8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2004

	Exact Name of Registrant as Specified in Charter,
Commission	State of Incorporation, Address of Principal	IRS Employer
File Number	Executive Offices and Telephone Number	Identification No.
1-11607	DTE Energy Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	The Detroit Edison Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-0478650
1-7310	Michigan Consolidated Gas Company (a Michigan corporation) 2000 2nd Avenue Detroit, Michigan 48226-1279 313-235-4000	38-0478040

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

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
	Forward-Looking Statements:
SIGNATURES
EXHIBIT INDEX
Earnings Release, Dated November 4, 2004
Financial Information, Dated November 4, 2004

Item 2.02. Results of Operations and Financial Condition.

DTE Energy is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued November 4, 2004, announcing financial results for the quarter ended September 30, 2004. Copies of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference, and contain the reconciliation and representations required by the SEC’s Regulation G.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1      Earnings Release of DTE Energy Company dated November 4, 2004, including reconciliation and representations required by
             Regulation G.

99.2      Financial Information Distributed for Media and Investor Relations Communications dated November 4, 2004.

Forward-Looking Statements:

This Form 8-K contains “forward-looking statements” that are subject to various assumptions, risks and uncertainties. They should be read in conjunction with the forward-looking statements in each of DTE Energy’s, The Detroit Edison Company’s (“Detroit Edison”) and Michigan Consolidated Gas Company’s (“MichCon”) 2003 Form 10-K (which forward-looking statements are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy, Detroit Edison and MichCon that discuss important factors that could cause DTE Energy’s, Detroit Edison’s and MichCon’s actual results to differ materially. DTE Energy, Detroit Edison and MichCon expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: November 4, 2004	DTE ENERGY COMPANY (Registrant)
	/s/Daniel G. Brudzynski Daniel G. Brudzynski Vice President and Controller
	THE DETROIT EDISON COMPANY (Registrant)
	/s/Daniel G. Brudzynski Daniel G. Brudzynski Vice President and Controller
	MICHIGAN CONSOLIDATED GAS COMPANY (Registrant)
	/s/Daniel G. Brudzynski Daniel G. Brudzynski Vice President and Controller

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Earnings Release of DTE Energy Company dated November 4, 2004, including reconciliation and representations required by Regulation G.
99.2	Financial Information Distributed for Media and Investor Relations Communications dated November 4, 2004.

EX-99.1

Exhibit 99.1

November 4, 2004

DTE ENERGY REPORTS THIRD QUARTER EARNINGS

     DETROIT — DTE Energy (NYSE:DTE) today reported earnings for the third quarter ended Sept. 30, 2004, of $93 million, or $0.54 per diluted share, compared with $176 million, or $1.04 per diluted share in the third quarter 2003.

     Operating earnings (which exclude non-recurring items, tax credit-driven normalization, discontinued operations and cumulative effect of accounting changes) for the 2004 third quarter were $69 million, or $0.40 per diluted share, which is comparable with operating earnings of $114 million, or $0.67 per diluted share for the same period in 2003.

     Reported earnings for the nine months ended Sept. 30, 2004 were $318 million, or $1.84 per diluted share versus $292 million or $1.73 per diluted share in 2003. Year-to-date operating earnings through Sept. 30 were $263 million, or $1.52 per diluted share, compared with $362 million, or $2.15 per diluted share in 2003.

     A reconciliation of reported to operating earnings for both the quarter ended and nine months ended Sept. 30, 2004 and 2003 is at the end of this release.

     “Our third quarter earnings results clearly demonstrate the continuation of a difficult year for our two utilities, Detroit Edison and MichCon,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “Detroit Edison was particularly hard-hit this quarter, with its operating earnings down nearly 45 percent from the third quarter last year.”

     While mild summer weather was a significant factor in Detroit Edison’s quarterly earnings decline, the loss of customer load to Michigan’s Electric Choice program also played a large role in the utility’s financial results.

     “Detroit Edison and MichCon are nearing the end of a regulatory cycle that started nearly ten years ago, which was the last time they had base rate increases,” Earley said. “The good news is that as 2004 comes to a close, we anticipate that our utilities will soon be on a path to return them to financial health, with the resolution of their rate cases expected shortly, and hopefully, improvements to Michigan’s Electric Choice program which would ensure fairness to all program participants.”

     “Our non-regulated businesses continue to perform very well,” Earley said, “and combined with timely rate orders providing reasonable rate adjustments for our utilities, DTE Energy’s earnings and cash flow should strengthen considerably.”

