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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, 2023December 31, 2022
Level
1		Level
2		Level
3
Other(a)
Netting(b)
Net BalanceLevel
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 securities738 — — 141 — 879 701 — — 138 — 839 
Fixed income securities116 367 — 90 — 573 115 359 — 89 — 563 
Private equity and other— — — 269 — 269 — — — 262 — 262 
Hedge funds and similar investments81 41 — — — 122 78 41 — — — 119 
Cash equivalents53 — — — — 53 42 — — — — 42 
Other investments(d)
Equity securities57 — — — — 57 56 — — — — 56 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents60 — — — — 60 72 — — — — 72 
Derivative assets
Commodity contracts(e)
Natural gas209 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 assets209 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 
Noncurrent1,151 589 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.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
March 31, 2023December 31, 2022
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$77 $— $— $— $77 $9 $— $— $— $9 
Nuclear decommissioning trusts
Equity securities738 — — 141 879 701 — — 138 839 
Fixed income securities116 367 — 90 573 115 359 — 89 563 
Private equity and other— — — 269 269 — — — 262 262 
Hedge funds and similar investments81 41 — — 122 78 41 — — 119 
Cash equivalents53 — — — 53 42 — — — 42 
Other investments
Equity securities18 — — — 18 16 — — — 16 
Cash equivalents11 — — — 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 
Noncurrent1,017 408 — 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 $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2023 and December 31, 2022, respectively.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(255)$(33)$11 $(277)$(179)$(45)$9 $(215)
Transfers from Level 3 into Level 2— — — — 5 — — 5 
Total gains (losses)
Included in earnings(a)
151 (45)1 107 (171)(50)3 (218)
Recorded in Regulatory liabilities— — (9)(9)— — (4)(4)
Purchases, issuances, and settlements
Settlements42 40 (1)81 115 (22)(2)91 
Net Assets (Liabilities) as of March 31$(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,
20232022
(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 ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$130 $(192)Discounted Cash FlowForward basis price (per MMBtu)$(1.91)—$5.60 /MMBtu$0.07 /MMBtu
Electricity$115 $(153)Discounted Cash FlowForward basis price (per MWh)$(21.89)—$10.33 /MWh$(3.26)/MWh
December 31, 2022
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$135 $(390)Discounted Cash FlowForward basis price (per MMBtu)$(1.91)—$39.94 /MMBtu$0.18 /MMBtu
Electricity$243 $(276)Discounted Cash FlowForward basis price (per MWh)$(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, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 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, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 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, 2023December 31, 2022
(In millions)
Fermi 2$1,876 $1,807 
Fermi 13 3 
Low-level radioactive waste17 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,
20232022
(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, 2023December 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 securities573 3 (39)563 1 (56)
Private equity and other269 62 (6)262 63 (5)
Hedge funds and similar investments122 — (15)119 — (18)
Cash equivalents53 — — 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 years103 
Due after five through ten years101 
Due after ten years261 
$483