(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||||
DTE Energy Company (DTE Energy) | |||||||||||||||||
DTE Energy | |||||||||||||||||
DTE Energy | |||||||||||||||||
DTE Energy | |||||||||||||||||
DTE Electric Company (DTE Electric) | None | None |
DTE Energy Company (DTE Energy) | ☒ | No | ☐ | DTE Electric Company (DTE Electric) | ☒ | No | ☐ |
DTE Energy | ☒ | No | ☐ | DTE Electric | ☒ | No | ☐ |
DTE Energy | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||
☒ | ☐ | ☐ | |||||||||||||||
DTE Electric | Large accelerated filer | Accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||
☐ | ☐ | ☒ |
DTE Energy | Yes | No | ☒ | DTE Electric | Yes | No | ☒ |
Registrant | Description | Shares | ||||||||||||
DTE Energy | Common Stock, without par value | |||||||||||||
DTE Electric | Common Stock, $10 par value, indirectly-owned by DTE Energy |
Page | ||||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
ASU | Accounting Standards Update issued by the FASB | |||||||
CAD | Canadian Dollar (C$) | |||||||
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 | |||||||
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 | |||||||
Interconnection sales | Sales of power by DTE Electric into the energy market through MISO (Midcontinent Independent System Operation, Inc.), generally resulting from excess generation compared to customer demand | |||||||
MGP | Manufactured Gas Plant | |||||||
MPSC | Michigan Public Service Commission | |||||||
MTM | Mark-to-market | |||||||
NAV | Net Asset Value | |||||||
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 | |||||||
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Utility operations | $ | $ | $ | $ | |||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel, purchased power, and gas — utility | |||||||||||||||||||||||
Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||
Operation and maintenance | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Asset (gains) losses and impairments, net | ( | ( | ( | ||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||
Non-operating retirement benefits, net | ( | ( | |||||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings per Common Share | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Common Share | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Benefit obligations, net of taxes of $ | |||||||||||||||||||||||
Net unrealized gains on derivatives, net of taxes of $ | |||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive Income Attributable to DTE Energy Company | $ | $ | $ | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable (less allowance for doubtful accounts of $ | |||||||||||
Customer | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Fuel and gas | |||||||||||
Materials, supplies, and other | |||||||||||
Derivative assets | |||||||||||
Regulatory assets | |||||||||||
Prepaid property tax | |||||||||||
Other | |||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | |||||||||||
Investments in equity method investees | |||||||||||
Other | |||||||||||
Property | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Other Assets | |||||||||||
Goodwill | |||||||||||
Regulatory assets | |||||||||||
Securitized regulatory assets | |||||||||||
Intangible assets | |||||||||||
Notes receivable | |||||||||||
Derivative assets | |||||||||||
Prepaid postretirement costs | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued interest | |||||||||||
Dividends payable | |||||||||||
Short-term borrowings | |||||||||||
Current portion long-term debt, including securitization bonds and finance leases | |||||||||||
Derivative liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | |||||||||||
Securitization bonds | |||||||||||
Junior subordinated debentures | |||||||||||
Finance lease liabilities | |||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Unamortized investment tax credit | |||||||||||
Derivative liabilities | |||||||||||
Accrued pension liability | |||||||||||
Accrued postretirement liability | |||||||||||
Nuclear decommissioning | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Commitments and Contingencies (Notes 5 and 12) | |||||||||||
Equity | |||||||||||
Common stock (No par value, | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total DTE Energy Company Equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Nuclear fuel amortization | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Equity (earnings) losses of equity method investees | ( | ||||||||||
Dividends from equity method investees | |||||||||||
Asset (gains) losses and impairments, net | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid postretirement benefit costs | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued pension liability | ( | ( | |||||||||
Accrued postretirement liability | ( | ||||||||||
Derivative assets and liabilities | ( | ||||||||||
Regulatory assets and liabilities | ( | ||||||||||
Other current and noncurrent assets and liabilities | ( | ||||||||||
Net cash from operating activities | |||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures — utility | ( | ( | |||||||||
Plant and equipment expenditures — non-utility | ( | ( | |||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | |||||||||||
Investment in nuclear decommissioning trust funds | ( | ( | |||||||||
Distributions from equity method investees | |||||||||||
Contributions to equity method investees | ( | ( | |||||||||
Notes receivable | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of discount and issuance costs | |||||||||||
Redemption of long-term debt | ( | ( | |||||||||
Short-term borrowings, net | |||||||||||
Repurchase of common stock | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash from financing activities | |||||||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable | $ | $ | |||||||||
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation and other | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation and other | ( | ( | — | ||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation and other | — | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | ( | $ | $ |
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | ( | — | ( | ( | |||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | ( | ( | — | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net contributions from noncontrolling interests, and other | ( | — | |||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | ( | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel and purchased power — utility | |||||||||||||||||||||||
Operation and maintenance | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ( | |||||||||||||||||||||
Non-operating retirement benefits, net | ( | ( | ( | ( | |||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted Cash | |||||||||||
Accounts receivable (less allowance for doubtful accounts of $ | |||||||||||
Customer | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Fuel | |||||||||||
Materials and supplies | |||||||||||
Regulatory assets | |||||||||||
Prepaid property tax | |||||||||||
Other | |||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | |||||||||||
Other | |||||||||||
Property | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Other Assets | |||||||||||
Regulatory assets | |||||||||||
Securitized regulatory assets | |||||||||||
Prepaid postretirement costs — affiliates | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | |||||||||||
Affiliates | $ | $ | |||||||||
Other | |||||||||||
Accrued interest | |||||||||||
Current portion long-term debt, including securitization bonds and finance leases | |||||||||||
Regulatory liabilities | |||||||||||
Short-term borrowings | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | |||||||||||
Securitization bonds | |||||||||||
Finance lease liabilities | |||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Unamortized investment tax credit | |||||||||||
Nuclear decommissioning | |||||||||||
Accrued pension liability — affiliates | |||||||||||
Accrued postretirement liability — affiliates | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Commitments and Contingencies (Notes 5 and 12) | |||||||||||
Shareholder’s Equity | |||||||||||
Common stock ($ | |||||||||||
Retained earnings | |||||||||||
Total Shareholder’s Equity | |||||||||||
Total Liabilities and Shareholder’s Equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Nuclear fuel amortization | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Prepaid postretirement benefit costs — affiliates | ( | ( | |||||||||
Accrued pension liability — affiliates | ( | ( | |||||||||
Accrued postretirement liability — affiliates | ( | ||||||||||
Regulatory assets and liabilities | ( | ||||||||||
Other current and noncurrent assets and liabilities | ( | ||||||||||
Net cash from operating activities | |||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures | ( | ( | |||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | |||||||||||
Investment in nuclear decommissioning trust funds | ( | ( | |||||||||
Notes receivable and other | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of discount and issuance costs | |||||||||||
Redemption of long-term debt | ( | ( | |||||||||
Capital contribution by parent company | |||||||||||
Short-term borrowings, net — affiliates | ( | ||||||||||
Short-term borrowings, net — other | |||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash from financing activities | |||||||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable | $ | $ |
Additional Paid-in Capital | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | $ |
Additional Paid-in Capital | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Capital contribution by parent company | — | — | — | ||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | $ |
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 | ||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
DTE Energy | DTE Electric(a) | DTE Energy | DTE Electric(a) | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||
Securitized regulatory assets | |||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||
Other current and long-term assets | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Accounts payable | $ | $ | $ | $ | |||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Securitization bonds(b) | |||||||||||||||||||||||
Other current and long-term liabilities | |||||||||||||||||||||||
$ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Investments in equity method investees | $ | $ | |||||||||
Notes receivable | $ | $ | |||||||||
Future funding commitments | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Allowance for equity funds used during construction | $ | $ | $ | $ | |||||||||||||||||||
Contract services | |||||||||||||||||||||||
Investment income(a) | |||||||||||||||||||||||
Equity earnings (losses) of equity method investees | ( | ||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Allowance for equity funds used during construction | $ | $ | $ | $ | |||||||||||||||||||