     Operating earnings results for the third quarter 2004, by business unit, were as follows:

• DTE Energy Resources operating earnings were $0.56 per diluted share versus $0.73 per diluted share in the third quarter 2003. The regulated operations of this business unit, which are the power generation services of Detroit Edison, declined $0.27 per diluted share versus last year. The decrease was driven by reduced gross margins, due primarily to the loss of retail customer sales to the Electric Choice program, as well as milder summer weather versus last year. Increased operation and

maintenance expenses, reflecting costs associated with maintaining the generation fleet, higher allocations for customer support services, and costs associated with the DTE2 project, a company-wide initiative to implement new core information systems, also negatively impacted quarterly results. Earnings for the quarter benefited from increased interim base rates and transition charge revenues, and the recording of $23 million (after tax) of regulatory deferrals.

     The non-regulated operations of this business unit include the company’s energy services, energy marketing and trading, coal services and biomass businesses. Earnings at these non-regulated operations increased $0.10 per diluted share from last year. The increase was mainly attributable to higher gains recognized from selling majority interests in the company’s synfuel plants, as well as higher production of synthetic fuel, reflecting the company’s decision to produce synfuel primarily from plants in which we have sold interests. During the third quarter 2004, the company produced 4.4 million tons of synfuel, versus 1.6 million tons in the same period last year. Also benefiting quarterly earnings were higher revenues from coke sales, due to higher coke sales volumes combined with higher market prices, and increased revenues from on-site energy projects, reflecting the completion in the second quarter of new long-term utility service contracts with a large automotive company and a large manufacturer of paper products. Partially offsetting these increases were reduced earnings at energy marketing and trading, due to higher unrealized losses on economic hedge contracts related to storage assets at CoEnergy.

• DTE Energy Distribution had operating earnings of $0.13 per diluted share versus $0.19 per diluted share last year. The regulated operations of this business unit are the electric distribution services of Detroit Edison. These regulated operations experienced a year-over-year decrease of $0.05 per diluted share, driven by lower revenues due to milder summer weather, and increased operation and maintenance expenses, due to higher reserves for uncollectable accounts receivable, costs associated with the DTE 2 project and higher transmission expenses, resulting from a refund in the 2003 third quarter. The impact of increased interim base rates partially offset the earnings decline.

     The non-regulated operations of this business unit consist primarily of DTE Energy Technologies, which markets and distributes a portfolio of distributed generation products and services. Year-over-year performance at this business declined by $0.01 per diluted share.

• DTE Energy Gas had an operating loss of $0.28 per diluted share versus an operating loss of $0.20 per diluted share last year. The regulated operations include the gas distribution services provided by MichCon. Regulated operations were down $0.04 per diluted share due mainly to an unfavorable effective tax rate adjustment driven by lower estimated annual earnings, as well as the impact of mild weather.

     Non-regulated operations include the production of gas in northern Michigan and the gathering, transporting, processing and storage of gas. Operating earnings from these businesses declined by $0.04 per diluted share year-over-year due to gains recorded in the 2003 third quarter from selling our 16 percent pipeline interest in the Portland Natural Gas Transmission System.

• Corporate & Other includes interest costs, as well as certain non-regulated investments, including assets held for sale and investments in emerging energy technologies. Corporate & Other had an operating loss of $0.01 per diluted share, compared with an operating loss of $0.05 per diluted share in 2003, due to lower financing costs.

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• Use of Operating Earnings Information — DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

DTE Energy’s executive vice president and CFO, David E. Meador, indicated that 2005 holds the potential for financial progress. “We believe that the coming year will provide closure on a number of significant financial uncertainties for our company. With our utilities returning to financial health, continued growth from our non-regulated businesses, and a dividend yield of approximately 5%, DTE Energy is an attractive investment opportunity.”

Recent Events and Developments

FERC Approval for Sale of Gas-Fired Peaker Units
On Oct. 27, 2004, DTE Energy Services received FERC approval for the sale of 2 gas-fired peaker units at its Georgetown, Indiana power plant. The sale of the two units, representing 160 MW, is expected to close in the fourth quarter of this year. The sale of the Georgetown units is consistent with DTE Energy’s plan to optimize the value of its merchant generation portfolio.

Renewal of Revolving Credit Facilities
On Oct. 15, 2004, DTE Energy entered into a $525 million, five-year unsecured revolving credit facility and lowered its existing three-year revolving credit facility from $350 million to $175 million. Detroit Edison and MichCon also entered into similar revolving credit facilities. Detroit Edison entered into a $206.25 million, five-year facility and lowered its three-year facility from $137.5 million to $68.75 million. MichCon entered into a $243.75 million, five-year facility and lowered its three-year facility from $162.5 million to $81.25 million. The five-year facilities replace the October 2003 364-day facilities, which expired. The credit facilities may be utilized for general corporate borrowings, but are intended primarily to provide liquidity support for each of the companies’ commercial paper programs.

Michigan Public Service Commission Issues MichCon Interim Rate Order
On Sept. 21, 2004, the MPSC issued an order granting interim rate relief to MichCon. The interim rate increase, which took effect Sept. 22, would total $35.3 million if it were in effect for a full year.

