EX-99.2 3 exhibit992.htm EXHIBIT 99.2 Exhibit 99.2
EXHIBIT 99.2






DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
 
March 31,
 
December 31,
 
2014
 
2013
 
(In millions)
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
98

 
$
52

Restricted cash, principally Securitization
57

 
123

Accounts receivable (less allowance for doubtful accounts of $56 and $55, respectively)
 
 
 
Customer
1,811

 
1,542

Other
140

 
127

Inventories
 
 
 
Fuel and gas
208

 
363

Materials and supplies
272

 
265

Derivative assets
79

 
99

Regulatory assets
130

 
26

Other
178

 
209

 
2,973

 
2,806

Investments
 
 
 
Nuclear decommissioning trust funds
1,195

 
1,191

Other
596

 
603

 
1,791

 
1,794

Property
 
 
 
Property, plant and equipment
25,384

 
25,123

Less accumulated depreciation, depletion and amortization
(9,399
)
 
(9,323
)
 
15,985

 
15,800

Other Assets
 
 
 
Goodwill
2,018

 
2,018

Regulatory assets
2,792

 
2,837

Securitized regulatory assets
182

 
231

Intangible assets
118

 
122

Notes receivable
92

 
102

Derivative assets
17

 
27

Other
193

 
198

 
5,412

 
5,535

Total Assets
$
26,161

 
$
25,935







DTE Energy Company
Consolidated Statements of Financial Position (Unaudited) — (Continued)
 
March 31,
 
December 31,
 
2014
 
2013
 
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
 
 
 
Accounts payable
$
945

 
$
962

Accrued interest
118

 
90

Dividends payable
116

 
116

Short-term borrowings
375

 
131

Current portion long-term debt, including capital leases
1,069

 
898

Derivative liabilities
140

 
195

Gas inventory equalization
142

 
—

Regulatory liabilities
175

 
302

Other
489

 
495

 
3,569

 
3,189

Long-Term Debt (net of current portion)
 
 
 
Mortgage bonds, notes and other
6,438

 
6,618

Securitization bonds
—

 
105

Junior subordinated debentures
480

 
480

Capital lease obligations
5

 
11

 
6,923

 
7,214

Other Liabilities
 

 
 

Deferred income taxes
3,390

 
3,321

Regulatory liabilities
829

 
862

Asset retirement obligations
1,854

 
1,827

Unamortized investment tax credit
44

 
47

Derivative liabilities
16

 
43

Accrued pension liability
630

 
653

Accrued postretirement liability
328

 
350

Nuclear decommissioning
175

 
178

Other
266

 
297

 
7,532

 
7,578

Commitments and Contingencies
 
 
 
Equity
 
 
 
Common stock, without par value, 400,000,000 shares authorized, 177,016,824 and 177,087,230 shares issued and outstanding, respectively
3,894

 
3,907

Retained earnings
4,360

 
4,150

Accumulated other comprehensive loss
(137
)
 
(136
)
Total DTE Energy Company Equity
8,117

 
7,921

Noncontrolling interests
20

 
33

Total Equity
8,137

 
7,954

Total Liabilities and Equity
$
26,161

 
$
25,935





DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)
 
Three Months Ended March 31,
 
2014
 
2013
 
(In millions)
Operating Activities
 
 
 
Net income
$
327

 
$
235

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation, depletion and amortization
280

 
259

Nuclear fuel amortization
5

 
9

Allowance for equity funds used during construction
(5
)
 
(3
)
Deferred income taxes
77

 
65

Asset (gains) and losses, reserves and impairments, net
(1
)
 
(6
)
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
(270
)
 
(78
)
Inventories
147

 
221

Accounts payable
100

 
(126
)
Gas inventory equalization
142

 
140

Accrued pension obligation
(23
)
 
(46
)
Accrued postretirement obligation
(22
)
 
(154
)
Derivative assets and liabilities
(51
)
 