Contract services | |||||||||||||||||||||||
Investment income(a) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
DTE Energy | |||||||||||||||||||||||
Statutory federal income tax rate | % | % | % | % | |||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||
State and local income taxes, net of federal benefit | |||||||||||||||||||||||
Production tax credits | ( | ( | ( | ( | |||||||||||||||||||
TCJA amortization | ( | ( | ( | ( | |||||||||||||||||||
Investment tax credits | ( | ( | ( | ||||||||||||||||||||
Enactment of West Virginia income tax legislation, net of federal benefit | ( | ||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Effective income tax rate | % | % | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
DTE Electric | |||||||||||||||||||||||
Statutory federal income tax rate | % | % | % | % | |||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||
State and local income taxes, net of federal benefit | |||||||||||||||||||||||
Production tax credits | ( | ( | ( | ( | |||||||||||||||||||
TCJA amortization | ( | ( | ( | ( | |||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Effective income tax rate | % | % | % | % |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||
Year of Origination | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 and Prior | Total | 2023 and Prior | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||||||||
Internal grade 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Internal grade 2 | |||||||||||||||||||||||||||||
Total notes receivable(a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net investment in leases | |||||||||||||||||||||||||||||
Internal grade 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Internal grade 2 | |||||||||||||||||||||||||||||
Total net investment in leases(a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
DTE Energy | DTE Electric | ||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Beginning reserve balance, January 1, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Current period provision | |||||||||||||||||||||||
Write-offs charged against allowance | ( | ( | ( | ||||||||||||||||||||
Recoveries of amounts previously written off | |||||||||||||||||||||||
Ending reserve balance, September 30, 2023 | $ | $ | $ | $ |
DTE Energy | DTE Electric | ||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Beginning reserve balance, January 1, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Current period provision | |||||||||||||||||||||||
Write-offs charged against allowance | ( | ( | ( | ( | |||||||||||||||||||
Recoveries of amounts previously written off | |||||||||||||||||||||||
Ending reserve balance, December 31, 2022 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DTE Energy | $ | $ | $ | $ | |||||||||||||||||||
DTE Electric | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric(a) | |||||||||||||||||||||||
Residential | $ | $ | $ | $ | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||
Other(b) | ( | ||||||||||||||||||||||
Total Electric operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
Gas sales | $ | $ | $ | $ | |||||||||||||||||||
End User Transportation | |||||||||||||||||||||||
Intermediate Transportation | |||||||||||||||||||||||
Other(b) | |||||||||||||||||||||||
Total Gas operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Other segment operating revenues | |||||||||||||||||||||||
DTE Vantage | $ | $ | $ | $ | |||||||||||||||||||
Energy Trading | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric — Other revenues | $ | $ | $ | $ | |||||||||||||||||||
Gas — Alternative Revenue Programs | $ | $ | $ | $ | |||||||||||||||||||
Gas — Other revenues | $ | $ | $ | $ | |||||||||||||||||||
DTE Vantage — Leases | $ | $ | $ | $ | |||||||||||||||||||
Energy Trading — Derivatives | $ | $ | $ | $ |
DTE Energy | |||||
(In millions) | |||||
Beginning Balance, January 1, 2023 | $ | ||||
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | |||||
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | ( | ||||
Ending Balance, September 30, 2023 | $ |
DTE Energy | |||||
(In millions) | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 and thereafter | |||||
$ |
DTE Energy | DTE Electric | ||||||||||
(In millions) | |||||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 and thereafter | |||||||||||
$ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Basic Earnings per Share | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Less: Allocation of earnings to net restricted stock awards | |||||||||||||||||||||||
Net income available to common shareholders — basic | $ | $ | $ | $ | |||||||||||||||||||
Average number of common shares outstanding — basic | |||||||||||||||||||||||
Basic Earnings per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Less: Allocation of earnings to net restricted stock awards | |||||||||||||||||||||||
Net income available to common shareholders — diluted | $ | $ | $ | $ | |||||||||||||||||||
Average number of common shares outstanding — basic | |||||||||||||||||||||||
Average performance share awards | |||||||||||||||||||||||
Average number of common shares outstanding — diluted | |||||||||||||||||||||||
Diluted Earnings per Common Share(a) | $ | $ | $ | $ |
September 30, 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) | $ | $ | $ | $ | — | $ | — | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds and similar investments | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electricity | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other contracts | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Electricity | ( | ( | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | ( | ( | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other contracts | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | — | $ | ( | $ | $ | $ | $ | $ | — | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ( | ( | ( | — | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ |
September 30, 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) | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds and similar investments | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets — FTRs | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of June 30 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Transfers into Level 3 from Level 2 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Transfers from Level 3 into Level 2 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings(a) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Recorded in Regulatory liabilities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 | $ | $ | $ | $ | $ | $ | $ | ( | $ | ( |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Transfers from Level 3 into Level 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings(a) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Recorded in Regulatory liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30a) | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Assets as of beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Total gains (losses) recorded in Regulatory liabilities | ( | ( | |||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Net Assets as of September 30 | $ | $ | $ | $ | |||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 | $ | $ | ( | $ | $ |
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | ( | — | $ | /MMBtu | $ | /MMBtu | |||||||||||||||||||||||||||||||||||
Electricity | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MWh) | $ | ( | — | $ | /MWh | $ | ( | /MWh |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | ( | — | $ | /MMBtu | $ | /MMBtu | |||||||||||||||||||||||||||||||||||
Electricity | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MWh) | $ | ( | — | $ | /MWh | $ | ( | /MWh |
September 30, 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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Notes payable(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term debt(c) | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 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) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings — affiliates | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings — other | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Notes payable(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term debt(c) | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Fermi 2 | $ | $ | |||||||||
Fermi 1 | |||||||||||
Low-level radioactive waste | |||||||||||
$ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Realized gains | $ | $ | $ | $ | |||||||||||||||||||
Realized losses | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Proceeds from sale of securities | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Gains | Unrealized Losses | Fair Value | Unrealized Gains | Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Fixed income securities | ( | ( | |||||||||||||||||||||||||||||||||
Private equity and other | ( | ( | |||||||||||||||||||||||||||||||||
Hedge funds and similar investments | ( | ( | |||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ | ( |
September 30, 2023 | |||||
(In millions) | |||||
Due within one year | $ | ||||
Due after one through five years | |||||
Due after five through ten years | |||||
Due after ten years | |||||
$ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency exchange contracts | ( | ( | |||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
Natural gas | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Electricity | ( | ( | |||||||||||||||||||||
Environmental & Other | ( | ( | |||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Current | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Noncurrent | ( | ( | |||||||||||||||||||||
Total derivatives | $ | $ | ( | $ | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Cash collateral netted against Derivative assets | $ | $ | ( | ||||||||
Cash collateral netted against Derivative liabilities | |||||||||||
Cash collateral recorded in Accounts receivable(a) | |||||||||||
Cash collateral recorded in Accounts payable(a) | ( | ( | |||||||||
Total net cash collateral posted (received) | $ | $ |
September 30, 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 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Electricity | ( | ( | |||||||||||||||||||||||||||||||||
Environmental & Other | ( | ( | |||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ||||||||||||||||||||||||||||||||||
Total derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||
Commodity contracts(a) | |||||||||||||||||||||||||||||||||||
Natural gas | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Electricity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Environmental & Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
September 30, 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 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||