MPSC Staff Recommendation on Final Rate Relief for MichCon
On July 26, 2004, the MPSC staff recommended a $76 million increase in base rates compared to MichCon’s requested base rate relief of $194 million. MichCon proposed a provision, which was subsequently supported by the MPSC staff that would allow MichCon to recover or refund 90% of uncollectable accounts receivables expense above or below the amount that is reflected in base rates. In addition, the MPSC staff proposed a 50% debt and 50% equity capital structure utilizing a rate of return on common equity of 11%. MichCon’s current allowed rate of return on common equity is 11.5%. MichCon expects a final order in the first quarter of 2005.

Administrative Law Judge Recommendation on Detroit Edison Final Rate Relief
On Aug. 26, 2004, the Administrative Law Judge (ALJ) issued a Proposal for Decision regarding final rate relief requested by Detroit Edison. The ALJ agreed with the MPSC staff and recommended a $254 million base rate increase, which excluded $93 million of stranded costs. The recommended base rate increase is predicated upon Detroit Edison being allowed to retain third-party wholesale sales due to

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electric Customer Choice to recover the $93 million of stranded costs. The ALJ endorsed the MPSC staff’s position on regulatory assets and historical stranded costs. Detroit Edison expects a final rate order this month.

     This earnings announcement, as well as a package of detailed financial information, is available on the company’s website at www.dteenergy.com on the “Investors” page.

     DTE Energy will conduct a conference call with the investment community at 9 a.m. EDT Friday, Nov. 5, to discuss third quarter earnings results. Investors, the news media and the public may listen to a live Internet broadcast of the DTE Energy conference call at www.dteenergy.com. A replay will be available approximately one hour after the conference call until Dec. 4, and the internet broadcast will be archived on the company’s website.

     DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. DTE Energy’s largest operating subsidiaries are Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, and MichCon, a natural gas utility serving 1.2 million customers in Michigan. Information about DTE Energy is available at www.dteenergy.com.

     The information contained in this document is as of the date of this press release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “projected” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This press release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially. Factors that may impact forward-looking statements include, but are not limited to the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; economic climate and growth or decline in the geographic areas where we do business; environmental issues, laws and regulations, and the cost of remediation and compliance associated therewith; nuclear regulations and operations associated with nuclear facilities; the higher price of oil and its impact on the value of Section 29 tax credits, and the ability to utilize and/or sell interests in facilities producing such credits; implementation of electric and gas Customer Choice programs; impact of electric and gas utility restructuring in Michigan, including legislative amendments; employee relations and the impact of collective bargaining agreements; unplanned outages; access to capital markets and capital market conditions and the results of other financing efforts which can be affected by credit agency ratings; the timing and extent of changes in interest rates; the level of borrowings; changes in the cost of coal and the availability of coal and other raw materials, purchased power and natural gas and oil; effects of competition; impacts of FERC, MPSC, NRC and other applicable governmental proceedings and regulations; contributions to earnings by non-regulated businesses; changes in federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance; the cost of protecting assets against, or damage due to, terrorism; changes in 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; and changes in the economic and financial viability of our suppliers, customers and trading counterparties, and the continued ability of such parties to perform their obligations to the company. This press release should also be read in conjunction with the forward-looking statements in each of DTE Energy’s, MichCon’s and Detroit Edison’s 2003 Form 10-K, and in conjunction with other SEC reports filed by DTE Energy, MichCon and Detroit Edison.

Members of the Media — For Further Information:

Lorie N. Kessler	Scott Simons
(313) 235-8807	(313) 235-8808
Analysts — For Further Information:
Investor Relations
(313) 235-8030

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DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions, Except per Share Amounts)	2004			2003			2004			2003
Operating Revenues	$	1,594		$	1,654		$	5,188		$	5,349
Operating Expenses
Fuel, purchased power and gas		316			452			1,434			1,758
Operation and maintenance		884			742			2,517			2,298
Depreciation, depletion and amortization		190			170			536			547
Taxes other than income		86			71			231			255
Gains on sale of assets, net		(55	)		(13	)		(166	)		(29	)
		1,421			1,422			4,552			4,829
Operating Income		173			232			636			520
Other (Income) and Deductions
Interest expense		131			135			391			412
Interest income		(14	)		(7	)		(41	)		(22	)
Minority interest		(66	)		(20	)		(147	)		(72	)
Other income		(27	)		(44	)		(86	)		(75	)
Other expenses		20			31			65			82
		44			95			182			325
Income Before Income Taxes		129			137			454			195
Income Tax Provision (Benefit)		36			(43	)		129			(56	)
Income from Continuing Operations		93			180			325			251
Income (Loss) from Discontinued Operations, net of tax		—			(4	)		(7	)		68
Cumulative Effect of Accounting Changes, net of tax		—			—			—			(27	)
Net Income	$	93		$	176		$	318		$	292
Basic Earnings per Common Share
Income from continuing operations	$	.54		$	1.07		$	1.89		$	1.49
Discontinued operations		—			(.02	)		(.04	)		.41
Cumulative effect of accounting changes		—			—			—			(.16	)
Total	$	.54		$	1.05		$	1.85		$	1.74
Diluted Earnings per Common Share
Income from continuing operations	$	.54		$	1.06		$	1.88		$	1.49
Discontinued operations		—			(.02	)		(.04	)		.40
Cumulative effect of accounting changes		—			—			—			(.16	)
Total	$	.54		$	1.04		$	1.84		$	1.73
Average Common Shares
Basic		173			168			172			168
Diluted		174			168			173			168
Dividends Declared per Common Share	$	.515		$	.515		$	1.545		$	1.545

