10-Q

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, 2014

Commission file number 1-11607

DTE ENERGY COMPANY

(Exact name of registrant as specified in its charter)

Michigan	38-3217752
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
One Energy Plaza, Detroit, Michigan	48226-1279
(Address of principal executive offices)	(Zip Code)

313-235-4000

(Registrant’s telephone number, including area code)

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.

YesxNoo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

YesxNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

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

YesoNox

At March 31, 2014, 177,016,824 shares of DTE Energy’s common stock were outstanding, substantially all of which were held by non-affiliates.

DTE Energy Company

Quarterly Report on Form 10-Q

Quarter Ended March 31, 2014

TABLE OF CONTENTS

	Page
Definitions	1
Forward-Looking Statements	3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements	4
Consolidated Statements of Operations (Unaudited)	4
Consolidated Statements of Comprehensive Income (Unaudited)	5
Consolidated Statements of Financial Position (Unaudited)	6
Consolidated Statements of Cash Flows (Unaudited)	8
Consolidated Statement of Changes in Equity (Unaudited)	9
Notes to Consolidated Financial Statements (Unaudited)	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3. Quantitative and Qualitative Disclosures About Market Risk	48
Item 4. Controls and Procedures	51
PART II - OTHER INFORMATION
Item 1. Legal Proceedings	52
Item 1A. Risk Factors	53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 6. Exhibits	53
SIGNATURE	55
EX-10-88
EX-12-57
EX-31-89
EX-31-90
EX-32-89
EX-32-90
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF XBRL Taxonomy Extension Definition Database
EX-101.LAB XBRL Taxonomy Extension Label Linkbase
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

DEFINITIONS

CFTC	U.S. Commodity Futures Trading Commission
Citizens	Citizens Fuel Gas Company, which distributes natural gas in Adrian, Michigan
Company	DTE Energy Company and any subsidiary companies
Customer Choice	Michigan legislation giving customers the option to choose alternative suppliers for electricity and natural gas.
DTE Electric	DTE Electric Company (a direct wholly owned subsidiary of DTE Energy Company) 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.
EPA	United States Environmental Protection Agency
FASB	Financial Accounting Standards Board
FERC	Federal Energy Regulatory Commission
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.
MDEQ	Michigan Department of Environmental Quality
MISO	Midcontinent Independent System Operator, Inc.
MPSC	Michigan Public Service Commission
MTM	Mark-to-market
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.
NOV	Notice of Violation
NRC	United States Nuclear Regulatory Commission
Production tax credits	Tax credits as authorized under Sections 45K and 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the Internal Revenue Service.
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.
RDM	A Revenue Decoupling Mechanism authorized by the MPSC that is designed to minimize the impact on revenues of changes in average customer usage.
Securitization	DTE Electric financed specific stranded costs at lower interest rates through the sale of rate reduction bonds by a wholly-owned special purpose entity, The Detroit Edison Securitization Funding LLC.
Subsidiaries	The direct and indirect subsidiaries of DTE Energy Company
VIE	Variable Interest Entity

1

Units of Measurement
Bcf	Billion cubic feet of natural gas
BTU	Heat value (energy content) of fuel
kWh	Kilowatthour of electricity
MMBtu	One million BTU
MWh	Megawatthour of electricity

2

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 business of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “projected,” “aspiration” 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 including, but not limited to, the following:

• impact of regulation by the FERC, MPSC, NRC, CFTC and 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 Customer Choice programs;

• economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation and thefts of electricity and natural gas;

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

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

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

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

• volatility in the short-term natural gas storage markets impacting third-party storage revenues;

• volatility in commodity markets, deviations in weather and related risks impacting the results of our energy trading operations;

• 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;

• the timing and extent of changes in interest rates;

• the level of borrowings;

• the potential for increased costs or delays in completion of significant construction 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 on operations and sales to customers, and purchases from suppliers;

• unplanned outages;

• the cost of protecting assets against, or damage due to, terrorism or cyber attacks;

• 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 plant 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;

• binding arbitration, litigation and related appeals; and

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

New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause our 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. We 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.

3

Part I — Financial Information

Item 1. Financial Statements

DTE Energy Company

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In millions, except per share amounts)
Operating Revenues	$	3,930		$	2,516
Operating Expenses
Fuel, purchased power and gas	2,155			1,024
Operation and maintenance	841			735
Depreciation, depletion and amortization	280			259
Taxes other than income	95			94
Asset (gains) and losses, reserves and impairments, net	(1		)	(6		)
	3,370			2,106
Operating Income	560			410
Other (Income) and Deductions
Interest expense	110			109
Interest income	(2		)	(2		)
Other income	(41		)	(44		)
Other expenses	8			7
	75			70
Income Before Income Taxes	485			340
Income Tax Expense	158			105
Net Income	327			235
Less: Net Income Attributable to Noncontrolling Interest	1			1
Net Income Attributable to DTE Energy Company	$	326		$	234
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.84		$	1.35
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.84		$	1.34
Weighted Average Common Shares Outstanding
Basic	177			173
Diluted	177			173
Dividends Declared per Common Share	$	0.66		$	0.62

See Notes to Consolidated Financial Statements (Unaudited)

4

DTE Energy Company

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In millions)
Net income	$	327		$	235
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— and $1	—			3
Foreign currency translation, net of taxes of $(1) and $—	(1		)	(1		)
Other comprehensive income (loss)	(1		)	2
Comprehensive income	326			237
Less comprehensive income attributable to noncontrolling interests	1			1
Comprehensive income attributable to DTE Energy Company	$	325		$	236

See Notes to Consolidated Financial Statements (Unaudited)

5

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

See Notes to Consolidated Financial Statements (Unaudited)

6

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 (Notes 6 and 10)
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

See Notes to Consolidated Financial Statements (Unaudited)

7

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
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$	212		$	219

See Notes to Consolidated Financial Statements (Unaudited)

8

DTE Energy Company

Consolidated Statements of Changes in Equity (Unaudited)

									Accumulated Other Comprehensive Loss			Non-Controlling Interests
	Common Stock					Retained Earnings
	Shares		Amount												Total
	(Dollars in millions, shares in thousands)
Balance, December 31, 2013	177,087		$	3,907		$	4,150		$	(136	)	$	33		$	7,954
Net income	—		—			326			—			1			327
Dividends declared on common stock	—		—			(116		)	—			—			(116		)
Repurchase of common stock	(690	)	(50		)	—			—			—			(50		)
Foreign currency translation, net of tax	—		—			—			(1		)	—			(1		)
Stock-based compensation, distributions to noncontrolling interests and other	620		37			—			—			(14		)	23
Balance, March 31, 2014	177,017		$	3,894		$	4,360		$	(137	)	$	20		$	8,137

See Notes to Consolidated Financial Statements (Unaudited)

9

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Energy owns the following businesses:

• DTE Electric, an electric utility engaged in the generation, purchase, distribution and sale of electricity to approximately 2.1 million customers in southeastern Michigan;

• DTE Gas, a natural gas utility engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million customers throughout Michigan and the sale of storage and transportation capacity; and

• Other businesses involved in 1) natural gas pipelines, gathering and storage; 2) power and industrial projects; and 3) 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 Company is regulated by other federal and state regulatory agencies including the NRC, the EPA, the MDEQ and the CFTC.

References in this Report to “Company” or “DTE” are to DTE Energy and its subsidiaries, collectively.

Basis of Presentation

These Consolidated Financial Statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the 2013 Annual Report on Form 10-K.

The accompanying Consolidated Financial Statements 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 Company’s estimates.

The Consolidated Financial Statements are unaudited, but in the Company's opinion 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 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, 2014.

Certain prior year balances were reclassified to match the current year’s financial statement presentation. Such revisions included an increase in the Consolidated Statements of Cash Flows line items for (i) Proceeds from sale of nuclear decommissioning trust funds, and (ii) Investment in nuclear decommissioning trust funds by $124 million for the three months ended March 31, 2013. These revisions were needed to properly state the gross purchases and sales activity in the nuclear decommissioning trust fund for the quarter. The total of Net cash used in investing activities for the three months ended March 31, 2013 was unchanged by these revisions. The revisions noted above are not deemed material, individually or in the aggregate, to the prior period consolidated financial statements.

Principles of Consolidation

The Company consolidates all majority-owned subsidiaries and investments in entities in which it has controlling influence. Non-majority owned investments are accounted for using the equity method when the Company is able to influence the operating policies of the investee. When the Company does not influence the operating policies of an investee, the cost method is used. These consolidated financial statements also reflect the Company's proportionate interests in certain jointly owned utility plants. The Company eliminates all intercompany balances and transactions.

10

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The Company evaluates whether an entity is a VIE whenever reconsideration events occur. The Company consolidates VIEs for which it is the primary beneficiary. If the Company 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, the Company 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 Company performs ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

Legal entities within the Company's Power and Industrial Projects 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 the Company retaining operational and customer default risk. These entities generally are VIEs and consolidated when the Company is the primary beneficiary. In addition, we have interests in certain VIEs through which we share control of all significant activities for those entities with our partners, and therefore are accounted for under the equity method.

The Company has variable interests in VIEs through certain of its long-term purchase contracts. As of March 31, 2014, the carrying amount of assets and liabilities in the Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominately related to working capital accounts and generally represent the amounts owed by the Company for the deliveries associated with the current billing cycle under the contracts. The Company has not provided any form of financial support associated with these long-term contracts. There is no significant potential exposure to loss as a result of its variable interests through these long-term purchase contracts.

In 2001, DTE Electric financed a regulatory asset related to Fermi 2 and certain other regulatory assets through the sale of rate reduction bonds by a wholly-owned special purpose entity, Securitization. DTE Electric performs servicing activities including billing and collecting surcharge revenue for Securitization. This entity is a VIE and is consolidated by the Company.

The maximum risk exposure for consolidated VIEs is reflected on the Company's Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure is generally limited to its investment and amounts which it has guaranteed.

11

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table summarizes the major balance sheet items for consolidated VIEs as of March 31, 2014 and December 31, 2013. All assets and liabilities of a consolidated VIE are presented where it has been determined that aconsolidated 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. VIEs, in which the Company 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.

	March 31, 2014						December 31, 2013
	Securitization		Other		Total		Securitization		Other		Total
	(In millions)
ASSETS
Cash and cash equivalents	$	—	$	15	$	15	$	—	$	12	$	12
Restricted cash	36		6		42		100		8		108
Accounts receivable	40		11		51		34		16		50
Inventories	—		19		19		—		118		118
Other current assets	—		1		1		—		1		1
Property, plant and equipment, net	—		92		92		—		99		99
Securitized regulatory assets	182		—		182		231		—		231
Other assets	3		8		11		4		8		12
	$	261	$	152	$	413	$	369	$	262	$	631
LIABILITIES
Accounts payable and accrued current liabilities	$	1	$	12	$	13	$	7	$	23	$	30
Current portion long-term debt, including capital leases	202		9		211		196		9		205
Current regulatory liabilities	41		—		41		43		—		43
Other current liabilities	—		4		4		—		4		4
Mortgage bonds, notes and other	—		19		19		—		21		21
Securitization bonds	—		—		—		105		—		105
Capital lease obligations	—		4		4		—		7		7
Other long-term liabilities	8		2		10		8		2		10
	$	252	$	50	$	302	$	359	$	66	$	425

Amounts for non-consolidated VIEs as of March 31, 2014 and December 31, 2013 are as follows:

	March 31, 2014		December 31, 2013
	(In millions)
Other investments	$	134	$	141
Notes receivable	$	8	$	8

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Other Income

Other income is recognized for non-operating income such as equity earnings, interest and dividends, allowance for funds used during construction and contract services. Power & Industrial Projects also recognizes Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. In exchange for the cash received, the investors will receive a portion of the economic attributes of the facilities, including income tax attributes. The transactions are not treated as a sale of membership interests for financial reporting purposes. Other income is considered earned when refined coal is produced and tax credits are generated. Power & Industrial Projects recognized approximately $17 million and $15 million of Other income for the three months ended March 31, 2014 and 2013, respectively.

12

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

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. As shown in the following tables, amounts recorded to accumulated other comprehensive loss for the three months ended March 31, 2014 include unrealized gains and losses from derivatives accounted for as cash flow hedges, unrealized gains and losses on available-for-sale securities, the Company’s interest in other comprehensive income of equity investees, which comprise the net unrealized gains and losses on investments, changes in benefit obligations, consisting of deferred actuarial losses, prior service costs and transition amounts related to pension and other postretirement benefit plans, and foreign currency translation adjustments.

	Changes in Accumulated Other Comprehensive Loss by Component (a)
	For The Three Months Ended March 31, 2014
	Net Unrealized Gain/(Loss) on Derivatives			Net Unrealized Gain/(Loss) on Investments			Benefit Obligations (b)			Foreign Currency Translation			Total
	(In millions)
Beginning balance, December 31, 2013	$	(4	)	$	(6	)	$	(126	)	$	—		$	(136	)
Other comprehensive income before reclassifications	—			—			(2		)	(1		)	(3		)
Amounts reclassified from accumulated other comprehensive income	—			—			2			—			2
Net current-period other comprehensive income	—			—			—			(1		)	(1		)
Ending balance, March 31, 2014	$	(4	)	$	(6	)	$	(126	)	$	(1	)	$	(137	)

______________________________________

(a) All amounts are net of tax.

(b) The amounts reclassified from accumulated other comprehensive income are included in the computation of the net periodic pension and other postretirement benefits cost (see Note 11).

Intangible Assets

The Company has certain intangible assets relating to emission allowances, renewable energy credits and non-utility contracts as shown below:

	March 31,		December 31,
	2014		2013
	(In millions)
Emission allowances	$	2	$	2
Renewable energy credits	50		51
Contract intangible assets	127		126
	179		179
Less accumulated amortization	48		45
Intangible assets, net	131		134
Less current intangible assets	13		12
	$	118	$	122

Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business. The Company amortizes contract intangible assets on a straight-line basis over the expected period of benefit, ranging from 1 to 28 years.

Income Taxes

The Company's effective tax rate for the three months ended March 31, 2014 was 33% as compared to 31% for the three months ended March 31, 2013. The 2% increase in effective tax rate is due to $8 million of deferred tax expense resulting from New York state income tax reform enacted on March 31, 2014.

13

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The Company had $2 million of unrecognized tax benefits at March 31, 2014, that, if recognized, would favorably impact its effective tax rate. The Company believes that it is possible that there will be a decrease in the unrecognized tax benefits of up to $1 million in the next twelve months.

NOTE 3 — 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 Company makes certain assumptions it believes 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 Company and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2014 and December 31, 2013. The Company believes it uses 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 Company classifies 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 Company has 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.

14

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2014 and December 31, 2013:

	March 31, 2014															December 31, 2013
	Level 1			Level 2			Level 3			Netting (a)			Net Balance			Level 1			Level 2			Level 3			Netting (a)			Net Balance
	(In millions)
Assets:
Cash equivalents (b)	$	11		$	47		$	—		$	—		$	58		$	10		$	115		$	—		$	—		$	125
Nuclear decommissioning trusts	764			431			—			—			1,195			779			412			—			—			1,191
Other investments (c) (d)	89			49			—			—			138			92			44			—			—			136
Derivative assets:
Commodity Contracts:
Natural Gas	251			72			60			(367		)	16			273			89			34			(382		)	14
Electricity	—			426			77			(422		)	81			—			261			139			(291		)	109
Other	36			3			1			(41		)	(1		)	33			1			3			(34		)	3
Total derivative assets	287			501			138			(830		)	96			306			351			176			(707		)	126
Total	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(255	)	$	(91	)	$	(70	)	$	369		$	(47	)	$	(277	)	$	(140	)	$	(86	)	$	395		$	(108	)
Electricity	—			(413		)	(111		)	417			(107		)	—			(272		)	(126		)	269			(129		)
Other	(34		)	(6		)	—			41			1			(32		)	(2		)	—			34			—
Other derivative contracts (f)	—			(4		)	—			1			(3		)	—			(1		)	—			—			(1		)
Total derivative liabilities	(289		)	(514		)	(181		)	828			(156		)	(309		)	(415		)	(212		)	698			(238		)
Total	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340
Assets:
Current	$	270		$	514		$	115		$	(762	)	$	137		$	277		$	400		$	139		$	(592	)	$	224
Noncurrent (e)	881			514			23			(68		)	1,350			910			522			37			(115		)	1,354
Total Assets	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Current	$	(259	)	$	(472	)	$	(168	)	$	759		$	(140	)	$	(268	)	$	(328	)	$	(177	)	$	578		$	(195	)
Noncurrent	(30		)	(42		)	(13		)	69			(16		)	(41		)	(87		)	(35		)	120			(43		)
Total Liabilities	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340

_______________________________________

(a) Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.

(b) At March 31, 2014, available-for-sale securities of $58 million included $43 million and $15 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. At December 31, 2013, available-for-sale securities of $125 million, included $109 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively.

(c) Excludes cash surrender value of life insurance investments.

(d) Available-for-sale equity securities of $7 million at both March 31, 2014 and December 31, 2013, are included in Other investments on the Consolidated Statements of Financial Position.

(e) Includes $138 million and $136 million at March 31, 2014 and December 31, 2013, respectively, of other investments that are included in the Consolidated Statements of Financial Position in Other investments.

(f) Includes Interest rate contracts and Foreign currency exchange contracts.

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.

15

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Nuclear Decommissioning Trusts and Other Investments

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through institutional mutual funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The institutional mutual funds hold exchange-traded equity or debt securities and are valued based on stated net asset values (NAV). Non-exchange-traded fixed income securities are valued based upon quotations available from brokers or pricing services. 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 price source of a given security if the trustee determines that another price source is considered to be preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Additionally, DTE Energy selectively corroborates the fair value of securities by comparison of market-based price sources. Investment policies and procedures are determined by the Company's Trust Investments Department which reports to the Company's Vice President and Treasurer.

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. DTE Energy considers 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. DTE Energy monitors 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. DTE Energy has obtained an understanding of how these prices are derived. Additionally, DTE Energy selectively corroborates the fair value of its 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 Company has 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 our forward price curves has been assigned to our Risk Management Department, which is separate and distinct from the trading functions within the Company.

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014												Three Months Ended March 31, 2013
	Natural Gas			Electricity			Other			Total			Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets (Liabilities) as of January 1	$	(52	)	$	13		$	3		$	(36	)	$	(38	)	$	23		$	2		$	(13	)
Transfers into Level 3	—			—			—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			(2		)	—			—			(2		)
Total gains (losses):
Included in earnings	(22		)	36			—			14			(8		)	8			—			—
Recorded in regulatory assets/liabilities	—			—			4			4			—			—			1			1
Purchases, issuances and settlements:
Issuances	—			(1		)	—			(1		)	—			—			—			—
Settlements	64			(82		)	(6		)	(24		)	14			(40		)	(1		)	(27		)
Net Assets (Liabilities) as of March 31	$	(10	)	$	(34	)	$	1		$	(43	)	$	(34	)	$	(9	)	$	2		$	(41	)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations	$	—		$	(20	)	$	—		$	(20	)	$	(5	)	$	(6	)	$	—		$	(11	)

16

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

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. The following table shows transfers between the levels of the fair value hierarchy for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014					Three Months Ended March 31, 2013
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(In millions)
Transfers into Level 1 from	$ N/A	$	—	$	—	$ N/A	$	—	$	—
Transfers into Level 2 from	—	N/A		—		—	N/A		2
Transfers into Level 3 from	—	—		N/A		—	—		N/A

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of March 31, 2014:

	March 31, 2014
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	60	$	(70	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.50	)	—	$	1.50	/MMBtu	$	(0.17	)/MMBtu
Electricity	$	77	$	(111	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(3	)	—	$	23	/MWh	$	5	/MWh

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2013:

	December 31, 2013
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	34	$	(86	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(0.88	)	—	$	5.07	/MMBtu	$	(0.16	)/MMBtu
Electricity	$	139	$	(126	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(7	)	—	$	15	/MWh	$	3	/MWh

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 inputs listed above would have 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 result in a higher (lower) fair value for long positions, with offsetting impacts to short positions.

Fair Value of Financial Instruments

The fair value of financial instruments included in the table below is determined by using quoted market prices when available. When quoted prices are not available, pricing services may be used to determine the fair value with reference to observable interest rate indexes. DTE Energy has obtained an understanding of how the fair values are derived. DTE Energy also selectively corroborates the fair value of its transactions by comparison of market-based price sources. Discounted cash flow analyses based upon estimated current borrowing rates are also used to determine fair value when quoted market prices are not available. The fair values of notes receivable, excluding capital leases, are estimated using discounted cash flow techniques that incorporate market interest rates as well as assumptions about the remaining life of the loans and credit risk. Depending on the information available, other valuation techniques may be used that rely on internal assumptions and models. Valuation policies and procedures are determined by DTE Energy's Treasury Department which reports to the Company's Vice President and Treasurer.

17

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the carrying amount and fair value of financial instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014								December 31, 2013
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable, excluding capital leases	$	43	$	—	$	—	$	43	$	41	$	—	$	—	$	41
Dividends payable	$	116	$	116	$	—	$	—	$	116	$	116	$	—	$	—
Short-term borrowings	$	375	$	—	$	375	$	—	$	131	$	—	$	131	$	—
Long-term debt	$	7,979	$	461	$	7,398	$	743	$	8,094	$	425	$	7,551	$	499

See Note 4 for further fair value information on financial and derivative instruments.

Nuclear Decommissioning Trust Funds

DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. This obligation is reflected as an asset retirement obligation on the 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. DTE Electric is continuing to fund FERC jurisdictional amounts for decommissioning even though explicit provisions are not included in FERC rates.

The following table summarizes the fair value of the nuclear decommissioning trust fund assets:

	March 31, 2014		December 31, 2013
	(In millions)
Fermi 2	$	1,174	$	1,172
Fermi 1	3		3
Low level radioactive waste	18		16
Total	$	1,195	$	1,191

The costs of securities sold are determined on the basis of specific identification. The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2014			2013
	(In millions)
Realized gains	$	9		$	8
Realized losses	$	(7	)	$	(7	)
Proceeds from sales of securities	$	271		$	136

Realized gains and losses from the sale of securities for the Fermi 2 and the low-level radioactive waste funds are recorded to the Regulatory asset and Nuclear decommissioning liability. The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:

	March 31, 2014				December 31, 2013
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
	(In millions)
Equity securities	$	730	$	197	$	730	$	201
Debt securities	452		16		442		12
Cash and cash equivalents	13		—		19		—
	$	1,195	$	213	$	1,191	$	213

18

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The debt securities at March 31, 2014 and December 31, 2013 had an average maturity of approximately 7 years, respectively. Securities held in the nuclear decommissioning trust funds are classified as available-for-sale. As DTE Electric does not have the ability to hold impaired investments for a period of time sufficient to allow for the anticipated recovery of market value, all unrealized losses are considered to be other-than-temporary impairments.

Unrealized losses incurred by the Fermi 2 trust are recognized as a Regulatory asset. DTE Electric recognized $33 million and $31 million of unrealized losses as Regulatory assets at March 31, 2014 and December 31, 2013, respectively. Since the decommissioning of Fermi 1 is funded by DTE Electric rather than through a regulatory recovery mechanism, there is no corresponding regulatory asset treatment. Therefore, unrealized losses incurred by the Fermi 1 trust are recognized in earnings immediately. There were no unrealized losses recognized in the three months ended March 31, 2014 and 2013 for Fermi 1.

Other Securities

At March 31, 2014 and December 31, 2013, the securities were comprised primarily of money market and equity securities. During the three months ended March 31, 2014 and 2013, no amounts of unrealized losses on available-for-sale securities were reclassified out of other comprehensive income and realized into net income for the periods. Gains related to trading securities held at March 31, 2014 and 2013 were $2 million and $8 million, respectively.

NOTE 4 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Company recognizes all derivatives at their fair value as Derivative assets or liabilities on the 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 portion of the derivative gain or loss that is effective in offsetting the change in the value of the underlying exposure is deferred in Accumulated other comprehensive income and later reclassified into earnings when the underlying transaction occurs. Gains or losses from the ineffective portion of cash flow hedges are recognized in earnings immediately. 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 Company’s primary market risk exposure is associated with commodity prices, credit, and interest rates. The Company has risk management policies to monitor and manage market risks. The Company uses derivative instruments to manage some of the exposure. The Company uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil and certain coal forwards, futures, options and swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas inventory, pipeline transportation contracts, renewable energy credits and natural gas storage assets.

Electric — DTE Electric generates, purchases, distributes and sells electricity. DTE Electric uses forward energy contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and sales exemption 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.

Gas — DTE Gas purchases, stores, transports, distributes and sells natural gas and sells storage and transportation capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2017. Substantially all of these contracts meet the normal purchases and sales exemption and are therefore accounted for under the accrual method. DTE Gas may also sell forward transportation and storage capacity contracts. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

Gas Storage and Pipelines — This segment is primarily engaged in services related to the transportation and storage of natural gas. Primarily fixed-priced contracts are used in the marketing and management of transportation and storage services. Generally these contracts are not derivatives and are therefore accounted for under the accrual method.

19

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Power and Industrial Projects — This segment manages and operates energy and pulverized coal projects, coke batteries, reduced emissions fuel projects, landfill gas recovery and power generation assets. Primarily fixed-price contracts are used in the marketing and management of the segment assets. These contracts are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, coal, 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. The Company 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 — The Company uses interest rate swaps, treasury locks and other derivatives to hedge the risk associated with interest rate market volatility. In 2004 and 2000, the Company entered into a series of interest rate derivatives to limit its sensitivity to market interest rate risk associated with the issuance of long-term debt. Such instruments were designated as cash flow hedges. The Company subsequently issued long-term debt and terminated these hedges at a cost that is included in Other comprehensive loss. Amounts recorded in Other comprehensive loss will be reclassified to interest expense through 2033. In 2014, the Company estimates reclassifying less than $1 million of losses to earnings.

Credit Risk — The utility and non-utility businesses are exposed to credit risk if customers or counterparties do not comply with their contractual obligations. The Company maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, credit rating, collateral requirements or other credit enhancements such as letters of credit or guarantees. The Company generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. The Company maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on the Company’s credit policies and its March 31, 2014 provision for credit losses, the Company’s exposure to counterparty nonperformance is not expected to have a material adverse effect on the Company’s financial statements.

Derivative Activities

The Company 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.

20

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

• 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 tables present the fair value of derivative instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	Derivative Assets		Derivative Liabilities			Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	(4	)	$	—	$	(1	)
Commodity Contracts:
Natural Gas	$	383	$	(416	)	$	396	$	(503	)
Electricity	503		(524		)	400		(398		)
Other	40		(40		)	37		(34		)
Total derivatives not designated as hedging instruments:	$	926	$	(984	)	$	833	$	(936	)
Total derivatives:
Current	$	841	$	(899	)	$	691	$	(773	)
Noncurrent	85		(85		)	142		(163		)
Total derivatives	$	926	$	(984	)	$	833	$	(936	)

Certain of the Company'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, the Company offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces the Company'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.

The Company 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. The Company had issued letters of credit of approximately $18 million and $19 million at March 31, 2014 and December 31, 2013, respectively, which could be used to offset net derivative liabilities. Letters of credit received from third parties which could be used to offset our net derivative assets were not material for the periods presented. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in the 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. Certain contracts that have netting arrangements have not been offset in the Consolidated Statements of Financial Position. The impact of netting these derivative instruments and cash collateral related to such contracts is not material. Only the gross amounts for these derivative instruments are included in the table below.

As of March 31, 2014, the total cash collateral posted, net of cash collateral received, was $128 million. As of December 31, 2013, the total cash collateral posted, net of cash collateral received, was $12 million. As of March 31, 2014, derivative assets and derivative liabilities are shown net of cash collateral of $6 million and $4 million, respectively. As of December 31, 2013, derivative assets and derivative liabilities are shown net of cash collateral of $26 million and $17 million, respectively. The Company recorded cash collateral paid of $140 million and cash collateral received of $10 million not related to unrealized derivative positions as of March 31, 2014. The Company recorded cash collateral paid of $34 million and cash collateral received of $13 million not related to unrealized derivative positions as of December 31, 2013. These amounts are included in accounts receivable and accounts payable and are recorded net by counterparty.

21

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014									December 31, 2013
	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:
Natural Gas	$	383		$	(367	)	$	16		$	396		$	(382	)	$	14
Electricity	503			(422		)	81			400			(291		)	109
Other	40			(41		)	(1		)	37			(34		)	3
Total derivative assets	$	926		$	(830	)	$	96		$	833		$	(707	)	$	126
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(416	)	$	369		$	(47	)	$	(503	)	$	395		$	(108	)
Electricity	(524		)	417			(107		)	(398		)	269			(129		)
Other	(40		)	41			1			(34		)	34			—
Other derivative liabilities	(4		)	1			(3		)	(1		)	—			(1		)
Total derivative liabilities	$	(984	)	$	828		$	(156	)	$	(936	)	$	698		$	(238	)

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014												December 31, 2013
	Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
	Current			Noncurrent			Current			Noncurrent			Current			Noncurrent			Current			Noncurrent
	(In millions)
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
Total fair value of derivatives	$	841		$	85		$	(899	)	$	(85	)	$	691		$	142		$	(773	)	$	(163	)
Counterparty netting	(756		)	(68		)	756			68			(566		)	(115		)	566			115
Collateral adjustment	(6		)	—			3			1			(26		)	—			12			5
Total derivatives as reported	$	79		$	17		$	(140	)	$	(16	)	$	99		$	27		$	(195	)	$	(43	)

The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
Derivatives not Designated as Hedging Instruments		2014			2013
		(In millions)
Foreign currency exchange contracts	Operating Revenue	$	(4	)	$	—
Commodity Contracts:
Natural Gas	Operating Revenue	(127		)	(10		)
Natural Gas	Fuel, purchased power and gas	20			14
Electricity	Operating Revenue	133			20
Other	Operating Revenue	(1		)	1
Total		$	21		$	25

22

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Revenues and energy costs related to trading contracts are presented on a net basis in the Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the mark-to-market method with unrealized and realized gains and losses recorded in Operating revenues. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the mark-to-market method with unrealized and realized gains and losses for sales recorded in Operating revenue and purchases recorded in Fuel, purchased power and gas.

The effects of derivative instruments recoverable through the PSCR mechanism when realized on the Consolidated Statements of Financial Position were $4 million and $1 million in unrealized gains related to FTRs recognized in Regulatory liabilities for the three months ended March 31, 2014 and 2013, respectively.

The following represents the cumulative gross volume of derivative contracts outstanding as of March 31, 2014:

Commodity	Number of Units
Natural Gas (MMBtu)	898,351,691
Electricity (MWh)	39,480,560
Foreign Currency Exchange ($ CAD)	91,295,991

Various subsidiaries of the Company have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that the Company 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 the Company 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 the Company 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 coal) and the provisions and maturities of the underlying transactions. As of March 31, 2014, DTE Energy's contractual obligation to post collateral in the form of cash or letter of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was approximately $444 million.

As of March 31, 2014, the Company had approximately $1,089 million of derivatives in net liability positions, for which hard triggers exist. Collateral of approximately $15 million has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were approximately $959 million. The net remaining amount of approximately $115 million is derived from the $444 million noted above.

NOTE 5 — ASSET RETIREMENT OBLIGATIONS

A reconciliation of the asset retirement obligations for the three months ended March 31, 2014 follows:

	(In millions)
Asset retirement obligations at December 31, 2013	$	1,827
Accretion	28
Liabilities incurred	4
Revision in estimated cash flows	(5		)
Asset retirement obligations at March 31, 2014	$	1,854

23

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 6 — REGULATORY MATTERS

Refundable Revenue Decoupling/ Deferred Gain Amortization

In September 2012, the MPSC approved DTE Electric's accounting application to defer for future amortization the gain resulting from the reversal of the Company's $127 million regulatory liability associated with the operation of the RDM. The approved application provided for the amortization of the regulatory liability to income, at a monthly rate of approximately $10.6 million, beginning January 2014. On April 1, 2014, the MPSC approved DTE Electric's accounting application to suspend the amortization of the RDM regulatory liability as of June 30, 2014 and to complete the amortization over the period January 2015 to June 2015. If DTE Electric's base rates are increased prior to July 1, 2015, the Company will cease amortization and refund to customers the remaining unamortized balance of the regulatory liability.

PSCR Proceedings

The PSCR process is designed to allow DTE Electric to recover all of its power supply costs if incurred under reasonable and prudent policies and practices. DTE Electric's power supply costs include fuel and related transportation costs, purchased and net interchange power costs, nitrogen oxide and sulfur dioxide emission allowances costs, urea costs, transmission costs and MISO costs. The MPSC reviews these costs, policies and practices for prudence in annual plan and reconciliation filings.

2012 PSCR Year — In March 2013, DTE Electric filed the 2012 PSCR reconciliation calculating a net under-recovery of approximately $87 million that includes an under-recovery of approximately $148 million for the 2011 PSCR year. The reconciliation includes purchased power costs related to the manual shutdown of our Fermi 2 nuclear power plant in June 2012 caused by the failure of one of the plant's two non-safety related feed-water pumps. The plant was restarted on July 30, 2012, which restored production to nominal 68% of full capacity. In September 2013, the repair to the plant was completed and production was returned to full capacity. DTE Electric was able to purchase sufficient power from MISO to continue to provide uninterrupted service to our customers. Certain intervenors in the reconciliation case have challenged the recovery of up to $32 million of the Fermi-related purchased power costs. Resolution of this matter is expected in 2014.

2013 PSCR Year — In March 2014, DTE Electric filed the 2013 PSCR reconciliation calculating a net over-recovery of $54 million that includes an under-recovery of $87 million for the 2012 PSCR year.

24

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 7 — EARNINGS PER SHARE

The Company reports both basic and diluted earnings per share. The calculation of diluted earnings per share assumes the issuance of potentially dilutive common shares outstanding during the period from the exercise of stock options. A reconciliation of both calculations is presented in the following table for the three months ended March 31:

	Three Months Ended
	March 31,
	2014		2013
	(In millions, except per share amounts)
Basic Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.73
Total Basic Earnings per Common Share	$	1.84	$	1.35
Diluted Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.72
Total Diluted Earnings per Common Share	$	1.84	$	1.34

NOTE 8 — LONG-TERM DEBT

Debt Issuances

In March 2014, DTE Electric agreed to issue $150 million of 4.60%, 30-year mortgage bonds and $100 million of 3.77%, 12-year mortgage bonds to a group of institutional investors in a private placement transaction. The bonds are expected to close and fund in June 2014. Proceeds will be used for the repayment of existing indebtedness and for general corporate purposes.