Counterparty netting | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Collateral adjustment | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total derivatives as reported | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Location of Gain (Loss) Recognized in Income on Derivatives | Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30, | Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Natural gas | Operating Revenues — Non-utility operations | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Natural gas | Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||
Electricity | Operating Revenues — Non-utility operations | |||||||||||||||||||||||||||||||
Environmental & Other | Operating Revenues — Non-utility operations | ( | ( | ( | ||||||||||||||||||||||||||||
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( |
Commodity | Number of Units | |||||||
Natural gas (MMBtu) | ||||||||
Electricity (MWh) | ||||||||
Oil (Gallons) | ||||||||
Foreign currency exchange ($ CAD) | ||||||||
FTR (MWh) | ||||||||
Renewable Energy Certificates (MWh) | ||||||||
Carbon emissions (Metric Tons) | ||||||||
Interest rate contracts ($ USD) | ||||||||
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Electric | March | Mortgage bonds(a) | 2033 | $ | ||||||||||||||||||||||||||||
DTE Electric | March | Mortgage bonds(a) | 2053 | |||||||||||||||||||||||||||||
DTE Energy | March | Term loan facility draw(b) | Variable | 2023 | ||||||||||||||||||||||||||||
DTE Energy | May | Senior notes(c) | 2028 | |||||||||||||||||||||||||||||
DTE Electric | June | Tax-exempt revenue bonds(d) | 2053 | |||||||||||||||||||||||||||||
$ |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Gas | April | Senior notes | 2023 | $ | ||||||||||||||||||||||||||||
DTE Energy | May | Term loan facility | Variable | 2023 | ||||||||||||||||||||||||||||
DTE Electric | June | Securitization bonds | 2023 | |||||||||||||||||||||||||||||
DTE Energy | June | Term loan facility | Variable | 2023 | ||||||||||||||||||||||||||||
DTE Electric | September | Mortgage bonds | 2023 | |||||||||||||||||||||||||||||
$ |
DTE Energy | DTE Electric | DTE Gas | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Unsecured revolving credit facility, expiring October 2028 | $ | $ | $ | $ | |||||||||||||||||||
Unsecured letter of credit facility, expiring June 2024 | |||||||||||||||||||||||
Unsecured letter of credit facility, expiring February 2025 | |||||||||||||||||||||||
Unsecured letter of credit facility(a) | |||||||||||||||||||||||
Unsecured letter of credit facility(b) | |||||||||||||||||||||||
Unsecured letter of credit facility(a) | |||||||||||||||||||||||
Amounts outstanding at September 30, 2023 | |||||||||||||||||||||||
Commercial paper issuances | |||||||||||||||||||||||
Letters of credit | |||||||||||||||||||||||
Net availability at September 30, 2023 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Fixed payments | $ | $ | $ | $ | |||||||||||||||||||
Variable payments | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | ( | ||||||||||||||||||||
Net periodic benefit cost (credit) | $ | ( | $ | $ | ( | $ | ( |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | ( | ||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | |||||||||||||||||||||||
Electric | |||||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Reconciliation and Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | ( | ( | |||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | ( | ||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ( | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 332 | $ | 387 | $ | 978 | $ | 818 | |||||||||||||||
Diluted Earnings per Common Share | $ | 1.61 | $ | 1.99 | $ | 4.74 | $ | 4.21 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment | |||||||||||||||||||||||
Electric | $ | 268 | $ | 363 | $ | 547 | $ | 750 | |||||||||||||||
Gas | (5) | (23) | 190 | 179 | |||||||||||||||||||
DTE Vantage | 56 | 26 | 109 | 68 | |||||||||||||||||||
Energy Trading | 65 | 56 | 234 | (80) | |||||||||||||||||||
Corporate and Other | (52) | (35) | (102) | (99) | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 332 | $ | 387 | $ | 978 | $ | 818 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Utility operations | $ | 1,623 | $ | 1,844 | $ | 4,324 | $ | 4,896 | |||||||||||||||
Non-utility operations | 3 | 3 | 10 | 11 | |||||||||||||||||||
1,626 | 1,847 | 4,334 | 4,907 | ||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel and purchased power — utility | 438 | 593 | 1,113 | 1,543 | |||||||||||||||||||
Operation and maintenance | 372 | 409 | 1,095 | 1,188 | |||||||||||||||||||
Depreciation and amortization | 337 | 307 | 989 | 909 | |||||||||||||||||||
Taxes other than income | 88 | 86 | 256 | 258 | |||||||||||||||||||
1,235 | 1,395 | 3,453 | 3,898 | ||||||||||||||||||||
Operating Income | 391 | 452 | 881 | 1,009 | |||||||||||||||||||
Other (Income) and Deductions | 104 | 84 | 279 | 248 | |||||||||||||||||||
Income Tax Expense | 19 | 5 | 55 | 11 | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 268 | $ | 363 | $ | 547 | $ | 750 | |||||||||||||||
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Power Supply Cost Recovery | $ | (89) | $ | (321) | |||||||
Weather | (105) | (222) | |||||||||
Base sales | (9) | (66) | |||||||||
Interconnection sales | (39) | (42) | |||||||||
COVID-19 voluntary refund amortization in 2022 | (9) | (25) | |||||||||
Regulatory mechanism - RPS | (14) | 11 | |||||||||
Implementation of new rates | 8 | 23 | |||||||||
Rate Mix | 26 | 50 | |||||||||
Other regulatory mechanisms and other(a) | 10 | 19 | |||||||||
$ | (221) | $ | (573) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands of MWh) | |||||||||||||||||||||||
DTE Electric Sales | |||||||||||||||||||||||
Residential | 4,292 | 4,803 | 11,070 | 12,393 | |||||||||||||||||||
Commercial | 4,433 | 4,541 | 12,163 | 12,501 | |||||||||||||||||||
Industrial | 2,202 | 2,271 | 6,477 | 6,464 | |||||||||||||||||||
Other | 46 | 48 | 146 | 151 | |||||||||||||||||||
10,973 | 11,663 | 29,856 | 31,509 | ||||||||||||||||||||
Interconnection sales | 2,314 | 1,766 | 5,229 | 3,551 | |||||||||||||||||||
Total DTE Electric Sales | 13,287 | 13,429 | 35,085 | 35,060 | |||||||||||||||||||
DTE Electric Deliveries | |||||||||||||||||||||||
Retail and wholesale | 10,973 | 11,663 | 29,856 | 31,509 | |||||||||||||||||||
Electric retail access, including self-generators(a) | 1,177 | 1,201 | 3,317 | 3,417 | |||||||||||||||||||
Total DTE Electric Sales and Deliveries | 12,150 | 12,864 | 33,173 | 34,926 |
Three Months | |||||
(In millions) | |||||
Purchased power - lower market prices, partially offset by higher purchase volumes | $ | (74) | |||
Gas - lower prices, partially offset by higher consumption | (62) | ||||
Coal - lower consumption, partially offset by higher prices | (13) | ||||
Nuclear fuel - lower amortization due to 2023 outage | (4) | ||||
Other | (2) | ||||
$ | (155) |
Nine Months | |||||
(In millions) | |||||
Purchased power - lower market prices and lower purchase volumes due to lower demand | $ | (319) | |||
Coal - lower consumption due to coal plant retirements, partially offset by higher prices | (84) | ||||
Gas - lower prices, partially offset by higher consumption primarily due to Blue Water Energy Center | (32) | ||||
Nuclear fuel - higher amortization due to refueling outage in 2022 | 17 | ||||
Other | (12) | ||||
$ | (430) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 227 | $ | 230 | $ | 1,245 | $ | 1,358 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Cost of gas — utility | 23 | 39 | 331 | 436 | |||||||||||||||||||
Operation and maintenance | 115 | 130 | 366 | 405 | |||||||||||||||||||
Depreciation and amortization | 51 | 47 | 153 | 140 | |||||||||||||||||||
Taxes other than income | 23 | 21 | 82 | 76 | |||||||||||||||||||
Asset (gains) losses and impairments, net | — | — | (1) | — | |||||||||||||||||||
212 | 237 | 931 | 1,057 | ||||||||||||||||||||
Operating Income (Loss) | 15 | (7) | 314 | 301 | |||||||||||||||||||
Other (Income) and Deductions | 23 | 22 | 64 | 65 | |||||||||||||||||||
Income Tax Expense (Benefit) | (3) | (6) | 60 | 57 | |||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | (5) | $ | (23) | $ | 190 | $ | 179 |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Gas Cost Recovery | $ | (16) | $ | (105) | |||||||
Weather | (2) | (64) | |||||||||
Voluntary refund | 2 | 4 | |||||||||
Regulatory mechanism - EWR | 2 | 5 | |||||||||
Base sales | 1 | 8 | |||||||||
Infrastructure recovery mechanism | 10 | 29 | |||||||||
Other | — | 10 | |||||||||
$ | (3) | $ | (113) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In Bcf) | |||||||||||||||||||||||
Gas Markets | |||||||||||||||||||||||
Gas sales | 8 | 8 | 89 | 100 | |||||||||||||||||||
End-user transportation | 40 | 33 | 129 | 124 | |||||||||||||||||||
48 | 41 | 218 | 224 | ||||||||||||||||||||
Intermediate transportation | 121 | 125 | 401 | 404 | |||||||||||||||||||
Total Gas sales | 169 | 166 | 619 | 628 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 199 | $ | 227 | $ | 572 | $ | 626 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel, purchased power, and gas — non-utility | 98 | 124 | 288 | 317 | |||||||||||||||||||
Operation and maintenance | 50 | 64 | 171 | 194 | |||||||||||||||||||
Depreciation and amortization | 14 | 13 | 39 | 39 | |||||||||||||||||||
Taxes other than income | 2 | 3 | 7 | 8 | |||||||||||||||||||
Asset (gains) losses and impairments, net | (12) | 1 | (9) | (4) | |||||||||||||||||||
152 | 205 | 496 | 554 | ||||||||||||||||||||
Operating Income | 47 | 22 | 76 | 72 | |||||||||||||||||||
Other (Income) and Deductions | (7) | (9) | (25) | (10) | |||||||||||||||||||
Income Taxes | |||||||||||||||||||||||
Expense | 15 | 8 | 28 | 20 | |||||||||||||||||||
Tax credits | (17) | (3) | (36) | (6) | |||||||||||||||||||
(2) | 5 | (8) | 14 | ||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 56 | $ | 26 | $ | 109 | $ | 68 |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Lower demand and prices in the On-site business | $ | (16) | $ | (34) | |||||||
Sales and prices in the Renewables business | 2 | (24) | |||||||||
Sale of project in the On-site business | (10) | (20) | |||||||||
Demand and prices in the Steel business | (5) | 24 | |||||||||
Other | 1 | — | |||||||||
$ | (28) | $ | (54) |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Lower demand and prices in the On-site business | $ | (13) | $ | (31) | |||||||
Sale of project in the On-site business | (4) | (6) | |||||||||
Demand and prices in the Steel business | (12) | 7 | |||||||||
Other | 3 | 1 | |||||||||
$ | (26) | $ | (29) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 893 | $ | 3,024 | $ | 3,365 | $ | 8,059 | |||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Purchased power, gas, and other — non-utility | 780 | 2,928 | 2,975 | 8,087 | |||||||||||||||||||
Operation and maintenance | 23 | 16 | 62 | 51 | |||||||||||||||||||