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DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)

	Three Months Ended September 30
	2004									2003
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	34		$	—		$	34		$	61		$	16	L	$	77
Non-regulated
Energy Services		51			—			51			23			—			23
Energy Marketing & Trading		12			—			12			23			—			23
Other		1			—			1			(1	)		—			(1	)
Total Non-regulated		64			—			64			45			—			45
		98			—			98			106			16			122
Energy Distribution
Regulated — Power Distribution		28			—			28			35			—			35
Non-regulated		(4	)		—			(4	)		(3	)		—			(3	)
		24			—			24			32			—			32
Energy Gas
Regulated — Gas Distribution		(55	)		—			(55	)		(45	)		—			(45	)
Non-regulated		5			—			5			12			—			12
		(50	)		—			(50	)		(33	)		—			(33	)
Corporate and Other		21			(24)	B		(3	)		75			(82	)B		(7	)
		21			(24	)		(3	)		75			(82	)		(7	)
Income from Continuing Operations
Regulated		7			—			7			51			16			67
Non-regulated		65			—			65			54			—			54
Corporate and Other		21			(24	)		(3	)		75			(82	)		(7	)
		93			(24	)		69			180			(66	)		114
Discontinued Operations
Income from operations		—			—			—			—			—			—
Impairment loss/ Gain on sale		—			—			—			(4	)		4	I		—
		—			—			—			(4	)		4			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			—			—			—
Energy trading activities		—			—			—			—			—			—
		—			—			—			—			—			—
Net Income	$	93		$	(24	)	$	69		$	176		$	(62	)	$	114

ADJUSTMENTS KEY

A)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
B)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D)	Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H)	Adjustment for discontinued operations	Sold ITC
I)	Gain on sale of ITC	Sold ITC
J)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
L)	Blackout costs	Costs associated with the August 2003 blackout

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DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended September 30
	2004									2003
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	0.19		$	—		$	0.19		$	0.36		$	0.10	L	$	0.46
Non-regulated
Energy Services		0.29			—			0.29			0.14			—			0.14
Energy Marketing & Trading		0.07			—			0.07			0.14			—			0.14
Other		0.01			—			0.01			(0.01	)		—			(0.01	)
Total Non-regulated		0.37			—			0.37			0.27			—			0.27
		0.56			—			0.56			0.63			0.10			0.73
Energy Distribution
Regulated — Power Distribution		0.16			—			0.16			0.21			—			0.21
Non-regulated		(0.03	)		—			(0.03	)		(0.02	)		—			(0.02	)
		0.13			—			0.13			0.19			—			0.19
Energy Gas
Regulated — Gas Distribution		(0.31	)		—			(0.31	)		(0.27	)		—			(0.27	)
Non-regulated		0.03			—			0.03			0.07			—			0.07
		(0.28	)		—			(0.28	)		(0.20	)		—			(0.20	)
Corporate and Other		0.13			(0.14	)B		(0.01	)		0.44			(0.49	)B		(0.05	)
		0.13			(0.14	)		(0.01	)		0.44			(0.49	)		(0.05	)
Income from Continuing Operations
Regulated		0.04			—			0.04			0.30			0.10			0.40
Non-regulated		0.37			—			0.37			0.32			—			0.32
Corporate and Other		0.13			(0.14	)		(0.01	)		0.44			(0.49	)		(0.05	)
		0.54			(0.14	)		0.40			1.06			(0.39	)		0.67
Discontinued Operations
Income from operations		—			—			—			—			—			—
Impairment loss/ Gain on sale		—			—			—			(0.02	)		0.02	I		—
		—			—			—			(0.02	)		0.02			—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			—			—			—
Energy trading activities		—			—			—			—			—			—
		—			—			—			—			—			—
Net Income	$	0.54		$	(0.14	)	$	0.40		$	1.04		$	(0.37	)	$	0.67

