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美國證券交易委員會
華盛頓特區20549
__________________________________________
表格 10-Q

☒ 根據1934年證券交易法第13或15(d)條款的季度報告。
截至截止季度 二零二四年九月三十日
或者
☐ 根據1934年證券交易法第13或15(d)條款的過渡報告
過渡期從_____到_____
dtecolorlogoa04.jpg
佣金文件號碼： 1-11607
德泰能源公司姆帕尼
密西根38-3217752
(成立地或組織其他管轄區)(國稅局雇主身份證號碼)
佣金文件號碼： 1-2198
德泰電機公司姆帕尼
密西根38-0478650
(成立地或組織其他管轄區)(國稅局雇主身份證號碼)
主要執行辦公室的註冊地址： One 能源廣場, 底特律, 密西根 48226-1279
註冊者的電話號碼，包括區號：(313) 235-4000
根據法案第12(b)條規定註冊的證券：
註冊人
每個班級的標題
交易符號
註冊的交易所名稱
德泰能源公司
(德泰能源)
普通股，不含面值
德
紐約證券交易所
德泰能源
二零一七年 E 系列 5.25% 初級附屬債券 2077 年到期
DTW
紐約證券交易所
德泰能源二零二零年 G 系列 4.375% 初級附屬債券 2080 年到期DTB
紐約證券交易所
德泰能源2021 年 E 系列 4.375% 初級附屬債券 2081 年到期DTG
紐約證券交易所
德泰電氣公司
(德泰電機)		無無
請勾選表示：（1）申報人在過去12個月內（或申報人在此期間需要提交此類報告的較短時間內，已提交了證券交易所法案第13條或第15(d)條規定的所有報告；並 （2）該申報人在過去90天內一直受到申報要求的約束。
dte energy company (dte能源)
是
☒
沒有
☐
dte電力公司 (dte電力)
是
☒
沒有
☐
標示勾選，以表明在過去12個月內（或者在登記人需要提交這些文件的更短期間內）已經根據S-T規則第405條的規定，向電子提交了應提交的每個互動資料文件。
dte能源
是
☒
沒有
☐
dte電力
是
☒
沒有
☐


請以核選標記表示登記者是否為大型加速檔案提交者、加速檔案提交者、非加速檔案提交者、較小的報告公司或新興增長公司。請參閱交易所法案第120億2條中對"大型加速檔案提交者"、"加速檔案提交者"、"較小的報告公司"和"新興增長公司"的定義。
dte能源大型加速歸檔人加速歸檔人非加速歸檔人小型報告公司新興成長型企業
☒
☐
☐
☐
☐
dte電力大型加速歸檔人加速歸檔人非加速歸檔人小型報告公司新興成長型企業
☐
☐
☒
☐
☐
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐
勾選表示申報人是否為外殼公司（定義於交易所法規第1202條）。
dte能源
是
☐
沒有
☒
dte電力
是
☐
沒有
☒
2024年9月30日普通股股份的流通股數：
申報人於2024年股東權益計劃協議（以下簡稱“權益計劃協議”）中提交的Registrant的股東權益計劃（以下簡稱“權益計劃”），已於2024年7月24日獲得董事會批准。權益計劃的目的是，盡可能防止公司被潛在買盤接管，並確保誠實和公平的證券接管競標過程，以及確保董事會有足夠時間評估未經請求的證券接管競標並探索和發展最大化股東價值的替代方案。描述股份
dte能源普通股，無面值207,100,586 
dte電力普通股，每股面值10美元，間接由dte能源擁有138,632,324 
這份綜合表格10-Q是由兩家登記者dte能源和dte電力分別提交的。 此處包含的任何有關個別登記者的信息僅由該登記者代表自己提交。 dte電力對專屬於dte能源的信息不作陳述。
dte電力是dte能源的間接全資子公司，符合10-Q表格H(1)(a)和(b)一般說明書中規定的條件，因此以10-Q表格H(2)所規定的簡化披露格式提交此表格。



