UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

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

For the Quarterly Period ended March 31, 2024

Or

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

For the transition period from _____ to _____

Commission File Number: 1-11607

DTE Energy Company

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

Commission File Number: 1-2198

DTE Electric Company

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

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

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

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

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

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

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

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

DTE Energy Yes ☒ No ☐ DTE Electric Yes ☒ No ☐

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

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

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

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

DTE Energy Yes ☐ No ☒ DTE Electric Yes ☐ No ☒

Number of shares of Common Stock outstanding at March 31, 2024:

Registrant	Description	Shares
DTE Energy	Common Stock, without par value	206,937,244
DTE Electric	Common Stock, $10 par value, indirectly-owned by DTE Energy	138,632,324

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

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

TABLE OF CONTENTS

		Page
	Definitions	1
	Filing Format	3
	Forward-Looking Statements	3
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements
	DTE Energy Consolidated Financial Statements (Unaudited)	5
	DTE Electric Consolidated Financial Statements (Unaudited)	11
	Combined Notes to Consolidated Financial Statements (Unaudited)	17
	Note 1 — Organization and Basis of Presentation	17
	Note 2 — Significant Accounting Policies	20
	Note 3 — Revenue	24
	Note 4 — Regulatory Matters	26
	Note 5 — Earnings Per Share	26
	Note 6 — Fair Value	27
	Note 7 — Financial and Other Derivative Instruments	34
	Note 8 — Long-Term Debt	39
	Note 9 — Short-Term Credit Arrangements and Borrowings	39
	Note 10 — Leases	40
	Note 11 — Commitments and Contingencies	41
	Note 12 — Retirement Benefits and Trusteed Assets	46
	Note 13 — Segment and Related Information	47
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62
Item 4.	Controls and Procedures	65
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 5.	Insider Trading Arrangements and Policies	66
Item 6.	Exhibits	67
	Signatures	68

DEFINITIONS

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
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 I	DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the River Rouge generation plant and tree trimming surge program and to recover debt service costs from DTE Electric customers
DTE Securitization II	DTE Electric Securitization Funding II, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the St. Clair and Trenton Channel generation plants 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
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

1

DEFINITIONS

NAAQS	National Ambient Air Quality Standards
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
SIP	State Implementation Plan
SO2	Sulfur Dioxide
SOFR	Secured Overnight Financing Rate
TCJA	Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%
TRM	A Transition Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of customers from the city of Detroit's Public Lighting Department to DTE Electric's distribution system
Topic 606	FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended
VIE	Variable Interest Entity

Units of Measurement
Bcf	Billion cubic feet of natural gas
BTU	British thermal unit, heat value (energy content) of fuel
MMBtu	One million BTU
MWh	Megawatt-hour of electricity

2

FILING FORMAT

This combined Form 10-Q is separately filed by DTE Energy and DTE Electric. Information in this combined Form 10-Q relating to each individual Registrant is filed by such Registrant on its own behalf. DTE Electric makes no representation regarding information relating to any other companies affiliated with DTE Energy other than its own subsidiaries. Neither DTE Energy, nor any of DTE Energy’s other subsidiaries (other than DTE Electric), has any obligation in respect of DTE Electric's debt securities, and holders of such debt securities should not consider the financial resources or results of operations of DTE Energy nor any of DTE Energy’s other subsidiaries (other than DTE Electric and its own subsidiaries (in relevant circumstances)) in making a decision with respect to DTE Electric's debt securities. Similarly, none of DTE Electric nor any other subsidiary of DTE Energy has any obligation in respect to debt securities of DTE Energy. This combined Form 10-Q should be read in its entirety. No one section of this combined Form 10-Q deals with all aspects of the subject matter of this combined Form 10-Q. This combined Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in the combined DTE Energy and DTE Electric 2023 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

•the risk of a major safety incident;

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

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

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

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

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

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

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

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

3

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

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

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

•the level of borrowings;

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

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

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

•unplanned outages at our generation plants;