ADJUSTMENTS KEY

A)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
B)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D)	Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H)	Adjustment for discontinued operations	Sold ITC
I)	Gain on sale of ITC	Sold ITC
J)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
L)	Blackout costs	Costs associated with the August 2003 blackout

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DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)

	Nine Months Ended September 30
	2004									2003
	Reported						Operating			Reported						Operating
(in Millions)	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	51		$	—		$	51		$	132		$	16	L	$	148
Non-regulated
Energy Services		145			—			145			151			—			151
Energy Marketing & Trading		62			(48	)A		14			52			(16	)D		36
Other		(1	)		—			(1	)		(1	)		—			(1	)
Total Non-regulated		206			(48	)		158			202			(16	)		186
		257			(48	)		209			334			—			334
Energy Distribution
Regulated — Power Distribution		63			—			63			15			14	E		29
Non-regulated		(15	)		—			(15	)		(12	)		—			(12	)
		48			—			48			3			14			17
Energy Gas
Regulated — Gas Distribution		(22	)		—			(22	)		5			17	F		22
Non-regulated		14			—			14			26			—			26
		(8	)		—			(8	)		31			17			48
														10	G		10
Corporate and Other		28			(14	)B		14			(117	)		70	B		(47	)
		28			(14	)		14			(117	)		80			(37	)
Income from Continuing Operations
Regulated		92			—			92			152			47			199
Non-regulated		205			(48	)		157			216			(16	)		200
Corporate and Other		28			(14	)		14			(117	)		80			(37	)
		325			(62	)		263			251			111			362
Discontinued Operations
Income from operations		—			—			—			5			(5	)H		—
Impairment loss/ Gain on sale.		(7	)		7	C		—			63			(63	)I		—
		(7	)		7			—			68			(68	)		—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			(11	)		11	J		—
Energy trading activities		—			—			—			(16	)		16	K		—
		—			—			—			(27	)		27			—
Net Income	$	318		$	(55	)	$	263		$	292		$	70		$	362

ADJUSTMENTS KEY

A)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
B)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D)	Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H)	Adjustment for discontinued operations	Sold ITC
I)	Gain on sale of ITC	Sold ITC
J)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
L)	Blackout costs	Costs associated with the August 2003 blackout

8

DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)

	Nine Months Ended September 30
	2004									2003
	Reported						Operating			Reported						Operating
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Energy Resources
Regulated — Power Generation	$	0.29		$	—		$	0.29		$	0.78		$	0.10	L	$	0.88
Non-regulated
Energy Services		0.84			—			0.84			0.89			—			0.89
Energy Marketing & Trading		0.36			(0.28	)A		0.08			0.31			(0.10	)D		0.21
Other		(0.01	)		—			(0.01	)		—			—			—
Total Non-regulated		1.19			(0.28	)		0.91			1.20			(0.10	)		1.10
		1.48			(0.28	)		1.20			1.98			—			1.98
Energy Distribution
Regulated — Power Distribution		0.37			—			0.37			0.09			0.08	E		0.17
Non-regulated		(0.09	)		—			(0.09	)		(0.07	)		—			(0.07	)
		0.28			—			0.28			0.02			0.08			0.10
Energy Gas
Regulated — Gas Distribution		(0.13	)		—			(0.13	)		0.04			0.10	F		0.14
Non-regulated		0.08			—			0.08			0.15			—			0.15
		(0.05	)		—			(0.05	)		0.19			0.10			0.29
		—			—			—			—			0.06	G		0.06
Corporate and Other		0.17			(0.08	)B		0.09			(0.70	)		0.42	B		(0.28	)
		0.17			(0.08	)		0.09			(0.70	)		0.48			(0.22	)
Income from Continuing Operations
Regulated		0.53			—			0.53			0.91			0.28			1.19
Non-regulated		1.18			(0.28	)		0.90			1.28			(0.10	)		1.18
Corporate and Other		0.17			(0.08	)		0.09			(0.70	)		0.48			(0.22	)
		1.88			(0.36	)		1.52			1.49			0.66			2.15
Discontinued Operations
Income from operations		—			—			—			0.03			(0.03	)H		—
Impairment loss/ Gain on sale		(0.04	)		0.04	C		—			0.37			(0.37	)I		—
		(0.04	)		0.04			—			0.40			(0.40	)		—
Cumulative Effect of Accounting Changes
Asset retirement obligations		—			—			—			(0.07	)		0.07	J		—
Energy trading activities		—			—			—			(0.09	)		0.09	K		—
		—			—			—			(0.16	)		0.16			—
Net Income	$	1.84		$	(0.32	)	$	1.52		$	1.73		$	0.42		$	2.15