目 錄
頁面

目錄

定義
AFUDC在施工期間所使用資金的補貼金
ASU財務會計準則更新，由FASB發布
加幣加幣 (C$)
CARB加州空氣資源委員會，負責管理加州的低碳燃料標準
碳排放含有二氧化碳和甲烷等碳化合物的排放，被識別為溫室氣體
CCR煤的燃燒殘渣
此外，商品交易所法，經修訂（「CEA」），目前對我們與比特幣的採礦或交易未直接賦予任何義務。一般而言，期貨交易委員會（「CFTC」），負責執行CEA的聯邦機構，將比特幣和其他加密貨幣視為商品。聯邦法院的判決支持這一立場。美國商品期貨交易委員會
dte電力dte電力公司（dte能源的間接完全擁有子公司）及子公司
dte能源dte energy company是dte電力、dte燃料幣和眾多非公用事業子公司的直接或間接母公司。
dte燃料幣dte燃料幣公司（dte能源的間接全資子公司）和子公司
dte資產化I
dte電力資產化資金I有限責任公司，這是dte電力完全擁有的特殊目的實體。 該實體成立的目的是為了發行與River Rouge發電廠和樹木修剪增加計劃相關的符合成本的證券化債券，並從dte電力客戶那裡收回債務服務成本。
dte資產化II
dte電力資產化資金II有限責任公司，這是dte電力完全擁有的特殊目的實體。 該實體成立的目的是為了發行與St. Clair和Trenton Channel發電廠相關的符合成本的證券化債券，並從dte電力客戶那裡收回債務服務成本。
dte可持續發電DTE Sustainable Generation Holdings, LLC（dte能源的間接完全擁有子公司）和附屬公司
EGLE密歇根州環境、五大湖及能源部，前身為密歇根州環境品質部
ELG廢水排放限值指南
環保署美國環保署
EWR能源浪費減少計畫，其中包括一個由MPSC授權的機制，允許dte能源公司和dte能源燃料幣通過率收回與能源浪費減少有關的某些成本
金融會計準則委員會金融會計準則委員會
FERC美國聯邦能源監管委員會
FGD煙氣脫硫
前進視野違反發現
未來交易權利財務變速器是一種金融工具，賦予持有人權利，以接受與變電網擁塞所產生的成本相關的支付
全球競爭力報告由密西根公用事業委員會授權的燃料幣成本核准機制，允許dte能源通過費率收取其天然氣成本
溫室氣體溫室氣體
互聯銷售
dte能源通過MISO將電力銷售到能源市場，通常是由於過剩發電量超過客戶需求而導致的
MGP製造煤氣廠
MISO
中部獨立系統操作商，Inc.
MPSC密歇根公共服務委員會
1
目錄

定義
MTM按市價評估
NAAQS
國家環境空氣質量標準
NAV 資產淨值淨資產價值
淨零dte能源的公用事業和DTE Gas的燃料幣供應商所制定的目標是，將放入大氣中的任何碳排放物與抽出大氣的碳排放達到平衡。實現此目標將包括共同努力減少碳排放以及採取行動抵銷任何剩餘排放。對淨零目標的進展是估計的，方法和計算可能與其他具有類似目標的公用事業業務不同。
非公用事業不是公共事業的實體。其服務條件、商品和服務價格以及其他營運相關事項並非直接受密歇根公共服務委員會監管
不X
氮氧化物
NPDES國家排放污染物排放消除系統
NRC美國核能規制委員會
PSCR一種由MPSC授權的電力供應成本回收機制，允許dte能源通過費率收取其燃料、與燃料有關和購買的電力成本
REC可再生能源信用
REF減排燃料
登記人dte能源和dte電力
零售渠道密歇根法例為顧客提供了選擇權，以獲得電力和天然氣供應商的替代方案
RPS可再生能源組合標準計畫，其中包括密歇根公共事業委員會授權的機制，允許dte能源通過費率收回其可再生能源成本
SIP州執行計劃
southern co. corporate units 2019 series a 01/08/20222
二氧化硫
SOFR隔夜拆款利率
減稅和就業法案Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21%
TRM
A Transition Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of customers from the city of Detroit's Public Lighting Department to DTE Electric's distribution system
Topic 606FASb issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended
VIE變量利益實體