Depreciation and amortization | 2 | 2 | 4 | 4 | |||||||||||||||||||
Taxes other than income | — | 1 | 4 | 6 | |||||||||||||||||||
805 | 2,947 | 3,045 | 8,148 | ||||||||||||||||||||
Operating Income (Loss) | 88 | 77 | 320 | (89) | |||||||||||||||||||
Other (Income) and Deductions | 1 | 3 | 8 | 18 | |||||||||||||||||||
Income Tax Expense (Benefit) | 22 | 18 | 78 | (27) | |||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 65 | $ | 56 | $ | 234 | $ | (80) |
Three Months | |||||
(In millions) | |||||
Gas structured and gas transportation strategies - ($2,025) primarily due to lower gas prices, ($84) settled financial hedges | $ | (2,109) | |||
Unrealized MTM - $21 gains compared to ($40) losses in the prior period | 61 | ||||
Other realized gain (loss) | (83) | ||||
$ | (2,131) |
Nine Months | |||||
(In millions) | |||||
Gas structured and gas transportation strategies - ($4,651) primarily due to lower gas prices, ($100) settled financial hedges | $ | (4,751) | |||
Unrealized MTM - $105 gains compared to ($143) losses in the prior period | 248 | ||||
Other realized gain (loss) | (191) | ||||
$ | (4,694) |
Three Months | |||||
(In millions) | |||||
Gas structured and gas transportation strategies - primarily lower gas prices | $ | (2,085) | |||
Unrealized MTM - ($36) gains compared to ($107) gains in the prior period | 71 | ||||
Other realized (gain) loss | (134) | ||||
$ | (2,148) |
Nine Months | |||||
(In millions) | |||||
Gas structured and gas transportation strategies - primarily lower gas prices | $ | (4,743) | |||
Unrealized MTM - ($119) gains compared to ($7) gains in the prior period | (112) | ||||
Other realized (gain) loss | (257) | ||||
$ | (5,112) |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | $ | 43 | $ | 35 | |||||||
Net cash from operating activities | 2,375 | 1,412 | |||||||||
Net cash used for investing activities | (2,941) | (2,453) | |||||||||
Net cash from financing activities | 589 | 1,057 | |||||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 23 | 16 | |||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 66 | $ | 51 |
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 |
DTE Energy | |||||
(In millions) | |||||
MTM at December 31, 2022 | $ | (224) | |||
Reclassified to realized upon settlement | (14) | ||||
Changes in fair value recorded to income | 234 | ||||
Amounts recorded to unrealized income | 220 | ||||
Changes in fair value recorded in Regulatory liabilities | 3 | ||||
Amounts recorded in other comprehensive income, pre-tax | 22 | ||||
Change in collateral | (11) | ||||
MTM at September 30, 2023 | $ | 10 |
Source of Fair Value | 2023 | 2024 | 2025 | 2026 and Beyond | Total Fair Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Level 1 | $ | — | $ | 11 | $ | 7 | $ | (2) | $ | 16 | ||||||||||||||||||||||
Level 2 | 13 | (1) | — | (17) | (5) | |||||||||||||||||||||||||||
Level 3 | 5 | 37 | 4 | (59) | (13) | |||||||||||||||||||||||||||
MTM before collateral adjustments | $ | 18 | $ | 47 | $ | 11 | $ | (78) | (2) | |||||||||||||||||||||||
Collateral adjustments | 12 | |||||||||||||||||||||||||||||||
MTM at September 30, 2023 | $ | 10 |
Credit Exposure Before Cash Collateral | Cash Collateral | Net Credit Exposure | |||||||||||||||
(In millions) | |||||||||||||||||
Investment Grade(a) | |||||||||||||||||
A- and Greater | $ | 366 | $ | — | $ | 366 | |||||||||||
BBB+ and BBB | 331 | (3) | 328 | ||||||||||||||
BBB- | 13 | — | 13 | ||||||||||||||
Total Investment Grade | 710 | (3) | 707 | ||||||||||||||
Non-investment grade(b) | 7 | — | 7 | ||||||||||||||
Internally Rated — investment grade(c) | 350 | — | 350 | ||||||||||||||
Internally Rated — non-investment grade(d) | 11 | — | 11 | ||||||||||||||
Total | $ | 1,078 | $ | (3) | $ | 1,075 |
Assuming a 10% Increase in Prices/Rates | Assuming a 10% Decrease in Prices/Rates | |||||||||||||||||||||||||||||||
As of September 30, | As of September 30, | |||||||||||||||||||||||||||||||
Activity | 2023 | 2022 | 2023 | 2022 | Change in the Fair Value of | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Environmental contracts | $ | (7) | $ | (8) | $ | 7 | $ | 8 | Commodity contracts | |||||||||||||||||||||||
Gas contracts | $ | 35 | $ | 19 | $ | (35) | $ | (19) | Commodity contracts | |||||||||||||||||||||||
Power contracts | $ | 3 | $ | 13 | $ | (4) | $ | (13) | Commodity contracts | |||||||||||||||||||||||
Oil contracts | $ | 1 | $ | 2 | $ | (1) | $ | (2) | Commodity contracts | |||||||||||||||||||||||
Interest rate risk — DTE Energy | $ | (717) | $ | (667) | $ | 776 | $ | 718 | Long-term debt | |||||||||||||||||||||||
Interest rate risk — DTE Electric | $ | (477) | $ | (426) | $ | 524 | $ | 466 | Long-term debt | |||||||||||||||||||||||
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||||||||
07/01/2023 — 07/31/2023 | 5,408 | $ | 111.60 | — | — | — | ||||||||||||||||||||||||||
08/01/2023 — 08/31/2023 | 3,353 | $ | 112.29 | — | — | — | ||||||||||||||||||||||||||
09/01/2023 — 09/30/2023 | 800 | $ | 108.15 | — | — | — | ||||||||||||||||||||||||||
Total | 9,561 | — |
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
(i) Exhibits filed herewith: | ||||||||||||||||||||
Fifty-fourth Supplemental Indenture dated as of October 1, 2023, to Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944, between DTE Gas Company and Citibank N.A., trustee (2023 Series E and F) | X | |||||||||||||||||||
Form of Amendment No. 1, dated as of October 25, 2023, to the Fifth Amended and Restated Five-Year Credit Agreement, dated as of October 25, 2022, by and among DTE Energy Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent | X | |||||||||||||||||||
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
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: | ||||||||||||||||||||
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
(iii) Exhibits incorporated by reference: | ||||||||||||||||||||
Securitization Property Servicing Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Servicer, dated as of November 1, 2023 (Exhibit 10.1 to DTE Electric’s Form 8-K filed November 1, 2023) | X | |||||||||||||||||||
Securitization Property Purchase and Sale Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Seller, dated as of November 1, 2023 (Exhibit 10.2 to DTE Electric’s Form 8-K filed November 1, 2023) | X | |||||||||||||||||||
Administration Agreement between DTE Electric Securitization Funding II LLC and DTE Electric Company, as Administrator, dated as of November 1, 2023 (Exhibit 10.3 to DTE Electric’s Form 8-K filed November 1, 2023) | X | |||||||||||||||||||
Intercreditor Agreement by and among DTE Electric Company, DTE Electric Securitization Funding I LLC, DTE Electric Securitization Funding II LLC, The Bank of New York Mellon and U.S. Bank Trust Company, National Association, dated as of November 1, 2023 (Exhibit 10.4 to DTE Electric's Form 8-K filed November 1, 2023) | X |
Date: | November 1, 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) |
PAGE | |||||
6 | |||||
18 | |||||
28 | |||||
30 | |||||
31 |
Designation of Series | Amount Initially Issued | Amount Outstanding | |||||||||
First Mortgage Bonds | |||||||||||
2012 Series D First Mortgage Bonds | $70,000,000 | $70,000,000 | |||||||||
2013 Series C First Mortgage Bonds | $50,000,000 | $50,000,000 | |||||||||
2013 Series D First Mortgage Bonds | $70,000,000 | $70,000,000 | |||||||||
2013 Series E First Mortgage Bonds | $50,000,000 | $50,000,000 | |||||||||
2014 Series F First Mortgage Bonds | $150,000,000 | $150,000,000 | |||||||||
2015 Series C First Mortgage Bonds | $40,000,000 | $40,000,000 | |||||||||
2015 Series D First Mortgage Bonds | $125,000,000 | $125,000,000 | |||||||||
2016 Series G First Mortgage Bonds | $125,000,000 | $125,000,000 | |||||||||
2017 Series C First Mortgage Bonds | $40,000,000 | $40,000,000 | |||||||||
2017 Series D First Mortgage Bonds | $40,000,000 | $40,000,000 | |||||||||
2018 Series B First Mortgage Bonds | $195,000,000 | $195,000,000 | |||||||||
2018 Series C First Mortgage Bonds | $125,000,000 | $125,000,000 | |||||||||
2019 Series D First Mortgage Bonds | $140,000,000 | $140,000,000 | |||||||||
2019 Series E First Mortgage Bonds | $140,000,000 | $140,000,000 | |||||||||
2020 Series D First Mortgage Bonds | $125,000,000 | $125,000,000 | |||||||||
2020 Series E First Mortgage Bonds | $125,000,000 | $125,000,000 | |||||||||
2021 Series C First Mortgage Bonds | $60,000,000 | $60,000,000 | |||||||||
2021 Series D First Mortgage Bonds | $95,000,000 | $95,000,000 | |||||||||
2022 Series C First Mortgage Bonds | $130,000,000 | $130,000,000 | |||||||||
2022 Series D First Mortgage Bonds | $130,000,000 | $130,000,000 | |||||||||
Collateral Bonds | |||||||||||
(Senior Notes) | |||||||||||
5.70% Collateral Bonds due 2033 | $200,000,000 | $200,000,000 | |||||||||
2008 Series F Collateral Bonds | $75,000,000 | $75,000,000 |
DTE GAS COMPANY | ||||||||||||||
By:______________________________ | ||||||||||||||
Attest: | ||||||||||||||
By:______________________________ | ||||||||||||||
CITIBANK, N.A., as Trustee | ||||||||||||||
By:______________________________ | ||||||||||||||
Authorized Officer |
DTE GAS COMPANY | ||||||||||||||
By:______________________________ | ||||||||||||||
Attest: | ||||||||||||||
By:______________________________ |
CITIBANK, N.A., as Trustee | ||||||||||||||
By:______________________________ | ||||||||||||||
Authorized Officer |
COUNTY | DATE Recorded | Liber/ Instrument no. | Page | ||||||||
Alcona County Register of Deeds | 10/06/2022 | 202200003491 | |||||||||
Alger County Register of Deeds | 10/05/2022 | 202202102 | -- | ||||||||
Alpena County Register of Deeds | 10/06/2022 | 549 | 913 | ||||||||
Antrim County Register of Deeds | 10/06/2022 | 202200007976 | -- | ||||||||
Arenac County Register of Deeds | 10/05/2022 | 202203432 | -- | ||||||||
Barry County Register of Deeds | 10/11/2022 | 2022-010473 | -- | ||||||||
Benzie County Register of Deeds | 10/06/2022 | 2022R-04172 | -- | ||||||||
Charlevoix County Register of Deeds | 10/06/2022 | 1361 | 188 | ||||||||
Cheboygan County Register of Deeds | 10/06/2022 | 1494 | 862 | ||||||||
Chippewa County Register of Deeds | 10/06/2022 | 1377 | 436 | ||||||||
Clare County Register of Deeds | 10/06/2022 | 1536 | 727 | ||||||||
Clinton County Register of Deeds | 10/06/2022 | 5329725 | -- | ||||||||
Crawford County Register of Deeds | 10/06/2022 | 785 | 651 | ||||||||
Delta County Register of Deeds | 10/06/2022 | 1352 | 77 | ||||||||
Dickinson County Register of Deeds | 10/06/2022 | 983 | 20 | ||||||||
Emmet County Register of Deeds | 10/06/2022 | 1247 | 661 | ||||||||
Gladwin County Register of Deeds | 10/06/2022 | 1253 | 809 |
COUNTY | DATE Recorded | Liber/ Instrument no. | Page | ||||||||
Grand Traverse County Register of Deeds | 10/06/2022 | 2022R-16138 | -- | ||||||||
Gratiot County Register of Deeds | 10/06/2022 | 01110 | 00700-00734 | ||||||||
Ionia County Register of Deeds | 10/06/2022 | 0672 | 7701 | ||||||||
