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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:
December 31, 2023December 31, 2022
Level 1Level
 2		Level 3
Other
(a)
Netting
(b)
Net BalanceLevel 1Level
 2		Level 3
Other
(a)
Netting
(b)
Net Balance
(In millions)
Assets
Cash equivalents(c)
$13 $— $— $— $— $13 $10 $— $— $— $— $10 
Nuclear decommissioning trusts
Equity securities776 — — 145 — 921 701 — — 138 — 839 
Fixed income securities127 371 — 92 — 590 115 359 — 89 — 563 
Private equity and other— — — 312 — 312 — — — 262 — 262 
Hedge funds and similar investments119 65 — — — 184 78 41 — — — 119 
Cash equivalents34 — — — — 34 42 — — — — 42 
Other investments(d)
Equity securities58 — — — — 58 56 — — — — 56 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents37 — — — — 37 72 — — — — 72 
Derivative assets
Commodity contracts(e)
Natural gas241 217 179 — (416)221 426 183 135 — (649)95 
Electricity— 258 163 — (243)178 — 720 243 — (643)320 
Environmental & Other— 131 8 — (132)7 — 201 12 — (196)17 
Other contracts— — — — — — — 2 — — (1)1 
Total derivative assets241 606 350 — (791)406 426 1,106 390 — (1,489)433 
Total$1,412 $1,042 $350 $549 $(791)$2,562 $1,507 $1,506 $390 $489 $(1,489)$2,403 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(291)$(167)$(157)$— $429 $(186)$(297)$(331)$(390)$— $645 $(373)
Electricity— (272)(116)— 297 (91)— (659)(276)— 665 (270)
Environmental & Other— (148)(2)— 137 (13)— (213)(1)— 201 (13)
Other contracts— (19)— — — (19)— (2)— — 1 (1)
Total$(291)$(606)$(275)$— $863 $(309)$(297)$(1,205)$(667)$— $1,512 $(657)
Net Assets (Liabilities) at end of period$1,121 $436 $75 $549 $72 $2,253 $1,210 $301 $(277)$489 $23 $1,746 
Assets
Current$215 $461 $247 $— $(613)$310 $360 $881 $286 $— $(1,189)$338 
Noncurrent1,197 581 103 549 (178)2,252 1,147 625 104 489 (300)2,065 
Total Assets$1,412 $1,042 $350 $549 $(791)$2,562 $1,507 $1,506 $390 $489 $(1,489)$2,403 
Liabilities
Current$(240)$(462)$(145)$— $670 $(177)$(273)$(876)$(386)$— $1,193 $(342)
Noncurrent(51)(144)(130)— 193 (132)(24)(329)(281)— 319 (315)
Total Liabilities$(291)$(606)$(275)$— $863 $(309)$(297)$(1,205)$(667)$— $1,512 $(657)
Net Assets (Liabilities) at end of period$1,121 $436 $75 $549 $72 $2,253 $1,210 $301 $(277)$489 $23 $1,746 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.
(c)Amounts include $11 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at December 31, 2023 and December 31, 2022, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.
(d)Excludes cash surrender value of life insurance investments and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements.