計量單位
十億立方英尺天然氣十億立方英尺
英熱單位（熱值-燃料的能量含量）英國熱單位，燃料的熱值（能源含量）
MMBtu一百萬英熱單位
 
兆瓦時電力的兆瓦時
2
目錄

歸檔格式

dte能源和dte電力分別提交這份合併第10-Q表格。關於每個獨立登記公司的信息，都是各自代表這些登記公司提交的。dte電力就其負債證券之外的與dte能源聯屬公司相關信息並未作出任何陳述，而這些負債證券的持有者在決定有關dte電力的債券時，不應考慮dte能源或dte能源的其他子公司的財務資源或營運成果（除了dte電力及其自己的子公司（在相關情況下））。同樣地，dte電力或dte能源的其他子公司都不負有就與dte能源的債券事宜具有任何責任。應該全文閱讀這份合併第10-Q表格。這份合併第10-Q表格中沒有一個部分涉及這份合併第10-Q表格的所有內容。應該同時閱讀這份合併第10-Q表格、合併基本報表附註和包含在dte能源和dte電力2023年度第10-K表格中的管理層討論和分析。

前瞻性陳述
本訊息中包含「前瞻性陳述」，根據1995年私人證券訴訟改革法案的意義，涉及登記者的財務狀況、營運結果和業務。 「預測」、「相信」、「期待」、「可能」、「可能」、「預計」、「意向」、「計劃」和「目標」等詞語表明前瞻性陳述。前瞻性陳述並非對未來結果和狀況的保證，而是受到眾多假設、風險和不確定性的影響，可能導致實際未來結果與所考慮、預期、估算或編列的結果有顯著不同。登記者的前瞻性陳述可能受多個因素的影響，包括但不限於以下:
•EPA、EGLE、FERC、MPSC、NRC，以及對dte能源來說，CFTC和CARb的監管影響，以及其他適用的政府程序和法規的影響，包括對價格結構的任何相關影響；
•根據監管程序、相關上訴或新立法，包括立法修訂和零售進入計劃，允許成本回收的金額和時機。
•登記地區的經濟條件和人口變化導致對需求、客戶節約電力以及對dte能源來說天然氣的需求發生變化；
•電力或燃料幣配電系統或製造行業的運營失敗；
•國際鋼鐵市場價格波動及可再生天然氣投資產生的環保母基屬性價格波動對DTE Vantage運營的影響;
•發生重大安全意外的風險；
•環保母基議題、法律、法規，以及修復和符合成本的增加，包括現行和潛在的新聯邦和州要求；
•保護資產和客戶數據免受網絡事故和恐怖主義造成的損害成本；
•擁有和運營核設施涉及的健康、安全、財務、環保和監管風險；
•商品市場的波動、天氣偏差以及相關風險影響了dte能源的能源交易活動的結果;
•煤和其他原材料、購買的電力以及天然氣成本和供應的變化；
•科技的進步可生產能源、儲存能源，或降低或增加能源消耗；
•重要客戶和戰略合作夥伴的財務狀況變化；
•投資損失的潛在可能性，包括核能停運信託和福利計劃資產以及未來支出和貢獻的相關增加;
3
目錄
•能夠取得資本市場的途徑和其他融資努力的結果可能會受信用評級機構的影響；
•資本市場的不穩定可能影響短期和長期融資的可用性；
•通貨膨脹的影響、利率期貨的更改時機和幅度；
•借款水平；
•重大資本項目完成可能增加成本或延遲的潛在風險；
•聯邦、州和地方稅法及其解讀的變化和應用，包括《內部稅收法典》、法規、裁定、法院訴訟和審計；
•天氣和其他自然現象（包括氣候變化）對業務運作、客戶銷售及供應商採購的影響；
•我們的發電廠出現了非計劃停機；
•員工關係與集體談判協議的影響;
•保險的供應、成本、保障和條款，以及保險提供者的穩定性；
•成本降低的努力和發電和配電系統性能的最大化；
•競爭的影響；
•會計準則和財務報告規定的變化和應用；
•聯邦或州法律及其對監管、能源政策和其他業務議題的解釋的變化；
•成功執行新業務開發和未來增長計劃；
•合同糾紛、具約仲裁、訴訟及相關上訴；
•電力和燃料幣公用事業實現碳排放減少目標的能力；以及
•在證券交易委員會的公開申報文件中討論的風險。
新因素不時出現。 註冊者無法預測可能出現的因素，或這些因素如何可能導致結果與任何前瞻性聲明內容大不相同。 任何前瞻性聲明僅於發表此類聲明之日起生效。 註冊者不承擔更新任何前瞻性聲明以反映在發表該聲明之日後發生的事件或環境或以反映意外事件發生之義務。

