0000936340-12-000138.txt : 20121220 0000936340-12-000138.hdr.sgml : 20121220 20121220170738 ACCESSION NUMBER: 0000936340-12-000138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121220 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121220 DATE AS OF CHANGE: 20121220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DTE ENERGY CO CENTRAL INDEX KEY: 0000936340 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 383217752 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11607 FILM NUMBER: 121277966 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 BUSINESS PHONE: 3132354000 MAIL ADDRESS: STREET 1: ONE ENERGY PLAZA CITY: DETROIT STATE: MI ZIP: 48226 FORMER COMPANY: FORMER CONFORMED NAME: DTE HOLDINGS INC DATE OF NAME CHANGE: 19950127 8-K 1 a8-kmichconratecase1220.htm 8-K 8-K MichCon Rate Case 12/20
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
Current Report

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 20, 2012
Commission
File Number
Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number
IRS Employer
Identification No.
 
 
 
1-11607
DTE Energy Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279
313-235-4000
38-3217752

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 








Item 7.01.    Regulation FD Disclosure.
On December 20, 2012, DTE Energy Company (DTE Energy) will post a summary of the Michigan Public Service Commission's (MPSC) order affirming the partial settlement agreement in Michigan Consolidated Gas Company's (MichCon) rate case No. U-16999 (Partial Settlement) to the DTE Energy website at www.dteenergy.com. In the paragraph of the summary under the heading “Future Implications for MichCon”, which paragraph is furnished as part of Exhibit 99.1 hereto, DTE Energy reaffirms MichCon's 2013 early outlook of $113 to $118 million operating income. MichCon is a wholly-owned subsidiary of DTE Energy.
In this filing, DTE Energy discusses 2013 operating earnings guidance. It is likely that certain items that impact the company's 2013 reported results will be excluded from operating results. Reconciliations to the comparable 2013 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including the paragraph under the heading “Future Implications for MichCon” of Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 8.01. Other Events.

On December 20, 2012, the MPSC issued an order affirming the Partial Settlement in MichCon's rate case No. U-16999. The full text of the Partial Settlement (Case No. U-16999) is available on the MPSC's website (http://efile.mpsc.cis.state.mi.us/efile/). MichCon is a wholly-owned subsidiary of DTE Energy.

On December 20, 2012, DTE Energy will post a summary and discussion of the filing in the MichCon rate case to the DTE Energy website at www.dteenergy.com. The summary, excluding the paragraph under the heading “Future Implications for MichCon”, is filed as Exhibit 99.1 hereto.

Item 9.01.      Financial Statements and Exhibits.

(d) Exhibits    

99.1    Summary of MichCon's Partial Settlement in Rate Case Filing U-16999, dated
December 20, 2012.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including the paragraph under the heading “Future Implications for MichCon” of Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.



In accordance with General Instruction B.2 of Form 8-K, the information in Item 8.01 of this Current Report on Form 8-K, including Exhibit 99.1 except the paragraph under the heading “Future Implications for MichCon” of Exhibit 99.1 shall be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference in DTE Energy's filings under the Securities Act of 1933, as amended.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy's 2011 Form 10-K and 2012 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy's actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 20, 2012            
 
DTE Energy Company
 
(Registrant)
 
 
 
/s/ NAIF A. KHOURI
 
Naif A. Khouri
 
Vice President




EXHIBIT INDEX

Exhibit Number
 
Description
99.1
 
Summary of MichCon's Partial Settlement in Rate Case Filing U-16999, dated December 20, 2012.



EX-99.1 2 exhibit991122012.htm EXHIBIT 99.1 Exhibit 99.1 12/20/12


Summary of Partial Settlement in Michigan Consolidated Gas Company's Rate Case Filing U-16999i
December 20, 2012

The Michigan Public Service Commission (MPSC) today issued an order affirming the partial settlement agreement in MichCon's General Rate case number U-16999 filed in April 2012 (Partial Settlement). This rate increase, to take full effect in January 2013, will be the first increase in rates since July 2010. This case was filed primarily to recover the cost of increased investment in MichCon's natural gas distribution system. MichCon worked closely with the MPSC Staff, the Attorney General and other parties to develop this collaborative agreement, which is further evidence of Michigan's constructive regulatory environment.

The Partial Settlement resolves all of the issues in the case with the exception of MichCon's proposed Infrastructure Recovery Mechanism (IRM), which will continue to be litigated according to the original schedule in the case with an order expected by April 2013. This document provides a summary of MichCon's Partial Settlement. The complete Partial Settlement document is available on the MPSC's website (http://efile.mpsc.cis.state.mi.us/efile/) under case number U-16999.

MichCon's Partial Settlement provides for a revenue increase of approximately $20 million effective January 1, 2013. The Partial Settlement represents a comprehensive settlement of all non-IRM matters in the case and, as such, does not provide a detailed make-up of the revenue increase. MichCon's self-implemented rates, which were effective November 1, 2012, terminate with the implementation of the Partial Settlement.

Highlights of MichCon's Partial Settlement:

Rate of Return
MichCon's authorized return on equity is 10.5%.

Revenue Decoupling Mechanism (RDM)
The existing RDM terminated upon self-implementation on November 1, 2012. The agreement creates a new RDM effective November 1, 2013, which decouples weather normalized distribution revenue inside caps. The caps are tied to expected customer conservation attributable to MichCon's Energy Efficiency program, or 1.125% in year one, increasing to 2.25% for the second and future periods. The new RDM is consistent with MichCon's filed position, with modified caps.

Uncollectible Expense True-up Mechanism (UETM)
The UETM is terminated effective November 1, 2012.

Infrastructure Recovery Mechanism (“IRM”)
MichCon had proposed an infrastructure recovery mechanism to recover the cost of service associated with $387 million in capital investment for MichCon's meter move-out, main renewal and pipeline integrity programs. The capital investment covers a five year period (1/1/13-12/31/17). The IRM is not part of the Partial Settlement, but will continue to be litigated on the current case timeline with a Commission Order expected on this single issue by April 2013.







Impact to MichCon's customers

This rate change, offset by a decrease in gas cost and other surcharges, will result in a decrease in the average annual residential bill of $34 or approximately 4%.


Future Implications for MichCon

Based on the rate increase in the settlement agreement, normal weather, the commencement of the IRM and continued improvement in the Michigan economic environment, MichCon remains confident in its 2013 early outlook of $113 to $118 million operating income.ii 

For further information, please contact DTE Energy's Investor Relations group at (313) 235-8030.

i This document includes forward-looking statements based on information currently available to management. Such statements are
subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms “anticipate”, “believe”, “estimate”, and similar words. These statements should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy Company's 2011 Form 10-K and 2012 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy that discuss important factors that could cause DTE Energy's actual results to differ materially. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events.

ii In this Summary, DTE Energy discusses MichCon's 2013 operating earnings guidance. It is likely that certain items that impact MichCon's 2013 reported results will be excluded from operating results. Reconciliations to the comparable 2013 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.