Iosco County Register of Deeds | 10/06/2022 | 2022006020 | -- | ||||||||
Iron County Register of Deeds | 10/06/2022 | 816 | 426 | ||||||||
Isabella County Register of Deeds | 10/06/2022 | 1897 | 4568 | ||||||||
Jackson County Register of Deeds | 10/06/2022 | 2219 | 0853 | ||||||||
Kalkaska County Register of Deeds | 10/06/2022 | 3165097 | -- | ||||||||
Kent County Register of Deeds | 10/06/2022 | 202210060077791 | -- | ||||||||
Lake County Register of Deeds | 10/06/2022 | 441 | 709 | ||||||||
Leelanau County Register of Deeds | 10/06/2022 | 2022005706 | -- | ||||||||
Lenawee County Register of Deeds | 10/06/2022 | 2646 | 0008 | ||||||||
Livingston County Register of Deeds | 10/06/2022 | 2022R-026503 | -- | ||||||||
Macomb County Register of Deeds | 10/06/2022 | 28845 | 949 | ||||||||
Manistee County Register of Deeds | 10/06/2022 | 2022R005639 | -- | ||||||||
Marquette County Register of Deeds | 10/06/2022 | 2022R-09883 | -- | ||||||||
Mason County Register of Deeds | 10/06/2022 | 2022R06167 | -- | ||||||||
Mecosta County Register of Deeds | 10/06/2022 | 921 | 908 | ||||||||
Menominee County Register of Deeds | 10/07/2022 | 905 | 1 | ||||||||
Missaukee County Register of Deeds | 10/06/2022 | 2022-03180 | -- | ||||||||
Monroe County Register of Deeds | 10/07/2022 | 2022R19596 | -- | ||||||||
Montcalm County Register of Deeds | 10/06/2022 | 2022R-11642 | -- | ||||||||
Montmorency County Register of Deeds | 10/06/2022 | 408 | 166 | ||||||||
Muskegon County Register of Deeds | 10/06/2022 | 4312 | 177 | ||||||||
Newaygo County Register of Deeds | 10/07/2022 | 490 | 4828 | ||||||||
Oakland County Register of Deeds | 10/10/2022 | 58176 | 820 | ||||||||
Oceana County Register of Deeds | 10/06/2022 | 2022 | 20757 | ||||||||
Ogemaw County Register of Deeds | 10/06/2022 | 3177693 | -- | ||||||||
Osceola County Register of Deeds | 10/06/2022 | 1033 | 75 |
COUNTY | DATE Recorded | Liber/ Instrument no. | Page | ||||||||
Oscoda County Register of Deeds | 10/06/2022 | 222-02640 | -- | ||||||||
Otsego County Register of Deeds | 10/06/2022 | 1615 | 384 | ||||||||
Ottawa County Register of Deeds | 10/06/2022 | 2022-0035144 | -- | ||||||||
Presque Isle County Register of Deeds | 10/07/2022 | 00676 | 00893-00927 | ||||||||
Roscommon County Register of Deeds | 10/07/2022 | 1182 | 1434 | ||||||||
St. Clair County Register of Deeds | 10/06/2022 | 5567 | 834 | ||||||||
Saginaw County Register of Deeds | 10/06/2022 | 2022026503 | -- | ||||||||
Shiawassee County Register of Deeds | 10/11/2022 | 1301 | 180 | ||||||||
Washtenaw County Register of Deeds | 10/06/2022 | 5499 | 595 | ||||||||
Wayne County Register of Deeds | 10/06/2022 | 57894 | 432 | ||||||||
Wexford County Register of Deeds | 10/06/2022 | 694 | 59 |
DTE GAS COMPANY | ||||||||
By: /s/Timothy Lepczyk | ||||||||
Timothy Lepczyk | ||||||||
Assistant Treasurer | ||||||||
Signed, sealed, acknowledged and | ||||||||
delivered by DTE GAS COMPANY in the presence of: | ||||||||
/s/Daniel Richards | ||||||||
Daniel Richards | ||||||||
/s/Choi Portis | ||||||||
Choi Portis |
State of Michigan | } | |||||||
} | ss. | |||||||
County of Wayne | } |
/s/Julia Moskwa | Julia Moskwa | |||||||
Julia N. Moskwa | Notary Public of Michigan | |||||||
Notary Public, Oakland County, MI | Oakland County | |||||||
Acting in Wayne County, MI | Expires 08/02/2026 | |||||||
My Commission Expires: August 2, 2026 | Acting in the County of Wayne |
Citibank, N.A., as Trustee | ||||||||
By: /s/Keri-anne Marshall | ||||||||
Name: Keri-anne Marshall | ||||||||
Its: Senior Trust Officer | ||||||||
Signed, sealed, acknowledged and | ||||||||
delivered by CITIBANK, N.A. | ||||||||
in the presence of: | ||||||||
/s/Eva Waite | ||||||||
Name: Eva Waite | ||||||||
/s/Nerlie Delly | ||||||||
Name: Nerlie Delly | ||||||||
State of New York | } | |||||||
} | ss. | |||||||
County of New York | } |
/s/Peter J. Lopez | ||||||||
Peter J. Lopez | ||||||||
Notary Public, State of New York | ||||||||
No. 01LO6117957 | ||||||||
Qualified in Suffolk County | ||||||||
Acting in New York County, NY | ||||||||
Certificate Filed in New York County | ||||||||
Commission Expires: 11/1/2024 |
DTE ENERGY COMPANY, as the | ||||||||
Borrower | ||||||||
By: __________________________ | ||||||||
Name: | ||||||||
Title: |
CITIBANK, N.A., as Administrative Agent | ||||||||
and as a Lender | ||||||||
By: _______________________________ | ||||||||
Name: | ||||||||
Title: |
[_________________], as a Lender | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
/S/ GERARDO NORCIA | Date: | November 1, 2023 | ||||||
Gerardo Norcia Chairman and Chief Executive Officer of DTE Energy Company |
/S/ DAVID RUUD | Date: | November 1, 2023 | ||||||
David Ruud Executive Vice President and Chief Financial Officer of DTE Energy Company |
/S/ GERARDO NORCIA | Date: | November 1, 2023 | ||||||
Gerardo Norcia Chief Executive Officer of DTE Electric Company |
/S/ DAVID RUUD | Date: | November 1, 2023 | ||||||
David Ruud Executive Vice President and Chief Financial Officer of DTE Electric Company |
Date: | November 1, 2023 | /S/ GERARDO NORCIA | |||||||||
Gerardo Norcia Chairman and Chief Executive Officer of DTE Energy Company |
Date: | November 1, 2023 | /S/ DAVID RUUD | |||||||||
David Ruud Executive Vice President and Chief Financial Officer of DTE Energy Company |
Date: | November 1, 2023 | /S/ GERARDO NORCIA | |||||||||
Gerardo Norcia Chief Executive Officer of DTE Electric Company |
Date: | November 1, 2023 | /S/ DAVID RUUD | |||||||||
David Ruud Executive Vice President and Chief Financial Officer of DTE Electric Company |
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 332 | $ 387 | $ 978 | $ 818 |
Other comprehensive income (loss), net of tax: | ||||
Benefit obligations, net of taxes of $—, $—, $1, and $2, respectively | 1 | 2 | 2 | 7 |
Net unrealized gains on derivatives, net of taxes of $4, $1, $5, and $2, respectively | 15 | 4 | 17 | 7 |
Foreign currency translation | (3) | 0 | (1) | 0 |
Other comprehensive income | 13 | 6 | 18 | 14 |
Comprehensive Income | $ 345 | $ 393 | $ 996 | $ 832 |
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Tax effect on benefit obligations | $ 0 | $ 0 | $ 1 | $ 2 |
Tax effect on net unrealized losses on derivatives during the period | $ 4 | $ 1 | $ 5 | $ 2 |
Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current Assets | ||
Allowance for doubtful accounts | $ 76 | $ 79 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 206,258,727 | 205,632,393 |
Common stock, shares outstanding (in shares) | 206,258,727 | 205,632,393 |
Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 1.91 | $ 0.95 | $ 1.77 | $ 0.89 |
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Electric Company - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net Income | $ 332 | $ 387 | $ 978 | $ 818 |
Other comprehensive income | 13 | 6 | 18 | 14 |
Comprehensive Income | 345 | 393 | 996 | 832 |
DTE Electric | ||||
Net Income | 269 | 363 | 548 | 750 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive Income | $ 269 | $ 363 | $ 548 | $ 750 |
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current Assets | ||
Allowance for doubtful accounts | $ 76 | $ 79 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 206,258,727 | 205,632,393 |
Common stock, shares outstanding (in shares) | 206,258,727 | 205,632,393 |
DTE Electric | ||
Current Assets | ||
Allowance for doubtful accounts | $ 46 | $ 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 |
Organization and Basis of Presentation |
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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 September 30, 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 September 30, 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 table below summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 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. Assets and liabilities of the VIEs are presented in aggregate due to the similar nature of the entities, except for DTE Electric amounts that reflect DTE Securitization and are separately stated. 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. During the third quarter 2023, a consolidated VIE of DTE Vantage entered into a contract that restricts certain assets of the VIE to be used only to settle the VIE's obligations. As a result, the assets and liabilities of the VIE, which primarily include receivables and payables recognized in 2023, no longer meet the exclusion criteria above. Accordingly, these assets and liabilities have been added to the DTE Energy amounts in the table below. Amounts for the Registrants' consolidated VIEs are as follows:
_______________________________________ (a)DTE Electric amounts reflect DTE Securitization. (b)Includes $40 million and $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended September 30, 2023 and December 31, 2022, respectively. Amounts for DTE Energy's non-consolidated VIEs are as follows:
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Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Other Income The following is a summary of DTE Energy's Other income:
_______________________________________ (a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income:
_______________________________________ (a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations. Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments, 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 and nine months ended September 30, 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 summarize how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:
DTE Electric had income tax receivables with DTE Energy of $7 million at September 30, 2023, primarily related to federal taxes, and $1 million at December 31, 2022, primarily related to state taxes, which are included in Accounts Receivable — Affiliates on the DTE Electric Consolidated Statements of Financial Position. During the second quarter 2023, DTE Energy and DTE Electric unrecognized tax benefits decreased by $10 million and $13 million, respectively, as a result of an audit settlement related to state exposures. Recognition of these state tax benefits, net of federal benefit, resulted in a reduction of $8 million and $10 million to Income Tax Expense on the respective DTE Energy and DTE Electric Consolidated Statements of Operations for the nine months ended September 30, 2023. During the third quarter 2023, DTE Energy unrecognized tax benefits decreased by an additional $5 million due to recognition of a federal tax claim. Recognition of this federal tax benefit resulted in a $5 million reduction to Income Tax Expense on the DTE Energy Consolidated Statements of Operations for the three and nine months ended September 30, 2023. As of September 30, 2023, DTE Energy and DTE Electric have no remaining unrecognized tax benefits. As of December 31, 2022, DTE Energy and DTE Electric had $5 million and $8 million of accrued interest pertaining to income taxes, respectively, included in Accrued Interest on the Consolidated Statements of Financial Position. As a result of the state tax audit settlement noted above, the Registrants have no remaining accrued interest pertaining to income taxes. Unrecognized Compensation Costs As of September 30, 2023, DTE Energy had $77 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 1.4 years. Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $7 million and $9 million for the three months ended September 30, 2023 and 2022, respectively, while such allocation was $27 million and $30 million for the nine months ended September 30, 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 September 30, 2023.