Debt Redemptions

In 2014, the following debt was redeemed:

Company	Month	Type	Interest Rate		Maturity	Amount
						(In millions)
DTE Electric	March	Mortgage Bonds	Various		2014	13
DTE Electric	March	Securitization Bonds	6.62	%	2014	100
DTE Energy	Various	Other Long Term Debt	Various		2014	2
						$	115

25

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

In April 2014, DTE Electric called $31 million of 2.35% tax exempt revenue bonds and $32 million of 4.65% tax exempt revenue bonds with final maturities of 2024 and 2028, respectively.

NOTE 9 — SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

DTE Energy and its wholly owned subsidiaries, DTE Electric and DTE Gas, have unsecured revolving credit agreements with a syndicate of 19 banks that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. No one bank provides more than 8.7% of the commitment in any facility. Borrowings under the facilities are available at prevailing short-term interest rates. Additionally, DTE Energy has other facilities to support letter of credit issuance.

The agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In the agreements, “total funded debt” means all indebtedness of the Company and its consolidated subsidiaries, including capital 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 stockholders’ equity of the Company and its 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 March 31, 2014, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric and DTE Gas are 0.48 to 1, 0.50 to 1 and 0.46 to 1, respectively, and are in compliance with this financial covenant. The availability under the facilities in place at March 31, 2014 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured letter of credit facility, expiring in February 2015	$	100	$	—	$	—	$	100
Unsecured letter of credit facility, expiring in August 2015	125		—		—		125
Unsecured revolving credit facility, expiring April 2018	1,200		300		300		1,800
	1,425		300		300		2,025
Amounts outstanding at March 31, 2014:
Commercial paper issuances	375		—		—		375
Letters of credit	195		—		—		195
	570		—		—		570
Net availability at March 31, 2014	$	855	$	300	$	300	$	1,455

In February 2014, DTE Energy increased its $50 million unsecured letter of credit facility to $100 million. The expiration date was also amended from May 2014 to February 2015.

The Company has other outstanding letters of credit which are not included in the above described facilities totaling approximately $66 million which are used for various corporate purposes.

In conjunction with maintaining certain exchange traded risk management positions, the Company may be required to post cash collateral with its clearing agent. The Company has a demand financing agreement for up to $100 million with its clearing agent. The agreement, as amended, also allows for up to $50 million of additional margin financing provided that the Company posts a letter of credit for the incremental amount. At March 31, 2014, a $50 million letter of credit was in place, raising the capacity under this facility to $150 million. The $50 million letter of credit is included in the table above. The amount outstanding under this agreement was $117 million and $138 million at March 31, 2014 and December 31, 2013, respectively.

26

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 10 — COMMITMENTS AND CONTINGENCIES

Environmental

Electric

Air - DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of sulfur dioxide and nitrogen oxides. Since 2005, the EPA and the State of Michigan have issued additional emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to additional controls on fossil-fueled power plants to reduce nitrogen oxide, sulfur dioxide, mercury and other emissions. To comply with these requirements, DTE Electric spent approximately $2 billion through 2013. The Company estimates DTE Electric will make capital expenditures of approximately $280 million in 2014 and up to approximately $1.2 billion of additional capital expenditures through 2021 based on current regulations. Further, additional rulemakings are expected over the next few years which could require additional controls for sulfur dioxide, nitrogen oxides and other hazardous air pollutants. The Cross State Air Pollution Rule (CSAPR), finalized in July 2011, required further reductions of sulfur dioxide and nitrogen oxides emissions beginning in 2012. On December 30, 2011, the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit granted the motions to stay the rule, leaving DTE Electric temporarily subject to the previously existing Clean Air Interstate Rule (CAIR). On August 21, 2012, the Court issued its decision, vacating CSAPR and leaving CAIR in place. The EPA's petition seeking a rehearing of the U.S. Court of Appeals' decision regarding the CSAPR was denied on January 24, 2013. On June 24, 2013, the U.S. Supreme Court granted EPA's petition asking the Court to review the D.C. Circuit Court's decision on CSAPR. A ruling by the Supreme Court is expected by the second quarter of 2014. Notwithstanding the appeal filed with the Supreme Court, the EPA and a number of states, including Michigan, have started working on the framework of revised CSAPR regulations which we anticipate to be proposed in the next few years.

The Mercury and Air Toxics Standard (MATS) rule, formerly known as the Electric Generating Unit Maximum Achievable Control Technology (EGU MACT) Rule was finalized on December 16, 2011. The MATS rule requires reductions of mercury and other hazardous air pollutants beginning in April 2015, with a potential extension to April 2016. DTE Electric has requested and been granted compliance date extensions for all relevant units to April 2016. DTE Electric has tested technologies to determine technological and economic feasibility as MATS compliance alternatives to Flue Gas Desulfurization (FGD) systems. Implementation of Dry Sorbent Injection (DSI) and Activated Carbon Injection (ACI) technologies will allow several units that would not have been economical for FGD installations to continue operation in compliance with MATS.

In July 2009, DTE Energy received a NOV/FOV from the EPA alleging, among other things, that five DTE Electric power plants violated New Source Performance standards, Prevention of Significant Deterioration requirements, and operating permit requirements under the Clean Air Act. In June 2010, the EPA issued a NOV/FOV making similar allegations related to a project and outage at Unit 2 of the Monroe Power Plant. In March 2013, DTE Energy received a supplemental NOV from the EPA relating to the July 2009 NOV/FOV. The supplemental NOV alleged additional violations relating to the New Source Review provisions under the Clean Air Act, among other things.

27

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

In August 2010, the U.S. Department of Justice, at the request of the EPA, brought a civil suit in the U.S. District Court for the Eastern District of Michigan against DTE Energy and DTE Electric, related to the June 2010 NOV/FOV and the outage work performed at Unit 2 of the Monroe Power Plant, but not relating to the July 2009 NOV/FOV. Among other relief, the EPA requested the court to require DTE Electric to install and operate the best available control technology at Unit 2 of the Monroe Power Plant. Further, the EPA requested the court to issue a preliminary injunction to require DTE Electric to (i) begin the process of obtaining the necessary permits for the Monroe Unit 2 modification and (ii) offset the pollution from Monroe Unit 2 through emissions reductions from DTE Electric's fleet of coal-fired power plants until the new control equipment is operating. On August 23, 2011, the U.S. District Court judge granted DTE Energy's motion for summary judgment in the civil case, dismissing the case and entering judgment in favor of DTE Energy and DTE Electric. On October 20, 2011, the EPA caused to be filed a Notice of Appeal to the U.S. Court of Appeals for the Sixth Circuit. On March 28, 2013, the Court of Appeals remanded the case to the U.S. District Court for review of the procedural component of the New Source Review notification requirements. On September 3, 2013, the EPA caused to be filed a motion seeking leave to amend their complaint regarding the June 2010 NOV/FOV adding additional claims related to outage work performed at the Trenton Channel and Belle River power plants as well as additional claims related to work performed at the Monroe Power Plant. In addition, the Sierra Club caused to be filed a motion to add a claim regarding the River Rouge Power Plant. On March 3, 2014, the U.S. District Court judge granted again DTE Energy's motion for summary judgment dismissing the civil case related to Monroe Unit 2. On April 3, 2014, the U.S. District Court judge granted motions filed by the EPA and the Sierra Club to amend their New Source Review complaint adding additional claims for Monroe Units 1, 2 and 3, Belle River Units 1 and 2, Trenton Channel Unit 9 and River Rouge Unit 3.

DTE Energy and DTE Electric believe that all the plants and generating units identified by the EPA and the Sierra Club have complied with all applicable federal environmental regulations. Depending upon the outcome of discussions with the EPA regarding the two NOVs/FOVs, DTE Electric could be required to install additional pollution control equipment at some or all of the power plants in question, implement early retirement of facilities where control equipment is not economical, engage in supplemental environmental programs, and/or pay fines. The Company cannot predict the financial impact or outcome of this matter, or the timing of its resolution.

In March 2013, the Sierra Club filed suit against DTE Energy and DTE Electric alleging violations of the Clean Air Act at four of DTE Electric's coal-fired power plants. The plaintiffs allege 1,499six-minute periods of excess opacity of air emissions from 2007-2012 at those facilities. The suit asks that the court enjoin DTE Energy and DTE Electric from operating the power plants except in complete compliance with applicable laws and permit requirements, pay civil penalties, conduct beneficial environmental mitigation projects, pay attorney fees and require the installation of any necessary pollution controls or to convert and/or operate the plants' boilers on natural gas to avoid additional violations and to off-set historic unlawful emissions. In December 2013, a U.S. District Court judge issued an order dismissing, without prejudice, the plaintiff's complaint allowing them to file an amended complaint by January 17, 2014. The order dismissing the complaint resulted from a considerable number of plaintiff's claims being time barred based on the statute of limitations. On January 17, 2014, the plaintiffs filed an amended complaint for the period January 13, 2008 - June 30, 2012, reducing the total number of six-minute periods from 1,499 to 1,139. DTE Energy and DTE Electric filed an answer to the amended complaint on March 11, 2014. The resolution of this matter is not expected to have a material effect on the Company's operations or financial statements.

Water — In response to an EPA regulation, DTE Electric would be required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. Based on the results of completed studies and expected future studies, DTE Electric may be required to install technologies to reduce the impacts of the water intake structures. The initial rule published in 2004 was subsequently remanded and a proposed rule published in 2011. The proposed rule specified an eight year compliance timeline. Final action on this rule has been delayed and is expected in 2014. Depending on final regulations, its requirements may require modifications to some existing intake structures and could impact the rates we charge our customers. It is not possible to quantify the impact of those expected rulemakings at this time.

On April 19, 2013, the EPA proposed revised steam electric effluent guidelines regulating wastewater streams from coal-fired power plants including multiple possible options for compliance. The rules are expected to be finalized by December 2014. DTE Electric has provided comments to the EPA. However, it is not possible at this time to quantify the impacts of these developing requirements.

28

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

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 manufactured gas plant (MGP) sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. The investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company 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 aboveground 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 March 31, 2014 and December 31, 2013, the Company had $9 million and $8 million accrued for remediation, respectively. 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 the Company’s financial position and cash flows. The Company believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.

DTE Electric owns and operates three permitted engineered ash storage facilities to dispose of fly ash from the coal fired power plants. The EPA has published proposed rules to regulate coal ash under the authority of the Resources Conservation and Recovery Act (RCRA). The proposed rule published in June 2010 contains two primary regulatory options to regulate coal ash residue. The EPA is currently considering either designating coal ash as a “Hazardous Waste” as defined by RCRA or regulating coal ash as non-hazardous waste under RCRA. Agencies and legislatures have urged the EPA to regulate coal ash as a non-hazardous waste. If the EPA designates coal ash as a hazardous waste, the agency could apply some, or all, of the disposal and reuse standards that have been applied to other existing hazardous wastes to disposal and reuse of coal ash. Some of the regulatory actions currently being contemplated could have a significant impact on our operations and financial position and the rates we charge our customers. The rules are expected to be finalized by December 2014. It is not possible to quantify the impact of those expected rulemakings at this time.

Gas

Contaminated Sites — Gas segment, owns or previously owned, 15 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company is also in the process of cleaning up other contaminated sites. Cleanup activities associated with these sites will be conducted 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. As of March 31, 2014 and December 31, 2013, the Company had $26 million and $28 million accrued for remediation, respectively. 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 the Company’s financial position and cash flows. The Company anticipates the cost amortization methodology approved by the MPSC for DTE Gas, which allows DTE Gas to amortize the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred and the cost deferral and rate recovery mechanism for Citizens approved by the City of Adrian, will prevent environmental costs from having a material adverse impact on the Company’s results of operations.

Non-utility

The Company’s non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants.

The Michigan coke battery facility received and responded to information requests from the EPA that resulted in the issuance of a NOV in June 2007 alleging potential maximum achievable control technologies and new source review violations. The EPA is in the process of reviewing the Company’s position of demonstrated compliance and has not initiated escalated enforcement. At this time, the Company cannot predict the impact of this issue. Furthermore, the Michigan coke battery facility is the subject of an investigation by the MDEQ concerning visible emissions readings that resulted from the Company self reporting to MDEQ questionable activities by an employee of a contractor hired by the Company to perform the visible emissions readings. At this time, the Company cannot predict the impact of this investigation.

29

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

The Company received two NOVs from the Pennsylvania Department of Environmental Protection (PADEP) in 2010 alleging violations of the permit for the Pennsylvania coke battery facility in connection with coal pile storm water runoff. The Company has implemented best management practices to address this issue. The Company recently received a permit to upgrade its existing waste water treatment system and is currently seeking a permit from the PADEP to upgrade its wastewater treatment technology to a biological treatment facility. The Company expects to spend less than $3 million on the existing waste water treatment system to comply with existing water discharge requirements and to upgrade its coal pile storm water runoff management program. The Company will also spend up to an additional $15 million over the next few years to upgrade the treatment technology to biological treatment to meet future regulatory requirements and gain other operational improvement savings.

The Company also received an NOV from the Allegheny County (PA) Health Department pertaining to excessive opacity readings from fugitive sources (mainly pushing emissions) in excess of its opacity standards for the Pennsylvania coke battery facility. Fugitive sources at the plant are in full compliance with the applicable Federal Opacity Standards. In February 2014, the Company received from the Group Against Smog & Pollution (GASP) a 60 day Notice of Intent to sue letter under the Federal Clean Air Act and/or Article XXI of the Allegheny County (PA) Health Department's Rules and Regulations. GASP alleged in the letter that the Company's coke battery facility in Pennsylvania was in violation of visible emissions limits from charging activities, door leaks, the combustion stack and pushing operations and hydrogen sulfide emission limits on flared, mixed or combusted coke oven gas. To resolve these issues, the Company has agreed to a Consent Order and Agreement with Allegheny County pursuant to which the Company will pay a fine of $300,000 and spend $300,000 for a supplemental environmental project to enhance particulate collection efficiency from the coke battery's quench tower. As a result, GASP's right to sue related to these alleged violations is foreclosed.

The Company believes that its non-utility businesses are substantially in compliance with all environmental requirements, other than as noted above.

Other

In December 2012, the EPA finalized a new set of regulations regarding the identification of non-hazardous secondary materials that are considered solid waste, industrial boiler and process heater maximum achievable control technologies (IBMACT) for major and area sources, and commercial/industrial solid waste incinerator new source performance standard and emission guidelines (CISWI). Capital costs for pollution controls and/or boiler conversions and the expenses for the one-time energy assessments are not expected to be material.

In 2010, the EPA finalized a new 1-hour sulfur dioxide ambient air quality standard that requires states to submit plans for non-attainment areas to be in compliance by 2017. Michigan's non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Preliminary modeling runs by the MDEQ suggest that emission reductions may be required by significant sources of sulfur dioxide emissions in these areas, including DTE Electric power plants and our Michigan coke battery. The state implementation plan process is in the information gathering stage, and DTE Energy is unable to estimate any required emissions reductions at this time.

Nuclear Operations

Property Insurance

DTE Electric maintains property insurance policies specifically for the Fermi 2 plant. These policies cover such items as replacement power and property damage. The Nuclear Electric Insurance Limited (NEIL) is the primary supplier of the insurance policies.

DTE Electric maintains a policy for extra expenses, including replacement power costs necessitated by Fermi 2’s unavailability due to an insured event. This policy has a 12-week waiting period and provides an aggregate $490 million of coverage over a three-year period.

As of April 1, 2014, DTE Electric has $1.5 billion in primary coverage and $1.25 billion of excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property and decommissioning. The combined coverage limit for total property damage is $2.75 billion, subject to a $1 million deductible. The total limit for property damage for non-nuclear events is $2 billion and an aggregate of $327 million of coverage for extra expenses over a two-year period.

30

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

In 2007, the Terrorism Risk Insurance Extension Act of 2005 (TRIA) was extended through December 31, 2014. A major change in the extension is the inclusion of “domestic” acts of terrorism in the definition of covered or “certified” acts. For multiple terrorism losses caused by acts of terrorism not covered under the TRIA occurring within one year after the first loss from terrorism, the NEIL policies would make available to all insured entities up to $3.2 billion, plus any amounts recovered from reinsurance, government indemnity, or other sources to cover losses.

Under the NEIL policies, DTE Electric could be liable for maximum assessments of up to approximately $35 million per event if the loss associated with any one event at any nuclear plant should exceed the accumulated funds available to NEIL.

Public Liability Insurance

As required by federal law, DTE Electric maintains $375 million of public liability insurance for a nuclear incident. For liabilities arising from a terrorist act outside the scope of TRIA, the policy is subject to one industry aggregate limit of $300 million. Further, under the Price-Anderson Amendments Act of 2005, deferred premium charges up to $127.3 million could be levied against each licensed nuclear facility, but not more than $19 million per year per facility. Thus, deferred premium charges could be levied against all owners of licensed nuclear facilities in the event of a nuclear incident at any of these facilities.

Nuclear Fuel Disposal Costs

In accordance with the Federal Nuclear Waste Policy Act of 1982, DTE Electric has a contract with the U.S. Department of Energy (DOE) for the future storage and disposal of spent nuclear fuel from Fermi 2. DTE Electric is obligated to pay the DOE a fee of 1 mill per kWh of Fermi 2 electricity generated and sold. The fee is a component of nuclear fuel expense. The DOE's Yucca Mountain Nuclear Waste Repository program for the acceptance and disposal of spent nuclear fuel was terminated in 2011. DTE Electric currently employs a spent nuclear fuel storage strategy utilizing a fuel pool. The Company continues to develop its on-site dry cask storage facility and has scheduled the initial offload from the spent fuel pool in 2014. The dry cask storage facility is expected to provide sufficient spent fuel storage capability for the life of the plant as defined by the original operating license.

DTE Electric is a party in the litigation against the DOE for both past and future costs associated with the DOE's failure to accept spent nuclear fuel under the timetable set forth in the Federal Nuclear Waste Policy Act of 1982. In July 2012, DTE Electric executed a settlement agreement with the federal government for costs associated with the DOE's delay in acceptance of spent nuclear fuel from Fermi 2 for permanent storage. The settlement provided for a payment of approximately $48 million, received in August 2012, for delay-related costs experienced by DTE Electric through 2010, and a claims process for submittal of delay-related costs from 2011 through 2013. DTE Electric has begun the claims process and claims are being settled on a timely basis. The settlement proceeds reduced the cost of the dry cask storage facility assets. In January 2014, the settlement agreement was extended through 2016. The federal government continues to maintain its legal obligation to accept spent nuclear fuel from Fermi 2 for permanent storage. Issues relating to long-term waste disposal policy and to the disposition of funds contributed by DTE Electric ratepayers to the federal waste fund await future governmental action.

In February 2013, the U.S. Court of Appeals for the District of Columbia (COA) granted a motion to reopen the fee adequacy litigation to review the DOE's latest fee adequacy report which was released in January 2013. In November 2013, the COA issued a decision ordering the DOE to submit a proposal to Congress to reduce the nuclear waste fee to zero until the DOE enacts an alternative nuclear waste management plan. In January 2014, the DOE submitted such a proposal to Congress that will take effect in 90 legislative calendar days, absent legislative action to the contrary. Simultaneously, the DOE filed a petition for rehearing of the November 2013 decision with the COA. In March 2014, the COA denied DOE's petition for rehearing. DTE Electric continues to pay fees to the U.S. government's nuclear waste fund pending further developments in this proceeding.

Synthetic Fuel Guarantees

The Company discontinued the operations of its synthetic fuel production facilities throughout the United States as of December 31, 2007. The Company provided certain guarantees and indemnities in conjunction with the sales of interests in its synfuel facilities. The guarantees cover potential commercial, environmental, oil price and tax-related obligations and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at March 31, 2014 is approximately $1.1 billion. Payment under these guarantees is considered remote.

31

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Reduced Emissions Fuel Guarantees

The Company has provided certain guarantees and indemnities in conjunction with the sales of interests in its reduced emissions fuel facilities. The guarantees cover potential commercial, environmental, and tax-related obligations and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at March 31, 2014 is approximately $111 million. Payment under these guarantees is considered remote.

Other Guarantees

In certain limited circumstances, the Company enters into contractual guarantees. The Company may guarantee another entity’s obligation in the event it fails to perform. The Company may provide guarantees in certain indemnification agreements. Finally, the Company may provide indirect guarantees for the indebtedness of others. The Company’s guarantees are not individually material with maximum potential payments totaling $60 million at March 31, 2014. Payment under these guarantees is considered remote.

The Company is 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 March 31, 2014, the Company had approximately $41 million of performance bonds outstanding. In the event that such bonds are called for nonperformance, the Company would be obligated to reimburse the issuer of the performance bond. The Company is 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 the Company's approximately 4,900 represented employees. The majority of the represented employees are under contracts that expire in 2016 and 2017.

Purchase Commitments

As of March 31, 2014, the Company was party to numerous long-term purchase commitments relating to a variety of goods and services required for the Company’s business. These agreements primarily consist of fuel supply commitments, renewable energy contracts and energy trading contracts. The Company estimates that these commitments will be approximately $9.1 billion from 2014 through 2051.

The Company also estimates that 2014 capital expenditures will be approximately $2.3 billion. The Company has made certain commitments in connection with expected capital expenditures.

Bankruptcies

The Company purchases and sells electricity, natural gas, coal, coke and other energy products from and to governmental entities and numerous companies operating in the steel, automotive, energy, retail, financial and other industries. Certain of its customers have filed for bankruptcy protection under the U.S. Bankruptcy Code. The Company regularly reviews contingent matters relating to these customers and its purchase and sale contracts and records provisions for amounts considered at risk of probable loss. The Company believes its accrued amounts are adequate for probable loss.

The Company's utilities provide services to the city of Detroit, Michigan (Detroit). Detroit filed for Chapter 9 bankruptcy protection on July 18, 2013. The Company had pre-petition accounts receivable of approximately $20 million outstanding as of the bankruptcy filing date. Detroit has been paying amounts owed in a timely manner and its accounts are substantially current. The Company does not expect Detroit's bankruptcy filing to have a material impact on its financial results.

32

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Other Contingencies

The Company is 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 Company cannot predict the final disposition of such proceedings. The Company regularly reviews legal matters and records provisions for claims that it can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Company’s operations or financial statements in the periods they are resolved.

See Notes 4 and 6 for a discussion of contingencies related to derivatives and regulatory matters.

NOTE 11 — RETIREMENT BENEFITS AND TRUSTEED ASSETS

The following table details the components of net periodic benefit costs for pension benefits and other postretirement benefits:

	Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013
Three Months Ended March 31	(In millions)
Service cost	$	21		$	24		$	9		$	16
Interest cost	53			48			23			24
Expected return on plan assets	(68		)	(67		)	(31		)	(27		)
Amortization of:
Net actuarial loss	38			51			5			17
Prior service credit	—			—			(36		)	(23		)
Net periodic benefit cost (credit)	$	44		$	56		$	(30	)	$	7

Pension and Other Postretirement Contributions

During the first three months of 2014, the Company contributed $31 million to its pension plans. At the discretion of management, and depending upon financial market conditions, the Company may make up to an additional $160 million contribution to its pension plans in 2014.

At the discretion of management, the Company may make up to a $145 million contribution to its other postretirement benefit plans in 2014.

NOTE 12 — STOCK-BASED COMPENSATION

The following table summarizes the components of stock-based compensation:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Stock-based compensation expense	$	33	$	28
Tax benefit	$	13	$	11
Stock-based compensation cost capitalized in property, plant and equipment	$	5	$	2

33

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Stock Options

The following table summarizes our stock option activity for the three months ended March 31, 2014:

	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Options outstanding at January 1, 2014	723,697		$	42.60
Exercised	(163,594	)	$	41.13
Forfeited or expired	(10,730	)	$	39.41
Options outstanding and exercisable at March 31, 2014	549,373		$	43.10	$	14

As of March 31, 2014, the weighted average remaining contractual life for the exercisable shares is 3.84 years. As of March 31, 2014, all options were vested.

The intrinsic value of options exercised for the three months ended March 31, 2014 and 2013 was $5 million and $7 million, respectively. No option expense was recognized for the three months ended March 31, 2014 and 2013, respectively.

Restricted Stock Awards

The following table summarizes the Company’s restricted stock awards activity for the three months ended March 31, 2014:

	Restricted Stock		Weighted Average Grant Date Fair Value
Balance at January 1, 2014	492,329		$	53.76
Grants	132,490		$	69.01
Forfeitures	(8,196	)	$	61.83
Vested and issued	(162,767	)	$	46.88
Balance at March 31, 2014	453,856		$	60.53

Performance Share Awards

The following table summarizes the Company’s performance share activity for the three months ended March 31, 2014:

	Performance Shares
Balance at January 1, 2014	1,608,789
Grants	520,204
Forfeitures	(8,872	)
Payouts	(571,177	)
Balance at March 31, 2014	1,548,944

Unrecognized Compensation Costs

As of March 31, 2014, there was $100 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 1.67 years.

NOTE 13 — SEGMENT AND RELATED INFORMATION

The Company 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 2.1 million residential, commercial and industrial customers in southeastern Michigan.

34

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Gas segment consists of DTE Gas and Citizens.  DTE Gas is engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million residential, commercial and industrial customers throughout Michigan and the sale of storage and transportation capacity. Citizens distributes natural gas in Adrian, Michigan to approximately 17,000 customers.

Gas Storage and Pipelines consists of natural gas pipeline, gathering and storage businesses.

Power and Industrial Projects is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial and institutional customers; produce reduced emissions fuel (REF) and sell electricity from biomass-fired energy projects.

Energy Trading consists of energy marketing and trading operations.

Corporate and Other, includes various holding company activities, holds certain non-utility debt and energy-related investments.

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 production tax credits and net operating losses if applicable. The state and local income tax provisions of the utility subsidiaries are determined on an individual company basis and recognizes 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.

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales and natural gas sales in the following segments:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Inter-segment Revenues
Electric	$	7	$	6
Gas	2		1
Gas Storage and Pipelines	1		2
Power and Industrial Projects	206		205
Energy Trading	9		11
Corporate and Other	2		(8		)
	$	227	$	217

35

DTE Energy Company

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

Financial data of the business segments follows:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues
Electric	$	1,412		$	1,219
Gas	804			604
Gas Storage and Pipelines	52			27
Power and Industrial Projects	575			490
Energy Trading	1,314			393
Corporate & Other	—			—
Reconciliation & Eliminations	(227		)	(217		)
Total	$	3,930		$	2,516

Net Income (Loss) Attributable to DTE Energy by Segment:
Electric	$	136		$	115
Gas	129			96
Gas Storage and Pipelines	21			17
Power and Industrial Projects	15			12
Energy Trading	42			7
Corporate & Other	(17		)	(13		)
Net Income Attributable to DTE Energy	$	326		$	234

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

DTE Energy is a diversified energy company and is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution and storage services throughout Michigan. We operate three energy-related non-utility segments with operations throughout the United States.

Net income attributable to DTE Energy in the first quarter of 2014 was $326 million, or $1.84 per diluted share, compared to net income attributable to DTE Energy of $234 million, or $1.34 per diluted share, in the first quarter of 2013. The increase in net income in the first quarter is due to higher earnings across all segments, primarily the Electric, Gas and Energy Trading segments.

Please see detailed explanations of segment performance in the following Results of Operations section.

DTE Energy's strategy is to achieve long-term earnings growth, a strong balance sheet and an attractive dividend yield.

Our utilities' growth will be driven by base infrastructure, environmental and renewable investments. We are focused on executing plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. We operate in a constructive regulatory environment and have solid relationships with our regulators.

We have significant investments in our non-utility businesses. We employ disciplined investment criteria when assessing growth opportunities that leverage our assets, skills and expertise and provide diversity in earnings and geography. Specifically, we invest in targeted energy markets with attractive competitive dynamics where meaningful scale is in alignment with our risk profile. We expect growth opportunities in the Gas Storage and Pipelines and Power and Industrial Projects segments.

A key priority for DTE Energy is to maintain a strong balance sheet which facilitates access to capital markets and reasonably priced short-term and long-term financing. Near-term growth will be funded through internally generated cash flows and the issuance of debt. We have an enterprise risk management program that, among other things, is designed to monitor and manage our exposure to earnings and cash flow volatility related to commodity price changes, interest rates and counterparty credit risk.

CAPITAL INVESTMENTS

Our utility businesses require significant base capital investments each year in order to maintain and improve the reliability of asset bases, including power generation plants, distribution systems, storage fields and other facilities and fleets. DTE Electric's capital investments over the 2014-2018 period are estimated at $5.6 billion for base infrastructure, $700 million for environmental compliance requirements and $400 million for renewable energy and energy efficiency expenditures. DTE Electric plans to seek regulatory approval in general rate case filings and renewable energy plan filings for capital expenditures consistent with prior ratemaking treatment.

DTE Gas's capital investments over the 2014-2018 period are estimated at $700 million for base infrastructure and $500 million for gas main renewal and meter move out and pipeline integrity programs. In April 2013, the MPSC issued an order approving an infrastructure recovery mechanism (IRM) for DTE Gas and authorized the recovery of the cost of service related to $77 million of annual investment in its gas main renewal and meter move out and pipeline integrity programs. DTE Gas plans to seek regulatory approval in general rate case filings for base infrastructure capital expenditures consistent with prior ratemaking treatment.

ENVIRONMENTAL MATTERS

We are subject to extensive environmental regulation. Additional costs may result as the effects of various substances on the environment are studied and governmental regulations are developed and implemented. Actual costs to comply could vary substantially. We expect to continue recovering environmental costs related to utility operations through rates charged to our customers.

37

DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of sulfur dioxide and nitrogen oxides. Since 2005, the EPA and the State of Michigan have issued additional emission reduction regulations relating to ozone, fine particulate, regional haze and mercury air pollution. These rules will lead to additional emission controls on fossil-fueled power plants to reduce nitrogen oxide, sulfur dioxide, acid gases, particulate matter and mercury emissions. To comply with these requirements, DTE Electric spent approximately $2 billion through 2013. It is estimated that DTE Electric will make capital expenditures of approximately $280 million in 2014 and up to approximately $1.2 billion of additional capital expenditures through 2021 based on current regulations.

Climate regulation and/or legislation has been proposed and discussed within the U.S. Congress and the EPA. The EPA is implementing regulatory actions under the Clean Air Act to address emissions of greenhouse gases (GHGs). EPA regulation of GHGs requires the best available control technology (BACT) for new major sources or modifications to existing major sources that cause significant increases in GHG emissions. In June 2012, the EPA proposed new source performance standards for carbon dioxide emissions from new fossil-fueled power plants. These new source performance standards were re-proposed on September 20, 2013, under a presidential directive issued on June 25, 2013. Under the same presidential directive, the EPA is expected to propose performance standards for carbon dioxide emissions from existing and modified plants by June 1, 2014 and issue final standards by June 1, 2015. DTE Energy will be an active participant in working with the EPA and other stakeholders to shape the final performance standards for new and existing power plants. The standards for new sources are not expected to have a material impact on the Company. It is not possible to determine the potential impact of future regulations on existing sources at this time. Pending or future legislation or other regulatory actions could have a material impact on our operations and financial position and the rates we charge our customers. Impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission offsets from market sources and the retirement of facilities where control equipment is not economical. We would seek to recover these incremental costs through increased rates charged to our utility customers as authorized by the MPSC. Increased costs for energy produced from traditional coal based sources could also increase the economic viability of energy produced from renewable and/or nuclear sources, from energy efficiency initiatives, and from the potential development of market-based trading of carbon offsets which could provide new business opportunities for our utility and non-utility segments. At the present time, it is not possible to quantify the financial impacts of these climate related legislative or regulatory initiatives on DTE Energy or its customers.

See Note 10 of the Notes to the Consolidated Financial Statements.

OUTLOOK

The next few years will be a period of rapid change for DTE Energy and for the energy industry. Our strong utility base, combined with our integrated non-utility operations, position us well for long-term growth.

Looking forward, we will focus on several areas that we expect will improve future performance:

• electric and gas customer satisfaction;

• electric reliability;

• rate competitiveness and affordability;

• regulatory stability and investment recovery for our utilities;

• growth of our utility asset base;

• employee engagement;

• cost structure optimization across all business segments;

• cash, capital and liquidity to maintain or improve our financial strength; and

• investments that integrate our assets and leverage our skills and expertise.

We will continue to pursue opportunities to grow our businesses in a disciplined manner if we can secure opportunities that meet our strategic, financial and risk criteria.

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RESULTS OF OPERATIONS

The following sections provide a detailed discussion of the operating performance and future outlook of our segments.

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment:
Electric	$	136		$	115
Gas	129			96
Gas Storage and Pipelines	21			17
Power and Industrial Projects	15			12
Energy Trading	42			7
Corporate and Other	(17		)	(13		)
Net Income Attributable to DTE Energy Company	$	326		$	234

ELECTRIC

Our Electric segment consists principally of DTE Electric.

Electric results are discussed below:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues	$	1,412		$	1,219
Fuel and Purchased Power	498			372
Gross Margin	914			847
Operation and Maintenance	343			331
Depreciation and Amortization	230			214
Taxes Other Than Income	71			70
Asset (Gains) and Losses, Reserves and Impairments, Net	—			(1		)
Operating Income	270			233
Other (Income) and Deductions	58			57
Income Tax Expense	76			61
Net Income Attributable to DTE Energy Company	$	136		$	115
Operating Income as a Percent of Operating Revenues	19		%	19		%

Gross margin increased $67 million in the three months ended March 31, 2014. Revenues associated with certain tracking mechanisms and surcharges are offset by related expenses elsewhere in the Consolidated Statements of Operations.