•employee relations and the impact of collective bargaining agreements;

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

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

•the effects of competition;

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

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

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

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

•the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and

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

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

Part I — Financial Information

Item 1. Financial Statements

4

DTE Energy Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions, except per share amounts)
Operating Revenues
Utility operations	$	2,156	$	2,060
Non-utility operations	1,084		1,719
	3,240		3,779
Operating Expenses
Fuel, purchased power, and gas — utility	600		584
Fuel, purchased power, gas, and other — non-utility	989		1,437
Operation and maintenance	590		600
Depreciation and amortization	423		385
Taxes other than income	122		122
Asset (gains) losses and impairments, net	(1)		(1)
	2,723		3,127
Operating Income	517		652
Other (Income) and Deductions
Interest expense	218		191
Interest income	(18)		(17)
Non-operating retirement benefits, net	—		3
Other income	(27)		(26)
Other expenses	10		6
	183		157
Income Before Income Taxes	334		495
Income Tax Expense	21		50
Net Income Attributable to DTE Energy Company	$	313	$	445
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.51	$	2.16
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.51	$	2.16
Weighted Average Common Shares Outstanding
Basic	206		206
Diluted	207		206

See Combined Notes to Consolidated Financial Statements (Unaudited)

5

DTE Energy Company

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions)
Net Income	$	313	$	445
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— for both periods	1		1
Net unrealized gains (losses) on derivatives, net of taxes of $8, and $(1), respectively	26		(4)
Foreign currency translation	(2)		—
Other comprehensive income (loss)	25		(3)
Comprehensive Income Attributable to DTE Energy Company	$	338	$	442

See Combined Notes to Consolidated Financial Statements (Unaudited)

6

DTE Energy Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	2024		2023
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	292	$	26
Restricted cash	57		25
Accounts receivable (less allowance for doubtful accounts of $69 and $63, respectively)
Customer	1,435		1,632
Other	180		155
Inventories
Fuel and gas	309		421
Materials, supplies, and other	740		633
Derivative assets	191		297
Regulatory assets	51		108
Current investments	200		—
Other	297		242
	3,752		3,539
Investments
Nuclear decommissioning trust funds	2,134		2,041
Investments in equity method investees	158		166
Other long-term investments	162		168
	2,454		2,375
Property
Property, plant, and equipment	37,928		37,274
Accumulated depreciation and amortization	(9,343)		(9,105)
	28,585		28,169
Other Assets
Goodwill	1,993		1,993
Regulatory assets	6,334		6,209
Securitized regulatory assets	741		758
Intangible assets	153		156
Notes receivable	768		420
Derivative assets	57		109
Prepaid postretirement costs	653		633
Operating lease right-of-use assets	152		132
Other	260		262
	11,111		10,672
Total Assets	$	45,902	$	44,755

See Combined Notes to Consolidated Financial Statements (Unaudited)

7

DTE Energy Company

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

	March 31,		December 31,
	2024		2023
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,098	$	1,361
Accrued interest	238		170
Dividends payable	211		210
Short-term borrowings	290		1,283
Current portion long-term debt, including securitization bonds and finance leases	2,409		2,142
Derivative liabilities	126		177
Gas inventory equalization	90		—
Regulatory liabilities	35		71
Operating lease liabilities	16		17
Other	462		452
	4,975		5,883
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	17,655		15,819
Securitization bonds	690		705
Junior subordinated debentures	884		883
Finance lease liabilities	19		13
	19,248		17,420
Other Liabilities
Deferred income taxes	2,706		2,649
Regulatory liabilities	2,625		2,603
Asset retirement obligations	3,605		3,556
Unamortized investment tax credit	180		181
Derivative liabilities	119		132
Accrued pension liability	328		350
Accrued postretirement liability	294		301
Nuclear decommissioning	333		320
Operating lease liabilities	130		108
Other	181		197
	10,501		10,397
Commitments and Contingencies (Notes 4 and 11)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 206,937,244 and 206,357,070 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)	6,710		6,713
Retained earnings	4,505		4,404
Accumulated other comprehensive loss	(42)		(67)
Total DTE Energy Company Equity	11,173		11,050
Noncontrolling interests	5		5
Total Equity	11,178		11,055
Total Liabilities and Equity	$	45,902	$	44,755