_______________________________________ (a)For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other. 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. The Registrants establish an allowance for credit loss for principal and interest amounts due that are estimated to be uncollectible 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. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. If amounts are no longer probable of collection, the Registrants may consider the note receivable impaired, adjust the allowance, and cease accruing interest (nonaccrual status). 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:
Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows:
There are no material amounts of past due financing receivables for the Registrants as of September 30, 2023.
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New Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 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 |
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Revenue | REVENUE Disaggregation of Revenue The following is a summary of revenues disaggregated by segment for DTE Energy:
_______________________________________ (a)Revenues generally represent those of DTE Electric, except $3 million of Other revenues related to DTE Sustainable Generation for both the three months ended September 30, 2023 and 2022, and $10 million and $11 million for the nine months ended September 30, 2023 and 2022, respectively. (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:
Deferred Revenue The following is a summary of deferred revenue activity:
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:
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:
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Regulatory Matters |
9 Months Ended |
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Sep. 30, 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 requested the regulatory asset for their respective 49% and 51% shares of these costs, to be offset by any potential litigation proceeds. The parties also requested that appropriate recovery and ratemaking treatment be granted in a future rate case or other proceeding. In May 2023, the MPSC approved the accounting application as requested. Costs incurred and deferred as regulatory assets will be reviewed in future rate proceedings for cost recovery. 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 requested recovery of these qualifying costs from DTE Electric's customers. The MPSC issued a financing order on June 22, 2023 authorizing DTE Electric to proceed with the issuance of Securitization bonds for qualified costs up to $602 million, increased for the inclusion of deferred income taxes. These costs include up to $594 million for the net book value of the St. Clair and Trenton Channel plants and up to $8 million for other qualified costs. The financing order further authorized customer charges for the timely recovery of debt service costs on the Securitization bonds and other ongoing qualified costs. On November 1, 2023, DTE Electric closed on the issuance of Securitization bonds of $602 million, including two separate tranches of $301 million. Refer to Note 9 to the Consolidated Financial Statements, "Long-Term Debt," for additional information regarding the terms of the bonds and use of proceeds. For the fourth quarter, DTE Electric will reclassify $594 million of Regulatory assets to Securitized regulatory assets for the net book value of the St. Clair and Trenton Channel plants. Debt service costs for the first tranche will be recovered over a period not to exceed 10 years and costs for the second tranche will be recovered over a period not to exceed 15 years. Integrated Resource Plan In November 2022, DTE Electric filed an Integrated Resource Plan (IRP) with the MPSC, a comprehensive plan to meet the electricity needs of customers over the next 20 years. The IRP included details on planned coal plant retirements and replacement generation, including investments in renewables and battery storage, with a focus on providing increasingly clean, reliable, and affordable electricity to customers. On July 12, 2023, DTE Energy announced that DTE Electric reached a settlement agreement with the various stakeholders involved in the IRP. The MPSC issued an order approving the settlement agreement on July 26, 2023. The agreement confirmed DTE Electric's plans to convert its Belle River facility from a coal-fired power plant to a natural gas peaking resource in 2025-2026, and to retire the Monroe power plant generation units 3 and 4 in 2028. DTE Electric also accelerated its planned retirement of Monroe generation units 1 and 2 from 2035 to 2032. The settlement agreement approved the recovery of undepreciated plant costs that will be retired at Belle River and Monroe. As a result, approximately $2.7 billion of net Property, plant, and equipment was reclassified to a long-term regulatory asset during the third quarter 2023. Future capital expenditures will also be recovered, and the regulatory asset will be remeasured each reporting period for changes in expenditures, retirements, and depreciation. DTE Electric will securitize $1.05 billion of the plant costs, including approximately $200 million for the estimated net book value of Belle River coal handling assets to be retired in 2025-2026. The remaining $845 million reflects the net book value of Monroe assets to be securitized upon the full retirement of the plant in 2032. Securitization will include the issuance of bonds for the respective plant costs and customer charges for the timely recovery of debt service costs. DTE Electric plans to reclassify amounts to Securitized regulatory assets upon completing the respective securitization financings. Terms of the securitization bonds and recovery periods for the debt service costs will also be determined at that time. For the remaining net book value of Monroe plant assets, approximately $1.6 billion will be recovered through a regulatory asset with a return on equity of 9.0% and will be amortized over a 15-year period. Amortization will begin upon the issuance of an order in DTE Electric's next rate case, which is currently expected in early 2025. Until then, amounts will continue to be depreciated. Pursuant to the IRP settlement agreement, DTE Electric has also committed to donate a total of $38 million, including $2 million each year from 2024 to 2027 to organizations providing various energy support to low-income customers. The remaining $30 million of donations will be made to organizations providing customers with bill assistance. The $30 million of donations may be made in varying annual amounts over the 15-year period of the Monroe regulatory asset discussed above, with a minimum amount of $1 million each year beginning in 2028. Organizations receiving donations will be determined at a later date in consultation with Michigan's Attorney General and MPSC staff, among others. Donations will not be recovered in rates and will be recorded as Other Expenses on the Consolidated Statements of Operations in future periods as the donations occur.
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Earnings Per Share |
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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:
_______________________________________ (a)Equity units excluded from the calculation of diluted EPS were approximately 10.1 million and 10.2 million for the three and nine months ended September 30, 2022, respectively, as the dilutive stock price threshold was not met. The equity units were settled in November 2022 resulting in the issuance of common stock.
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Fair Value |
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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 September 30, 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:
_______________________________________ (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 $25 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements. (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:
_______________________________________ (a)Amounts represent assets valued at NAV as a practical expedient for fair value. (b)Cash equivalents of $23 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 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 $158 million and $177 million as of September 30, 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 tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
_______________________________________ (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.
_______________________________________ (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:
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 and nine months ended months ended September 30, 2023 and 2022. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
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:
_______________________________________ (a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b)Included in Current Liabilities — Other and Other 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:
_______________________________________ (a)Included in Current Assets — Other and Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric'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. 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:
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:
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:
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
Fixed income securities held in nuclear decommissioning trust funds include $91 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At September 30, 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 is comprised primarily of trading securities recorded at fair value, as well as debt securities classified as held-to-maturity and recorded at amortized cost. The trust was established to fund certain non-qualified pension benefits, and therefore changes in market value of the trading securities and interest on the held-to-maturity securities 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 trading securities were immaterial for the three and nine months ended September 30, 2023 and 2022.