The following table details changes in various gross margin components relative to the comparable prior period:

	Three Months
	(In millions)
Amortization of refundable revenue decoupling/deferred gain	$	32
Base sales, inclusive of weather effect	13
Securitization bond and tax surcharge	8
Renewable energy program	4
Low income energy assistance surcharge	6
Regulatory mechanisms and other	4
Increase in gross margin	$	67

39

	Three Months Ended
	March 31,
	2014	2013
	(In thousands of MWh)
Electric Sales
Residential	3,978	3,854
Commercial	4,048	3,923
Industrial	2,501	2,436
Other	205	252
	10,732	10,465
Interconnection sales (a)	618	773
Total Electric Sales	11,350	11,238
Electric Deliveries
Retail and Wholesale	10,732	10,465
Electric Customer Choice, including self generators (b)	1,267	1,260
Total Electric Sales and Deliveries	11,999	11,725

______________________________

(a) Represents power that is not distributed by DTE Electric.

(b) Represents deliveries for self generators who have purchased power from alternative energy suppliers to supplement their power requirements.

Operation and maintenance expense increased $12 million in the three months ended March 31, 2014 due primarily to higher power plant generation expenses for planned outages of $27 million, increased low income energy assistance of $6 million and higher energy optimization and renewable energy expenses of $2 million, partially offset by lower employee benefit expenses of $24 million.

Depreciation and amortization expense increased $16 million in the three months ended March 31, 2014 due to higher amortization of regulatory assets of $11 million, primarily related to Securitization, and $5 million of increased expense due to a higher depreciable base.

Outlook— We continue to move forward in our efforts to achieve operational excellence, sustained strong cash flows and earn our authorized return on equity. We expect that our planned significant capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, benefit plan design changes, investment returns and changes in discount rate assumptions in benefit plans and health care costs, and uncertainty of legislative or regulatory actions regarding climate change and electric customer choice. We expect to continue our efforts to improve productivity and decrease our costs while improving customer satisfaction with consideration of customer rate affordability.

GAS

Our Gas segment consists of DTE Gas and Citizens.

Gas results are discussed below:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues	$	804		$	604
Cost of Gas	439			299
Gross Margin	365			305
Operation and Maintenance	110			106
Depreciation and Amortization	25			23
Taxes Other Than Income	17			16
Operating Income	213			160
Other (Income) and Deductions	12			12
Income Tax Expense	72			52
Net Income Attributable to DTE Energy Company	$	129		$	96
Operating Income as a Percent of Operating Revenues	26		%	26		%

40

Gross margin increased $60 million in the three months ended March 31, 2014. Revenues associated with certain tracking mechanisms and surcharges are offset by related expenses elsewhere in the Consolidated Statements of Operations.

The following table details changes in various gross margin components relative to the comparable prior period:

	Three Months
	(In millions)
Weather	$	46
Midstream storage and transportation services	16
Energy optimization revenue	(6		)
Other	4
Increase in gross margin	$	60

	Three Months Ended
	March 31,
	2014	2013
Gas Markets (in Bcf)
Gas sales	71	58
End user transportation	62	55
	133	113
Intermediate transportation	99	76
	232	189

Operation and maintenance expense increased $4 million in the three months ended March 31, 2014 due primarily to higher weather-related gas operations expenses of $12 million, partially offset by lower energy optimization expenses of $6 million and lower employee benefit expenses of $4 million.

Outlook — We continue to move forward in our efforts to achieve operational excellence, sustained strong cash flows and earn our authorized return on equity. We expect that our planned significant capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, benefit plan design changes, and investment returns and changes in discount rate assumptions in benefit plans and health care costs. We expect to continue our efforts to improve productivity and decrease our costs while improving customer satisfaction with consideration of customer rate affordability.

GAS STORAGE AND PIPELINES

Our Gas Storage and Pipelines segment consists of our non-utility gas pipelines and storage businesses.

Gas Storage and Pipelines results are discussed below:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues	$	52		$	27
Operation and Maintenance	11			5
Depreciation and Amortization	7			4
Taxes Other Than Income	1			1
Operating Income	33			17
Other (Income) and Deductions	(2		)	(11		)
Income Tax Expense	14			11
Net Income Attributable to DTE Energy Company	$	21		$	17

41

Operating revenues increased $25 million due primarily to higher volumes on the Bluestone pipeline, additional segments placed in service in the Susquehanna gathering system and higher storage revenue.

Operation and maintenance expenses increased $6 million and depreciation and amortization expenses increased $3 million due to the operation of the Bluestone and Susquehanna projects.

Other (income) and deductions decreased by $9 million due to lower earnings from a pipeline investment and higher intercompany interest expense.

Outlook — Our Gas Storage and Pipelines business expects to maintain its steady growth by developing an asset portfolio with multiple growth platforms through investment in new projects and expansions. We will continue to look for additional investment opportunities and other storage and pipeline projects at favorable prices. Millennium Pipeline completed its Phase One expansion in 2013, and its Phase Two expansion was placed in service at the end of March 2014. Additionally, Bluestone, a 44-mile lateral pipeline in Susquehanna County, Pennsylvania and Broome County, New York is in service and volumes are increasing. We plan to expand the capacity of the Bluestone lateral by constructing additional compression facilities, meter upgrades, and other initiatives to accommodate increased shipper demand. Through our agreement with Southwestern Energy Services Company and affiliates, we believe Bluestone lateral and Susquehanna gathering system are strategically positioned for future growth of the Marcellus shale. Progress continues on preliminary development activities on the proposed Nexus pipeline. The Nexus pipeline will serve as a transportation path for natural gas from the Utica shale in Ohio to Michigan and Ontario. We are planning to have a one-third partnership interest in the pipeline.

POWER AND INDUSTRIAL PROJECTS

Power and Industrial Projects is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial and institutional customers; produce REF and sell electricity from biomass-fired energy projects.

Power and Industrial Projects results are discussed below:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues	$	575		$	490
Operation and Maintenance	576			481
Depreciation and Amortization	18			18
Taxes other than Income	5			5
Asset (Gains) and Losses, Reserves and Impairments, Net	(1		)	(3		)
Operating Income (Loss)	(23		)	(11		)
Other (Income) and Deductions	(13		)	(9		)
Income Taxes
Expense	(4		)	(1		)
Production Tax Credits	(22		)	(14		)
	(26		)	(15		)
Net Income	16			13
Noncontrolling interest	1			1
Net Income Attributable to DTE Energy Company	$	15		$	12

Operating revenues increased $85 million in the three months ended March 31, 2014. The increase in the first quarter of 2014 was primarily due to a $107 million increase associated with higher volumes from REF projects, offset by a $23 million decrease from lower coal prices associated with the steel business.

Operation and maintenance expense increased $95 million in the three months ended March 31, 2014. The increase in the first quarter of 2014 was primarily due to a $107 million increase associated with higher volumes from REF projects and a $5 million increase associated with start-up of a biomass-fired power project, offset by an $18 million decrease from lower coal prices associated with the steel business.

Production tax credits increased by $8 million in the three months ended March 31, 2014 primarily due to tax credits earned from REF projects.

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Outlook— The Company has constructed and placed in service nine REF facilities including four facilities located at third party owned coal-fired power plants. The Company has sold membership interests in four of the facilities. We continue to optimize these facilities by seeking investors for facilities operating at DTE Electric and other utility sites. Additionally, we have begun relocating an underutilized facility to a third party owned coal-fired power plant and intend to relocate the remaining underutilized facility, located at a DTE Electric site, to an alternative coal-fired power plant which may provide increased production and emission reduction opportunities in 2014 and future years.

We expect sustained production levels of metallurgical coke and pulverized coal supplied to steel industry customers for 2014. Substantially all of the metallurgical coke margin is maintained under long-term contracts. We have five biomass-fired power generation facilities in operation. Our on-site energy services will continue to be delivered in accordance with the terms of long-term contracts. We have begun construction on a new natural gas-fired cogeneration facility and two landfill gas to energy projects which are expected to be completed in 2014. We will continue to look for additional investment opportunities and other energy projects at favorable prices.

Power and Industrial Projects will continue to leverage its extensive energy-related operating experience and project management capability to develop additional energy projects to serve energy intensive industrial customers.

ENERGY TRADING

Energy Trading focuses on physical and financial power, natural gas and coal marketing and trading, structured transactions, enhancement of returns from DTE Energy’s asset portfolio, and optimization of contracted natural gas pipeline transportation and storage, and generating capacity positions. Energy Trading also provides natural gas, power and related services, which may include the management of associated storage and transportation contracts on the customers’ behalf, and the supply or purchase of renewable energy credits to various customers.

Energy Trading results are discussed below:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Operating Revenues	$	1,314	$	393
Fuel, Purchased Power and Gas	1,226		357
Gross Margin	88		36
Operation and Maintenance	16		21
Taxes Other Than Income	1		2
Operating Income	71		13
Other (Income) and Deductions	2		2
Income Tax Expense	27		4
Net Income Attributable to DTE Energy Company	$	42	$	7

Operating revenues and Fuel, purchased power and gas were impacted by an increase in gas prices and volumes, primarily in our gas structured and gas transportation strategies.

Gross margin increased $52 million for the three months ended March 31, 2014. The overall increase in gross margin for the first quarter was primarily due to timing related gains in the gas structured and transportation strategies, partially offset by losses in our power full requirements strategy.

During the first quarter of 2014, we experienced extreme weather conditions in the Midwest and Northeast gas and power markets we serve. Consequently, this led to favorable results in our gas asset optimization strategies due to higher gas prices and volumes which were partially offset by realized losses from our power full requirements strategy due to higher than expected loads, energy prices, and ancillary charges to serve our customers.

The first quarter increase in gross margin of $52 million represents a $48 million increase in realized margins and a $4 million increase in unrealized margins. The $48 million increase in realized margins is due to $123 million of favorable results, primarily in our gas structured and gas transportation strategies, offset by $75 million of unfavorable results, primarily in our power full requirements strategy. The $4 million increase in unrealized margins is due to $29 million of favorable results, primarily in our gas trading and power full requirements strategies, offset by $25 million of unfavorable results, primarily in our gas structured, gas storage, and our power and gas trading strategies.

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Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract. These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts. During the fourth quarter of 2013, we saw significant increases in gas prices which led to the volatility in the accounting earnings due to the physical component being marked-to-market without an offsetting mark on the transportation component. Included in the $123 million of favorable results in our gas strategies is $51 million of timing related losses recognized in the fourth quarter of 2013 that reversed during the first quarter as the underlying contracts were settled.

Outlook — In the near-term, we expect market conditions to remain challenging and the profitability of this segment may be impacted by the volatility in commodity prices in the markets we participate in and the uncertainty of impacts associated with financial reform, regulatory changes and changes in operating rules of regional transmission organizations.

The Energy Trading portfolio includes financial instruments, physical commodity contracts and natural gas inventory, as well as contracted natural gas pipeline transportation and storage, and generation capacity positions. Energy Trading also provides natural gas, power and related services, which may include the management of associated storage and transportation contracts on the customers' behalf under FERC Asset Management Arrangements, and the supply or purchase of renewable energy credits to various customers. Significant portions of the Energy Trading portfolio are economically hedged. Most financial instruments and physical power and natural gas contracts are deemed derivatives, whereas natural gas inventory, pipeline transportation, renewable energy credits, and storage assets are not derivatives. As a result, we will experience earnings volatility as derivatives are marked-to-market without revaluing the underlying non-derivative contracts and assets. Our strategy is to economically manage the price risk of these underlying non-derivative contracts and assets with futures, forwards, swaps and options. This results in gains and losses that are recognized in different interim and annual accounting periods.

See Notes 3 and 4 of the Notes to Consolidated Financial Statements.

CORPORATE AND OTHER

Corporate and Other includes various holding company activities and holds certain non-utility debt and energy-related investments. The net loss of $17 million in the three months ended March 31, 2014, represents an increase of $4 million from the loss of $13 million in the comparable 2013 period. The increased loss was due primarily to higher deferred tax expense related to New York state income tax reform enacted on March 31, 2014.

CAPITAL RESOURCES AND LIQUIDITY

Cash Requirements

We use cash to maintain and expand our electric and natural gas utilities and to grow our non-utility businesses, retire and pay interest on long-term debt and pay dividends. We believe that we will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. We expect that cash from operations in 2014 will be approximately $1.6 billion, or approximately $500 million lower than 2013, due primarily to lower surcharge collections and higher cash contributions to employee benefit plans. We anticipate base level utility capital investments, environmental, renewable and energy optimization expenditures and expenditures for non-utility businesses in 2014 of approximately $2.3 billion. We plan to seek regulatory approval to include utility capital expenditures in our regulatory rate base consistent with prior treatment. Capital spending for growth of existing or new non-utility businesses will depend on the existence of opportunities that meet our strict risk-return and value creation criteria.

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	Three Months Ended March 31,
	2014			2013
	(In millions)
Cash and Cash Equivalents
Cash Flow From (Used For)
Operating activities:
Net income	$	327		$	235
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		)
Working capital and other	(151		)	38
	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
Other	52			46
	(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 and other	(123		)	(113		)
	(44		)	(112		)
Net Increase in Cash and Cash Equivalents	$	46		$	153

Cash from Operating Activities

A majority of our operating cash flow is provided by our electric and natural gas utilities, which are significantly influenced by factors such as weather, electric Customer Choice, regulatory deferrals, regulatory outcomes, economic conditions and operating costs.

Cash from operations in the three months ended March 31, 2014 was $65 million lower than the comparable 2013 period. The operating cash flow comparison reflects higher cash expenditures for working capital items partially offset by higher net income after adjusting for non-cash and non-operating items (primarily depreciation, depletion and amortization, and deferred income taxes).

Cash used for Investing Activities

Cash inflows associated with investing activities are primarily generated from the sale of assets, while cash outflows are the result of plant and equipment expenditures. In any given year, we will look to realize cash from under-performing or non-strategic assets or matured fully valued assets.

Capital spending within the utility businesses is primarily to maintain and improve our electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and renewable energy requirements.

Capital spending within our non-utility businesses is primarily for ongoing maintenance, expansion and growth. We look to make growth investments that meet strict criteria in terms of strategy, management skills, risks and returns. All new investments are analyzed for their rates of return and cash payback on a risk adjusted basis. We have been disciplined in how we deploy capital and will not make investments unless they meet our criteria. For new business lines, we initially invest based on research and analysis. We start with a limited investment, we evaluate results and either expand or exit the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of the Company with a clear understanding of any potential impact on our credit ratings.

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Net cash used for investing activities was higher by $110 million in 2014 due primarily to increased capital expenditures by our utility and non-utility businesses.

Cash used for Financing Activities

We rely on both short-term borrowing and long-term financing as a source of funding for our capital requirements not satisfied by our operations.

Our strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. We continually evaluate our leverage target, which is currently 50% to 52%, to ensure it is consistent with our objective to have a strong investment grade debt rating.

Net cash used for financing activities was lower by $68 million in 2014 due primarily to increased short-term borrowings, decreased redemptions and issuances of long-term debt, partially offset by repurchases of common stock and higher dividends on common stock.

Outlook

We expect cash flow from operations to increase over the long-term primarily as a result of growth from our utilities and non-utility businesses. We expect growth in our utilities to be driven primarily by capital spending to maintain and improve our electric generation and electric and natural gas distribution infrastructure and to comply with new and existing state and federal regulations that will result in additional environmental and renewable energy investments which will increase the base from which rates are determined. Our non-utility growth is expected from additional investments primarily in our Gas Storage and Pipelines and Power and Industrial Projects segments.

We may be impacted by the timing of collection or refund of various recovery and tracking mechanisms as a result of timing of MPSC orders. Energy prices are likely to be a source of volatility with regard to working capital requirements for the foreseeable future. We are continuing our efforts to identify opportunities to improve cash flow through working capital initiatives and maintaining flexibility in the timing and extent of our long-term capital projects.

We have approximately $1 billion in long-term debt maturing in the next twelve months. The repayment of the principal amount of the Securitization debt is funded through a surcharge payable by DTE Electric’s customers. The repayment of the other debt is expected to be paid through internally generated funds or the issuance of long-term debt.

DTE Energy has approximately $1.5 billion of available liquidity at March 31, 2014, consisting of cash and amounts available under unsecured revolving credit agreements.

During the first three months of 2014, we contributed $31 million to our pension plans. At the discretion of management, and depending upon financial market conditions, we may make up to an additional $160 million contribution to our pension plans in 2014. At the discretion of management, we may make up to a $145 million contribution to our other postretirement benefit plans in 2014.

Various subsidiaries of the Company have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that the Company 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 the Company 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 the Company 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 coal) and the provisions and maturities of the underlying transactions. As of March 31, 2014, DTE Energy's contractual obligation to post collateral in the form of cash or letter of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was approximately $444 million.

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We believe we have sufficient operating flexibility, cash resources and funding sources to maintain adequate amounts of liquidity and to meet our future operating cash and capital expenditure needs. However, virtually all of our businesses are capital intensive, or require access to capital, and the inability to access adequate capital could adversely impact earnings and cash flows.

See Notes 6, 8, 9 and 11 of the Notes to Consolidated Financial Statements.

FAIR VALUE

Derivatives are generally recorded at fair value and shown as Derivative Assets or Liabilities. Contracts we typically classify as derivative instruments include power, natural gas, oil and certain coal forwards, futures, options and swaps, and foreign currency exchange contracts. Items we do not generally account for as derivatives include natural gas inventory, pipeline transportation, renewable energy credits and storage assets. See Notes 3 and 4 of the Notes to Consolidated Financial Statements.

The tables below do not include the expected earnings impact of non-derivative natural gas storage, transportation, certain power contracts and renewable energy credits which are subject to accrual accounting. Consequently, gains and losses from these positions may not match with the related physical and financial hedging instruments in some reporting periods, resulting in volatility in DTE Energy’s reported period-by-period earnings; however, the financial impact of the timing differences will reverse at the time of physical delivery and/or settlement.

The Company 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, the Company 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 Company has established a fair value hierarchy 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). For further discussion of the fair value hierarchy. See Note 3 of the Notes to Consolidated Financial Statements.

The following tables provide details on changes in our MTM net asset (or liability) position for the three months ended March 31, 2014:

	Total
	(In millions)
MTM at January 1, 2014	$	(112	)
Reclassify to realized upon settlement	23
Changes in fair value recorded to income	21
Amounts recorded to unrealized income	44
Changes in fair value recorded in regulatory liabilities	4
Change in collateral held by (for) others	8
Option premiums paid (received) and other	(4		)
MTM at March 31, 2014	$	(60	)

The table below shows the maturity of our MTM positions:

Source of Fair Value	2014			2015			2016			2017  and  Beyond		Total Fair Value
	(In millions)
Level 1	$	(6	)	$	3		$	—		$	1	$	(2	)
Level 2	14			(25		)	(2		)	—		(13		)
Level 3	(39		)	(7		)	2			1		(43		)
MTM before collateral adjustments	$	(31	)	$	(29	)	$	—		$	2	(58		)
Collateral adjustments												(2		)
MTM at March 31, 2014												$	(60	)

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Price Risk

The Electric and Gas businesses have commodity price risk, primarily related to the purchases of coal, natural gas, uranium, and electricity. However, the Company does not bear significant exposure to earnings risk as such changes are included in the PSCR and GCR regulatory rate-recovery mechanisms. In addition, changes in the price of natural gas can impact the valuation of lost and stolen gas and storage sales revenue at the Gas segment. Gas segment manages its market price risk related to storage sales revenue primarily through the sale of long-term storage contracts. The Company is exposed to short-term cash flow or liquidity risk as a result of the time differential between actual cash settlements and regulatory rate recovery.

Our Gas Storage and Pipelines business segment has exposure to natural gas price fluctuations which impact the pricing for natural gas storage and transportation. The Company manages its exposure through the use of short, medium and long-term storage and transportation contracts.

Our Power and Industrial Projects business segment is subject to electricity, natural gas and coal price risk. The Company manages its exposure through the use of long-term contracts.

Our Energy Trading business segment has exposure to electricity, natural gas, coal, crude oil, heating oil, and foreign currency exchange price fluctuations. These risks are managed by our energy marketing and trading operations through the use of forward energy, capacity, storage, options and futures contracts, within pre-determined risk parameters.

Credit Risk

Bankruptcies

The Company purchases and sells electricity, natural gas, coal, coke and other energy products from and to governmental entities and numerous companies operating in the steel, automotive, energy, retail, financial and other industries. Certain of its customers have filed for bankruptcy protection under the U.S. Bankruptcy Code. The Company regularly reviews contingent matters relating to these customers and its purchase and sale contracts and records provisions for amounts considered at risk of probable loss. The Company believes its accrued amounts are adequate for probable loss.

The Company's utilities provide services to the city of Detroit, Michigan (Detroit). Detroit filed for Chapter 9 bankruptcy protection on July 18, 2013. The Company had pre-petition accounts receivable of approximately $20 million outstanding as of the bankruptcy filing date. Detroit has been paying amounts owed in a timely manner and its account is substantially current. The Company does not expect Detroit's bankruptcy filing to have a material impact on its financial results.

Other

We engage in business with customers that are non-investment grade. We closely monitor the credit ratings of these customers and, when deemed necessary, we request collateral or guarantees from such customers to secure their obligations.

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Trading Activities

We are exposed to credit risk through trading activities. Credit risk is the potential loss that may result if our trading counterparties fail to meet their contractual obligations. We utilize both external and internal credit assessments when determining the credit quality of our trading counterparties.

The following table displays the credit quality of our trading counterparties as of March 31, 2014:

	Credit Exposure Before Cash Collateral		Cash Collateral			Net Credit Exposure
	(In millions)
Investment Grade (a)
A− and Greater	$	427	$	(12	)	$	415
BBB+ and BBB	272		—			272
BBB−	85		—			85
Total Investment Grade	784		(12		)	772
Non-investment grade (b)	2		—			2
Internally Rated — investment grade (c)	301		—			301
Internally Rated — non-investment grade (d)	24		(4		)	20
Total	$	1,111	$	(16	)	$	1,095

_______________________________________

(a) This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB- assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc. (Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented approximately 16% of the total gross credit exposure.

(b) This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented less than 1% of the total gross credit exposure.

(c) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented approximately 19% of the total gross credit exposure.

(d) This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented approximately 2% of the total gross credit exposure.

Interest Rate Risk

We are subject to interest rate risk in connection with the issuance of debt. In order to manage interest costs, we may use treasury locks and interest rate swap agreements. Our exposure to interest rate risk arises primarily from changes in U.S. Treasury rates, commercial paper rates and London Inter-Bank Offered Rates (LIBOR). As of March 31, 2014, we had a floating rate debt-to-total debt ratio of approximately 5% (excluding securitized debt).

Foreign Currency Exchange Risk

We have foreign currency exchange risk arising from market price fluctuations associated with fixed priced contracts. These contracts are denominated in Canadian dollars and are primarily for the purchase and sale of natural gas and power as well as for long-term transportation capacity. To limit our exposure to foreign currency exchange fluctuations, we have entered into a series of foreign currency exchange forward contracts through November 2017.

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Summary of Sensitivity Analysis

We performed a sensitivity analysis on the fair values of our commodity contracts, long-term debt obligations and foreign currency exchange forward contracts. The commodity contracts and foreign currency exchange risk listed below principally relate to our energy marketing and trading activities. The sensitivity analysis involved increasing and decreasing forward rates at March 31, 2014 and 2013 by a hypothetical 10% and calculating the resulting change in the fair values.

The results of the sensitivity analysis calculations as of March 31, 2014 and 2013:

	Assuming a 10% Increase in Rates						Assuming a 10% Decrease in Rates
	As of March 31,						As of March 31,
Activity	2014			2013			2014			2013		Change in the Fair Value of
	(In millions)
Coal contracts	$	2		$	—		$	(2	)	$	—	Commodity contracts
Natural gas contracts	$	(12	)	$	(6	)	$	12		$	8	Commodity contracts
Electricity contracts	$	14		$	(5	)	$	(14	)	$	5	Commodity contracts
Interest rate risk	$	(283	)	$	(270	)	$	300		$	285	Long-term debt
Foreign currency exchange risk	$	—		$	—		$	—		$	—	Forward contracts
Discount rates	$	—		$	—		$	—		$	—	Commodity contracts

For further discussion of market risk, see Note 4 of the Notes to Consolidated Financial Statements.

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Item 4.Controls and Procedures

(a) Evaluation of disclosure controls and procedures

Management of the Company carried out an evaluation, under the supervision and with the participation of DTE Energy's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2014, which is the end of the period covered by this report. Based on this evaluation, the Company's CEO and CFO have concluded that such disclosure controls and procedures are effective in providing reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Company's management, including its CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Due to the inherent limitations in the effectiveness of any disclosure controls and procedures, management cannot provide absolute assurance that the objectives of its disclosure controls and procedures will be attained.

(b) Changes in internal control over financial reporting

There have been no changes in the Company's internal control over financial reporting during the quarter ended March 31, 2014 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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Part II — OTHER INFORMATION

Item 1. Legal Proceedings

In July 2009, DTE Energy received a NOV/FOV from the EPA alleging, among other things, that five DTE Electric power plants violated New Source Performance standards, Prevention of Significant Deterioration requirements, and operating permit requirements under the Clean Air Act. In June 2010, the EPA issued a NOV/FOV making similar allegations related to a project and outage at Unit 2 of the Monroe Power Plant. In March 2013, DTE Energy received a supplemental NOV from the EPA relating to the July 2009 NOV/FOV. The supplemental NOV alleged additional violations relating to the New Source Review provisions under the Clean Air Act, among other things.

In August 2010, the U.S. Department of Justice, at the request of the EPA, brought a civil suit in the U.S. District Court for the Eastern District of Michigan against DTE Energy and DTE Electric, related to the June 2010 NOV/FOV and the outage work performed at Unit 2 of the Monroe Power Plant, but not relating to the July 2009 NOV/FOV. Among other relief, the EPA requested the court to require DTE Electric to install and operate the best available control technology at Unit 2 of the Monroe Power Plant. Further, the EPA requested the court to issue a preliminary injunction to require DTE Electric to (i) begin the process of obtaining the necessary permits for the Monroe Unit 2 modification and (ii) offset the pollution from Monroe Unit 2 through emissions reductions from DTE Electric's fleet of coal-fired power plants until the new control equipment is operating. On August 23, 2011, the U.S. District Court judge granted DTE Energy's motion for summary judgment in the civil case, dismissing the case and entering judgment in favor of DTE Energy and DTE Electric. On October 20, 2011, the EPA caused to be filed a Notice of Appeal to the U.S. Court of Appeals for the Sixth Circuit. On March 28, 2013, the Court of Appeals remanded the case to the U.S. District Court for review of the procedural component of the New Source Review notification requirements. On September 3, 2013, the EPA caused to be filed a motion seeking leave to amend their complaint regarding the June 2010 NOV/FOV adding additional claims related to outage work performed at the Trenton Channel and Belle River power plants as well as additional claims related to work performed at the Monroe Power Plant. In addition, the Sierra Club caused to be filed a motion to add a claim regarding the River Rouge Power Plant. On March 3, 2014, the U.S. District Court judge granted again DTE Energy's motion for summary judgment dismissing the civil case related to Monroe Unit 2. On April 3, 2014, the U.S. District Court judge granted motions filed by the EPA and the Sierra Club to amend their New Source Review complaint adding additional claims for Monroe Units 1, 2 and 3, Belle River Units 1 and 2, Trenton Channel Unit 9 and River Rouge Unit 3.

DTE Energy and DTE Electric believe that all the plants and generating units identified by the EPA and the Sierra Club have complied with all applicable federal environmental regulations. Depending upon the outcome of discussions with the EPA regarding the two NOVs/FOVs, DTE Electric could be required to install additional pollution control equipment at some or all of the power plants in question, implement early retirement of facilities where control equipment is not economical, engage in supplemental environmental programs, and/or pay fines. The Company cannot predict the financial impact or outcome of this matter, or the timing of its resolution.

In March 2013, the Sierra Club filed suit against DTE Energy and DTE Electric alleging violations of the Clean Air Act at four of DTE Electric's coal-fired power plants. The plaintiffs allege 1,499 6-minute periods of excess opacity of air emissions from 2007-2012 at those facilities. The suit asks that the court enjoin DTE Energy and DTE Electric from operating the power plants except in complete compliance with applicable laws and permit requirements, pay civil penalties, conduct beneficial environmental mitigation projects, pay attorney fees and require the installation of any necessary pollution controls or to convert and/or operate the plants' boilers on natural gas to avoid additional violations and to off-set historic unlawful emissions. In December 2013, a U.S. District Court judge issued an order dismissing, without prejudice, the plaintiff's complaint allowing them to file an amended complaint by January 17, 2014. The order dismissing the complaint resulted from a considerable number of plaintiff's claims being time barred based on the statute of limitations. On January 17, 2014, the plaintiffs filed an amended complaint for the period January 13, 2008 - June 30, 2012, reducing the total number of 6-minute periods from 1,499 to 1,139. DTE Energy and DTE Electric filed an answer to the amended complaint on March 11, 2014. The resolution of this matter is not expected to have a material effect on the Company's operations or financial statements.

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In February 2014, the Company received from the Group Against Smog & Pollution ("GASP") a 60 day Notice of Intent to sue letter under the Federal Clean Air Act and/or Article XXI of the Allegheny County (PA) Health Department's Rules and Regulations. GASP alleged in the letter that the Company's coke battery facility in Pennsylvania was in violation of visible emissions limits from charging activities, door leaks, the combustion stack and pushing operations and hydrogen sulfide emission limits on flared, mixed or combusted coke oven gas. To resolve these issues, the Company has agreed to a Consent Order and Agreement with Allegheny County pursuant to which the Company will pay a fine of $300,000 and spend $300,000 for a supplemental environmental project to enhance particulate collection efficiency from the coke battery's quench tower. As a result, GASP's right to sue related to these alleged violations is foreclosed.

For additional discussion on legal matters, see Notes 6 and 10 of the Notes to Consolidated Financial Statements.

Item 1A. Risk Factors

There are various risks associated with the operations of DTE Energy's utility and non-utility businesses. To provide a framework to understand the operating environment of DTE Energy, we have provided a brief explanation of the more significant risks associated with our businesses in Part 1, Item 1A. Risk Factors in the Company's 2013 Form 10-K. Although we have tried to identify and discuss key risk factors, others could emerge in the future.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about our purchases of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act of 1934 for the quarter ended March 31, 2014:

	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
01/01/2014 — 01/31/2014	984	$	67.52	—	—	—
02/01/2014 — 02/28/2014	756,604	$	72.23	—	—	—
03/01/2014 — 03/31/2014	2,500	$	68.55	—	—	—
Total	760,088			—

_______________________________________

(a) Represents shares of common stock purchased on the open market to provide shares to participants under various employee compensation and incentive programs. Also includes shares of common stock withheld to satisfy income tax obligations upon the vesting of restricted stock.

Item 6. Exhibits

	(i) Exhibits filed herewith:
10-88	Amended and Restated DTE Energy Company Long-Term Incentive Plan (as Amended February 6, 2014)
12-57	Computation of Ratio of Earnings to Fixed Charges
31-89	Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report
31-90	Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Database
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

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	(ii) Exhibits incorporated herein by reference:
10-89	Form of Change-In-Control Severance Agreement dated as of March 3, 2014, between DTE Energy Company and each of Gerard M. Anderson, Steven E. Kurmas, David E. Meador, Peter B. Oleksiak, Gerardo Norcia, Bruce D. Peterson and Larry E. Steward. (Exhibit 10.1 to Form 8-K filed on March 3, 2014)

	(iii) Exhibits furnished herewith:
32-89	Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report
32-90	Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report

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Signature

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		DTE ENERGY COMPANY
		(Registrant)
Date: April 25, 2014	By	/s/  DONNA M. ENGLAND
		Donna M. England Chief Accounting Officer (Principal Accounting Officer)

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EX-10.88

EXHIBIT 10-88

DTE ENERGY COMPANY

LONG-TERM INCENTIVE PLAN

AMENDED AND RESTATED EFFECTIVE FEBRUARY 6, 2014

ARTICLE I

Purposes

1.01    General Purposes

The DTE Energy Company Long-Term Incentive Plan is intended to:

(a)    assist the Company and its Subsidiaries in recruiting and retaining individuals with ability and initiative by enabling such persons to participate in the future success of the Company and its Subsidiaries and to associate their interests with those of the Company and its shareholders; and

(b)    permit the grant of Options qualifying as Incentive Stock Options and Options not so qualifying, the grant of Stock Awards, Performance Shares and Performance Units.

1.02    Use of Proceeds

The proceeds received by the Company from the sale of shares of Common Stock pursuant to this Plan shall be used for general corporate purposes.

ARTICLE II

Definitions

2.01     Accounting Firm

Accounting Firm means the public accounting firm retained as the Company’s independent auditor as of the date immediately prior to the Change in Control, unless another firm is designated by the Committee.

2.02     Administrator

Administrator means:

(a)    the Board, with respect to awards made under this Plan to members of the Board who are not employees of the Company or a Subsidiary; and

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(b)    the Committee or the Chief Executive Officer of the Company to the extent responsibilities are delegated to him by the Committee under Article III with respect to awards made under this Plan to all other persons.

2.03    Agreement

Agreement means a written agreement (including any amendment or supplement) between the Company and a Participant specifying the terms and conditions of a Stock Award, an award of Performance Shares, an award of Performance Units or an Option granted to the Participant.

2.04    Board

Board means the Board of Directors of the Company.

2.05    Capped Parachute Payments

Capped Parachute Payments means the largest amount of Parachute Payments that may be paid to a Participant without liability for any excise tax under Code Section 4999.

2.06    Change in Control

Change in Control means the occurrence of any of the following events:

(a)    The consummation of a transaction in which the Company is merged, consolidated or reorganized into or with another corporation or other legal person (the “Surviving Entity”), and as a result of the transaction less than 55% of the combined voting power of the then-outstanding Voting Stock of the Surviving Entity immediately after the transaction is held in the aggregate by the holders of Voting Stock of the Company immediately prior to the transaction;

(b)    The consummation of a sale or transfer in which the Company sells or otherwise transfers all or substantially all of its assets to another corporation or other legal person (the “Acquiring Entity”), and as a result of the sale or transfer less than 55% of the combined voting power of the then-outstanding Voting Stock of the Acquiring Entity immediately after the sale or transfer is held in the aggregate (directly or through ownership of Voting Stock of the Company or a Subsidiary) by the holders of Voting Stock of the Company immediately prior to the sale or transfer; or

(c)    The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

2.07    Code

Code means the Internal Revenue Code of 1986, as amended.

