:

	March 31, 2023										December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Net Balance
	(In millions)
Assets
Cash equivalents(b)	$	77	$	—	$	—	$	—	$	77	$	9	$	—	$	—	$	—	$	9
Nuclear decommissioning trusts
Equity securities	738		—		—		141		879		701		—		—		138		839
Fixed income securities	116		367		—		90		573		115		359		—		89		563
Private equity and other	—		—		—		269		269		—		—		—		262		262
Hedge funds and similar investments	81		41		—		—		122		78		41		—		—		119
Cash equivalents	53		—		—		—		53		42		—		—		—		42
Other investments
Equity securities	18		—		—		—		18		16		—		—		—		16
Cash equivalents	11		—		—		—		11		11		—		—		—		11
Derivative assets — FTRs	—		—		1		—		1		—		—		11		—		11
Total	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872
Assets
Current	$	77	$	—	$	1	$	—	$	78	$	9	$	—	$	11	$	—	$	20
Noncurrent	1,017		408		—		500		1,925		963		400		—		489		1,852
Total Assets	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872

_______________________________________

(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Cash equivalents of $21 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively.

Cash Equivalents

Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments and money market funds.

Nuclear Decommissioning Trusts and Other Investments

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services.

Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds.

Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $171 million and $177 million as of March 31, 2023 and December 31, 2022, respectively.

30

DTE Energy Company — DTE Electric Company

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

Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services.

For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.

Derivative Assets and Liabilities

Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:

	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	Natural Gas		Electricity		Other		Total		Natural Gas		Electricity		Other		Total
	(In millions)
Net Assets (Liabilities) as of December 31	$	(255)	$	(33)	$	11	$	(277)	$	(179)	$	(45)	$	9	$	(215)
Transfers from Level 3 into Level 2	—		—		—		—		5		—		—		5
Total gains (losses)
Included in earnings(a)	151		(45)		1		107		(171)		(50)		3		(218)
Recorded in Regulatory liabilities	—		—		(9)		(9)		—		—		(4)		(4)
Purchases, issuances, and settlements
Settlements	42		40		(1)		81		115		(22)		(2)		91
Net Assets (Liabilities) as of March 31	$	(62)	$	(38)	$	2	$	(98)	$	(230)	$	(117)	$	6	$	(341)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31a)	$	94	$	19	$	1	$	114	$	(129)	$	(64)	$	3	$	(190)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	—	$	—

_______________________________________

(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.

31

DTE Energy Company — DTE Electric Company

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

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Assets as of beginning of period	$	11	$	9
Total losses recorded in Regulatory liabilities	(9)		(4)
Purchases, issuances, and settlements
Settlements	(1)		(2)
Net Assets as of March 31	$	1	$	3
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	(2)	$	—

Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the three months ended March 31, 2023 and 2022.

The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:

	March 31, 2023
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	130	$	(192)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	5.60	/MMBtu	$	0.07	/MMBtu
Electricity	$	115	$	(153)	Discounted Cash Flow	Forward basis price (per MWh)	$	(21.89)	—	$	10.33	/MWh	$	(3.26)	/MWh

	December 31, 2022
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	135	$	(390)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	39.94	/MMBtu	$	0.18	/MMBtu
Electricity	$	243	$	(276)	Discounted Cash Flow	Forward basis price (per MWh)	$	(29.41)	—	$	15.00	/MWh	$	(3.04)	/MWh

The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes.

The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions.

32

DTE Energy Company — DTE Electric Company

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

Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments for DTE Energy:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable(a), excluding lessor finance leases	$	71	$	—	$	—	$	71	$	80	$	—	$	—	$	82
Short-term borrowings	$	130	$	—	$	130	$	—	$	1,162	$	—	$	1,162	$	—
Notes payable(b)	$	8	$	—	$	—	$	8	$	18	$	—	$	—	$	18
Long-term debt(c)	$	19,368	$	788	$	15,803	$	1,240	$	17,978	$	710	$	14,084	$	1,199

_______________________________________

(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.

(b)Included in Current Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.

(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

The following table presents the carrying amount and fair value of financial instruments for DTE Electric:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable — affiliates	$	30	$	—	$	—	$	30	$	—	$	—	$	—	$	—
Notes receivable — other	$	2	$	—	$	—	$	2	$	17	$	—	$	—	$	17
Short-term borrowings — affiliates	$	—	$	—	$	—	$	—	$	27	$	—	$	—	$	27
Short-term borrowings — other	$	—	$	—	$	—	$	—	$	568	$	—	$	568	$	—
Notes payable(a)	$	7	$	—	$	—	$	7	$	17	$	—	$	—	$	17
Long-term debt(b)	$	10,883	$	—	$	9,740	$	140	$	9,696	$	—	$	8,289	$	128

_______________________________________

(a)Included in Current Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.

(b)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

For further fair value information on financial and derivative instruments, see Note 8 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."

Nuclear Decommissioning Trust Funds

DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste.

The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:

	March 31, 2023		December 31, 2022
	(In millions)
Fermi 2	$	1,876	$	1,807
Fermi 1	3		3
Low-level radioactive waste	17		15
	$	1,896	$	1,825

33

DTE Energy Company — DTE Electric Company

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

The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Realized gains	$	8	$	14
Realized losses	$	(14)	$	(5)
Proceeds from sale of securities	$	166	$	207

Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability.

The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:

	March 31, 2023						December 31, 2022
	Fair Value		Unrealized Gains		Unrealized Losses		Fair Value		Unrealized Gains		Unrealized Losses
	(In millions)
Equity securities	$	879	$	382	$	(17)	$	839	$	342	$	(23)
Fixed income securities	573		3		(39)		563		1		(56)
Private equity and other	269		62		(6)		262		63		(5)
Hedge funds and similar investments	122		—		(15)		119		—		(18)
Cash equivalents	53		—		—		42		—		—
	$	1,896	$	447	$	(77)	$	1,825	$	406	$	(102)

The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:

	March 31, 2023
	(In millions)
Due within one year	$	18
Due after one through five years	103
Due after five through ten years	101
Due after ten years	261
	$	483

Fixed income securities held in nuclear decommissioning trust funds include $90 million of non-publicly traded commingled funds that do not have a contractual maturity date.

Other Securities

At March 31, 2023 and December 31, 2022, DTE Energy's securities included in Other investments on the Consolidated Statements of Financial Position were comprised primarily of investments within DTE Energy's rabbi trust. The rabbi trust was established to fund certain non-qualified pension benefits, and therefore changes in market value are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. Gains (losses) related to the trust were immaterial for the three months ended March 31, 2023 and 2022, respectively.

34

DTE Energy Company — DTE Electric Company

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

NOTE 8 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period.

The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets.

DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized.

DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2026. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.

Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its March 31, 2023 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.

35

DTE Energy Company — DTE Electric Company

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

Derivative Activities

DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks:

•Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility.

•Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers.

•Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure.

•Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized.

The following table presents the fair value of derivative instruments for DTE Energy:

	March 31, 2023				December 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	1	$	(5)	$	1	$	—
Foreign currency exchange contracts	—		(2)		—		(2)
Total derivatives designated as hedging instruments	$	1	$	(7)	$	1	$	(2)
Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	500	$	(589)	$	744	$	(1,018)
Electricity	510		(521)		963		(935)
Environmental & Other	226		(239)		213		(214)
Foreign currency exchange contracts	2		(1)		1		—
Total derivatives not designated as hedging instruments	$	1,238	$	(1,350)	$	1,921	$	(2,167)
Current	$	951	$	(920)	$	1,517	$	(1,535)
Noncurrent	288		(437)		405		(634)
Total derivatives	$	1,239	$	(1,357)	$	1,922	$	(2,169)

The fair value of derivative instruments at DTE Electric was $1 million and $11 million at March 31, 2023 and December 31, 2022, respectively, comprised of FTRs recorded to Current Assets - Other on the Consolidated Statements of Financial Position and not designated as hedging instruments.

36

DTE Energy Company — DTE Electric Company

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

Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively.

DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had $37 million of letters of credit issued and outstanding at March 31, 2023 and $81 million at December 31, 2022, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $47 million and $82 million at March 31, 2023 and December 31, 2022, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.

For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.

The following table presents net cash collateral offsetting arrangements for DTE Energy:

	March 31, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	72		113
Cash collateral recorded in Accounts receivable(a)	72		77
Cash collateral recorded in Accounts payable(a)	(6)		(27)
Total net cash collateral posted (received)	$	138	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

37

DTE Energy Company — DTE Electric Company

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

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:

	March 31, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	500	$	(382)	$	118	$	744	$	(649)	$	95
Electricity	510		(358)		152		963		(643)		320
Environmental & Other	226		(225)		1		213		(196)		17
Interest rate contracts	1		—		1		1		—		1
Foreign currency exchange contracts	2		—		2		1		(1)		—
Total derivative assets	$	1,239	$	(965)	$	274	$	1,922	$	(1,489)	$	433
Derivative liabilities
Commodity contracts(a)
Natural gas	$	(589)	$	419	$	(170)	$	(1,018)	$	645	$	(373)
Electricity	(521)		381		(140)		(935)		665		(270)
Environmental & Other	(239)		237		(2)		(214)		201		(13)
Interest rate contracts	(5)		—		(5)		—		—		—
Foreign currency exchange contracts	(3)		—		(3)		(2)		1		(1)
Total derivative liabilities	$	(1,357)	$	1,037	$	(320)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:

	March 31, 2023								December 31, 2022
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	951	$	288	$	(920)	$	(437)	$	1,517	$	405	$	(1,535)	$	(634)
Counterparty netting	(745)		(220)		745		220		(1,127)		(272)		1,127		272
Collateral adjustment	—		—		32		40		(62)		(28)		66		47
Total derivatives as reported	$	206	$	68	$	(143)	$	(177)	$	328	$	105	$	(342)	$	(315)

38

DTE Energy Company — DTE Electric Company

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

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
		2023		2022
		(In millions)
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations	$	71	$	(231)
Natural gas	Fuel, purchased power, gas, and other — non-utility	148		65
Electricity	Operating Revenues — Non-utility operations	(115)		2
Environmental & Other	Operating Revenues — Non-utility operations	(1)		(4)
Foreign currency exchange contracts	Operating Revenues — Non-utility operations	—		(2)
Total		$	103	$	(170)

Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of March 31, 2023:

Commodity	Number of Units
Natural gas (MMBtu)	2,235,749,935
Electricity (MWh)	45,761,663
Oil (Gallons)	6,636,000
Foreign currency exchange ($ CAD)	176,540,767
FTR (MWh)	22,538
Renewable Energy Certificates (MWh)	9,737,373
Carbon emissions (Metric Tons)	581,250
Interest rate contracts ($ USD)	1,250,000,000

Various subsidiaries of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy’s credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of March 31, 2023, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $481 million.

As of March 31, 2023, DTE Energy had $1.1 billion of derivatives in net liability positions, for which hard triggers exist. There is $43 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $911 million. The net remaining amount of $182 million is derived from the $481 million noted above.

39

DTE Energy Company — DTE Electric Company

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

NOTE 9 — LONG-TERM DEBT

Debt Issuances

In 2023, the following debt was issued:

Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage bonds(a)	5.20%	2033	$	600
DTE Electric	March	Mortgage bonds(a)	5.40%	2053	600
DTE Energy	March	Term loan facility draw(b)	Variable	2023	200
					$	1,400

_______________________________________

(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for general corporate purposes.

In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. Any borrowings on the loan were determined to be long-term debt, as the term of the facility exceeds one year. Total borrowings of $1.0 billion, including $200 million drawn in March 2023, are included in the current portion of long-term debt on DTE Energy's Consolidated Statements of Financial Position as of March 31, 2023. Borrowings are bearing interest at SOFR plus 0.90% per annum. Any unused capacity under the loan will terminate if not drawn by June 24, 2023.

Other terms of the loan are consistent with DTE Energy's unsecured revolving credit agreements. Refer to Note 10 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings", for additional information regarding the unsecured revolving credit agreements.

Debt Redemptions

In April 2023, DTE Gas redeemed at maturity its $25 million 2008 Series C 6.44% Senior Notes.

NOTE 10 — SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance.

The unsecured revolving credit agreements require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At March 31, 2023, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.63 to 1, 0.53 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant.

40

DTE Energy Company — DTE Electric Company

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

The availability under these facilities as of March 31, 2023 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured revolving credit facility, expiring October 2027	$	1,500	$	800	$	300	$	2,600
Unsecured Canadian revolving credit facility, expiring May 2023	81		—		—		81
Unsecured letter of credit facility, expiring February 2025	150		—		—		150
Unsecured letter of credit facility, expiring June 2023	375		—		—		375
Unsecured letter of credit facility(a)	50		—		—		50
	2,156		800		300		3,256
Amounts outstanding at March 31, 2023
Revolver borrowings	80		—		—		80
Commercial paper issuances	50		—		—		50
Letters of credit	315		—		—		315
	445		—		—		445
Net availability at March 31, 2023	$	1,711	$	800	$	300	$	2,811

_______________________________________

(a)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration.

In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent, which allows the right of setoff with posted collateral. At March 31, 2023, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $145 million and $166 million at March 31, 2023 and December 31, 2022, respectively, and were fully offset by posted collateral.

NOTE 11 — LEASES

Lessor

Interest income recognized under finance leases was $7 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Fixed payments	$	4	$	4
Variable payments	11		16
	$	15	$	20

41

DTE Energy Company — DTE Electric Company

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

NOTE 12 — COMMITMENTS AND CONTINGENCIES

Environmental

DTE Electric

Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO2 and NOX. The EPA and the State of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO2, NOX, mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO2, NOX, and other hazardous air pollutants.

In 2015, the EPA finalized National Ambient Air Quality Standards ("NAAQS") for ground level ozone. In October 2016, the State of Michigan recommended to the EPA which areas of the State are not attaining the standards. In August 2018, the EPA designated southeast Michigan as "marginal non-attainment" with the 2015 ozone NAAQS. In January 2022, after collecting several years of data, the State submitted a request to the EPA for redesignation of the southeast Michigan ozone non-attainment area to attainment, and to accept their maintenance plan and emission inventories as a revision to the Michigan SIP. On March 14, 2022, the EPA published a proposal in the Federal Register to formally redesignate the southeast Michigan ozone non-attainment areas to attainment with the 2015 ozone NAAQS. The redesignation includes a public comment period. Measured 2022 ozone values exceeded the 2015 NAAQS and the redesignation being finalized is unlikely. Until a final SIP is developed, DTE Electric cannot predict the financial impact of this proposal.

The EPA has implemented regulatory actions under the Clean Air Act to address emissions of GHGs from the utility sector and other sectors of the economy. Among these actions, the EPA finalized the Clean Power Plan in 2015 setting performance standards for emissions of carbon dioxide from new and existing fossil-fuel fired EGUs. In the following years, the Clean Power Plan was ultimately repealed and replaced by the ACE rule, including revised emission guidelines for GHGs. In January 2021, the ACE rule was vacated and remanded back to the EPA by the D.C. Circuit Court; however, the Supreme Court reversed this decision in June 2022 and remanded the case for further proceedings. The Court's ruling does not impact the plans for DTE Energy's utilities to reduce carbon emissions and achieve net zero emissions by 2050.

As part of the response to the Supreme Court's remand, the EPA is drafting new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. The proposed rules are expected in 2023. Any rules implemented for new sources are not expected to have a material impact on DTE Electric, since DTE Electric has no plans to build new coal-fired generation and any potential new, modified, or reconstructed gas generation is expected to be able to comply with the respective standards.

Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC.

To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings.

Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study is in-process for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis. DTE Electric is currently evaluating the compliance options and working with the State of Michigan on determining whether any controls are needed. These evaluations/studies may require modifications to some existing intake structures. It is not possible to quantify the impact of this rule making at this time.

42

DTE Energy Company — DTE Electric Company

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

As part of the Monroe power plant NPDES permit, EGLE has added requirements to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations. DTE Electric will submit to EGLE a biological demonstration study plan to evaluate the thermal discharge impacts to an aquatic community. After approval of the plan by EGLE and completion of field sampling, data will be processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact.

Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. Cleanup of one of the MGP sites is complete, and that site is closed. The investigations have revealed contamination related to the by-products of gas manufacturing at each MGP site. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At March 31, 2023 and December 31, 2022, DTE Electric had $10 million accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.

Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015 and has continued to be updated in subsequent years. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric owns and operates three permitted engineered coal ash storage facilities to dispose of coal ash from coal-fired power plants and operates a number of smaller impoundments at its power plants subject to certain provisions in the CCR rule. At certain facilities, the rule currently requires ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant.

On August 28, 2020, Part A of the CCR rule was published in the Federal Register and required all unlined impoundments to initiate closure as soon as technically feasible, but no later than April 11, 2021. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, Part B of the CCR Rule was published in the Federal Register and provides a process to determine if certain unlined impoundments with an alternative liner system may be sufficiently protective and therefore may continue to operate.

DTE Electric submitted applications to the EPA that support continued use of all impoundments through their active lives. The forced closure date of April 11, 2021 was effectively delayed, pending the EPA completing review of the applications. On September 1, 2022, DTE Electric ceased receipt of CCR and non-CCR waste streams at the St. Clair power plant bottom ash basins and initiated closure. Therefore, DTE Electric withdrew the Part A rule demonstration for St. Clair, as it was no longer necessary for the EPA to issue an extension of the April 11, 2021 deadline to cease receipt of waste.

On January 25, 2023, DTE Electric received notice of the EPA's proposed denial of Part B applications. DTE Electric will provide additional information to the EPA in the public comment period. If the EPA's final decision remains unchanged, DTE Electric does not expect the denied applications to have a significant operational or financial impact; however, DTE Electric is continuing to review and analyze potential outcomes of this matter.

At the State level, legislation was signed by the Governor in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a Federal permit program. The EPA is currently working with EGLE in reviewing the submitted State program, and DTE Electric will work with EGLE to implement the State program that may be approved in the future.

43

DTE Energy Company — DTE Electric Company

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

On October 13, 2020, the EPA finalized the ELG Reconsideration Rule which revised the regulations from the 2015 ELG rule for FGD wastewater and bottom ash transport water only. The Reconsideration Rule re-establishes the technology-based effluent limitations guidelines and standards applicable to FGD wastewater and bottom ash transport water. The EPA set the applicability dates for bottom ash transport water "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. FGD wastewater retrofits must be completed "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025 or December 31, 2028 if a permittee decides to pursue the Voluntary Incentives Program (VIP) subcategory for FGD wastewater. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements.

The Reconsideration Rule also provides additional compliance opportunities by finalizing low utilization and cessation of coal burning subcategories. The Reconsideration Rule provides new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner.

Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the State of Michigan. The State of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. On October 11, 2021, in consideration of the deadlines above, DTE Electric submitted the appropriate documentation titled the Notice of Planned Participation ("NOPP") to the State of Michigan that formally announced the intent to pursue compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than December 31, 2028 and the VIP for FGD wastewater at Monroe power plant by December 31, 2028.

On March 29, 2023, the EPA published two draft proposals to revise existing ELG rules. The first draft proposal would reopen the cessation of coal compliance subcategory from the 2020 ELG rule, and allow for compliance by committing to such cessation no later than December 31, 2028. The second draft proposal is a broader update to the ELG rules that includes revised compliance standards for FGD wastewater, bottom ash transport water, and other wastewater streams with a compliance date no later than December 31, 2029. DTE Electric's compliance strategy includes the proposed conversion of the two generating units at the Belle River power plant to a natural gas peaking resource in 2025-2026, which was included in the NOPP filed in 2021. DTE Electric is also considering submitting a new NOPP to apply for the cessation of coal compliance subcategory, if reopened, for generating units 3 and 4 at the Monroe power plant. DTE Electric also plans to retire the Monroe power plant by 2035, pending approval by the MPSC.

DTE Electric continues to evaluate compliance strategies, technologies and system designs to achieve compliance with the EPA rules at the Monroe power plant.

DTE Electric has estimated the impact of the CCR and ELG rules to be $489 million of capital expenditures, including $424 million for 2023 through 2027.

DTE Gas

Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight MGP sites is complete and those sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue over the next several years. The MPSC has established a cost deferral and rate recovery mechanism for investigation and remediation costs incurred at former MGP sites. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of March 31, 2023 and December 31, 2022, DTE Gas had $21 million and $23 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations.

Air — The EPA recently finalized its Good Neighbor Rule, which includes provisions for compressor engines operated for the transportation of natural gas. DTE Gas is assessing the applicability of the rule on its engines and what impacts that could have on operations. DTE Gas has not determined whether there will be a financial impact at this time.

44

DTE Energy Company — DTE Electric Company

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

Non-utility

DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants.

In March 2019, the EPA issued an FOV to EES Coke Battery, LLC ("EES Coke"), the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review permitting requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. On June 1, 2022, the U.S. Department of Justice, on behalf of the EPA, filed a complaint against EES Coke in the U.S. District Court for the Eastern District of Michigan alleging that EES Coke failed to comply with non-attainment new source review requirements under the Clean Air Act when it applied for the 2014 permit. In November 2022, the Sierra Club and City of River Rouge were granted intervention. At the present time, DTE Energy cannot predict the outcome or financial impact of this matter.

Separately, in December 2021, EGLE issued a Notice of Violation to EES Coke alleging excess visible emissions from pushing operations. In January 2022, EES Coke provided EGLE a response describing the corrective actions taken to prevent future recurrences. At the present time, EES Coke cannot predict the outcome or financial impact of this matter.

Other

In 2010, the EPA finalized a new one-hour SO2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO2. Phase 3 addresses smaller sources of SO2 with modeled or monitored exceedances of the new SO2 standard.

Michigan's Phase 1 non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Modeling runs by EGLE suggest that emission reductions may be required by significant sources of SO2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part of Michigan's SIP process, DTE Energy has worked with EGLE to develop air permits reflecting significant SO2 emission reductions that, in combination with other non-DTE Energy sources' emission reduction strategies, will help the State attain the standard and sustain its attainment. The Michigan SIP was completed and submitted to the EPA in 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO2 non-attainment area plan. On June 1, 2022, the EPA published a Federal Implementation Plan (FIP) which aligned with the partial approval and partial disapproval of the State's plan. The proposed FIP underwent a public comment period and was finalized on September 30, 2022. No DTE Electric sources were materially impacted by the final FIP.

Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. The EPA approved a clean data determination request submitted by EGLE. This determination suspends certain planning requirements and sanctions for the non-attainment area for as long as the area continues to attain the 2010 SO2 air quality standards, but this does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, DTE Energy is unable to determine the impacts.

REF Guarantees

DTE Energy provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its previously operated REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at March 31, 2023 was $580 million. Payments under these guarantees are considered remote.

45

DTE Energy Company — DTE Electric Company

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

Other Guarantees

In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at March 31, 2023. Payments under these guarantees are considered remote.

The Registrants are periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of March 31, 2023, DTE Energy had $424 million of performance bonds outstanding, including $129 million for DTE Electric. Performance bonds are not individually material, except for $250 million of bonds supporting Energy Trading operations. These bonds are meant to provide counterparties with additional assurance that Energy Trading will meet its contractual obligations for various commercial transactions. The terms of the bonds align with those of the underlying Energy Trading contracts and are estimated to be outstanding approximately 1 to 3 years. In the event that any performance bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are released from the performance bonds as the contractual performance is completed and does not believe that a material amount of any currently outstanding performance bonds will be called.

Labor Contracts

There are several bargaining units for DTE Energy subsidiaries' approximate 5,000 represented employees, including DTE Electric's approximately 2,550 represented employees. This represents 49% and 56% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 1% have contracts expiring within one year for DTE Energy. None of the represented employees have contracts expiring within one year for DTE Electric.

Purchase Commitments

Utility capital expenditures and expenditures for non-utility businesses will be approximately $4.2 billion and $3.2 billion in 2023 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2023 annual capital expenditures.

Ludington Plant Contract Dispute

DTE Electric and Consumers Energy Company ("Consumers"), joint owners of the Ludington Hydroelectric Pumped Storage plant ("Ludington"), are parties to a 2010 engineering, procurement, and construction agreement with Toshiba America Energy Systems ("TAES"), under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES' work has been defective and non-conforming. DTE Electric and Consumers have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. DTE Electric and Consumers have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES' parent, Toshiba Corporation, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations. In order to enforce the contract, DTE Electric and Consumers filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022.

In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties' contract. During September 2022, the motion to dismiss the complaint was denied. DTE Electric believes the outstanding counterclaims are without merit, but would be liable for 49% of the damages if approved. In October 2022, the combined parties submitted a joint discovery plan to proceed with the litigation process and a potential trial during the second half of 2024. DTE Electric cannot predict the financial impact or outcome of this matter.

Refer to the Ludington Accounting Application section within Note 5 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding costs to address TAES defective work and potential regulatory accounting treatment.

46

DTE Energy Company — DTE Electric Company

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

Other Contingencies

The Registrants are involved in certain other legal, regulatory, administrative, and environmental proceedings before various courts, arbitration panels, and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits, inquiries from various regulators, and pending judicial matters. The Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved.

For a discussion of contingencies related to regulatory matters and derivatives, see Notes 5 and 8 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively.

NOTE 13 — RETIREMENT BENEFITS AND TRUSTEED ASSETS

DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement benefit plans covering certain employees of the Registrants. Participants of all plans are solely DTE Energy and affiliate participants.

The following table details the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:

	Pension Benefits				Other Postretirement Benefits
	Three Months Ended March 31,
	2023		2022		2023		2022
	(In millions)
Service cost	$	14	$	24	$	4	$	7
Interest cost	54		41		16		12
Expected return on plan assets	(88)		(87)		(28)		(32)
Amortization of:
Net actuarial loss	2		29		3		1
Prior service credit	(1)		—		(4)		(5)
Settlements	2		—		—		—
Net periodic benefit cost (credit)	$	(17)	$	7	$	(9)	$	(17)

DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is that assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer.

As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For service costs recognized in earnings, these costs have historically been presented in Operation and maintenance in the Registrants' Consolidated Statements of Operations. For non-service costs recognized in earnings, these costs have historically been presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations and Operation and maintenance in DTE Electric's Consolidated Statements of Operations.

In November 2022, DTE Electric received a rate order from the MPSC approving the deferral of service costs and non-service costs that were previously being recognized in earnings. Therefore, the Registrants are recording these costs as Regulatory assets beginning in December 2022.

47

DTE Energy Company — DTE Electric Company

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

DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in regulatory assets, operation and maintenance expense, other income and deductions, and capital expenditures was a credit of $9 million for the three months ended March 31, 2023 and a cost of $9 million for the three months ended March 31, 2022. These amounts may include recognized contractual termination benefit charges, curtailment gains, and settlement charges.

The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Service cost	$	3	$	5
Interest cost	12		9
Expected return on plan assets	(18)		(21)
Amortization of:
Net actuarial loss	—		1
Prior service credit	(3)		(3)
Net periodic benefit credit	$	(6)	$	(9)

Pension and Other Postretirement Contributions

No contributions are currently expected for DTE Energy's qualified pension plans or postretirement benefit plans in 2023. Plans may be updated at the discretion of management and depending on economic and financial market conditions. DTE Energy anticipates a transfer of up to $50 million of qualified pension plan funds from DTE Gas to DTE Electric during 2023.

NOTE 14 — SEGMENT AND RELATED INFORMATION

DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the following structure:

Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.

Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.

DTE Vantage is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers.

Energy Trading consists of energy marketing and trading operations.

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth.

48

DTE Energy Company — DTE Electric Company

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

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric	$	17	$	16
Gas	5		3
DTE Vantage	10		25
Energy Trading	27		17
Corporate and Other	—		—
	$	59	$	61

All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided.

The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company.

Financial data of DTE Energy's business segments follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Utility operations
Electric	$	1,375	$	1,486
Gas	707		766
Operating Revenues — Non-utility operations
Electric	4		4
DTE Vantage	184		179
Energy Trading	1,568		2,203
Corporate and Other	—		—
Reconciliation and Eliminations	(59)		(61)
Total	$	3,779	$	4,577

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric	$	101	$	201
Gas	171		196
DTE Vantage	27		14
Energy Trading	138		(9)
Corporate and Other	8		(8)
Net Income Attributable to DTE Energy Company	$	445	$	394

49

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following combined discussion is separately filed by DTE Energy and DTE Electric. However, DTE Electric does not make any representations as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself.

EXECUTIVE OVERVIEW

DTE Energy is a diversified energy company and is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan. DTE Energy also operates two energy-related non-utility segments with operations throughout the United States.

The following table summarizes DTE Energy's financial results:

	Three Months Ended March 31,
	2023		2022
	(In millions, except per share amounts)
Net Income Attributable to DTE Energy Company	$	445	$	394
Diluted Earnings per Common Share	$	2.16	$	2.03

The increase in Net Income Attributable to DTE Energy Company for the three months ended March 31, 2023 was primarily due to higher earnings in the DTE Vantage, Energy Trading, and Corporate and Other segments, partially offset by lower earnings in the Electric and Gas segments.

STRATEGY

DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend.

DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of wind storms and other weather events, coupled with increasing electric vehicle adoption, will drive a continued need for substantial grid investment over the long-term.

DTE Energy plans to reduce the carbon emissions of its electric utility operations by 32% by the end of 2023, 65% in 2028, 85% in 2035, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2035, pending approval by the MPSC, and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.

To achieve the targeted carbon reduction goals at the electric utility, DTE Energy will continue its transition away from coal-powered energy sources and is replacing or offsetting the generation from these facilities with renewable energy, natural gas, battery storage, and energy waste reduction initiatives. Refer to the "Capital Investments" section below for further discussion regarding DTE Energy's retirement of its aging coal-fired plants and transition to renewable energy and other sources. Over the long-term, DTE Energy is also monitoring the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability.

For the gas utility, DTE Energy aims to cut carbon emissions across the entire value chain. DTE Energy plans to reduce the carbon emissions from its gas utility operations by 65% by 2030 and 80% by 2040, and is committed to a goal of net zero emissions by 2050 from internal gas operations and gas suppliers. To achieve net zero, DTE Energy is working to source gas with lower methane intensity, reduce emissions through its gas main renewal and pipeline integrity programs, and if necessary, use carbon offsets to address any remaining emissions. DTE Energy also aims to help DTE Gas customers reduce their emissions by 35% by 2040 by increasing energy efficiency, pursuing advanced technologies such as hydrogen and carbon capture and sequestration, and through the CleanVision Natural Gas Balance program which provides customers the option to use carbon offsets and renewable natural gas.

50

DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. DTE Energy expects its goals for customer affordability to be aided by operational efficiencies and new opportunities resulting from the Inflation Reduction Act enacted in August 2022. Such opportunities include tax credits for renewable energy, nuclear generation, energy storage, and carbon capture and sequestration, which are expected to reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.

DTE Energy also has significant investments in non-utility businesses and expects growth opportunities in its DTE Vantage segment. DTE Energy employs disciplined investment criteria when assessing growth opportunities that leverage its assets, skills, and expertise, and provides attractive returns and diversity in earnings and geography. Specifically, DTE Energy invests in targeted markets with attractive competitive dynamics where meaningful scale is in alignment with its risk profile.

A key priority for DTE Energy is to maintain a strong balance sheet which facilitates access to capital markets and reasonably priced financing. Growth will be funded through internally generated cash flows and the issuance of debt and equity. DTE Energy has an enterprise risk management program that, among other things, is designed to monitor and manage exposure to earnings and cash flow volatility related to commodity price changes, interest rates, and counterparty credit risk.

CAPITAL INVESTMENTS

DTE Energy's utility businesses will require significant capital investments to maintain and improve the electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and achieve goals for carbon emission reductions. Capital plans may be regularly updated as these requirements and goals evolve and may be subject to regulatory approval.

DTE Electric's capital investments over the 2023-2027 period are estimated at $18 billion, comprised of $9 billion for distribution infrastructure, $4 billion for base infrastructure, and $5 billion for cleaner generation including renewables. DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities and has announced plans to retire its remaining six coal-fired generating units. DTE Electric plans to convert the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2035. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.

DTE Gas' capital investments over the 2023-2027 period are estimated at $3.6 billion, comprised of $2.0 billion for base infrastructure and $1.6 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.

DTE Electric and DTE Gas plan to seek regulatory approval for capital expenditures consistent with ratemaking treatment.

DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1.0 billion to $1.5 billion from 2023-2027 for renewable energy projects and custom energy solutions, while expanding into carbon capture and sequestration.

ENVIRONMENTAL MATTERS

The Registrants are subject to extensive environmental regulations, including those addressing climate change. Additional costs may result as the effects of various substances on the environment are studied and governmental regulations are developed and implemented. Actual costs to comply could vary substantially. The Registrants expect to continue recovering environmental costs related to utility operations through rates charged to customers, as authorized by the MPSC.

Increased costs for energy produced from traditional coal-based sources due to recent, pending, and future regulatory initiatives could also increase the economic viability of energy produced from renewable, natural gas fueled generation, and/or nuclear sources, energy waste reduction initiatives, and the potential development of market-based trading of carbon instruments.

For further discussion of environmental matters, see Note 12 to the Consolidated Financial Statements, "Commitments and Contingencies."

51

OUTLOOK

The next few years will be a period of rapid change for DTE Energy and for the energy industry. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.

Looking forward, DTE Energy will focus on several areas that are expected to improve future performance:

•electric and gas customer satisfaction;

•electric distribution system reliability;

•new electric generation and storage;

•gas distribution system renewal;

•reducing carbon emissions at the electric and gas utilities;

•rate competitiveness and affordability;

•regulatory stability and investment recovery for the electric and gas utilities;

•strategic investments in growth projects at DTE Vantage;

•employee engagement, health, safety and wellbeing, and diversity, equity, and inclusion;

•cost structure optimization across all business segments; and

•cash, capital, and liquidity to maintain or improve financial strength.