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Financial and Other Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial and Other Derivative Instruments | FINANCIAL AND OTHER DERIVATIVE INSTRUMENTSThe 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 September 30, 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:
The fair value of derivative instruments at DTE Electric was $10 million and $11 million at September 30, 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 $1 million of letters of credit issued and outstanding at September 30, 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 $18 million and $82 million at September 30, 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:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
_______________________________________ (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:
The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:
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 September 30, 2023:
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 September 30, 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 $437 million. As of September 30, 2023, DTE Energy had $761 million of derivatives in net liability positions, for which hard triggers exist. There is $12 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 $632 million. The net remaining amount of $117 million is derived from the $437 million noted above.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Debt Issuances Refer to the table below for debt issued through September 30, 2023:
_______________________________________ (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. (c)Proceeds used for the repayment of amounts outstanding under the term loan facility. (d)Tax-exempt revenue bonds are issued by a public body that loans the proceeds to DTE Electric with terms substantially mirroring the revenue bonds. Proceeds were used to finance costs relating to solid waste disposal facilities at the Monroe and St. Clair power plants. The bonds will be subject to mandatory tender in June 2030. 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 exceeded one year. Through the first quarter 2023, DTE Energy had drawn $1.0 billion on the term loan, bearing interest at SOFR plus 0.90% per annum. These borrowings were repaid in May and June 2023, as noted in the debt redemptions table below. Unused term loan capacity of $125 million terminated in June 2023 per the terms of the credit agreement. In October 2023, DTE Gas issued $150 million of 5.57% First Mortgage Bonds due October 1, 2030 and $145 million of 5.73% First Mortgage Bonds due October 1, 2035 to a group of institutional investors in a private placement transaction. Proceeds have been used for the repayment of short-term borrowings and for general corporate purposes, including capital expenditures. In November 2023, DTE Electric issued Securitization bonds of $602 million, including two separate tranches of $301 million. The first tranche was issued with an interest rate of 5.97% and a final maturity date of March 1, 2033. Principal payments will be due semi-annually beginning September 2024, with the final payment scheduled for March 2032. The second tranche was issued with an interest rate of 6.09% and a final maturity date of September 1, 2038. Payments will be due semi-annually beginning March 2032, with the final payment scheduled for September 2037. The Securitization bonds were issued in alignment with Green Bond principles to support the closure and recovery of St. Clair and Trenton Channel generation plants and DTE Electric's transition to cleaner energy. Proceeds from the bonds were used to reimburse DTE Electric for qualified costs incurred for the net book value of the St. Clair and Trenton Channel plants and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly in the fourth quarter 2023, DTE Electric plans to use proceeds of approximately $300 million towards the retirement of debt and approximately $300 million to issue a special dividend to DTE Energy. Refer to Note 5 to the Consolidated Financial Statements, "Regulatory Matters," for additional information. Debt Redemptions Refer to the table below for debt redeemed through September 30, 2023:
In October 2023, DTE Electric redeemed at maturity its $100 million 2005 Series C 5.19% Senior Notes.
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Short-Term Credit Arrangements and Borrowings |
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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. Letters of credit of up to $500 million may also be issued under the DTE Energy revolver. DTE Energy and DTE Electric also have other facilities to support letter of credit issuance and increase liquidity. 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 September 30, 2023, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.64 to 1, 0.54 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant. During May 2023, DTE Energy paid the amount outstanding and terminated its unsecured Canadian revolving credit facility. In June 2023, DTE Energy entered into a new $100 million uncommitted letter of credit facility, with availability to either DTE Energy or DTE Electric. In July 2023, DTE Energy entered into an additional $50 million uncommitted letter of credit facility. DTE Energy has also amended the terms of several other letter of credit facilities during 2023, including capacities and maturity dates. The availability under these facilities as of September 30, 2023 is shown in the following table:
_______________________________________ (a)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (b)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility. 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 September 30, 2023, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $139 million and $166 million at September 30, 2023 and December 31, 2022, respectively, and were fully offset by posted collateral.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES Lessor Interest income recognized under finance leases was $6 million for both the three months ended September 30, 2023 and 2022, and $20 million and $17 million for the nine months ended September 30, 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:
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Leases | LEASES Lessor Interest income recognized under finance leases was $6 million for both the three months ended September 30, 2023 and 2022, and $20 million and $17 million for the nine months ended September 30, 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:
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Commitments and Contingencies |
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Sep. 30, 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 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 State Implementation Plan (SIP). On May 19, 2023, the EPA posted in the Federal Register the redesignation of attainment of the ozone standard for the seven-county Southeast Michigan region. DTE Electric does not expect a significant financial impact related to the ozone NAAQS at this time, pending finalization of the state rules and implementation plans. In May 2023, the EPA proposed new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. DTE Electric provided individual comments on the proposal and also worked with industry partners on a broader set of comments. The financial impact cannot be estimated until a final rule is issued, which is currently expected in early 2024. 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 September 30, 2023 and December 31, 2022, DTE Electric had $9 million and $10 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 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 provided comments on April 10, 2023, in response to the proposed decision. DTE Electric has since implemented projects at the Belle River power plant to cease receipt of waste within any unlined CCR surface impoundments. Therefore, on September 21, 2023, DTE Electric withdrew the Part B applications for the Belle River power plant, leaving only the part B application for the Monroe power plant fly ash basin pending final review of the EPA. If the EPA's final decision remains unchanged, DTE Electric does not expect the denied application to have a significant operational or financial impact; however, DTE Electric is continuing to review and analyze potential outcomes of this matter. On May 18, 2023, the EPA posted in the Federal Register a proposed rule to regulate legacy CCR surface impoundments and CCR management units. The rule proposes to expand the reach of the CCR rule to inactive electric generation sites and previously unregulated locations of CCR at a regulated facility. DTE Electric is currently evaluating the proposed rule. The financial impact of the proposed rule cannot be estimated until a final rule is issued, which is currently expected in mid-2024. At the State level, legislation was signed 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-established 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 a 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 reopened 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. This proposal was finalized by the EPA on May 30, 2023. 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 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 also submitted a new NOPP to apply for the cessation of coal compliance subcategory for generating units 3 and 4 at the Monroe power plant. DTE Electric plans to retire Monroe's generating units 1 and 2 in 2032. 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 currently estimates the impact of the CCR and ELG rules to be $481 million of capital expenditures, including $343 million for 2023 through 2027. This estimate may change in future periods as DTE Electric continues to evaluate the proposed EPA rule from May 18, 2023 to regulate legacy CCR surface impoundments and CCR management units, as noted above. 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 September 30, 2023 and December 31, 2022, DTE Gas had $20 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 included DTE Energy facilities. However, the EPA published a Federal Implementation Plan (FIP) for the area in June 2022 that did not impact any DTE Energy facilities. It is also not expected that Phase 3 will have any impact on DTE Energy. 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 September 30, 2023 was $414 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 September 30, 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 September 30, 2023, DTE Energy had $325 million of performance bonds outstanding, including $151 million for DTE Electric. Performance bonds are not individually material, except for $130 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' approximately 4,950 represented employees, including DTE Electric's approximately 2,550 represented employees. This represents 49% and 57% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, less than 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 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 |
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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 tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:
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 qualified pension plan service 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 $12 million and $28 million for the three and nine months ended September 30, 2023, respectively, and a cost of $9 million and $27 million for the three and nine months ended September 30, 2022, respectively. 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:
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 the fourth quarter 2023 in exchange for cash consideration.
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Segment and Related Information |
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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.
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:
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income Attributable to DTE Energy Company | $ 332 | $ 387 | $ 978 | $ 818 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies (Policies) |
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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.
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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 September 30, 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 September 30, 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.
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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.
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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.
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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 September 30, 2023.
_______________________________________ (a)For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other. 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. The Registrants establish an allowance for credit loss for principal and interest amounts due that are estimated to be uncollectible 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. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. If amounts are no longer probable of collection, the Registrants may consider the note receivable impaired, adjust the allowance, and cease accruing interest (nonaccrual status). 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.
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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."
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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 September 30, 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.
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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 $158 million and $177 million as of September 30, 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.
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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.
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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 September 30, 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.
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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 $1 million of letters of credit issued and outstanding at September 30, 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 $18 million and $82 million at September 30, 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.
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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. |
Organization and Basis of Presentation (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The table below summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 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. Assets and liabilities of the VIEs are presented in aggregate due to the similar nature of the entities, except for DTE Electric amounts that reflect DTE Securitization and are separately stated. 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. During the third quarter 2023, a consolidated VIE of DTE Vantage entered into a contract that restricts certain assets of the VIE to be used only to settle the VIE's obligations. As a result, the assets and liabilities of the VIE, which primarily include receivables and payables recognized in 2023, no longer meet the exclusion criteria above. Accordingly, these assets and liabilities have been added to the DTE Energy amounts in the table below. Amounts for the Registrants' consolidated VIEs are as follows:
_______________________________________ (a)DTE Electric amounts reflect DTE Securitization. (b)Includes $40 million and $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended September 30, 2023 and December 31, 2022, respectively.
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Summary of Amounts for Non-Consolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows:
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Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income | The following is a summary of DTE Energy's Other income:
_______________________________________ (a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income:
_______________________________________ (a)Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations.
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Schedule of Effective Income Tax Rate Reconciliation | The tables below summarize how the Registrants' effective income tax rates have varied from the statutory federal income tax rate:
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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 September 30, 2023.