ADJUSTMENTS KEY

A)	Adjustment for contract termination / modification	Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company
B)	Tax credit driven normalization	Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
C)	Impairment loss / Discontinued operations	Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
D)	Adjustment of EITF 98-10 accounting change	Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
E)	Loss on sale of steam heating business	Sold Detroit Edison steam heating business
F)	Disallowance of gas costs	Reserve for the potential disallowance of MichCon 2002 gas procurement costs
G)	Contribution to DTE Energy Foundation	Used a portion of International Transmission Company (ITC) sale proceeds to fund the DTE Energy Foundation
H)	Adjustment for discontinued operations	Sold ITC
I)	Gain on sale of ITC	Sold ITC
J)	Asset retirement obligations	Cumulative effect of a change in accounting principle from adoption of SFAS 143
K)	Adjustment of EITF 98-10 accounting change	Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
L)	Blackout costs	Costs associated with the August 2003 blackout

9

EX-99.2

Exhibit 99.2

Net Income Summary
(Preliminary/Unaudited)

(in millions, except per share amounts)	Reported						Operating			Operating
	Q3 2004			Adjustments			Q3 2004			Q3 2003			Variance
Energy Resources
Regulated — Power Generation		34						34			77			(43	)
Non-Regulated
Energy Services
Coal Based Fuels
Synfuels		55			—			55			27			28
Coke Batteries		4			—			4			—			4
On Site Energy Projects		5			—			5			2			3
Merchant Generation		(6	)		—			(6	)		(4	)		(2	)
Coal Services		4			—			4			2			2
Biomass Energy		1			—			1			2			(1	)
Energy Trading & CoEnergy Portfolio		12			—			12			23			(11	)
Energy Resources Overheads		(11	)					(11	)		(7	)		(4	)
Total Energy Resources Non-Regulated		64			—			64			45			19
Total Energy Resources		98			—			98			122			(24	)
Energy Distribution
Regulated — Power Distribution		28			—			28			35			(7	)
Non Regulated (Energy Technologies)		(4	)		—			(4	)		(3	)		(1	)
Total Energy Distribution		24			—			24			32			(8	)
Energy Gas
Regulated		(55	)		—			(55	)		(45	)		(10	)
Non-Regulated		5			—			5			12			(7	)
Total Energy Gas		(50	)		—			(50	)		(33	)		(17	)
Holding Company & Other
Energy Technology Investments		—			—			—			(2	)		2
Other		21			(24	)A		(3	)		(5	)		2
Total Holding Company & Other		21			(24	)		(3	)		(7	)		4
Total
Regulated
Electric	$	62		$	—		$	62		$	112		$	(50	)
Gas	$	(55	)	$	—		$	(55	)	$	(45	)	$	(10	)
Non-Regulated	$	65		$	—		$	65		$	52		$	13
Holding Company/Other	$	21		$	(24	)	$	(3	)	$	(5	)	$	2
Total	$	93		$	(24	)	$	69		$	114		$	(45	)
Total Net Income	$	93		$	(24	)	$	69		$	114		$	(45	)
Total Diluted EPS	$	0.54					$	0.40		$	0.67		$	(0.27	)
Average Diluted Shares Outstanding		174						174			168

Key:

A -   Quarterly Effective Tax Rate Adjustment

DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)

Q3 2003 Reported Earnings per Share	$	1.04
Adjust for non-recurring direct costs of blackout		0.10
Adjust for Q3 2003 Quarterly Effective Tax Rate Adjustment		(0.49	)
Adjust for discontinued operations		0.02
Q3 2003 Operating Earnings per Share	$	0.67
Regulated Electric
Regulatory Assets		0.03
Weather		(0.11	)
Choice Lost Margin		(0.14	)
Net Interim Rate Relief Impact		0.06
Pension/Health Care		(0.06	)
Generation O&M & DTE2		(0.07	)
Regulated Gas
Margin		0.01
Other		0.01
Taxes		(0.07	)
Non-Regulated
Synfuels		0.16
Coke Batteries		0.02
Trading & CoEnergy Portfolio		(0.06	)
Non-Regulated Gas		(0.04	)
Other		(0.01	)
Holding Company & Share Dilution		—
Q3 2004 Operating Earnings per Share	$	0.40
Effective tax rate adjustment		0.14
Q3 2004 Reported Earnings per Share	$	0.54

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	(Unaudited)
	September 30			December 31
	2004			2003
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	74		$	54
Restricted cash		76			131
Accounts receivable
Customer (less allowance for doubtful accounts of $130 and $99, respectively)		868			877
Accrued unbilled revenues		174			316
Other		431			338
Inventories
Fuel and gas		568			467
Materials and supplies		159			162
Assets from risk management and trading activities		307			186
Other		247			181
		2,904			2,712
Investments
Nuclear decommissioning trust funds		557			518
Other		565			601
		1,122			1,119
Property
Property, plant and equipment		18,101			17,679
Less accumulated depreciation and depletion		(7,699	)		(7,355	)
		10,402			10,324
Other Assets
Goodwill		2,064			2,067
Regulatory assets		2,132			2,063
Securitized regulatory assets		1,462			1,527
Notes receivable		527			469
Assets from risk management and trading activities		205			88
Prepaid pension assets		183			181
Other		193			203
		6,766			6,598
Total Assets	$	21,194		$	20,753