DTE Energy will continue to pursue opportunities to grow its businesses in a disciplined manner if it can secure opportunities that meet its strategic, financial, and risk criteria.

RESULTS OF OPERATIONS

The following sections provide a detailed discussion of the operating performance and future outlook of DTE Energy's segments. Segment information, described below, includes intercompany revenues and expenses, and other income and deductions that are eliminated in the Consolidated Financial Statements.

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric	$	101	$	201
Gas	171		196
DTE Vantage	27		14
Energy Trading	138		(9)
Corporate and Other	8		(8)
Net Income Attributable to DTE Energy Company	$	445	$	394

52

ELECTRIC

The Results of Operations discussion for DTE Electric is presented in a reduced disclosure format in accordance with General Instruction H(2) of Form 10-Q.

The Electric segment consists principally of DTE Electric. Electric results and outlook are discussed below:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues
Utility operations	$	1,375	$	1,486
Non-utility operations	4		4
	1,379		1,490
Operating Expenses
Fuel and purchased power — utility	362		437
Operation and maintenance	410		388
Depreciation and amortization	320		297
Taxes other than income	85		88
	1,177		1,210
Operating Income	202		280
Other (Income) and Deductions	84		76
Income Tax Expense	17		3
Net Income Attributable to DTE Energy Company	$	101	$	201

See DTE Electric's Consolidated Statements of Operations for a complete view of its results. Differences between the Electric segment and DTE Electric's Consolidated Statements of Operations are primarily due to non-utility operations at DTE Sustainable Generation (some of which includes intra-segment activity that is eliminated in consolidation) and the classification of certain benefit costs. Refer to Note 13 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets" for additional information.

Operating Revenues decreased $111 million in the three months ended March 31, 2023. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The decrease was due to the following:

	Three Months
	(In millions)
Power Supply Cost Recovery	$	(88)
Weather	(49)
Base sales	(30)
COVID-19 voluntary refund amortization in 2022	(8)
Implementation of new rates	8
Rate mix	15
Interconnection sales volumes and rates	29
Other regulatory mechanisms and other	12
	$	(111)

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Revenue results are impacted by changes in sales volumes, which are summarized in the table below:

	Three Months Ended March 31,
	2023	2022
	(In thousands of MWh)
DTE Electric Sales
Residential	3,464	3,839
Commercial	3,846	3,950
Industrial	2,116	2,054
Other	56	57
	9,482	9,900
Interconnection sales(a)	1,595	594
Total DTE Electric Sales	11,077	10,494
DTE Electric Deliveries
Retail and wholesale	9,482	9,900
Electric retail access, including self-generators(b)	1,042	1,090
Total DTE Electric Sales and Deliveries	10,524	10,990

______________________________

(a)Represents power that is not distributed by DTE Electric.

(b)Represents deliveries for self-generators that have purchased power from alternative energy suppliers to supplement their power requirements.

Fuel and purchased power — utility expense decreased $75 million in the three months ended March 31, 2023. The decrease was due to the following:

	Three Months
	(In millions)
Purchased power - lower market prices and lower purchase volumes due to higher electric generation	$	(131)
Coal - lower consumption due to coal plant retirements, partially offset by higher prices	(11)
Nuclear fuel - higher amortization due to refueling outage in 2022	12
Gas - higher consumption, primarily due to Blue Water Energy Center	50
Other	5
	$	(75)

Operation and maintenance expense increased $22 million in the three months ended March 31, 2023. The increase was primarily due to higher distribution operations expense of $84 million (primarily due to higher storm restoration costs), higher EWR expense of $3 million, higher RPS expense of $3 million, and higher legal expense of $3 million. These increases were partially offset by lower plant generation expense of $50 million (primarily due to lower outage costs and coal plant retirements) and lower benefits and other compensation expense of $20 million (primarily due to the deferral of pension costs authorized in the November 2022 rate order from the MPSC).

Depreciation and amortization expense increased $23 million in the three months ended March 31, 2023. The increase was primarily due to a higher depreciable base.

Taxes other than income decreased $3 million in the three months ended March 31, 2023. The decrease was primarily due to lower payroll taxes.

Other (Income) and Deductions increased $8 million in the three months ended March 31, 2023. The increase was primarily due to higher net interest expense of $9 million and higher non-operating retirement benefits expense of $7 million, partially offset by a favorable change in investment earnings of $6 million.

Income Tax Expense increased $14 million in the three months ended March 31, 2023. The increase was primarily due to lower amortization of the TCJA regulatory liability, partially offset by lower earnings.

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Outlook — DTE Electric will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Electric expects that planned significant capital investments will result in earnings growth. DTE Electric will maintain a strong focus on customers by increasing reliability and satisfaction while keeping customer rate increases affordable. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, benefit plan design changes, uncertainty of legislative or regulatory actions regarding climate change, and effects of energy waste reduction programs.

DTE Electric filed a rate case with the MPSC on February 10, 2023 requesting an increase in base rates of $622 million based on a projected twelve-month period ending November 30, 2024, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses. These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability. The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs. A final MPSC order in this case is expected in December 2023.

On April 3, 2023, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $496 million of qualified costs related to the net book value of the St. Clair and Trenton Channel generation plants. The filing requests recovery of these qualifying costs from DTE Electric's customers. A final MPSC order is expected by July 2023.

GAS

The Gas segment consists principally of DTE Gas. Gas results and outlook are discussed below:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Utility operations	$	707	$	766
Operating Expenses
Cost of gas — utility	254		280
Operation and maintenance	125		135
Depreciation and amortization	51		47
Taxes other than income	31		28
Asset (gains) losses and impairments, net	(1)		—
	460		490
Operating Income	247		276
Other (Income) and Deductions	22		20
Income Tax Expense	54		60
Net Income Attributable to DTE Energy Company	$	171	$	196

Operating Revenues — Utility operations decreased $59 million in the three months ended March 31, 2023. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The decrease was due to the following:

	Three Months
	(In millions)
Weather	$	(55)
Gas Cost Recovery	(26)
Base sales	6
Infrastructure recovery mechanism	10
Other	6
	$	(59)

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Revenue results are impacted by changes in sales volumes, which are summarized in the table below:

	Three Months Ended March 31,
	2023	2022
	(In Bcf)
Gas Markets
Gas sales	62	71
End-user transportation	50	55
	112	126
Intermediate transportation	148	150
Total Gas sales	260	276

Cost of gas — utility expense decreased $26 million in the three months ended March 31, 2023. The decrease was primarily due to lower sales volumes of $43 million, partially offset by a higher cost of gas of $17 million.

Operation and maintenance expense decreased $10 million in the three months ended March 31, 2023. The decrease was primarily due to lower gas operations expense of $6 million, lower corporate support costs of $4 million, and lower benefits and other compensation expense of $3 million, partially offset by higher uncollectible expense of $3 million.

Depreciation and amortization expense increased $4 million in the three months ended March 31, 2023. The increase was primarily due to a higher depreciable base.

Taxes other than income expense increased $3 million in the three months ended March 31, 2023. The increase was primarily due to higher property taxes.

Outlook — DTE Gas will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Gas expects that planned significant infrastructure capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, and benefit plan design changes. DTE Gas expects to continue its efforts to improve productivity and decrease costs while improving customer satisfaction with consideration of customer rate affordability.

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DTE VANTAGE

The DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers. DTE Vantage results and outlook are discussed below:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Non-utility operations	$	184	$	179
Operating Expenses
Fuel, purchased power, and gas — non-utility	94		80
Operation and maintenance	58		65
Depreciation and amortization	13		13
Taxes other than income	3		4
	168		162
Operating Income	16		17
Other (Income) and Deductions	(9)		1
Income Taxes
Expense	7		4
Tax credits	(9)		(2)
	(2)		2
Net Income Attributable to DTE Energy Company	$	27	$	14

Operating Revenues — Non-utility operations increased $5 million in the three months ended March 31, 2023. The increase was due to the following:

	Three Months
	(In millions)
Higher demand and prices in the Steel business	$	35
Lower demand and prices in the On-site business	(5)
Sale of projects in the On-site business	(5)
Lower sales and prices in the Renewable business	(17)
Other	(3)
	$	5

Fuel, purchased power, and gas — non-utility expense increased $14 million in the three months ended March 31, 2023. The increase was primarily due to the following:

	Three Months
	(In millions)
Higher demand and prices in the Steel business	$	23
Sale of projects in the On-site business	(2)
Lower demand and prices in the On-site business	(5)
Other	(2)
	$	14

Operation and maintenance expense decreased $7 million in the three months ended March 31, 2023. The decrease was primarily due to lower maintenance spending in the Renewables business and the sale of projects in the On-site business.

Other (Income) and Deductions increased $10 million in the three months ended March 31, 2023. The increase was primarily due to $7 million of higher equity investment earnings in the Renewable business and $2 million of higher interest income associated with a new project in the Steel business.

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Income Taxes — Tax credits increased $7 million in the three months ended March 31, 2023. The increase was primarily due to investment tax credits for a new project in the Renewables business.

Outlook — DTE Vantage will continue to leverage its extensive energy-related operating experience and project management capability to develop additional renewable natural gas projects and other projects that will provide customer specific energy solutions. DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects.

ENERGY TRADING

Energy Trading focuses on physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its asset portfolio, and optimization of contracted natural gas pipeline transportation and storage positions. Energy Trading also provides natural gas, power, environmental, and related services, which may include the management of associated storage and transportation contracts on the customers' behalf and the supply or purchase of environmental attributes to various customers. Energy Trading results and outlook are discussed below:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Non-utility operations	$	1,568	$	2,203
Operating Expenses
Purchased power, gas, and other — non-utility	1,356		2,190
Operation and maintenance	21		19
Depreciation and amortization	1		1
Taxes other than income	3		3
	1,381		2,213
Operating Income (Loss)	187		(10)
Other (Income) and Deductions	3		2
Income Tax Expense (Benefit)	46		(3)
Net Income (Loss) Attributable to DTE Energy Company	$	138	$	(9)

Operating Revenues — Non-utility operations decreased $635 million in the three months ended March 31, 2023. The decrease was due to the following:

	Three Months
	(In millions)
Gas structured and gas transportation strategies - lower volumes and gas prices ($735), offset by settled financial hedges $30	$	(705)
Power full requirements strategy - settled financial hedges ($153), offset by higher power sales $104 primarily due to higher volumes	(49)
Unrealized MTM - losses of ($4) compared to losses of ($128) in the prior period	124
Other realized gain (loss)	(5)
	$	(635)

Purchased power, gas, and other — non-utility expense decreased $834 million in the three months ended March 31, 2023. The decrease was due to the following:

	Three Months
	(In millions)
Gas structured and gas transportation strategies - lower gas prices and volumes	$	(725)
Power full requirements strategy - primarily due to lower capacity prices	(30)
Unrealized MTM - gains of ($147) compared to gains of ($65) in the prior period	(82)
Other realized (gain) loss	3
	$	(834)

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Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract. These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts.

Operating Income (Loss) includes timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle, including gains of $169 million and losses of $91 million for the three months ended March 31, 2023 and 2022, respectively. Operating Income (Loss) also includes timing related gains and losses primarily related to gas strategies recognized in previous periods that reversed as the underlying contracts settled, including losses of $51 million and $19 million for the three months ended March 31, 2023 and 2022, respectively.

Outlook — In the near-term, Energy Trading expects market conditions to remain challenging. The profitability of this segment may be impacted by the volatility in commodity prices and the uncertainty of impacts associated with regulatory changes, and changes in operating rules of Regional Transmission Organizations. Significant portions of the Energy Trading portfolio are economically hedged. Most financial instruments, physical power and natural gas contracts, and certain environmental contracts are deemed derivatives; whereas, natural gas and environmental inventory, contracts for pipeline transportation, storage assets, and some environmental contracts are not derivatives. As a result, Energy Trading will experience earnings volatility as derivatives are marked-to-market without revaluing the underlying non-derivative contracts and assets. Energy Trading's strategy is to economically manage the price risk of these underlying non-derivative contracts and assets with futures, forwards, swaps, and options. This results in gains and losses that are recognized in different interim and annual accounting periods.

See also the "Fair Value" section herein and Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

CORPORATE AND OTHER

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth. The net income of $8 million for the three months ended March 31, 2023 represents a change of $16 million from the net loss of $8 million in the comparable 2022 period. The change was primarily due to effective income tax rate adjustments, lower state income taxes, and higher equity investment earnings, partially offset by higher net interest expense.

CAPITAL RESOURCES AND LIQUIDITY

Cash Requirements

DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to grow the non-utility businesses, to retire and pay interest on long-term debt, and to pay dividends. DTE Energy believes it will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2023 will be approximately $3.2 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and energy waste reduction expenditures, and expenditures for non-utility businesses of approximately $4.2 billion in 2023. DTE Energy plans to seek regulatory approval to include utility capital expenditures in regulatory rate base consistent with prior treatment. Capital spending for growth of existing or new non-utility businesses will depend on the existence of opportunities that meet strict risk-return and value creation criteria.

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Refer below for analysis of cash flows relating to operating, investing, and financing activities, which reflect DTE Energy's change in financial condition. Any significant non-cash items are included in the Supplemental disclosure of non-cash investing and financing activities within the Consolidated Statements of Cash Flows, as applicable.

	Three Months Ended March 31,
	2023		2022
	(in millions)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	$	43	$	35
Net cash from operating activities	924		808
Net cash used for investing activities	(981)		(782)
Net cash from financing activities	151		95
Net Increase in Cash, Cash Equivalents, and Restricted Cash	94		121
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	137	$	156

Cash from Operating Activities

A majority of DTE Energy's operating cash flows are provided by the electric and natural gas utilities, which are significantly influenced by factors such as weather, electric retail access, regulatory deferrals, regulatory outcomes, economic conditions, changes in working capital, and operating costs.

Net cash from operations increased by $116 million in 2023. The increase was primarily due to increases in Net Income, Depreciation and amortization, and Deferred income taxes, partially offset by lower cash from working capital items.

The change in working capital items in 2023 was primarily due to decreases in cash related to Accounts payable, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by increases in cash related to Accounts receivable, net and Regulatory assets and liabilities.

Cash used for Investing Activities

Cash inflows associated with investing activities are primarily generated from the sale of assets, while cash outflows are the result of plant and equipment expenditures and acquisitions. In any given year, DTE Energy looks to realize cash from under-performing or non-strategic assets or matured, fully valued assets.

Capital spending within the utility businesses is primarily to maintain and improve electric generation and the electric and natural gas distribution infrastructure, and to comply with environmental regulations and renewable energy goals.

Capital spending within the non-utility businesses is primarily for ongoing maintenance, expansion, and growth. DTE Energy looks to make growth investments that meet strict criteria in terms of strategy, management skills, risks, and returns. All new investments are analyzed for their rates of return and cash payback on a risk adjusted basis. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.

Net cash used for investing activities increased by $199 million in 2023 primarily due to an increase in utility plant and equipment expenditures.

Cash from Financing Activities

DTE Energy relies on both short-term borrowing and long-term financing as a source of funding for capital requirements not satisfied by its operations.

DTE Energy's strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. DTE Energy targets balance sheet financial metrics to ensure it is consistent with the objective of a strong investment grade debt rating.

Net cash from financing activities increased by $56 million in 2023 primarily due to an increase in the Issuance of long-term debt, net of issuance costs and decreases in Redemption of long-term debt and Repurchase of common stock, partially offset by lower cash related to Short-term borrowings, net.

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Outlook

Sources of Cash

DTE Energy expects cash flows from operations to increase over the long-term, primarily as a result of growth from the utility and non-utility businesses. Growth in the utilities is expected to be driven primarily by capital spending which will increase the base from which rates are determined. DTE Energy expects long-term growth in sales related to vehicle electrification, but no significant impacts in the near-term. Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration. DTE Vantage expects enhanced growth opportunities in decarbonization as a result of the Inflation Reduction Act enacted in August 2022, including tax credits for renewable natural gas and carbon capture projects.

DTE Energy's utilities may be impacted by the timing of collection or refund of various recovery and tracking mechanisms, as a result of timing of MPSC orders. Energy prices are likely to be a source of volatility with regard to working capital requirements for the foreseeable future. DTE Energy continues its efforts to identify opportunities to improve cash flows through working capital initiatives and maintaining flexibility in the timing and extent of long-term capital projects.

At the discretion of management and depending upon economic and financial market conditions, DTE Energy expects to issue up to $100 million of equity in 2023. If issued, DTE Energy anticipates these discretionary equity issuances would be made through contributions to the dividend reinvestment plan and/or employee benefit plans.

Over the long-term, DTE Energy does not have any equity commitments and will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring the impact of rising interest rates on the cost of borrowing.

Uses of Cash

DTE Energy has $1.7 billion in long-term debt, including finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds and the issuance of short-term and/or long-term debt.

DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $0.8 billion in 2023. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition. Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies.

Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy's credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of March 31, 2023, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $481 million.

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Other obligations are further described in the following Combined Notes to the Consolidated Financial Statements:

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

Also refer to the "Capital Investments" section above regarding DTE Energy's capital strategy and estimated spend over the next five years. For additional information regarding DTE Energy's future cash obligations, including scheduled debt maturities and interest payments, minimum lease payments, and future purchase commitments, refer to DTE Energy's Annual Report on Form 10-K for the year ended December 31, 2022.

Liquidity

DTE Energy has approximately $3.1 billion of available liquidity at March 31, 2023, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements and term loans.

DTE Energy believes it will have sufficient operating flexibility, cash resources, and funding sources to maintain adequate amounts of liquidity and to meet future operating cash and capital expenditure needs. However, virtually all of DTE Energy's businesses are capital intensive, or require access to capital, and the inability to access adequate capital could adversely impact earnings and cash flows.

NEW ACCOUNTING PRONOUNCEMENTS

See Note 3 to the Consolidated Financial Statements, "New Accounting Pronouncements."

FAIR VALUE

Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 7 and 8 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

The tables below do not include the expected earnings impact of non-derivative natural gas storage, transportation, certain power contracts, and some environmental contracts which are subject to accrual accounting. Consequently, gains and losses from these positions may not match with the related physical and financial hedging instruments in some reporting periods, resulting in volatility in the Registrants' reported period-by-period earnings; however, the financial impact of the timing differences will reverse at the time of physical delivery and/or settlement.

The Registrants manage their MTM risk on a portfolio basis based upon the delivery period of their contracts and the individual components of the risks within each contract. Accordingly, the Registrants record and manage the energy purchase and sale obligations under their contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year).

The Registrants have established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). For further discussion of the fair value hierarchy, see Note 7 to the Consolidated Financial Statements, "Fair Value."

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The following table provides details on changes in DTE Energy's MTM net asset (or liability) position:

	DTE Energy
	(In millions)
MTM at December 31, 2022	$	(224)
Reclassified to realized upon settlement	40
Changes in fair value recorded to income	103
Amounts recorded to unrealized income	143
Changes in fair value recorded in Regulatory liabilities	(9)
Amounts recorded in other comprehensive income, pre-tax	(5)
Change in collateral	49
MTM at March 31, 2023	$	(46)

The table below shows the maturity of DTE Energy's MTM positions. The positions from 2026 and beyond principally represent longer tenor gas structured transactions:

Source of Fair Value	2023		2024		2025		2026 and Beyond		Total Fair Value
	(In millions)
Level 1	$	(51)	$	21	$	10	$	1	$	(19)
Level 2	65		(38)		(3)		(25)		(1)
Level 3	(16)		(5)		(20)		(57)		(98)
MTM before collateral adjustments	$	(2)	$	(22)	$	(13)	$	(81)	(118)
Collateral adjustments									72
MTM at March 31, 2023									$	(46)

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Price Risk

The Electric and Gas businesses have commodity price risk, primarily related to the purchases of coal, natural gas, uranium, and electricity. However, the Registrants do not bear significant exposure to earnings risk, as such changes are included in the PSCR and GCR regulatory rate-recovery mechanisms. Earnings may be indirectly impacted if PSCR or GCR charges increase such that it impacts the collectability of receivables and increases uncollectible expense. Refer to the Allowance for Doubtful Accounts section below for additional information.

Changes in the price of natural gas can also impact the valuation of lost and unaccounted for gas, storage sales, and transportation services revenue at the Gas segment. The Gas segment manages its market price risk related to storage sales revenue primarily through the sale of long-term storage contracts. The Registrants are exposed to short-term cash flow or liquidity risk as a result of the time differential between actual cash settlements and regulatory rate recovery.

The DTE Vantage segment is subject to price risk for electricity, natural gas, coal products, and environmental attributes generated from its renewable natural gas investments. DTE Energy manages its exposure to commodity price risk through the use of long-term contracts and hedging instruments, when available.

DTE Energy's Energy Trading business segment has exposure to electricity, natural gas, environmental, crude oil, heating oil, and foreign currency exchange price fluctuations. These risks are managed by the energy marketing and trading operations through the use of forward energy, capacity, storage, options, and futures contracts, within predetermined risk parameters.

Credit Risk

Allowance for Doubtful Accounts

The Registrants regularly review contingent matters, existing and future economic conditions, customer trends and other factors relating to customers and their contracts and record provisions for amounts considered at risk of probable loss in the allowance for doubtful accounts. The Registrants believe their accrued amounts are adequate for probable loss. The Registrants manage this risk by working at the state and federal levels to promote funding programs for low-income customers, providing energy assistance programs and support, and promoting timely customer payments through adherence to MPSC billing practice rules relating to payment arrangements, energy disconnects, and restores.

Trading Activities

DTE Energy is exposed to credit risk through trading activities. Credit risk is the potential loss that may result if the trading counterparties fail to meet their contractual obligations. DTE Energy utilizes both external and internal credit assessments when determining the credit quality of trading counterparties.

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The following table displays the credit quality of DTE Energy's trading counterparties as of March 31, 2023:

	Credit Exposure Before Cash Collateral		Cash Collateral		Net Credit Exposure
	(In millions)
Investment Grade(a)
A- and Greater	$	451	$	—	$	451
BBB+ and BBB	267		—		267
BBB-	69		—		69
Total Investment Grade	787		—		787
Non-investment grade(b)	29		(3)		26
Internally Rated — investment grade(c)	388		(1)		387
Internally Rated — non-investment grade(d)	40		(1)		39
Total	$	1,244	$	(5)	$	1,239

_______________________________________

(a)This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB-assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc. (Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented 20% of the total gross credit exposure.

(b)This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented 2% of the total gross credit exposure.

(c)This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented 10% of the total gross credit exposure.

(d)This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented 2% of the total gross credit exposure.

Other

The Registrants engage in business with customers that are non-investment grade. The Registrants closely monitor the credit ratings of these customers and, when deemed necessary and permitted under the tariffs, request collateral or guarantees from such customers to secure their obligations.

Interest Rate Risk

DTE Energy is subject to interest rate risk in connection with the issuance of debt. In order to manage interest costs, DTE Energy may use treasury locks and interest rate swap agreements. DTE Energy's exposure to interest rate risk arises primarily from changes in U.S. Treasury rates, commercial paper rates, credit spreads, and SOFR. As of March 31, 2023, DTE Energy had floating rate debt of $1.1 billion and a floating rate debt-to-total debt ratio of 5.9%.

Foreign Currency Exchange Risk

DTE Energy has foreign currency exchange risk arising from market price fluctuations associated with fixed priced contracts. These contracts are denominated in Canadian dollars and are primarily for the purchase and sale of natural gas and power, as well as for long-term transportation capacity. To limit DTE Energy's exposure to foreign currency exchange fluctuations, DTE Energy has entered into a series of foreign currency exchange forward contracts through December 2032.

Summary of Sensitivity Analyses

Sensitivity analyses were performed on the fair values of commodity contracts for DTE Energy and long-term debt obligations for the Registrants. The commodity contracts listed below principally relate to energy marketing and trading activities. The sensitivity analyses involved increasing and decreasing forward prices and rates at March 31, 2023 and 2022 by a hypothetical 10% and calculating the resulting change in the fair values. The hypothetical losses related to long-term debt would be realized only if DTE Energy transferred all of its fixed-rate long-term debt to other creditors.

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The results of the sensitivity analyses:

	Assuming a 10% Increase in Prices/Rates				Assuming a 10% Decrease in Prices/Rates
	As of March 31,				As of March 31,
Activity	2023		2022		2023		2022		Change in the Fair Value of
	(In millions)
Environmental contracts	$	(2)	$	(6)	$	2	$	6	Commodity contracts
Gas contracts	$	19	$	52	$	(19)	$	(52)	Commodity contracts
Power contracts	$	8	$	13	$	(8)	$	(14)	Commodity contracts
Oil contracts	$	1	$	—	$	(1)	$	—	Commodity contracts
Interest rate risk — DTE Energy	$	(709)	$	(756)	$	762	$	791	Long-term debt
Interest rate risk — DTE Electric	$	(480)	$	(404)	$	523	$	433	Long-term debt

For further discussion of market risk, see Note 8 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."

66

Item 4. Controls and Procedures

DTE Energy

(a) Evaluation of disclosure controls and procedures

Management of DTE Energy carried out an evaluation, under the supervision and with the participation of DTE Energy's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DTE Energy's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2023, which is the end of the period covered by this report. Based on this evaluation, DTE Energy's CEO and CFO have concluded that such disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed by DTE Energy in reports that it files or submits under the Exchange Act (i) is recorded, processed, summarized, and reported within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms and (ii) is accumulated and communicated to DTE Energy's management, including its CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Due to the inherent limitations in the effectiveness of any disclosure controls and procedures, management cannot provide absolute assurance that the objectives of its disclosure controls and procedures will be attained.

(b) Changes in internal control over financial reporting

There have been no changes in DTE Energy's internal control over financial reporting during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, DTE Energy's internal control over financial reporting.

DTE Electric

(a) Evaluation of disclosure controls and procedures

Management of DTE Electric carried out an evaluation, under the supervision and with the participation of DTE Electric's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DTE Electric's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2023, which is the end of the period covered by this report. Based on this evaluation, DTE Electric's CEO and CFO have concluded that such disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed by DTE Electric in reports that it files or submits under the Exchange Act (i) is recorded, processed, summarized, and reported within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms and (ii) is accumulated and communicated to DTE Electric's management, including its CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Due to the inherent limitations in the effectiveness of any disclosure controls and procedures, management cannot provide absolute assurance that the objectives of its disclosure controls and procedures will be attained.

(b) Changes in internal control over financial reporting

There have been no changes in DTE Electric's internal control over financial reporting during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, DTE Electric's internal control over financial reporting.

67

Part II — Other Information

Item 1. Legal Proceedings

For information on legal proceedings and matters related to the Registrants, see Notes 5 and 12 to the Consolidated Financial Statements, "Regulatory Matters" and "Commitments and Contingencies," respectively.

For environmental proceedings in which the government is a party, the Registrants have included disclosures if any sanctions of $1 million or greater are expected.

Item 1A. Risk Factors

There are various risks associated with the operations of the Registrants' businesses. To provide a framework to understand the operating environment of the Registrants, a brief explanation of the more significant risks associated with the Registrants' businesses is provided in Part 1, Item 1A. Risk Factors in DTE Energy's and DTE Electric's combined 2022 Annual Report on Form 10-K. Although the Registrants have tried to identify and discuss key risk factors, others could emerge in the future.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of DTE Energy Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information about DTE Energy's purchases of equity securities that are registered by DTE Energy pursuant to Section 12 of the Exchange Act of 1934 for the quarter ended March 31, 2023:

	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
01/01/2023 — 01/31/2023	24,819	$	108.60	—	—	—
02/01/2023 — 02/28/2023	45	$	118.48	—	—	—
03/01/2023 — 03/31/2023	1,661	$	119.38	—	—	—
Total	26,525			—

_______________________________________

(a)Represents shares of DTE Energy common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the price in effect at the grant date.

68

Item 6. Exhibits

Exhibit Number	Description	DTE Energy	DTE Electric
	(i) Exhibits filed herewith:
4.1	Supplemental Indenture dated as of March 1, 2023, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as trustee (2023 Series A and B)	X	X
31.1	Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report	X
31.2	Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report	X
31.3	Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report		X
31.4	Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report		X
101.INS	XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	X	X
101.SCH	XBRL Taxonomy Extension Schema	X	X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	X	X
101.DEF	XBRL Taxonomy Extension Definition Database	X	X
101.LAB	XBRL Taxonomy Extension Label Linkbase	X	X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	X	X
	(ii) Exhibits furnished herewith:
32.1	Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report	X
32.2	Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report	X
32.3	Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report		X
32.4	Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report		X

69

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized. The signature for each undersigned Registrant shall be deemed to relate only to matters having reference to such Registrant and any subsidiaries thereof.

Date:	April 27, 2023
			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)

70

EX-4.1

Exhibit 4.1

INDENTURE

DATED AS OF MARCH 1, 2023

_______________

DTE ELECTRIC COMPANY

formerly known as

The Detroit Edison Company

(One Energy Plaza, Detroit, Michigan 48226)

TO

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

(500 Ross Street, 12th Floor, Pittsburgh, PA 15262)

AS TRUSTEE

_______________

SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST

DATED AS OF OCTOBER 1, 1924

PROVIDING FOR

(A) GENERAL AND REFUNDING MORTGAGE BONDS,

2023 SERIES A AND 2023 SERIES B

AND

(B) RECORDING AND FILING DATA

1

TABLE OF CONTENTS*

	PAGE
PARTIES	3
RECITALS	3
Original Indenture and Supplemental Indentures	3
Issue of Bonds Under Indenture	4
Bonds Heretofore Issued	4
Reason for Creation of New Series	11
Bonds to be 2023 Series A and 2023 Series B	11
Further Assurance	11
Authorization of Supplemental Indenture	11
Consideration for Supplemental Indenture	11
PART I. CREATION OF THREE HUNDRED EIGHTY-SEVENTH SERIES OF BONDS, GENERAL AND REFUNDING MORTGAGE BONDS, 2023 SERIES A	11
Sec. 1. Terms of Bonds of 2023 Series A	12
Sec. 2. Redemption of Bonds of 2023 Series A	13
Sec. 3. Exchange and Transfer	15
Sec. 4. Form of Bonds of 2023 Series A	15
Form of Trustee's Certificate	15
PART II. CREATION OF THREE HUNDRED EIGHTY-EIGHTH SERIES OF BONDS, GENERAL AND REFUNDING MORTGAGE BONDS, 2023 SERIES B	20
Sec. 1. Terms of Bonds of 2023 Series B	20
Sec. 2. Redemption of Bonds of 2023 Series B	21
Sec. 3. Exchange and Transfer	15
Sec. 4. Form of Bonds of 2023 Series B	15
Form of Trustee's Certificate	28
PART III. RECORDING AND FILING DATA	29
Recording and Filing of Original Indenture	29
Recording and Filing of Supplemental Indentures	29
Recording and Filing of Supplemental Indenture Dated as of February 1, 2022	34
Recording of Certificates of Provision for Payment	35
PART IV. THE TRUSTEE	35
Terms and Conditions of acceptance of Trust by Trustee	35
PART V. MISCELLANEOUS	35
Confirmation of Section 318(c) of Trust Indenture Act	35
Execution in Counterparts	35
EXECUTION	35
Testimonium	36
Execution by Company	37
Acknowledgment of Execution by Company	38
Execution by Trustee	39
Acknowledgment of Execution by Trustee	40
Affidavit as to Consideration and Good Faith	41

—————————

*This Table of Contents shall not have any bearing upon the interpretation of any of the terms or provisions of this Indenture.

2

PARTIES. SUPPLEMENTAL INDENTURE, dated as of the 1st day of March, in the year 2023, between DTE ELECTRIC COMPANY, formerly known as The Detroit Edison Company, a corporation organized and existing under the laws of the State of Michigan and a public utility (hereinafter called the “Company”), party of the first part, and The Bank of New York Mellon Trust Company, N.A., a trust company organized and existing under the laws of the United States, having a corporate trust agency office at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania, 15262, as successor Trustee under the Mortgage and Deed of Trust hereinafter mentioned (hereinafter called the “Trustee”), party of the second part.