See Combined Notes to Consolidated Financial Statements (Unaudited)

8

DTE Energy Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions)
Operating Activities
Net Income	$	313	$	445
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	423		385
Nuclear fuel amortization	12		16
Allowance for equity funds used during construction	(18)		(9)
Deferred income taxes	23		52
Equity (earnings) losses of equity method investees	8		(4)
Dividends from equity method investees	—		1
Asset (gains) losses and impairments, net	(1)		(1)
Changes in assets and liabilities:
Accounts receivable, net	172		486
Inventories	7		133
Prepaid postretirement benefit costs	(20)		(22)
Accounts payable	(179)		(419)
Gas inventory equalization	90		100
Accrued pension liability	(22)		(32)
Accrued postretirement liability	(7)		(8)
Derivative assets and liabilities	94		(178)
Regulatory assets and liabilities	146		159
Other current and noncurrent assets and liabilities	1		(180)
Net cash from operating activities	1,042		924
Investing Activities
Plant and equipment expenditures — utility	(1,039)		(924)
Plant and equipment expenditures — non-utility	(12)		(13)
Proceeds from sale of nuclear decommissioning trust fund assets	108		166
Investment in nuclear decommissioning trust funds	(110)		(168)
Distributions from equity method investees	3		4
Contributions to equity method investees	(3)		(10)
Notes receivable	(356)		14
Investment in time deposit	(200)		—
Other	(7)		(50)
Net cash used for investing activities	(1,616)		(981)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	2,181		1,386
Redemption of long-term debt	(100)		—
Short-term borrowings, net	(993)		(1,032)
Dividends paid on common stock	(202)		(188)
Other	(14)		(15)
Net cash from financing activities	872		151
Net Increase in Cash, Cash Equivalents, and Restricted Cash	298		94
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	51		43
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	349	$	137
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	398	$	333

See Combined Notes to Consolidated Financial Statements (Unaudited)

9

DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited)

				Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount								Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2023	206,357	$	6,713	$	4,404	$	(67)	$	5	$	11,055
Net Income	—	—		313		—		—		313
Dividends declared on common stock ($1.02 per Common Share)	—	—		(211)		—		—		(211)
Issuance of common stock	84	9		—		—		—		9
Other comprehensive income, net of tax	—	—		—		25		—		25
Stock-based compensation and other	496	(12)		(1)		—		—		(13)
Balance, March 31, 2024	206,937	$	6,710	$	4,505	$	(42)	$	5	$	11,178

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

See Combined Notes to Consolidated Financial Statements (Unaudited)

10

DTE Electric Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions)
Operating Revenues — Utility operations	$	1,466	$	1,375
Operating Expenses
Fuel and purchased power — utility	370		365
Operation and maintenance	380		411
Depreciation and amortization	350		317
Taxes other than income	84		84
	1,184		1,177
Operating Income	282		198
Other (Income) and Deductions
Interest expense	117		102
Interest income	(2)		(6)
Non-operating retirement benefits, net	2		(1)
Other income	(32)		(20)
Other expenses	9		6
	94		81
Income Before Income Taxes	188		117
Income Tax Expense	18		17
Net Income	$	170	$	100

See Combined Notes to Consolidated Financial Statements (Unaudited)

11

DTE Electric Company

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions)
Net Income	$	170	$	100
Other comprehensive income	—		—
Comprehensive Income	$	170	$	100

See Combined Notes to Consolidated Financial Statements (Unaudited)

12

DTE Electric Company

Consolidated Statements of Financial Position (Unaudited)