_______________________________________ (a)For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other.
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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:
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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:
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment for DTE Energy:
_______________________________________ (a)Revenues generally represent those of DTE Electric, except $3 million of Other revenues related to DTE Sustainable Generation for both the three months ended September 30, 2023 and 2022, and $10 million and $11 million for the nine months ended September 30, 2023 and 2022, respectively. (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:
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Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity:
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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:
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:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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:
_______________________________________ (a)Equity units excluded from the calculation of diluted EPS were approximately 10.1 million and 10.2 million for the three and nine months ended September 30, 2022, respectively, as the dilutive stock price threshold was not met. The equity units were settled in November 2022 resulting in the issuance of common stock.
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
_______________________________________ (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 $25 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements. (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:
_______________________________________ (a)Amounts represent assets valued at NAV as a practical expedient for fair value. (b)Cash equivalents of $23 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2023 and December 31, 2022, respectively.
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Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
_______________________________________ (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.
_______________________________________ (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:
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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:
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Carrying Amount of Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
_______________________________________ (a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b)Included in Current Liabilities — Other and Other 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:
_______________________________________ (a)Included in Current Assets — Other and Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric'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.
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Fair Value of Nuclear Decommissioning Trust Fund Assets | The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
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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:
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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:
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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:
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Financial and Other Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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:
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Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
_______________________________________ (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.
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Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
_______________________________________ (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.
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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:
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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:
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Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2023:
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Long-Term Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Issuances | Refer to the table below for debt issued through September 30, 2023:
_______________________________________ (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. (c)Proceeds used for the repayment of amounts outstanding under the term loan facility. (d)Tax-exempt revenue bonds are issued by a public body that loans the proceeds to DTE Electric with terms substantially mirroring the revenue bonds. Proceeds were used to finance costs relating to solid waste disposal facilities at the Monroe and St. Clair power plants. The bonds will be subject to mandatory tender in June 2030.
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Schedule of Debt Redemptions | Refer to the table below for debt redeemed through September 30, 2023:
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Short-Term Credit Arrangements and Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | The availability under these facilities as of September 30, 2023 is shown in the following table:
_______________________________________ (a)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (b)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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:
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Retirement Benefits and Trusteed Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs (Credits) | The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:
The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:
|
Segment and Related Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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.
Financial data of DTE Energy's business segments follows:
|
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions |
Sep. 30, 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 |
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 180 | $ 165 |
Notes receivable | 400 | 331 |
Variable interest entity, non-consolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 125 | 137 |
Notes receivable | 15 | 15 |
Future funding commitments | $ 1 | $ 2 |
Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | $ 8 | $ 6 | $ 26 | $ 20 |
Contract services | 5 | 7 | 18 | 21 |
Investment income | 0 | 0 | 9 | 0 |
Equity earnings (losses) of equity method investees | 3 | 0 | 7 | (15) |
Other | (3) | 3 | 10 | 9 |
Total other income | 13 | 16 | 70 | 35 |
DTE Electric | ||||
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | 8 | 6 | 25 | 18 |
Contract services | 6 | 7 | 18 | 21 |
Investment income | 0 | 0 | 6 | 0 |
Other | 2 | 2 | 7 | 7 |
Total other income | $ 16 | $ 15 | $ 56 | $ 46 |
Significant Accounting Policies (Income Taxes) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Schedule of Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increase (decrease) due to: | ||||
State and local income taxes, net of federal benefit | 4.80% | 4.40% | 4.50% | 4.50% |
Production tax credits | (7.80%) | (9.10%) | (6.40%) | (9.40%) |
TCJA amortization | (4.90%) | (13.60%) | (4.20%) | (14.80%) |
Investment tax credits | (3.80%) | 0.00% | (2.60%) | (0.10%) |
Enactment of West Virginia income tax legislation, net of federal benefit | 0.00% | 0.00% | (0.60%) | 0.00% |
Other | (3.00%) | (1.20%) | (1.90%) | (1.20%) |
Effective Tax Rate | 6.30% | 1.50% | 9.80% | 0.00% |
DTE Electric | ||||
Schedule of Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increase (decrease) due to: | ||||
State and local income taxes, net of federal benefit | 5.70% | 5.70% | 5.70% | 5.70% |
Production tax credits | (11.10%) | (9.50%) | (9.40%) | (9.20%) |
TCJA amortization | (6.90%) | (14.60%) | (5.90%) | (15.00%) |
Other | (1.90%) | (0.90%) | (2.20%) | (0.90%) |
Effective Tax Rate | 6.80% | 1.70% | 9.20% | 1.60% |
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 10 | $ 12 | $ 45 | $ 46 |
DTE Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 11 | $ 12 | $ 28 | $ 28 |
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Leases | $ 19 | $ 24 | $ 44 | $ 63 |
Operating segments | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 8 | 7 | 18 | 15 |
Operating segments | Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 2 | 2 | 7 | 6 |
Alternative Revenue Program | 0 | 0 | 4 | 0 |
Operating segments | DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Leases | 19 | 24 | 44 | 63 |
Operating segments | Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivatives | $ 670 | $ 2,531 | $ 2,527 | $ 6,691 |
Revenue (Deferred Revenue Activity) (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Contract Liability [Roll Forward] | |
Beginning Balance | $ 94 |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 113 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (42) |
Ending Balance | $ 165 |
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 1,913 | $ 1,825 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,913 | 1,825 |
DTE Electric | Nuclear decommissioning trust fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,913 | 1,825 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,898 | 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 | $ 12 | $ 15 |
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Realized gains | $ 5 | $ 19 | $ 24 | $ 65 |
Realized losses | (6) | (19) | (32) | (42) |
Proceeds from sale of securities | $ 104 | $ 194 | $ 527 | $ 707 |
Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Fixed income securities - Nuclear decommissioning trust fund $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 7 |
Due after one through five years | 105 |
Due after five through ten years | 86 |
Due after ten years | 253 |
Fixed income securities total | $ 451 |
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit that could be used to offset net derivative liabilities | $ 1 | $ 81 |
Letters of credit received that could be used to offset net derivative assets | 18 | $ 82 |
Contractual obligation to post collateral in event of downgrade to below investment grade | 437 | |
Derivative net liability position aggregate fair value | 761 | |
Collateral already posted fair value | 12 | |
Derivative net asset position, fair value | 632 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | $ 117 |
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions |
Sep. 30, 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 | 12 | 113 |
Cash collateral recorded in Accounts receivable | 52 | 77 |
Cash collateral recorded in Accounts payable | (15) | (27) |
Total net cash collateral posted (received) | $ 49 | $ 73 |
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) - 9 months ended Sep. 30, 2023 |
CAD ($)
MWh
MMBTU
T
gal
|
USD ($) |
---|---|---|
Natural gas (MMBtu) | ||
Derivative [Line Items] | ||
Commodity, energy measures | MMBTU | 2,208,451,991 | |
Electricity (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 37,535,900 | |
Oil (Gallons) | ||
Derivative [Line Items] | ||
Commodity, volume measure | gal | 4,740,000 | |
Foreign currency exchange ($ CAD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 150,049,286 | |
FTR (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 98,119 | |
Renewable Energy Certificates (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 10,856,311 | |
Carbon emissions (Metric Tons) | ||
Derivative [Line Items] | ||
Commodity, mass measure | T | 1,652,108 | |
Interest rate contracts ($ USD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 500,000,000 |
Long-Term Debt (Schedule of Issued Debt) (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Jun. 30, 2023 |
May 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Amount | $ 2,300 | |||
Unsecured term loan | June 2022 Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Amount | $ 200 | |||
Senior Notes | May 2023 4.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.875% | |||
Amount | $ 800 | |||
DTE Electric | Mortgage Bonds | March 2023 5.20% Mortgage Bonds | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.20% | |||
Amount | $ 600 | |||
DTE Electric | Mortgage Bonds | March 2023 5.40% Mortgage Bonds | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.40% | |||
Amount | $ 600 | |||
DTE Electric | Tax-Exempt Revenue Bonds | June 2023 3.875% Tax-Exempt Revenue Bonds | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.875% | |||
Amount | $ 100 |
Long-Term Debt (Schedule of Debt Redeemed) (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
May 31, 2023 |
Apr. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Instrument, Redemption [Line Items] | ||||||
Amount | $ 1,146 | $ 316 | ||||
Term Loan Facility | June 2022 Unsecured Term Loan | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Amount | $ 200 | $ 800 | ||||
DTE Gas | Senior Notes | 2008 Series C 6.44% Senior Notes | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Interest rate | 6.44% | |||||
Amount | $ 25 | |||||
DTE Electric | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Amount | $ 121 | $ 316 | ||||
DTE Electric | Securitization Bonds | 2.64% Securitization Bonds | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Interest rate | 2.64% | |||||
Amount | $ 19 | |||||
DTE Electric | Mortgage Bonds | 4.31% Mortgage Bonds | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Interest rate | 4.31% | 4.31% | ||||
Amount | $ 102 |
Leases (Details Textuals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Interest income recognized under finance leases | $ 6 | $ 6 | $ 20 | $ 17 |
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Fixed payments | $ 4 | $ 3 | $ 11 | $ 11 |
Variable payments | 15 | 21 | 33 | 52 |
Total lease income under operating leases | $ 19 | $ 24 | $ 44 | $ 63 |
Segment and Related Information (Details Textuals) customer in Millions |
Sep. 30, 2023
customer
|
---|---|
Segment Reporting [Abstract] | |
Number of electric utility customers | 2.3 |
Number of gas utility customers | 1.3 |
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