ORIGINAL INDENTURE AND SUPPLEMENTAL INDENTURES. WHEREAS, the Company has heretofore executed and delivered its Mortgage and Deed of Trust (hereinafter referred to as the “Original Indenture”), dated as of October 1, 1924, to the Trustee, for the security of all bonds of the Company outstanding thereunder, and pursuant to the terms and provisions of the Original Indenture, indentures dated as of, respectively, June 1, 1925, August 1, 1927, February 1, 1931, June 1, 1931, October 1, 1932, September 25, 1935, September 1, 1936, November 1, 1936, February 1, 1940, December 1, 1940, September 1, 1947, March 1, 1950, November 15, 1951, January 15, 1953, May 1, 1953, March 15, 1954, May 15, 1955, August 15, 1957, June 1, 1959, December 1, 1966, October 1, 1968, December 1, 1969, July 1, 1970, December 15, 1970, June 15, 1971, November 15, 1971, January 15, 1973, May 1, 1974, October 1, 1974, January 15, 1975, November 1, 1975, December 15, 1975, February 1, 1976, June 15, 1976, July 15, 1976, February 15, 1977, March 1, 1977, June 15, 1977, July 1, 1977, October 1, 1977, June 1, 1978, October 15, 1978, March 15, 1979, July 1, 1979, September 1, 1979, September 15, 1979, January 1, 1980, April 1, 1980, August 15, 1980, August 1, 1981, November 1, 1981, June 30, 1982, August 15, 1982, June 1, 1983, October 1, 1984, May 1, 1985, May 15, 1985, October 15, 1985, April 1, 1986, August 15, 1986, November 30, 1986, January 31, 1987, April 1, 1987, August 15, 1987, November 30, 1987, June 15, 1989, July 15, 1989, December 1, 1989, February 15, 1990, November 1, 1990, April 1, 1991, May 1, 1991, May 15, 1991, September 1, 1991, November 1, 1991, January 15, 1992, February 29, 1992, April 15, 1992, July 15, 1992, July 31, 1992, November 30, 1992, December 15, 1992, January 1, 1993, March 1, 1993, March 15, 1993, April 1, 1993, April 26, 1993, May 31, 1993, June 30, 1993, June 30, 1993, September 15, 1993, March 1, 1994, June 15, 1994, August 15, 1994, December 1, 1994, August 1, 1995, August 1, 1999, August 15, 1999, January 1, 2000, April 15, 2000, August 1, 2000, March 15, 2001, May 1, 2001, August 15, 2001, September 15, 2001, September 17, 2002, October 15, 2002, December 1, 2002, August 1, 2003, March 15, 2004, July 1, 2004, February 1, 2005, April 1, 2005, August 1, 2005, September 15, 2005, September 30, 2005, May 15, 2006, December 1, 2006, December 1, 2007, April 1, 2008, May 1, 2008, June 1, 2008, July 1, 2008, October 1, 2008, December 1, 2008, March 15, 2009, November 1, 2009, August 1, 2010, September 1, 2010, December 1, 2010, March 1, 2011, May 15, 2011, August 1, 2011, August 15, 2011, September 1, 2011, June 20, 2012, March 15, 2013, August 1, 2013 June 1, 2014, July 1, 2014, March 1, 2015, May 1, 2016, August 1, 2017, May 1, 2018, February 1, 2019, February 1, 2020, April 1, 2020, March 1, 2021, and February 1, 2022 supplemental to the Original Indenture, have heretofore been entered into between the Company and the Trustee (the Original Indenture and all indentures supplemental thereto together being hereinafter sometimes referred to as the “Indenture”); and

3

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

BONDS HERETOFORE ISSUED. WHEREAS, bonds in the principal amount of Twenty-three billion, three million, fifty-seven thousand dollars ($23,003,057,000) have heretofore been issued under the indenture as follows, viz:

(1)	Bonds of Series A	— Principal Amount $26,016,000,
(2)	Bonds of Series B	— Principal Amount $23,000,000,
(3)	Bonds of Series C	— Principal Amount $20,000,000,
(4)	Bonds of Series D	— Principal Amount $50,000,000,
(5)	Bonds of Series E	— Principal Amount $15,000,000,
(6)	Bonds of Series F	— Principal Amount $49,000,000,
(7)	Bonds of Series G	— Principal Amount $35,000,000,
(8)	Bonds of Series H	— Principal Amount $50,000,000,
(9)	Bonds of Series I	— Principal Amount $60,000,000,
(10)	Bonds of Series J	— Principal Amount $35,000,000,
(11)	Bonds of Series K	— Principal Amount $40,000,000,
(12)	Bonds of Series L	— Principal Amount $24,000,000,
(13)	Bonds of Series M	— Principal Amount $40,000,000,
(14)	Bonds of Series N	— Principal Amount $40,000,000,
(15)	Bonds of Series O	— Principal Amount $60,000,000,
(16)	Bonds of Series P	— Principal Amount $70,000,000,
(17)	Bonds of Series Q	— Principal Amount $40,000,000,
(18)	Bonds of Series W	— Principal Amount $50,000,000,
(19)	Bonds of Series AA	— Principal Amount $100,000,000,
(20)	Bonds of Series BB	— Principal Amount $50,000,000,
(21)	Bonds of Series CC	— Principal Amount $50,000,000,
(22)	Bonds of Series UU	— Principal Amount $100,000,000,

4

(23-31)	Bonds of Series DDP Nos. 1-9	— Principal Amount $14,305,000,
(32-45)	Bonds of Series FFR Nos. 1-14	— Principal Amount $45,600,000,
(46-67)	Bonds of Series GGP Nos. 1-22	— Principal Amount $42,300,000,
(68)	Bonds of Series HH	— Principal Amount $50,000,000,
(69-90)	Bonds of Series IIP Nos. 1-22	— Principal Amount $3,750,000,
(91-98)	Bonds of Series JJP Nos. 1-8	— Principal Amount $6,850,000,
(99-107)	Bonds of Series KKP Nos. 1-9	— Principal Amount $34,890,000,
(108-122)	Bonds of Series LLP Nos. 1-15	— Principal Amount $8,850,000,
(123-143)	Bonds of Series NNP Nos. 1-21	— Principal Amount $47,950,000,
(144-161)	Bonds of Series OOP Nos. 1-18	— Principal Amount $18,880,000,
(162-180)	Bonds of Series QQP Nos. 1-19	— Principal Amount $13,650,000,
(181-195)	Bonds of Series TTP Nos. 1-15	— Principal Amount $3,800,000,
(196)	Bonds of 1980 Series A	— Principal Amount $50,000,000,
(197-221)	Bonds of 1980 Series CP Nos. 1-25	— Principal Amount $35,000,000,
(222-232)	Bonds of 1980 Series DP Nos. 1-11	— Principal Amount $10,750,000,
(233-248)	Bonds of 1981 Series AP Nos. 1-16	— Principal Amount $124,000,000,
(249)	Bonds of 1985 Series A	— Principal Amount $35,000,000,
(250)	Bonds of 1985 Series B	— Principal Amount $50,000,000,
(251)	Bonds of Series PP	— Principal Amount $70,000,000,
(252)	Bonds of Series RR	— Principal Amount $70,000,000,
(253)	Bonds of Series EE	— Principal Amount $50,000,000,
(254-255)	Bonds of Series MMP and MMP No. 2	— Principal Amount $5,430,000,
(256)	Bonds of Series T	— Principal Amount $75,000,000,
(257)	Bonds of Series U	— Principal Amount $75,000,000,
(258)	Bonds of 1986 Series B	— Principal Amount $100,000,000,
(259)	Bonds of 1987 Series D	— Principal Amount $250,000,000,
(260)	Bonds of 1987 Series E	— Principal Amount $150,000,000,
(261)	Bonds of 1987 Series C	— Principal Amount $225,000,000,
(262)	Bonds of Series V	— Principal Amount $100,000,000,

5

(263)	Bonds of Series SS	— Principal Amount $150,000,000,
(264)	Bonds of 1980 Series B	— Principal Amount $100,000,000,
(265)	Bonds of 1986 Series C	— Principal Amount $200,000,000,
(266)	Bonds of 1986 Series A	— Principal Amount $200,000,000,
(267)	Bonds of 1987 Series B	— Principal Amount $175,000,000,
(268)	Bonds of Series X	— Principal Amount $100,000,000,
(269)	Bonds of 1987 Series F	— Principal Amount $200,000,000,
(270)	Bonds of 1987 Series A	— Principal Amount $300,000,000,
(271)	Bonds of Series Y	— Principal Amount $60,000,000,
(272)	Bonds of Series Z	— Principal Amount $100,000,000,
(273)	Bonds of 1989 Series A	— Principal Amount $300,000,000,
(274)	Bonds of 1984 Series AP	— Principal Amount $2,400,000,
(275)	Bonds of 1984 Series BP	— Principal Amount $7,750,000,
(276)	Bonds of Series R	— Principal Amount $100,000,000,
(277)	Bonds of Series S	— Principal Amount $150,000,000,
(278)	Bonds of 1993 Series D	— Principal Amount $100,000,000,
(279)	Bonds of 1992 Series E	— Principal Amount $50,000,000,
(280)	Bonds of 1993 Series B	— Principal Amount $50,000,000,
(281)	Bonds of 1989 Series BP	— Principal Amount $66,565,000,
(282)	Bonds of 1990 Series A	— Principal Amount $194,649,000,
(283)	Bonds of 1990 Series D	— Principal Amount $0,
(284)	Bonds of 1993 Series G	— Principal Amount $225,000,000,
(285)	Bonds of 1993 Series K	— Principal Amount $160,000,000,
(286)	Bonds of 1991 Series EP	— Principal Amount $41,480,000,
(287)	Bonds of 1993 Series H	— Principal Amount $50,000,000,
(288)	Bonds of 1999 Series D	— Principal Amount $40,000,000,
(289)	Bonds of 1991 Series FP	— Principal Amount $98,375,000,
(290)	Bonds of 1992 Series BP	— Principal Amount $20,975,000,

6

(291)	Bonds of 1992 Series D	— Principal Amount $300,000,000,
(292)	Bonds of 1992 Series CP	— Principal Amount $35,000,000,
(293)	Bonds of 1993 Series C	— Principal Amount $225,000,000,
(294)	Bonds of 1993 Series E	— Principal Amount $400,000,000,
(295)	Bonds of 1993 Series J	— Principal Amount $300,000,000,
(296-301)	Bonds of Series KKP Nos. 10-15	— Principal Amount $179,590,000,
(302)	Bonds of 1989 Series BP No. 2	— Principal Amount $36,000,000,
(303)	Bonds of 1993 Series FP	— Principal Amount $5,685,000,
(304)	Bonds of 1993 Series IP	— Principal Amount $5,825,000,
(305)	Bonds of 1994 Series AP	— Principal Amount $7,535,000,
(306)	Bonds of 1994 Series BP	— Principal Amount $12,935,000,
(307)	Bonds of 1994 Series DP	— Principal Amount $23,700,000,
(308)	Bonds of 1994 Series C	— Principal Amount $200,000,000,
(309)	Bonds of 2000 Series A	— Principal Amount $220,000,000,
(310)	Bonds of 2005 Series A	— Principal Amount $200,000,000,
(311)	Bonds of 1995 Series AP	— Principal Amount $97,000,000,
(312)	Bonds of 1995 Series BP	— Principal Amount $22,175,000,
(313)	Bonds of 2001 Series D	— Principal Amount $200,000,000,
(314)	Bonds of 2005 Series B	— Principal Amount $200,000,000,
(315)	Bonds of 2006 Series CT	— Principal Amount $68,500,000,
(316)	Bonds of 2005 Series DT	— Principal Amount $119,175,000,
(317)	Bonds of 1991 Series AP	— Principal Amount $32,375,000,
(318)	Bonds of 2008 Series DT	— Principal Amount $68,500,000,
(319)	Bonds of 1993 Series AP	— Principal Amount $65,000,000,
(320)	Bonds of 2001 Series E	— Principal Amount $500,000,000,
(321)	Bonds of 2001 Series AP	— Principal Amount $31,000,000,
(322)	Bonds of 1991 Series BP	— Principal Amount $25,910,000,
(323)	Bonds of 2001 Series BP	— Principal Amount $82,350,000,
(324)	Bonds of 1999 Series AP	— Principal Amount $118,360,000,

7

(325)	Bonds of 1999 Series CP	— Principal Amount $66,565,000,
(326)	Bonds of 1999 Series BP	— Principal Amount $39,745,000,
(327)	Bonds of 2001 Series CP	— Principal Amount $139,855,000,
(328)	Bonds of 2000 Series B	— Principal Amount $50,745,000,
(329)	Bonds of 2002 Series A	— Principal Amount $225,000,000,
(330)	Bonds of 2002 Series C	— Principal Amount $64,300,000,
(331)	Bonds of 2002 Series D	— Principal Amount $55,975,000,
(332)	Bonds of 2009 Series CT	— Principal Amount $65,000,000,
(333)	Bonds of 2003 Series A	— Principal Amount $49,000,000,
(334)	Bonds of 2008 Series J	— Principal Amount $250,000,000,
(335)	Bonds of 2008 Series LT	— Principal Amount $50,000,000
(336)	Bonds of 1990 Series C	— Principal Amount $85,475,000,
(337)	Bonds of 1990 Series F	— Principal Amount $0,
(338)	Bonds of 2011 Series AT	— Principal Amount $31,000,000,
(339)	Bonds of 2004 Series B	— Principal Amount $31,980,000,
(340)	Bonds of 2004 Series A	— Principal Amount $36,000,000,
(341)	Bonds of 2009 Series BT	— Principal Amount $68,5000,000,
(342)	Bonds of 2004 Series D	— Principal Amount $200,000,000,
(343)	Bonds of 2005 Series AR	— Principal Amount $200,000,000,
(344)	Bonds of 2010 Series CT	— Principal Amount $19,855,000,
(345)	Bonds of 1990 Series B	— Principal Amount $256,932,000,
(346)	Bonds of 1990 Series E	— Principal Amount $0,
(347)	Bonds of 2008 Series G	— Principal Amount $300,000,000,
(348)	Bonds of 2008 Series KT	— Principal Amount $32,375,000,
(349)	Bonds of 2010 Series B	— Principal Amount $300,000,000,
(350)	Bonds of 2010 Series A	— Principal Amount $300,000,000
(351)	Bonds of 1991 Series CP	— Principal Amount $32,800,000,
(352)	Bonds of 1991 Series DP	— Principal Amount $37,600,000,

8

(353)	Bonds of 2011 Series B	— Principal Amount $250,000,000
(354)	Bonds of 1992 Series AP	— Principal Amount $66,000,000, and
(355)	Bonds of 2012 Series A	— Principal Amount $250,000,000

	all of which have either been retired and cancelled, or no longer represent obligations of the Company, having matured or having been called for redemption and funds necessary to effect the payment, redemption and retirement thereof having been deposited with the Trustee as a special trust fund to be applied for such purpose;
(356)	Bonds of 2002 Series B in the principal amount of Two hundred twenty-fifty million dollars ($225,000,000) all of which are outstanding at the date hereof;
(357)	Bonds of 2005 Series BR in the principal amount of Two hundred million dollars ($200,000,000) all of which are outstanding at the date hereof;
(358)	Bonds of 2005 Series C in the principal amount of One hundred million dollars ($100,000,000) all of which are outstanding at the date hereof;
(359)	Bonds of 2005 Series E in the principal amount of Two hundred fifty million dollars ($250,000,000) all of which are outstanding at the date hereof;
(360)	Bonds of 2006 Series A in the principal amount of Two hundred fifty million dollars ($250,000,000) all of which are outstanding at the date hereof;
(361)	Bonds of 2007 Series A in the principal amount of Fifty million dollars ($50,000,000) all of which are outstanding at the date hereof;
(362)	Bonds of 2008 Series ET in the principal amount of One hundred nineteen million one hundred seventy-five dollars ($119,175,000) of which fifty-nine million one hundred seventy-five thousand dollars ($59,175,000) are outstanding at the date hereof;
(363)	Bonds of 2011 Series D in the principal amount of One hundred two million dollars ($102,000,000) all of which are outstanding at the date hereof
(364)	Bonds of 2011 Series E in the principal amount of Seventy-seven million dollars ($77,000,000) all of which are outstanding at the date hereof
(365)	Bonds of 2011 Series F in the principal amount of Forty-six million dollars ($46,000,000) all of which are outstanding at the date hereof
(366)	Bonds of 2011 Series GT in the principal amount of Eighty-two million three hundred fifty thousand dollars ($82,350,000) all of which are outstanding at the date hereof
(367)	Bonds of 2011 Series H in the principal amount of One hundred forty million dollars ($140,000,000) all of which are outstanding at the date hereof
(368)	Bonds of 2012 Series B in the principal amount of Two hundred fifty million dollars ($250,000,000) all of which are outstanding at the date hereof
(369)	Bonds of 2013 Series A in the principal amount of Three hundred seventy-five million dollars ($375,000,000) all of which are outstanding at the date hereof

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(370)	Bonds of 2013 Series B in the principal amount of Four hundred million dollars ($400,000,000) all of which are outstanding at the date hereof
(371)	Bonds of 2014 Series A in the principal amount of one hundred million dollars ($100,000,000) all of which are outstanding at the date hereof
(372)	Bonds of 2014 Series B in the principal amount of One hundred fifty million dollars ($150,000,000) all of which are outstanding at the date hereof
(373)	Bonds of 2014 Series D in the principal amount of Three hundred and fifty million dollars ($350,000,000) all of which are outstanding at the date hereof;
(374)	Bonds of 2014 Series E in the principal amount of Three hundred and fifty million dollars ($350,000,000) all of which are outstanding at the date hereof;
(375)	Bonds of 2015 Series A in the principal amount of Five hundred million dollars ($500,000,000) all of which are outstanding at the date hereof;
(376)	Bonds of 2016 Series A in the principal amount of Three hundred million dollars ($300,000,000) all of which are outstanding at the date hereof;
(377)	Bonds of 2017 Series B in the principal amount of Four hundred forty million dollars ($440,000,000) all of which are outstanding at the date hereof;
(378)	Bonds of 2018 Series A in the principal amount of Five hundred twenty-five million dollars ($525,000,000) all of which are outstanding at the date hereof,
(379)	Bond of 2019 Series A in the principal amount of Six hundred fifty million dollars ($650,000,000) all of which are outstanding at the date hereof,
(380)	Bonds of 2020 Series A in the principal amount of Six hundred million dollars ($600,000,000) all of which are outstanding at the date hereof,
(381)	Bonds of 2020 Series B in the principal amount of Five hundred million dollars ($500,000,000) all of which are outstanding at the date hereof,
(382)	Bonds of 2020 Series C in the principal amount of Six hundred million dollars ($600,000,000) all of which are outstanding at the date hereof,
(383)	Bonds of 2021 Green Series A in the principal amount of Five hundred seventy-five million dollars ($575,000,000) all of which are outstanding at the date hereof,
(384)	Bonds of 2021 Green Series B in the principal amount of Four hundred twenty-five million dollars ($425,000,000) all of which are outstanding at the date hereof,
(385)	Bonds of 2022 Series A in the principal amount of Five hundred million dollars ($500,000,000) all of which are outstanding at the date hereof,
(386)	Bonds of 2022 Green Series B in the principal amount of Four hundred million dollars ($400,000,000) all of which are outstanding at the date hereof,
	accordingly, the Company has issued and has presently outstanding Nine billion, five hundred seven-one million, five hundred twenty-five thousand dollars ($9,571,525,000) aggregate principal amount of its General and Refunding Mortgage Bonds (the “Bonds”) at the date hereof.

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REASON FOR CREATION OF NEW SERIES. WHEREAS, the Company desires to issue two new series of bonds pursuant to the Indenture; and

BONDS TO BE 2023 SERIES A AND 2023 SERIES B. WHEREAS, the Company desires by this Supplemental Indenture to create two new series of bonds, to be designated “General and Refunding Mortgage Bonds, 2023 Series A,” in the aggregate principal amount of Six hundred million dollars ($600,000,000), and “General and Refunding Mortgage Bonds, 2023 Series B in the aggregate principal amount of Six hundred million dollars ($600,000,000), to be authenticated and delivered pursuant to Section 8 of Article III of the Indenture; and

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

AUTHORIZATION OF SUPPLEMENTAL INDENTURE.	WHEREAS, the Company in the exercise of the powers and authority conferred upon and reserved to it under and by virtue of the provisions of the Indenture, and pursuant to resolutions of its Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a supplemental indenture in the form hereof for the purposes herein provided; and
	WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid and legally binding instrument in accordance with its terms have been done, performed and fulfilled, and the execution and delivery hereof have been in all respects duly authorized;

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

PART I.
CREATION OF THREE HUNDRED EIGHTY-SEVENTH
SERIES OF BONDS,
GENERAL AND REFUNDING MORTGAGE BONDS,
2023 SERIES A

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TERMS OF BONDS OF 2023 SERIES A.	SECTION 1. The Company hereby creates the three hundred eighty-seventh series of bonds to be issued under and secured by the Original Indenture as amended to date and as further amended by this Supplemental Indenture, to be designated, and to be distinguished from the bonds of all other series, by the title “General and Refunding Mortgage Bonds, 2023 Series A” (elsewhere herein referred to as the “bonds of 2023 Series A”). The aggregate principal amount of bonds of 2023 Series A shall be limited to Six hundred million dollars ($600,000,000), except as provided in Sections 7 and 13 of Article II of the Original Indenture with respect to exchanges and replacements of bonds, and except further that the Company may, without the consent of any holder of the bonds of 2023 Series A, “reopen” the bonds of 2023 Series A, so long as any additional bonds of 2023 Series A have the same tenor and terms as the bonds of 2023 Series A established hereby.
	The bonds of 2023 Series A shall be issued as registered bonds without coupons in denominations of $2,000 and any larger amount that is an integral multiple of $1,000. The bonds of 2023 Series A shall be issued in the aggregate principal amount of $600,000,000, shall mature on April 1, 2033 (subject to earlier redemption) and shall bear interest, payable semi-annually on April 1 and October 1 of each year (commencing October 1, 2023), at the rate of five and twenty hundredths percent (5.20%) per annum until the principal thereof shall have become due and payable and thereafter until the Company’s obligation with respect to the payment of said principal shall have been discharged as provided in the Indenture. The bonds of 2023 Series A will be issued in book-entry form through the facilities of The Depository Trust Company. Except as otherwise specifically provided in this Supplemental Indenture, the bonds of 2023 Series A shall be payable, as to principal, premium, if any, and interest, at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts.
	Except as provided herein, each bond of 2023 Series A shall be dated the date of its authentication and interest shall be payable on the principal represented thereby from the April 1 or October 1 next preceding the date to which interest has been paid on bonds of 2023 Series A, unless the bond is authenticated on a date prior to October 1, 2023 in which case interest shall be payable from March 3, 2023.
	The bonds of 2023 Series A in definitive form shall be, at the election of the Company, fully engraved or shall be lithographed or printed in authorized denominations as aforesaid and numbered R-1 and upwards (with such further designation as may be appropriate and desirable to indicate by such designation the form, series and denomination of bonds of 2023 Series A). Until bonds of 2023 Series A in definitive form are ready for delivery, the Company may execute, and upon its request in writing the Trustee shall authenticate and deliver in lieu thereof, bonds of 2023 Series A in temporary form, as provided in Section 10 of Article II of the Indenture. Temporary bonds of 2023 Series A if any, may be printed and may be issued in authorized denominations in substantially the form of definitive bonds of 2023 Series A, but without a recital of redemption prices and with such omissions, insertions and variations as may be appropriate for temporary bonds, all as may be determined by the Company.

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Interest on any bond of 2023 Series A that is payable on any interest payment date and is punctually paid or duly provided for shall be paid to the person in whose name that bond, or any previous bond to the extent evidencing the same debt as that evidenced by that bond, is registered at the close of business on the regular record date for such interest, which regular record date shall be the fifteenth calendar day (whether or not such day is a business day) immediately preceding the applicable interest payment date. If the Company shall default in the payment of the interest due on any interest payment date on the principal represented by any bond of 2023 Series A, such defaulted interest shall forthwith cease to be payable to the registered holder of that bond on the relevant regular record date by virtue of his having been such holder, and such defaulted interest may be paid to the registered holder of that bond (or any bond or bonds of 2023 Series A issued upon transfer or exchange thereof) on the date of payment of such defaulted interest or, at the election of the Company, to the person in whose name that bond (or any bond or bonds of 2023 Series A issued upon transfer or exchange thereof) is registered on a subsequent record date established by notice given by mail by or on behalf of the Company to the holders of bonds of 2023 Series A not less than ten (10) days preceding such subsequent record date, which subsequent record date shall be at least five (5) days prior to the payment date of such defaulted interest. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

Bonds of 2023 Series A, in definitive and temporary form, may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto.

If any interest payment date, date of redemption or the stated maturity for the bonds of 2023 Series A would otherwise be a day that is not a business day, payment of principal and/or interest or premium, if any, with respect to the bonds of 2023 Series A will be paid on the next succeeding business day with the same force and effect as if made on such date and no interest on such payment will accrue from and after such date

“Business day” means any day other than a day on which banking institutions in the State of New York or the State of Michigan are authorized or obligated pursuant to law or executive order to close

REDEMPTION OF BONDS OF 2023 SERIES A.	SECTION 2. Bonds of 2023 Series A will be redeemable at the option of the Company, in whole at any time or in part from time to time at the redemption prices set forth below.
	Prior to January 1, 2033 (the “Series A Par Call Date”), the Company may redeem the Bonds of 2023 Series A at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Bonds of 2023 Series A matured on the Series A Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Bonds of 2023 Series A to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.
	On or after the Series A Par Call Date, the Company may redeem the Bonds of 2023 Series A, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Bonds of 2023 Series A being redeemed plus accrued and unpaid interest thereon to the redemption date.
	“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

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The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:

(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Series A Par Call Date (the “Remaining Life”); or

(2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Series A Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or

(3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Series A Par Call Date, as applicable. If there is no United States Treasury security maturing on the Series A Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Series A Par Call Date, one with a maturity date preceding the Series A Par Call Date and one with a maturity date following the Series A Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Series A Par Call Date. If there are two or more United States Treasury securities maturing on the Series A Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

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The bonds of 2023 Series A shall be redeemable as aforesaid upon giving notice of such redemption by first class mail, postage prepaid, by or on behalf of the Company at least thirty (30) days, but not more than sixty (60) days, prior to the date fixed for redemption to the registered holders of bonds of 2023 Series A so called for redemption at their last respective addresses appearing on the register thereof, but failure to mail such notice to the registered holders of any bonds of 2023 Series A designated for redemption shall not affect the validity of any such redemption of any other bonds of such series. Interest shall cease to accrue on any bonds of 2023 Series A (or any portion thereof) so called for redemption from and after the date fixed for redemption if payment sufficient to redeem the bonds of 2023 Series A (or such portion) designated for redemption has been duly provided for. Bonds of 2023 Series A redeemed in part only shall be in amounts of $2,000 or any larger amount that is an integral multiple of $1,000.

If the giving of the notice of redemption shall have been completed, or if provision satisfactory to the Trustee for the giving of such notice shall have been made, and if the Company shall have deposited with the Trustee in trust funds (which shall have become available for payment to the holders of the bonds of 2023 Series A so to be redeemed) sufficient to redeem bonds of 2023 Series A in whole or in part, on the date fixed for redemption, then all obligations of the Company in respect of such bonds (or portions thereof) so to be redeemed and interest due or to become due thereon shall cease and be discharged and the holders of such bonds of 2023 Series A (or portions thereof) shall thereafter be restricted exclusively to such funds for any and all claims of whatsoever nature on their part under the Indenture or in respect of such bonds (or portions thereof) and interest.

The bonds of 2023 Series A shall not be entitled to or subject to any sinking fund and shall not be redeemable other than as provided in Section 2 hereof.

EXCHANGE AND TRANSFER.

SECTION 3. At the option of the registered holder, any bonds of 2023 Series A, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, together with a written instrument of transfer (if so required by the Company or by the Trustee) in form approved by the Company duly executed by the holder or by its duly authorized attorney, shall be exchangeable for a like aggregate principal amount of bonds of 2023 Series A upon the terms and conditions specified herein and in Section 7 of Article II of the Indenture. The Company waives its rights under Section 7 of Article II of the Indenture not to make exchanges or transfers of bonds of 2023 Series A during any period of ten (10) days next preceding any redemption date for such bonds.

Bonds of 2023 Series A, in definitive and temporary form, may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto.

FORM OF BONDS OF 2023 SERIES A. SECTION 4. The bonds of 2023 Series A and the form of Trustee’s Certificate to be endorsed on such bonds shall be substantially in the following forms, respectively:

DTE ELECTRIC COMPANY
GENERAL AND REFUNDING MORTGAGE BOND
2023 SERIES A

[This bond is a global security within the meaning of the indenture hereinafter referred to and is registered in the name of a depository or a nominee of a depository. Unless and until it is exchanged in whole or in part for bonds in certificated form, this bond may not be transferred except as a whole by the Depository Trust Company (“DTC”) to a nominee of DTC or by DTC or any such nominee to a successor of DTC or any such nominee to a successor of DTC or a

15

nominee of such successor. Unless this bond is presented by an authorized representative of DTC to the issuer or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment hereon is made to Cede & Co., or to such other entity as is requested by an authorized representative of DTC) any transfer, pledge or other use hereof for value or otherwise by a person is wrongful, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]

CUSIP

$______________ No. R-___

DTE ELECTRIC COMPANY (hereinafter called the “Company”), a corporation of the State of Michigan, for value received, hereby promises to pay to [Cede & Co.], or registered assigns, at the Company’s office or agency in the Borough of Manhattan, the City and State of New York, the principal sum of _________________ dollars ($_______) in lawful money of the United States of America on April 1, 2033 (subject to earlier redemption) and interest thereon at the rate of 5.20% per annum, in like lawful money, from March 3, 2023 and after the first payment of interest on bonds of this Series has been made or otherwise provided for, from the most recent date to which interest has been paid or otherwise provided for, semi-annually on April 1 and October 1 of each year (commencing October 1, 2023), until the Company’s obligation with respect to payment of said principal shall have been discharged, all as provided, to the extent and in the manner specified in the Indenture hereinafter mentioned and in the supplemental indenture pursuant to which this bond has been issued.

This bond is one of an authorized issue of bonds of the Company, unlimited as to amount except as provided in the Indenture hereinafter mentioned or any indentures supplemental thereto, and is one of a series of General and Refunding Mortgage Bonds known as 2023 Series A, limited to an aggregate principal amount of $600,000,000, except as otherwise provided in the Indenture hereinafter mentioned. This bond and all other bonds of said series are issued and to be issued under, and are all equally and ratably secured (except insofar as any sinking, amortization, improvement or analogous fund, established in accordance with the provisions of the Indenture hereinafter mentioned, may afford additional security for the bonds of any particular series and except as provided in Section 3 of Article VI of said Indenture) by an Indenture, dated as of October 1, 1924, duly executed by the Company to The Bank of New York Mellon Trust Company, N.A., as successor Trustee, to which Indenture and all indentures supplemental thereto (including the Supplemental Indenture dated as of March 1, 2023) reference is hereby made for a description of the properties and franchises mortgaged and conveyed, the nature and extent of the security, the terms and conditions upon which the bonds are issued and under which additional bonds may be issued, and the rights of the holders of the bonds and of the Trustee in respect of such security (which Indenture and all indentures supplemental thereto, including the Supplemental Indenture dated as of March 1, 2023, are hereinafter collectively called the “Indenture”). As provided in the Indenture, said bonds may be for various principal sums and are issuable in series, which may mature at different times, may bear interest at different rates and may otherwise vary as in said Indenture provided. With the consent of the Company and to the extent permitted by and as provided in the Indenture, the rights and obligations of the Company and of the holders of the bonds and the terms and provisions of the Indenture, or of any indenture supplemental thereto, may be modified or altered in certain respects by affirmative vote of at least eighty-five percent (85%) in amount of the bonds then outstanding, and, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected by the action proposed to be taken, then also by affirmative vote of at least eighty-five percent (85%) in amount of the series of bonds so to be affected (excluding in every instance bonds disqualified from voting by reason of the Company’s interest therein as specified in the Indenture); provided, however, that, without the consent of the holder hereof, no such modification or alteration shall, among other things, affect the terms of payment of the principal of or the interest on this bond, which in those respects is unconditional.

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This bond is not subject to repayment at the option of the holder hereof. Except as provided below, this bond is not redeemable by the Company prior to maturity and is not subject to any sinking fund.

Prior to January 1, 2033 (the “Series A Par Call Date”), the Company may redeem this bond at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest hereon discounted to the redemption date (assuming this bond matured on the Series A Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of this bond to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Series A Par Call Date, the Company may redeem this bond, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this bond being redeemed plus accrued and unpaid interest thereon to the redemption date.

“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:

(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Series A Par Call Date (the “Remaining Life”); or
(2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Series A Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

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If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Series A Par Call Date, as applicable. If there is no United States Treasury security maturing on the Series A Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Series A Par Call Date, one with a maturity date preceding the Series A Par Call Date and one with a maturity date following the Series A Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Series A Par Call Date. If there are two or more United States Treasury securities maturing on the Series A Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any optional redemption will be mailed at least 30 days but not more than 60 days before the optional redemption date to the holder hereof at its registered address. If notice has been provided in accordance with the Indenture and funds for the redemption of this bond called for redemption have been made available on the redemption date, this bond will cease to bear interest on the date fixed for redemption. Thereafter, the only right of the holder hereof will be to receive payment of the redemption price.

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

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

The bonds of this series are issuable only in fully registered form without coupons in denominations of $2,000 and any larger amount that is an integral multiple of $1,000. This Global Security is exchangeable for bonds in definitive form only under certain limited circumstances set forth in the Indenture. As provided in the Indenture and subject to certain limitations therein set forth, bonds of this series are exchangeable for a like aggregate principal amount of bonds of this series of a different authorized denomination, as requested by the registered holder surrendering the same.

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

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

This bond shall not be valid or become obligatory for any purpose until The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, or its successor thereunder, shall have signed the form of certificate endorsed hereon.

IN WITNESS WHEREOF, DTE ELECTRIC COMPANY has caused this instrument to be executed by an authorized officer, with his or her manual or facsimile signatures, and its corporate seal, or a facsimile thereof, to be impressed or imprinted hereon and the same to be attested by its Corporate Secretary or Assistant Corporate Secretary by manual or facsimile signature.

Dated: _________________
	DTE ELECTRIC COMPANY
	By: ________________________________
	Name:
	Title:
[Corporate Seal]
Attest:
By: __________________________
Name:
Title:

19

	[FORM OF TRUSTEE’S CERTIFICATE]
FORM OF TRUSTEES CERTIFICATE	This bond is one of the bonds, of the series designated therein, described in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By: ________________________________

Authorized Representative

Date: _________________

PART II.
CREATION OF THREE HUNDRED EIGHTY-EIGHTH
SERIES OF BONDS,
GENERAL AND REFUNDING MORTGAGE BONDS,
2023 SERIES B

TERMS OF BONDS OF 2023 SERIES B.