2.08    Committee

Committee means the Organization and Compensation Committee, or any other Board committee designated from time to time by the Board, provided that the Committee is composed solely of individuals who are “Non-Employee Directors,” as the term is used in Rule 16b-3 under the

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Exchange Act, and “Outside Directors,” as the term is used in Code Section 162(m) and the related Treasury Regulations.

2.09    Common Stock

Common Stock means common stock of the Company.

2.10    Company

Company means DTE Energy Company, a Michigan corporation, or any successor corporation.

2.11    Control Change Date

Control Change Date means the date on which a Change in Control occurs. If a Change in Control results from a series of transactions, the Control Change Date is the date of the last transaction.

2.12    Exchange Act

Exchange Act means the Securities Exchange Act of 1934, as amended.

2.13    Fair Market Value

Fair Market Value means, on the specified date, the closing price of Common Stock on the New York Stock Exchange, as reported by a source selected by the Committee. If, on the specified date, no share of Common Stock is traded, then Fair Market Value is determined as of the next preceding day that Common Stock was traded.

2.14    Incentive Stock Option

Incentive Stock Option means an Option that satisfies the requirements of Code Section 422 and is intended by the Administrator to be an Incentive Stock Option.

2.15    Net After Tax Amount

Net After Tax Amount means the amount of any Parachute Payments or Capped Parachute Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any state or local income taxes applicable to a Participant with respect to the payments as in effect for the year for which the determination is made. The determination of the Net After Tax Amount is made using the highest combined marginal rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Parachute Payments, as applicable, in effect for the year for which the determination is made.

2.16    Option

Option means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price set forth in an Agreement.

2.17    Parachute Payment

Parachute Payment means a payment described in Code Section 280G(b)(2) (without regard to whether the aggregate present value of such payments exceeds the limit prescribed by Code Section 280G(b)(2)(A)(ii)). The amount of any Parachute Payment is determined under Code Section 280G and the related Treasury Regulations, or, in the absence of final regulations, the proposed Treasury Regulations under Code Section 280G.

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2.18    Participant

Participant means an employee of the Company or a Subsidiary, and any member of the Board, whether or not the Board member is an employee of the Company or a Subsidiary, who satisfies the requirements of Article IV and is selected by the Administrator to receive an award of Performance Shares, a Stock Award, an Option, or an award of Performance Units, in any combination.

2.19    Performance Objectives

Performance Objectives means objectives stated with respect to:

(a)    shareholder value growth based on stock price and dividends;

(b)    customer price;

(c)    customer satisfaction;

(d)    growth based on increasing sales or profitability of one or more business units;

(e)    performance against the companies in the Dow Jones Electric Utility Industry Group index, the companies in the S&P 500 Electric Utility Industry index, a peer group, or similar benchmark selected by the Committee;

(f)    earnings per share growth;

(g)    employee satisfaction;

(h)    nuclear plant performance achievement;

(i)    return on equity;

(j)    economic value added;

(k)    cash flow;

(l)    earnings growth;

(m)    diversity;

(n)    safety;

(o)    production cost; or

(p)    any other performance measures selected by the Administrator.

Each Performance Objective may be stated with respect to the performance of the Company, a Subsidiary, or a division of the Company or a Subsidiary. Each Performance Objective is intended to be a “performance goal” as defined in the Treasury Regulations under Code Section 162(m).

2.20    Performance Shares

Performance Shares means an award stated with reference to a specified number of shares of Common Stock determined by the Administrator that, in accordance with the terms of an Agreement, entitles the Participant to receive a cash payment, or shares of Common Stock, or a combination of cash and shares.

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2.21    Performance Units

Performance Units means an award of a specified number of units, determined by the Administrator, with a face amount of $1.00 per unit that, in accordance with the terms of an Agreement, entitles the Participant to receive a cash payment, shares of Common Stock, or a combination of cash and shares.

2.22    Plan

Plan means the DTE Energy Company Long-Term Incentive Plan.

2.23    Rule 16b-3

Rule 16b-3 means Rule 16b-3 under the Exchange Act.

2.24    Stock Awards

Stock Award means Common Stock awarded to a Participant under Article VII.

2.25    Subsidiary

Subsidiary means a corporation, partnership, joint venture, limited liability company, unincorporated association, or other entity in which the Company has a direct or indirect ownership or other equity interest.

2.26    Voting Stock

Voting Stock means securities entitled to vote generally in the election of directors.

ARTICLE III

Administration

3.01     Administrator; Terms of Awards

The Plan is administered by the Administrator. To the extent of its delegated authority, the Administrator has authority to grant Stock Awards, Performance Shares, Performance Units, and Options on terms that the Administrator considers appropriate and that are not inconsistent with the provisions of this Plan. The terms may include conditions in addition to the conditions in this Plan on the Participant’s ability to exercise all or any part of an Option or on the transferability or forfeitability of Stock Awards, or an award of Performance Shares or Performance Units. Any Agreement specifying the terms of a grant of a Stock Award, Performance Shares, Performance Units, or Options must provide that any Options not exercised, any Stock Awards not vested, or any Performance Shares or Performance Units not paid at the time the Participant violates any confidentiality, non-competition, or non-solicitation covenants imposed on the Participant under a separate agreement between the Participant and the Company or a Subsidiary (as determined under the terms of the separate agreement) are immediately forfeited. The Administrator may, in its discretion, supersede the terms of any Agreement and accelerate the time at which any Option may be exercised, Stock Awards may become transferable or non-forfeitable, or an award of Performance Shares or Performance Units may be settled, when determined by the Administrator to be equitably

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required. The Administrator may, in its discretion, suspend or waive the forfeiture of any award made under this Plan.

3.02    Authority of Administrator

The Administrator has complete authority to:

(a)    interpret all provisions of this Plan;

(b)    adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan;

(c)    correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any award in the manner and to the extent the Administrator deems desirable;

(d)    authorize any one of its number or any officer of the Company to execute and deliver documents on its behalf; and

(e)    make all other determinations necessary or advisable for the administration of this Plan.

The express grant in the Plan of any specific power to the Administrator does not limit any power or authority of the Administrator. Any decision made or action taken by the Administrator in connection with the administration of this Plan is final and conclusive. The Administrator, any member of the Board or Committee, or the Chief Executive Officer or the President of the Company is not liable for any act done in good faith with respect to this Plan or any Agreement, Option, or Stock Award, Performance Shares, or Performance Units. All expenses of administering this Plan are borne by the Company.

3.03    Delegation

The Committee, in its discretion, may delegate to the Chief Executive Officer or the President of the Company all or part of the Committee’s authority and duties with respect to grants and awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. The Committee may revoke or amend the terms of a delegation at any time. However, any revocation or amendment of a delegation does not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the terms of the Plan.

ARTICLE IV

Eligibility

4.01    General Eligibility

Except as limited by Section 4.02, any employee of the Company or a Subsidiary (including an entity that becomes a Subsidiary after the adoption of this Plan) or any member of the Board, whether or not the Board member is employed by the Company or a Subsidiary, is eligible to participate in

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this Plan if the Administrator, in its sole discretion, determines that the person has contributed significantly or can be expected to contribute significantly to the profits or growth of the Company or a Subsidiary.

4.02    Limited Eligibility for Incentive Stock Options

Incentive Stock Options may be granted only to persons who are employees of the Company or a “subsidiary,” as defined in Code Section 424(f), on the date of grant.

ARTICLE V

Common Stock Subject to Plan

5.01    Common Stock Issued or Delivered

Common Stock to be delivered by the Company under a Stock Award, in settlement of an award of Performance Shares or Performance Units, or by exercise of an Option to a Participant (or the Participant’s successor in interest or personal representative or, if the Participant so directs, broker) will be:

(a)    from the Company’s authorized but unissued Common Stock; or

(b)    outstanding Common Stock acquired by or on behalf of the Company in the name of a Participant (or the Participant’s successor in interest, personal representative or broker); or

(c)    a combination of (a) and (b).

5.02    Maximum Shares Available

(a)    Aggregate Limit

No more than 11,500,000 shares of Common Stock may be issued or acquired and delivered under this Plan through the exercise of Options, the grant of Stock Awards, and the settlement of Performance Shares and Performance Units. This maximum aggregate number of shares of Common Stock that may be issued or delivered under the Plan is subject to adjustment under Article X. The actual number of shares of Common Stock issued or acquired and delivered under the Plan is determined under Section 5.03.

(b)    Limit on Awards to Non-Employee Directors

The total number of shares of Common Stock issued or acquired and delivered under the Plan to members of the Board who are not employees of the Company or a Subsidiary cannot exceed 100,000 shares.

5.03    Reallocation of Shares

(a)    Termination of Award

If an Option is terminated, in whole or in part, for any reason other than its exercise, the number of shares allocated to the termination Option or termination portion may be

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reallocated to other Options, Performance Shares, Performance Units and Stock Awards to be granted under this Plan, subject to the limits in Section 5.02.

If a Stock Award is forfeited, in whole or in part, for any reason, the number of shares of Common Stock allocated to the terminated Stock Award or terminated portion may be reallocated to other Options, Performance Shares, Performance Units and Stock Awards to be granted under this Plan, subject to the limits in Section 5.02.

If an award of Performance Shares is terminated, in whole or in part, for any reason other than its settlement with cash, shares of Common Stock, or a combination of cash and shares, the number of shares allocated to the terminated Performance Share award or termination portion may be reallocated to other Options, Performance Shares, Performance Units, and Stock Awards to be granted under this Plan, subject to the limits in Section 5.02.

If an award of Performance Units is terminated, in whole or in part, for any reason other than its settlement with shares of Common Stock, the number of shares allocated to the Performance Unit award or portion thereof may be reallocated to other Options, Performance Shares, Performance Units, and Stock Awards to be granted under this Plan, subject to the limits in Section 5.02.

(b)    Reallocation Prohibited

Shares of Common Stock that would otherwise be issued or delivered under the Plan but are not issued or delivered because the shares are:

(i)    Tendered in full or partial payment of any Option price;

(ii)    Tendered or withheld by the Company in satisfaction of tax withholding obligations; or

(iii)     Repurchased by the Company with Option proceeds.

may not be reallocated to other Options, Performance Shares, Performance Units, or Stock Awards to be granted under the Plan. Any shares of Common Stock not issued or delivered under (i), (ii), or (iii) are treated as shares of Common Stock issued or delivered under the Plan for purposes of the limits in Section 5.02.

ARTICLE VI

Options

6.01    Terms of Award

The Administrator will designate each individual to whom an Option is to be granted. The Agreement for the Option will specify:

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(a)    the number of shares of Common Stock covered by the award, subject to Section 6.02;

(b)    the exercise price of the Option, subject to Section 6.03;

(c)    the earliest date when the Option can be exercised, subject to Section 6.04;

(d)    the maximum exercise period of the Option, subject to Section 6.05;

(e)    whether the Option is transferable as permitted under Section 6.07;

(f)    any specific terms regarding exercise of the Option permitted under Section 6.09; and

(g)    any specific terms regarding payment permitted under Section 6.10.

6.02    Maximum Number of Shares

No Participant may be granted Options in any calendar year covering more than 500,000 shares of Common Stock.

6.03    Option Price

The price per share for shares of Common Stock purchased on the exercise of an Option will be determined by the Administrator on the date of grant and cannot be less than the Fair Market Value on the date the Option is granted.

6.04    Earliest Exercise Date

The earliest date on which the Participant may exercise an Option will be determined by the Administrator on the date of grant. However, the Administrator may not permit a Participant to exercise any Options covered by the Agreement earlier than as follows:

(a)    before one year after the date the Options were granted, no Options may be exercised;

(b)    at least one year after and before two years after the date the Options were granted, Options for 1/3 of the shares covered by the Agreement may be exercised;

(c)    at least two years after and before three years after the date the Options were granted, Options for 2/3 of the shares covered by the Agreement may be exercised; and

(d)    at least three years after the date the Options were granted, Options for all of the shares covered by the Agreement may be exercised.

6.05    Maximum Option Period

The maximum period in which an Option may be exercised will be determined by the Administrator on the date of grant. However, no Option is exercisable more than 10 years after the date the Option was granted.

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6.06    Non-transferability

Except as provided in Section 6.07, each Option granted under this Plan is non-transferable except by will or by the laws of descent and distribution. Except as provided in Section 6.07, during the lifetime of the Participant to whom the Option is granted, the Option may be exercised only by the Participant. No right or interest of a Participant in any Option is liable for, or subject to, any lien, obligation, or liability of the Participant.

6.07    Transferable Options

If the Agreement provides, an Option that is not an Incentive Stock Option may be transferred by a Participant to persons or entities permitted under Rule 16b-3 on terms and conditions permitted under Rule 16b-3. The holder of an Option transferred under this Section is bound by the same terms and conditions that governed the Option during the period that it was held by the Participant, except this Section 6.07. The transferee may not transfer the Option except by will or the laws of descent and distribution.

6.08    Status as Employee or Director

For purposes of determining the applicability of Code Section 422 (relating to Incentive Stock Options), or if the terms of any Option provide that it may be exercised only during employment or within a specified period of time after termination of employment or Board service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons will not be deemed interruptions of continuous employment or Board service.

6.09    Exercise

Subject to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at times and in compliance with requirements as the Administrator determines. However, Incentive Stock Options (granted under the Plan and all plans of the Company and its subsidiary corporations, as those terms are defined in Code Section 424) may not be first exercisable in a calendar year for shares of Common Stock having a Fair Market Value (determined as of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the Option could be exercised. A partial exercise of an Option does not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares subject to the Option.

6.10    Payment of Option Price

Subject to rules established by the Administrator and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in:

(a)    cash or a cash equivalent acceptable to the Administrator; or

(b)    unrestricted shares of Common Stock previously acquired by the Participant and, if those shares were acquired from the Company, that have been held by the Participant for at least six months.

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If shares of Common Stock are used to pay all or part of the Option price, the sum of the cash and cash equivalents and the Fair Market Value (determined as of the date of exercise) of the shares surrendered must not be less than the Option price of the shares for which the Option is being exercised. Payment in “cash” or “cash equivalents” includes delivery of cash or cash equivalents by a broker under a “cashless exercise” arrangement at the time of exercise or following the sale of shares to which the exercise relates. Any shares of Common Stock used to pay any part of the Option price will not be reallocated to other Options, Performance Shares, Performance Units, and Stock Awards to be granted under this Plan and will not otherwise be made available to be issued under this Plan.

6.11    Shareholder Rights

No Participant has any rights as a shareholder with respect to shares subject to the Participant’s Option until the date the Option is exercised.

6.12    Disposition of Shares

A Participant will notify the Company of any sale or other disposition of shares acquired under an Option that was an Incentive Stock Option if the sale or disposition occurs:

(a)    within two years of the grant of the Option; or

(b)    within one year of the issuance of shares to the Participant.

The notice must be in writing and directed to the Corporate Secretary of the Company.

6.13    Restriction on Repricing and Purchasing Options

Without prior shareholder approval:

(a)    the Administrator is not permitted to authorize the amendment of any outstanding Option to reduce the Option price;

(b)    an Option cannot be cancelled and replaced with new awards having a lower Option price, where the economic effect would be the same as reducing the Option price of the Option; and

(c)    at any time when the Option price of a previously granted Option is above the Fair Market Value of one share of Common Stock, the Administrator is not permitted to offer to purchase the previously granted Option for a cash payment in substitution for or upon the cancellation of the Option.

6.14    Incentive Stock Options

No Option that is intended to be an Incentive Stock Option is invalid for failure to qualify as an Incentive Stock Option.

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ARTICLE VII

Stock Awards

7.01    Award

The Administrator will designate each individual to whom a Stock Award is to be made. The Agreement for the Stock Award will specify:

(a)    the number of shares of Common Stock covered by the award, subject to Section 7.02;

(b)    when the Stock Award vests, subject to Section 7.03; and

(c)    any Performance Objectives to which the Stock Award is subject, as described in Section 7.04.

7.02    Maximum Number of Shares

No Participant may receive Stock Awards in any calendar year for more than 150,000 shares of Common Stock.

7.03    Vesting

The Administrator, on the date of the award, may prescribe that a Participant’s rights in a Stock Award will be forfeitable or otherwise restricted for a period of time. The Administrator generally may not provide that the Participant’s right to a Stock Award becomes non-forfeitable or unrestricted earlier than three years after the date of the award. In special situations, such as awards to newly hired Participants or Participants reasonably expected to retire in less than three years, the Administrator may provide that the Participant’s right to a Stock Award becomes non-forfeitable or unrestricted earlier than three years after the date of the award. In no event, however, may the Administrator provide that a Participant’s right to a Stock Award becomes non-forfeitable or unrestricted earlier than one year after the date of the award.

7.04    Performance Objectives

In addition to any vesting of a Stock Award imposed under Section 7.03, the Administrator may prescribe that Stock Awards will become vested or transferable or both based on Performance Objectives. In cases where a Stock Award will become non-forfeitable and transferable only upon the attainment of Performance Objectives and satisfaction of the “performance based compensation” exception to the limit on executive compensation imposed by Code Section 162(m) is intended, then the shares subject to the Stock Award will become non-forfeitable and transferable only to the extent that the Committee certifies that the Performance Objectives have been attained.

7.05    Status as Employee or Director

If the terms of any Stock Award provide that shares become transferable and non-forfeitable only after completion of a specified period of employment or Board service, the Administrator may decide in each case to what extent leaves of absence for governmental or military service, illness,

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temporary disability, or other reasons will not be deemed interruptions of continuous employment or Board service.

7.06    Shareholder Rights

Prior to their forfeiture (in accordance with the applicable Agreement and while the shares of Common Stock granted under the Stock Award may be forfeited or are non-transferable), a Participant will have all rights of a shareholder with respect to a Stock Award, including the right to receive dividends and vote the shares. However, during that period:

(a)    a Participant may not sell, transfer, pledge, exchange or otherwise dispose of shares granted under a Stock Award;

(b)    the Company will retain custody of the certificates evidencing shares granted under a Stock Award; and

(c)    if requested by the Administrator, the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award.

After the shares granted under the Stock Award are transferable and no longer forfeitable, the above limitations will not apply. The Company will deliver to the Participant certificates evidencing shares of Common Stock subject to the award as soon thereafter as possible.

ARTICLE VIII

Performance Share Awards

8.01    Award

The Administrator will designate each individual to whom an award of Performance Shares is to be made. The Agreement for the award of Performance Shares will specify:

(a)    the number of shares of Common Stock covered by the award, subject to Section 8.02;

(b)    when the Performance Shares vest, subject to Section 8.03;

(c)    any Performance Objectives to which the Performance Shares are subject, as described in Section 8.04;

(d)    any shareholder rights granted to the Participant under Section 8.06; and

(e)    whether the Performance Shares are transferable under Section 8.08.

8.02    Maximum Number of Shares

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No Participant may receive awards of Performance Shares in any calendar year for more than 300,000 shares of Common Stock (based on the maximum possible payout under the awards).

8.03    Vesting

The Administrator, on the date of the grant, may prescribe that a Participant’s rights in Performance Shares will be forfeitable for a period of time. However, the Administrator may not provide that the Participant’s rights in Performance Shares become non-forfeitable earlier than one year after the date of the award.

8.04    Performance Objectives

The Administrator, on the date of the grant of an award, may prescribe that all or a portion of the Performance Shares will be earned, and the Participant will be entitled to receive a payment under the award of Performance Shares, only upon the satisfaction of Performance Objectives during a performance measurement period of at least one year, or other criteria prescribed by the Administrator. With respect to Performance Shares that will be earned only upon satisfaction of Performance Objectives, and as to which satisfaction of the “performance based compensation” exception to the limit on executive compensation imposed by Code Section 162(m) is intended, a payment will be made under the Performance Shares only if, and to the extent that, the Committee certifies that the Performance Objectives have been attained.

8.05    Payment

In the discretion of the Administrator, the amount payable when an award of Performance Shares is earned may be settled in cash, by the issuance of shares of Common Stock, or any combination of cash and Common Stock. A fractional share of Common Stock is not deliverable when an award of Performance Shares is earned; a cash payment will be made in lieu of the fractional share. The Administrator will also determine when an award of Performance Shares that has been earned will be settled.

8.06    Shareholder Rights

No Participant, as a result of receiving an award of Performance Shares, has any rights as a shareholder until and to the extent that the award of Performance Shares is earned and settled in shares of Common Stock. After an award of Performance Shares is earned and settled in shares, a Participant will have all the rights of a shareholder as described in Section 7.06. However, all Agreements awarding Performance Shares after December 31, 2009 must provide that dividend equivalents with respect to the award will not be paid before the Performance Shares are earned and vested. During the period beginning on the date the Performance Shares are awarded and ending on the certification date of the Performance Objectives, the number of Performance Shares awarded will be increased, assuming full dividend reinvestment at the Fair Market Value on the dividend payment date. The cumulative number of Performance Shares will be adjusted to determine the final payment based on the Performance Objectives as certified by the Committee. The final adjusted number of Performance Shares will be paid as provided under Section 8.05.

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8.07    Non-Transferability

Except as provided in Section 8.08, Performance Shares granted under this Plan are non-transferable except by will or by the laws of descent and distribution. No right or interest of a Participant in any Performance Shares is liable for, or subject to, any lien, obligation, or liability of such Participant.

8.08    Transferable Performance Shares

If the Agreement provides, an award of Performance Shares may be transferred by a Participant to persons or entities permitted under Rule 16b-3 on terms and conditions permitted under Rule 16b-3. The holder of Performance Shares transferred pursuant to this Section is bound by the same terms and conditions that governed the Performance Shares during the period that they were held by the Participant, except this Section 8.08. The transferee may not transfer Performance Shares except by will or the laws of descent and distribution.

8.09    Status as Employee or Director

If the terms of any Performance Share award provide that no payment will be made unless the Participant completes a stated period of employment or Board service, the Administrator may decide to what extent leaves of absence for government or military service, illness, temporary disability, or other reasons will not be deemed interruptions of continuous employment or Board service.

ARTICLE IX

Performance Units

9.01    Award

The Administrator will designate each individual to whom an award of Performance Units is to be made. The Agreement for the award of Performance Units will specify:

(a)    the number of Performance Units covered by the award, subject to Section 9.02;

(b)    when the Performance Units vest, subject to Section 9.03;

(c)    the Performance Objectives to which the Performance Units are subject, as described in Section 9.04; and

(d)    whether the Performance Units are transferable under Section 9.07.

9.02    Maximum Number of Units

No Participant may receive an award of more than 1,000,000 Performance Units in any calendar year.

9.03    Vesting

The Administrator, on the date of the award, may prescribe that a Participant’s rights in Performance Units will be forfeitable for a period of time. However, the Administrator may not provide that the Participant’s rights in Performance Units become non-forfeitable earlier than one year after the date of the award.

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9.04    Performance Objectives

The Administrator, on the date of grant of an award, will prescribe that all or a portion of the Performance Units will be earned and the Participant will be entitled to receive a payment under the award of Performance Units, only upon the satisfaction of Performance Objectives and other criteria prescribed by the Administrator during a performance measurement period of at least one year. With respect to Performance Units as to which satisfaction of the “performance based compensation” exception to the limit on executive compensation imposed by Code Section 162(m) is intended, a payment will be made under the Performance Units only if, and to the extent that, the Committee certifies that the Performance Objectives have been attained.

9.05    Payment

In the discretion of the Administrator, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of shares of Common Stock, or any combination of cash and Common Stock. A fractional share of Common Stock is not deliverable when an award of Performance Units is earned; a cash payment will be made in lieu of the fractional share. The Administrator will also determine when an award of Performance Units that has been earned will be settled.

9.06    Non-Transferability

Except as provided in Section 9.07, Performance Units granted under this Plan are non-transferable except by will or by the laws of descent and distribution. No right or interest of a Participant in an award of Performance Units is liable for, or subject to, any lien, obligation, or liability of such Participant.

9.07    Transferable Performance Units

If provided in an Agreement, an award of Performance Units may be transferred by a Participant to persons or entities permitted under Rule 16b-3 on terms and conditions as may be permitted under Rule 16b-3. The holder of Performance Units transferred under this Section is bound by the same terms and conditions that governed the Performance Units during the period that it was held by the Participant, except this Section 9.07. The transferee may not transfer the Performance Units except by will or the laws of descent and distribution.

9.08    Status as Employee or Director

If the terms of an award of Performance Units provide that a payment will be made only if the Participant completes a stated period of employment or Board service, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons will not be deemed interruptions of continuous employment or Board service.

9.09    Shareholder Rights

No Participant, as a result of receiving an award of Performance Units, has any rights as a shareholder of the Company or any Subsidiary on account of the award.

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ARTICLE X

Adjustment Upon Change in Common Stock

10.01    Equitable Adjustments

(a)    Events Resulting in Adjustments

If any of the following events occurs, the Committee will make the adjustments described in Section 10.01(b):

(i)    the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares;

(ii)    the Company engages in any transaction to which Section 424 of the Code applies; or

(iii)    there occurs any other event that, in the judgment of the Committee, necessitates adjustments.

(b)    Adjustments

To the extent the Committee determines adjustment is equitably required, the Committee will adjust the following, subject to Section 10.01(c):

(i)    the maximum number and kind of shares as to which Options, Stock Awards, Performance Shares, and Performance Units may be granted;

(ii)    the terms of outstanding Stock Awards, Options, Performance Shares, Performance Units; and

(iii)    the per individual limitations on the number of shares of Common Stock for which Options, Performance Shares, Performance Units and Stock Awards may be granted.

(c)    Limitation on Adjustments

The Committee in its sole discretion may elect not to adjust Performance Objectives under any award if it determines that the adjustment would cause the award to cease to qualify as performance-based compensation under Code Section 162(m).

(d)    Replacement of Awards

The Committee may provide for the replacement of any outstanding awards under the Plan (or any portion of any award) with alternative consideration (including, without limitation, cash) as the Committee in good faith determines to be equitable under the circumstances. The Committee may require, in connection with any replacement, the surrender of all awards so replaced.

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(e)    Authority of Committee

Any determination, adjustment, or replacement made by the Committee under this Section 10.01 is final and conclusive.

10.02    Affect of Issuance of Stock

No adjustments described in Section 10.01(b) will be made as a result of the issuance by the Company of stock of any class or securities convertible into stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe for the stock or securities, or upon conversion of stock or obligations of the Company convertible into stock or other securities.

10.03    Substitution of Awards

The Committee may make Stock Awards and may grant Options, Performance Shares, and Performance Units in substitution for performance shares, phantom shares, stock awards, stock options, or similar awards held by an individual who becomes an employee or director of the Company or a Subsidiary in connection with a transaction described in Section 10.01(a). Subject to the requirements of Section 5.02, the terms of the substituted Stock Awards, Options, Performance Shares or Performance Units will be as the Committee, in its discretion, determines appropriate.

ARTICLE XI

Compliance With Law and Approval of Regulatory Bodies

11.01    Required Compliance

No Option will be exercisable, no shares of Common Stock will be issued, no certificates for shares of Common Stock will be delivered, and no payment will be made under this Plan except in compliance with:

(a)    all applicable Federal and state laws and regulations (including, without limitation, withholding tax requirements);

(b)    any listing agreement to which the Company is a party; and

(c)    the rules of all domestic stock exchanges on which the Company’s shares may be listed.

The Company has the right to rely on an opinion of its counsel as to compliance with the above.

11.02    Legends on Stock Certificates

Any stock certificate issued to evidence shares of Common Stock:

(a)    when a Stock Award is granted;

(b)    when a Performance Share or Performance Unit is settled; or

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(c)    for which an Option is exercised

may bear legends and statements the Administrator deems advisable to assure compliance with Federal and state laws and regulations.

11.03    Prior Regulatory Approval

Until the Company has obtained any consent or approval deemed advisable by the Administrator from regulatory bodies having jurisdiction over the Plan:

(a)    no Option will be exercisable;

(b)    no Stock Award, Performance Shares or Performance Units will be granted;

(c)    no shares of Common Stock will be issued;

(d)    no certificate for shares of Common Stock will be delivered; and

(e)    no payment will be made

under this Plan.

ARTICLE XII

Change in Control Provisions

12.01    Effect on Awards

Subject to Section 13.09, the following provisions govern the treatment of outstanding awards under this Plan upon a Change in Control:

(a)    Options

Each outstanding Option is fully exercisable (in whole or in part at the discretion of the holder) on and after a Control Change Date.

(b)    Stock Awards

Each outstanding Stock Award is transferable and non-forfeitable on and after a Control Change Date without regard to whether any Performance Objectives or other conditions to which the award is subject have been met.

(c)    Performance Shares

Each outstanding Performance Share award is earned as of a Control Change Date and will be settled as soon thereafter as practicable. If an award is based only on criteria other than Performance Objectives (such as continued service), the award is earned in full. If an award is earned on the basis of Performance Objectives, the amount earned is the greater of the amount that would have been payable on attainment of:

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(i)    target levels of performance; or

(ii)    actual levels of performance,

using performance through the Control Change Date for purposes of determining actual levels of performance.

(d)    Performance Units

All outstanding Performance Units are earned as of a Control Change Date and will be settled as soon thereafter as possible. The amount earned with respect to each award of Performance Units is the greater of the amount that would have been payable on attainment of:

(i)    target levels of performance; or

(ii)    actual levels of performance,

using performance through the Control Change Date for purposes of determining actual levels of performance.

12.02    Conversion of Options and Stock Awards

(a)    Continuation of Plan

If the Change in Control is described in Section 2.06(a) or (b) and the Surviving Entity or Acquiring Entity is a corporation with common stock publicly traded on an established U.S. stock exchange, the Board may enter into an agreement with the Surviving Entity or Acquiring Entity for the Surviving Entity or Acquiring Entity to adopt and maintain the Plan and to adopt and maintain all outstanding Option and Stock Award Agreements under the existing terms of the Agreement. Equitable adjustments will be made to all outstanding Option and Stock Award Agreements to reflect the Fair Market Value of the Common Stock as of the day before the Control Change Date and to substitute Common Stock subject to Agreements with comparable common stock of the Surviving Entity or Acquiring Entity.

(b)    Substitution of Plan

If the Change in Control is described in Section 2.06(a) or (b) and the Surviving Entity or Acquiring Entity is a corporation with common stock publicly traded on an established U.S. stock exchange, the Board may enter into an agreement with the Surviving Entity or Acquiring Entity for the Surviving Entity or Acquiring Entity to adopt a comparable equity compensation plan and grant new Options and Stock Awards under that plan in substitution for outstanding Options and Stock Awards under this Plan. The fair market value of the common stock of the Surviving Entity or Acquiring Entity subject to the substituted Options and Stock Awards will not be less than the Fair Market Value of the Common Stock subject to outstanding Options and Stock Awards under this Plan as of the day before the Control Change Date.

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12.03    Settlement of Awards

(a)    Options

If the Change in Control is described in Section 2.06(a) or (b) and outstanding Options under this Plan are not converted under Section 12.02, each Participant with an outstanding Option will be paid, for each share of Common Stock for which the Participant holds an outstanding Option, the excess, if any, of the Fair Market Value of the Common Stock as of the day before the Control Change Date over the exercise price of the Option.

(b)    Stock Awards

If the Change in Control is described in Section 2.06(a) or (b) and outstanding Stock Awards under this Plan are not converted under Section 12.02, each Participant with a Stock Award will be paid, for each share of Common Stock subject to an outstanding Stock Award, the Fair Market Value of the Common Stock as of the day before the Control Change Date.

(c)    Performance Shares

For purposes of Section 12.01(c), Performance Shares will be settled in cash based on the Fair Market Value of the Common Stock as of the day before the Control Change Date.

(d)    Performance Units

For purposes of Section 12.01(d), Performance Units will be settled in cash based on the Fair Market Value of the Common Stock as of the day before the Control Change Date.

12.04    Qualified Termination Before Qualified Change-in-Control

(a)    Status as of Change in Control

If an Eligible Executive experiences a Qualified Termination, the Eligible Executive will be treated as if a Change in Control occurred the day before the date of the Eligible Executive’s Qualified Termination.

(b)    Eligible Executive

For purposes of this Section 12.04, an “Eligible Executive” is a Participant who has an effective Change in Control Severance Agreement with the Company at the time of the Participant’s Qualified Termination.

(c)    Qualified Termination

For purposes of this Section 12.04, a Qualified Termination is the Eligible Executive’s involuntary termination that entitles the Eligible Executive to benefits under the Eligible Executive’s Change in Control Severance Agreement, but only if:

(i)    the Executive’s involuntary termination occurs during a Severance Period (as defined in the Eligible Executive’s Change in Control Severance Agreement) resulting from a change in control event under the Change in Control Severance Agreement that precedes and is anticipatory of a second change in control event under the Change in Control Severance Agreement (the “Qualified Severance Period”); and

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(ii)    the Executive’s involuntary termination occurs before a Qualified Change-in-Control occurs under this Plan.

(d)    Qualified Change-in-Control

For purposes of this Section 12.04, a Qualified Change-in-Control under this Plan is a Change in Control that:

(i)    occurs after the Eligible Executive’s Qualified Termination; and

(ii)    occurs before the end of the Qualified Severance Period; and

(iii)    is the consummation of the anticipatory event that resulted in the Eligible Executive’s Qualified Severance Period.

(e)    Computation

The outstanding Options held by the Eligible Executive as of the day before the date of the Eligible Executive’s Qualified Termination, reduced by Options exercised by the Eligible Executive after the Eligible Executive’s Qualified Termination, will be converted under Section 12.02 or settled under Section 12.03, as applicable.

The outstanding Stock Awards held by the Eligible Executive as of the day before the date of the Eligible Executive’s Qualified Termination, reduced by Stock Awards that became transferable and non-forfeitable because of the Eligible Executive’s Qualified Termination, will be converted under Section 12.02 or settled under Section 12.03, as applicable.

