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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:
March 31, 2026December 31, 2025
Level
1		Level
2		Level
3
Other(a)
Netting(b)
Net BalanceLevel
1		Level
2		Level
3
Other(a)
Netting(b)
Net Balance
(In millions)
Assets
Cash equivalents and Restricted cash(c)
$228 $— $— $— $— $228 $176 $— $— $— $— $176 
Nuclear decommissioning trusts
Equity securities953 — — 242 — 1,195 987 — — 201 — 1,188 
Fixed income securities146 479 — 136 — 761 133 460 — 133 — 726 
Private equity and other— — — 368 — 368 — — — 358 — 358 
Hedge funds and similar investments227 18 — — — 245 228 17 — — — 245 
Cash equivalents30 — — — — 30 35 — — — — 35 
Other investments(d)
Equity securities83 — — — — 83 84 — — — — 84 
Fixed income securities9 2 — — — 11 9 2 — — — 11 
Cash equivalents44 — — — — 44 38 — — — — 38 
Derivative assets
Commodity contracts(e)
Natural gas139 51 99 — (170)119 207 56 109 — (235)137 
Electricity192 149 16 — (285)72 127 115 33 — (194)81 
Environmental & Other5 59 4 — (64)4 — 46 11 — (46)11 
Other contracts — 9 — — — 9 — 3 — — — 3 
Total derivative assets336 268 119 — (519)204 334 220 153 — (475)232 
Total$2,056 $767 $119 $746 $(519)$3,169 $2,024 $699 $153 $692 $(475)$3,093 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(223)$(31)$(79)$— $210 $(123)$(196)$(51)$(82)$— $227 $(102)
Electricity(176)(85)(109)— 280 (90)(124)(59)(52)— 186 (49)
Environmental & Other(4)(42)— — 55 9 (1)(31)— — 32 — 
Other contracts— (1)— — — (1)— (1)— — — (1)
Total$(403)$(159)$(188)$— $545 $(205)$(321)$(142)$(134)$— $445 $(152)
Net Assets (Liabilities) at end of period$1,653 $608 $(69)$746 $26 $2,964 $1,703 $557 $19 $692 $(30)$2,941 
Assets
Current$483 $217 $64 $— $(399)$365 $426 $130 $102 $— $(339)$319 
Noncurrent1,573 550 55 746 (120)2,804 1,598 569 51 692 (136)2,774 
Total Assets$2,056 $767 $119 $746 $(519)$3,169 $2,024 $699 $153 $692 $(475)$3,093 
Liabilities
Current$(292)$(126)$(138)$— $412 $(144)$(240)$(106)$(67)$— $327 $(86)
Noncurrent(111)(33)(50)— 133 (61)(81)(36)(67)— 118 (66)
Total Liabilities$(403)$(159)$(188)$— $545 $(205)$(321)$(142)$(134)$— $445 $(152)
Net Assets (Liabilities) at end of period$1,653 $608 $(69)$746 $26 $2,964 $1,703 $557 $19 $692 $(30)$2,941 
_______________________________________
(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 $23 million and $10 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at March 31, 2026 and December 31, 2025, 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:
March 31, 2026December 31, 2025
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents and Restricted cash(b)
$95 $— $— $— $95 $83 $— $— $— $83 
Nuclear decommissioning trusts
Equity securities953 — — 242 1,195 987 — — 201 1,188 
Fixed income securities146 479 — 136 761 133 460 — 133 726 
Private equity and other— — — 368 368 — — — 358 358 
Hedge funds and similar investments227 18 — — 245 228 17 — — 245 
Cash equivalents30 — — — 30 35 — — — 35 
Other investments
Equity securities31 — — — 31 33 — — — 33 
Fixed income securities— 2 — — 2 — 2 — — 2 
Cash equivalents27 — — — 27 26 — — — 26 
Derivative assets — FTRs— — 4 — 4 — — 11 — 11 
Total$1,509 $499 $4 $746 $2,758 $1,525 $479 $11 $692 $2,707 
Assets
Current$95 $— $4 $— $99 $83 $— $11 $— $94 
Noncurrent1,414 499 — 746 2,659 1,442 479 — 692 2,613 
Total Assets$1,509 $499 $4 $746 $2,758 $1,525 $479 $11 $692 $2,707 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts include $23 million and $10 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2026 and December 31, 2025, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.