SECTION 1. The Company hereby creates the three hundred eighty-eighth series of bonds to be issued under and secured by the Original Indenture as amended to date and as further amended by this Supplemental Indenture, to be designated, and to be distinguished from the bonds of all other series, by the title “General and Refunding Mortgage Bonds, 2023 Series B” (elsewhere herein referred to as the “bonds of 2023 Series B”). The aggregate principal amount of bonds of 2023 Series B shall be limited to Six hundred million dollars ($600,000,000), except as provided in Sections 7 and 13 of Article II of the Original Indenture with respect to exchanges and replacements of bonds, and except further that the Company may, without the consent of any holder of the bonds of 2023 Series B, “reopen” the bonds of 2023 Series B, so long as any additional bonds of 2023 Series B have the same tenor and terms as the bonds of 2023 Series B established hereby.

The bonds of 2023 Series B shall be issued as registered bonds without coupons in denominations of $2,000 and any larger amount that is an integral multiple of $1,000. The bonds of 2023 Series B shall be issued in the aggregate principal amount of $600,000,000, shall mature on April 1, 2053 (subject to earlier redemption) and shall bear interest, payable semi-annually on April 1 and October 1 of each year (commencing October 1, 2023, at the rate of five and forty hundredths percent (5.40%) per annum until the principal thereof shall have become due and payable and thereafter until the Company’s obligation with respect to the payment of said principal shall have been discharged as provided in the Indenture. The bonds of 2023 Series B will be issued in book-entry form through the facilities of The Depository Trust Company. Except as otherwise specifically provided in this Supplemental Indenture, the bonds of 2023 Series B shall be payable, as to principal, premium, if any, and interest, at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts.

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Except as provided herein, each bond of 2023 Series B shall be dated the date of its authentication and interest shall be payable on the principal represented thereby from the April 1 or October 1 next preceding the date to which interest has been paid on bonds of 2023 Series B, unless the bond is authenticated on a date prior to October 1, 2023 in which case interest shall be payable from March 3, 2023.

Interest on any bond of 2023 Series B that is payable on any interest payment date and is punctually paid or duly provided for shall be paid to the person in whose name that bond, or any previous bond to the extent evidencing the same debt as that evidenced by that bond, is registered at the close of business on the regular record date for such interest, which regular record date shall be the fifteenth calendar day (whether or not such day is a business day) immediately preceding the applicable interest payment date. If the Company shall default in the payment of the interest due on any interest payment date on the principal represented by any bond of 2023 Series B, such defaulted interest shall forthwith cease to be payable to the registered holder of that bond on the relevant regular record date by virtue of his having been such holder, and such defaulted interest may be paid to the registered holder of that bond (or any bond or bonds of 2023 Series B issued upon transfer or exchange thereof) on the date of payment of such defaulted interest or, at the election of the Company, to the person in whose name that bond (or any bond or bonds of 2023 Series B issued upon transfer or exchange thereof) is registered on a subsequent record date established by notice given by mail by or on behalf of the Company to the holders of bonds of 2023 Series B not less than ten (10) days preceding such subsequent record date, which subsequent record date shall be at least five (5) days prior to the payment date of such defaulted interest. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

Bonds of 2023 Series B, in definitive and temporary form, may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto.

If any interest payment date, date of redemption or the stated maturity for the bonds of 2023 Series B would otherwise be a day that is not a business day, payment of principal and/or interest or premium, if any, with respect to the bonds of 2023 Series B will be paid on the next succeeding business day with the same force and effect as if made on such date and no interest on such payment will accrue from and after such date

“Business day” means any day other than a day on which banking institutions in the State of New York or the State of Michigan are authorized or obligated pursuant to law or executive order to close

REDEMPTION OF BONDS OF 2023 SERIES B.

SECTION 2. Bonds of 2023 Series B will be redeemable at the option of the Company, in whole at any time or in part from time to time at the redemption prices set forth below.

Prior to October 1, 2052 (the “Series B Par Call Date”), the Company may redeem the Bonds of 2023 Series B at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Bonds of 2023 Series B matured on the Series B Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Bonds of 2023 Series B to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

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On or after the Series B Par Call Date, the Company may redeem the Bonds of 2023 Series B, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Bonds of 2023 Series B being redeemed plus accrued and unpaid interest thereon to the redemption date.

“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:

(1)    the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Series B Par Call Date (the “Remaining Life”); or
(2)    if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Series B Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3)    if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Series B Par Call Date, as applicable. If there is no United States Treasury security maturing on the Series B Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Series B Par Call Date, one with a maturity date preceding the Series B Par Call Date and one with a maturity date following the Series B Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Series B Par Call Date. If there are two or more United States Treasury securities maturing on the Series B Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

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“Comparable Treasury Price” means, with respect to any optional redemption date, (i) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

The bonds of 2023 Series B shall be redeemable as aforesaid upon giving notice of such redemption by first class mail, postage prepaid, by or on behalf of the Company at least thirty (30) days, but not more than sixty (60) days, prior to the date fixed for redemption to the registered holders of bonds of 2023 Series B so called for redemption at their last respective addresses appearing on the register thereof, but failure to mail such notice to the registered holders of any bonds of 2023 Series B designated for redemption shall not affect the validity of any such redemption of any other bonds of such series. Interest shall cease to accrue on any bonds of 2023 Series B (or any portion thereof) so called for redemption from and after the date fixed for redemption if payment sufficient to redeem the bonds of 2023 Series B (or such portion) designated for redemption has been duly provided for. Bonds of 2023 Series B redeemed in part only shall be in amounts of $2,000 or any larger amount that is an integral multiple of $1,000.

If the giving of the notice of redemption shall have been completed, or if provision satisfactory to the Trustee for the giving of such notice shall have been made, and if the Company shall have deposited with the Trustee in trust funds (which shall have become available for payment to the holders of the bonds of 2023 Series B so to be redeemed) sufficient to redeem bonds of 2023 Series B in whole or in part, on the date fixed for redemption, then all obligations of the Company in respect of such bonds (or portions thereof) so to be redeemed and interest due or to become due thereon shall cease and be discharged and the holders of such bonds of 2023 Series B (or portions thereof) shall thereafter be restricted exclusively to such funds for any and all claims of whatsoever nature on their part under the Indenture or in respect of such bonds (or portions thereof) and interest.

The bonds of 2023 Series B shall not be entitled to or subject to any sinking fund and shall not be redeemable other than as provided in Section 2 hereof.

EXCHANGE AND TRANSFER.

SECTION 3. At the option of the registered holder, any bonds of 2023 Series B, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, together with a written instrument of transfer (if so required by the Company or by the Trustee) in form approved by the Company duly executed by the holder or by its duly authorized attorney, shall be exchangeable for a like aggregate principal amount of bonds of 2023 Series B upon the terms and conditions specified herein and in Section 7 of Article II of the Indenture. The Company waives its rights under Section 7 of Article II of the Indenture not to make exchanges or transfers of bonds of 2023 Series B during any period of ten (10) days next preceding any redemption date for such bonds.

Bonds of 2023 Series B, in definitive and temporary form, may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto.

FORM OF BONDS OF 2023 SERIES B. SECTION 4. The bonds of 2023 Series B and the form of Trustee’s Certificate to be endorsed on such bonds shall be substantially in the following forms, respectively:

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DTE ELECTRIC COMPANY
GENERAL AND REFUNDING MORTGAGE BOND
2023 SERIES B

[This bond is a global security within the meaning of the indenture hereinafter referred to and is registered in the name of a depository or a nominee of a depository. Unless and until it is exchanged in whole or in part for bonds in certificated form, this bond may not be transferred except as a whole by the Depository Trust Company (“DTC”) to a nominee of DTC or by DTC or any such nominee to a successor of DTC or any such nominee to a successor of DTC or a nominee of such successor. Unless this bond is presented by an authorized representative of DTC to the issuer or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment hereon is made to Cede & Co., or to such other entity as is requested by an authorized representative of DTC) any transfer, pledge or other use hereof for value or otherwise by a person is wrongful, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]

CUSIP

$______________ No. R-___

DTE ELECTRIC COMPANY (hereinafter called the “Company”), a corporation of the State of Michigan, for value received, hereby promises to pay to [Cede & Co.], or registered assigns, at the Company’s office or agency in the Borough of Manhattan, the City and State of New York, the principal sum of ___________ dollars ($_______) in lawful money of the United States of America on April 1, 2053 (subject to earlier redemption) and interest thereon at the rate of 5.40% per annum, in like lawful money, from March 3, 2023 and after the first payment of interest on bonds of this Series has been made or otherwise provided for, from the most recent date to which interest has been paid or otherwise provided for, semi-annually on April 1 and October 1 of each year (commencing October 1, 2023), until the Company’s obligation with respect to payment of said principal shall have been discharged, all as provided, to the extent and in the manner specified in the Indenture hereinafter mentioned and in the supplemental indenture pursuant to which this bond has been issued.

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This bond is one of an authorized issue of bonds of the Company, unlimited as to amount except as provided in the Indenture hereinafter mentioned or any indentures supplemental thereto, and is one of a series of General and Refunding Mortgage Bonds known as 2023 Series B, limited to an aggregate principal amount of $600,000,000, except as otherwise provided in the Indenture hereinafter mentioned. This bond and all other bonds of said series are issued and to be issued under, and are all equally and ratably secured (except insofar as any sinking, amortization, improvement or analogous fund, established in accordance with the provisions of the Indenture hereinafter mentioned, may afford additional security for the bonds of any particular series and except as provided in Section 3 of Article VI of said Indenture) by an Indenture, dated as of October 1, 1924, duly executed by the Company to The Bank of New York Mellon Trust Company, N.A., as successor Trustee, to which Indenture and all indentures supplemental thereto (including the Supplemental Indenture dated as of March 1, 2023) reference is hereby made for a description of the properties and franchises mortgaged and conveyed, the nature and extent of the security, the terms and conditions upon which the bonds are issued and under which additional bonds may be issued, and the rights of the holders of the bonds and of the Trustee in respect of such security (which Indenture and all indentures supplemental thereto, including the Supplemental Indenture dated as of March 1, 2023, are hereinafter collectively called the “Indenture”). As provided in the Indenture, said bonds may be for various principal sums and are issuable in series, which may mature at different times, may bear interest at different rates and may otherwise vary as in said Indenture provided. With the consent of the Company and to the extent permitted by and as provided in the Indenture, the rights and obligations of the Company and of the holders of the bonds and the terms and provisions of the Indenture, or of any indenture supplemental thereto, may be modified or altered in certain respects by affirmative vote of at least eighty-five percent (85%) in amount of the bonds then outstanding, and, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected by the action proposed to be taken, then also by affirmative vote of at least eighty-five percent (85%) in amount of the series of bonds so to be affected (excluding in every instance bonds disqualified from voting by reason of the Company’s interest therein as specified in the Indenture); provided, however, that, without the consent of the holder hereof, no such modification or alteration shall, among other things, affect the terms of payment of the principal of or the interest on this bond, which in those respects is unconditional.

This bond is not subject to repayment at the option of the holder hereof. Except as provided below, this bond is not redeemable by the Company prior to maturity and is not subject to any sinking fund.

Prior to October 1, 2052 (the “Series B Par Call Date”), the Company may redeem this bond at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest hereon discounted to the redemption date (assuming this bond matured on the Series B Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of this bond to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Series B Par Call Date, the Company may redeem this bond, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of this bond being redeemed plus accrued and unpaid interest thereon to the redemption date.

“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

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The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:

(1)    the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Series B Par Call Date (the “Remaining Life”); or
(2)    if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Series B Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3)    if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Series B Par Call Date, as applicable. If there is no United States Treasury security maturing on the Series B Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Series B Par Call Date, one with a maturity date preceding the Series B Par Call Date and one with a maturity date following the Series B Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Series B Par Call Date. If there are two or more United States Treasury securities maturing on the Series B Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any optional redemption will be mailed at least 30 days but not more than 60 days before the optional redemption date to the holder hereof at its registered address. If notice has been provided in accordance with the Indenture and funds for the redemption of this bond called for redemption have been made available on the redemption date, this bond will cease to bear interest on the date fixed for redemption. Thereafter, the only right of the holder hereof will be to receive payment of the redemption price.

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

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

The bonds of this series are issuable only in fully registered form without coupons in denominations of $2,000 and any larger amount that is an integral multiple of $1,000. This Global Security is exchangeable for bonds in definitive form only under certain limited circumstances set forth in the Indenture. As provided in the Indenture and subject to certain limitations therein set forth, bonds of this series are exchangeable for a like aggregate principal amount of bonds of this series of a different authorized denomination, as requested by the registered holder surrendering the same.

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

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

This bond shall not be valid or become obligatory for any purpose until The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, or its successor thereunder, shall have signed the form of certificate endorsed hereon.

IN WITNESS WHEREOF, DTE ELECTRIC COMPANY has caused this instrument to be executed by an authorized officer, with his or her manual or facsimile signatures, and its corporate seal, or a facsimile thereof, to be impressed or imprinted hereon and the same to be attested by its Corporate Secretary or Assistant Corporate Secretary by manual or facsimile signature.

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Dated: _________________
	DTE ELECTRIC COMPANY
	By: ________________________________
	Name:
	Title:
[Corporate Seal]
Attest:
By: __________________________
Name:
Title:

	[FORM OF TRUSTEE’S CERTIFICATE]
FORM OF TRUSTEES CERTIFICATE	This bond is one of the bonds, of the series designated therein, described in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By: ________________________________

Authorized Representative

Dated: _________________

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PART III.

RECORDING AND FILING DATA

RECORDING AND FILING OF ORIGINAL INDENTURE

The Original Indenture and indentures supplemental thereto have been recorded and/or filed and Certificates of Provision for Payment have been recorded as hereinafter set forth.

The Original Indenture has been recorded as a real estate mortgage and filed as a chattel Mortgage in the offices of the respective Registers of Deeds of certain counties in the State of Michigan as set forth in the Supplemental Indenture dated as of September 1, 1947, has been recorded as a real estate mortgage in the office of the Register of Deeds of Mason County, Michigan as set forth in the Supplemental Indenture dated as of June 15, 1971, has been recorded as a real estate mortgage in the office of the Register of Deeds of Genesee County, Michigan as set forth in the Supplemental Indenture dated as of May 1, 1974, has been recorded as a real estate mortgage in the office of the Register of Deeds of Gratiot County, Michigan on June 18, 2012 at Liber 923 Page 772, has been recorded as a real estate mortgage in the office of the Register of Deeds of Midland County, Michigan on June 18, 2012 at Liber 1555 Page 504, has been recorded as a real estate mortgage in the office of the Register of Deeds of Montcalm County, Michigan on March 6, 2015 at Document Number 2015R-03220, has been filed in the Office of the Secretary of State of Michigan on November 16, 1951 and has been filed and recorded in the office of the Interstate Commerce Commission on December 8, 1969.

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

		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
June 1, 1925(a)(b)	Series B Bonds	February 1, 1940
August 1, 1927(a)(b)	Series C Bonds	February 1, 1940
February 1, 1931(a)(b)	Series D Bonds	February 1, 1940
June 1, 1931(a)(b)	Subject Properties	February 1, 1940
October 1, 1932(a)(b)	Series E Bonds	February 1, 1940
September 25, 1935(a)(b)	Series F Bonds	February 1, 1940
September 1, 1936(a)(b)	Series G Bonds	February 1, 1940
November 1, 1936(a)(b)	Subject Properties	February 1, 1940
February 1, 1940(a)(b)	Subject Properties	September 1, 1947
December 1, 1940(a)(b)	Series H Bonds and Additional Provisions	September 1, 1947
September 1, 1947(a)(b)(c)	Series I Bonds, Subject Properties and Additional Provisions	November 15, 1951
March 1, 1950(a)(b)(c)	Series J Bonds and Additional Provisions	November 15, 1951
November 15, 1951(a)(b)(c)	Series K Bonds, Additional Provisions and Subject Properties	January 15, 1953
January 15, 1953(a)(b)	Series L Bonds	May 1, 1953

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		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
May 1, 1953(a)	Series M Bonds and Subject Properties	March 15, 1954
March 15, 1954(a)(c)	Series N Bonds and Subject Properties	May 15, 1955
May 15, 1955(a)(c)	Series O Bonds and Subject Properties	August 15, 1957
August 15, 1957(a)(c)	Series P Bonds, Additional Provisions and Subject Properties	June 1, 1959
June 1, 1959(a)(c)	Series Q Bonds and Subject Properties	December 1, 1966
December 1, 1966(a)(c)	Series R Bonds, Additional Provisions and Subject Properties	October 1, 1968
October 1, 1968(a)(c)	Series S Bonds and Subject Properties	December 1, 1969
December 1, 1969(a)(c)	Series T Bonds and Subject Properties	July 1, 1970
July 1, 1970(c)	Series U Bonds and Subject Properties	December 15, 1970
December 15, 1970(c)	Series V Bonds and Series W Bonds	June 15, 1971
June 15, 1971(c)	Series X Bonds and Subject Properties	November 15, 1971
November 15, 1971(c)	Series Y Bonds and Subject Properties	January 15, 1973
January 15, 1973(c)	Series Z Bonds and Subject Properties	May 1, 1974
May 1, 1974	Series AA Bonds and Subject Properties	October 1, 1974
October 1, 1974	Series BB Bonds and Subject Properties	January 15, 1975
January 15, 1975	Series CC Bonds and Subject Properties	November 1, 1975
November 1, 1975	Series DDP Nos. 1-9 Bonds and Subject Properties	December 15, 1975
December 15, 1975	Series EE Bonds and Subject Properties	February 1, 1976
February 1, 1976	Series FFR Nos. 1-13 Bonds	June 15, 1976
June 15, 1976	Series GGP Nos. 1-7 Bonds and Subject Properties	July 15, 1976
July 15, 1976	Series HH Bonds and Subject Properties	February 15, 1977
February 15, 1977	Series MMP Bonds and Subject Properties	March 1, 1977
March 1, 1977	Series IIP Nos. 1-7 Bonds, Series JJP Nos. 1-7 Bonds, Series KKP Nos. 1-7 Bonds and Series LLP Nos. 1-7 Bonds	June 15, 1977
June 15, 1977	Series FFR No. 14 Bonds and Subject Properties	July 1, 1977
July 1, 1977	Series NNP Nos. 1-7 Bonds and Subject Properties	October 1, 1977
October 1, 1977	Series GGP Nos. 8-22 Bonds and Series OOP Nos. 1-17 Bonds and Subject Properties	June 1, 1978
June 1, 1978	Series PP Bonds, Series QQP Nos. 1-9 Bonds and Subject Properties	October 15, 1978
October 15, 1978	Series RR Bonds and Subject Properties	March 15, 1979
March 15, 1979	Series SS Bonds and Subject Properties	July 1, 1979
July 1, 1979	Series IIP Nos. 8-22 Bonds, Series NNP Nos. 8-21 Bonds and Series TTP Nos. 1-15 Bonds and Subject Properties	September 1, 1979

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		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
September 1, 1979	Series JJP No. 8 Bonds, Series KKP No. 8 Bonds, Series LLP Nos. 8-15 Bonds, Series MMP No. 2 Bonds and Series OOP No. 18 Bonds and Subject Properties	September 15, 1979
September 15, 1979	Series UU Bonds	January 1, 1980
January 1, 1980	1980 Series A Bonds and Subject Properties	April 1, 1980
April 1, 1980	1980 Series B Bonds	August 15, 1980
August 15, 1980	Series QQP Nos. 10-19 Bonds, 1980 Series CP Nos. 1-12 Bonds and 1980 Series DP No. 1-11 Bonds and Subject Properties	August 1, 1981
August 1, 1981	1980 Series CP Nos. 13-25 Bonds and Subject Properties	November 1, 1981
November 1, 1981	1981 Series AP Nos. 1-12 Bonds	June 30, 1982
June 30, 1982	Article XIV Reconfirmation	August 15, 1982
August 15, 1982	1981 Series AP Nos. 13-14 Bonds and Subject Properties	June 1, 1983
June 1, 1983	1981 Series AP Nos. 15-16 Bonds and Subject Properties	October 1, 1984
October 1, 1984	1984 Series AP Bonds and 1984 Series BP Bonds and Subject Properties	May 1, 1985
May 1, 1985	1985 Series A Bonds	May 15, 1985
May 15, 1985	1985 Series B Bonds and Subject Properties	October 15, 1985
October 15, 1985	Series KKP No. 9 Bonds and Subject Properties	April 1, 1986
April 1, 1986	1986 Series A Bonds and Subject Properties	August 15, 1986
August 15, 1986	1986 Series B Bonds and Subject Properties	November 30, 1986
November 30, 1986	1986 Series C Bonds	January 31, 1987
January 31, 1987	1987 Series A Bonds	April 1, 1987
April 1, 1987	1987 Series B Bonds and 1987 Series C Bonds	August 15, 1987
August 15, 1987	1987 Series D Bonds, 1987 Series E Bonds and Subject Properties	November 30, 1987
November 30, 1987	1987 Series F Bonds	June 15, 1989
June 15, 1989	1989 Series A Bonds	July 15, 1989
July 15, 1989	Series KKP No. 10 Bonds	December 1, 1989
December 1, 1989	Series KKP No. 11 Bonds and 1989 Series BP Bonds	February 15, 1990
February 15, 1990	1990 Series A Bonds, 1990 Series B Bonds, 1990 Series C Bonds, 1990 Series D Bonds, 1990 Series E Bonds and 1990 Series F Bonds	November 1, 1990

31

		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
November 1, 1990	Series KKP No. 12 Bonds	April 1, 1991
April 1, 1991	1991 Series AP Bonds	May 1, 1991
May 1, 1991	1991 Series BP Bonds and 1991 Series CP Bonds	May 15, 1991
May 15, 1991	1991 Series DP Bonds	September 1, 1991
September 1, 1991	1991 Series EP Bonds	November 1, 1991
November 1, 1991	1991 Series FP Bonds	January 15, 1992
January 15, 1992	1992 Series BP Bonds	February 29, 1992 and April 15, 1992
February 29, 1992	1992 Series AP Bonds	April 15, 1992
April 15, 1992	Series KKP No. 13 Bonds	July 15, 1992
July 15, 1992	1992 Series CP Bonds	November 30, 1992
July 31, 1992	1992 Series D Bonds	November 30, 1992
November 30, 1992	1992 Series E Bonds and 1993 Series B Bonds	March 15, 1993
December 15, 1992	Series KKP No. 14 Bonds and 1989 Series BP No. 2 Bonds	March 15, 1993
January 1, 1993	1993 Series C Bonds	April 1, 1993
March 1, 1993	1993 Series E Bonds	June 30, 1993
March 15, 1993	1993 Series D Bonds	September 15, 1993
April 1, 1993	1993 Series FP Bonds and 1993 Series IP Bonds	September 15, 1993
April 26, 1993	1993 Series G Bonds and Amendment of Article II, Section 5	September 15, 1993
May 31, 1993	1993 Series J Bonds	September 15, 1993
June 30, 1993	1993 Series AP Bonds	(d)
June 30, 1993	1993 Series H Bonds	(d)
September 15, 1993	1993 Series K Bonds	March 1, 1994
March 1, 1994	1994 Series AP Bonds	June 15, 1994
June 15, 1994	1994 Series BP Bonds	December 1, 1994
August 15, 1994	1994 Series C Bonds	December 1, 1994
December 1, 1994	Series KKP No. 15 Bonds and 1994 Series DP Bonds	August 1, 1995
August 1, 1995	1995 Series AP Bonds and 1995 Series BP Bonds	August 1, 1999
August 1, 1999	1999 Series AP Bonds, 1999 Series BP Bonds and 1999 Series CP Bonds	(d)
August 15, 1999	1999 Series D Bonds	(d)
January 1, 2000	2000 Series A Bonds	(d)
April 15, 2000	Appointment of Successor Trustee	(d)
August 1, 2000	2000 Series BP Bonds	(d)
March 15, 2001	2001 Series AP Bonds	(d)
May 1, 2001	2001 Series BP Bonds	(d)

32

		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
August 15, 2001	2001 Series CP Bonds	(d)
September 15, 2001	2001 Series D Bonds and 2001 Series E Bonds	(d)
September 17, 2002	Amendment of Article XIII, Section 3 and Appointment of Successor Trustee	(d)
October 15, 2002	2002 Series A Bonds and 2002 Series B Bonds	(d)
December 1, 2002	2002 Series C Bonds and 2002 Series D Bonds	(d)
August 1, 2003	2003 Series A Bonds	(d)
March 15, 2004	2004 Series A Bonds and 2004 Series B Bonds	(d)
July 1, 2004	2004 Series D Bonds	(d)
February 1, 2005	2005 Series A Bonds and 2005 Series B Bonds	May 15, 2006
April 1, 2005	2005 Series AR Bonds and 2005 Series BR Bonds	May 15, 2006
August 1, 2005	2005 Series DT Bonds	May 15, 2006
September 15, 2005	2005 Series C Bonds	May 15, 2006
September 30, 2005	2005 Series E Bonds	May 15, 2006
May 15, 2006	2006 Series A Bonds	December 1, 2006
December 1, 2006	2006 Series CT Bonds	December 1, 2007
December 1, 2007	2007 Series A Bonds	April 1, 2008
April 1, 2008	2008 Series DT Bonds	May 1, 2008
May 1, 2008	2008 Series ET Bonds	July 1, 2008
June 1, 2008	2008 Series G Bonds	October 1, 2008
July 1, 2008	2008 Series KT Bonds	October 1, 2008
October 1, 2008	2008 Series J Bonds	December 1, 2008
December 1, 2008	2008 Series LT Bonds	March 15, 2009
March 15, 2009	2009 Series BT Bonds	November 1, 2009
November 1, 2009	2009 Series CT Bonds	August 1, 2010
August 1, 2010	2010 Series B Bonds	December 1, 2010
September 1, 2010	2010 Series A Bonds	December 1, 2010
December 1, 2010	2010 Series CT Bonds	March 1, 2011
March 1, 2011	2011 Series AT Bonds	May 15, 2011
May 15, 2011	2011 Series B Bonds	August 1, 2011
August 1, 2011	2011 Series GT Bonds	June 20, 2012
August 15, 2011	2011 Series D, 2011 Series E and 2011 Series F Bonds	June 20, 2012
September 1, 2012	2011 Series H Bonds	June 20, 2012
June 20, 2012	2012 Series A and B Bonds	March 15, 2013
March 15, 2013	2013 Series A Bonds	August 1, 2013
August 1, 2013	2013 Series B Bonds	June 1, 2014

33

		RECORDED AND/OR
		FILED AS SET FORTH IN
SUPPLEMENTAL INDENTURE	PURPOSE OF SUPPLEMENTAL	SUPPLEMENTAL
DATED AS OF	INDENTURE	INDENTURE DATED AS OF
June 1, 2014	2014 Series A and B Bonds	July 1, 2014
July 1, 2014	2014 Series D and E Bonds	March 1, 2015
March 1, 2015	2015 Series A Bonds	May 1, 2016
May 1, 2016	2016 Series A Bonds	August 1, 2017
August 1, 2017	2017 Series B Bonds	May 1, 2018
May 1, 2018	2018 Series A Bonds	February 1, 2019
February 1, 2019	2019 Series A and B Bonds	February 1, 2020
February 1, 2020	2020 Series A and B Bonds	March 1, 2021
April 1, 2020	2020 Series C Bonds	March 1, 2021
March 1, 2021	2021 Series A and B Bonds	February 1, 2022

(a) See Supplemental Indenture dated as of July 1, 1970 for Interstate Commerce Commission filing and recordation information.
(b) See Supplemental Indenture dated as of May 1, 1953 for Secretary of State of Michigan filing information.
(c) See Supplemental Indenture dated as of May 1, 1974 for County of Genesee, Michigan recording and filing information.
(d) Recording and filing information for this Supplemental Indenture has not been set forth in a subsequent Supplemental Indenture.

RECORDING AND FILING OF SUPPLEMENTAL INDENTURE DATED AS OF FEBRUARY 1, 2022. Further, pursuant to the terms and provisions of the Original Indenture, a Supplemental Indenture dated as of February 1, 2022 providing for the terms of bonds to be issued thereunder of 2022 Series A and Green Series B has heretofore been entered into between the Company and the Trustee and has been filed in the Office of the Secretary of State of Michigan as a financing statement on March 11, 2022 (Filing No. 20220311000780-8), has been filed and recorded in the Office of the Surface Transportation Board on March 9, 2022 (Recordation No. 40184-A ), and has been recorded as a real estate mortgage in the offices of the respective Register of Deeds of certain counties in the State of Michigan, as follows:

		LIBER/
COUNTY	RECORDED	INSTRUMENT NO.	PAGE
Genesee County Michigan	3/8/2022	202203080011664	--
Gratiot County Michigan	3/3/2022	01099	00827 - 00868
Huron County Michigan	3/3/2022	1776	782
Ingham County Michigan	3/7/2022	2022-008913	--
Lapeer County Michigan	3/7/2022	3278	695
Lenawee County Michigan	3/7/2022	2635	0010
Livingston County Michigan	3/7/2022	2022R-006901	--
Macomb County Michigan	3/8/2022	28474	364
Mason County Michigan	3/7/2022	2022R01369	--

34

Midland County Michigan	3/13/2022	01655	00135
Monroe County Michigan	3/7/2022	2022R04805	--
Montcalm County Michigan	3/7/2022	2022R-02688	--
Oakland County Michigan	3/28/2022	57618	201
Sanilac County Michigan	3/3/2022	1517	747
St. Clair County Michigan	3/3/2022	5494	106
Tuscola County Michigan	3/8/2022	01503	00258-00299
Washtenaw County Michigan	3/22/2022	5475	478
Wayne County Michigan	3/7/2022	57444	1341

RECORDING OF CERTIFICATES OF PROVISION FOR PAYMENT Certificates of Provision for Payment have been recorded in the offices of the respective Registers of Deeds of certain counties in the State of Michigan, with respect to all bonds of Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC, DDP Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP No. 1, JJP No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.

PART IV.

THE TRUSTEE

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

PART V.

MISCELLANEOUS

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

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

35

TESTIMONIUM IN WITNESS WHEREOF, DTE ELECTRIC COMPANY AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. HAVE CAUSED THESE PRESENTS TO BE SIGNED IN THEIR RESPECTIVE CORPORATE NAMES BY THEIR RESPECTIVE CHAIRMEN OF THE BOARD, PRESIDENTS, VICE PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR ASSISTANT TREASURERS, ATTESTED BY THEIR RESPECTIVE SECRETARIES OR ASSISTANT SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST ABOVE WRITTEN.

[Remainder of this page intentionally left blank]

36

EXECUTION BY
COMPANY	DTE ELECTRIC COMPANY
	By: /s/Christopher J. Allen
	Name: Christopher J. Allen
	Title: Vice President and Treasurer
Attest:
By: /s/Sarah M. Bello
Name: Sarah M. Bello
Title: Assistant Corporate Secretary
Signed and delivered by
DTE ELECTRIC COMPANY
in the presence of:
/s/David S. Maquera
Name: David S. Maquera
/s/Karyn B. Vollmer
Name: Karyn B. Vollmer

37

STATE OF MICHIGAN	)
	)	SS
COUNTY OF WAYNE	)

ACKNOWLEDG- MENT OF EXECUTION BY COMPANY	On this 1st day of March 2023, before me, the subscriber, a Notary Public within and for the County of Wayne, in the State of Michigan, acting in the County of Wayne, personally appeared Christopher J. Allen, to me personally known, who, being by me duly sworn, did say that he does business at One Energy Plaza, Detroit, Michigan 48226 and is the Vice President and Treasurer of DTE ELECTRIC COMPANY, one of the corporations described in and which executed the foregoing instrument; and that said instrument was signed in behalf of said corporation by authority of its Board of Directors and that he subscribed his name thereto by like authority; and said Christopher J. Allen acknowledged said instrument to be the free act and deed of said corporation.
(Notarial Seal)	/s/Dina M. Johnson
	Dina M. Johnson
	Notary Public, Washtenaw County, MI
	Acting in Wayne
	My Commission Expires: May 3, 2029

38

EXECUTION BY
TRUSTEE	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
	By: /s/Mary Jo Wagener
	Name: Nathan Turner
	Title: Vice President
Attest:
By: /s/Letha Glover
Name: Letha Glover
Title: Vice President

39

STATE OF FLORIDA	)
	)	SS
COUNTY OF DUVAL	)

ACKNOWLEDGMENT OF EXECUTION BY TRUSTEE	On this 1st day of March 2023, before me, the subscriber, a Notary Public within and for the State of Texas, personally appeared Mary Jo Wagener to me personally known, or proved to me on the basis of satisfactory identification and who, being by me duly sworn, did say that her business office is located at 601 Travis Street, 16th Floor, Houston, TX 77002, and she is an Authorized Officer of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., one of the corporations described in and which executed the foregoing instrument; and that said instrument was signed in behalf of said corporation by authority of its Board of Directors and that he subscribed his name thereto by like authority; and said Vice President acknowledged said instrument to be the free act and deed of said corporation.
(Notarial Seal)	/s/Daniel Arthur Stage
	Daniel Arthur Stage
	My Commission Expires: 05/29/2024
	ID No 132500211
	Notary Public State of Texas
	Acting in Harris County

40

STATE OF MICHIGAN	)
	)	SS
COUNTY OF WAYNE	)

AFFIDAVIT AS TO CONSIDERATION AND GOOD FAITH	Christopher J. Allen, being duly sworn, says: that he is the Vice President and Treasurer of DTE ELECTRIC COMPANY, the Mortgagor named in the foregoing instrument, and that he has knowledge of the facts in regard to the making of said instrument and of the consideration therefor; that the consideration for said instrument was and is actual and adequate, and that the same was given in good faith for the purposes in such instrument set forth.
	By: /s/Christopher J. Allen
	Name: Christopher J. Allen
	Title: Vice President and Treasurer
	Sworn to before me this 1st day of March 2023
(Notarial Seal)	/s/Dina M. Johnson
	Dina M. Johnson
	Notary Public, Washtenaw County, MI
	Acting in Wayne
	My Commission Expires: May 3, 2029

41

This instrument was drafted by:

David S. Maquera, Esq.