The outstanding Performance Shares held by the Eligible Executive as of the day before the date of the Eligible Executive’s Qualified Termination will be settled under Section 12.03. The settlement amount paid to the Eligible Executive will be reduced by any amount paid to the Eligible Executive after the Eligible Executive’s Qualified Termination with respect to the same Performance Shares.

The outstanding Performance Units held by the Eligible Executive as of the day before the date of the Eligible Executive’s Qualified Termination will be settled under Section 12.03. The settlement amount paid to the Eligible Executive will be reduced by any amount paid to the Eligible Executive after the Eligible Executive’s Qualified Termination with respect to the same Performance Units.

ARTICLE XIII

General Provisions

13.01    Effect on Employment and Service

The adoption of this Plan, the operation of this Plan, or any document describing or referring to this Plan (or any part of this Plan) does not:

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(a)    confer on any individual the right to continue in the employ or service of the Company or a Subsidiary; or

(b)    in any way affect any right and power of the Company or a Subsidiary to terminate the employment or service of any individual at any time with or without a reason.

13.02    Unfunded Plan

The Plan is unfunded. The Company is not required to segregate any assets that may at any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan is based solely on contractual obligations created under this Plan. No obligation of the Company under this Plan is secured by any pledge of, or other encumbrance on, any property of the Company.

13.03    Rules of Construction

Headings are given to the articles and sections of this Plan solely as a convenience. The reference to any statute, regulation, or other provision of law refers to any amendment to or successor of the provision.

13.04    Restrictions on Transfer of Shares Issued or Delivered

(a)    Company’s Right of First Refusal

An Agreement may provide that the Company has reserved a right of first refusal to purchase the Common Stock acquired on exercise of Options or under a Stock Award or award of Performance Shares or Performance Units at a price equal to the Fair Market Value per share repurchased determined as of the day preceding the day the Company notifies the Participant of its intention to repurchase the shares. If the Company reserves this right, the Participant must comply with the terms of the Agreement and any procedures established by the Administrator prior to any disposition of Common Stock acquired under the Agreement. The Company will have a maximum of five days following the date on which Participant is required to notify the Company of the Participant’s intent to dispose of the Common Stock to advise the Participant whether the Company will purchase the Common Stock.

(b)    Additional Restrictions

An Agreement may provide that the shares of Common Stock to be issued or delivered on exercise of an Option or in settlement of an award of Performance Shares or Performance Units or the shares of Common Stock subject to a Stock Award that are no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Article VII are subject to additional restrictions on transfer.

13.05    Effect of Acceptance of Award

By accepting an award under the Plan, a Participant and the Participant’s successor in interest or personal representative is conclusively deemed to have indicated acceptance or ratification of, and consent to, any action taken under the Plan by the Company or the Administrator.

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13.06    Governing Law

The provisions of this Plan will be interpreted and construed in accordance with the laws of the State of Michigan, other than its choice-of-law provisions.

13.07    Coordination with Other Plans

Participation in the Plan does not affect an employee’s eligibility to participate in any other benefit or incentive plan of the Company or any Subsidiary. Treatment of any income realized as a result of the exercise, vesting, or settlement of awards under the Plan for purposes of any Company-sponsored or Subsidiary-sponsored employee pension benefit plan, insurance or other employee benefit programs will be governed by the terms of the other plans or programs.

13.08    Tax Withholding

If required by law, the Company will withhold or cause to be withheld Federal, state and/or local income and employment taxes in connection with the exercise, vesting or settlement of an award under the Plan. Unless otherwise provided in the applicable Agreement, each Participant may satisfy any required tax withholding by any of the following means in any combination:

(a)    a cash payment;

(b)    delivery to the Company of a number of shares of Common Stock previously acquired by the Participant having a Fair Market Value, on the date the tax liability first arises, equal to the tax liability being paid and, if the shares were acquired from the Company, that have been held by the Participant for at least six months; or

(c)    by authorizing the Company to withhold from the shares of Common Stock otherwise issuable to the Participant under the exercise, vesting or settlement of an award, the number of shares of Common Stock having a Fair Market Value, on the date the tax liability first arises, equal to the minimum statutory withholding required for the Participant based on applicable law.

Any Common Stock delivered to the Company by the Participant or withheld from Common Stock otherwise issuable to the Participant to satisfy any required tax withholding will not be reallocated to other Options, Performance Shares, Performance Units, and Stock Awards to be granted under this Plan and will not otherwise be made available to be issued under this Plan.

If the amount required is not paid, the Company may refuse to issue or deliver shares or cash under the award.

13.09    Limitation on Benefits

(a)    Purpose of Benefit Limitation

Benefits, payments, accelerated vesting and other rights under this Plan may constitute Parachute Payments subject to the “golden parachute” rules of Code Section 280G and the excise tax under Code Section 4999. It is the Company’s intention to reduce any Parachute Payments if, and only to the extent that, a reduction will allow the affected Participant to

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receive a greater Net After Tax Amount than the Participant would receive absent a reduction. This Section 13.09 describes how the Company’s intent will be effected.

(b)    Determination of Parachute Payment Amount

The Accounting Firm will first determine the amount of any Parachute Payments payable to a Participant. The Accounting Firm will also determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments. The Accounting Firm will next determine the amount of the Participant’s Capped Parachute Payments. Finally, the Accounting Firm will determine the Net After Tax Amount attributable to the Participant’s Capped Parachute Payments.

(c)    Amount Paid to Participant

That Participant will receive the total Parachute Payments unless the Accounting Firm determines that the Capped Parachute Payments will yield a higher Net After Tax Amount. In that case that Participant will receive the Capped Parachute Payments. If a Participant receives Capped Parachute Payments, the Participant’s benefits, payments, accelerated vesting or other rights under this Plan will be adjusted, if at all, as determined in the sole discretion of the Committee. The Accounting Firm will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Parachute Payments and will send the Participant and the Company a copy of its detailed calculations supporting that determination.

(d)    Adjustment of Amount Paid

As a result of any uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determination under this Section 13.09, it is possible that amounts will have been paid, vested, earned or distributed that should not have been paid, vested, earned or distributed under this Section 13.09 (“Overpayments”), or that additional amounts should be paid, vested, earned, or distributed under this Section 13.09 (“Underpayments”).

(i)    Overpayment

If the Accounting Firm determines, based on either controlling precedent, substantial authority, or the assertion of a deficiency by the Internal Revenue Service against a Participant or the Company which the Accounting Firm believes has a high probability of success, that an Overpayment has been made, then the Participant is required to:

(A)    pay the Company upon demand the sum of the Overpayment plus interest on the Overpayment at the prime rate provided in Code Section 7872(f)(2) from the date of the Participant’s receipt of the Overpayment until the date of repayment; or

(B)    agree to other arrangements that the Committee determines to be equitable in the circumstances.

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The Participant will be required to make the repayment or agree to other arrangements, if, and only to the extent, that the repayment or other arrangement would either reduce the amount on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999.

(ii)    Underpayment

If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination. The Company will:

(A)    pay the Participant the sum of the Underpayment plus interest on the Underpayment at the prime rate provided in Code Section 7872(f)(2) from the date the Underpayment should have been paid until actual payment; or

(B)    take other action the Committee determines to be equitable in the circumstances.

(e)    Determinations by Accounting Firm

All determinations made by the Accounting Firm under this Section 13.09 are binding on the Participant and the Company. The determinations must be made as soon as practicable but no later than 30 days after a Control Change Date.

(f)    Exclusion from Benefit Limitation

This Section 13.09 does not apply to any Participant entitled to an indemnification of excise taxes incurred under Code Section 4999, by a Change in Control Severance Agreement or other arrangement or agreement with the Company, with respect to Parachute Payments otherwise subject to limitation under this Section 13.09.

13.10    Clawback

(a)    Definitions

For purposes of this Section 13.10:

(i)    Dodd-Frank Act means the Dodd-Frank Wall Street Reform and Consumer Protection Act; and

(ii)    incentive compensation means Options, Stock Awards subject to Performance Objectives under Section 7.04, Performance Shares, and Performance Units (but specifically excludes Stock Awards subject only to vesting under Section 7.03) paid or awarded to a Participant under the Plan.

(b)    Conditions Required for Clawback of Incentive Compensation

Clawback of incentive compensation from a Participant may occur when all three of the following conditions exist:

(i)    The incentive compensation payment or award (or vesting of the award) was based on the achievement of financial results reported on Form 10-Q, Form 10-K,

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or other report filed with the Securities and Exchange Commission and the financial results were the subject of a subsequent restatement because of the Company’s material noncompliance with any financial reporting requirement under federal securities laws (other than a restatement as a result of a change in applicable accounting principles); and

(ii)    A lower incentive compensation payment or award would have been made to the Participant (or lesser or no vesting of the award would have occurred) based on the restated financial results; and

(iii)    The incentive compensation payment or award or the vesting of the award occurred during the three-year period preceding the date on which the Company was required to prepare the accounting restatement (with that date determined under applicable regulations under the Dodd-Frank Act).

(c)    Clawback of Incentive Compensation

If the Committee determines that the requirements of Section 13.10(b) have been satisfied, the Company may seek to recover from a Participant, in accordance with applicable law and regulations and employing the recovery mechanisms in any Clawback Policy adopted by the Company, the portion of any incentive compensation paid to or received by the Participant for or during the three-year period described in Section 13.10(b)(iii) that is greater than the amount that would have been paid to or received by the Participant if the incentive compensation had been determined based on the restated financial results.

(d)    Adjustment of Outstanding Awards

If the Committee determines that the requirements of Section 13.10(b) have been satisfied, the Committee may cancel, in whole or in part, any outstanding incentive compensation award if the Administrator took the Company’s financial results into account in granting the award and those financial results were reduced in the subsequent restatement.

(e)    Acceptance by Participant

By accepting an award of incentive compensation under the Plan, a Participant (and the Participant’s successor in interest or personal representative) is conclusively deemed to have accepted the requirements of this Section 13.10 and agreed to comply with any clawback of incentive compensation required by this Section 13.10.

ARTICLE XIV

Amendment

14.01    Authority to Amend

The Board may amend this Plan from time to time or terminate it at any time. However, no material amendment to the Plan may become effective until shareholder approval is obtained. A material amendment to the Plan is any amendment that would:

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(a)    materially increase the aggregate number of shares of Common Stock that may be issued or delivered under the Plan or that may be issued to a Participant;

(b)    permit the exercise of an Option at an Option price less than the Fair Market Value on the date of grant of the Option or otherwise reduce the price at which an Option is exercisable, either by amendment of an Agreement or substitution with a new Award with a reduced price;

(c)    change the types of awards that may be granted under the Plan;

(d)    expand the classes of persons eligible to receive awards or otherwise participate in the Plan; or

(e)    require approval of the shareholders of the Company to comply with applicable law or the rules of the New York Stock Exchange.

14.02    Participants’ Rights

No amendment or termination may, without a Participant’s consent, adversely affect the rights of the Participant under any Option, any Stock Award, or any award of Performance Shares or Performance Units outstanding at the time the amendment is made or the termination occurs.

ARTICLE XV

Duration of Plan

No Option, Stock Award, Performance Shares, or Performance Units may be granted under this Plan more than 10 years after the earlier of the adoption of the Plan by the Board or the Plan’s approval by the Company’s shareholders. Options, Stock Awards, Performance Shares, and Performance Units granted before that date remain valid in accordance with the terms of their Agreements.

ARTICLE XVI

Effective Date of Plan

Options, Performance Shares and Performance Units may be granted under this Plan upon its adoption by the Board. However, Options granted under this Plan may not be exercised, Performance Shares and Performance Units granted under this Plan cannot be settled in Common Stock or Cash, and Stock Awards cannot be issued under this Plan until the Plan is approved by the Company’s shareholders at the Company’s 2006 annual meeting of shareholders.

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EX-12.57

Exhibit 12-57

DTE Energy Company
Computation of Ratio of Earnings to Fixed Charges
	Three Months Ended			Year Ended December 31,
(Millions of Dollars)	March 31, 2014			2013			2012			2011		2010		2009
Earnings:
Pretax earnings	$	481		$	904		$	1,035		$	989	$	968	$	778
Adjustments	(2		)	(8		)	(4		)	6		1		4
Fixed Charges	116			461			463			520		567		572
Net earnings	$	595		$	1,357		$	1,494		$	1,515	$	1,536	$	1,354
Fixed Charges:
Interest expense	$	109		$	432		$	441		$	490	$	543	$	545
Adjustments	7			29			22			30		24		27
Fixed Charges	$	116		$	461		$	463		$	520	$	567	$	572
Ratio of earnings to fixed charges	5.13			2.94			3.23			2.91		2.71		2.37

EX-31.89

Exhibit 31-89

FORM 10-Q CERTIFICATION

I, Gerard M. Anderson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ GERARD M. ANDERSON	Date:	April 25, 2014
Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Energy Company

EX-31.90

Exhibit 31-90

FORM 10-Q CERTIFICATION

I, Peter B. Oleksiak, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/S/ PETER B. OLEKSIAK	Date:	April 25, 2014
Peter B. Oleksiak Senior Vice President and Chief Financial Officer of DTE Energy Company

EX-32.89

Exhibit 32-89

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Energy Company (the “Company”) for the quarter ended March 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gerard M. Anderson, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 25, 2014	/S/ GERARD M. ANDERSON
		Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Energy Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.90

Exhibit 32-90

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of DTE Energy Company (the “Company”) for the quarter ended March 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter B. Oleksiak, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 25, 2014	/S/ PETER B. OLEKSIAK
		Peter B. Oleksiak Senior Vice President and Chief Financial Officer of DTE Energy Company

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Significant Accounting Policies (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Significant Accounting Policies [Line Items]
Other Nonoperating Income	$ 41	$ 44
Effective Income Tax Rate, Continuing Operations	33.00%	31.00%
Increase in Effective Tax Rate	2.00%
Other Information Pertaining to Income Taxes	8
Unrecognized Tax Benefits that would impact Effective Tax Rate	2
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecognized Benefit	1
Minimum [Member]
Significant Accounting Policies [Line Items]
Finite Lived Asset Useful Life	1 year
Maximum [Member]
Significant Accounting Policies [Line Items]
Finite Lived Asset Useful Life	28 years
Power and Industrial Projects [Member]
Significant Accounting Policies [Line Items]
Other Nonoperating Income	$ 17	$ 15

XML

Financial and Other Derivative Instruments (Details Textuals) (USD $) In Millions, unless otherwise specified			3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014 FTR [Member]	Mar. 31, 2013 FTR [Member]	Mar. 31, 2014 Credit Risk Contract [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 1
Letters of Credit Outstanding, Amount	18	19
Cash Collateral Posted Net of Cash Collateral Received	128	12
Cash Collateral Paid or Received for Derivative Assets	6	26
Cash Collateral Paid or Received for Derivative Liabilities	4	17
Cash Collateral Received	10	13
Cash Collateral Paid	140	34
Effect of Derivative Instruments Recoverable Through PSCR Mechanism			4	1
Value of Transactions Company Would Have Been Exposed to if Credit Rating Below Investment Grade	444
Derivative, Net Liability Position, Aggregate Fair Value	1,089
Collateral Already Posted, Aggregate Fair Value	959				15
Additional Collateral, Aggregate Fair Value	$ 115

XML

Fair Value (Details Textuals) (USD $)	3 Months Ended										3 Months Ended	12 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Fair Value, Measurements, Recurring [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member]	Mar. 31, 2014 Restricted Assets [Member] Fair Value, Measurements, Recurring [Member]	Dec. 31, 2013 Restricted Assets [Member] Fair Value, Measurements, Recurring [Member]	Mar. 31, 2014 Other Investments [Member] Fair Value, Measurements, Recurring [Member]	Dec. 31, 2013 Other Investments [Member] Fair Value, Measurements, Recurring [Member]	Mar. 31, 2014 Other Investments [Member] Fair Value, Measurements, Recurring [Member] Equity [Member]	Dec. 31, 2013 Other Investments [Member] Fair Value, Measurements, Recurring [Member] Equity [Member]	Mar. 31, 2014 Nuclear Decommissioning Trust Fund [Member]	Dec. 31, 2013 Nuclear Decommissioning Trust Fund [Member]	Mar. 31, 2014 Fermi 2 [Member]	Dec. 31, 2013 Fermi 2 [Member]	Mar. 31, 2014 Fermi 1 [Member]	Mar. 31, 2013 Fermi 1 [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure			$ 58,000,000	$ 125,000,000	$ 43,000,000	$ 109,000,000	$ 15,000,000	$ 16,000,000			$ 13,000,000	$ 19,000,000
Available-for-sale Securities, Fair Value Disclosure									7,000,000	7,000,000
Other investments			138,000,000	136,000,000					138,000,000	136,000,000
Average Maturity of Debt Securities											7 years	7 years
Unrealized losses recognized as regulatory assets													33,000,000	31,000,000
Unrealized losses recognized in earnings															0	0
Unrealized on Available for Sale Securities	0	0
Trading Securities, Change in Unrealized Holding Gain (Loss)	$ 2,000,000	$ 8,000,000

XML

Segment Information (Financial Data - Net Income or Loss) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	$ 326	$ 234
Electric [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	136	115
Gas [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	129	96
Gas Storage and Pipelines [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	21	17
Power and Industrial Projects [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	15	12
Energy Trading [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	42	7
Corporate and Other [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	$ (17)	$ (13)

XML

Asset Retirement Obligations (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 1,827
Accretion	28
Liabilities Incurred	4
Revision in estimated cash flows	(5)
Asset retirement obligations	$ 1,854

XML

Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Trust Funds) (Details) (Nuclear Decommissioning Trust Fund [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Nuclear Decommissioning Trust Fund [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized gains	$ 9	$ 8
Realized losses	(7)	(7)
Proceeds from sales of securities	$ 271	$ 136

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales and natural gas sales in the following segments:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Inter-segment Revenues
Electric	$	7	$	6
Gas	2		1
Gas Storage and Pipelines	1		2
Power and Industrial Projects	206		205
Energy Trading	9		11
Corporate and Other	2		(8		)
	$	227	$	217

Financial data of the business segments follows:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues
Electric	$	1,412		$	1,219
Gas	804			604
Gas Storage and Pipelines	52			27
Power and Industrial Projects	575			490
Energy Trading	1,314			393
Corporate & Other	—			—
Reconciliation & Eliminations	(227		)	(217		)
Total	$	3,930		$	2,516

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Net Income (Loss) Attributable to DTE Energy by Segment:
Electric	$	136		$	115
Gas	129			96
Gas Storage and Pipelines	21			17
Power and Industrial Projects	15			12
Energy Trading	42			7
Corporate & Other	(17		)	(13		)
Net Income Attributable to DTE Energy	$	326		$	234

XML

Earnings Per Share (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Basic Earnings per Share
Net Income Attributable to DTE Energy Company	$ 326	$ 234
Average number of common shares outstanding	177	173
Weighted average net restricted shares outstanding	0	1
Dividends declared on common stock	116	107
Dividends declared - net restricted shares	0	1
Total distributed earnings	116	108
Net income less distributed earnings	210	126
Distributed (dividends per common share)	$ 0.66	$ 0.62
Undistributed	$ 1.18	$ 0.73
Total Basic Earnings per Common Share	$ 1.84	$ 1.35
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company	326	234
Common shares for dilutive calculation	177	173
Weighted average net restricted shares outstanding	0	1
Dividends declared on common stock	116	107
Dividends declared - net restricted shares	0	1
Total distributed earnings	116	108
Net income less distributed earnings	$ 210	$ 126
Distributed (dividends per common share)	$ 0.66	$ 0.62
Undistributed	$ 1.18	$ 0.72
Total Diluted Earnings per Common Share	$ 1.84	$ 1.34

XML

Segment Information (Details Textuals)	Mar. 31, 2014 customers
Segment Reporting [Abstract]
Number of Electric Customers	2,100,000
Number of Gas Customers	1,200,000
Number of Citizens Gas Customers	17,000

XML

Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2014 and December 31, 2013:

	March 31, 2014															December 31, 2013
	Level 1			Level 2			Level 3			Netting (a)			Net Balance			Level 1			Level 2			Level 3			Netting (a)			Net Balance
	(In millions)
Assets:
Cash equivalents (b)	$	11		$	47		$	—		$	—		$	58		$	10		$	115		$	—		$	—		$	125
Nuclear decommissioning trusts	764			431			—			—			1,195			779			412			—			—			1,191
Other investments (c) (d)	89			49			—			—			138			92			44			—			—			136
Derivative assets:
Commodity Contracts:
Natural Gas	251			72			60			(367		)	16			273			89			34			(382		)	14
Electricity	—			426			77			(422		)	81			—			261			139			(291		)	109
Other	36			3			1			(41		)	(1		)	33			1			3			(34		)	3
Total derivative assets	287			501			138			(830		)	96			306			351			176			(707		)	126
Total	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(255	)	$	(91	)	$	(70	)	$	369		$	(47	)	$	(277	)	$	(140	)	$	(86	)	$	395		$	(108	)
Electricity	—			(413		)	(111		)	417			(107		)	—			(272		)	(126		)	269			(129		)
Other	(34		)	(6		)	—			41			1			(32		)	(2		)	—			34			—
Other derivative contracts (f)	—			(4		)	—			1			(3		)	—			(1		)	—			—			(1		)
Total derivative liabilities	(289		)	(514		)	(181		)	828			(156		)	(309		)	(415		)	(212		)	698			(238		)
Total	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340
Assets:
Current	$	270		$	514		$	115		$	(762	)	$	137		$	277		$	400		$	139		$	(592	)	$	224
Noncurrent (e)	881			514			23			(68		)	1,350			910			522			37			(115		)	1,354
Total Assets	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Current	$	(259	)	$	(472	)	$	(168	)	$	759		$	(140	)	$	(268	)	$	(328	)	$	(177	)	$	578		$	(195	)
Noncurrent	(30		)	(42		)	(13		)	69			(16		)	(41		)	(87		)	(35		)	120			(43		)
Total Liabilities	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340

_______________________________________

(a) Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.

(b) At March 31, 2014, available-for-sale securities of $58 million included $43 million and $15 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. At December 31, 2013, available-for-sale securities of $125 million, included $109 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively.

(c) Excludes cash surrender value of life insurance investments.

(d) Available-for-sale equity securities of $7 million at both March 31, 2014 and December 31, 2013, are included in Other investments on the Consolidated Statements of Financial Position.

(e) Includes $138 million and $136 million at March 31, 2014 and December 31, 2013, respectively, of other investments that are included in the Consolidated Statements of Financial Position in Other investments.

(f) Includes Interest rate contracts and Foreign currency exchange contracts.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014												Three Months Ended March 31, 2013
	Natural Gas			Electricity			Other			Total			Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets (Liabilities) as of January 1	$	(52	)	$	13		$	3		$	(36	)	$	(38	)	$	23		$	2		$	(13	)
Transfers into Level 3	—			—			—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			(2		)	—			—			(2		)
Total gains (losses):
Included in earnings	(22		)	36			—			14			(8		)	8			—			—
Recorded in regulatory assets/liabilities	—			—			4			4			—			—			1			1
Purchases, issuances and settlements:
Issuances	—			(1		)	—			(1		)	—			—			—			—
Settlements	64			(82		)	(6		)	(24		)	14			(40		)	(1		)	(27		)
Net Assets (Liabilities) as of March 31	$	(10	)	$	(34	)	$	1		$	(43	)	$	(34	)	$	(9	)	$	2		$	(41	)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations	$	—		$	(20	)	$	—		$	(20	)	$	(5	)	$	(6	)	$	—		$	(11	)

Transfers Between Level 1 Level 2 and Level 3 [Table Text Block]

The following table shows transfers between the levels of the fair value hierarchy for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014					Three Months Ended March 31, 2013
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(In millions)
Transfers into Level 1 from	$ N/A	$	—	$	—	$ N/A	$	—	$	—
Transfers into Level 2 from	—	N/A		—		—	N/A		2
Transfers into Level 3 from	—	—		N/A		—	—		N/A

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of March 31, 2014:

	March 31, 2014
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	60	$	(70	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.50	)	—	$	1.50	/MMBtu	$	(0.17	)/MMBtu
Electricity	$	77	$	(111	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(3	)	—	$	23	/MWh	$	5	/MWh

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2013:

	December 31, 2013
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	34	$	(86	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(0.88	)	—	$	5.07	/MMBtu	$	(0.16	)/MMBtu
Electricity	$	139	$	(126	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(7	)	—	$	15	/MWh	$	3	/MWh

Fair Value of Financial Instruments [Table Text Block]

The following table presents the carrying amount and fair value of financial instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014								December 31, 2013
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable, excluding capital leases	$	43	$	—	$	—	$	43	$	41	$	—	$	—	$	41
Dividends payable	$	116	$	116	$	—	$	—	$	116	$	116	$	—	$	—
Short-term borrowings	$	375	$	—	$	375	$	—	$	131	$	—	$	131	$	—
Long-term debt	$	7,979	$	461	$	7,398	$	743	$	8,094	$	425	$	7,551	$	499

Fair Value of Nuclear Decommissioning Trust Fund Assets [Table Text Block]

The following table summarizes the fair value of the nuclear decommissioning trust fund assets:

	March 31, 2014		December 31, 2013
	(In millions)
Fermi 2	$	1,174	$	1,172
Fermi 1	3		3
Low level radioactive waste	18		16
Total	$	1,195	$	1,191

Schedule of Realized Gain (Loss) [Table Text Block]

The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2014			2013
	(In millions)
Realized gains	$	9		$	8
Realized losses	$	(7	)	$	(7	)
Proceeds from sales of securities	$	271		$	136

Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund [Table Text Block]

The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:

	March 31, 2014				December 31, 2013
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
	(In millions)
Equity securities	$	730	$	197	$	730	$	201
Debt securities	452		16		442		12
Cash and cash equivalents	13		—		19		—
	$	1,195	$	213	$	1,191	$	213

XML

Financial and Other Derivative Instruments Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Netting Offsets of Derivative Assets and Liabilities [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 926	$ 833
Gross Amounts Offset in the Statements of Financial Position	(830)	(707)
Net Amounts of Assets Presented in the Statements of Financial Position	96	126
Fair Value Gross Amounts of Recognized Liabilities	(984)	(936)
Gross Amounts Offset in the Statement of Financial Position	828	698
Net Amounts of Liabilities Presented in the Statements of Financial Position	(156)	(238)
Natural Gas Commodity Contract [Member]
Netting Offsets of Derivative Assets and Liabilities [Line Items]
Derivative Asset, Fair Value, Gross Asset	383	396
Gross Amounts Offset in the Statements of Financial Position	(367)	(382)
Net Amounts of Assets Presented in the Statements of Financial Position	16	14
Fair Value Gross Amounts of Recognized Liabilities	(416)	(503)
Gross Amounts Offset in the Statement of Financial Position	369	395
Net Amounts of Liabilities Presented in the Statements of Financial Position	(47)	(108)
Electricity Commodity Contract [Member]
Netting Offsets of Derivative Assets and Liabilities [Line Items]
Derivative Asset, Fair Value, Gross Asset	503	400
Gross Amounts Offset in the Statements of Financial Position	(422)	(291)
Net Amounts of Assets Presented in the Statements of Financial Position	81	109
Fair Value Gross Amounts of Recognized Liabilities	(524)	(398)
Gross Amounts Offset in the Statement of Financial Position	417	269
Net Amounts of Liabilities Presented in the Statements of Financial Position	(107)	(129)
Other Commodity Contract [Member]
Netting Offsets of Derivative Assets and Liabilities [Line Items]
Derivative Asset, Fair Value, Gross Asset	40	37
Gross Amounts Offset in the Statements of Financial Position	(41)	(34)
Net Amounts of Assets Presented in the Statements of Financial Position	(1)	3
Fair Value Gross Amounts of Recognized Liabilities	(40)	(34)
Gross Amounts Offset in the Statement of Financial Position	41	34
Net Amounts of Liabilities Presented in the Statements of Financial Position	1	0
Other Derivative Contract [Member]
Netting Offsets of Derivative Assets and Liabilities [Line Items]
Fair Value Gross Amounts of Recognized Liabilities	(4)	(1)
Gross Amounts Offset in the Statement of Financial Position	1	0
Net Amounts of Liabilities Presented in the Statements of Financial Position	$ (3)	$ (1)

XML

Fair Value (Transfers between Levels of the Fair Value Hierarchy) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Fair Value Transfers Between Level 1, Level 2 and Level 3 [Line Items]
Transfers from Level 2 to Level 1	$ 0	$ 0
Transfers from Level 3 to Level 1	0	0
Transfers from Level 1 to Level 2	0	0
Transfers from Level 3 to Level 2	0	2
Transfers from Level 1 to Level 3	0	0
Transfers from Level 2 to Level 3	$ 0	$ 0

XML

Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss)	$ (136)
Other Comprehensive Income Before Reclassifications	(3)
Amounts Reclassified From Accumulated Other Comprehensive Income	2
Other Comprehensive Income (Loss), Net of Tax	(1)	2
Accumulated Other Comprehensive Income (Loss)	(137)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss)	(4)
Other Comprehensive Income Before Reclassifications	0
Amounts Reclassified From Accumulated Other Comprehensive Income	0
Other Comprehensive Income (Loss), Net of Tax	0
Accumulated Other Comprehensive Income (Loss)	(4)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss)	(6)
Other Comprehensive Income Before Reclassifications	0
Amounts Reclassified From Accumulated Other Comprehensive Income	0
Other Comprehensive Income (Loss), Net of Tax	0
Accumulated Other Comprehensive Income (Loss)	(6)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss)	(126)
Other Comprehensive Income Before Reclassifications	(2)
Amounts Reclassified From Accumulated Other Comprehensive Income	2
Other Comprehensive Income (Loss), Net of Tax	0
Accumulated Other Comprehensive Income (Loss)	(126)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss)	0
Other Comprehensive Income Before Reclassifications	(1)
Amounts Reclassified From Accumulated Other Comprehensive Income	0
Other Comprehensive Income (Loss), Net of Tax	(1)
Accumulated Other Comprehensive Income (Loss)	$ (1)

XML

Financial and Other Derivative Instruments (Effect of Derviatives not Designated as Hedging Instruments on the Consolidated Statement of Operations) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 21	$ 25
Foreign currency exchange contracts [Member] | Operating Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(4)	0
Natural Gas Commodity Contract [Member] | Operating Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(127)	(10)
Natural Gas Commodity Contract [Member] | Fuel, purchased power and gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	20	14
Electricity Commodity Contract [Member] | Operating Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	133	20
Other Commodity Contract [Member] | Operating Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1)	$ 1

XML

Stock-Based Compensation (Restricted Stock and Performance Share Awards) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures or expired	(10,730)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	492,329
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	132,490
Forfeitures or expired	(8,196)
Restricted Stock Award Activity Vested and Issued	(162,767)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	453,856
Weighted Average Grant Date Fair Value Per Share Balance	$ 53.76
Weighted Average Grant Date Fair Value, Grants	$ 69.01
Weighted Average Grant Date Fair Value, Forfeitures	$ 61.83
Weighted Average Fair Value Per Share, Vested and issued	$ 46.88
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,608,789
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	520,204
Forfeitures or expired	(8,872)
Share Based Compensation Arrangements Other than options payout in period	(571,177)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	1,548,944

XML

Short-Term Credit Arrangements and Borrowings (Details Textuals) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,025
Revolving Credit Facilities with a Syndicate Number of Banks	19
Number of Banks that Provide Percentage of Commitment in any Facility	1
Maximum Percentage of Commitment to Bank in any Facility	8.70%
Maximum Total Funded Debt to Total Capitalization Ratio	0.65
Other outstanding letters of credit	570
DTE Energy [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,425
Total Funded Debt to Total Capitalization Ratio, Amount	0.48
Other outstanding letters of credit	570
Electric [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	300
Total Funded Debt to Total Capitalization Ratio, Amount	0.5
Other outstanding letters of credit	0
Gas [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	300
Total Funded Debt to Total Capitalization Ratio, Amount	0.46
Other outstanding letters of credit	0
Letter of Credit [Member]
Short-term Debt [Line Items]
Other outstanding letters of credit	195
Letter of Credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Other outstanding letters of credit	195
Letter of Credit [Member] | Electric [Member]
Short-term Debt [Line Items]
Other outstanding letters of credit	0
Letter of Credit [Member] | Gas [Member]
Short-term Debt [Line Items]
Other outstanding letters of credit	0
Demand Financing Agreement with Newedge plus letter of credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Financing Agreement, Maximum Borrowing Capacity	150
Demand Financing Agreement with Newedge [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Financing Agreement, Maximum Borrowing Capacity	100
Maximum Additional Margin Financing	50
Financing Agreement, Amount Outstanding	117	138
Unsecured letter of credit, expiring in May 2014 [Member] | Letter of Credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	50
Unsecured letter of credit, expiring in February 2015 [Member] | Letter of Credit [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100
Unsecured letter of credit, expiring in February 2015 [Member] | Letter of Credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100
Unsecured letter of credit, expiring in February 2015 [Member] | Letter of Credit [Member] | Electric [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	0
Unsecured letter of credit, expiring in February 2015 [Member] | Letter of Credit [Member] | Gas [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	0
Other outstanding letters of credit [Member] | Letter of Credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Other outstanding letters of credit	66
Demand Financing Agreement with Newedge letter of credit to raise capacity [Member] | Letter of Credit [Member] | DTE Energy [Member]
Short-term Debt [Line Items]
Financing Agreement, Maximum Borrowing Capacity	$ 50

XML

Fair Value (Fair Value and Unrealized Gains for the Nuclear Decommissioning Trust Funds) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Nuclear decommissioning trusts	$ 1,195	$ 1,191
Unrealized Gains	213	213
Nuclear Decommissioning Trust Fund [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and Cash Equivalents	13	19
Nuclear Decommissioning Trust Fund [Member] | Equity securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Equity securities	730	730
Unrealized Gains	197	201
Nuclear Decommissioning Trust Fund [Member] | Debt securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Debt securities	452	442
Unrealized Gains	16	12
Nuclear Decommissioning Trust Fund [Member] | Cash and cash equivalents [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unrealized Gains	$ 0	$ 0

XML

Organization and Basis of Presentation (Notes)

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Energy owns the following businesses:

• DTE Electric, an electric utility engaged in the generation, purchase, distribution and sale of electricity to approximately 2.1 million customers in southeastern Michigan;

• DTE Gas, a natural gas utility engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million customers throughout Michigan and the sale of storage and transportation capacity; and

• Other businesses involved in 1) natural gas pipelines, gathering and storage; 2) power and industrial projects; and 3) 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 Company is regulated by other federal and state regulatory agencies including the NRC, the EPA, the MDEQ and the CFTC.