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	(Unaudited)
	September 30			December 31
	2004			2003
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	691		$	625
Accrued interest		111			110
Dividends payable		90			87
Accrued payroll		40			51
Income taxes		11			185
Short-term borrowings		476			370
Current portion of long-term debt, including capital leases		516			477
Liabilities from risk management and trading activities		454			326
Other		584			593
		2,973			2,824
Other Liabilities
Deferred income taxes		1,071			988
Regulatory liabilities		812			817
Asset retirement obligations		903			866
Unamortized investment tax credit		147			156
Liabilities from risk management and trading activities		357			173
Liabilities from transportation and storage contracts		397			495
Accrued pension liability		237			345
Deferred gains from asset sales		398			311
Minority interest		115			156
Nuclear decommissioning		72			67
Other		605			599
		5,114			4,973
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,689			5,624
Securitization bonds		1,400			1,496
Equity-linked securities		179			185
Trust preferred-linked securities		289			289
Capital lease obligations		70			75
		7,627			7,669
Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 173,958,093 and 168,606,522 shares issued and outstanding, respectively		3,312			3,109
Retained earnings		2,360			2,308
Accumulated other comprehensive loss		(192	)		(130	)
		5,480			5,287
Total Liabilities and Shareholders’ Equity	$	21,194		$	20,753

DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

	Nine Months Ended
	September 30
	2004			2003
(in Millions)
Operating Activities
Net Income	$	318		$	292
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		536			551
Deferred income taxes		104			(55	)
Gain on sale of interests in synfuel projects		(166	)		(57	)
Gain on sale of ITC and other assets, net		(27	)		(130	)
Partners’ share of synfuel project losses		(158	)		(58	)
Contributions from synfuel partners		71			44
Cumulative effect of accounting changes		—			27
Changes in assets and liabilities, exclusive of changes shown separately		(88	)		(328	)
Net cash from operating activities		590			286
Investing Activities
Plant and equipment expenditures — regulated		(555	)		(504	)
Plant and equipment expenditures — non-regulated		(52	)		(58	)
Investment in joint ventures		(36	)		(5	)
Proceeds from sale of interests in synfuel projects		151			67
Proceeds from sale of ITC and other assets		62			643
Restricted cash for debt redemptions		55			137
Other investments		(59	)		(61	)
Net cash from (used for) investing activities		(434	)		219
Financing Activities
Issuance of long-term debt		617			529
Redemption of long-term debt		(620	)		(897	)
Short-term borrowings, net		106			55
Issuance of common stock		31			33
Dividends on common stock		(265	)		(259	)
Other		(5	)		(9	)
Net cash used for financing activities		(136	)		(548	)
Net Increase (Decrease) in Cash and Cash Equivalents		20			(43	)
Cash and Cash Equivalents at Beginning of the Period		54			133
Cash and Cash Equivalents at End of the Period	$	74		$	90

THE DETROIT EDISON COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2004			2003			2004			2003
(in Millions)
Operating Revenues	$	958		$	1,017		$	2,679		$	2,824
Operating Expenses
Fuel and purchased power		238			288			654			762
Operation and maintenance		361			316			1,063			1,025
Depreciation and amortization		128			127			364			386
Taxes other than income		62			67			192			204
		789			798			2,273			2,377
Operating Income		169			219			406			447
Other (Income) and Deductions
Interest expense		72			71			215			217
Other income		(13	)		(29	)		(43	)		(62	)
Other expenses		16			30			61			67
		75			72			233			222
Income Before Income Taxes		94			147			173			225
Income Tax Provision		32			51			59			78
Income Before Accounting Change		62			96			114			147
Cumulative Effect of Accounting Change		—			—			—			(6	)
Net Income		62			96			114			141
Cumulative Effect of Accounting Changes
Asset Retirement Obligations (FAS 143)		—			—			—			6
Unusual Items
August 2003 Blackout Costs		—			16			—			16
Loss on Sale of Steam Heating Business		—			—			—			14
Operating Earnings		62			112			114			177
Regulatory Deferrals Impact:
Regulatory Deferrals (Net of Income Taxes)(1)		23			18			65			48
Operating Earnings Excluding Regulatory Deferrals	$	39		$	94		$	49		$	129
Return on Average Common Equity (2)
Operating Earnings Including Regulatory Deferrals		—			—			7.4	%		10.1	%
Operating Earnings Excluding Regulatory Deferrals		—			—			3.8	%		7.5	%

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

(1) Regulatory deferrals recorded pursuant to Michigan electric restructuring legislation and related Michigan Public Service Commission Orders. The deferrals include Electric Choice lost margin recovery, Electric Choice implementation costs, environmental compliance costs and other.