(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
December 31, 2023December 31, 2022
Level 1Level 2Level 3
Other(a)
Net Balance Level 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$11 $— $— $— $11 $9 $— $— $— $9 
Nuclear decommissioning trusts
Equity securities776 — — 145 921 701 — — 138 839 
Fixed income securities127 371 — 92 590 115 359 — 89 563 
Private equity and other— — — 312 312 — — — 262 262 
Hedge funds and similar investments119 65 — — 184 78 41 — — 119 
Cash equivalents34 — — — 34 42 — — — 42 
Other investments
Equity securities21 — — — 21 16 — — — 16 
Cash equivalents11 — — — 11 11 — — — 11 
Derivative assets — FTRs— — 7 — 7 — — 11 — 11 
Total$1,099 $436 $7 $549 $2,091 $972 $400 $11 $489 $1,872 
Assets
Current$11 $— $7 $— $18 $9 $— $11 $— $20 
Noncurrent1,088 436 — 549 2,073 963 400 — 489 1,852 
Total Assets$1,099 $436 $7 $549 $2,091 $972 $400 $11 $489 $1,872 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Cash equivalents of $11 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at December 31, 2023 and December 31, 2022, respectively.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Year Ended December 31, 2023Year Ended December 31, 2022
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of January 1$(255)$(33)$11 $(277)$(179)$(45)$9 $(215)
Transfers from Level 3 into Level 217 — — 17 5 1 — 6 
Total gains (losses)
Included in earnings(a)
182 198 (1)379 (410)97 2 (311)
Recorded in Regulatory liabilities— — 9 9 — — 21 21 
Purchases, issuances, and settlements:
Settlements78 (118)(13)(53)329 (86)(21)222 
Net Assets (Liabilities) as of December 31$22 $47 $6 $75 $(255)$(33)$11 $(277)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31(a)
$85 $151 $(122)$114 $(215)$50 $(111)$(276)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$— $— $7 $7 $— $— $11 $11 
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:
Year Ended December 31,
20232022
(In millions)
Net Assets as of January 1$11 $9 
Total gains recorded in Regulatory liabilities9 21 
Purchases, issuances, and settlements:
Settlements(13)(19)
Net Assets as of December 31$7 $11 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$7 $11 
Unobservable Inputs Related to Level 3 Assets and Liabilities
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
December 31, 2023
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$179 $(157)Discounted Cash FlowForward basis price (per MMBtu)$(1.57)—$6.27 /MMBtu$(0.08)/MMBtu
Electricity$163 $(116)Discounted Cash FlowForward basis price (per MWh)$(18.49)—$15.47 /MWh$(3.99)/MWh
December 31, 2022
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$135 $(390)Discounted Cash FlowForward basis price (per MMBtu)$(1.91)—$39.94 /MMBtu$0.18 /MMBtu
Electricity$243 $(276)Discounted Cash FlowForward basis price (per MWh)$(29.41)—$15.00 /MWh$(3.04)/MWh
Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
December 31, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$175 $— $— $181 $80 $— $— $82 
Short-term borrowings$1,283 $— $1,283 $— $1,162 $— $1,162 $— 
Notes payable(b)
$34 $— $— $34 $18 $— $— $18 
Long-term debt(c)
$19,546 $807 $16,178 $1,202 $17,978 $710 $14,084 $1,199 
_______________________________________
(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
December 31, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a)
$19 $— $— $19 $17 $— $— $17 
Short-term borrowings — affiliates$— $— $— $— $27 $— $— $27 
Short-term borrowings — other$385 $— $385 $— $568 $— $568 $— 
Notes payable(b)
$33 $— $— $33 $17 $— $— $17 
Long-term debt(c)
$11,043 $— $9,999 $126 $9,696 $— $8,289 $128 
_______________________________________
(a)Included in Current Assets — Other and Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position.
(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
(c)Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
Fair Value of Nuclear Decommissioning Trust Fund Assets
The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
December 31,
20232022
(In millions)
Fermi 2$2,026 $1,807 
Fermi 13 3 
Low-level radioactive waste12 15 
$2,041 $1,825 
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
Year Ended December 31,
202320222021
(In millions)
Realized gains$36 $71 $95 
Realized losses$(42)$(53)$(12)
Proceeds from sale of securities$681 $879 $1,047 
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds
The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:
December 31, 2023December 31, 2022
Fair
Value		Unrealized
Gains		Unrealized LossesFair
Value		Unrealized
Gains		Unrealized Losses
(In millions)
Equity securities$921 $459 $(11)$839 $342 $(23)
Fixed income securities590 8 (30)563 1 (56)
Private equity and other312 74 (8)262 63 (5)
Hedge funds and similar investments184 4 (9)119 — (18)
Cash equivalents34 — — 42 — — 
$2,041 $545 $(58)$1,825 $406 $(102)
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
December 31, 2023
(In millions)
Due within one year$12 
Due after one through five years118 
Due after five through ten years95 
Due after ten years273 
$498