References in this Report to “Company” or “DTE” are to DTE Energy and its subsidiaries, collectively.

Basis of Presentation

These Consolidated Financial Statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the 2013 Annual Report on Form 10-K.

The accompanying Consolidated Financial Statements 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 Company’s estimates.

The Consolidated Financial Statements are unaudited, but in the Company's opinion 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 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, 2014.

Certain prior year balances were reclassified to match the current year’s financial statement presentation. Such revisions included an increase in the Consolidated Statements of Cash Flows line items for (i) Proceeds from sale of nuclear decommissioning trust funds, and (ii) Investment in nuclear decommissioning trust funds by $124 million for the three months ended March 31, 2013. These revisions were needed to properly state the gross purchases and sales activity in the nuclear decommissioning trust fund for the quarter. The total of Net cash used in investing activities for the three months ended March 31, 2013 was unchanged by these revisions. The revisions noted above are not deemed material, individually or in the aggregate, to the prior period consolidated financial statements.

Principles of Consolidation

The Company consolidates all majority-owned subsidiaries and investments in entities in which it has controlling influence. Non-majority owned investments are accounted for using the equity method when the Company is able to influence the operating policies of the investee. When the Company does not influence the operating policies of an investee, the cost method is used. These consolidated financial statements also reflect the Company's proportionate interests in certain jointly owned utility plants. The Company eliminates all intercompany balances and transactions.

The Company evaluates whether an entity is a VIE whenever reconsideration events occur. The Company consolidates VIEs for which it is the primary beneficiary. If the Company 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, the Company 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 Company performs ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

Legal entities within the Company's Power and Industrial Projects 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 the Company retaining operational and customer default risk. These entities generally are VIEs and consolidated when the Company is the primary beneficiary. In addition, we have interests in certain VIEs through which we share control of all significant activities for those entities with our partners, and therefore are accounted for under the equity method.

The Company has variable interests in VIEs through certain of its long-term purchase contracts. As of March 31, 2014, the carrying amount of assets and liabilities in the Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominately related to working capital accounts and generally represent the amounts owed by the Company for the deliveries associated with the current billing cycle under the contracts. The Company has not provided any form of financial support associated with these long-term contracts. There is no significant potential exposure to loss as a result of its variable interests through these long-term purchase contracts.

In 2001, DTE Electric financed a regulatory asset related to Fermi 2 and certain other regulatory assets through the sale of rate reduction bonds by a wholly-owned special purpose entity, Securitization. DTE Electric performs servicing activities including billing and collecting surcharge revenue for Securitization. This entity is a VIE and is consolidated by the Company.

The maximum risk exposure for consolidated VIEs is reflected on the Company's Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure is generally limited to its investment and amounts which it has guaranteed.

The following table summarizes the major balance sheet items for consolidated VIEs as of March 31, 2014 and December 31, 2013. All assets and liabilities of a consolidated VIE are presented where it has been determined that aconsolidated 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. VIEs, in which the Company 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.

	March 31, 2014						December 31, 2013
	Securitization		Other		Total		Securitization		Other		Total
	(In millions)
ASSETS
Cash and cash equivalents	$	—	$	15	$	15	$	—	$	12	$	12
Restricted cash	36		6		42		100		8		108
Accounts receivable	40		11		51		34		16		50
Inventories	—		19		19		—		118		118
Other current assets	—		1		1		—		1		1
Property, plant and equipment, net	—		92		92		—		99		99
Securitized regulatory assets	182		—		182		231		—		231
Other assets	3		8		11		4		8		12
	$	261	$	152	$	413	$	369	$	262	$	631
LIABILITIES
Accounts payable and accrued current liabilities	$	1	$	12	$	13	$	7	$	23	$	30
Current portion long-term debt, including capital leases	202		9		211		196		9		205
Current regulatory liabilities	41		—		41		43		—		43
Other current liabilities	—		4		4		—		4		4
Mortgage bonds, notes and other	—		19		19		—		21		21
Securitization bonds	—		—		—		105		—		105
Capital lease obligations	—		4		4		—		7		7
Other long-term liabilities	8		2		10		8		2		10
	$	252	$	50	$	302	$	359	$	66	$	425

Amounts for non-consolidated VIEs as of March 31, 2014 and December 31, 2013 are as follows:

	March 31, 2014		December 31, 2013
	(In millions)
Other investments	$	134	$	141
Notes receivable	$	8	$	8

XML

Commitments and Contingencies (Details Textuals) (USD $)	3 Months Ended				3 Months Ended				3 Months Ended		3 Months Ended			12 Months Ended	3 Months Ended
	Mar. 31, 2014 employees	Dec. 31, 2013	Aug. 31, 2013	Dec. 31, 2010 dte_instances	Mar. 31, 2014 Electric [Member] facilities kWh dte_instances	Dec. 31, 2013 Electric [Member]	Mar. 31, 2013 Electric [Member] dte_instances	Aug. 31, 2012 Electric [Member]	Mar. 31, 2014 Gas [Member] facilities	Dec. 31, 2013 Gas [Member]	Mar. 31, 2014 Synthetic Fuel [Member]	Mar. 31, 2014 Emissions [Member]	Mar. 31, 2014 Other Guarantees [Member]	Dec. 31, 2011 Eight Year [Member] Electric [Member]	Dec. 31, 2013 Electric [Member]
Loss Contingencies [Line Items]
Environmental Capital Expenditures Through Prior Year End					$ 2,000,000,000
Environmental Capital Expenditures in Current Year					280,000,000
Environmental Capital Expenditures In Future Years					1,200,000,000
EPA is Alleging Detroit Edison Power Plants Violated New Source Performance Standards					5
Number of NOVs/FOVs currently being discussed with the EPA					2
Sierra Club is Alleging DTE Electric Coal Fired Power Plants Violated the Clean Air Act					4
Exceedances of Opacity Standard					1,139		1,499
Period of excess opacity of air emissions at alleged facilities					6 minutes
2004 EPA proposed compliance timeline in years														8 years
Number of Former MGP Sites					3				15
Accrual for Environmental Loss Contingencies, Gross					9,000,000	8,000,000			26,000,000	28,000,000
Number of Options to Regulate Coal Ash Residue					2
Period Gas Utility Can Amortize MGP Costs									10 years
Number of NOVs				2
Possible Environmental Capital Expenditures to Comply with Requirements	3,000,000
Estimated maximum spend to upgrade treatment technology to biological treatment to meet future requirements	15,000,000
Length of Notice of Intent to sue from the Group Against Smog and Pollution	60 days
Fine related to consent order and agreement with Allegheny County related to NOV	300,000
Estimated expenditures for a supplemental environmental project to enhance particulate collection efficiency	300,000
EPA Sulfur Dioxide Ambient Air Quality Standard	1 hour
Waiting Period of Policy	P12W
Insurance Coverage for Extra ExpenseWhen to Necessitate Power Plant when Unavailable					490,000,000
Period of Coverage of Policy for Extra Expenses					3 years
Primary Coverage					1,500,000,000
Coverage for Stabilization Decontamination Debris Removal Repair and Replacement of Property and Decommissioning					1,250,000,000
Combined Coverage Limit for Total Property Damage					2,750,000,000
Insurance Deductible for Nuclear Power Plant					1,000,000
Total Limit for Property Damage for Non-Nuclear Events					2,000,000,000
Limit for Property Damage for Non-Nuclear Events Aggregate of Extra Expenses					327,000,000
Limit for Property Damage for Non-Nuclear Events Aggregate of Extra Expenses of Period					2 years
Time Period for TRIA Insurance After the First Loss from Terrorism					1 year
NEIL Policies Against Terrorism Loss					3,200,000,000
Amount per Event Loss Associated with Nuclear Power Plants					35,000,000
Maintenance of Public Liability Insurance for Nuclear Power Plants					375,000,000
Aggregate Limit of Liabilities Arises From Terrorist Act Outside Scope of Trials Subject to One Industry					300,000,000
Deferred Premium Charged Leviied Against Each Licensed Nuclear Facility					127,300,000
Limit Deferred Premium Charges Per Year					19,000,000
Company Obligated to Pay DOE Fee of Fermi 2 Electricity Generated and Sold					1
Settlement Provided for Delay-Related Costs								48,000,000
Days Obligations will Survive After Expiration of All Applicable Statutes of Limiations											90 days	90 days
Guarantor Obligations, Maximum Exposure, Undiscounted											1,100,000,000	111,000,000	60,000,000
Performance Bonds Outstanding	41,000,000
Number of Represented Employees	4,900
Long-term Purchase Commitment, Amount	9,100,000,000
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	2,300,000,000
Bankruptcy Claims, Accounts Receivable under Review by Management			20,000,000
Court of Appeals proposal to congress to reduce nuclear waste fee, amount															$ 0
Time period after which the Court of Appeals proposal to Congress for nuclear waste fee reduction will take effect		90 days

XML

Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014 MMBTU	Dec. 31, 2013 MMBTU
Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Weighted Average Forward Basis Price	(0.17)	(0.16)
Fair Value, Inputs, Level 3 [Member] | Electricity Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Weighted Average Forward Basis Price	5	3
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price	(1.50)	(0.88)
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price	(3)	(7)
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price	1.50	5.07
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Forward basis price	23	15
Fair Value, Measurements, Recurring [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	$ 96	$ 126
Derivative Liabilities	(156)	(238)
Fair Value, Measurements, Recurring [Member] | Natural Gas Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	16	14
Derivative Liabilities	(47)	(108)
Fair Value, Measurements, Recurring [Member] | Electricity Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	81	109
Derivative Liabilities	(107)	(129)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	138	176
Derivative Liabilities	(181)	(212)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	60	34
Derivative Liabilities	(70)	(86)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity Commodity Contract [Member]
Unobservable Inputs Valuation Techniques [Line Items]
Derivative Assets	77	139
Derivative Liabilities	$ (111)	$ (126)

XML

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2014

Long-term Debt, Unclassified [Abstract]

Schedule of Extinguishment of Debt [Table Text Block]

In 2014, the following debt was redeemed:

Company	Month	Type	Interest Rate		Maturity	Amount
						(In millions)
DTE Electric	March	Mortgage Bonds	Various		2014	13
DTE Electric	March	Securitization Bonds	6.62	%	2014	100
DTE Energy	Various	Other Long Term Debt	Various		2014	2
						$	115

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

A reconciliation of both calculations is presented in the following table for the three months ended March 31:

	Three Months Ended
	March 31,
	2014		2013
	(In millions, except per share amounts)
Basic Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.73
Total Basic Earnings per Common Share	$	1.84	$	1.35
Diluted Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.72
Total Diluted Earnings per Common Share	$	1.84	$	1.34

XML

Regulatory Matters (Details Textuals) (Electric [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jan. 02, 2014	Sep. 30, 2012	Jul. 30, 2012
Electric [Member]
Regulatory Asset and Liability [Line Items]
Defer the Reversal of RDM Liability				$ 127
Monthly Amount to Amortize from Liability to Income			10.6
PSCR Under-Recovery from Two Plan Years Prior		87
PSCR under-recovery from Three Plan Years Prior		148
Fermi 2 Production Level of Full Capacity					68.00%
Maximum of challenged Fermi 2 outage charges	32
PSCR over-recovery from One Plan Year Prior	$ 54

XML

Fair Value (Fair Value of Financial Instruments) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value of Financial Instruments [Line Items]
Notes Receivable, Excluding Capital Leases	$ 43	$ 41
Dividends payable	116	116
Short-term Debt	375	131
Long-term Debt	7,979	8,094
Fair Value, Inputs, Level 1 [Member]
Fair Value of Financial Instruments [Line Items]
Notes Receivable, excluding capital leases, Fair Value	0	0
Dividends Payable Fair Value	116	116
Short-term Debt, Fair Value	0	0
Long-term Debt, Fair Value	461	425
Fair Value, Inputs, Level 2 [Member]
Fair Value of Financial Instruments [Line Items]
Notes Receivable, excluding capital leases, Fair Value	0	0
Dividends Payable Fair Value	0	0
Short-term Debt, Fair Value	375	131
Long-term Debt, Fair Value	7,398	7,551
Fair Value, Inputs, Level 3 [Member]
Fair Value of Financial Instruments [Line Items]
Notes Receivable, excluding capital leases, Fair Value	43	41
Dividends Payable Fair Value	0	0
Short-term Debt, Fair Value	0	0
Long-term Debt, Fair Value	$ 743	$ 499

XML

Short-Term Credit Arrangements and Borrowings (Tables)

3 Months Ended

Mar. 31, 2014

Short-term Debt [Abstract]

Schedule of Line of Credit Facilities [Table Text Block]

The availability under the facilities in place at March 31, 2014 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured letter of credit facility, expiring in February 2015	$	100	$	—	$	—	$	100
Unsecured letter of credit facility, expiring in August 2015	125		—		—		125
Unsecured revolving credit facility, expiring April 2018	1,200		300		300		1,800
	1,425		300		300		2,025
Amounts outstanding at March 31, 2014:
Commercial paper issuances	375		—		—		375
Letters of credit	195		—		—		195
	570		—		—		570
Net availability at March 31, 2014	$	855	$	300	$	300	$	1,455

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Retirement Benefits and Trusteed Assets (Tables)

3 Months Ended

Mar. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Costs of Retirement Plans [Table Text Block]

The following table details the components of net periodic benefit costs for pension benefits and other postretirement benefits:

	Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013
Three Months Ended March 31	(In millions)
Service cost	$	21		$	24		$	9		$	16
Interest cost	53			48			23			24
Expected return on plan assets	(68		)	(67		)	(31		)	(27		)
Amortization of:
Net actuarial loss	38			51			5			17
Prior service credit	—			—			(36		)	(23		)
Net periodic benefit cost (credit)	$	44		$	56		$	(30	)	$	7

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Consolidated Statements of Changes in Equity (Unaudited) (USD $) In Millions, except Share data	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Accumulated Translation Adjustment [Member]	Non-controlling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Dec. 31, 2013	$ 7,954	$ 3,907	$ 4,150	$ (136)		$ 33
Beginning Balance, shares at Dec. 31, 2013	177,087,230	177,087,000
Net Income	327		326			1
Dividends declared on common stock	(116)		(116)
Stock Repurchased During Period, Shares		(690,000)
Stock Repurchased During Period, Value	(50)	(50)
Other Comprehensive Income (Loss), Net of Tax	(1)				(1)
Stock-based compensation, distributions to noncontrolling interests and other, shares		620,000
Stock-based compensation, distributions to noncontrolling interests and other	23	37				(14)
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Mar. 31, 2014	$ 8,137	$ 3,894	$ 4,360	$ (137)		$ 20
Ending Balance, shares at Mar. 31, 2014	177,016,824	177,017,000

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

The following table summarizes the components of stock-based compensation:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Stock-based compensation expense	$	33	$	28
Tax benefit	$	13	$	11
Stock-based compensation cost capitalized in property, plant and equipment	$	5	$	2

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes our stock option activity for the three months ended March 31, 2014:

	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Options outstanding at January 1, 2014	723,697		$	42.60
Exercised	(163,594	)	$	41.13
Forfeited or expired	(10,730	)	$	39.41
Options outstanding and exercisable at March 31, 2014	549,373		$	43.10	$	14

Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

The following table summarizes the Company’s restricted stock awards activity for the three months ended March 31, 2014:

	Restricted Stock		Weighted Average Grant Date Fair Value
Balance at January 1, 2014	492,329		$	53.76
Grants	132,490		$	69.01
Forfeitures	(8,196	)	$	61.83
Vested and issued	(162,767	)	$	46.88
Balance at March 31, 2014	453,856		$	60.53

Performance Share Awards

The following table summarizes the Company’s performance share activity for the three months ended March 31, 2014:

	Performance Shares
Balance at January 1, 2014	1,608,789
Grants	520,204
Forfeitures	(8,872	)
Payouts	(571,177	)
Balance at March 31, 2014	1,548,944

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Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets [Abstract]
Nuclear decommissioning trusts	$ 1,195	$ 1,191
Liabilities [Abstract]
Derivative Liabilities, Current	(140)	(195)
Derivative Liabilities, Noncurrent	(16)	(43)
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Cash and Cash Equivalents	58	125
Nuclear decommissioning trusts	1,195	1,191
Other investments	138	136
Derivative assets [Abstract]
Derivative Assets	96	126
Assets, Fair Value Disclosure	1,487	1,578
Liabilities [Abstract]
Derivative Liabilities	(156)	(238)
Fair Value, Net Asset (Liability)	1,331	1,340
Derivative Liabilities, Current	(140)	(195)
Derivative Liabilities, Noncurrent	(16)	(43)
Fair Value, Measurements, Recurring [Member] | Natural Gas Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	16	14
Liabilities [Abstract]
Derivative Liabilities	(47)	(108)
Fair Value, Measurements, Recurring [Member] | Electricity Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	81	109
Liabilities [Abstract]
Derivative Liabilities	(107)	(129)
Fair Value, Measurements, Recurring [Member] | Other Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	(1)	3
Liabilities [Abstract]
Derivative Liabilities	1	0
Fair Value, Measurements, Recurring [Member] | Other Derivative Contract [Member]
Liabilities [Abstract]
Derivative Liabilities	(3)	(1)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets [Abstract]
Cash and Cash Equivalents	11	10
Nuclear decommissioning trusts	764	779
Other investments	89	92
Derivative assets [Abstract]
Derivative Assets	287	306
Assets, Fair Value Disclosure	1,151	1,187
Liabilities [Abstract]
Derivative Liabilities	(289)	(309)
Fair Value, Net Asset (Liability)	862	878
Derivative Liabilities, Current	(259)	(268)
Derivative Liabilities, Noncurrent	(30)	(41)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	251	273
Liabilities [Abstract]
Derivative Liabilities	(255)	(277)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Electricity Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	0	0
Liabilities [Abstract]
Derivative Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	36	33
Liabilities [Abstract]
Derivative Liabilities	(34)	(32)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Derivative Contract [Member]
Liabilities [Abstract]
Derivative Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets [Abstract]
Cash and Cash Equivalents	47	115
Nuclear decommissioning trusts	431	412
Other investments	49	44
Derivative assets [Abstract]
Derivative Assets	501	351
Assets, Fair Value Disclosure	1,028	922
Liabilities [Abstract]
Derivative Liabilities	(514)	(415)
Fair Value, Net Asset (Liability)	514	507
Derivative Liabilities, Current	(472)	(328)
Derivative Liabilities, Noncurrent	(42)	(87)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	72	89
Liabilities [Abstract]
Derivative Liabilities	(91)	(140)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Electricity Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	426	261
Liabilities [Abstract]
Derivative Liabilities	(413)	(272)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	3	1
Liabilities [Abstract]
Derivative Liabilities	(6)	(2)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Derivative Contract [Member]
Liabilities [Abstract]
Derivative Liabilities	(4)	(1)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets [Abstract]
Cash and Cash Equivalents	0	0
Nuclear decommissioning trusts	0	0
Other investments	0	0
Derivative assets [Abstract]
Derivative Assets	138	176
Assets, Fair Value Disclosure	138	176
Liabilities [Abstract]
Derivative Liabilities	(181)	(212)
Fair Value, Net Asset (Liability)	(43)	(36)
Derivative Liabilities, Current	(168)	(177)
Derivative Liabilities, Noncurrent	(13)	(35)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	60	34
Liabilities [Abstract]
Derivative Liabilities	(70)	(86)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	77	139
Liabilities [Abstract]
Derivative Liabilities	(111)	(126)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	1	3
Liabilities [Abstract]
Derivative Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Derivative Contract [Member]
Liabilities [Abstract]
Derivative Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Netting [Member]
Assets [Abstract]
Cash and Cash Equivalents	0	0
Nuclear decommissioning trusts	0	0
Other investments	0	0
Derivative assets [Abstract]
Derivative Assets	830	707
Assets, Fair Value Disclosure	830	707
Liabilities [Abstract]
Derivative Liabilities	(828)	(698)
Fair Value, Net Asset (Liability)	2	9
Derivative Liabilities, Current	(759)	(578)
Derivative Liabilities, Noncurrent	(69)	(120)
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	367	382
Liabilities [Abstract]
Derivative Liabilities	(369)	(395)
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Electricity Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	422	291
Liabilities [Abstract]
Derivative Liabilities	(417)	(269)
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Other Commodity Contract [Member]
Derivative assets [Abstract]
Derivative Assets	41	34
Liabilities [Abstract]
Derivative Liabilities	(41)	(34)
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Other Derivative Contract [Member]
Liabilities [Abstract]
Derivative Liabilities	(1)	0
Current Asset [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	137	224
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	270	277
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	514	400
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	115	139
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	762	592
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	1,350	1,354
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	881	910
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	514	522
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	23	37
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member]
Derivative assets [Abstract]
Assets, Fair Value Disclosure	$ 68	$ 115

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Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details)	Mar. 31, 2014 dte.volumes
Natural Gas Commodity Contract [Member]
Derivative [Line Items]
Volume of Commodity Contracts	898,351,691
Electricity Commodity Contract [Member]
Derivative [Line Items]
Volume of Commodity Contracts	39,480,560
Foreign currency exchange contracts [Member]
Derivative [Line Items]
Volume of Commodity Contracts	91,295,991

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Consolidated Statements of Operations (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Revenues	$ 3,930	$ 2,516
Operating Expenses
Fuel, purchased power and gas	2,155	1,024
Operation and maintenance	841	735
Depreciation, depletion and amortization	280	259
Taxes other than income	95	94
Asset (gains) and losses, reserves and impairments, net	(1)	(6)
Total operating expenses	3,370	2,106
Operating Income	560	410
Other (Income) and Deductions
Interest expense	110	109
Interest income	(2)	(2)
Other income	(41)	(44)
Other expenses	8	7
Total Other (Income) and Deductions	75	70
Income Before Income Taxes	485	340
Income Tax Expense	158	105
Net Income	327	235
Less: Net Income Attributable to Noncontrolling Interests	1	1
Net Income Attributable to DTE Energy Company	$ 326	$ 234
Basic Earnings per Common Share
Total Basic Earnings per Common Share	$ 1.84	$ 1.35
Diluted Earnings per Common Share
Total Diluted Earnings per Common Share	$ 1.84	$ 1.34
Weighted Average Common Shares Outstanding
Basic	177	173
Diluted	177	173
Dividends Declared per Common Share	$ 0.66	$ 0.62

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Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decommissioning Fund Investments	$ 1,195	$ 1,191
Fermi 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decommissioning Fund Investments	1,174	1,172
Fermi 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decommissioning Fund Investments	3	3
Low level radioactive waste [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decommissioning Fund Investments	18	16
Nuclear Decommissioning Trust Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Decommissioning Fund Investments	$ 1,195	$ 1,191

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Consolidated Statements of Financial Position (Unaudited) (Parenthetical) (Parentheticals) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$ 56	$ 55
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	177,016,824	177,087,230
Common stock, shares outstanding	177,016,824	177,087,230

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Long-Term Debt (Details Textuals) (Electric [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Thirty Years [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount, Future Issuance	$ 150
Future Debt Instrument, Interest Rate, Stated Percentage	4.60%
Twelve Years [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount, Future Issuance	100
Future Debt Instrument, Interest Rate, Stated Percentage	3.77%
Final Maturity of 2024 [Member]
Debt Instrument [Line Items]
Future Extinguishment of Debt, Amount	31
Debt Instrument, Interest Rate, Stated Percentage	2.35%
Final Maturity of 2028 [Member]
Debt Instrument [Line Items]
Future Extinguishment of Debt, Amount	$ 32
Debt Instrument, Interest Rate, Stated Percentage	4.65%

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Organization and Basis of Presentation (Non Consolidated Variable Interest Entities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Notes receivable	$ 92	$ 102
Unconsolidated Variable Interest Entity [Member]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Other investments	134	141
Notes receivable	$ 8	$ 8

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Stock-Based Compensation (Components of Stock Based Compensation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 33	$ 28
Tax benefit	13	11
Stock-based compensation cost capitalized in property, plant and equipment	$ 5	$ 2

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

The accompanying Consolidated Financial Statements 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 Company’s estimates.

Comprehensive Income [Policy Text Block]

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. As shown in the following tables, amounts recorded to accumulated other comprehensive loss for the three months ended March 31, 2014 include unrealized gains and losses from derivatives accounted for as cash flow hedges, unrealized gains and losses on available-for-sale securities, the Company’s interest in other comprehensive income of equity investees, which comprise the net unrealized gains and losses on investments, changes in benefit obligations, consisting of deferred actuarial losses, prior service costs and transition amounts related to pension and other postretirement benefit plans, and foreign currency translation adjustments.

Intangible Assets [Policy Text Block]

Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business. The Company amortizes contract intangible assets on a straight-line basis over the expected period of benefit

Fair Value Measurement, Policy [Policy Text Block]

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 Company makes certain assumptions it believes 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 Company and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2014 and December 31, 2013. The Company believes it uses 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 Company classifies 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 Company has 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.

Nuclear Decommissioning Trust and Other Investments, Policy [Policy Text Block]

The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through institutional mutual funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The institutional mutual funds hold exchange-traded equity or debt securities and are valued based on stated net asset values (NAV). Non-exchange-traded fixed income securities are valued based upon quotations available from brokers or pricing services. 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 price source of a given security if the trustee determines that another price source is considered to be preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Additionally, DTE Energy selectively corroborates the fair value of securities by comparison of market-based price sources. Investment policies and procedures are determined by the Company's Trust Investments Department which reports to the Company's Vice President and Treasurer.

Derivatives, Reporting of Derivative Activity [Policy Text Block]

DTE Energy considers 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. DTE Energy monitors 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. DTE Energy has obtained an understanding of how these prices are derived. Additionally, DTE Energy selectively corroborates the fair value of its 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 Company has 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 our forward price curves has been assigned to our Risk Management Department, which is separate and distinct from the trading functions within the Company.

Fair Value Transfer, Policy [Policy Text Block]

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.

Fair Value of Financial Instruments, Policy [Policy Text Block]

The fair value of financial instruments included in the table below is determined by using quoted market prices when available. When quoted prices are not available, pricing services may be used to determine the fair value with reference to observable interest rate indexes. DTE Energy has obtained an understanding of how the fair values are derived. DTE Energy also selectively corroborates the fair value of its transactions by comparison of market-based price sources. Discounted cash flow analyses based upon estimated current borrowing rates are also used to determine fair value when quoted market prices are not available. The fair values of notes receivable, excluding capital leases, are estimated using discounted cash flow techniques that incorporate market interest rates as well as assumptions about the remaining life of the loans and credit risk. Depending on the information available, other valuation techniques may be used that rely on internal assumptions and models. Valuation policies and procedures are determined by DTE Energy's Treasury Department which reports to the Company's Vice President and Treasurer.

Derivatives, Policy [Policy Text Block]

The Company recognizes all derivatives at their fair value as Derivative assets or liabilities on the 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 portion of the derivative gain or loss that is effective in offsetting the change in the value of the underlying exposure is deferred in Accumulated other comprehensive income and later reclassified into earnings when the underlying transaction occurs. Gains or losses from the ineffective portion of cash flow hedges are recognized in earnings immediately. 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 Company’s primary market risk exposure is associated with commodity prices, credit, and interest rates. The Company has risk management policies to monitor and manage market risks. The Company uses derivative instruments to manage some of the exposure. The Company uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil and certain coal forwards, futures, options and swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas inventory, pipeline transportation contracts, renewable energy credits and natural gas storage assets.

Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]

Certain of the Company'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, the Company offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces the Company'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.

The Company 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. The Company had issued letters of credit of approximately $18 million and $19 million at March 31, 2014 and December 31, 2013, respectively, which could be used to offset net derivative liabilities. Letters of credit received from third parties which could be used to offset our net derivative assets were not material for the periods presented. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in the 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. Certain contracts that have netting arrangements have not been offset in the Consolidated Statements of Financial Position. The impact of netting these derivative instruments and cash collateral related to such contracts is not material. Only the gross amounts for these derivative instruments are included in the table below.

Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]

Revenues and energy costs related to trading contracts are presented on a net basis in the Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the mark-to-market method with unrealized and realized gains and losses recorded in Operating revenues. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the mark-to-market method with unrealized and realized gains and losses for sales recorded in Operating revenue and purchases recorded in Fuel, purchased power and gas.

Income Tax, Policy [Policy Text Block]

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 production tax credits and net operating losses if applicable. The state and local income tax provisions of the utility subsidiaries are determined on an individual company basis and recognizes 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.

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Organization and Basis of Presentation (Details Textuals) (USD $) In Millions, unless otherwise specified		3 Months Ended
	Mar. 31, 2014 customers	Mar. 31, 2013 Proceeds from sale of nuclear decommissioning trust funds [Member]	Mar. 31, 2013 Investment in nuclear decommissioning trust funds [Member]
Number of Electric Customers	2,100,000
Number of Gas Customers	1,200,000
Prior Period Reclassification Adjustment		$ 124	$ (124)
Significant Potential Exposure to Loss Due to VIE Long-Term Purchase Contracts	$ 0

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Changes in Accumulated Other Comprehensive Loss by Component (a)
	For The Three Months Ended March 31, 2014
	Net Unrealized Gain/(Loss) on Derivatives			Net Unrealized Gain/(Loss) on Investments			Benefit Obligations (b)			Foreign Currency Translation			Total
	(In millions)
Beginning balance, December 31, 2013	$	(4	)	$	(6	)	$	(126	)	$	—		$	(136	)
Other comprehensive income before reclassifications	—			—			(2		)	(1		)	(3		)
Amounts reclassified from accumulated other comprehensive income	—			—			2			—			2
Net current-period other comprehensive income	—			—			—			(1		)	(1		)
Ending balance, March 31, 2014	$	(4	)	$	(6	)	$	(126	)	$	(1	)	$	(137	)

______________________________________

(a) All amounts are net of tax.

(b) The amounts reclassified from accumulated other comprehensive income are included in the computation of the net periodic pension and other postretirement benefits cost (see Note 11).

Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block]

The Company has certain intangible assets relating to emission allowances, renewable energy credits and non-utility contracts as shown below:

	March 31,		December 31,
	2014		2013
	(In millions)
Emission allowances	$	2	$	2
Renewable energy credits	50		51
Contract intangible assets	127		126
	179		179
Less accumulated amortization	48		45
Intangible assets, net	131		134
Less current intangible assets	13		12
	$	118	$	122

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Stock-Based Compensation (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 10 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 5	$ 7
Stock or Unit Option Plan Expense	0	0
Unrecognized Compensation Cost	$ 100
Weighted Average to be Recognized	1 year 8 months 1 day

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Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
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	0	372
Redemption of long-term debt	(115)	(141)
Short-term borrowings, net	244	(240)
Issuance of common stock	0	10
Repurchase of common stock	(50)	0
Dividends on common stock	(116)	(107)
Other	(7)	(6)
Net cash used for financing activities	(44)	(112)
Net Increase (Decrease) 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
Supplemental Disclosure of Non-Cash Information
Plant and equipment expenditures in accounts payable	$ 212	$ 219

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Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Income and Comprehensive Income [Abstract]
Net Income	$ 327	$ 235
Other comprehensive income (loss), net of tax:
Benefit obligations, net of tax	0	3
Foreign currency translation, net of taxes of $(1) and $—	(1)	(1)
Other Comprehensive Income (Loss), Net of Tax	(1)	2
Comprehensive income	326	237
Less: Comprehensive income attributable to noncontrolling interests	1	1
Comprehensive income attributable to DTE Energy Company	$ 325	$ 236

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Short-Term Credit Arrangements and Borrowings (Notes)

3 Months Ended

Mar. 31, 2014

Short-term Debt [Abstract]

Short-Term Credit Arrangements and Borrowings

SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS

DTE Energy and its wholly owned subsidiaries, DTE Electric and DTE Gas, have unsecured revolving credit agreements with a syndicate of 19 banks that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. No one bank provides more than 8.7% of the commitment in any facility. Borrowings under the facilities are available at prevailing short-term interest rates. Additionally, DTE Energy has other facilities to support letter of credit issuance.

The agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In the agreements, “total funded debt” means all indebtedness of the Company and its consolidated subsidiaries, including capital 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 stockholders’ equity of the Company and its 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 March 31, 2014, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric and DTE Gas are 0.48 to 1, 0.50 to 1 and 0.46 to 1, respectively, and are in compliance with this financial covenant. The availability under the facilities in place at March 31, 2014 is shown in the following table:

	DTE Energy		DTE Electric		DTE Gas		Total
	(In millions)
Unsecured letter of credit facility, expiring in February 2015	$	100	$	—	$	—	$	100
Unsecured letter of credit facility, expiring in August 2015	125		—		—		125
Unsecured revolving credit facility, expiring April 2018	1,200		300		300		1,800
	1,425		300		300		2,025
Amounts outstanding at March 31, 2014:
Commercial paper issuances	375		—		—		375
Letters of credit	195		—		—		195
	570		—		—		570
Net availability at March 31, 2014	$	855	$	300	$	300	$	1,455

In February 2014, DTE Energy increased its $50 million unsecured letter of credit facility to $100 million. The expiration date was also amended from May 2014 to February 2015.

The Company has other outstanding letters of credit which are not included in the above described facilities totaling approximately $66 million which are used for various corporate purposes.

In conjunction with maintaining certain exchange traded risk management positions, the Company may be required to post cash collateral with its clearing agent. The Company has a demand financing agreement for up to $100 million with its clearing agent. The agreement, as amended, also allows for up to $50 million of additional margin financing provided that the Company posts a letter of credit for the incremental amount. At March 31, 2014, a $50 million letter of credit was in place, raising the capacity under this facility to $150 million. The $50 million letter of credit is included in the table above. The amount outstanding under this agreement was $117 million and $138 million at March 31, 2014 and December 31, 2013, respectively.