18

Regulatory assets and liabilities
(222
)
 
152

Other assets
50

 
34

Other liabilities
(2
)
 
(123
)
Net cash from operating activities
532

 
597

Investing Activities
 
 
 
Plant and equipment expenditures — utility
(399
)
 
(309
)
Plant and equipment expenditures — non-utility
(98
)
 
(73
)
Proceeds from sale of assets
3

 
4

Restricted cash for debt redemption, principally Securitization
66

 
57

Proceeds from sale of nuclear decommissioning trust fund assets
271

 
136

Investment in nuclear decommissioning trust funds
(275
)
 
(140
)
Other
(10
)
 
(7
)
Net cash used for investing activities
(442
)
 
(332
)
Financing Activities
 
 
 
Issuance of long-term debt, net of issuance costs
—

 
372

Redemption of long-term debt
(115
)
 
(141
)
Short-term borrowings, net
244

 
(240
)
Issuance of common stock
—

 
10

Repurchase of common stock
(50
)
 
—

Dividends on common stock
(116
)
 
(107
)
Other
(7
)
 
(6
)
Net cash used for financing activities
(44
)
 
(112
)
Net Increase in Cash and Cash Equivalents
46

 
153

Cash and Cash Equivalents at Beginning of Period
52

 
65

Cash and Cash Equivalents at End of Period
$
98

 
$
218







DTE Electric Company
Consolidated Statements of Operations (Unaudited)
 
Three Months Ended March 31,
 
2014
 
2013
 
(In millions)
Operating Revenues
$
1,410

 
$
1,219

Operating Expenses
 
 
 
Fuel and purchased power
498

 
372

Operation and maintenance
342

 
331

Depreciation and amortization
228

 
212

Taxes other than income
71

 
70

Asset (gains) losses and reserves, net
—

 
(1
)
 
1,139

 
984

Operating Income
271

 
235

Other (Income) and Deductions
 
 
 
Interest expense
63

 
66

Other income
(13
)
 
(15
)
Other expenses
7

 
6

 
57

 
57

Income Before Income Taxes
214

 
178

Income Tax Expense
77

 
62

Net Income
$
137

 
$
116






DTE Gas Company
Consolidated Statements of Operations (Unaudited)
 
Three Months Ended March 31,
 
2014
 
2013
 
(In millions)
Operating Revenues
$
789

 
$
594

Operating Expenses
 
 
 
Cost of gas
429

 
292

Operation and maintenance
109

 
105

Depreciation and amortization
24

 
23

Taxes other than income
16

 
17

 
578

 
437

Operating Income
211

 
157

Other (Income) and Deductions
 
 
 
Interest expense
15

 
15

Interest income
(2
)
 
(1
)
Other income
(2
)
 
(2
)
Other expenses
1

 
—

 
12

 
12

Income Before Income Taxes
199

 
145

Income Tax Expense
72

 
51

Net Income
$
127

 
$
94







DTE Energy Debt/Equity Calculation
As of March 31, 2014
($ millions)

Short-term borrowings
$
375

Current portion of long-term debt, including capital leases
1,069

Mortgage bonds, notes and other
6,438

Capital lease obligations
5

Other adjustments
286

less Securitization bonds, including current portion
(201
)
50% Junior Subordinated Debentures
240

Total debt
8,212

 
 
50% Junior Subordinated Debentures
240

Common equity
8,137

Total adjusted equity
8,377

 
 
Total capitalization
$
16,589

 
 
Debt
49.5
%
Adjusted equity
50.5
%
 
 
Total
100
%




Sales Analysis - Q1 2014
 
 
 
Electric Sales - DTE Electric Service Area (GWh)
 
Electric Billings - DTE Electric Service Area (000s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2014
 