One Energy Plaza

1610 WCB

Detroit, Michigan 48226

When recorded return to:

David S. Maquera, Esq.

One Energy Plaza

1610 WCB

Detroit, Michigan48226

42

EX-31.1

Exhibit 31.1

FORM 10-Q CERTIFICATION

I, Gerardo Norcia, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ GERARDO NORCIA	Date:	April 27, 2023
Gerardo Norcia Chairman, President and Chief Executive Officer of DTE Energy Company

EX-31.2

Exhibit 31.2

FORM 10-Q CERTIFICATION

I, David Ruud, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ DAVID RUUD	Date:	April 27, 2023
David Ruud Senior Vice President and Chief Financial Officer of DTE Energy Company

EX-31.3

Exhibit 31.3

FORM 10-Q CERTIFICATION

I, Gerardo Norcia, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of DTE Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ GERARDO NORCIA	Date:	April 27, 2023
Gerardo Norcia Chief Executive Officer of DTE Electric Company

EX-31.4

Exhibit 31.4

FORM 10-Q CERTIFICATION

I, David Ruud, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of DTE Electric Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ DAVID RUUD	Date:	April 27, 2023
David Ruud Senior Vice President and Chief Financial Officer of DTE Electric Company

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Energy Company (the “Company”) for the quarter ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gerardo Norcia, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 27, 2023	/S/ GERARDO NORCIA
		Gerardo Norcia Chairman, President and Chief Executive Officer of DTE Energy Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Energy Company (the “Company”) for the quarter ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Ruud, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 27, 2023	/S/ DAVID RUUD
		David Ruud Senior Vice President and Chief Financial Officer of DTE Energy Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Electric Company (the “Company”) for the quarter ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gerardo Norcia, certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 27, 2023	/S/ GERARDO NORCIA
		Gerardo Norcia Chief Executive Officer of DTE Electric Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Electric Company (the “Company”) for the quarter ended March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Ruud, certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 27, 2023	/S/ DAVID RUUD
		David Ruud Senior Vice President and Chief Financial Officer of DTE Electric Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-11607
Entity Registrant Name	DTE Energy Co
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-3217752
Entity Address, Address Line One	One Energy Plaza
Entity Address, City or Town	Detroit
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48226-1279
City Area Code	313
Local Phone Number	235-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	206,109,174
Entity Central Index Key	0000936340
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
DTE Electric
Entity File Number	1-2198
Entity Registrant Name	DTE Electric Co
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0478650
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	138,632,324
Entity Central Index Key	0000028385
Common stock, without par value
Title of 12(b) Security	Common stock, without par value
Trading Symbol	DTE
Security Exchange Name	NYSE
2017 Series E 5.25% Junior Subordinated Debentures due 2077
Title of 12(b) Security	2017 Series E 5.25% Junior Subordinated Debentures due 2077
Trading Symbol	DTW
Security Exchange Name	NYSE
2020 Series G 4.375% Junior Subordinated Debentures due 2080
Title of 12(b) Security	2020 Series G 4.375% Junior Subordinated Debentures due 2080
Trading Symbol	DTB
Security Exchange Name	NYSE
2021 Series E 4.375% Junior Subordinated Debentures due 2081
Title of 12(b) Security	2021 Series E 4.375% Junior Subordinated Debentures due 2081
Trading Symbol	DTG
Security Exchange Name	NYSE

XML

Consolidated Statements of Operations (Unaudited) - DTE Energy Company - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues
Utility operations	$ 2,060	$ 2,234
Non-utility operations	1,719	2,343
Operating Revenues	3,779	4,577
Operating Expenses
Fuel, purchased power, and gas — utility	584	700
Fuel, purchased power, gas, and other — non-utility	1,437	2,242
Operation and maintenance	600	596
Depreciation and amortization	385	358
Taxes other than income	122	123
Asset (gains) losses and impairments, net	(1)	0
Operating Expenses	3,127	4,019
Operating Income	652	558
Other (Income) and Deductions
Interest expense	191	154
Interest income	(17)	(8)
Non-operating retirement benefits, net	3	(3)
Other income	(26)	(8)
Other expenses	6	13
Other (Income) and Deductions	157	148
Income Before Income Taxes	495	410
Income Tax Expense	50	16
Net Income Attributable to DTE Energy Company/DTE Electric Company	$ 445	$ 394
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company (in dollars per share)	$ 2.16	$ 2.03
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company (in dollars per share)	$ 2.16	$ 2.03
Weighted Average Common Shares Outstanding
Basic (in shares)	206	193
Diluted (in shares)	206	194

XML

Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 445	$ 394
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— and $1, respectively	1	3
Net unrealized losses on derivatives, net of taxes of $(1) and $—, respectively	(4)	0
Other comprehensive income (loss)	(3)	3
Comprehensive Income	$ 442	$ 397

XML

Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Tax effect on benefit obligations	$ 0	$ 1
Tax effect on net unrealized losses on derivatives during the period	$ (1)	$ 0

XML

Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 115	$ 33
Restricted cash	22	10
Accounts receivable (less allowance for doubtful accounts of $84 and $79, respectively)
Customer	1,515	2,038
Other	178	144
Inventories
Fuel and gas	285	433
Materials, supplies, and other	521	509
Derivative assets	206	328
Regulatory assets	434	450
Other	261	235
Total Current Assets	3,537	4,180
Investments
Nuclear decommissioning trust funds	1,896	1,825
Investments in equity method investees	173	165
Other	156	165
Total Investments	2,225	2,155
Property
Property, plant, and equipment	39,901	39,346
Accumulated depreciation and amortization	(10,714)	(10,579)
Total Property	29,187	28,767
Other Assets
Goodwill	1,993	1,993
Regulatory assets	3,869	3,886
Securitized regulatory assets	197	206
Intangible assets	164	166
Notes receivable	334	331
Derivative assets	68	105
Prepaid postretirement costs	593	571
Operating lease right-of-use assets	86	89
Other	265	234
Total Other Assets	7,569	7,581
Total Assets	42,518	42,683
Current Liabilities
Accounts payable	1,085	1,604
Accrued interest	174	154
Dividends payable	196	196
Short-term borrowings	130	1,162
Current portion long-term debt, including securitization bonds and finance leases	1,723	1,124
Derivative liabilities	143	342
Gas inventory equalization	100	0
Regulatory liabilities	39	34
Operating lease liabilities	12	13
Other	434	544
Total Current Liabilities	4,036	5,173
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	16,597	15,807
Securitization bonds	172	172
Junior subordinated debentures	883	883
Finance lease liabilities	10	11
Total Long-Term Debt (net of current portion)	17,662	16,873
Other Liabilities
Deferred income taxes	2,466	2,394
Regulatory liabilities	2,673	2,673
Asset retirement obligations	3,509	3,460
Unamortized investment tax credit	182	182
Derivative liabilities	177	315
Accrued pension liability	346	378
Accrued postretirement liability	279	287
Nuclear decommissioning	294	282
Operating lease liabilities	65	68
Other	183	197
Total Other Liabilities	10,174	10,236
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 206,109,174 and 205,632,393 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	6,652	6,651
Retained earnings	4,055	3,808
Accumulated other comprehensive loss	(65)	(62)
Total DTE Energy/DTE Electric Company Equity	10,642	10,397
Noncontrolling interests	4	4
Total Equity	10,646	10,401
Total Liabilities and Equity	$ 42,518	$ 42,683

XML

Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Allowance for doubtful accounts	$ 84	$ 79
Shareholder’s Equity
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	206,109,174	205,632,393
Common stock, shares outstanding (in shares)	206,109,174	205,632,393

XML

Consolidated Statements of Cash Flows (Unaudited) - DTE Energy Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Income	$ 445	$ 394
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	385	358
Nuclear fuel amortization	16	3
Allowance for equity funds used during construction	(9)	(8)
Deferred income taxes	52	18
Equity (earnings) losses of equity method investees	(4)	11
Dividends from equity method investees	1	1
Asset (gains) losses and impairments, net	(1)	0
Changes in assets and liabilities:
Accounts receivable, net	486	18
Inventories	133	129
Prepaid postretirement benefit costs	(22)	(27)
Accounts payable	(419)	(42)
Gas inventory equalization	100	108
Accrued pension liability	(32)	(25)
Accrued postretirement liability	(8)	(8)
Derivative assets and liabilities	(178)	108
Regulatory assets and liabilities	159	(154)
Other current and noncurrent assets and liabilities	(180)	(76)
Net cash from operating activities	924	808
Investing Activities
Plant and equipment expenditures — utility	(924)	(737)
Plant and equipment expenditures — non-utility	(13)	(27)
Proceeds from sale of nuclear decommissioning trust fund assets	166	207
Investment in nuclear decommissioning trust funds	(168)	(209)
Distributions from equity method investees	4	2
Contributions to equity method investees	(10)	(1)
Notes receivable	14
Notes receivable		(8)
Other	(50)	(9)
Net cash used for investing activities	(981)	(782)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,386	1,119
Redemption of long-term debt	0	(250)
Short-term borrowings, net	(1,032)	(514)
Repurchase of common stock	0	(55)
Dividends paid on common stock	(188)	(171)
Other	(15)	(34)
Net cash from financing activities	151	95
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	94	121
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	43	35
Cash, Cash Equivalents, and Restricted Cash at End of Period	137	156
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$ 333	$ 300

XML

Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2021		193,748,000
Beginning Balance at Dec. 31, 2021	$ 8,713	$ 5,379	$ 3,438	$ (112)	$ 8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	394		394
Dividends declared on common stock	(171)		(171)
Repurchase of common stock (in shares)		(465,000)
Repurchase of common stock	(55)	$ (55)
Other comprehensive income, net of tax	3			3
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares)		456,000
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other	(17)	$ (14)	1		(4)
Ending Balance (in shares) at Mar. 31, 2022		193,739,000
Ending Balance at Mar. 31, 2022	$ 8,867	$ 5,310	3,662	(109)	4
Beginning Balance (in shares) at Dec. 31, 2022	205,632,393	205,632,000
Beginning Balance at Dec. 31, 2022	$ 10,401	$ 6,651	3,808	(62)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	445		445
Dividends declared on common stock	(196)		(196)
Issuance of common stock (in shares)		76,000
Issuance of common stock	9	$ 9
Other comprehensive income, net of tax	(3)			(3)
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares)		401,000
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other	$ (10)	$ (8)	(2)
Ending Balance (in shares) at Mar. 31, 2023	206,109,174	206,109,000
Ending Balance at Mar. 31, 2023	$ 10,646	$ 6,652	$ 4,055	$ (65)	$ 4

XML

Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.95	$ 0.89

XML

Consolidated Statements of Operations (Unaudited) - DTE Electric Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues — Utility operations	$ 2,060	$ 2,234
Operating Expenses
Fuel, purchased power, and gas — utility	584	700
Taxes other than income	122	123
Operating Expenses	3,127	4,019
Operating Income	652	558
Other (Income) and Deductions
Interest expense	191	154
Interest income	(17)	(8)
Non-operating retirement benefits, net	3	(3)
Other income	(26)	(8)
Other expenses	6	13
Other (Income) and Deductions	157	148
Income Before Income Taxes	495	410
Income Tax Expense	50	16
Net Income Attributable to DTE Energy Company/DTE Electric Company	445	394
DTE Electric
Operating Revenues — Utility operations	1,375	1,486
Operating Expenses
Fuel, purchased power, and gas — utility	365	440
Operation and maintenance	411	381
Depreciation and amortization	317	294
Taxes other than income	84	88
Operating Expenses	1,177	1,203
Operating Income	198	283
Other (Income) and Deductions
Interest expense	102	87
Interest income	(6)	0
Non-operating retirement benefits, net	(1)	(1)
Other income	(20)	(16)
Other expenses	6	9
Other (Income) and Deductions	81	79
Income Before Income Taxes	117	204
Income Tax Expense	17	3
Net Income Attributable to DTE Energy Company/DTE Electric Company	$ 100	$ 201

XML

Consolidated Statements of Comprehensive Income (Unaudited) - DTE Electric Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income	$ 445	$ 394
Other comprehensive income (loss)	(3)	3
Comprehensive Income	442	397
DTE Electric
Net Income	100	201
Other comprehensive income (loss)	0	0
Comprehensive Income	$ 100	$ 201

XML

Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 115	$ 33
Restricted cash	22	10
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively)
Customer	1,515	2,038
Other	178	144
Inventories
Fuel	285	433
Materials and supplies	521	509
Notes receivable
Regulatory assets	434	450
Other	261	235
Total Current Assets	3,537	4,180
Investments
Nuclear decommissioning trust funds	1,896	1,825
Other	156	165
Total Investments	2,225	2,155
Property
Property, plant, and equipment	39,901	39,346
Accumulated depreciation and amortization	(10,714)	(10,579)
Total Property	29,187	28,767
Other Assets
Regulatory assets	3,869	3,886
Securitized regulatory assets	197	206
Operating lease right-of-use assets	86	89
Other	265	234
Total Other Assets	7,569	7,581
Total Assets	42,518	42,683
Accounts payable
Accrued interest	174	154
Current portion long-term debt, including securitization bonds and finance leases	1,723	1,124
Regulatory liabilities	39	34
Short-term borrowings
Operating lease liabilities	12	13
Other	434	544
Total Current Liabilities	4,036	5,173
Long-Term Debt (net of current portion)
Securitization bonds	172	172
Finance lease liabilities	10	11
Total Long-Term Debt (net of current portion)	17,662	16,873
Other Liabilities
Deferred income taxes	2,466	2,394
Regulatory liabilities	2,673	2,673
Asset retirement obligations	3,509	3,460
Unamortized investment tax credit	182	182
Nuclear decommissioning	294	282
Operating lease liabilities	65	68
Other	183	197
Total Other Liabilities	10,174	10,236
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	6,652	6,651
Retained earnings	4,055	3,808
Total DTE Energy/DTE Electric Company Equity	10,642	10,397
Total Liabilities and Equity	42,518	42,683
DTE Electric
Current Assets
Cash and cash equivalents	68	15
Restricted cash	21	9
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively)
Customer	683	727
Affiliates	9	8
Other	44	75
Inventories
Fuel	160	167
Materials and supplies	359	331
Notes receivable
Affiliates	30	0
Other	2	17
Regulatory assets	424	421
Prepaid property tax	100	54
Other	22	27
Total Current Assets	1,922	1,851
Investments
Nuclear decommissioning trust funds	1,896	1,825
Other	46	44
Total Investments	1,942	1,869
Property
Property, plant, and equipment	31,076	30,591
Accumulated depreciation and amortization	(8,236)	(8,095)
Total Property	22,840	22,496
Other Assets
Regulatory assets	3,230	3,219
Securitized regulatory assets	197	206
Prepaid postretirement costs — affiliates	357	345
Operating lease right-of-use assets	53	56
Other	214	194
Total Other Assets	4,051	4,020
Total Assets	30,755	30,236
Accounts payable
Affiliates	82	71
Other	609	637
Accrued interest	95	105
Current portion long-term debt, including securitization bonds and finance leases	647	248
Regulatory liabilities	38	33
Short-term borrowings
Affiliates	0	27
Other	0	568
Operating lease liabilities	9	9
Other	177	204
Total Current Liabilities	1,657	1,902
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,070	9,282
Securitization bonds	172	172
Finance lease liabilities	0	1
Total Long-Term Debt (net of current portion)	10,242	9,455
Other Liabilities
Deferred income taxes	2,982	2,946
Regulatory liabilities	1,773	1,778
Asset retirement obligations	3,266	3,221
Unamortized investment tax credit	182	182
Nuclear decommissioning	294	282
Accrued pension liability — affiliates	374	387
Accrued postretirement liability — affiliates	267	275
Operating lease liabilities	37	39
Other	68	74
Total Other Liabilities	9,243	9,184
Commitments and Contingencies (Notes 5 and 12)
Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	6,602	6,602
Retained earnings	3,011	3,093
Total DTE Energy/DTE Electric Company Equity	9,613	9,695
Total Liabilities and Equity	$ 30,755	$ 30,236

XML

Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Allowance for doubtful accounts	$ 84	$ 79
Shareholder’s Equity
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	206,109,174	205,632,393
Common stock, shares outstanding (in shares)	206,109,174	205,632,393
DTE Electric
Current Assets
Allowance for doubtful accounts	$ 45	$ 49
Shareholder’s Equity
Par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	138,632,324	138,632,324
Common stock, shares outstanding (in shares)	138,632,324	138,632,324

XML

Consolidated Statements of Cash Flows (Unaudited) - DTE Electric Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Income	$ 445	$ 394
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	385	358
Nuclear fuel amortization	16	3
Allowance for equity funds used during construction	(9)	(8)
Deferred income taxes	52	18
Changes in assets and liabilities:
Accounts receivable, net	486	18
Inventories	133	129
Accounts payable	(419)	(42)
Regulatory assets and liabilities	159	(154)
Other current and noncurrent assets and liabilities	(180)	(76)
Net cash from operating activities	924	808
Investing Activities
Proceeds from sale of nuclear decommissioning trust fund assets	166	207
Investment in nuclear decommissioning trust funds	(168)	(209)
Notes receivable		(8)
Other	(50)	(9)
Net cash used for investing activities	(981)	(782)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,386	1,119
Redemption of long-term debt	0	(250)
Dividends paid on common stock	(188)	(171)
Other	(15)	(34)
Net cash from financing activities	151	95
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	94	121
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	43	35
Cash, Cash Equivalents, and Restricted Cash at End of Period	137	156
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	333	300
DTE Electric
Operating Activities
Net Income	100	201
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	317	294
Nuclear fuel amortization	16	3
Allowance for equity funds used during construction	(9)	(7)
Deferred income taxes	19	0
Changes in assets and liabilities:
Accounts receivable, net	74	(18)
Inventories	(21)	12
Accounts payable	41	34
Prepaid postretirement benefit costs — affiliates	(12)	(15)
Accrued pension liability — affiliates	(13)	(13)
Accrued postretirement liability — affiliates	(8)	(8)
Regulatory assets and liabilities	93	(165)
Other current and noncurrent assets and liabilities	(120)	(33)
Net cash from operating activities	477	285
Investing Activities
Plant and equipment expenditures	(743)	(609)
Proceeds from sale of nuclear decommissioning trust fund assets	166	207
Investment in nuclear decommissioning trust funds	(168)	(209)
Notes receivable	(15)	0
Other	(50)	(8)
Net cash used for investing activities	(810)	(619)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	1,186	1,119
Redemption of long-term debt	0	(250)
Short-term borrowings, net — affiliate	(27)	(53)
Short-term borrowings, net — other	(568)	(153)
Dividends paid on common stock	(182)	(277)
Other	(11)	(11)
Net cash from financing activities	398	375
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	65	41
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	24	9
Cash, Cash Equivalents, and Restricted Cash at End of Period	89	50
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$ 277	$ 251

XML

Consolidated Statements of Changes in Shareholder's Equity (Unaudited) - DTE Electric Company - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	DTE Electric	DTE Electric Common Stock	DTE Electric Additional Paid-in Capital	DTE Electric Retained Earnings
Beginning Balance (in shares) at Dec. 31, 2021		193,748,000			138,632,000
Beginning Balance at Dec. 31, 2021				$ 8,903	$ 1,386	$ 4,616	$ 2,901
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 394			201			201
Dividends declared on common stock	$ (171)		$ (171)	(277)			(277)
Ending Balance (in shares) at Mar. 31, 2022		193,739,000			138,632,000
Ending Balance at Mar. 31, 2022				$ 8,827	$ 1,386	4,616	2,825
Beginning Balance (in shares) at Dec. 31, 2022	205,632,393	205,632,000		138,632,324	138,632,000
Beginning Balance at Dec. 31, 2022	$ 10,397			$ 9,695	$ 1,386	5,216	3,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	445			100			100
Dividends declared on common stock	$ (196)		$ (196)	$ (182)			(182)
Ending Balance (in shares) at Mar. 31, 2023	206,109,174	206,109,000		138,632,324	138,632,000
Ending Balance at Mar. 31, 2023	$ 10,642			$ 9,613	$ 1,386	$ 5,216	$ 3,011

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Energy owns the following businesses:

•DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 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 1.3 million customers throughout Michigan and the sale of storage and transportation capacity

•Other businesses include (1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing custom energy solutions to industrial, commercial, and institutional customers, 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 2022 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.

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, 2023.

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.

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.

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 March 31, 2023, 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 March 31, 2023, 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 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 no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts.

During 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. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of 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 March 31, 2023 and December 31, 2022. 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:

	March 31, 2023				December 31, 2022
	DTE Energy		DTE Electric(a)		DTE Energy		DTE Electric(a)
	(In millions)
ASSETS
Cash and cash equivalents	$	7	$	—	$	14	$	—
Restricted cash	21		21		9		9
Securitized regulatory assets	197		197		206		206
Notes receivable	81		—		81		—
Other current and long-term assets	7		2		14		3
	$	313	$	220	$	324	$	218
LIABILITIES
Short-term borrowings	$	81	$	—	$	81	—
Securitization bonds(b)	211		211		211		211
Other current and long-term liabilities	14		11		14		9
	$	306	$	222	$	306	$	220

_______________________________________

(a)DTE Electric amounts reflect DTE Securitization.

(b)Includes $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for both periods ended March 31, 2023 and December 31, 2022.

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

	March 31, 2023		December 31, 2022
	(In millions)
Investments in equity method investees	$	134	$	137
Notes receivable	$	15	$	15
Future funding commitments	$	2	$	2

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Other Income

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	8
Contract services	6		7
Equity earnings (losses) of equity method investees	4		(11)
Other	7		4
	$	26	$	8

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	7
Contract services	6		7
Other	5		2
	$	20	$	16

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, if any. 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 months ended March 31, 2023 and 2022, reclassifications out of Accumulated other comprehensive income (loss) were not material.

Income Taxes

Tax rates are affected by estimated annual permanent items, production and investment tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. The tables below detail how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:

	Three Months Ended March 31,
	2023		2022
DTE Energy
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	4.4		4.4
Production tax credits	(6.2)		(7.5)
TCJA amortization	(4.1)		(12.4)
Investment tax credits	(2.3)		(0.2)
Enactment of West Virginia income tax legislation, net of federal benefit	(1.2)		—
Other	(1.5)		(1.5)
Effective income tax rate	10.1	%	3.8	%

	Three Months Ended March 31,
	2023		2022
DTE Electric
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	5.6		5.8
Production tax credits	(7.1)		(8.9)
TCJA amortization	(4.5)		(15.5)
Other	(0.8)		(0.9)
Effective income tax rate	14.2	%	1.5	%

DTE Electric had income tax receivables with DTE Energy of $6 million and $1 million at March 31, 2023 and December 31, 2022, respectively, which are primarily related to state taxes and 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 federal taxes of $2 million at March 31, 2023, 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 $15 million and $13 million at March 31, 2023, that, if recognized, would favorably impact effective tax rates. DTE Energy believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $15 million due to anticipated settlements with tax authorities, comprised of $5 million related to a federal claim and $10 million related to state exposures. DTE Electric believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $13 million due to an anticipated settlement with tax authorities related to state exposures.

Unrecognized Compensation Costs

As of March 31, 2023, DTE Energy had $103 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 1.9 years.

Allocated Stock-Based Compensation

DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $10 million and $12 million for the three months ended March 31, 2023 and 2022, respectively.

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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through March 31, 2023.

	DTE Energy								DTE Electric
	Year of Origination
	2023		2022		2021 and Prior		Total		2023 and Prior
	(In millions)
Notes receivable
Internal grade 1(a)	$	—	$	—	$	6	$	6	$	32
Internal grade 2	2		45		18		65		—
Total notes receivable(b)	$	2	$	45	$	24	$	71	$	32
Net investment in leases
Net investment in leases, internal grade 1	$	—	$	—	$	37	$	37	$	—
Net investment in leases, internal grade 2	—		66		188		254		—
Total net investment in leases(b)	$	—	$	66	$	225	$	291	$	—

_______________________________________

(a)DTE Electric includes Notes receivable — affiliate balance of $30 million originated in 2023 that eliminates in consolidation for DTE Energy. Remaining balance for DTE Electric originated prior to 2023.

(b)For DTE Energy, current portion is 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 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 150 days after service has been terminated.

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 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 60 to 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, 2023	$	78	$	1	$	79	$	49
Current period provision	22		—		22		8
Write-offs charged against allowance	(26)		—		(26)		(18)
Recoveries of amounts previously written off	9		—		9		6
Ending reserve balance, March 31, 2023	$	83	$	1	$	84	$	45

	DTE Energy						DTE Electric
	Trade accounts receivable		Other receivables		Total		Trade and other accounts receivable
	(In millions)
Beginning reserve balance, January 1, 2022	$	89	$	3	$	92	$	54
Current period provision	49		—		49		33
Write-offs charged against allowance	(105)		(2)		(107)		(66)
Recoveries of amounts previously written off	45		—		45		28
Ending reserve balance, December 31, 2022	$	78	$	1	$	79	$	49

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 March 31,
	2023		2022
	(In millions)
DTE Energy	$	22	$	20
DTE Electric	$	8	$	8

There are no material amounts of past due financing receivables for the Registrants as of March 31, 2023.

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New Accounting Pronouncements

3 Months Ended

Mar. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Registrants adopted the ASU effective January 1, 2023 using the prospective approach, with no impact on the Registrants' financial position or results of operations. Gross write-offs, if any, will be disclosed in the Financing Receivables section of Note 2 to the Consolidated Financial Statements, "Significant Accounting Policies."

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Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Disaggregation of Revenue

The following is a summary of revenues disaggregated by segment for DTE Energy:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric(a)
Residential	$	654	$	700
Commercial	495		477
Industrial	169		161
Other(b)	61		152
Total Electric operating revenues	$	1,379	$	1,490
Gas
Gas sales	$	601	$	596
End User Transportation	86		98
Intermediate Transportation	31		29
Other(b)	(11)		43
Total Gas operating revenues	$	707	$	766
Other segment operating revenues
DTE Vantage	$	184	$	179
Energy Trading	$	1,568	$	2,203

_______________________________________

(a)Revenues generally represent those of DTE Electric, except $4 million of Other revenues related to DTE Sustainable Generation for the three months ended March 31, 2023 and 2022.

(b)Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas.

Revenues included the following which were outside the scope of Topic 606:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric — Other revenues	$	5	$	4
Gas — Alternative Revenue Programs	$	3	$	—
Gas — Other revenues	$	3	$	2
DTE Vantage — Leases	$	15	$	20
Energy Trading — Derivatives	$	1,161	$	1,734

Deferred Revenue

The following is a summary of deferred revenue activity:

	DTE Energy
	(In millions)
Beginning Balance, January 1, 2022	$	94
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	27
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(34)
Ending Balance, March 31, 2023	$	87

The deferred revenues at DTE Energy generally represent amounts paid by or receivables from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues associated with RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer.

The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:

	DTE Energy
	(In millions)
2023	$	79
2024	6
2025	1
2026	1
2027	—
2028 and thereafter	—
	$	87

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.

Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year.

The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:

	DTE Energy		DTE Electric
	(In millions)
2023	$	150	$	6
2024	218		8
2025	145		—
2026	81		—
2027	59		—
2028 and thereafter	304		—
	$	957	$	14

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Regulatory Matters

3 Months Ended

Mar. 31, 2023

Public Utilities, General Disclosures [Abstract]

Regulatory Matters

REGULATORY MATTERS

Ludington Accounting Application

During April 2022, DTE Electric and Consumers Energy Company (“Consumers”) filed a complaint against Toshiba America Energy Systems (“TAES”) and its parent corporation for defective and non-conforming work relating to the overhaul and upgrade of the Ludington Hydroelectric Pumped Storage Plant (“Ludington”). Refer to the Ludington Plant Contract Dispute section of Note 12 to the Consolidated Financial Statements, “Commitments and Contingencies,” for additional information regarding the complaint and ongoing legal proceedings.

DTE Electric and Consumers, joint owners of Ludington, believe that certain costs must be incurred in the near term for repairing and/or replacing defective work performed by TAES in order to ensure the continued safe and reliable operation of the plant. In November 2022, DTE Electric and Consumers filed an accounting application with the MPSC for authority to defer these costs as a regulatory asset. DTE Electric and Consumers are seeking the regulatory asset for their respective 49% and 51% shares of these costs, to be offset by any potential litigation proceeds. The parties are also seeking that appropriate recovery and ratemaking treatment may be granted in a future rate case or other proceeding. A response in this filing is currently expected in the second quarter 2023.

2023 Electric Rate Case Filing

DTE Electric filed a rate case with the MPSC on February 10, 2023 requesting an increase in base rates of $622 million based on a projected twelve-month period ending November 30, 2024, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses. These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability. The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs. A final MPSC order in this case is expected in December 2023.

2023 Securitization Filing

On April 3, 2023, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $496 million of qualified costs related to the net book value of the St. Clair and Trenton Channel generation plants. The filing requests recovery of these qualifying costs from DTE Electric's customers. A final MPSC order is expected by July 2023.

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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units and performance shares do not receive cash dividends; as such, these awards are not considered participating securities.

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:

		Three Months Ended March 31,
		2023		2022
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — basic		$	444	$	393
Average number of common shares outstanding — basic		206		193
Basic Earnings per Common Share		$	2.16	$	2.03
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — diluted		$	444	$	393
Average number of common shares outstanding — basic		206		193
Average performance share awards		—		1
Average number of common shares outstanding — diluted		206		194
Diluted Earnings per Common Share(a)		$	2.16	$	2.03

_______________________________________

(a)Equity units excluded from the calculation of diluted EPS were approximately 10.7 million for the three months ended March 31, 2022, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock.

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Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2023 and December 31, 2022. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.

•Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:

	March 31, 2023												December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance
	(In millions)
Assets
Cash equivalents(c)	$	110	$	—	$	—	$	—	$	—	$	110	$	10	$	—	$	—	$	—	$	—	$	10
Nuclear decommissioning trusts
Equity securities	738		—		—		141		—		879		701		—		—		138		—		839
Fixed income securities	116		367		—		90		—		573		115		359		—		89		—		563
Private equity and other	—		—		—		269		—		269		—		—		—		262		—		262
Hedge funds and similar investments	81		41		—		—		—		122		78		41		—		—		—		119
Cash equivalents	53		—		—		—		—		53		42		—		—		—		—		42
Other investments(d)
Equity securities	57		—		—		—		—		57		56		—		—		—		—		56
Fixed income securities	7		—		—		—		—		7		7		—		—		—		—		7
Cash equivalents	60		—		—		—		—		60		72		—		—		—		—		72
Derivative assets
Commodity contracts(e)
Natural gas	209		161		130		—		(382)		118		426		183		135		—		(649)		95
Electricity	—		395		115		—		(358)		152		—		720		243		—		(643)		320
Environmental & Other	—		223		3		—		(225)		1		—		201		12		—		(196)		17
Other contracts	—		3		—		—		—		3		—		2		—		—		(1)		1
Total derivative assets	209		782		248		—		(965)		274		426		1,106		390		—		(1,489)		433
Total	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas	$	(228)	$	(169)	$	(192)	$	—	$	419	$	(170)	$	(297)	$	(331)	$	(390)	$	—	$	645	$	(373)
Electricity	—		(368)		(153)		—		381		(140)		—		(659)		(276)		—		665		(270)
Environmental & Other	—		(238)		(1)		—		237		(2)		—		(213)		(1)		—		201		(13)
Other contracts	—		(8)		—		—		—		(8)		—		(2)		—		—		1		(1)
Total	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746
Assets
Current	$	280	$	601	$	180	$	—	$	(745)	$	316	$	360	$	881	$	286	$	—	$	(1,189)	$	338
Noncurrent	1,151		589		68		500		(220)		2,088		1,147		625		104		489		(300)		2,065
Total Assets	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Current	$	(203)	$	(546)	$	(171)	$	—	$	777	$	(143)	$	(273)	$	(876)	$	(386)	$	—	$	1,193	$	(342)
Noncurrent	(25)		(237)		(175)		—		260		(177)		(24)		(329)		(281)		—		319		(315)
Total Liabilities	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746

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(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.

(c)Amounts include $22 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.

(d)Excludes cash surrender value of life insurance investments.

(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:

	March 31, 2023										December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Net Balance
	(In millions)
Assets
Cash equivalents(b)	$	77	$	—	$	—	$	—	$	77	$	9	$	—	$	—	$	—	$	9
Nuclear decommissioning trusts
Equity securities	738		—		—		141		879		701		—		—		138		839
Fixed income securities	116		367		—		90		573		115		359		—		89		563
Private equity and other	—		—		—		269		269		—		—		—		262		262
Hedge funds and similar investments	81		41		—		—		122		78		41		—		—		119
Cash equivalents	53		—		—		—		53		42		—		—		—		42
Other investments
Equity securities	18		—		—		—		18		16		—		—		—		16
Cash equivalents	11		—		—		—		11		11		—		—		—		11
Derivative assets — FTRs	—		—		1		—		1		—		—		11		—		11
Total	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872
Assets
Current	$	77	$	—	$	1	$	—	$	78	$	9	$	—	$	11	$	—	$	20
Noncurrent	1,017		408		—		500		1,925		963		400		—		489		1,852
Total Assets	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872

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(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Cash equivalents of $21 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively.

Cash Equivalents

Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments and money market funds.

Nuclear Decommissioning Trusts and Other Investments

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services.

Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds.

Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $171 million and $177 million as of March 31, 2023 and December 31, 2022, respectively.

Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services.

For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.