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DEI Document	3 Months Ended
	Mar. 31, 2014
Entity Registrant Name	DTE ENERGY CO
Entity Central Index Key	0000936340
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	177,016,824

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Commitments and Contingencies (Notes)

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Environmental

Electric

Air - DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of sulfur dioxide and nitrogen oxides. Since 2005, the EPA and the State of Michigan have issued additional emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to additional controls on fossil-fueled power plants to reduce nitrogen oxide, sulfur dioxide, mercury and other emissions. To comply with these requirements, DTE Electric spent approximately $2 billion through 2013. The Company estimates DTE Electric will make capital expenditures of approximately $280 million in 2014 and up to approximately $1.2 billion of additional capital expenditures through 2021 based on current regulations. Further, additional rulemakings are expected over the next few years which could require additional controls for sulfur dioxide, nitrogen oxides and other hazardous air pollutants. The Cross State Air Pollution Rule (CSAPR), finalized in July 2011, required further reductions of sulfur dioxide and nitrogen oxides emissions beginning in 2012. On December 30, 2011, the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit granted the motions to stay the rule, leaving DTE Electric temporarily subject to the previously existing Clean Air Interstate Rule (CAIR). On August 21, 2012, the Court issued its decision, vacating CSAPR and leaving CAIR in place. The EPA's petition seeking a rehearing of the U.S. Court of Appeals' decision regarding the CSAPR was denied on January 24, 2013. On June 24, 2013, the U.S. Supreme Court granted EPA's petition asking the Court to review the D.C. Circuit Court's decision on CSAPR. A ruling by the Supreme Court is expected by the second quarter of 2014. Notwithstanding the appeal filed with the Supreme Court, the EPA and a number of states, including Michigan, have started working on the framework of revised CSAPR regulations which we anticipate to be proposed in the next few years.

The Mercury and Air Toxics Standard (MATS) rule, formerly known as the Electric Generating Unit Maximum Achievable Control Technology (EGU MACT) Rule was finalized on December 16, 2011. The MATS rule requires reductions of mercury and other hazardous air pollutants beginning in April 2015, with a potential extension to April 2016. DTE Electric has requested and been granted compliance date extensions for all relevant units to April 2016. DTE Electric has tested technologies to determine technological and economic feasibility as MATS compliance alternatives to Flue Gas Desulfurization (FGD) systems. Implementation of Dry Sorbent Injection (DSI) and Activated Carbon Injection (ACI) technologies will allow several units that would not have been economical for FGD installations to continue operation in compliance with MATS.

In July 2009, DTE Energy received a NOV/FOV from the EPA alleging, among other things, that five DTE Electric power plants violated New Source Performance standards, Prevention of Significant Deterioration requirements, and operating permit requirements under the Clean Air Act. In June 2010, the EPA issued a NOV/FOV making similar allegations related to a project and outage at Unit 2 of the Monroe Power Plant. In March 2013, DTE Energy received a supplemental NOV from the EPA relating to the July 2009 NOV/FOV. The supplemental NOV alleged additional violations relating to the New Source Review provisions under the Clean Air Act, among other things.

In August 2010, the U.S. Department of Justice, at the request of the EPA, brought a civil suit in the U.S. District Court for the Eastern District of Michigan against DTE Energy and DTE Electric, related to the June 2010 NOV/FOV and the outage work performed at Unit 2 of the Monroe Power Plant, but not relating to the July 2009 NOV/FOV. Among other relief, the EPA requested the court to require DTE Electric to install and operate the best available control technology at Unit 2 of the Monroe Power Plant. Further, the EPA requested the court to issue a preliminary injunction to require DTE Electric to (i) begin the process of obtaining the necessary permits for the Monroe Unit 2 modification and (ii) offset the pollution from Monroe Unit 2 through emissions reductions from DTE Electric's fleet of coal-fired power plants until the new control equipment is operating. On August 23, 2011, the U.S. District Court judge granted DTE Energy's motion for summary judgment in the civil case, dismissing the case and entering judgment in favor of DTE Energy and DTE Electric. On October 20, 2011, the EPA caused to be filed a Notice of Appeal to the U.S. Court of Appeals for the Sixth Circuit. On March 28, 2013, the Court of Appeals remanded the case to the U.S. District Court for review of the procedural component of the New Source Review notification requirements. On September 3, 2013, the EPA caused to be filed a motion seeking leave to amend their complaint regarding the June 2010 NOV/FOV adding additional claims related to outage work performed at the Trenton Channel and Belle River power plants as well as additional claims related to work performed at the Monroe Power Plant. In addition, the Sierra Club caused to be filed a motion to add a claim regarding the River Rouge Power Plant. On March 3, 2014, the U.S. District Court judge granted again DTE Energy's motion for summary judgment dismissing the civil case related to Monroe Unit 2. On April 3, 2014, the U.S. District Court judge granted motions filed by the EPA and the Sierra Club to amend their New Source Review complaint adding additional claims for Monroe Units 1, 2 and 3, Belle River Units 1 and 2, Trenton Channel Unit 9 and River Rouge Unit 3.

DTE Energy and DTE Electric believe that all the plants and generating units identified by the EPA and the Sierra Club have complied with all applicable federal environmental regulations. Depending upon the outcome of discussions with the EPA regarding the two NOVs/FOVs, DTE Electric could be required to install additional pollution control equipment at some or all of the power plants in question, implement early retirement of facilities where control equipment is not economical, engage in supplemental environmental programs, and/or pay fines. The Company cannot predict the financial impact or outcome of this matter, or the timing of its resolution.

In March 2013, the Sierra Club filed suit against DTE Energy and DTE Electric alleging violations of the Clean Air Act at four of DTE Electric's coal-fired power plants. The plaintiffs allege 1,499six-minute periods of excess opacity of air emissions from 2007-2012 at those facilities. The suit asks that the court enjoin DTE Energy and DTE Electric from operating the power plants except in complete compliance with applicable laws and permit requirements, pay civil penalties, conduct beneficial environmental mitigation projects, pay attorney fees and require the installation of any necessary pollution controls or to convert and/or operate the plants' boilers on natural gas to avoid additional violations and to off-set historic unlawful emissions. In December 2013, a U.S. District Court judge issued an order dismissing, without prejudice, the plaintiff's complaint allowing them to file an amended complaint by January 17, 2014. The order dismissing the complaint resulted from a considerable number of plaintiff's claims being time barred based on the statute of limitations. On January 17, 2014, the plaintiffs filed an amended complaint for the period January 13, 2008 - June 30, 2012, reducing the total number of six-minute periods from 1,499 to 1,139. DTE Energy and DTE Electric filed an answer to the amended complaint on March 11, 2014. The resolution of this matter is not expected to have a material effect on the Company's operations or financial statements.

Water — In response to an EPA regulation, DTE Electric would be required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. Based on the results of completed studies and expected future studies, DTE Electric may be required to install technologies to reduce the impacts of the water intake structures. The initial rule published in 2004 was subsequently remanded and a proposed rule published in 2011. The proposed rule specified an eight year compliance timeline. Final action on this rule has been delayed and is expected in 2014. Depending on final regulations, its requirements may require modifications to some existing intake structures and could impact the rates we charge our customers. It is not possible to quantify the impact of those expected rulemakings at this time.

On April 19, 2013, the EPA proposed revised steam electric effluent guidelines regulating wastewater streams from coal-fired power plants including multiple possible options for compliance. The rules are expected to be finalized by December 2014. DTE Electric has provided comments to the EPA. However, it is not possible at this time to quantify the impacts of these developing requirements.

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 manufactured gas plant (MGP) sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. The investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company 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 aboveground 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 March 31, 2014 and December 31, 2013, the Company had $9 million and $8 million accrued for remediation, respectively. 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 the Company’s financial position and cash flows. The Company believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.

DTE Electric owns and operates three permitted engineered ash storage facilities to dispose of fly ash from the coal fired power plants. The EPA has published proposed rules to regulate coal ash under the authority of the Resources Conservation and Recovery Act (RCRA). The proposed rule published in June 2010 contains two primary regulatory options to regulate coal ash residue. The EPA is currently considering either designating coal ash as a “Hazardous Waste” as defined by RCRA or regulating coal ash as non-hazardous waste under RCRA. Agencies and legislatures have urged the EPA to regulate coal ash as a non-hazardous waste. If the EPA designates coal ash as a hazardous waste, the agency could apply some, or all, of the disposal and reuse standards that have been applied to other existing hazardous wastes to disposal and reuse of coal ash. Some of the regulatory actions currently being contemplated could have a significant impact on our operations and financial position and the rates we charge our customers. The rules are expected to be finalized by December 2014. It is not possible to quantify the impact of those expected rulemakings at this time.

Gas

Contaminated Sites — Gas segment, owns or previously owned, 15 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company is also in the process of cleaning up other contaminated sites. Cleanup activities associated with these sites will be conducted 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. As of March 31, 2014 and December 31, 2013, the Company had $26 million and $28 million accrued for remediation, respectively. 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 the Company’s financial position and cash flows. The Company anticipates the cost amortization methodology approved by the MPSC for DTE Gas, which allows DTE Gas to amortize the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred and the cost deferral and rate recovery mechanism for Citizens approved by the City of Adrian, will prevent environmental costs from having a material adverse impact on the Company’s results of operations.

Non-utility

The Company’s non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants.

The Michigan coke battery facility received and responded to information requests from the EPA that resulted in the issuance of a NOV in June 2007 alleging potential maximum achievable control technologies and new source review violations. The EPA is in the process of reviewing the Company’s position of demonstrated compliance and has not initiated escalated enforcement. At this time, the Company cannot predict the impact of this issue. Furthermore, the Michigan coke battery facility is the subject of an investigation by the MDEQ concerning visible emissions readings that resulted from the Company self reporting to MDEQ questionable activities by an employee of a contractor hired by the Company to perform the visible emissions readings. At this time, the Company cannot predict the impact of this investigation.

The Company received two NOVs from the Pennsylvania Department of Environmental Protection (PADEP) in 2010 alleging violations of the permit for the Pennsylvania coke battery facility in connection with coal pile storm water runoff. The Company has implemented best management practices to address this issue. The Company recently received a permit to upgrade its existing waste water treatment system and is currently seeking a permit from the PADEP to upgrade its wastewater treatment technology to a biological treatment facility. The Company expects to spend less than $3 million on the existing waste water treatment system to comply with existing water discharge requirements and to upgrade its coal pile storm water runoff management program. The Company will also spend up to an additional $15 million over the next few years to upgrade the treatment technology to biological treatment to meet future regulatory requirements and gain other operational improvement savings.

The Company also received an NOV from the Allegheny County (PA) Health Department pertaining to excessive opacity readings from fugitive sources (mainly pushing emissions) in excess of its opacity standards for the Pennsylvania coke battery facility. Fugitive sources at the plant are in full compliance with the applicable Federal Opacity Standards. In February 2014, the Company received from the Group Against Smog & Pollution (GASP) a 60 day Notice of Intent to sue letter under the Federal Clean Air Act and/or Article XXI of the Allegheny County (PA) Health Department's Rules and Regulations. GASP alleged in the letter that the Company's coke battery facility in Pennsylvania was in violation of visible emissions limits from charging activities, door leaks, the combustion stack and pushing operations and hydrogen sulfide emission limits on flared, mixed or combusted coke oven gas. To resolve these issues, the Company has agreed to a Consent Order and Agreement with Allegheny County pursuant to which the Company will pay a fine of $300,000 and spend $300,000 for a supplemental environmental project to enhance particulate collection efficiency from the coke battery's quench tower. As a result, GASP's right to sue related to these alleged violations is foreclosed.

The Company believes that its non-utility businesses are substantially in compliance with all environmental requirements, other than as noted above.

Other

In December 2012, the EPA finalized a new set of regulations regarding the identification of non-hazardous secondary materials that are considered solid waste, industrial boiler and process heater maximum achievable control technologies (IBMACT) for major and area sources, and commercial/industrial solid waste incinerator new source performance standard and emission guidelines (CISWI). Capital costs for pollution controls and/or boiler conversions and the expenses for the one-time energy assessments are not expected to be material.

In 2010, the EPA finalized a new 1-hour sulfur dioxide ambient air quality standard that requires states to submit plans for non-attainment areas to be in compliance by 2017. Michigan's non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Preliminary modeling runs by the MDEQ suggest that emission reductions may be required by significant sources of sulfur dioxide emissions in these areas, including DTE Electric power plants and our Michigan coke battery. The state implementation plan process is in the information gathering stage, and DTE Energy is unable to estimate any required emissions reductions at this time.

Nuclear Operations

Property Insurance

DTE Electric maintains property insurance policies specifically for the Fermi 2 plant. These policies cover such items as replacement power and property damage. The Nuclear Electric Insurance Limited (NEIL) is the primary supplier of the insurance policies.

DTE Electric maintains a policy for extra expenses, including replacement power costs necessitated by Fermi 2’s unavailability due to an insured event. This policy has a 12-week waiting period and provides an aggregate $490 million of coverage over a three-year period.

As of April 1, 2014, DTE Electric has $1.5 billion in primary coverage and $1.25 billion of excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property and decommissioning. The combined coverage limit for total property damage is $2.75 billion, subject to a $1 million deductible. The total limit for property damage for non-nuclear events is $2 billion and an aggregate of $327 million of coverage for extra expenses over a two-year period.

In 2007, the Terrorism Risk Insurance Extension Act of 2005 (TRIA) was extended through December 31, 2014. A major change in the extension is the inclusion of “domestic” acts of terrorism in the definition of covered or “certified” acts. For multiple terrorism losses caused by acts of terrorism not covered under the TRIA occurring within one year after the first loss from terrorism, the NEIL policies would make available to all insured entities up to $3.2 billion, plus any amounts recovered from reinsurance, government indemnity, or other sources to cover losses.

Under the NEIL policies, DTE Electric could be liable for maximum assessments of up to approximately $35 million per event if the loss associated with any one event at any nuclear plant should exceed the accumulated funds available to NEIL.

Public Liability Insurance

As required by federal law, DTE Electric maintains $375 million of public liability insurance for a nuclear incident. For liabilities arising from a terrorist act outside the scope of TRIA, the policy is subject to one industry aggregate limit of $300 million. Further, under the Price-Anderson Amendments Act of 2005, deferred premium charges up to $127.3 million could be levied against each licensed nuclear facility, but not more than $19 million per year per facility. Thus, deferred premium charges could be levied against all owners of licensed nuclear facilities in the event of a nuclear incident at any of these facilities.

Nuclear Fuel Disposal Costs

In accordance with the Federal Nuclear Waste Policy Act of 1982, DTE Electric has a contract with the U.S. Department of Energy (DOE) for the future storage and disposal of spent nuclear fuel from Fermi 2. DTE Electric is obligated to pay the DOE a fee of 1 mill per kWh of Fermi 2 electricity generated and sold. The fee is a component of nuclear fuel expense. The DOE's Yucca Mountain Nuclear Waste Repository program for the acceptance and disposal of spent nuclear fuel was terminated in 2011. DTE Electric currently employs a spent nuclear fuel storage strategy utilizing a fuel pool. The Company continues to develop its on-site dry cask storage facility and has scheduled the initial offload from the spent fuel pool in 2014. The dry cask storage facility is expected to provide sufficient spent fuel storage capability for the life of the plant as defined by the original operating license.

DTE Electric is a party in the litigation against the DOE for both past and future costs associated with the DOE's failure to accept spent nuclear fuel under the timetable set forth in the Federal Nuclear Waste Policy Act of 1982. In July 2012, DTE Electric executed a settlement agreement with the federal government for costs associated with the DOE's delay in acceptance of spent nuclear fuel from Fermi 2 for permanent storage. The settlement provided for a payment of approximately $48 million, received in August 2012, for delay-related costs experienced by DTE Electric through 2010, and a claims process for submittal of delay-related costs from 2011 through 2013. DTE Electric has begun the claims process and claims are being settled on a timely basis. The settlement proceeds reduced the cost of the dry cask storage facility assets. In January 2014, the settlement agreement was extended through 2016. The federal government continues to maintain its legal obligation to accept spent nuclear fuel from Fermi 2 for permanent storage. Issues relating to long-term waste disposal policy and to the disposition of funds contributed by DTE Electric ratepayers to the federal waste fund await future governmental action.

In February 2013, the U.S. Court of Appeals for the District of Columbia (COA) granted a motion to reopen the fee adequacy litigation to review the DOE's latest fee adequacy report which was released in January 2013. In November 2013, the COA issued a decision ordering the DOE to submit a proposal to Congress to reduce the nuclear waste fee to zero until the DOE enacts an alternative nuclear waste management plan. In January 2014, the DOE submitted such a proposal to Congress that will take effect in 90 legislative calendar days, absent legislative action to the contrary. Simultaneously, the DOE filed a petition for rehearing of the November 2013 decision with the COA. In March 2014, the COA denied DOE's petition for rehearing. DTE Electric continues to pay fees to the U.S. government's nuclear waste fund pending further developments in this proceeding.

Synthetic Fuel Guarantees

The Company discontinued the operations of its synthetic fuel production facilities throughout the United States as of December 31, 2007. The Company provided certain guarantees and indemnities in conjunction with the sales of interests in its synfuel facilities. The guarantees cover potential commercial, environmental, oil price and tax-related obligations and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at March 31, 2014 is approximately $1.1 billion. Payment under these guarantees is considered remote.

Reduced Emissions Fuel Guarantees

The Company has provided certain guarantees and indemnities in conjunction with the sales of interests in its reduced emissions fuel facilities. The guarantees cover potential commercial, environmental, and tax-related obligations and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at March 31, 2014 is approximately $111 million. Payment under these guarantees is considered remote.

Other Guarantees

In certain limited circumstances, the Company enters into contractual guarantees. The Company may guarantee another entity’s obligation in the event it fails to perform. The Company may provide guarantees in certain indemnification agreements. Finally, the Company may provide indirect guarantees for the indebtedness of others. The Company’s guarantees are not individually material with maximum potential payments totaling $60 million at March 31, 2014. Payment under these guarantees is considered remote.

The Company is 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 March 31, 2014, the Company had approximately $41 million of performance bonds outstanding. In the event that such bonds are called for nonperformance, the Company would be obligated to reimburse the issuer of the performance bond. The Company is 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 the Company's approximately 4,900 represented employees. The majority of the represented employees are under contracts that expire in 2016 and 2017.

Purchase Commitments

As of March 31, 2014, the Company was party to numerous long-term purchase commitments relating to a variety of goods and services required for the Company’s business. These agreements primarily consist of fuel supply commitments, renewable energy contracts and energy trading contracts. The Company estimates that these commitments will be approximately $9.1 billion from 2014 through 2051.

The Company also estimates that 2014 capital expenditures will be approximately $2.3 billion. The Company has made certain commitments in connection with expected capital expenditures.

Bankruptcies

The Company purchases and sells electricity, natural gas, coal, coke and other energy products from and to governmental entities and numerous companies operating in the steel, automotive, energy, retail, financial and other industries. Certain of its customers have filed for bankruptcy protection under the U.S. Bankruptcy Code. The Company regularly reviews contingent matters relating to these customers and its purchase and sale contracts and records provisions for amounts considered at risk of probable loss. The Company believes its accrued amounts are adequate for probable loss.

The Company's utilities provide services to the city of Detroit, Michigan (Detroit). Detroit filed for Chapter 9 bankruptcy protection on July 18, 2013. The Company had pre-petition accounts receivable of approximately $20 million outstanding as of the bankruptcy filing date. Detroit has been paying amounts owed in a timely manner and its accounts are substantially current. The Company does not expect Detroit's bankruptcy filing to have a material impact on its financial results.

Other Contingencies

The Company is 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 Company cannot predict the final disposition of such proceedings. The Company regularly reviews legal matters and records provisions for claims that it can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Company’s operations or financial statements in the periods they are resolved.

See Notes 4 and 6 for a discussion of contingencies related to derivatives and regulatory matters.

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Benefit Plan Improvement, Tax	$ 0	$ 1
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	$ (1)	$ 0

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Financial and Other Derivative Instruments (Notes)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

NOTE 4 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Company recognizes all derivatives at their fair value as Derivative assets or liabilities on the 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 portion of the derivative gain or loss that is effective in offsetting the change in the value of the underlying exposure is deferred in Accumulated other comprehensive income and later reclassified into earnings when the underlying transaction occurs. Gains or losses from the ineffective portion of cash flow hedges are recognized in earnings immediately. 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 Company’s primary market risk exposure is associated with commodity prices, credit, and interest rates. The Company has risk management policies to monitor and manage market risks. The Company uses derivative instruments to manage some of the exposure. The Company uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil and certain coal forwards, futures, options and swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas inventory, pipeline transportation contracts, renewable energy credits and natural gas storage assets.

Electric — DTE Electric generates, purchases, distributes and sells electricity. DTE Electric uses forward energy contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and sales exemption 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.

Gas — DTE Gas purchases, stores, transports, distributes and sells natural gas and sells storage and transportation capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2017. Substantially all of these contracts meet the normal purchases and sales exemption and are therefore accounted for under the accrual method. DTE Gas may also sell forward transportation and storage capacity contracts. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.

Gas Storage and Pipelines — This segment is primarily engaged in services related to the transportation and storage of natural gas. Primarily fixed-priced contracts are used in the marketing and management of transportation and storage services. Generally these contracts are not derivatives and are therefore accounted for under the accrual method.

Power and Industrial Projects — This segment manages and operates energy and pulverized coal projects, coke batteries, reduced emissions fuel projects, landfill gas recovery and power generation assets. Primarily fixed-price contracts are used in the marketing and management of the segment assets. These contracts are generally not derivatives and are therefore accounted for under the accrual method.

Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, coal, 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. The Company 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 — The Company uses interest rate swaps, treasury locks and other derivatives to hedge the risk associated with interest rate market volatility. In 2004 and 2000, the Company entered into a series of interest rate derivatives to limit its sensitivity to market interest rate risk associated with the issuance of long-term debt. Such instruments were designated as cash flow hedges. The Company subsequently issued long-term debt and terminated these hedges at a cost that is included in Other comprehensive loss. Amounts recorded in Other comprehensive loss will be reclassified to interest expense through 2033. In 2014, the Company estimates reclassifying less than $1 million of losses to earnings.

Credit Risk — The utility and non-utility businesses are exposed to credit risk if customers or counterparties do not comply with their contractual obligations. The Company maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, credit rating, collateral requirements or other credit enhancements such as letters of credit or guarantees. The Company generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. The Company maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on the Company’s credit policies and its March 31, 2014 provision for credit losses, the Company’s exposure to counterparty nonperformance is not expected to have a material adverse effect on the Company’s financial statements.

Derivative Activities

The Company 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 tables present the fair value of derivative instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	Derivative Assets		Derivative Liabilities			Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	(4	)	$	—	$	(1	)
Commodity Contracts:
Natural Gas	$	383	$	(416	)	$	396	$	(503	)
Electricity	503		(524		)	400		(398		)
Other	40		(40		)	37		(34		)
Total derivatives not designated as hedging instruments:	$	926	$	(984	)	$	833	$	(936	)
Total derivatives:
Current	$	841	$	(899	)	$	691	$	(773	)
Noncurrent	85		(85		)	142		(163		)
Total derivatives	$	926	$	(984	)	$	833	$	(936	)

Certain of the Company'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, the Company offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces the Company'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.

The Company 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. The Company had issued letters of credit of approximately $18 million and $19 million at March 31, 2014 and December 31, 2013, respectively, which could be used to offset net derivative liabilities. Letters of credit received from third parties which could be used to offset our net derivative assets were not material for the periods presented. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in the 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. Certain contracts that have netting arrangements have not been offset in the Consolidated Statements of Financial Position. The impact of netting these derivative instruments and cash collateral related to such contracts is not material. Only the gross amounts for these derivative instruments are included in the table below.

As of March 31, 2014, the total cash collateral posted, net of cash collateral received, was $128 million. As of December 31, 2013, the total cash collateral posted, net of cash collateral received, was $12 million. As of March 31, 2014, derivative assets and derivative liabilities are shown net of cash collateral of $6 million and $4 million, respectively. As of December 31, 2013, derivative assets and derivative liabilities are shown net of cash collateral of $26 million and $17 million, respectively. The Company recorded cash collateral paid of $140 million and cash collateral received of $10 million not related to unrealized derivative positions as of March 31, 2014. The Company recorded cash collateral paid of $34 million and cash collateral received of $13 million not related to unrealized derivative positions as of December 31, 2013. These amounts are included in accounts receivable and accounts payable and are recorded net by counterparty.

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014									December 31, 2013
	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:
Natural Gas	$	383		$	(367	)	$	16		$	396		$	(382	)	$	14
Electricity	503			(422		)	81			400			(291		)	109
Other	40			(41		)	(1		)	37			(34		)	3
Total derivative assets	$	926		$	(830	)	$	96		$	833		$	(707	)	$	126
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(416	)	$	369		$	(47	)	$	(503	)	$	395		$	(108	)
Electricity	(524		)	417			(107		)	(398		)	269			(129		)
Other	(40		)	41			1			(34		)	34			—
Other derivative liabilities	(4		)	1			(3		)	(1		)	—			(1		)
Total derivative liabilities	$	(984	)	$	828		$	(156	)	$	(936	)	$	698		$	(238	)

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014												December 31, 2013
	Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
	Current			Noncurrent			Current			Noncurrent			Current			Noncurrent			Current			Noncurrent
	(In millions)
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
Total fair value of derivatives	$	841		$	85		$	(899	)	$	(85	)	$	691		$	142		$	(773	)	$	(163	)
Counterparty netting	(756		)	(68		)	756			68			(566		)	(115		)	566			115
Collateral adjustment	(6		)	—			3			1			(26		)	—			12			5
Total derivatives as reported	$	79		$	17		$	(140	)	$	(16	)	$	99		$	27		$	(195	)	$	(43	)

The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
Derivatives not Designated as Hedging Instruments		2014			2013
		(In millions)
Foreign currency exchange contracts	Operating Revenue	$	(4	)	$	—
Commodity Contracts:
Natural Gas	Operating Revenue	(127		)	(10		)
Natural Gas	Fuel, purchased power and gas	20			14
Electricity	Operating Revenue	133			20
Other	Operating Revenue	(1		)	1
Total		$	21		$	25

Revenues and energy costs related to trading contracts are presented on a net basis in the Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the mark-to-market method with unrealized and realized gains and losses recorded in Operating revenues. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the mark-to-market method with unrealized and realized gains and losses for sales recorded in Operating revenue and purchases recorded in Fuel, purchased power and gas.

The effects of derivative instruments recoverable through the PSCR mechanism when realized on the Consolidated Statements of Financial Position were $4 million and $1 million in unrealized gains related to FTRs recognized in Regulatory liabilities for the three months ended March 31, 2014 and 2013, respectively.

The following represents the cumulative gross volume of derivative contracts outstanding as of March 31, 2014:

Commodity	Number of Units
Natural Gas (MMBtu)	898,351,691
Electricity (MWh)	39,480,560
Foreign Currency Exchange ($ CAD)	91,295,991

Various subsidiaries of the Company have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that the Company 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 the Company 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 the Company 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 coal) and the provisions and maturities of the underlying transactions. As of March 31, 2014, DTE Energy's contractual obligation to post collateral in the form of cash or letter of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was approximately $444 million.

As of March 31, 2014, the Company had approximately $1,089 million of derivatives in net liability positions, for which hard triggers exist. Collateral of approximately $15 million has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were approximately $959 million. The net remaining amount of approximately $115 million is derived from the $444 million noted above.

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Fair Value (Notes)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosure

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 Company makes certain assumptions it believes 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 Company and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at March 31, 2014 and December 31, 2013. The Company believes it uses 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 Company classifies 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 Company has 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 measured and recorded at fair value on a recurring basis as of March 31, 2014 and December 31, 2013:

	March 31, 2014															December 31, 2013
	Level 1			Level 2			Level 3			Netting (a)			Net Balance			Level 1			Level 2			Level 3			Netting (a)			Net Balance
	(In millions)
Assets:
Cash equivalents (b)	$	11		$	47		$	—		$	—		$	58		$	10		$	115		$	—		$	—		$	125
Nuclear decommissioning trusts	764			431			—			—			1,195			779			412			—			—			1,191
Other investments (c) (d)	89			49			—			—			138			92			44			—			—			136
Derivative assets:
Commodity Contracts:
Natural Gas	251			72			60			(367		)	16			273			89			34			(382		)	14
Electricity	—			426			77			(422		)	81			—			261			139			(291		)	109
Other	36			3			1			(41		)	(1		)	33			1			3			(34		)	3
Total derivative assets	287			501			138			(830		)	96			306			351			176			(707		)	126
Total	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(255	)	$	(91	)	$	(70	)	$	369		$	(47	)	$	(277	)	$	(140	)	$	(86	)	$	395		$	(108	)
Electricity	—			(413		)	(111		)	417			(107		)	—			(272		)	(126		)	269			(129		)
Other	(34		)	(6		)	—			41			1			(32		)	(2		)	—			34			—
Other derivative contracts (f)	—			(4		)	—			1			(3		)	—			(1		)	—			—			(1		)
Total derivative liabilities	(289		)	(514		)	(181		)	828			(156		)	(309		)	(415		)	(212		)	698			(238		)
Total	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340
Assets:
Current	$	270		$	514		$	115		$	(762	)	$	137		$	277		$	400		$	139		$	(592	)	$	224
Noncurrent (e)	881			514			23			(68		)	1,350			910			522			37			(115		)	1,354
Total Assets	$	1,151		$	1,028		$	138		$	(830	)	$	1,487		$	1,187		$	922		$	176		$	(707	)	$	1,578
Liabilities:
Current	$	(259	)	$	(472	)	$	(168	)	$	759		$	(140	)	$	(268	)	$	(328	)	$	(177	)	$	578		$	(195	)
Noncurrent	(30		)	(42		)	(13		)	69			(16		)	(41		)	(87		)	(35		)	120			(43		)
Total Liabilities	$	(289	)	$	(514	)	$	(181	)	$	828		$	(156	)	$	(309	)	$	(415	)	$	(212	)	$	698		$	(238	)
Net Assets (Liabilities) at the end of the period	$	862		$	514		$	(43	)	$	(2	)	$	1,331		$	878		$	507		$	(36	)	$	(9	)	$	1,340

_______________________________________

(a) Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.

(b) At March 31, 2014, available-for-sale securities of $58 million included $43 million and $15 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. At December 31, 2013, available-for-sale securities of $125 million, included $109 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively.

(c) Excludes cash surrender value of life insurance investments.

(d) Available-for-sale equity securities of $7 million at both March 31, 2014 and December 31, 2013, are included in Other investments on the Consolidated Statements of Financial Position.

(e) Includes $138 million and $136 million at March 31, 2014 and December 31, 2013, respectively, of other investments that are included in the Consolidated Statements of Financial Position in Other investments.

(f) Includes Interest rate contracts and Foreign currency exchange contracts.

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 institutional mutual funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The institutional mutual funds hold exchange-traded equity or debt securities and are valued based on stated net asset values (NAV). Non-exchange-traded fixed income securities are valued based upon quotations available from brokers or pricing services. 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 price source of a given security if the trustee determines that another price source is considered to be preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Additionally, DTE Energy selectively corroborates the fair value of securities by comparison of market-based price sources. Investment policies and procedures are determined by the Company's Trust Investments Department which reports to the Company's Vice President and Treasurer.

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. DTE Energy considers 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. DTE Energy monitors 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. DTE Energy has obtained an understanding of how these prices are derived. Additionally, DTE Energy selectively corroborates the fair value of its 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 Company has 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 our forward price curves has been assigned to our Risk Management Department, which is separate and distinct from the trading functions within the Company.

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014												Three Months Ended March 31, 2013
	Natural Gas			Electricity			Other			Total			Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets (Liabilities) as of January 1	$	(52	)	$	13		$	3		$	(36	)	$	(38	)	$	23		$	2		$	(13	)
Transfers into Level 3	—			—			—			—			—			—			—			—
Transfers out of Level 3	—			—			—			—			(2		)	—			—			(2		)
Total gains (losses):
Included in earnings	(22		)	36			—			14			(8		)	8			—			—
Recorded in regulatory assets/liabilities	—			—			4			4			—			—			1			1
Purchases, issuances and settlements:
Issuances	—			(1		)	—			(1		)	—			—			—			—
Settlements	64			(82		)	(6		)	(24		)	14			(40		)	(1		)	(27		)
Net Assets (Liabilities) as of March 31	$	(10	)	$	(34	)	$	1		$	(43	)	$	(34	)	$	(9	)	$	2		$	(41	)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations	$	—		$	(20	)	$	—		$	(20	)	$	(5	)	$	(6	)	$	—		$	(11	)

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. The following table shows transfers between the levels of the fair value hierarchy for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31, 2014					Three Months Ended March 31, 2013
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(In millions)
Transfers into Level 1 from	$ N/A	$	—	$	—	$ N/A	$	—	$	—
Transfers into Level 2 from	—	N/A		—		—	N/A		2
Transfers into Level 3 from	—	—		N/A		—	—		N/A

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of March 31, 2014:

	March 31, 2014
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	60	$	(70	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(1.50	)	—	$	1.50	/MMBtu	$	(0.17	)/MMBtu
Electricity	$	77	$	(111	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(3	)	—	$	23	/MWh	$	5	/MWh

The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2013:

	December 31, 2013
Commodity Contracts	Derivative Assets		Derivative Liabilities			Valuation Techniques	Unobservable Input	Range							Weighted Average
	(In millions)
Natural Gas	$	34	$	(86	)	Discounted Cash Flow	Forward basis price (per MMBtu)	$	(0.88	)	—	$	5.07	/MMBtu	$	(0.16	)/MMBtu
Electricity	$	139	$	(126	)	Discounted Cash Flow	Forward basis price (per MWh)	$	(7	)	—	$	15	/MWh	$	3	/MWh

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 inputs listed above would have 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 result in a higher (lower) fair value for long positions, with offsetting impacts to short positions.