Schedule of Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$27 $(19)$11 $19 $(18)$24 $7 $13 
Transfers into Level 3 from Level 2— — — — 2 — — 2 
Transfers from Level 3 into Level 2— — — — — — 2 2 
Total gains (losses)
Included in earnings(a)
(72)(85)3 (154)(22)(37)— (59)
Recorded in Regulatory liabilities— — (3)(3)— — (2)(2)
Purchases, issuances, and settlements
Settlements65 11 (7)69 38 (78)(5)(45)
Net Assets (Liabilities) as of March 31$20 $(93)$4 $(69)$— $(91)$2 $(89)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31(a)
$2 $(53)$— $(51)$(17)$(92)$(1)$(110)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31$— $— $1 $1 $— $— $— $— 
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:
Three Months Ended March 31,
20262025
(In millions)
Net Assets as of beginning of period$11 $9 
Total losses recorded in Regulatory liabilities(3)(2)
Purchases, issuances, and settlements
Settlements
(4)(4)
Net Assets as of March 31$4 $3 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31$1 $— 
Schedule of Unobservable Inputs Related to Level 3 Assets and Liabilities
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
March 31, 2026
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$99 $(79)Discounted Cash FlowForward basis price (per MMBtu)$(1.18)—$4.90 /MMBtu$(0.18)/MMBtu
Electricity$16 $(109)Discounted Cash FlowForward basis price (per MWh)$(40.45)—$20.40 /MWh$(9.05)/MWh
December 31, 2025
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$109 $(82)Discounted Cash FlowForward basis price (per MMBtu)$(1.35)—$9.33 /MMBtu$(0.13)/MMBtu
Electricity$33 $(52)Discounted Cash FlowForward basis price (per MWh)$(21.82)—$17.79 /MWh$(5.58)/MWh
Schedule of Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
March 31, 2026December 31, 2025
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$1,513 $— $— $1,500 $1,453 $— $— $1,482 
Short-term borrowings$— $— $— $— $882 $— $882 $— 
Notes payable(b)
$22 $— $— $22 $28 $— $— $28 
Long-term debt(c)
$26,695 $1,234 $22,634 $1,225 $25,123 $1,285 $21,204 $1,351 
_______________________________________
(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. Carrying value includes credit loss reserves on Notes receivable.
(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:
March 31, 2026December 31, 2025
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Affiliates$228 $— $— $228 $— $— $— $— 
Notes receivable — Other(a)
$289 $— $— $309 $274 $— $— $289 
Short-term borrowings — Other$— $— $— $— $652 $— $652 $— 
Notes payable(b)
$16 $— $— $16 $24 $— $— $24 
Long-term debt(c)
$14,733 $— $13,420 $131 $13,165 $— $12,048 $131 
_______________________________________
(a)Noncurrent portion included in 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.
Schedule of Fair Value of Nuclear Decommissioning Trust Fund Assets
The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
March 31, 2026December 31, 2025
(In millions)
Fermi 2$2,569 $2,523 
Fermi 13 3 
Low-level radioactive waste27 26 
$2,599 $2,552 
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
Three Months Ended March 31,
20262025
(In millions)
Realized gains$22 $8 
Realized losses$(8)$(8)
Proceeds from sale of securities$213 $139 
Schedule of Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds
The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:
March 31, 2026December 31, 2025
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$1,195 $767 $(13)$1,188 $742 $(10)
Fixed income securities761 25 (19)726 25 (17)
Private equity and other368 131 (8)358 125 (7)
Hedge funds and similar investments245 7 (10)245 8 (6)
Cash equivalents30 — — 35 — — 
$2,599 $930 $(50)$2,552 $900 $(40)
Schedule of Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
March 31, 2026
(In millions)
Due within one year$18 
Due after one through five years99 
Due after five through ten years139 
Due after ten years369 
$625