Q1 2013
 
% Change
 
 
Q1 2014
 
Q1 2013
 
% Change
Residential
3,978

 
3,854

 
3
 %
 
Residential
$
574,673

 
$
578,737

 
(1
)%
Commercial
4,048

 
3,923

 
3
 %
 
Commercial
423,575

 
441,430

 
(4
)%
Industrial
2,501

 
2,436

 
3
 %
 
Industrial
199,027

 
186,254

 
7
 %
Other
205

 
252

 
(19
)%
 
Other
22,859

 
26,464

 
(14
)%
 
10,732

 
10,465

 
3
 %
 
 
$
1,220,134

 
$
1,232,885

 
(1
)%
Choice
1,267

 
1,260

 
1
 %
 
Choice
23,418

 
23,021

 
2
 %
TOTAL SALES
11,999

 
11,725

 
2
 %
 
TOTAL REVENUES
$
1,243,552

 
$
1,255,906

 
(1
)%

Gas Sales - DTE Gas Service Area (MMcf)
 
Gas Billings - DTE Gas Service Area (000s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2014
 
Q1 2013
 
% Change
 
 
Q1 2014
 
Q1 2013
 
% Change
Residential
55,429

 
45,557

 
22
%
 
Residential
$
438,011

 
$
369,983

 
18
%
Commercial
13,251

 
10,659

 
24
%
 
Commercial
102,702

 
84,736

 
21
%
Industrial
475

 
217

 
119
%
 
Industrial
6,062

 
1,637

 
270
%
 
69,155

 
56,433

 
23
%
 
 
$
546,775

 
$
456,356

 
20
%
End User Transportation*
62,463

 
55,564

 
12
%
 
End User Transportation*
96,661

 
85,161

 
14
%
TOTAL SALES
131,618

 
111,997

 
18
%
 
TOTAL REVENUES
$
643,436

 
$
541,517

 
19
%
________________
 
 
 
 
 
 
________________
 
 
 
 
 
* Includes choice customers
 
 
 
 
 
 
* Includes choice customers
 
 
 
 
 

Weather
 
 
 
 
 
 
 
 
 
 
 
 
 
Cooling Degree Days
 
 
 
 
 
 
Heating Degree Days
 
 
 
 
 
DTE Electric service territory
 
 
 
 
 
 
DTE Gas service territory
 
 
 
 
 
 
Q1 2014
 
Q1 2013
 
% Change
 
 
Q1 2014
 
Q1 2013
 
% Change
Actuals
—

 
—

 
—
%
 
Actuals
3,977

 
3,228

 
23
%
Normal
—

 
—

 


 
Normal
3,175

 
3,141

 


Deviation from normal
—
%
 
—
%
 
 
 
Deviation from normal
25
%
 
3
%
 
 

Earnings Impact of Weather
 
 
 
Variance from normal weather ($ millions, after-tax)
 
 
 
 
Q1 2014
 
Q1 2013
DTE Electric
$
13

 
$
—

DTE Gas
31

 
3

 
 
 
 
 












DTE Electric Temperature Normal Sales Analysis - YTD March 31, 2014
 
 
 
Temperature Normal Electric Sales -
DTE Electric Service Area (GWh)
 
Temperature Normal Electric Sales - DTE Electric
Service Area (Includes Electric Choice) (GWh)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2014
 
Q1 2013
 
% Change
 
 
Q1 2014
 
Q1 2013
 
% Change
Residential
3,769

 
3,855

 
(2
)%
 
Residential
3,769

 
3,855

 
(2
)%
Commercial
3,987

 
3,923

 
2
 %
 
Commercial
4,729

 
4,649

 
2
 %
Industrial
2,504

 
2,436

 
3
 %
 
Industrial
3,019

 
2,970

 
2
 %
Other
205

 
252

 
(19
)%
 
Other
205

 
252

 
(19
)%
 
10,465

 
10,466

 
—
 %
 
TOTAL SALES
11,722

 
11,726

 
—
 %
Choice
1,257

 
1,260

 
—
 %
 
 
 
 
 
 
 
TOTAL SALES
11,722

 
11,726

 
—
 %