Derivative Assets and Liabilities

Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:

	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	Natural Gas		Electricity		Other		Total		Natural Gas		Electricity		Other		Total
	(In millions)
Net Assets (Liabilities) as of December 31	$	(255)	$	(33)	$	11	$	(277)	$	(179)	$	(45)	$	9	$	(215)
Transfers from Level 3 into Level 2	—		—		—		—		5		—		—		5
Total gains (losses)
Included in earnings(a)	151		(45)		1		107		(171)		(50)		3		(218)
Recorded in Regulatory liabilities	—		—		(9)		(9)		—		—		(4)		(4)
Purchases, issuances, and settlements
Settlements	42		40		(1)		81		115		(22)		(2)		91
Net Assets (Liabilities) as of March 31	$	(62)	$	(38)	$	2	$	(98)	$	(230)	$	(117)	$	6	$	(341)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31a)	$	94	$	19	$	1	$	114	$	(129)	$	(64)	$	3	$	(190)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	—	$	—

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(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Assets as of beginning of period	$	11	$	9
Total losses recorded in Regulatory liabilities	(9)		(4)
Purchases, issuances, and settlements
Settlements	(1)		(2)
Net Assets as of March 31	$	1	$	3
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	(2)	$	—

Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the three months ended March 31, 2023 and 2022.

The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:

	March 31, 2023
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	130	$	(192)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	5.60	/MMBtu	$	0.07	/MMBtu
Electricity	$	115	$	(153)	Discounted Cash Flow	Forward basis price (per MWh)	$	(21.89)	—	$	10.33	/MWh	$	(3.26)	/MWh

	December 31, 2022
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	135	$	(390)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	39.94	/MMBtu	$	0.18	/MMBtu
Electricity	$	243	$	(276)	Discounted Cash Flow	Forward basis price (per MWh)	$	(29.41)	—	$	15.00	/MWh	$	(3.04)	/MWh

The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes.

The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions.

Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments for DTE Energy:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable(a), excluding lessor finance leases	$	71	$	—	$	—	$	71	$	80	$	—	$	—	$	82
Short-term borrowings	$	130	$	—	$	130	$	—	$	1,162	$	—	$	1,162	$	—
Notes payable(b)	$	8	$	—	$	—	$	8	$	18	$	—	$	—	$	18
Long-term debt(c)	$	19,368	$	788	$	15,803	$	1,240	$	17,978	$	710	$	14,084	$	1,199

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(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.

(b)Included in Current Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.

(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

The following table presents the carrying amount and fair value of financial instruments for DTE Electric:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable — affiliates	$	30	$	—	$	—	$	30	$	—	$	—	$	—	$	—
Notes receivable — other	$	2	$	—	$	—	$	2	$	17	$	—	$	—	$	17
Short-term borrowings — affiliates	$	—	$	—	$	—	$	—	$	27	$	—	$	—	$	27
Short-term borrowings — other	$	—	$	—	$	—	$	—	$	568	$	—	$	568	$	—
Notes payable(a)	$	7	$	—	$	—	$	7	$	17	$	—	$	—	$	17
Long-term debt(b)	$	10,883	$	—	$	9,740	$	140	$	9,696	$	—	$	8,289	$	128

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(a)Included in Current Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.

(b)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

For further fair value information on financial and derivative instruments, see Note 8 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."

Nuclear Decommissioning Trust Funds

DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste.

The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:

	March 31, 2023		December 31, 2022
	(In millions)
Fermi 2	$	1,876	$	1,807
Fermi 1	3		3
Low-level radioactive waste	17		15
	$	1,896	$	1,825

The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Realized gains	$	8	$	14
Realized losses	$	(14)	$	(5)
Proceeds from sale of securities	$	166	$	207

Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability.

The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:

	March 31, 2023						December 31, 2022
	Fair Value		Unrealized Gains		Unrealized Losses		Fair Value		Unrealized Gains		Unrealized Losses
	(In millions)
Equity securities	$	879	$	382	$	(17)	$	839	$	342	$	(23)
Fixed income securities	573		3		(39)		563		1		(56)
Private equity and other	269		62		(6)		262		63		(5)
Hedge funds and similar investments	122		—		(15)		119		—		(18)
Cash equivalents	53		—		—		42		—		—
	$	1,896	$	447	$	(77)	$	1,825	$	406	$	(102)

The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:

	March 31, 2023
	(In millions)
Due within one year	$	18
Due after one through five years	103
Due after five through ten years	101
Due after ten years	261
	$	483

Fixed income securities held in nuclear decommissioning trust funds include $90 million of non-publicly traded commingled funds that do not have a contractual maturity date.

Other Securities

At March 31, 2023 and December 31, 2022, DTE Energy's securities included in Other investments on the Consolidated Statements of Financial Position were comprised primarily of investments within DTE Energy's rabbi trust. The rabbi trust was established to fund certain non-qualified pension benefits, and therefore changes in market value are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. Gains (losses) related to the trust were immaterial for the three months ended March 31, 2023 and 2022, respectively.

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Financial and Other Derivative Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial and Other Derivative Instruments

FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period.

The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets.

DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized.

DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2026. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.

Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its March 31, 2023 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.

Derivative Activities

DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks:

•Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility.

•Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers.

•Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure.

•Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized.

The following table presents the fair value of derivative instruments for DTE Energy:

	March 31, 2023				December 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	1	$	(5)	$	1	$	—
Foreign currency exchange contracts	—		(2)		—		(2)
Total derivatives designated as hedging instruments	$	1	$	(7)	$	1	$	(2)
Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	500	$	(589)	$	744	$	(1,018)
Electricity	510		(521)		963		(935)
Environmental & Other	226		(239)		213		(214)
Foreign currency exchange contracts	2		(1)		1		—
Total derivatives not designated as hedging instruments	$	1,238	$	(1,350)	$	1,921	$	(2,167)
Current	$	951	$	(920)	$	1,517	$	(1,535)
Noncurrent	288		(437)		405		(634)
Total derivatives	$	1,239	$	(1,357)	$	1,922	$	(2,169)

The fair value of derivative instruments at DTE Electric was $1 million and $11 million at March 31, 2023 and December 31, 2022, respectively, comprised of FTRs recorded to Current Assets - Other on the Consolidated Statements of Financial Position and not designated as hedging instruments.

Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively.

DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had $37 million of letters of credit issued and outstanding at March 31, 2023 and $81 million at December 31, 2022, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $47 million and $82 million at March 31, 2023 and December 31, 2022, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.

For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.

The following table presents net cash collateral offsetting arrangements for DTE Energy:

	March 31, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	72		113
Cash collateral recorded in Accounts receivable(a)	72		77
Cash collateral recorded in Accounts payable(a)	(6)		(27)
Total net cash collateral posted (received)	$	138	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:

	March 31, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	500	$	(382)	$	118	$	744	$	(649)	$	95
Electricity	510		(358)		152		963		(643)		320
Environmental & Other	226		(225)		1		213		(196)		17
Interest rate contracts	1		—		1		1		—		1
Foreign currency exchange contracts	2		—		2		1		(1)		—
Total derivative assets	$	1,239	$	(965)	$	274	$	1,922	$	(1,489)	$	433
Derivative liabilities
Commodity contracts(a)
Natural gas	$	(589)	$	419	$	(170)	$	(1,018)	$	645	$	(373)
Electricity	(521)		381		(140)		(935)		665		(270)
Environmental & Other	(239)		237		(2)		(214)		201		(13)
Interest rate contracts	(5)		—		(5)		—		—		—
Foreign currency exchange contracts	(3)		—		(3)		(2)		1		(1)
Total derivative liabilities	$	(1,357)	$	1,037	$	(320)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:

	March 31, 2023								December 31, 2022
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	951	$	288	$	(920)	$	(437)	$	1,517	$	405	$	(1,535)	$	(634)
Counterparty netting	(745)		(220)		745		220		(1,127)		(272)		1,127		272
Collateral adjustment	—		—		32		40		(62)		(28)		66		47
Total derivatives as reported	$	206	$	68	$	(143)	$	(177)	$	328	$	105	$	(342)	$	(315)

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
		2023		2022
		(In millions)
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations	$	71	$	(231)
Natural gas	Fuel, purchased power, gas, and other — non-utility	148		65
Electricity	Operating Revenues — Non-utility operations	(115)		2
Environmental & Other	Operating Revenues — Non-utility operations	(1)		(4)
Foreign currency exchange contracts	Operating Revenues — Non-utility operations	—		(2)
Total		$	103	$	(170)

Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of March 31, 2023:

Commodity	Number of Units
Natural gas (MMBtu)	2,235,749,935
Electricity (MWh)	45,761,663
Oil (Gallons)	6,636,000
Foreign currency exchange ($ CAD)	176,540,767
FTR (MWh)	22,538
Renewable Energy Certificates (MWh)	9,737,373
Carbon emissions (Metric Tons)	581,250
Interest rate contracts ($ USD)	1,250,000,000

Various subsidiaries of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy’s credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of March 31, 2023, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $481 million.

As of March 31, 2023, DTE Energy had $1.1 billion of derivatives in net liability positions, for which hard triggers exist. There is $43 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $911 million. The net remaining amount of $182 million is derived from the $481 million noted above.

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Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Debt Issuances

In 2023, the following debt was issued:

Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage bonds(a)	5.20%	2033	$	600
DTE Electric	March	Mortgage bonds(a)	5.40%	2053	600
DTE Energy	March	Term loan facility draw(b)	Variable	2023	200
					$	1,400

_______________________________________

(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for general corporate purposes.

In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. Any borrowings on the loan were determined to be long-term debt, as the term of the facility exceeds one year. Total borrowings of $1.0 billion, including $200 million drawn in March 2023, are included in the current portion of long-term debt on DTE Energy's Consolidated Statements of Financial Position as of March 31, 2023. Borrowings are bearing interest at SOFR plus 0.90% per annum. Any unused capacity under the loan will terminate if not drawn by June 24, 2023.

Other terms of the loan are consistent with DTE Energy's unsecured revolving credit agreements. Refer to Note 10 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings", for additional information regarding the unsecured revolving credit agreements.

Debt Redemptions

In April 2023, DTE Gas redeemed at maturity its $25 million 2008 Series C 6.44% Senior Notes.

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Short-Term Credit Arrangements and Borrowings

3 Months Ended

Mar. 31, 2023

Short-Term Debt [Abstract]

Short-Term Credit Arrangements and Borrowings

SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance.

The unsecured revolving credit agreements require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At March 31, 2023, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.63 to 1, 0.53 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant.

The availability under these facilities as of March 31, 2023 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured revolving credit facility, expiring October 2027	$	1,500	$	800	$	300	$	2,600
Unsecured Canadian revolving credit facility, expiring May 2023	81		—		—		81
Unsecured letter of credit facility, expiring February 2025	150		—		—		150
Unsecured letter of credit facility, expiring June 2023	375		—		—		375
Unsecured letter of credit facility(a)	50		—		—		50
	2,156		800		300		3,256
Amounts outstanding at March 31, 2023
Revolver borrowings	80		—		—		80
Commercial paper issuances	50		—		—		50
Letters of credit	315		—		—		315
	445		—		—		445
Net availability at March 31, 2023	$	1,711	$	800	$	300	$	2,811

_______________________________________

(a)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration.

In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent, which allows the right of setoff with posted collateral. At March 31, 2023, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $145 million and $166 million at March 31, 2023 and December 31, 2022, respectively, and were fully offset by posted collateral.

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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASES

Lessor

Interest income recognized under finance leases was $7 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Fixed payments	$	4	$	4
Variable payments	11		16
	$	15	$	20

Leases

LEASES

Lessor

Interest income recognized under finance leases was $7 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.

DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Fixed payments	$	4	$	4
Variable payments	11		16
	$	15	$	20

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Environmental

DTE Electric

Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO2 and NOX. The EPA and the State of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO2, NOX, mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO2, NOX, and other hazardous air pollutants.

In 2015, the EPA finalized National Ambient Air Quality Standards ("NAAQS") for ground level ozone. In October 2016, the State of Michigan recommended to the EPA which areas of the State are not attaining the standards. In August 2018, the EPA designated southeast Michigan as "marginal non-attainment" with the 2015 ozone NAAQS. In January 2022, after collecting several years of data, the State submitted a request to the EPA for redesignation of the southeast Michigan ozone non-attainment area to attainment, and to accept their maintenance plan and emission inventories as a revision to the Michigan SIP. On March 14, 2022, the EPA published a proposal in the Federal Register to formally redesignate the southeast Michigan ozone non-attainment areas to attainment with the 2015 ozone NAAQS. The redesignation includes a public comment period. Measured 2022 ozone values exceeded the 2015 NAAQS and the redesignation being finalized is unlikely. Until a final SIP is developed, DTE Electric cannot predict the financial impact of this proposal.

The EPA has implemented regulatory actions under the Clean Air Act to address emissions of GHGs from the utility sector and other sectors of the economy. Among these actions, the EPA finalized the Clean Power Plan in 2015 setting performance standards for emissions of carbon dioxide from new and existing fossil-fuel fired EGUs. In the following years, the Clean Power Plan was ultimately repealed and replaced by the ACE rule, including revised emission guidelines for GHGs. In January 2021, the ACE rule was vacated and remanded back to the EPA by the D.C. Circuit Court; however, the Supreme Court reversed this decision in June 2022 and remanded the case for further proceedings. The Court's ruling does not impact the plans for DTE Energy's utilities to reduce carbon emissions and achieve net zero emissions by 2050.

As part of the response to the Supreme Court's remand, the EPA is drafting new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. The proposed rules are expected in 2023. Any rules implemented for new sources are not expected to have a material impact on DTE Electric, since DTE Electric has no plans to build new coal-fired generation and any potential new, modified, or reconstructed gas generation is expected to be able to comply with the respective standards.

Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC.

To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings.

Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study is in-process for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis. DTE Electric is currently evaluating the compliance options and working with the State of Michigan on determining whether any controls are needed. These evaluations/studies may require modifications to some existing intake structures. It is not possible to quantify the impact of this rule making at this time.

As part of the Monroe power plant NPDES permit, EGLE has added requirements to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations. DTE Electric will submit to EGLE a biological demonstration study plan to evaluate the thermal discharge impacts to an aquatic community. After approval of the plan by EGLE and completion of field sampling, data will be processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact.

Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. Cleanup of one of the MGP sites is complete, and that site is closed. The investigations have revealed contamination related to the by-products of gas manufacturing at each MGP site. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At March 31, 2023 and December 31, 2022, DTE Electric had $10 million accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.

Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015 and has continued to be updated in subsequent years. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric owns and operates three permitted engineered coal ash storage facilities to dispose of coal ash from coal-fired power plants and operates a number of smaller impoundments at its power plants subject to certain provisions in the CCR rule. At certain facilities, the rule currently requires ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant.

On August 28, 2020, Part A of the CCR rule was published in the Federal Register and required all unlined impoundments to initiate closure as soon as technically feasible, but no later than April 11, 2021. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, Part B of the CCR Rule was published in the Federal Register and provides a process to determine if certain unlined impoundments with an alternative liner system may be sufficiently protective and therefore may continue to operate.

DTE Electric submitted applications to the EPA that support continued use of all impoundments through their active lives. The forced closure date of April 11, 2021 was effectively delayed, pending the EPA completing review of the applications. On September 1, 2022, DTE Electric ceased receipt of CCR and non-CCR waste streams at the St. Clair power plant bottom ash basins and initiated closure. Therefore, DTE Electric withdrew the Part A rule demonstration for St. Clair, as it was no longer necessary for the EPA to issue an extension of the April 11, 2021 deadline to cease receipt of waste.

On January 25, 2023, DTE Electric received notice of the EPA's proposed denial of Part B applications. DTE Electric will provide additional information to the EPA in the public comment period. If the EPA's final decision remains unchanged, DTE Electric does not expect the denied applications to have a significant operational or financial impact; however, DTE Electric is continuing to review and analyze potential outcomes of this matter.

At the State level, legislation was signed by the Governor in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a Federal permit program. The EPA is currently working with EGLE in reviewing the submitted State program, and DTE Electric will work with EGLE to implement the State program that may be approved in the future.

On October 13, 2020, the EPA finalized the ELG Reconsideration Rule which revised the regulations from the 2015 ELG rule for FGD wastewater and bottom ash transport water only. The Reconsideration Rule re-establishes the technology-based effluent limitations guidelines and standards applicable to FGD wastewater and bottom ash transport water. The EPA set the applicability dates for bottom ash transport water "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. FGD wastewater retrofits must be completed "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025 or December 31, 2028 if a permittee decides to pursue the Voluntary Incentives Program (VIP) subcategory for FGD wastewater. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements.

The Reconsideration Rule also provides additional compliance opportunities by finalizing low utilization and cessation of coal burning subcategories. The Reconsideration Rule provides new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner.

Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the State of Michigan. The State of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. On October 11, 2021, in consideration of the deadlines above, DTE Electric submitted the appropriate documentation titled the Notice of Planned Participation ("NOPP") to the State of Michigan that formally announced the intent to pursue compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than December 31, 2028 and the VIP for FGD wastewater at Monroe power plant by December 31, 2028.

On March 29, 2023, the EPA published two draft proposals to revise existing ELG rules. The first draft proposal would reopen the cessation of coal compliance subcategory from the 2020 ELG rule, and allow for compliance by committing to such cessation no later than December 31, 2028. The second draft proposal is a broader update to the ELG rules that includes revised compliance standards for FGD wastewater, bottom ash transport water, and other wastewater streams with a compliance date no later than December 31, 2029. DTE Electric's compliance strategy includes the proposed conversion of the two generating units at the Belle River power plant to a natural gas peaking resource in 2025-2026, which was included in the NOPP filed in 2021. DTE Electric is also considering submitting a new NOPP to apply for the cessation of coal compliance subcategory, if reopened, for generating units 3 and 4 at the Monroe power plant. DTE Electric also plans to retire the Monroe power plant by 2035, pending approval by the MPSC.

DTE Electric continues to evaluate compliance strategies, technologies and system designs to achieve compliance with the EPA rules at the Monroe power plant.

DTE Electric has estimated the impact of the CCR and ELG rules to be $489 million of capital expenditures, including $424 million for 2023 through 2027.

DTE Gas

Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight MGP sites is complete and those sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue over the next several years. The MPSC has established a cost deferral and rate recovery mechanism for investigation and remediation costs incurred at former MGP sites. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of March 31, 2023 and December 31, 2022, DTE Gas had $21 million and $23 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations.

Air — The EPA recently finalized its Good Neighbor Rule, which includes provisions for compressor engines operated for the transportation of natural gas. DTE Gas is assessing the applicability of the rule on its engines and what impacts that could have on operations. DTE Gas has not determined whether there will be a financial impact at this time.

Non-utility

DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants.

In March 2019, the EPA issued an FOV to EES Coke Battery, LLC ("EES Coke"), the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review permitting requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. On June 1, 2022, the U.S. Department of Justice, on behalf of the EPA, filed a complaint against EES Coke in the U.S. District Court for the Eastern District of Michigan alleging that EES Coke failed to comply with non-attainment new source review requirements under the Clean Air Act when it applied for the 2014 permit. In November 2022, the Sierra Club and City of River Rouge were granted intervention. At the present time, DTE Energy cannot predict the outcome or financial impact of this matter.

Separately, in December 2021, EGLE issued a Notice of Violation to EES Coke alleging excess visible emissions from pushing operations. In January 2022, EES Coke provided EGLE a response describing the corrective actions taken to prevent future recurrences. At the present time, EES Coke cannot predict the outcome or financial impact of this matter.

Other

In 2010, the EPA finalized a new one-hour SO2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO2. Phase 3 addresses smaller sources of SO2 with modeled or monitored exceedances of the new SO2 standard.

Michigan's Phase 1 non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Modeling runs by EGLE suggest that emission reductions may be required by significant sources of SO2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part of Michigan's SIP process, DTE Energy has worked with EGLE to develop air permits reflecting significant SO2 emission reductions that, in combination with other non-DTE Energy sources' emission reduction strategies, will help the State attain the standard and sustain its attainment. The Michigan SIP was completed and submitted to the EPA in 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO2 non-attainment area plan. On June 1, 2022, the EPA published a Federal Implementation Plan (FIP) which aligned with the partial approval and partial disapproval of the State's plan. The proposed FIP underwent a public comment period and was finalized on September 30, 2022. No DTE Electric sources were materially impacted by the final FIP.

Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. The EPA approved a clean data determination request submitted by EGLE. This determination suspends certain planning requirements and sanctions for the non-attainment area for as long as the area continues to attain the 2010 SO2 air quality standards, but this does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, DTE Energy is unable to determine the impacts.

REF Guarantees

DTE Energy provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its previously operated REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at March 31, 2023 was $580 million. Payments under these guarantees are considered remote.

Other Guarantees

In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at March 31, 2023. Payments under these guarantees are considered remote.

The Registrants are periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of March 31, 2023, DTE Energy had $424 million of performance bonds outstanding, including $129 million for DTE Electric. Performance bonds are not individually material, except for $250 million of bonds supporting Energy Trading operations. These bonds are meant to provide counterparties with additional assurance that Energy Trading will meet its contractual obligations for various commercial transactions. The terms of the bonds align with those of the underlying Energy Trading contracts and are estimated to be outstanding approximately 1 to 3 years. In the event that any performance bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are released from the performance bonds as the contractual performance is completed and does not believe that a material amount of any currently outstanding performance bonds will be called.

Labor Contracts

There are several bargaining units for DTE Energy subsidiaries' approximate 5,000 represented employees, including DTE Electric's approximately 2,550 represented employees. This represents 49% and 56% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 1% have contracts expiring within one year for DTE Energy. None of the represented employees have contracts expiring within one year for DTE Electric.

Purchase Commitments

Utility capital expenditures and expenditures for non-utility businesses will be approximately $4.2 billion and $3.2 billion in 2023 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2023 annual capital expenditures.

Ludington Plant Contract Dispute

DTE Electric and Consumers Energy Company ("Consumers"), joint owners of the Ludington Hydroelectric Pumped Storage plant ("Ludington"), are parties to a 2010 engineering, procurement, and construction agreement with Toshiba America Energy Systems ("TAES"), under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES' work has been defective and non-conforming. DTE Electric and Consumers have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. DTE Electric and Consumers have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES' parent, Toshiba Corporation, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations. In order to enforce the contract, DTE Electric and Consumers filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022.

In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties' contract. During September 2022, the motion to dismiss the complaint was denied. DTE Electric believes the outstanding counterclaims are without merit, but would be liable for 49% of the damages if approved. In October 2022, the combined parties submitted a joint discovery plan to proceed with the litigation process and a potential trial during the second half of 2024. DTE Electric cannot predict the financial impact or outcome of this matter.

Refer to the Ludington Accounting Application section within Note 5 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding costs to address TAES defective work and potential regulatory accounting treatment.

Other Contingencies

The Registrants are involved in certain other legal, regulatory, administrative, and environmental proceedings before various courts, arbitration panels, and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits, inquiries from various regulators, and pending judicial matters. The Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved.

For a discussion of contingencies related to regulatory matters and derivatives, see Notes 5 and 8 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively.

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Retirement Benefits and Trusteed Assets

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefits and Trusteed Assets

RETIREMENT BENEFITS AND TRUSTEED ASSETS

DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement benefit plans covering certain employees of the Registrants. Participants of all plans are solely DTE Energy and affiliate participants.

The following table details the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:

	Pension Benefits				Other Postretirement Benefits
	Three Months Ended March 31,
	2023		2022		2023		2022
	(In millions)
Service cost	$	14	$	24	$	4	$	7
Interest cost	54		41		16		12
Expected return on plan assets	(88)		(87)		(28)		(32)
Amortization of:
Net actuarial loss	2		29		3		1
Prior service credit	(1)		—		(4)		(5)
Settlements	2		—		—		—
Net periodic benefit cost (credit)	$	(17)	$	7	$	(9)	$	(17)

DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is that assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer.

As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For service costs recognized in earnings, these costs have historically been presented in Operation and maintenance in the Registrants' Consolidated Statements of Operations. For non-service costs recognized in earnings, these costs have historically been presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations and Operation and maintenance in DTE Electric's Consolidated Statements of Operations.

In November 2022, DTE Electric received a rate order from the MPSC approving the deferral of service costs and non-service costs that were previously being recognized in earnings. Therefore, the Registrants are recording these costs as Regulatory assets beginning in December 2022.

DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in regulatory assets, operation and maintenance expense, other income and deductions, and capital expenditures was a credit of $9 million for the three months ended March 31, 2023 and a cost of $9 million for the three months ended March 31, 2022. These amounts may include recognized contractual termination benefit charges, curtailment gains, and settlement charges.

The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Service cost	$	3	$	5
Interest cost	12		9
Expected return on plan assets	(18)		(21)
Amortization of:
Net actuarial loss	—		1
Prior service credit	(3)		(3)
Net periodic benefit credit	$	(6)	$	(9)

Pension and Other Postretirement Contributions

No contributions are currently expected for DTE Energy's qualified pension plans or postretirement benefit plans in 2023. Plans may be updated at the discretion of management and depending on economic and financial market conditions. DTE Energy anticipates a transfer of up to $50 million of qualified pension plan funds from DTE Gas to DTE Electric during 2023.

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Segment and Related Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment and Related Information

SEGMENT AND RELATED INFORMATION

DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the following structure:

Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.

Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.

DTE Vantage is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers.

Energy Trading consists of energy marketing and trading operations.

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth.

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric	$	17	$	16
Gas	5		3
DTE Vantage	10		25
Energy Trading	27		17
Corporate and Other	—		—
	$	59	$	61

All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided.

The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company.

Financial data of DTE Energy's business segments follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Utility operations
Electric	$	1,375	$	1,486
Gas	707		766
Operating Revenues — Non-utility operations
Electric	4		4
DTE Vantage	184		179
Energy Trading	1,568		2,203
Corporate and Other	—		—
Reconciliation and Eliminations	(59)		(61)
Total	$	3,779	$	4,577

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric	$	101	$	201
Gas	171		196
DTE Vantage	27		14
Energy Trading	138		(9)
Corporate and Other	8		(8)
Net Income Attributable to DTE Energy Company	$	445	$	394

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

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 2022 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.

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, 2023.

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.

Principles of Consolidation

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.

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 March 31, 2023, 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 March 31, 2023, 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 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 no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts.

During 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. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of 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.

Changes in Accumulated Other Comprehensive Income (Loss)

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, if any. 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.

Cash, Cash Equivalents, and Restricted Cash

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

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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through March 31, 2023.

	DTE Energy								DTE Electric
	Year of Origination
	2023		2022		2021 and Prior		Total		2023 and Prior
	(In millions)
Notes receivable
Internal grade 1(a)	$	—	$	—	$	6	$	6	$	32
Internal grade 2	2		45		18		65		—
Total notes receivable(b)	$	2	$	45	$	24	$	71	$	32
Net investment in leases
Net investment in leases, internal grade 1	$	—	$	—	$	37	$	37	$	—
Net investment in leases, internal grade 2	—		66		188		254		—
Total net investment in leases(b)	$	—	$	66	$	225	$	291	$	—

_______________________________________

(a)DTE Electric includes Notes receivable — affiliate balance of $30 million originated in 2023 that eliminates in consolidation for DTE Energy. Remaining balance for DTE Electric originated prior to 2023.

(b)For DTE Energy, current portion is 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 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 150 days after service has been terminated.

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 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 60 to 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.

Recently Adopted Pronouncements

Recently Adopted Pronouncements

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Registrants adopted the ASU effective January 1, 2023 using the prospective approach, with no impact on the Registrants' financial position or results of operations. Gross write-offs, if any, will be disclosed in the Financing Receivables section of Note 2 to the Consolidated Financial Statements, "Significant Accounting Policies."

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2023 and December 31, 2022. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.

•Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

Nuclear Decommissioning Trusts and Other Investments

Nuclear Decommissioning Trusts and Other Investments

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services.

Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds.

Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $171 million and $177 million as of March 31, 2023 and December 31, 2022, respectively.

Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services.

For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.

Derivative Assets and Liabilities

Derivative Assets and Liabilities

Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.

Fair Value Transfer

Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period.

Derivatives

The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period.

The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets.

DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized.

DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2026. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met.

Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.

Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its March 31, 2023 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.

Derivatives, Offsetting Fair Value Amounts

Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively.

DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had $37 million of letters of credit issued and outstanding at March 31, 2023 and $81 million at December 31, 2022, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $47 million and $82 million at March 31, 2023 and December 31, 2022, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.

For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.

Derivatives, Methods of Accounting

Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.

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Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of March 31, 2023 and December 31, 2022. 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:

	March 31, 2023				December 31, 2022
	DTE Energy		DTE Electric(a)		DTE Energy		DTE Electric(a)
	(In millions)
ASSETS
Cash and cash equivalents	$	7	$	—	$	14	$	—
Restricted cash	21		21		9		9
Securitized regulatory assets	197		197		206		206
Notes receivable	81		—		81		—
Other current and long-term assets	7		2		14		3
	$	313	$	220	$	324	$	218
LIABILITIES
Short-term borrowings	$	81	$	—	$	81	—
Securitization bonds(b)	211		211		211		211
Other current and long-term liabilities	14		11		14		9
	$	306	$	222	$	306	$	220

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(a)DTE Electric amounts reflect DTE Securitization.

(b)Includes $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for both periods ended March 31, 2023 and December 31, 2022.

Summary of Amounts for Non-Consolidated Variable Interest Entities

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

	March 31, 2023		December 31, 2022
	(In millions)
Investments in equity method investees	$	134	$	137
Notes receivable	$	15	$	15
Future funding commitments	$	2	$	2

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Other Income

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	8
Contract services	6		7
Equity earnings (losses) of equity method investees	4		(11)
Other	7		4
	$	26	$	8

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

	Three Months Ended March 31,
	2023		2022
	(In millions)
Allowance for equity funds used during construction	$	9	$	7
Contract services	6		7
Other	5		2
	$	20	$	16

Schedule of Effective Income Tax Rate Reconciliation

The tables below detail how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:

	Three Months Ended March 31,
	2023		2022
DTE Energy
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	4.4		4.4
Production tax credits	(6.2)		(7.5)
TCJA amortization	(4.1)		(12.4)
Investment tax credits	(2.3)		(0.2)
Enactment of West Virginia income tax legislation, net of federal benefit	(1.2)		—
Other	(1.5)		(1.5)
Effective income tax rate	10.1	%	3.8	%

	Three Months Ended March 31,
	2023		2022
DTE Electric
Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	5.6		5.8
Production tax credits	(7.1)		(8.9)
TCJA amortization	(4.5)		(15.5)
Other	(0.8)		(0.9)
Effective income tax rate	14.2	%	1.5	%

Schedule of Financing Receivables Classified by Internal Grade of Credit Risk

The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through March 31, 2023.

	DTE Energy								DTE Electric
	Year of Origination
	2023		2022		2021 and Prior		Total		2023 and Prior
	(In millions)
Notes receivable
Internal grade 1(a)	$	—	$	—	$	6	$	6	$	32
Internal grade 2	2		45		18		65		—
Total notes receivable(b)	$	2	$	45	$	24	$	71	$	32
Net investment in leases
Net investment in leases, internal grade 1	$	—	$	—	$	37	$	37	$	—
Net investment in leases, internal grade 2	—		66		188		254		—
Total net investment in leases(b)	$	—	$	66	$	225	$	291	$	—

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(a)DTE Electric includes Notes receivable — affiliate balance of $30 million originated in 2023 that eliminates in consolidation for DTE Energy. Remaining balance for DTE Electric originated prior to 2023.

(b)For DTE Energy, current portion is included in Current Assets — Other on the Consolidated Statements of Financial Position.

Schedule of Roll-Forward of Activity for Financing Receivables Credit Loss Reserves

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, 2023	$	78	$	1	$	79	$	49
Current period provision	22		—		22		8
Write-offs charged against allowance	(26)		—		(26)		(18)
Recoveries of amounts previously written off	9		—		9		6
Ending reserve balance, March 31, 2023	$	83	$	1	$	84	$	45

	DTE Energy						DTE Electric
	Trade accounts receivable		Other receivables		Total		Trade and other accounts receivable
	(In millions)
Beginning reserve balance, January 1, 2022	$	89	$	3	$	92	$	54
Current period provision	49		—		49		33
Write-offs charged against allowance	(105)		(2)		(107)		(66)
Recoveries of amounts previously written off	45		—		45		28
Ending reserve balance, December 31, 2022	$	78	$	1	$	79	$	49

Schedule of Uncollectible Expense

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 March 31,
	2023		2022
	(In millions)
DTE Energy	$	22	$	20
DTE Electric	$	8	$	8

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Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following is a summary of revenues disaggregated by segment for DTE Energy:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric(a)
Residential	$	654	$	700
Commercial	495		477
Industrial	169		161
Other(b)	61		152
Total Electric operating revenues	$	1,379	$	1,490
Gas
Gas sales	$	601	$	596
End User Transportation	86		98
Intermediate Transportation	31		29
Other(b)	(11)		43
Total Gas operating revenues	$	707	$	766
Other segment operating revenues
DTE Vantage	$	184	$	179
Energy Trading	$	1,568	$	2,203

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(a)Revenues generally represent those of DTE Electric, except $4 million of Other revenues related to DTE Sustainable Generation for the three months ended March 31, 2023 and 2022.

(b)Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas.