Fair Value of Financial Instruments

The fair value of financial instruments included in the table below is determined by using quoted market prices when available. When quoted prices are not available, pricing services may be used to determine the fair value with reference to observable interest rate indexes. DTE Energy has obtained an understanding of how the fair values are derived. DTE Energy also selectively corroborates the fair value of its transactions by comparison of market-based price sources. Discounted cash flow analyses based upon estimated current borrowing rates are also used to determine fair value when quoted market prices are not available. The fair values of notes receivable, excluding capital leases, are estimated using discounted cash flow techniques that incorporate market interest rates as well as assumptions about the remaining life of the loans and credit risk. Depending on the information available, other valuation techniques may be used that rely on internal assumptions and models. Valuation policies and procedures are determined by DTE Energy's Treasury Department which reports to the Company's Vice President and Treasurer.

The following table presents the carrying amount and fair value of financial instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014								December 31, 2013
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable, excluding capital leases	$	43	$	—	$	—	$	43	$	41	$	—	$	—	$	41
Dividends payable	$	116	$	116	$	—	$	—	$	116	$	116	$	—	$	—
Short-term borrowings	$	375	$	—	$	375	$	—	$	131	$	—	$	131	$	—
Long-term debt	$	7,979	$	461	$	7,398	$	743	$	8,094	$	425	$	7,551	$	499

See Note 4 for further fair value information on financial and derivative instruments.

Nuclear Decommissioning Trust Funds

DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. This obligation is reflected as an asset retirement obligation on the 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. DTE Electric is continuing to fund FERC jurisdictional amounts for decommissioning even though explicit provisions are not included in FERC rates.

The following table summarizes the fair value of the nuclear decommissioning trust fund assets:

	March 31, 2014		December 31, 2013
	(In millions)
Fermi 2	$	1,174	$	1,172
Fermi 1	3		3
Low level radioactive waste	18		16
Total	$	1,195	$	1,191

The costs of securities sold are determined on the basis of specific identification. The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:

	Three Months Ended March 31,
	2014			2013
	(In millions)
Realized gains	$	9		$	8
Realized losses	$	(7	)	$	(7	)
Proceeds from sales of securities	$	271		$	136

Realized gains and losses from the sale of securities for the Fermi 2 and the low-level radioactive waste funds are recorded to the Regulatory asset and Nuclear decommissioning liability. The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:

	March 31, 2014				December 31, 2013
	Fair Value		Unrealized Gains		Fair Value		Unrealized Gains
	(In millions)
Equity securities	$	730	$	197	$	730	$	201
Debt securities	452		16		442		12
Cash and cash equivalents	13		—		19		—
	$	1,195	$	213	$	1,191	$	213

The debt securities at March 31, 2014 and December 31, 2013 had an average maturity of approximately 7 years, respectively. Securities held in the nuclear decommissioning trust funds are classified as available-for-sale. As DTE Electric does not have the ability to hold impaired investments for a period of time sufficient to allow for the anticipated recovery of market value, all unrealized losses are considered to be other-than-temporary impairments.

Unrealized losses incurred by the Fermi 2 trust are recognized as a Regulatory asset. DTE Electric recognized $33 million and $31 million of unrealized losses as Regulatory assets at March 31, 2014 and December 31, 2013, respectively. Since the decommissioning of Fermi 1 is funded by DTE Electric rather than through a regulatory recovery mechanism, there is no corresponding regulatory asset treatment. Therefore, unrealized losses incurred by the Fermi 1 trust are recognized in earnings immediately. There were no unrealized losses recognized in the three months ended March 31, 2014 and 2013 for Fermi 1.

Other Securities

At March 31, 2014 and December 31, 2013, the securities were comprised primarily of money market and equity securities. During the three months ended March 31, 2014 and 2013, no amounts of unrealized losses on available-for-sale securities were reclassified out of other comprehensive income and realized into net income for the periods. Gains related to trading securities held at March 31, 2014 and 2013 were $2 million and $8 million, respectively.

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Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2014

Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following table summarizes the major balance sheet items for consolidated VIEs as of March 31, 2014 and December 31, 2013. All assets and liabilities of a consolidated VIE are presented where it has been determined that aconsolidated 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. VIEs, in which the Company 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.

	March 31, 2014						December 31, 2013
	Securitization		Other		Total		Securitization		Other		Total
	(In millions)
ASSETS
Cash and cash equivalents	$	—	$	15	$	15	$	—	$	12	$	12
Restricted cash	36		6		42		100		8		108
Accounts receivable	40		11		51		34		16		50
Inventories	—		19		19		—		118		118
Other current assets	—		1		1		—		1		1
Property, plant and equipment, net	—		92		92		—		99		99
Securitized regulatory assets	182		—		182		231		—		231
Other assets	3		8		11		4		8		12
	$	261	$	152	$	413	$	369	$	262	$	631
LIABILITIES
Accounts payable and accrued current liabilities	$	1	$	12	$	13	$	7	$	23	$	30
Current portion long-term debt, including capital leases	202		9		211		196		9		205
Current regulatory liabilities	41		—		41		43		—		43
Other current liabilities	—		4		4		—		4		4
Mortgage bonds, notes and other	—		19		19		—		21		21
Securitization bonds	—		—		—		105		—		105
Capital lease obligations	—		4		4		—		7		7
Other long-term liabilities	8		2		10		8		2		10
	$	252	$	50	$	302	$	359	$	66	$	425

Summary of Amounts for Non-Consolidated Variable Interest Entities [Table Text Block]

Amounts for non-consolidated VIEs as of March 31, 2014 and December 31, 2013 are as follows:

	March 31, 2014		December 31, 2013
	(In millions)
Other investments	$	134	$	141
Notes receivable	$	8	$	8

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Retirement Benefits and Trusteed Assets (Notes)

3 Months Ended

Mar. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

RETIREMENT BENEFITS AND TRUSTEED ASSETS

The following table details the components of net periodic benefit costs for pension benefits and other postretirement benefits:

	Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013
Three Months Ended March 31	(In millions)
Service cost	$	21		$	24		$	9		$	16
Interest cost	53			48			23			24
Expected return on plan assets	(68		)	(67		)	(31		)	(27		)
Amortization of:
Net actuarial loss	38			51			5			17
Prior service credit	—			—			(36		)	(23		)
Net periodic benefit cost (credit)	$	44		$	56		$	(30	)	$	7

Pension and Other Postretirement Contributions

During the first three months of 2014, the Company contributed $31 million to its pension plans. At the discretion of management, and depending upon financial market conditions, the Company may make up to an additional $160 million contribution to its pension plans in 2014.

At the discretion of management, the Company may make up to a $145 million contribution to its other postretirement benefit plans in 2014.

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Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

The Company reports both basic and diluted earnings per share. The calculation of diluted earnings per share assumes the issuance of potentially dilutive common shares outstanding during the period from the exercise of stock options. A reconciliation of both calculations is presented in the following table for the three months ended March 31:

	Three Months Ended
	March 31,
	2014		2013
	(In millions, except per share amounts)
Basic Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.73
Total Basic Earnings per Common Share	$	1.84	$	1.35
Diluted Earnings per Share
Net income attributable to DTE Energy Company	$	326	$	234
Average number of common shares outstanding	177		173
Weighted average net restricted shares outstanding	—		1
Dividends declared — common shares	$	116	$	107
Dividends declared — net restricted shares	—		1
Total distributed earnings	$	116	$	108
Net income less distributed earnings	$	210	$	126
Distributed (dividends per common share)	$	0.66	$	0.62
Undistributed	1.18		0.72
Total Diluted Earnings per Common Share	$	1.84	$	1.34

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Short-Term Credit Arrangements and Borrowings (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,025
Amounts Outstanding	570
Net availability	1,455
DTE Energy [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	1,425
Amounts Outstanding	570
Net availability	855
Electric [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	300
Amounts Outstanding	0
Net availability	300
Gas [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	300
Amounts Outstanding	0
Net availability	300
Letter of Credit [Member]
Availability under combined facilities
Amounts Outstanding	195
Letter of Credit [Member] | Unsecured letter of credit, expiring in February 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	100
Letter of Credit [Member] | Unsecured letter of credit facility expiring in August 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	125
Letter of Credit [Member] | DTE Energy [Member]
Availability under combined facilities
Amounts Outstanding	195
Letter of Credit [Member] | DTE Energy [Member] | Unsecured letter of credit, expiring in February 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	100
Letter of Credit [Member] | DTE Energy [Member] | Unsecured letter of credit facility expiring in August 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	125
Letter of Credit [Member] | Electric [Member]
Availability under combined facilities
Amounts Outstanding	0
Letter of Credit [Member] | Electric [Member] | Unsecured letter of credit, expiring in February 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	0
Letter of Credit [Member] | Electric [Member] | Unsecured letter of credit facility expiring in August 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	0
Letter of Credit [Member] | Gas [Member]
Availability under combined facilities
Amounts Outstanding	0
Letter of Credit [Member] | Gas [Member] | Unsecured letter of credit, expiring in February 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	0
Letter of Credit [Member] | Gas [Member] | Unsecured letter of credit facility expiring in August 2015 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	0
Revolving Credit Facility [Member] | Unsecured revolving credit facility expiring in April 2018 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	1,800
Revolving Credit Facility [Member] | DTE Energy [Member] | Unsecured revolving credit facility expiring in April 2018 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	1,200
Revolving Credit Facility [Member] | Electric [Member] | Unsecured revolving credit facility expiring in April 2018 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	300
Revolving Credit Facility [Member] | Gas [Member] | Unsecured revolving credit facility expiring in April 2018 [Member]
Availability under combined facilities
Line of Credit Facility, Maximum Borrowing Capacity	300
Commercial Paper [Member]
Availability under combined facilities
Amounts Outstanding	375
Commercial Paper [Member] | DTE Energy [Member]
Availability under combined facilities
Amounts Outstanding	375
Commercial Paper [Member] | Electric [Member]
Availability under combined facilities
Amounts Outstanding	0
Commercial Paper [Member] | Gas [Member]
Availability under combined facilities
Amounts Outstanding	$ 0

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Asset Retirement Obligations (Notes)

3 Months Ended

Mar. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

A reconciliation of the asset retirement obligations for the three months ended March 31, 2014 follows:

	(In millions)
Asset retirement obligations at December 31, 2013	$	1,827
Accretion	28
Liabilities incurred	4
Revision in estimated cash flows	(5		)
Asset retirement obligations at March 31, 2014	$	1,854

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Regulatory Matters (Notes)

3 Months Ended

Mar. 31, 2014

Public Utilities, General Disclosures [Abstract]

Regulatory Matters

REGULATORY MATTERS

Refundable Revenue Decoupling/ Deferred Gain Amortization

In September 2012, the MPSC approved DTE Electric's accounting application to defer for future amortization the gain resulting from the reversal of the Company's $127 million regulatory liability associated with the operation of the RDM. The approved application provided for the amortization of the regulatory liability to income, at a monthly rate of approximately $10.6 million, beginning January 2014. On April 1, 2014, the MPSC approved DTE Electric's accounting application to suspend the amortization of the RDM regulatory liability as of June 30, 2014 and to complete the amortization over the period January 2015 to June 2015. If DTE Electric's base rates are increased prior to July 1, 2015, the Company will cease amortization and refund to customers the remaining unamortized balance of the regulatory liability.

PSCR Proceedings

The PSCR process is designed to allow DTE Electric to recover all of its power supply costs if incurred under reasonable and prudent policies and practices. DTE Electric's power supply costs include fuel and related transportation costs, purchased and net interchange power costs, nitrogen oxide and sulfur dioxide emission allowances costs, urea costs, transmission costs and MISO costs. The MPSC reviews these costs, policies and practices for prudence in annual plan and reconciliation filings.

2012 PSCR Year — In March 2013, DTE Electric filed the 2012 PSCR reconciliation calculating a net under-recovery of approximately $87 million that includes an under-recovery of approximately $148 million for the 2011 PSCR year. The reconciliation includes purchased power costs related to the manual shutdown of our Fermi 2 nuclear power plant in June 2012 caused by the failure of one of the plant's two non-safety related feed-water pumps. The plant was restarted on July 30, 2012, which restored production to nominal 68% of full capacity. In September 2013, the repair to the plant was completed and production was returned to full capacity. DTE Electric was able to purchase sufficient power from MISO to continue to provide uninterrupted service to our customers. Certain intervenors in the reconciliation case have challenged the recovery of up to $32 million of the Fermi-related purchased power costs. Resolution of this matter is expected in 2014.

2013 PSCR Year — In March 2014, DTE Electric filed the 2013 PSCR reconciliation calculating a net over-recovery of $54 million that includes an under-recovery of $87 million for the 2012 PSCR year.

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Long-Term Debt (Notes)

3 Months Ended

Mar. 31, 2014

Long-term Debt, Unclassified [Abstract]

Long-term Debt [Text Block]

LONG-TERM DEBT

Debt Issuances

In March 2014, DTE Electric agreed to issue $150 million of 4.60%, 30-year mortgage bonds and $100 million of 3.77%, 12-year mortgage bonds to a group of institutional investors in a private placement transaction. The bonds are expected to close and fund in June 2014. Proceeds will be used for the repayment of existing indebtedness and for general corporate purposes.

Debt Redemptions

In 2014, the following debt was redeemed:

Company	Month	Type	Interest Rate		Maturity	Amount
						(In millions)
DTE Electric	March	Mortgage Bonds	Various		2014	13
DTE Electric	March	Securitization Bonds	6.62	%	2014	100
DTE Energy	Various	Other Long Term Debt	Various		2014	2
						$	115

In April 2014, DTE Electric called $31 million of 2.35% tax exempt revenue bonds and $32 million of 4.65% tax exempt revenue bonds with final maturities of 2024 and 2028, respectively.

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Retirement Benefits and Trusteed Assets (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Estimated Future Employer Contributions in Current Fiscal Year	$ 145
Qualified Plans [Member] | Pension Plan, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Contributions by Employer	31
Estimated Future Employer Contributions in Current Fiscal Year	$ 160

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Stock-Based Compensation (Stock Option Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	723,697
Exercised	(163,594)
Forfeitures or expired	(10,730)
Options outstanding	549,373
Weighted Average Exercise Price Per Share - Options outstanding	$ 42.60
Exercised, Weighted Average Exercise Price	$ 41.13
Weighted Average Exercise Price Per Share - Forfeitured or expired	$ 39.41
Weighted Average Exercise Price Per Share - Options outstanding	$ 43.10
Aggregate Intrinsic Value - Options outstanding	$ 14,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	549,373
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 43.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 14,000,000

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Retirement Benefits and Trusteed Assets (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Pension Plan, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 21	$ 24
Interest Cost	53	48
Expected Return on Plan Assets	(68)	(67)
Amortization of Net Actuarial Losses	38	51
Amortization of Prior Service Cost (Credit)	0	0
Net Periodic Benefit Cost	44	56
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	9	16
Interest Cost	23	24
Expected Return on Plan Assets	(31)	(27)
Amortization of Net Actuarial Losses	5	17
Amortization of Prior Service Cost (Credit)	(36)	(23)
Net Periodic Benefit Cost	$ (30)	$ 7

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Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Assets [Abstract]
Cash and cash equivalents	$ 98	$ 52	$ 218	$ 65
Restricted cash	57	123
Accounts receivable	1,811	1,542
Other current assets	178	209
Property, plant and equipment, net	15,985	15,800
Securitized regulatory assets	182	231
Other assets	193	198
Total Assets	26,161	25,935
Liabilities [Abstract]
Current portion long-term debt, including, capital leases	1,069	898
Current regulatory liabilities	175	302
Other current liabilities	489	495
Mortgage bonds, notes and other	6,438	6,618
Securitization bonds	0	105
Capital lease obligations	5	11
Other long term liabilities	266	297
Variable Interest Entity Securitization [Member]
Assets [Abstract]
Cash and cash equivalents	0	0
Restricted cash	36	100
Accounts receivable	40	34
Inventories	0	0
Other current assets	0	0
Property, plant and equipment, net	0	0
Securitized regulatory assets	182	231
Other assets	3	4
Total Assets	261	369
Liabilities [Abstract]
Accounts payable and accrued current liabilities	1	7
Current portion long-term debt, including, capital leases	202	196
Current regulatory liabilities	41	43
Other current liabilities	0	0
Mortgage bonds, notes and other	0	0
Securitization bonds	0	105
Capital lease obligations	0	0
Other long term liabilities	8	8
Total Liabilities	252	359
Variable Interest Entity, Primary Beneficiary [Member]
Assets [Abstract]
Cash and cash equivalents	15	12
Restricted cash	6	8
Accounts receivable	11	16
Inventories	19	118
Other current assets	1	1
Property, plant and equipment, net	92	99
Securitized regulatory assets	0	0
Other assets	8	8
Total Assets	152	262
Liabilities [Abstract]
Accounts payable and accrued current liabilities	12	23
Current portion long-term debt, including, capital leases	9	9
Current regulatory liabilities	0	0
Other current liabilities	4	4
Mortgage bonds, notes and other	19	21
Securitization bonds	0	0
Capital lease obligations	4	7
Other long term liabilities	2	2
Total Liabilities	50	66
Consolidated Variable Interest Entity [Member]
Assets [Abstract]
Cash and cash equivalents	15	12
Restricted cash	42	108
Accounts receivable	51	50
Inventories	19	118
Other current assets	1	1
Property, plant and equipment, net	92	99
Securitized regulatory assets	182	231
Other assets	11	12
Total Assets	413	631
Liabilities [Abstract]
Accounts payable and accrued current liabilities	13	30
Current portion long-term debt, including, capital leases	211	205
Current regulatory liabilities	41	43
Other current liabilities	4	4
Mortgage bonds, notes and other	19	21
Securitization bonds	0	105
Capital lease obligations	4	7
Other long term liabilities	10	10
Total Liabilities	$ 302	$ 425

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Financial and Other Derivative Instruments Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Derivative Assets, Current	$ 79	$ 99
Derivative Assets, Noncurrent	17	27
Derivative Liabilities, Current	140	195
Derivative Liabilities, Noncurrent	16	43
Derivative Asset [Member]
Derivative [Line Items]
Derivative Assets, Current	841	691
Derivative Assets, Noncurrent	85	142
Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Current	899	773
Derivative Liabilities, Noncurrent	85	163
Counterparty Netting [Member]
Derivative [Line Items]
Derivative Assets, Current	(756)	(566)
Derivative Assets, Noncurrent	(68)	(115)
Derivative Liabilities, Current	756	566
Derivative Liabilities, Noncurrent	68	115
Collateral Adjustment [Member]
Derivative [Line Items]
Derivative Assets, Current	(6)	(26)
Derivative Assets, Noncurrent	0	0
Derivative Liabilities, Current	3	12
Derivative Liabilities, Noncurrent	$ 1	$ 5

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Segment Information (Notes)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

SEGMENT AND RELATED INFORMATION

The Company 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 2.1 million residential, commercial and industrial customers in southeastern Michigan.

Gas segment consists of DTE Gas and Citizens.  DTE Gas is engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million residential, commercial and industrial customers throughout Michigan and the sale of storage and transportation capacity. Citizens distributes natural gas in Adrian, Michigan to approximately 17,000 customers.

Gas Storage and Pipelines consists of natural gas pipeline, gathering and storage businesses.

Power and Industrial Projects is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial and institutional customers; produce reduced emissions fuel (REF) and sell electricity from biomass-fired energy projects.

Energy Trading consists of energy marketing and trading operations.

Corporate and Other, includes various holding company activities, holds certain non-utility debt and energy-related investments.

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 production tax credits and net operating losses if applicable. The state and local income tax provisions of the utility subsidiaries are determined on an individual company basis and recognizes 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.

Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales and natural gas sales in the following segments:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Inter-segment Revenues
Electric	$	7	$	6
Gas	2		1
Gas Storage and Pipelines	1		2
Power and Industrial Projects	206		205
Energy Trading	9		11
Corporate and Other	2		(8		)
	$	227	$	217

Financial data of the business segments follows:

	Three Months Ended
	March 31,
	2014			2013
	(In millions)
Operating Revenues
Electric	$	1,412		$	1,219
Gas	804			604
Gas Storage and Pipelines	52			27
Power and Industrial Projects	575			490
Energy Trading	1,314			393
Corporate & Other	—			—
Reconciliation & Eliminations	(227		)	(217		)
Total	$	3,930		$	2,516

Net Income (Loss) Attributable to DTE Energy by Segment:
Electric	$	136		$	115
Gas	129			96
Gas Storage and Pipelines	21			17
Power and Industrial Projects	15			12
Energy Trading	42			7
Corporate & Other	(17		)	(13		)
Net Income Attributable to DTE Energy	$	326		$	234

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Financial and Other Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The following tables present the fair value of derivative instruments as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	Derivative Assets		Derivative Liabilities			Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	(4	)	$	—	$	(1	)
Commodity Contracts:
Natural Gas	$	383	$	(416	)	$	396	$	(503	)
Electricity	503		(524		)	400		(398		)
Other	40		(40		)	37		(34		)
Total derivatives not designated as hedging instruments:	$	926	$	(984	)	$	833	$	(936	)
Total derivatives:
Current	$	841	$	(899	)	$	691	$	(773	)
Noncurrent	85		(85		)	142		(163		)
Total derivatives	$	926	$	(984	)	$	833	$	(936	)

Netting Offsets of Derivative Assets and Liabilities [Table Text Block]

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014									December 31, 2013
	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:
Natural Gas	$	383		$	(367	)	$	16		$	396		$	(382	)	$	14
Electricity	503			(422		)	81			400			(291		)	109
Other	40			(41		)	(1		)	37			(34		)	3
Total derivative assets	$	926		$	(830	)	$	96		$	833		$	(707	)	$	126
Derivative liabilities:
Commodity Contracts:
Natural Gas	$	(416	)	$	369		$	(47	)	$	(503	)	$	395		$	(108	)
Electricity	(524		)	417			(107		)	(398		)	269			(129		)
Other	(40		)	41			1			(34		)	34			—
Other derivative liabilities	(4		)	1			(3		)	(1		)	—			(1		)
Total derivative liabilities	$	(984	)	$	828		$	(156	)	$	(936	)	$	698		$	(238	)

Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position [Table Text Block]

The following table presents the netting offsets of derivative assets and liabilities at March 31, 2014 and December 31, 2013:

	March 31, 2014												December 31, 2013
	Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
	Current			Noncurrent			Current			Noncurrent			Current			Noncurrent			Current			Noncurrent
	(In millions)
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
Total fair value of derivatives	$	841		$	85		$	(899	)	$	(85	)	$	691		$	142		$	(773	)	$	(163	)
Counterparty netting	(756		)	(68		)	756			68			(566		)	(115		)	566			115
Collateral adjustment	(6		)	—			3			1			(26		)	—			12			5
Total derivatives as reported	$	79		$	17		$	(140	)	$	(16	)	$	99		$	27		$	(195	)	$	(43	)

Gain (Loss) Recognized in Income on Derivative

The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 is as follows:

	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended March 31,
Derivatives not Designated as Hedging Instruments		2014			2013
		(In millions)
Foreign currency exchange contracts	Operating Revenue	$	(4	)	$	—
Commodity Contracts:
Natural Gas	Operating Revenue	(127		)	(10		)
Natural Gas	Fuel, purchased power and gas	20			14
Electricity	Operating Revenue	133			20
Other	Operating Revenue	(1		)	1
Total		$	21		$	25

Volume of Commodity Contracts [Table Text Block]

The following represents the cumulative gross volume of derivative contracts outstanding as of March 31, 2014:

Commodity	Number of Units
Natural Gas (MMBtu)	898,351,691
Electricity (MWh)	39,480,560
Foreign Currency Exchange ($ CAD)	91,295,991

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Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	$ 926	$ 833
Derivative Liability Fair Value Gross Liability	(984)	(936)
Derivative Assets, Current	79	99
Derivative Assets, Noncurrent	17	27
Derivative Liabilities, Current	(140)	(195)
Derivative Liabilities, Noncurrent	(16)	(43)
Estimate of Fair Value, Fair Value Disclosure [Member]
Derivatives designated as hedging instruments:
Derivative Assets, Current	841	691
Derivative Assets, Noncurrent	85	142
Derivative Liabilities, Current	(899)	(773)
Derivative Liabilities, Noncurrent	(85)	(163)
Natural Gas Commodity Contract [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	383	396
Derivative Liability Fair Value Gross Liability	(416)	(503)
Electricity Commodity Contract [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	503	400
Derivative Liability Fair Value Gross Liability	(524)	(398)
Other [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	40	37
Derivative Liability Fair Value Gross Liability	(40)	(34)
Not Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	926	833
Derivative Liability Fair Value Gross Liability	(984)	(936)
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	0	0
Derivative Liability Fair Value Gross Liability	(4)	(1)
Not Designated as Hedging Instrument [Member] | Natural Gas Commodity Contract [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	383	396
Derivative Liability Fair Value Gross Liability	(416)	(503)
Not Designated as Hedging Instrument [Member] | Electricity Commodity Contract [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	503	400
Derivative Liability Fair Value Gross Liability	(524)	(398)
Not Designated as Hedging Instrument [Member] | Other [Member]
Derivatives designated as hedging instruments:
Derivative Asset Fair Value Gross Asset	40	37
Derivative Liability Fair Value Gross Liability	$ (40)	$ (34)

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Fair Value (Reconciliation of Level 3 Assets and Liabilities at Fair Value on a Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Beginning Balance	$ (36)	$ (13)
Transfers into Level 3	0	0
Transfer out of Level 3	0	(2)
Total gains (losses): [Abstract]
Included in earnings	14	0
Recorded in regulatory assets/liabilities	4	1
Purchases issuances and settlements [Abstract]
Issuances	(1)	0
Settlements	(24)	(27)
Ending Balance	(43)	(41)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period	(20)	(11)
Natural Gas Commodity Contract [Member]
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Beginning Balance	(52)	(38)
Transfers into Level 3	0	0
Transfer out of Level 3	0	(2)
Total gains (losses): [Abstract]
Included in earnings	(22)	(8)
Recorded in regulatory assets/liabilities	0	0
Purchases issuances and settlements [Abstract]
Issuances	0	0
Settlements	64	14
Ending Balance	(10)	(34)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period	0	(5)
Electricity Commodity Contract [Member]
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Beginning Balance	13	23
Transfers into Level 3	0	0
Transfer out of Level 3	0	0
Total gains (losses): [Abstract]
Included in earnings	36	8
Recorded in regulatory assets/liabilities	0	0
Purchases issuances and settlements [Abstract]
Issuances	(1)	0
Settlements	(82)	(40)
Ending Balance	(34)	(9)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period	(20)	(6)
Other Commodity Contract [Member]
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Beginning Balance	3	2
Transfers into Level 3	0	0
Transfer out of Level 3	0	0
Total gains (losses): [Abstract]
Included in earnings	0	0
Recorded in regulatory assets/liabilities	4	1
Purchases issuances and settlements [Abstract]
Issuances	0	0
Settlements	(6)	(1)
Ending Balance	1	2
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period	$ 0	$ 0

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Consolidated Statements of Financial Position (Unaudited) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
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
Total Current Assets	2,973	2,806
Investments
Nuclear decommissioning trust funds	1,195	1,191
Other	596	603
Total Investments	1,791	1,794
Property
Property, plant and equipment	25,384	25,123
Less accumulated depreciation, depletion and amortization	(9,399)	(9,323)
Property, plant and equipment, net	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
Total Noncurrent Assets	5,412	5,535
Total Assets	26,161	25,935
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, Current	140	195
Gas inventory equalization	142	0
Regulatory liabilities	175	302
Other	489	495
Total Current Liabilities	3,569	3,189
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,438	6,618
Securitization bonds	0	105
Junior subordinated debentures	480	480
Capital lease obligations	5	11
Total Long-Term Debt (net of current portion)	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
Total Noncurrent Liabilities	7,532	7,578
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

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Significant Accounting Policies (Notes)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

SIGNIFICANT ACCOUNTING POLICIES

Other Income

Other income is recognized for non-operating income such as equity earnings, interest and dividends, allowance for funds used during construction and contract services. Power & Industrial Projects also recognizes Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. In exchange for the cash received, the investors will receive a portion of the economic attributes of the facilities, including income tax attributes. The transactions are not treated as a sale of membership interests for financial reporting purposes. Other income is considered earned when refined coal is produced and tax credits are generated. Power & Industrial Projects recognized approximately $17 million and $15 million of Other income for the three months ended March 31, 2014 and 2013, respectively.

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. As shown in the following tables, amounts recorded to accumulated other comprehensive loss for the three months ended March 31, 2014 include unrealized gains and losses from derivatives accounted for as cash flow hedges, unrealized gains and losses on available-for-sale securities, the Company’s interest in other comprehensive income of equity investees, which comprise the net unrealized gains and losses on investments, changes in benefit obligations, consisting of deferred actuarial losses, prior service costs and transition amounts related to pension and other postretirement benefit plans, and foreign currency translation adjustments.

	Changes in Accumulated Other Comprehensive Loss by Component (a)
	For The Three Months Ended March 31, 2014
	Net Unrealized Gain/(Loss) on Derivatives			Net Unrealized Gain/(Loss) on Investments			Benefit Obligations (b)			Foreign Currency Translation			Total
	(In millions)
Beginning balance, December 31, 2013	$	(4	)	$	(6	)	$	(126	)	$	—		$	(136	)
Other comprehensive income before reclassifications	—			—			(2		)	(1		)	(3		)
Amounts reclassified from accumulated other comprehensive income	—			—			2			—			2
Net current-period other comprehensive income	—			—			—			(1		)	(1		)
Ending balance, March 31, 2014	$	(4	)	$	(6	)	$	(126	)	$	(1	)	$	(137	)

______________________________________

(a) All amounts are net of tax.

(b) The amounts reclassified from accumulated other comprehensive income are included in the computation of the net periodic pension and other postretirement benefits cost (see Note 11).

Intangible Assets

The Company has certain intangible assets relating to emission allowances, renewable energy credits and non-utility contracts as shown below:

	March 31,		December 31,
	2014		2013
	(In millions)
Emission allowances	$	2	$	2
Renewable energy credits	50		51
Contract intangible assets	127		126
	179		179
Less accumulated amortization	48		45
Intangible assets, net	131		134
Less current intangible assets	13		12
	$	118	$	122

Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business. The Company amortizes contract intangible assets on a straight-line basis over the expected period of benefit, ranging from 1 to 28 years.

Income Taxes

The Company's effective tax rate for the three months ended March 31, 2014 was 33% as compared to 31% for the three months ended March 31, 2013. The 2% increase in effective tax rate is due to $8 million of deferred tax expense resulting from New York state income tax reform enacted on March 31, 2014.

The Company had $2 million of unrecognized tax benefits at March 31, 2014, that, if recognized, would favorably impact its effective tax rate. The Company believes that it is possible that there will be a decrease in the unrecognized tax benefits of up to $1 million in the next twelve months.

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Long-Term Debt (Debt Redemptions) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 31, 2014 DTE Energy [Member] Long Term Debt, Other [Member]	Mar. 31, 2014 Electric [Member] Mortgages [Member]	Mar. 31, 2014 Electric [Member] Securitization Bonds [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				6.62%
Extinguishment of Debt, Amount	$ 115	$ 2	$ 13	$ 100

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Segment Information (Financial Data - Operating Revenues including inter segment revenues) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	$ 3,930	$ 2,516
Operating Segments [Member] | Electric [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	1,412	1,219
Operating Segments [Member] | Gas [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	804	604
Operating Segments [Member] | Gas Storage and Pipelines [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	52	27
Operating Segments [Member] | Power and Industrial Projects [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	575	490
Operating Segments [Member] | Energy Trading [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	1,314	393
Operating Segments [Member] | Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Revenues	0	0
Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(227)	(217)
Intersegment Eliminations [Member] | Electric [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(7)	(6)
Intersegment Eliminations [Member] | Gas [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(2)	(1)
Intersegment Eliminations [Member] | Gas Storage and Pipelines [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(1)	(2)
Intersegment Eliminations [Member] | Power and Industrial Projects [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(206)	(205)
Intersegment Eliminations [Member] | Energy Trading [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	(9)	(11)
Intersegment Eliminations [Member] | Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Inter-segment Revenues	$ (2)	$ 8

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Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation [Table Text Block]

A reconciliation of the asset retirement obligations for the three months ended March 31, 2014 follows:

	(In millions)
Asset retirement obligations at December 31, 2013	$	1,827
Accretion	28
Liabilities incurred	4
Revision in estimated cash flows	(5		)
Asset retirement obligations at March 31, 2014	$	1,854

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Significant Accounting Policies (Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 179	$ 179
Less: Accumulated Amortization	48	45
Intangible Assets, Net	131	134
Less current intangible assets	13	12
Finite-Lived Intangible Assets, Net	118	122
Emission Allowances [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	2	2
Renewable Energy Credits [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	50	51
Contract Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 127	$ 126

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Stock-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

Stock-based Compensation

STOCK-BASED COMPENSATION

The following table summarizes the components of stock-based compensation:

	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Stock-based compensation expense	$	33	$	28
Tax benefit	$	13	$	11
Stock-based compensation cost capitalized in property, plant and equipment	$	5	$	2

Stock Options

The following table summarizes our stock option activity for the three months ended March 31, 2014:

	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Options outstanding at January 1, 2014	723,697		$	42.60
Exercised	(163,594	)	$	41.13
Forfeited or expired	(10,730	)	$	39.41
Options outstanding and exercisable at March 31, 2014	549,373		$	43.10	$	14

As of March 31, 2014, the weighted average remaining contractual life for the exercisable shares is 3.84 years. As of March 31, 2014, all options were vested.

The intrinsic value of options exercised for the three months ended March 31, 2014 and 2013 was $5 million and $7 million, respectively. No option expense was recognized for the three months ended March 31, 2014 and 2013, respectively.

Restricted Stock Awards

The following table summarizes the Company’s restricted stock awards activity for the three months ended March 31, 2014:

	Restricted Stock		Weighted Average Grant Date Fair Value
Balance at January 1, 2014	492,329		$	53.76
Grants	132,490		$	69.01
Forfeitures	(8,196	)	$	61.83
Vested and issued	(162,767	)	$	46.88
Balance at March 31, 2014	453,856		$	60.53

Performance Share Awards

The following table summarizes the Company’s performance share activity for the three months ended March 31, 2014:

	Performance Shares
Balance at January 1, 2014	1,608,789
Grants	520,204
Forfeitures	(8,872	)
Payouts	(571,177	)
Balance at March 31, 2014	1,548,944

Unrecognized Compensation Costs

As of March 31, 2014, there was $100 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 1.67 years.