(2) Reflects reported earnings for the 12-month period ending September 30 and a 13-month average common equity.

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2004			2003			2004			2003
(in Millions)
Operating Revenues	$	155		$	142		$	1,141		$	1,078
Operating Expenses
Cost of gas		64			56			713			637
Operation and maintenance		90			90			293			251
Depreciation, depletion and amortization		28			26			81			79
Taxes other than income		12			12			37			42
Property write-down		—			—			—			5
		194			184			1,124			1,014
Operating Income (Loss)		(39	)		(42	)		17			64
Other (Income) and Deductions
Interest expense		14			13			41			42
Interest income		(2	)		(2	)		(7	)		(8	)
Other		—			(2	)		1			(4	)
		12			9			35			30
Income (Loss) Before Income Taxes		(51	)		(51	)		(18	)		34
Income Tax Provision (Benefit)		2			(14	)		2			7
Reported Earnings (Loss)	$	(53	)	$	(37	)	$	(20	)	$	27
Purchase Accounting and Other Adjustments		(1	)		(5	)		(2	)		(5	)
Disallowance of Gas Costs		—			—			—			(17	)
Operating Earnings(A)	$	(54	)	$	(42	)	$	(22	)	$	5

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q

(A) Represents MichCon’s results included in the DTE Energy Consolidated Statement of Operations

DTE Energy Debt/Equity Calculation
As of September 30, 2004
($ millions)

short-term borrowings	476
current portion LTD + cap leases	516
long-term debt	5,689
securitization bonds	1,400
capital leases	70
less QUIDS	(385	)
less MichCon short-term debt	(209	)
less securitization debt, including current portion	(1,496	)
Total debt	6,061
Trust preferred	289
QUIDS	385
Mandatory convertible	179
Total preferred/ other	853
Equity	5,480
Total capitalization	12,394
Debt	48.9	%
Preferred stock	6.9	%
Common shareholders’ equity	44.2	%
Total	100.0	%

Sales Analysis

Electric Sales — Detroit Edison Service Area (000’s of GWh)

	Q3 2004		Q3 2003		% Change
Residential		4,113,927		4,456,931		-7.7	%
Commercial		3,557,384		4,162,910		-14.5	%
Industrial		2,854,400		3,044,498		-6.2	%
Other		628,397		653,532		-3.8	%
TOTAL SYSTEM		11,154,108		12,317,871		-9.4	%
Interconnection Sales		1,442,501		1,046,630		37.8	%
Choice Sales (Distribution Charge)*		2,654,802		2,141,011		24.0	%
TOTAL SALES		15,251,411		15,505,512		-1.6	%

* Includes Dearborn Industrial Group sales

Electric Revenue — Detroit Edison Service Area ($000s)

	Q3 2004		Q3 2003		% Change
Residential		369,059		404,888		-8.8	%
Commercial		294,301		338,121		-13.0	%
Industrial		137,412		158,683		-13.4	%
Other		29,209		29,634		-1.4	%
TOTAL SYSTEM		829,981		931,326		-10.9	%
Interconnection Sales		58,090		45,384		28.0	%
Choice Sales (Distribution Charge)*		50,506		9,476		433.0	%**
TOTAL SALES		938,577		986,186		-4.8	%

* Includes Dearborn Industrial Group sales

** Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charge

Gas Sales — MichCon Service Area (Mcf)

	Q3 2004		Q3 2003		% Change
Residential		9,180,323		9,150,523		0.3	%
Commercial		2,695,926		3,093,001		-12.8	%
Industrial		188,258		314,234		-40.1	%
		12,064,507		12,557,758		-3.9	%
End User Transportation*		27,441,684		26,696,816		2.8	%
TOTAL SALES		39,506,191		39,254,574		0.6	%

* includes choice customers

Gas Revenue — MichCon Service Area (Mcf)

	Q3 2004		Q3 2003		% Change
Residential		96,521,908		86,566,132		11.5	%
Commercial		26,379,204		26,021,106		1.4	%
Industrial		1,651,688		2,298,651		-28.1	%
		124,552,800		114,885,889		8.4	%
End User Transportation*		20,818,581		18,914,849		10.1	%
TOTAL SALES		145,371,381		133,800,738		8.6	%

* includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q3 2004			Q3 2003			% Change
Actuals		470			548			-14	%
Normal		537			537			n/m
Deviation from normal		-12.5	%		2.0	%

Heating Degree Days
MichCon service territory

	Q3 2004			Q3 2003			% Change
Actuals		134			165			-19	%
Normal*		147			189			-22	%
Deviation from normal		-8.8	%		-12.7	%

* 2004 data based on 10-year average, 2003 data based on 30 year average