Revenues included the following which were outside the scope of Topic 606:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric — Other revenues	$	5	$	4
Gas — Alternative Revenue Programs	$	3	$	—
Gas — Other revenues	$	3	$	2
DTE Vantage — Leases	$	15	$	20
Energy Trading — Derivatives	$	1,161	$	1,734

Summary of Deferred Revenue Activity

The following is a summary of deferred revenue activity:

	DTE Energy
	(In millions)
Beginning Balance, January 1, 2022	$	94
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	27
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(34)
Ending Balance, March 31, 2023	$	87

Deferred Revenue Amounts Expected to be Recognized as Revenue in Future Periods

The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:

	DTE Energy
	(In millions)
2023	$	79
2024	6
2025	1
2026	1
2027	—
2028 and thereafter	—
	$	87

The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:

	DTE Energy		DTE Electric
	(In millions)
2023	$	150	$	6
2024	218		8
2025	145		—
2026	81		—
2027	59		—
2028 and thereafter	304		—
	$	957	$	14

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:

		Three Months Ended March 31,
		2023		2022
	(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — basic		$	444	$	393
Average number of common shares outstanding — basic		206		193
Basic Earnings per Common Share		$	2.16	$	2.03
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company		$	445	$	394
Less: Allocation of earnings to net restricted stock awards		1		1
Net income available to common shareholders — diluted		$	444	$	393
Average number of common shares outstanding — basic		206		193
Average performance share awards		—		1
Average number of common shares outstanding — diluted		206		194
Diluted Earnings per Common Share(a)		$	2.16	$	2.03

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(a)Equity units excluded from the calculation of diluted EPS were approximately 10.7 million for the three months ended March 31, 2022, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock.

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:

	March 31, 2023												December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Netting(b)		Net Balance
	(In millions)
Assets
Cash equivalents(c)	$	110	$	—	$	—	$	—	$	—	$	110	$	10	$	—	$	—	$	—	$	—	$	10
Nuclear decommissioning trusts
Equity securities	738		—		—		141		—		879		701		—		—		138		—		839
Fixed income securities	116		367		—		90		—		573		115		359		—		89		—		563
Private equity and other	—		—		—		269		—		269		—		—		—		262		—		262
Hedge funds and similar investments	81		41		—		—		—		122		78		41		—		—		—		119
Cash equivalents	53		—		—		—		—		53		42		—		—		—		—		42
Other investments(d)
Equity securities	57		—		—		—		—		57		56		—		—		—		—		56
Fixed income securities	7		—		—		—		—		7		7		—		—		—		—		7
Cash equivalents	60		—		—		—		—		60		72		—		—		—		—		72
Derivative assets
Commodity contracts(e)
Natural gas	209		161		130		—		(382)		118		426		183		135		—		(649)		95
Electricity	—		395		115		—		(358)		152		—		720		243		—		(643)		320
Environmental & Other	—		223		3		—		(225)		1		—		201		12		—		(196)		17
Other contracts	—		3		—		—		—		3		—		2		—		—		(1)		1
Total derivative assets	209		782		248		—		(965)		274		426		1,106		390		—		(1,489)		433
Total	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas	$	(228)	$	(169)	$	(192)	$	—	$	419	$	(170)	$	(297)	$	(331)	$	(390)	$	—	$	645	$	(373)
Electricity	—		(368)		(153)		—		381		(140)		—		(659)		(276)		—		665		(270)
Environmental & Other	—		(238)		(1)		—		237		(2)		—		(213)		(1)		—		201		(13)
Other contracts	—		(8)		—		—		—		(8)		—		(2)		—		—		1		(1)
Total	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746
Assets
Current	$	280	$	601	$	180	$	—	$	(745)	$	316	$	360	$	881	$	286	$	—	$	(1,189)	$	338
Noncurrent	1,151		589		68		500		(220)		2,088		1,147		625		104		489		(300)		2,065
Total Assets	$	1,431	$	1,190	$	248	$	500	$	(965)	$	2,404	$	1,507	$	1,506	$	390	$	489	$	(1,489)	$	2,403
Liabilities
Current	$	(203)	$	(546)	$	(171)	$	—	$	777	$	(143)	$	(273)	$	(876)	$	(386)	$	—	$	1,193	$	(342)
Noncurrent	(25)		(237)		(175)		—		260		(177)		(24)		(329)		(281)		—		319		(315)
Total Liabilities	$	(228)	$	(783)	$	(346)	$	—	$	1,037	$	(320)	$	(297)	$	(1,205)	$	(667)	$	—	$	1,512	$	(657)
Net Assets (Liabilities) at end of period	$	1,203	$	407	$	(98)	$	500	$	72	$	2,084	$	1,210	$	301	$	(277)	$	489	$	23	$	1,746

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(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.

(c)Amounts include $22 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.

(d)Excludes cash surrender value of life insurance investments.

(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:

	March 31, 2023										December 31, 2022
	Level 1		Level 2		Level 3		Other(a)		Net Balance		Level 1		Level 2		Level 3		Other(a)		Net Balance
	(In millions)
Assets
Cash equivalents(b)	$	77	$	—	$	—	$	—	$	77	$	9	$	—	$	—	$	—	$	9
Nuclear decommissioning trusts
Equity securities	738		—		—		141		879		701		—		—		138		839
Fixed income securities	116		367		—		90		573		115		359		—		89		563
Private equity and other	—		—		—		269		269		—		—		—		262		262
Hedge funds and similar investments	81		41		—		—		122		78		41		—		—		119
Cash equivalents	53		—		—		—		53		42		—		—		—		42
Other investments
Equity securities	18		—		—		—		18		16		—		—		—		16
Cash equivalents	11		—		—		—		11		11		—		—		—		11
Derivative assets — FTRs	—		—		1		—		1		—		—		11		—		11
Total	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872
Assets
Current	$	77	$	—	$	1	$	—	$	78	$	9	$	—	$	11	$	—	$	20
Noncurrent	1,017		408		—		500		1,925		963		400		—		489		1,852
Total Assets	$	1,094	$	408	$	1	$	500	$	2,003	$	972	$	400	$	11	$	489	$	1,872

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(a)Amounts represent assets valued at NAV as a practical expedient for fair value.

(b)Cash equivalents of $21 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively.

Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:

	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	Natural Gas		Electricity		Other		Total		Natural Gas		Electricity		Other		Total
	(In millions)
Net Assets (Liabilities) as of December 31	$	(255)	$	(33)	$	11	$	(277)	$	(179)	$	(45)	$	9	$	(215)
Transfers from Level 3 into Level 2	—		—		—		—		5		—		—		5
Total gains (losses)
Included in earnings(a)	151		(45)		1		107		(171)		(50)		3		(218)
Recorded in Regulatory liabilities	—		—		(9)		(9)		—		—		(4)		(4)
Purchases, issuances, and settlements
Settlements	42		40		(1)		81		115		(22)		(2)		91
Net Assets (Liabilities) as of March 31	$	(62)	$	(38)	$	2	$	(98)	$	(230)	$	(117)	$	6	$	(341)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31a)	$	94	$	19	$	1	$	114	$	(129)	$	(64)	$	3	$	(190)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	—	$	—

_______________________________________

(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Assets as of beginning of period	$	11	$	9
Total losses recorded in Regulatory liabilities	(9)		(4)
Purchases, issuances, and settlements
Settlements	(1)		(2)
Net Assets as of March 31	$	1	$	3
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31	$	(2)	$	—

Unobservable Inputs Related to Level 3 Assets and Liabilities

The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:

	March 31, 2023
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	130	$	(192)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	5.60	/MMBtu	$	0.07	/MMBtu
Electricity	$	115	$	(153)	Discounted Cash Flow	Forward basis price (per MWh)	$	(21.89)	—	$	10.33	/MWh	$	(3.26)	/MWh

	December 31, 2022
Commodity Contracts	Derivative Assets		Derivative Liabilities		Valuation Techniques	Unobservable Input	Range						Weighted Average
	(In millions)
Natural Gas	$	135	$	(390)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.91)	—	$	39.94	/MMBtu	$	0.18	/MMBtu
Electricity	$	243	$	(276)	Discounted Cash Flow	Forward basis price (per MWh)	$	(29.41)	—	$	15.00	/MWh	$	(3.04)	/MWh

Carrying Amount of Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments for DTE Energy:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable(a), excluding lessor finance leases	$	71	$	—	$	—	$	71	$	80	$	—	$	—	$	82
Short-term borrowings	$	130	$	—	$	130	$	—	$	1,162	$	—	$	1,162	$	—
Notes payable(b)	$	8	$	—	$	—	$	8	$	18	$	—	$	—	$	18
Long-term debt(c)	$	19,368	$	788	$	15,803	$	1,240	$	17,978	$	710	$	14,084	$	1,199

_______________________________________

(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.

(b)Included in Current Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.

(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

The following table presents the carrying amount and fair value of financial instruments for DTE Electric:

	March 31, 2023								December 31, 2022
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable — affiliates	$	30	$	—	$	—	$	30	$	—	$	—	$	—	$	—
Notes receivable — other	$	2	$	—	$	—	$	2	$	17	$	—	$	—	$	17
Short-term borrowings — affiliates	$	—	$	—	$	—	$	—	$	27	$	—	$	—	$	27
Short-term borrowings — other	$	—	$	—	$	—	$	—	$	568	$	—	$	568	$	—
Notes payable(a)	$	7	$	—	$	—	$	7	$	17	$	—	$	—	$	17
Long-term debt(b)	$	10,883	$	—	$	9,740	$	140	$	9,696	$	—	$	8,289	$	128

_______________________________________

(a)Included in Current Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.

(b)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.

Fair Value of Nuclear Decommissioning Trust Fund Assets

The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:

	March 31, 2023		December 31, 2022
	(In millions)
Fermi 2	$	1,876	$	1,807
Fermi 1	3		3
Low-level radioactive waste	17		15
	$	1,896	$	1,825

Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds

The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Realized gains	$	8	$	14
Realized losses	$	(14)	$	(5)
Proceeds from sale of securities	$	166	$	207

Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds

The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:

	March 31, 2023						December 31, 2022
	Fair Value		Unrealized Gains		Unrealized Losses		Fair Value		Unrealized Gains		Unrealized Losses
	(In millions)
Equity securities	$	879	$	382	$	(17)	$	839	$	342	$	(23)
Fixed income securities	573		3		(39)		563		1		(56)
Private equity and other	269		62		(6)		262		63		(5)
Hedge funds and similar investments	122		—		(15)		119		—		(18)
Cash equivalents	53		—		—		42		—		—
	$	1,896	$	447	$	(77)	$	1,825	$	406	$	(102)

Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds

The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:

	March 31, 2023
	(In millions)
Due within one year	$	18
Due after one through five years	103
Due after five through ten years	101
Due after ten years	261
	$	483

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Financial and Other Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments for DTE Energy:

	March 31, 2023				December 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	1	$	(5)	$	1	$	—
Foreign currency exchange contracts	—		(2)		—		(2)
Total derivatives designated as hedging instruments	$	1	$	(7)	$	1	$	(2)
Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	500	$	(589)	$	744	$	(1,018)
Electricity	510		(521)		963		(935)
Environmental & Other	226		(239)		213		(214)
Foreign currency exchange contracts	2		(1)		1		—
Total derivatives not designated as hedging instruments	$	1,238	$	(1,350)	$	1,921	$	(2,167)
Current	$	951	$	(920)	$	1,517	$	(1,535)
Noncurrent	288		(437)		405		(634)
Total derivatives	$	1,239	$	(1,357)	$	1,922	$	(2,169)

Offsetting Assets

The following table presents net cash collateral offsetting arrangements for DTE Energy:

	March 31, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	72		113
Cash collateral recorded in Accounts receivable(a)	72		77
Cash collateral recorded in Accounts payable(a)	(6)		(27)
Total net cash collateral posted (received)	$	138	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:

	March 31, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	500	$	(382)	$	118	$	744	$	(649)	$	95
Electricity	510		(358)		152		963		(643)		320
Environmental & Other	226		(225)		1		213		(196)		17
Interest rate contracts	1		—		1		1		—		1
Foreign currency exchange contracts	2		—		2		1		(1)		—
Total derivative assets	$	1,239	$	(965)	$	274	$	1,922	$	(1,489)	$	433
Derivative liabilities
Commodity contracts(a)
Natural gas	$	(589)	$	419	$	(170)	$	(1,018)	$	645	$	(373)
Electricity	(521)		381		(140)		(935)		665		(270)
Environmental & Other	(239)		237		(2)		(214)		201		(13)
Interest rate contracts	(5)		—		(5)		—		—		—
Foreign currency exchange contracts	(3)		—		(3)		(2)		1		(1)
Total derivative liabilities	$	(1,357)	$	1,037	$	(320)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Offsetting Liabilities

The following table presents net cash collateral offsetting arrangements for DTE Energy:

	March 31, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	72		113
Cash collateral recorded in Accounts receivable(a)	72		77
Cash collateral recorded in Accounts payable(a)	(6)		(27)
Total net cash collateral posted (received)	$	138	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:

	March 31, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	500	$	(382)	$	118	$	744	$	(649)	$	95
Electricity	510		(358)		152		963		(643)		320
Environmental & Other	226		(225)		1		213		(196)		17
Interest rate contracts	1		—		1		1		—		1
Foreign currency exchange contracts	2		—		2		1		(1)		—
Total derivative assets	$	1,239	$	(965)	$	274	$	1,922	$	(1,489)	$	433
Derivative liabilities
Commodity contracts(a)
Natural gas	$	(589)	$	419	$	(170)	$	(1,018)	$	645	$	(373)
Electricity	(521)		381		(140)		(935)		665		(270)
Environmental & Other	(239)		237		(2)		(214)		201		(13)
Interest rate contracts	(5)		—		(5)		—		—		—
Foreign currency exchange contracts	(3)		—		(3)		(2)		1		(1)
Total derivative liabilities	$	(1,357)	$	1,037	$	(320)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:

	March 31, 2023								December 31, 2022
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	951	$	288	$	(920)	$	(437)	$	1,517	$	405	$	(1,535)	$	(634)
Counterparty netting	(745)		(220)		745		220		(1,127)		(272)		1,127		272
Collateral adjustment	—		—		32		40		(62)		(28)		66		47
Total derivatives as reported	$	206	$	68	$	(143)	$	(177)	$	328	$	105	$	(342)	$	(315)

Gain (Loss) Recognized in Income on Derivatives

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
		2023		2022
		(In millions)
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations	$	71	$	(231)
Natural gas	Fuel, purchased power, gas, and other — non-utility	148		65
Electricity	Operating Revenues — Non-utility operations	(115)		2
Environmental & Other	Operating Revenues — Non-utility operations	(1)		(4)
Foreign currency exchange contracts	Operating Revenues — Non-utility operations	—		(2)
Total		$	103	$	(170)

Volume of Commodity Contracts

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of March 31, 2023:

Commodity	Number of Units
Natural gas (MMBtu)	2,235,749,935
Electricity (MWh)	45,761,663
Oil (Gallons)	6,636,000
Foreign currency exchange ($ CAD)	176,540,767
FTR (MWh)	22,538
Renewable Energy Certificates (MWh)	9,737,373
Carbon emissions (Metric Tons)	581,250
Interest rate contracts ($ USD)	1,250,000,000

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Issuances

In 2023, the following debt was issued:

Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage bonds(a)	5.20%	2033	$	600
DTE Electric	March	Mortgage bonds(a)	5.40%	2053	600
DTE Energy	March	Term loan facility draw(b)	Variable	2023	200
					$	1,400

_______________________________________

(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for general corporate purposes.

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Short-Term Credit Arrangements and Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Short-Term Debt [Abstract]

Schedule of Line of Credit Facilities

The availability under these facilities as of March 31, 2023 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured revolving credit facility, expiring October 2027	$	1,500	$	800	$	300	$	2,600
Unsecured Canadian revolving credit facility, expiring May 2023	81		—		—		81
Unsecured letter of credit facility, expiring February 2025	150		—		—		150
Unsecured letter of credit facility, expiring June 2023	375		—		—		375
Unsecured letter of credit facility(a)	50		—		—		50
	2,156		800		300		3,256
Amounts outstanding at March 31, 2023
Revolver borrowings	80		—		—		80
Commercial paper issuances	50		—		—		50
Letters of credit	315		—		—		315
	445		—		—		445
Net availability at March 31, 2023	$	1,711	$	800	$	300	$	2,811

_______________________________________

(a)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration.

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Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease Income Associated with Operating Leases

DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Fixed payments	$	4	$	4
Variable payments	11		16
	$	15	$	20

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Retirement Benefits and Trusteed Assets (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Costs (Credits)

The following table details the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:

	Pension Benefits				Other Postretirement Benefits
	Three Months Ended March 31,
	2023		2022		2023		2022
	(In millions)
Service cost	$	14	$	24	$	4	$	7
Interest cost	54		41		16		12
Expected return on plan assets	(88)		(87)		(28)		(32)
Amortization of:
Net actuarial loss	2		29		3		1
Prior service credit	(1)		—		(4)		(5)
Settlements	2		—		—		—
Net periodic benefit cost (credit)	$	(17)	$	7	$	(9)	$	(17)

The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Service cost	$	3	$	5
Interest cost	12		9
Expected return on plan assets	(18)		(21)
Amortization of:
Net actuarial loss	—		1
Prior service credit	(3)		(3)
Net periodic benefit credit	$	(6)	$	(9)

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Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Financial Data of Business Segments

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.

	Three Months Ended March 31,
	2023		2022
	(In millions)
Electric	$	17	$	16
Gas	5		3
DTE Vantage	10		25
Energy Trading	27		17
Corporate and Other	—		—
	$	59	$	61

Financial data of DTE Energy's business segments follows:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Operating Revenues — Utility operations
Electric	$	1,375	$	1,486
Gas	707		766
Operating Revenues — Non-utility operations
Electric	4		4
DTE Vantage	184		179
Energy Trading	1,568		2,203
Corporate and Other	—		—
Reconciliation and Eliminations	(59)		(61)
Total	$	3,779	$	4,577

	Three Months Ended March 31,
	2023		2022
	(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric	$	101	$	201
Gas	171		196
DTE Vantage	27		14
Energy Trading	138		(9)
Corporate and Other	8		(8)
Net Income Attributable to DTE Energy Company	$	445	$	394

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Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions	Mar. 31, 2023 USD ($) customer
Variable Interest Entity [Line Items]
Number of electric utility customers | customer	2.3
Number of gas utility customers | customer	1.3
Material potential exposure | $	$ 0
DTE Electric
Variable Interest Entity [Line Items]
Material potential exposure | $	$ 0

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Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 115	$ 33
Restricted cash	22	10
Securitized regulatory assets	197	206
Total Assets	42,518	42,683
LIABILITIES
Short-term borrowings	130	1,162
DTE Electric
ASSETS
Cash and cash equivalents	68	15
Restricted cash	21	9
Securitized regulatory assets	197	206
Total Assets	30,755	30,236
Variable interest entity, primary beneficiary
ASSETS
Cash and cash equivalents	7	14
Restricted cash	21	9
Securitized regulatory assets	197	206
Notes receivable	81	81
Other current and long-term assets	7	14
Total Assets	313	324
LIABILITIES
Short-term borrowings	81	81
Securitization bonds	211	211
Other current and long-term liabilities	14	14
Total liabilities	306	306
Current portion of securitization bonds	39	39
Variable interest entity, primary beneficiary | DTE Electric
ASSETS
Cash and cash equivalents	0	0
Restricted cash	21	9
Securitized regulatory assets	197	206
Notes receivable	0	0
Other current and long-term assets	2	3
Total Assets	220	218
LIABILITIES
Short-term borrowings	0	0
Securitization bonds	211	211
Other current and long-term liabilities	11	9
Total liabilities	222	220
Current portion of securitization bonds	$ 39	$ 39

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Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in equity method investees	$ 173	$ 165
Notes receivable	334	331
Variable interest entity, non-consolidated
Variable Interest Entity [Line Items]
Investments in equity method investees	134	137
Notes receivable	15	15
Future funding commitments	$ 2	$ 2

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Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Other Nonoperating Income, by Component [Line Items]
Allowance for equity funds used during construction	$ 9	$ 8
Contract services	6	7
Equity earnings (losses) of equity method investees	4	(11)
Other	7	4
Total other income	26	8
DTE Electric
Schedule of Other Nonoperating Income, by Component [Line Items]
Allowance for equity funds used during construction	9	7
Contract services	6	7
Other	5	2
Total other income	$ 20	$ 16

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Significant Accounting Policies (Income Taxes) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Income Taxes [Line Items]
Statutory federal income tax rate	21.00%	21.00%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	4.40%	4.40%
Production tax credits	(6.20%)	(7.50%)
TCJA amortization	(4.10%)	(12.40%)
Investment tax credits	(2.30%)	(0.20%)
Enactment of West Virginia income tax legislation, net of federal benefit	(1.20%)	0.00%
Other	(1.50%)	(1.50%)
Effective Tax Rate	10.10%	3.80%
DTE Electric
Schedule of Income Taxes [Line Items]
Statutory federal income tax rate	21.00%	21.00%
Increase (decrease) due to:
State and local income taxes, net of federal benefit	5.60%	5.80%
Production tax credits	(7.10%)	(8.90%)
TCJA amortization	(4.50%)	(15.50%)
Other	(0.80%)	(0.90%)
Effective Tax Rate	14.20%	1.50%

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Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Unrecognized tax benefits	$ 15
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months	15
Unrecognized compensation cost	$ 103
Recognition period (in years)	1 year 10 months 24 days
Specific review of probable future collections based on receivable balances, threshold duration	30 days
Past due
Significant Accounting Policies [Line Items]
Financing receivables	$ 0
Notes receivable
Significant Accounting Policies [Line Items]
Financing receivables	$ 71
Notes receivable | Minimum
Significant Accounting Policies [Line Items]
Number of days after which receivable is considered delinquent	60 days
Notes receivable | Maximum
Significant Accounting Policies [Line Items]
Number of days after which receivable is considered delinquent	120 days
Federal
Significant Accounting Policies [Line Items]
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months	$ 5
State
Significant Accounting Policies [Line Items]
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months	$ 10
DTE Electric and DTE Gas
Significant Accounting Policies [Line Items]
Threshold period past due for write-off of trade accounts receivable	150 days
DTE Electric and DTE Gas | Accounts receivable
Significant Accounting Policies [Line Items]
Number of days after which receivable is considered delinquent	21 days
DTE Electric
Significant Accounting Policies [Line Items]
Unrecognized tax benefits	$ 13
DTE Electric | Notes receivable
Significant Accounting Policies [Line Items]
Financing receivables	32
DTE Electric | State
Significant Accounting Policies [Line Items]
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months	13
DTE Electric | DTE Energy
Significant Accounting Policies [Line Items]
Income tax receivable	6		$ 1
Income tax payable	2
Allocated costs	$ 10	$ 12

XML

Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Notes receivable
Financing receivables by year of origination
2023	$ 2
2022	45
2021 and Prior	24
Total	71
Notes receivable | DTE Electric
Financing receivables by year of origination
Total	32
Notes receivable | Internal grade 1(a)
Financing receivables by year of origination
2023	0
2022	0
2021 and Prior	6
Total	6
Notes receivable | Internal grade 1(a) | DTE Electric
Financing receivables by year of origination
Total	32
Notes receivable | Internal grade 1(a) | DTE Electric | Affiliates
Financing receivables by year of origination
2023	30
Notes receivable | Internal grade 2
Financing receivables by year of origination
2023	2
2022	45
2021 and Prior	18
Total	65
Notes receivable | Internal grade 2 | DTE Electric
Financing receivables by year of origination
Total	0
Net investment in leases
Financing receivables by year of origination
2023	0
2022	66
2021 and Prior	225
Total	291
Net investment in leases | DTE Electric
Financing receivables by year of origination
Total	0
Net investment in leases | Internal grade 1(a)
Financing receivables by year of origination
2023	0
2022	0
2021 and Prior	37
Total	37
Net investment in leases | Internal grade 1(a) | DTE Electric
Financing receivables by year of origination
Total	0
Net investment in leases | Internal grade 2
Financing receivables by year of origination
2023	0
2022	66
2021 and Prior	188
Total	254
Net investment in leases | Internal grade 2 | DTE Electric
Financing receivables by year of origination
Total	$ 0

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Significant Accounting Policies (Roll-Forward of Activity for Financing Receivables Credit Loss Reserves) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 79	$ 92
Current period provision	22	49
Write-offs charged against allowance	(26)	(107)
Recoveries of amounts previously written off	9	45
Ending balance	84	79
DTE Electric
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	49	54
Current period provision	8	33
Write-offs charged against allowance	(18)	(66)
Recoveries of amounts previously written off	6	28
Ending balance	45	49
Trade accounts receivable
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	78	89
Current period provision	22	49
Write-offs charged against allowance	(26)	(105)
Recoveries of amounts previously written off	9	45
Ending balance	83	78
Other receivables
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	1	3
Current period provision	0	0
Write-offs charged against allowance	0	(2)
Recoveries of amounts previously written off	0	0
Ending balance	$ 1	$ 1

XML

Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Uncollectible expense	$ 22	$ 20
DTE Electric
Accounts, Notes, Loans and Financing Receivable [Line Items]
Uncollectible expense	$ 8	$ 8

XML

Revenue (Disaggregation of Revenue By Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 3,779	$ 4,577
Electric
Disaggregation of Revenue [Line Items]
Revenues	1,379	1,490
Electric | Residential
Disaggregation of Revenue [Line Items]
Revenues	654	700
Electric | Commercial
Disaggregation of Revenue [Line Items]
Revenues	495	477
Electric | Industrial
Disaggregation of Revenue [Line Items]
Revenues	169	161
Electric | Other
Disaggregation of Revenue [Line Items]
Revenues	61	152
Electric | Other | DTE Sustainable Generation
Disaggregation of Revenue [Line Items]
Revenues	4	4
Gas
Disaggregation of Revenue [Line Items]
Revenues	707	766
Gas | Other
Disaggregation of Revenue [Line Items]
Revenues	(11)	43
Gas | Gas sales
Disaggregation of Revenue [Line Items]
Revenues	601	596
Gas | End User Transportation
Disaggregation of Revenue [Line Items]
Revenues	86	98
Gas | Intermediate Transportation
Disaggregation of Revenue [Line Items]
Revenues	31	29
DTE Vantage
Disaggregation of Revenue [Line Items]
Revenues	184	179
Energy Trading
Disaggregation of Revenue [Line Items]
Revenues	$ 1,568	$ 2,203

XML

Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Leases	$ 15	$ 20
Electric
Disaggregation of Revenue [Line Items]
Other revenues	5	4
Gas
Disaggregation of Revenue [Line Items]
Alternative Revenue Program	3	0
Other revenues	3	2
DTE Vantage
Disaggregation of Revenue [Line Items]
Leases	15	20
Energy Trading
Disaggregation of Revenue [Line Items]
Derivatives	$ 1,161	$ 1,734

XML

Revenue (Deferred Revenue Activity) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract Liability [Roll Forward]
Beginning Balance	$ 94
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period	27
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(34)
Ending Balance	$ 87

XML

Revenue (Expected Recognition of Deferred Revenue) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 87
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 79
Remaining performance obligation, expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 6
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction

XML

Revenue (Expected Timing of Performance Obligation Satisfaction) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 87
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 79
Remaining performance obligation, expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 6
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction
Fixed-price Contract
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 957
Fixed-price Contract | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	14
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 150
Remaining performance obligation, expected timing of satisfaction	9 months
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 6
Remaining performance obligation, expected timing of satisfaction	9 months
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 218
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 8
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 145
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 81
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 59
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction	1 year
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 304
Remaining performance obligation, expected timing of satisfaction
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | DTE Electric
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 0
Remaining performance obligation, expected timing of satisfaction

XML

Regulatory Matters (Details Textuals) - USD ($) $ in Millions	Feb. 10, 2023	Apr. 03, 2023	Nov. 30, 2022
DTE Electric | Ludington Hydroelectric Pumped Storage
Public Utilities, General Disclosures [Line Items]
Ownership interest			49.00%
Consumers | Ludington Hydroelectric Pumped Storage
Public Utilities, General Disclosures [Line Items]
Ownership interest			51.00%
MPSC | DTE Electric | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Requested securitization of qualified costs		$ 496
MPSC | DTE Electric | 2023 Electric Rate Case Filing
Public Utilities, General Disclosures [Line Items]
Requested rate increase	$ 622
Return on equity percent	9.90%
Return on equity requested percent	10.25%

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$ 445	$ 394
Less: Allocation of earnings to net restricted stock awards	1	1
Net income available to common shareholders — basic	$ 444	$ 393
Average number of common shares outstanding — basic (in shares)	206.0	193.0
Net Income Attributable to DTE Energy Company (in dollars per share)	$ 2.16	$ 2.03
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	$ 445	$ 394
Less: Allocation of earnings to net restricted stock awards	1	1
Net income available to common shareholders — diluted	$ 444	$ 393
Average number of common shares outstanding — basic (in shares)	206.0	193.0
Average performance share awards (in shares)	0.0	1.0
Average number of common shares outstanding — diluted (in shares)	206.0	194.0
Net Income Attributable to DTE Energy Company (in dollars per share)	$ 2.16	$ 2.03
Antidilutive securities excluded from computation of earnings per share (in shares)		10.7