第一部分 — 基本報表
項目1。 基本報表
4
目錄
dte energy company
合併損益表（未經審計）。

截至9月30日的三個月截至9月30日的九個月
2024202320242023
（單位：百萬美元，除每股金額外）
營業收入
公用事業運營$1,903 $1,827 $5,938 $5,504 
非公用事業運營1,003 1,061 3,083 3,847 
2,906 2,888 9,021 9,351 
營業費用
燃料、購買電力和燃料幣 - 公用事業453 435 1,488 1,364 
燃料、已購入電力、燃料幣和其他 - 非公用事業832 864 2,666 3,226 
操作和維護547 545 1,680 1,650 
折舊與攤提438 404 1,288 1,185 
不屬營業收入稅119 114 364 350 
資產（利得）損失和減損，淨額— (12)(1)(11)
2,389 2,350 7,485 7,764 
營業收入517 538 1,536 1,587 
其他（收入）和扣除
利息費用252 200 703 583 
利息收入(48)(15)(102)(45)
養老福利營業之外的影響，淨額— 1 — 9 
其他收益(54)(13)(146)(70)
其他費用11 11 33 26 
161 184 488 503 
稅前收入356 354 1,048 1,084 
所得稅費用（利益）(121)22 (64)106 
歸屬於dte energy company的凈利潤$477 $332 $1,112 $978 
普通股每股基本盈利
歸屬於dte energy company的凈利潤$2.30 $1.61 $5.37 $4.74 
每股摊薄收益
歸屬於dte energy company的凈利潤$2.30 $1.61 $5.36 $4.74 
加權平均流通在外普通股
基礎207 206 207 206 
稀釋207 206 207 206 

查閱未經審核的合併基本報表附註。
5
目錄
dte energy company
綜合收益總表(未經審核)

截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
凈利潤$477 $332 $1,112 $978 
其他綜合損益（稅後淨額）：
免稅後的福利負債總額為$—, $—, $1。1，分別為
1 1 3 2 
衍生工具的净未实现收益（亏损），税后金额为$(4), $4, $8。5，分別為
(14)15 24 17 
外幣兌換1 (3)(2)(1)
其他全面收益（損失）(12)13 25 18 
可归属于dte energy company的综合收益$465 $345 $1,137 $996 

查閱合併基本報表附註（未經審核）
6
目錄
dte energy company
財務狀況合併報表（未經查核）

九月三十日，12月31日，
20242023
（以百萬為單位）
資產
流動資產
現金及現金等價物$969 $26 
限制性現金54 25 
應收賬款（扣除$懷疑賬款備抵）82 15.163及$，分別為：
客戶1,407 1,632 
其他206 155 
存貨
燃料和燃氣493 421 
材料、用品和其他898 633 
衍生金融資產159 297 
監管資產14 108 
當前的投資1,071 — 
其他346 242 
5,617 3,539 
投資
核電設施停運信託基金2,261 2,041 
對股權法投資者之投資135 166 
其他長期投資176 168 
2,572 2,375 
房產險
資產、設備和器材39,916 37,274 
累積折舊和攤銷(9,848)(9,105)
30,068 28,169 
其他資產
商譽1,993 1,993 
監管資產6,622 6,209 
被證化的監管資產707 758 
無形資產148 156 
應收票據852 420 
衍生金融資產69 109 
預付退休後成本684 633 
營運租賃權使用資產178 132 
其他296 262 
11,549 10,672 
總資產$49,806 $44,755 