	March 31,		December 31,
	2024		2023
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	195	$	15
Restricted Cash	45		17
Accounts receivable (less allowance for doubtful accounts of $40 and $41, respectively)
Customer	751		764
Affiliates	10		12
Other	63		55
Inventories
Fuel	193		191
Materials and supplies	441		409
Regulatory assets	46		99
Prepaid property tax	108		60
Other	44		54
	1,896		1,676
Investments
Nuclear decommissioning trust funds	2,134		2,041
Other	60		53
	2,194		2,094
Property
Property, plant, and equipment	28,471		27,936
Accumulated depreciation and amortization	(6,783)		(6,570)
	21,688		21,366
Other Assets
Regulatory assets	5,724		5,596
Securitized regulatory assets	741		758
Prepaid postretirement costs — affiliates	388		378
Operating lease right-of-use assets	123		101
Other	213		216
	7,189		7,049
Total Assets	$	32,967	$	32,185

See Combined Notes to Consolidated Financial Statements (Unaudited)

13

DTE Electric Company

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

	March 31,		December 31,
	2024		2023
	(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$	87	$	58
Other	650		696
Accrued interest	131		113
Current portion long-term debt, including securitization bonds and finance leases	432		166
Regulatory liabilities	32		49
Short-term borrowings
Other	210		385
Operating lease liabilities	14		15
Other	175		169
	1,731		1,651
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,819		10,174
Securitization bonds	690		705
Finance lease liabilities	8		4
	11,517		10,883
Other Liabilities
Deferred income taxes	3,149		3,109
Regulatory liabilities	1,709		1,710
Asset retirement obligations	3,372		3,326
Unamortized investment tax credit	180		181
Nuclear decommissioning	333		320
Accrued pension liability — affiliates	321		334
Accrued postretirement liability — affiliates	282		290
Operating lease liabilities	105		81
Other	68		76
	9,519		9,427
Commitments and Contingencies (Notes 4 and 11)
Shareholder’s Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	7,361		7,361
Retained earnings	2,839		2,863
Total Shareholder’s Equity	10,200		10,224
Total Liabilities and Shareholder’s Equity	$	32,967	$	32,185

See Combined Notes to Consolidated Financial Statements (Unaudited)

14

DTE Electric Company

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In millions)
Operating Activities
Net Income	$	170	$	100
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	350		317
Nuclear fuel amortization	12		16
Allowance for equity funds used during construction	(18)		(9)
Deferred income taxes	18		19
Changes in assets and liabilities:
Accounts receivable, net	7		74
Inventories	(32)		(21)
Accounts payable	59		41
Prepaid postretirement benefit costs — affiliates	(10)		(12)
Accrued pension liability — affiliates	(13)		(13)
Accrued postretirement liability — affiliates	(8)		(8)
Regulatory assets and liabilities	127		93
Other current and noncurrent assets and liabilities	(84)		(120)
Net cash from operating activities	578		477
Investing Activities
Plant and equipment expenditures	(868)		(743)
Proceeds from sale of nuclear decommissioning trust fund assets	108		166
Investment in nuclear decommissioning trust funds	(110)		(168)
Notes receivable	—		(15)
Other	(12)		(50)
Net cash used for investing activities	(882)		(810)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	993		1,186
Redemption of long-term debt	(100)		—
Short-term borrowings, net — affiliates	—		(27)
Short-term borrowings, net — other	(175)		(568)
Dividends paid on common stock	(194)		(182)
Other	(12)		(11)
Net cash from financing activities	512		398
Net Increase in Cash, Cash Equivalents, and Restricted Cash	208		65
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	32		24
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	240	$	89
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	328	$	277

See Combined Notes to Consolidated Financial Statements (Unaudited)

15

DTE Electric Company

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

				Additional Paid-in Capital		Retained Earnings
	Common Stock
	Shares	Amount						Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2023	138,632	$	1,386	$	5,975	$	2,863	$	10,224
Net Income	—	—		—		170		170
Dividends declared on common stock	—	—		—		(194)		(194)
Balance, March 31, 2024	138,632	$	1,386	$	5,975	$	2,839	$	10,200