XML

Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative assets
Derivative assets, gross	$ 1,239	$ 1,922
Derivative asset, netting	(965)	(1,489)
Derivative liabilities
Derivative liabilities, gross	(1,357)	(2,169)
Derivative liability, netting	1,037	1,512
DTE Electric
Assets
Nuclear decommissioning trusts	1,896	1,825
Current liabilities
Derivative liabilities
Derivative liabilities, gross	(920)	(1,535)
Noncurrent liabilities
Derivative liabilities
Derivative liabilities, gross	(437)	(634)
Natural gas
Derivative assets
Derivative assets, gross	500	744
Derivative asset, netting	(382)	(649)
Derivative liabilities
Derivative liabilities, gross	(589)	(1,018)
Derivative liability, netting	419	645
Electricity
Derivative assets
Derivative assets, gross	510	963
Derivative asset, netting	(358)	(643)
Derivative liabilities
Derivative liabilities, gross	(521)	(935)
Derivative liability, netting	381	665
Environmental & Other
Derivative assets
Derivative assets, gross	226	213
Derivative asset, netting	(225)	(196)
Derivative liabilities
Derivative liabilities, gross	(239)	(214)
Derivative liability, netting	237	201
Cash equivalents | DTE Electric
Assets
Nuclear decommissioning trusts	53	42
Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	269	262
Hedge funds and similar investments | DTE Electric
Assets
Nuclear decommissioning trusts	122	119
Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	879	839
Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	573	563
Recurring
Assets
Cash equivalents	110	10
Derivative assets
Derivative asset, netting	(965)	(1,489)
Derivative assets, net	274	433
Total Assets	2,404	2,403
Derivative liabilities
Derivative liability, netting	1,037	1,512
Total Liabilities	(320)	(657)
Net Assets (Liabilities) at end of period	2,084	1,746
Net Assets (Liabilities) at end of period, netting	72	23
Recurring | DTE Electric
Assets
Cash equivalents	77	9
Derivative assets
Total Assets	2,003	1,872
Recurring | Current assets
Derivative assets
Derivative asset, netting	(745)	(1,189)
Total Assets	316	338
Recurring | Current assets | DTE Electric
Derivative assets
Total Assets	78	20
Recurring | Noncurrent assets
Derivative assets
Derivative asset, netting	(220)	(300)
Total Assets	2,088	2,065
Recurring | Noncurrent assets | DTE Electric
Derivative assets
Total Assets	1,925	1,852
Recurring | Current liabilities
Derivative liabilities
Derivative liability, netting	777	1,193
Total Liabilities	(143)	(342)
Recurring | Noncurrent liabilities
Derivative liabilities
Derivative liability, netting	260	319
Total Liabilities	(177)	(315)
Recurring | Restricted cash
Assets
Cash equivalents	22	10
Recurring | Restricted cash | DTE Electric
Assets
Cash equivalents	21	9
Recurring | Natural gas
Derivative assets
Derivative asset, netting	(382)	(649)
Derivative assets, net	118	95
Derivative liabilities
Derivative liability, netting	419	645
Derivative liabilities, net	(170)	(373)
Recurring | Electricity
Derivative assets
Derivative asset, netting	(358)	(643)
Derivative assets, net	152	320
Derivative liabilities
Derivative liability, netting	381	665
Derivative liabilities, net	(140)	(270)
Recurring | Environmental & Other
Derivative assets
Derivative asset, netting	(225)	(196)
Derivative assets, net	1	17
Derivative liabilities
Derivative liability, netting	237	201
Derivative liabilities, net	(2)	(13)
Recurring | Other Contract
Derivative assets
Derivative asset, netting	0	(1)
Derivative assets, net	3	1
Derivative liabilities
Derivative liability, netting	0	1
Derivative liabilities, net	(8)	(1)
Recurring | Derivative assets — FTRs | DTE Electric
Derivative assets
Derivative assets, net	1	11
Recurring | Cash equivalents
Assets
Nuclear decommissioning trusts	53	42
Other investments	60	72
Recurring | Cash equivalents | DTE Electric
Assets
Nuclear decommissioning trusts	53	42
Other investments	11	11
Recurring | Private equity and other
Assets
Nuclear decommissioning trusts	269	262
Recurring | Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	269	262
Recurring | Hedge funds and similar investments
Assets
Nuclear decommissioning trusts	122	119
Recurring | Hedge funds and similar investments | DTE Electric
Assets
Nuclear decommissioning trusts	122	119
Recurring | Equity securities
Assets
Nuclear decommissioning trusts	879	839
Other investments	57	56
Recurring | Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	879	839
Other investments	18	16
Recurring | Fixed income securities
Assets
Nuclear decommissioning trusts	573	563
Other investments	7	7
Recurring | Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	573	563
Recurring | Level 1
Assets
Cash equivalents	110	10
Derivative assets
Derivative assets, gross	209	426
Total Assets	1,431	1,507
Derivative liabilities
Total Liabilities	(228)	(297)
Net Assets (Liabilities) at end of period	1,203	1,210
Recurring | Level 1 | DTE Electric
Assets
Cash equivalents	77	9
Derivative assets
Total Assets	1,094	972
Recurring | Level 1 | Current assets
Derivative assets
Total Assets	280	360
Recurring | Level 1 | Current assets | DTE Electric
Derivative assets
Total Assets	77	9
Recurring | Level 1 | Noncurrent assets
Derivative assets
Total Assets	1,151	1,147
Recurring | Level 1 | Noncurrent assets | DTE Electric
Derivative assets
Total Assets	1,017	963
Recurring | Level 1 | Current liabilities
Derivative liabilities
Total Liabilities	(203)	(273)
Recurring | Level 1 | Noncurrent liabilities
Derivative liabilities
Total Liabilities	(25)	(24)
Recurring | Level 1 | Natural gas
Derivative assets
Derivative assets, gross	209	426
Derivative liabilities
Derivative liabilities, gross	(228)	(297)
Recurring | Level 1 | Electricity
Derivative assets
Derivative assets, gross	0	0
Derivative liabilities
Derivative liabilities, gross	0	0
Recurring | Level 1 | Environmental & Other
Derivative assets
Derivative assets, gross	0	0
Derivative liabilities
Derivative liabilities, gross	0	0
Recurring | Level 1 | Other Contract
Derivative assets
Derivative assets, gross	0	0
Derivative liabilities
Derivative liabilities, gross	0	0
Recurring | Level 1 | Derivative assets — FTRs | DTE Electric
Derivative assets
Derivative assets, net	0	0
Recurring | Level 1 | Cash equivalents
Assets
Nuclear decommissioning trusts	53	42
Other investments	60	72
Recurring | Level 1 | Cash equivalents | DTE Electric
Assets
Nuclear decommissioning trusts	53	42
Other investments	11	11
Recurring | Level 1 | Private equity and other
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 1 | Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 1 | Hedge funds and similar investments
Assets
Nuclear decommissioning trusts	81	78
Recurring | Level 1 | Hedge funds and similar investments | DTE Electric
Assets
Nuclear decommissioning trusts	81	78
Recurring | Level 1 | Equity securities
Assets
Nuclear decommissioning trusts	738	701
Other investments	57	56
Recurring | Level 1 | Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	738	701
Other investments	18	16
Recurring | Level 1 | Fixed income securities
Assets
Nuclear decommissioning trusts	116	115
Other investments	7	7
Recurring | Level 1 | Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	116	115
Recurring | Level 2
Assets
Cash equivalents	0	0
Derivative assets
Derivative assets, gross	782	1,106
Total Assets	1,190	1,506
Derivative liabilities
Total Liabilities	(783)	(1,205)
Net Assets (Liabilities) at end of period	407	301
Recurring | Level 2 | DTE Electric
Assets
Cash equivalents	0	0
Derivative assets
Total Assets	408	400
Recurring | Level 2 | Current assets
Derivative assets
Total Assets	601	881
Recurring | Level 2 | Current assets | DTE Electric
Derivative assets
Total Assets	0	0
Recurring | Level 2 | Noncurrent assets
Derivative assets
Total Assets	589	625
Recurring | Level 2 | Noncurrent assets | DTE Electric
Derivative assets
Total Assets	408	400
Recurring | Level 2 | Current liabilities
Derivative liabilities
Total Liabilities	(546)	(876)
Recurring | Level 2 | Noncurrent liabilities
Derivative liabilities
Total Liabilities	(237)	(329)
Recurring | Level 2 | Natural gas
Derivative assets
Derivative assets, gross	161	183
Derivative liabilities
Derivative liabilities, gross	(169)	(331)
Recurring | Level 2 | Electricity
Derivative assets
Derivative assets, gross	395	720
Derivative liabilities
Derivative liabilities, gross	(368)	(659)
Recurring | Level 2 | Environmental & Other
Derivative assets
Derivative assets, gross	223	201
Derivative liabilities
Derivative liabilities, gross	(238)	(213)
Recurring | Level 2 | Other Contract
Derivative assets
Derivative assets, gross	3	2
Derivative liabilities
Derivative liabilities, gross	(8)	(2)
Recurring | Level 2 | Derivative assets — FTRs | DTE Electric
Derivative assets
Derivative assets, net	0	0
Recurring | Level 2 | Cash equivalents
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 2 | Cash equivalents | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 2 | Private equity and other
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 2 | Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 2 | Hedge funds and similar investments
Assets
Nuclear decommissioning trusts	41	41
Recurring | Level 2 | Hedge funds and similar investments | DTE Electric
Assets
Nuclear decommissioning trusts	41	41
Recurring | Level 2 | Equity securities
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 2 | Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 2 | Fixed income securities
Assets
Nuclear decommissioning trusts	367	359
Other investments	0	0
Recurring | Level 2 | Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	367	359
Recurring | Level 3
Assets
Cash equivalents	0	0
Derivative assets
Derivative assets, gross	248	390
Total Assets	248	390
Derivative liabilities
Total Liabilities	(346)	(667)
Net Assets (Liabilities) at end of period	(98)	(277)
Recurring | Level 3 | DTE Electric
Assets
Cash equivalents	0	0
Derivative assets
Total Assets	1	11
Recurring | Level 3 | Current assets
Derivative assets
Total Assets	180	286
Recurring | Level 3 | Current assets | DTE Electric
Derivative assets
Total Assets	1	11
Recurring | Level 3 | Noncurrent assets
Derivative assets
Total Assets	68	104
Recurring | Level 3 | Noncurrent assets | DTE Electric
Derivative assets
Total Assets	0	0
Recurring | Level 3 | Current liabilities
Derivative liabilities
Total Liabilities	(171)	(386)
Recurring | Level 3 | Noncurrent liabilities
Derivative liabilities
Total Liabilities	(175)	(281)
Recurring | Level 3 | Natural gas
Derivative assets
Derivative assets, gross	130	135
Derivative liabilities
Derivative liabilities, gross	(192)	(390)
Recurring | Level 3 | Electricity
Derivative assets
Derivative assets, gross	115	243
Derivative liabilities
Derivative liabilities, gross	(153)	(276)
Recurring | Level 3 | Environmental & Other
Derivative assets
Derivative assets, gross	3	12
Derivative liabilities
Derivative liabilities, gross	(1)	(1)
Recurring | Level 3 | Other Contract
Derivative assets
Derivative assets, gross	0	0
Derivative liabilities
Derivative liabilities, gross	0	0
Recurring | Level 3 | Derivative assets — FTRs | DTE Electric
Derivative assets
Derivative assets, net	1	11
Recurring | Level 3 | Cash equivalents
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 3 | Cash equivalents | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 3 | Private equity and other
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 3 | Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 3 | Hedge funds and similar investments
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 3 | Hedge funds and similar investments | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Recurring | Level 3 | Equity securities
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 3 | Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 3 | Fixed income securities
Assets
Nuclear decommissioning trusts	0	0
Other investments	0	0
Recurring | Level 3 | Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	0	0
Recurring | Other
Derivative assets
Total Assets	500	489
Derivative liabilities
Net Assets (Liabilities) at end of period	500	489
Recurring | Other | DTE Electric
Derivative assets
Total Assets	500	489
Recurring | Other | Noncurrent assets
Derivative assets
Total Assets	500	489
Recurring | Other | Noncurrent assets | DTE Electric
Derivative assets
Total Assets	500	489
Recurring | Other | Private equity and other
Assets
Nuclear decommissioning trusts	269	262
Recurring | Other | Private equity and other | DTE Electric
Assets
Nuclear decommissioning trusts	269	262
Recurring | Other | Equity securities
Assets
Nuclear decommissioning trusts	141	138
Recurring | Other | Equity securities | DTE Electric
Assets
Nuclear decommissioning trusts	141	138
Recurring | Other | Fixed income securities
Assets
Nuclear decommissioning trusts	90	89
Recurring | Other | Fixed income securities | DTE Electric
Assets
Nuclear decommissioning trusts	$ 90	$ 89

XML

Fair Value (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Nuclear decommissioning trust fund | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities with no contractual maturity date	$ 90
Equity or debt securities | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, redemption notice period	7 days
Equity or debt securities | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, redemption notice period	65 days
Private equity and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments related to investments classified as NAV assets	$ 171	$ 177
Private equity and other | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments classified as NAV assets, general contractual durations	7 years
Private equity and other | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments classified as NAV assets, general contractual durations	12 years

XML

Fair Value (Reconciliation of Level 3 Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net Assets (Liabilities) as of beginning of period	$ (277)	$ (215)
Transfers from Level 3 into Level 2	0	5
Total gains (losses)
Included in earnings	107	(218)
Recorded in Regulatory liabilities	(9)	(4)
Purchases, issuances, and settlements
Settlements	81	91
Net Assets (Liabilities) as of end of period	(98)	(341)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	114	(190)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	(2)	0
DTE Electric
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net Assets (Liabilities) as of beginning of period	11	9
Total gains (losses)
Recorded in Regulatory liabilities	(9)	(4)
Purchases, issuances, and settlements
Settlements	(1)	(2)
Net Assets (Liabilities) as of end of period	1	3
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	(2)	0
Natural gas
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net Assets (Liabilities) as of beginning of period	(255)	(179)
Transfers from Level 3 into Level 2	0	5
Total gains (losses)
Included in earnings	151	(171)
Recorded in Regulatory liabilities	0	0
Purchases, issuances, and settlements
Settlements	42	115
Net Assets (Liabilities) as of end of period	(62)	(230)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	94	(129)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	0	0
Electricity
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net Assets (Liabilities) as of beginning of period	(33)	(45)
Transfers from Level 3 into Level 2	0	0
Total gains (losses)
Included in earnings	(45)	(50)
Recorded in Regulatory liabilities	0	0
Purchases, issuances, and settlements
Settlements	40	(22)
Net Assets (Liabilities) as of end of period	(38)	(117)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	19	(64)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	0	0
Other
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net Assets (Liabilities) as of beginning of period	11	9
Transfers from Level 3 into Level 2	0	0
Total gains (losses)
Included in earnings	1	3
Recorded in Regulatory liabilities	(9)	(4)
Purchases, issuances, and settlements
Settlements	(1)	(2)
Net Assets (Liabilities) as of end of period	2	6
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	1	3
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period	$ (2)	$ 0

XML

Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions	Mar. 31, 2023 USD ($) $ / MMBTU $ / MWh	Dec. 31, 2022 USD ($) $ / MMBTU $ / MWh
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	$ 1,239	$ 1,922
Derivative Liabilities	(1,357)	(2,169)
Natural gas
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	500	744
Derivative Liabilities	(589)	(1,018)
Electricity
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	510	963
Derivative Liabilities	$ (521)	$ (935)
Level 3 | Natural gas | Forward basis price | Minimum | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MMBTU	(1.91)	(1.91)
Level 3 | Natural gas | Forward basis price | Maximum | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MMBTU	5.60	39.94
Level 3 | Natural gas | Forward basis price | Weighted Average | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MMBTU	0.07	0.18
Level 3 | Electricity | Forward basis price | Minimum | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MWh	(21.89)	(29.41)
Level 3 | Electricity | Forward basis price | Maximum | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MWh	10.33	15.00
Level 3 | Electricity | Forward basis price | Weighted Average | Discounted Cash Flow
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price | $ / MWh	(3.26)	(3.04)
Recurring | Level 3
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	$ 248	$ 390
Recurring | Level 3 | Natural gas
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	130	135
Derivative Liabilities	(192)	(390)
Recurring | Level 3 | Electricity
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	115	243
Derivative Liabilities	$ (153)	$ (276)

XML

Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	$ 71	$ 80
Short-term borrowings	130	1,162
Notes payable	8	18
Long-term debt	19,368	17,978
Carrying amount | DTE Electric
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	2	17
Short-term borrowings	0	568
Notes payable	7	17
Long-term debt	10,883	9,696
Carrying amount | DTE Electric | Affiliates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	30	0
Short-term borrowings	0	27
Fair value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	0	0
Notes payable	0	0
Long-term debt	788	710
Fair value | Level 1 | DTE Electric
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	0	0
Notes payable	0	0
Long-term debt	0	0
Fair value | Level 1 | DTE Electric | Affiliates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	0	0
Fair value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	130	1,162
Notes payable	0	0
Long-term debt	15,803	14,084
Fair value | Level 2 | DTE Electric
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	0	568
Notes payable	0	0
Long-term debt	9,740	8,289
Fair value | Level 2 | DTE Electric | Affiliates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	0	0
Short-term borrowings	0	0
Fair value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	71	82
Short-term borrowings	0	0
Notes payable	8	18
Long-term debt	1,240	1,199
Fair value | Level 3 | DTE Electric
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	2	17
Short-term borrowings	0	0
Notes payable	7	17
Long-term debt	140	128
Fair value | Level 3 | DTE Electric | Affiliates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	30	0
Short-term borrowings	$ 0	$ 27

XML

Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	$ 1,896	$ 1,825
DTE Electric
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	1,896	1,825
DTE Electric | Nuclear decommissioning trust fund
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	1,896	1,825
DTE Electric | Nuclear decommissioning trust fund | Fermi 2
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	1,876	1,807
DTE Electric | Nuclear decommissioning trust fund | Fermi 1
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	3	3
DTE Electric | Nuclear decommissioning trust fund | Low-level radioactive waste
Debt Securities, Available-for-sale [Line Items]
Nuclear decommissioning trust funds	$ 17	$ 15

XML

Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - Nuclear decommissioning trust fund - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Realized gains	$ 8	$ 14
Realized losses	(14)	(5)
Proceeds from sale of securities	$ 166	$ 207

XML

Fair Value (Fair Value and Unrealized Gains and Losses for the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,896	$ 1,825
Unrealized Gains	447	406
Unrealized Losses	(77)	(102)
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	53	42
Unrealized Gains	0	0
Unrealized Losses	0	0
Private equity and other
Debt Securities, Available-for-sale [Line Items]
Fair Value	269	262
Unrealized Gains	62	63
Unrealized Losses	(6)	(5)
Hedge funds and similar investments
Debt Securities, Available-for-sale [Line Items]
Fair Value	122	119
Unrealized Gains	0	0
Unrealized Losses	(15)	(18)
Equity securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	879	839
Unrealized Gains	382	342
Unrealized Losses	(17)	(23)
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	573	563
Unrealized Gains	3	1
Unrealized Losses	$ (39)	$ (56)

XML

Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Fixed income securities - Nuclear decommissioning trust fund $ in Millions	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 18
Due after one through five years	103
Due after five through ten years	101
Due after ten years	261
Fixed income securities total	$ 483

XML

Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 1,239	$ 1,922
Derivative Liabilities	(1,357)	(2,169)
Current derivative assets
Derivatives, Fair Value [Line Items]
Derivative Assets	951	1,517
Current derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(920)	(1,535)
Noncurrent derivative assets
Derivatives, Fair Value [Line Items]
Derivative Assets	288	405
Noncurrent derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(437)	(634)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1	1
Derivative Liabilities	(5)	0
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	2	1
Derivative Liabilities	(3)	(2)
Natural gas
Derivatives, Fair Value [Line Items]
Derivative Assets	500	744
Derivative Liabilities	(589)	(1,018)
Electricity
Derivatives, Fair Value [Line Items]
Derivative Assets	510	963
Derivative Liabilities	(521)	(935)
Environmental & Other
Derivatives, Fair Value [Line Items]
Derivative Assets	226	213
Derivative Liabilities	(239)	(214)
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	1	1
Derivative Liabilities	(7)	(2)
Derivatives designated as hedging instruments | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1	1
Derivative Liabilities	(5)	0
Derivatives designated as hedging instruments | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(2)	(2)
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	1,238	1,921
Derivative Liabilities	(1,350)	(2,167)
Derivatives not designated as hedging instruments | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	2	1
Derivative Liabilities	(1)	0
Derivatives not designated as hedging instruments | Natural gas
Derivatives, Fair Value [Line Items]
Derivative Assets	500	744
Derivative Liabilities	(589)	(1,018)
Derivatives not designated as hedging instruments | Electricity
Derivatives, Fair Value [Line Items]
Derivative Assets	510	963
Derivative Liabilities	(521)	(935)
Derivatives not designated as hedging instruments | Environmental & Other
Derivatives, Fair Value [Line Items]
Derivative Assets	226	213
Derivative Liabilities	(239)	(214)
Derivatives not designated as hedging instruments | FTRs | Other current assets | DTE Electric
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 1	$ 11

XML

Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Letters of credit that could be used to offset net derivative liabilities	$ 37	$ 81
Letters of credit received that could be used to offset net derivative assets	47	$ 82
Contractual obligation to post collateral in event of downgrade to below investment grade	481
Derivative net liability position aggregate fair value	1,100
Collateral already posted fair value	43
Derivative net asset position, fair value	911
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions	$ 182

XML

Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral netted against Derivative assets	$ 0	$ (90)
Cash collateral netted against Derivative liabilities	72	113
Cash collateral recorded in Accounts receivable	72	77
Cash collateral recorded in Accounts payable	(6)	(27)
Total net cash collateral posted (received)	$ 138	$ 73

XML

Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	$ 1,239	$ 1,922
Gross Amounts Offset in the Consolidated Statements of Financial Position	(965)	(1,489)
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	274	433
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(1,357)	(2,169)
Gross Amounts Offset in the Consolidated Statements of Financial Position	1,037	1,512
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	(320)	(657)
Natural gas
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	500	744
Gross Amounts Offset in the Consolidated Statements of Financial Position	(382)	(649)
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	118	95
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(589)	(1,018)
Gross Amounts Offset in the Consolidated Statements of Financial Position	419	645
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	(170)	(373)
Electricity
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	510	963
Gross Amounts Offset in the Consolidated Statements of Financial Position	(358)	(643)
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	152	320
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(521)	(935)
Gross Amounts Offset in the Consolidated Statements of Financial Position	381	665
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	(140)	(270)
Environmental & Other
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	226	213
Gross Amounts Offset in the Consolidated Statements of Financial Position	(225)	(196)
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	1	17
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(239)	(214)
Gross Amounts Offset in the Consolidated Statements of Financial Position	237	201
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	(2)	(13)
Interest rate contracts
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	1	1
Gross Amounts Offset in the Consolidated Statements of Financial Position	0	0
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	1	1
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(5)	0
Gross Amounts Offset in the Consolidated Statements of Financial Position	0	0
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	(5)	0
Foreign currency exchange contracts
Derivative assets
Gross Amounts of Recognized Assets (Liabilities)	2	1
Gross Amounts Offset in the Consolidated Statements of Financial Position	0	(1)
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	2	0
Derivative liabilities
Gross Amounts of Recognized Assets (Liabilities)	(3)	(2)
Gross Amounts Offset in the Consolidated Statements of Financial Position	0	1
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position	$ (3)	$ (1)

XML

Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets
Derivative Assets	$ 1,239	$ 1,922
Collateral adjustment	0	(90)
Derivative assets, current	206	328
Derivative assets, noncurrent	68	105
Derivative Liabilities
Derivative Liabilities	(1,357)	(2,169)
Collateral adjustment	72	113
Derivative liabilities, current	(143)	(342)
Derivative liabilities, noncurrent	(177)	(315)
Current derivative assets
Derivative Assets
Derivative Assets	951	1,517
Counterparty netting	(745)	(1,127)
Collateral adjustment	0	(62)
Noncurrent derivative assets
Derivative Assets
Derivative Assets	288	405
Counterparty netting	(220)	(272)
Collateral adjustment	0	(28)
Current derivative liabilities
Derivative Liabilities
Derivative Liabilities	(920)	(1,535)
Counterparty netting	745	1,127
Collateral adjustment	32	66
Noncurrent derivative liabilities
Derivative Liabilities
Derivative Liabilities	(437)	(634)
Counterparty netting	220	272
Collateral adjustment	$ 40	$ 47

XML

Financial and Other Derivative Instruments (Effect of Derivatives not Designated as Hedging Instruments on the Consolidated Statement of Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ 103	$ (170)
Natural gas | Operating Revenues — Non-utility operations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	71	(231)
Natural gas | Fuel, purchased power, gas, and other — non-utility
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	148	65
Electricity | Operating Revenues — Non-utility operations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	(115)	2
Environmental & Other | Operating Revenues — Non-utility operations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	(1)	(4)
Foreign currency exchange contracts | Operating Revenues — Non-utility operations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ 0	$ (2)

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Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) - 3 months ended Mar. 31, 2023	CAD ($) MWh MMBTU T gal	USD ($)
Natural gas (MMBtu)
Derivative [Line Items]
Commodity, energy measures | MMBTU	2,235,749,935
Electricity (MWh)
Derivative [Line Items]
Commodity, energy measures	45,761,663
Oil (Gallons)
Derivative [Line Items]
Commodity, volume measure | gal	6,636,000
Foreign currency exchange ($ CAD)
Derivative [Line Items]
Commodity, monetary measure | $	$ 176,540,767
FTR (MWh)
Derivative [Line Items]
Commodity, energy measures	22,538
Renewable Energy Certificates (MWh)
Derivative [Line Items]
Commodity, energy measures	9,737,373
Carbon emissions (Metric Tons)
Derivative [Line Items]
Commodity, mass measure | T	581,250
Interest rate contracts ($ USD)
Derivative [Line Items]
Commodity, monetary measure | $		$ 1,250,000,000

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Long-Term Debt (Schedule of Issued Debt) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amount	$ 1,400
Unsecured term loan | June 2022 Unsecured Term Loan Maturing in December 2023
Debt Instrument [Line Items]
Amount	$ 200
DTE Electric | Mortgage Bonds | March 2023 5.20% Mortgage Bonds Maturing in 2033
Debt Instrument [Line Items]
Interest rate	5.20%
Amount	$ 600
DTE Electric | Mortgage Bonds | March 2023 5.40% Mortgage Bonds Maturing in 2053
Debt Instrument [Line Items]
Interest rate	5.40%
Amount	$ 600

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Long-Term Debt (Details Textuals) - USD ($)	1 Months Ended		3 Months Ended
	Apr. 27, 2023	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term debt			$ 1,723,000,000		$ 1,124,000,000
Amount drawn			1,400,000,000
Redemption of long-term debt			0	$ 250,000,000
Unsecured term loan | June 2022 Unsecured Term Loan Maturing in December 2023
Debt Instrument [Line Items]
Unused borrowing capacity		$ 1,125,000,000
Current portion of long-term debt			1,000,000,000
Amount drawn			$ 200,000,000
Unsecured term loan | June 2022 Unsecured Term Loan Maturing in December 2023 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%
Senior Notes | 2008 Series C 6.44% Senior Notes | DTE Gas | Subsequent Event
Debt Instrument [Line Items]
Redemption of long-term debt	$ 25,000,000
Interest rate	6.44%

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Short-Term Credit Arrangements and Borrowings (Details Textuals)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 3,256,000,000
DTE Electric
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 800,000,000
Ratio of indebtedness to net capital	0.53
DTE Gas
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 300,000,000
Ratio of indebtedness to net capital	0.46
Maximum | DTE Electric
Short-term Debt [Line Items]
Ratio of indebtedness to net capital	0.65
Maximum | DTE Gas
Short-term Debt [Line Items]
Ratio of indebtedness to net capital	0.65
DTE Energy
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 2,156,000,000
Ratio of indebtedness to net capital	0.63
DTE Energy | Demand financing agreement
Short-term Debt [Line Items]
Maximum borrowing capacity, financing agreement	$ 200,000,000
Amount outstanding	$ 145,000,000	$ 166,000,000
DTE Energy | Maximum
Short-term Debt [Line Items]
Ratio of indebtedness to net capital	0.70

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Short-Term Credit Arrangements and Borrowings (Details) $ in Millions	Mar. 31, 2023 USD ($)
Availability under combined facilities
Maximum borrowing capacity	$ 3,256
Amounts outstanding	445
Net availability	2,811
DTE Electric
Availability under combined facilities
Maximum borrowing capacity	800
Amounts outstanding	0
Net availability	800
DTE Gas
Availability under combined facilities
Maximum borrowing capacity	300
Amounts outstanding	0
Net availability	300
DTE Energy
Availability under combined facilities
Maximum borrowing capacity	2,156
Amounts outstanding	445
Net availability	1,711
Revolver borrowings
Availability under combined facilities
Amounts outstanding	80
Revolver borrowings | DTE Electric
Availability under combined facilities
Amounts outstanding	0
Revolver borrowings | DTE Gas
Availability under combined facilities
Amounts outstanding	0
Revolver borrowings | DTE Energy
Availability under combined facilities
Amounts outstanding	80
Commercial paper issuances
Availability under combined facilities
Amounts outstanding	50
Commercial paper issuances | DTE Electric
Availability under combined facilities
Amounts outstanding	0
Commercial paper issuances | DTE Gas
Availability under combined facilities
Amounts outstanding	0
Commercial paper issuances | DTE Energy
Availability under combined facilities
Amounts outstanding	50
Letters of credit
Availability under combined facilities
Amounts outstanding	315
Letters of credit | DTE Electric
Availability under combined facilities
Amounts outstanding	0
Letters of credit | DTE Gas
Availability under combined facilities
Amounts outstanding	0
Letters of credit | DTE Energy
Availability under combined facilities
Amounts outstanding	315
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings
Availability under combined facilities
Maximum borrowing capacity	2,600
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Electric
Availability under combined facilities
Maximum borrowing capacity	800
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Gas
Availability under combined facilities
Maximum borrowing capacity	300
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Energy
Availability under combined facilities
Maximum borrowing capacity	1,500
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings
Availability under combined facilities
Maximum borrowing capacity	81
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Electric
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Gas
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Energy
Availability under combined facilities
Maximum borrowing capacity	81
Unsecured letter of credit facility, expiring February 2025 | Letters of credit
Availability under combined facilities
Maximum borrowing capacity	150
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Electric
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Gas
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Energy
Availability under combined facilities
Maximum borrowing capacity	150
Unsecured letter of credit facility, expiring June 2023 | Letters of credit
Availability under combined facilities
Maximum borrowing capacity	375
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Electric
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Gas
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Energy
Availability under combined facilities
Maximum borrowing capacity	375
Unsecured letter of credit facility | Letters of credit
Availability under combined facilities
Maximum borrowing capacity	50
Unsecured letter of credit facility | Letters of credit | DTE Electric
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility | Letters of credit | DTE Gas
Availability under combined facilities
Maximum borrowing capacity	0
Unsecured letter of credit facility | Letters of credit | DTE Energy
Availability under combined facilities
Maximum borrowing capacity	$ 50

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Leases (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Interest income recognized under finance leases	$ 7	$ 5

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Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed payments	$ 4	$ 4
Variable payments	11	16
Total lease income under operating leases	$ 15	$ 20

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Commitments and Contingencies (Details Textuals)	1 Months Ended	3 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) employee facility site	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Estimated capital expenditures for current fiscal year		$ 4,200,000,000
Workforce subject to collective bargaining arrangements | Labor force concentration risk
Loss Contingencies [Line Items]
Number of employees | employee		5,000
Percentage of total employees		49.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor force concentration risk
Loss Contingencies [Line Items]
Percentage of total employees		1.00%
Reduced emissions fuel guarantees
Loss Contingencies [Line Items]
Number of days after expiration of statutes of limitations		90 days
Maximum potential liability		$ 580,000,000
Other guarantees
Loss Contingencies [Line Items]
Maximum potential liability		40,000,000
Performance surety bonds
Loss Contingencies [Line Items]
Performance bonds outstanding		424,000,000
Performance surety bonds | Energy Trading
Loss Contingencies [Line Items]
Performance bonds outstanding		$ 250,000,000
Performance surety bonds | Minimum | Energy Trading
Loss Contingencies [Line Items]
Performance bonds term		1 year
Performance surety bonds | Maximum | Energy Trading
Loss Contingencies [Line Items]
Performance bonds term		3 years
Reduction Of Carbon Emissions By 2050
Loss Contingencies [Line Items]
Goal of net carbon emissions, percentage		0.00%
DTE Electric
Loss Contingencies [Line Items]
Environmental capital expenditures		$ 2,400,000,000
Estimated environmental capital expenditures		$ 0
Number of former MGP sites | site		3
Accrued for remediation		$ 10,000,000	$ 10,000,000
Number of permitted engineered ash storage facilities owned | facility		3
Estimated capital expenditures for current fiscal year		$ 3,200,000,000
DTE Electric | Ludington Plant Contract Dispute | Pending litigation
Loss Contingencies [Line Items]
Damages sought, percentage liable	49.00%
DTE Electric | Workforce subject to collective bargaining arrangements | Labor force concentration risk
Loss Contingencies [Line Items]
Number of employees | employee		2,550
Percentage of total employees		56.00%
DTE Electric | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor force concentration risk
Loss Contingencies [Line Items]
Percentage of total employees		1.00%
DTE Electric | Performance surety bonds
Loss Contingencies [Line Items]
Performance bonds outstanding		$ 129,000,000
DTE Electric | Coal Combustion Residual And Effluent Limitations Guidelines Rules
Loss Contingencies [Line Items]
Estimated impact of the CCR and ELG rules		489,000,000
Estimated impact of the CCR and ELG rules through 2027		$ 424,000,000
DTE Gas
Loss Contingencies [Line Items]
Number of former MGP sites | site		14
Accrued for remediation		$ 21,000,000	$ 23,000,000
Amortization period (in years)		10 years
DTE Gas | Clean up completed and site closed
Loss Contingencies [Line Items]
Number of former MGP sites | site		8
DTE Gas | Partial closure complete
Loss Contingencies [Line Items]
Number of former MGP sites | site		4
TAES and Toshiba Corporation | Ludington Plant Contract Dispute | DTE Electric and Consumers | Pending litigation
Loss Contingencies [Line Items]
Damages sought	$ 15,000,000

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Retirement Benefits and Trusteed Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 14	$ 24
Interest cost	54	41
Expected return on plan assets	(88)	(87)
Amortization of net actuarial loss	2	29
Amortization of prior service credit	(1)	0
Settlements	2	0
Net periodic benefit cost (credit)	(17)	7
Pension Benefits | DTE Electric
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (credit)	(9)	9
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	7
Interest cost	16	12
Expected return on plan assets	(28)	(32)
Amortization of net actuarial loss	3	1
Amortization of prior service credit	(4)	(5)
Settlements	0	0
Net periodic benefit cost (credit)	(9)	(17)
Other Postretirement Benefits | DTE Electric
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	5
Interest cost	12	9
Expected return on plan assets	(18)	(21)
Amortization of net actuarial loss	0	1
Amortization of prior service credit	(3)	(3)
Net periodic benefit cost (credit)	$ (6)	$ (9)

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Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost (credit)	$ (17,000,000)	$ 7,000,000
Pension plans | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions, current fiscal year	0
Postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost (credit)	(9,000,000)	(17,000,000)
Anticipated contributions, current fiscal year	0
DTE Electric | Pension plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost (credit)	(9,000,000)	9,000,000
DTE Electric | Pension plans | Qualified Plan | Maximum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Pension funds transferred to (from) plan			$ 50,000,000
DTE Electric | Postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost (credit)	$ (6,000,000)	$ (9,000,000)
DTE Gas | Pension plans | Qualified Plan | Maximum | Forecast
Defined Benefit Plan Disclosure [Line Items]
Pension funds transferred to (from) plan			$ (50,000,000)

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Segment and Related Information (Details Textuals) customer in Millions	Mar. 31, 2023 customer
Segment Reporting [Abstract]
Number of electric utility customers	2.3
Number of gas utility customers	1.3

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Segment and Related Information (Financial Data - Inter-segment Billing) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues	$ (3,779)	$ (4,577)
Electric
Segment Reporting Information [Line Items]
Operating Revenues	(1,379)	(1,490)
Gas
Segment Reporting Information [Line Items]
Operating Revenues	(707)	(766)
DTE Vantage
Segment Reporting Information [Line Items]
Operating Revenues	(184)	(179)
Energy Trading
Segment Reporting Information [Line Items]
Operating Revenues	(1,568)	(2,203)
Reconciliation and Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	59	61
Reconciliation and Eliminations | Electric
Segment Reporting Information [Line Items]
Operating Revenues	17	16
Reconciliation and Eliminations | Gas
Segment Reporting Information [Line Items]
Operating Revenues	5	3
Reconciliation and Eliminations | DTE Vantage
Segment Reporting Information [Line Items]
Operating Revenues	10	25
Reconciliation and Eliminations | Energy Trading
Segment Reporting Information [Line Items]
Operating Revenues	27	17
Reconciliation and Eliminations | Corporate and Other
Segment Reporting Information [Line Items]
Operating Revenues	$ 0	$ 0

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Segment and Related Information (Financial Data - Operating Revenues including Inter-segment Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Utility operations	$ 2,060	$ 2,234
Operating Revenues — Non-utility operations	1,719	2,343
Operating Revenues	3,779	4,577
Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Non-utility operations	(59)	(61)
Operating Revenues	(59)	(61)
Electric
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	1,379	1,490
Electric | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Utility operations	1,375	1,486
Operating Revenues — Non-utility operations	4	4
Electric | Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	(17)	(16)
Gas
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	707	766
Gas | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Utility operations	707	766
Gas | Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	(5)	(3)
DTE Vantage
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	184	179
DTE Vantage | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Non-utility operations	184	179
DTE Vantage | Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	(10)	(25)
Energy Trading
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	1,568	2,203
Energy Trading | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Non-utility operations	1,568	2,203
Energy Trading | Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	(27)	(17)
Corporate and Other | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues — Non-utility operations	0	0
Corporate and Other | Reconciliation and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	$ 0	$ 0

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Segment and Related Information (Financial Data - Net Income (Loss) Attributable to DTE Energy by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	$ 445	$ 394
Electric
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	101	201
Gas
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	171	196
DTE Vantage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	27	14
Energy Trading
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	138	(9)
Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income Attributable to DTE Energy Company	$ 8	$ (8)