查閱合併基本報表附註（未經審核）
7
目錄
dte energy company
資產負債表合併資金結構（未經審計） - （續）

九月三十日，12月31日，
20242023
(以百萬為單位，除股份外)
負債和權益
流動負債
應付賬款$1,290 $1,361 
應計利息259 170 
分紅派息應付款211 210 
短期借款966 1,283 
目前部分長期負債，包括證券化債券和融資租賃3,201 2,142 
衍生負債94 177 
監管負債179 71 
營業租賃負債18 17 
其他569 452 
6,787 5,883 
長期負債（扣除目前部分）
按揭債券、票據和其他18,900 15,819 
證券化債券656 705 
次優先抵押債券884 883 
融資租賃負債。18 13 
20,458 17,420 
其他負債  
推延所得稅2,748 2,649 
監管負債2,665 2,603 
養老資產負債3,899 3,556 
未攤銷投資所得稅抵免277 181 
衍生負債80 132 
應計退休金負債286 350 
應計養老待遇負債301 301 
核設施退役354 320 
營業租賃負債159 108 
其他194 197 
10,963 10,397 
承諾與條件（附註4和11）
股權
普通股（無面值， 400,000,000 授權股份數目，以及 207,100,586 和 206,357,070 於2024年9月30日和2023年12月31日分別發行和發行的股份)
6,754 6,713 
保留收益4,880 4,404 
累積其他全面損失(42)(67)
DTE Energy Company總權益11,592 11,050 
非控制權益6 5 
股東權益總額11,598 11,055 
負債及股東權益總計$49,806 $44,755 

查閱合併基本報表附註（未經審核）
8
目錄
dte energy company
合併現金流量表（未經審計）。
截至9月30日的九個月
20242023
（以百萬為單位）
營運活動
凈利潤$1,112 $978 
調整以將凈利潤調和為營運活動的凈現金流量：
折舊與攤提1,288 1,185 
核燃料攤提38 43 
用於施工的股權基金儲備(62)(26)
推延所得稅16 119 
股權法下投資者之權益收益(36)(7)
股權法下投資者的分紅派息2 3 
資產（利得）損失和減損，淨額(1)(11)
資產及負債的變動：
應收帳款淨額174 614 
存貨(337)(170)
預付退休福利成本(51)(45)
應付賬款(89)(438)
應計退休金負債(64)(59)
應計退休負債— 1 
衍生資產和負債43 (234)
監管資產和負債505 509 
其他流動和非流動資產和負債21 (87)
經營活動產生的淨現金2,559 2,375 
投資活動
公用廠房和設備支出(3,170)(2,772)
非公用廠房和設備支出(50)(41)
資產出售收益46 — 
從核退役信託基金資產出售的收益438 527 
投資於核退役信託基金(440)(524)
來自權益法下投資者的分配20 16 
對股權法下之投資對象之貢獻(4)(27)
應收票據(443)(56)
投資於定期存款(1,050)— 
其他(60)(64)
投資活動中的淨現金流出(4,713)(2,941)
融資活動
長期債務發行，扣除折扣和發行成本後的淨額4,215 2,278 
償還長期債務(143)(1,146)
短期借款淨額(317)55 
分紅派息支出(607)(564)
其他(22)(34)
融資活動產生的淨現金3,126 589 
現金、現金等價物和受限制現金的淨增加額972 23 
期初現金、現金等價物和受限制現金51 43 
期末現金、現金等價物及限制性現金$1,023 $66 
非現金投資和籌資的補充披露
應付帳款中的廠房和設備支出$503 $401 

查閱合併基本報表附註（未經審核）
9
目錄
dte energy company
未經審計的權益變動結合報表

保留收益累計其他綜合收益（損失）非控制權益
普通股
股份金額總計
(單位: 百萬美元，股數: 千)
2023年12月31日結餘206,357 $6,713 $4,404 $(67)$5 $11,055 
凈利潤— — 313 — — 313 
分紅派息宣布於普通股（$1.02 每股普通股)
— — (211)— — (211)
發行普通股股票84 9 — — — 9 
其他綜合收益，稅後— — — 25 — 25 
股份報酬和其他496 (12)(1)— — (13)
2024年3月31日結存206,937 $6,710 $4,505 $(42)$5 $11,178 
凈利潤— — 322 — — 322 
普通股宣布的分紅派息（$2.04 每股普通股
— — (422)— — (422)
發行普通股股票83 9 — — — 9 
其他綜合收益，稅後— — — 12 — 12 
股份報酬和其他— 13 (1)— 1 13 
2024年6月30日資產負債表207,020 $6,732 $4,404 $(30)$6 $11,112 
凈利潤— — 477 — — 477 
發行普通股股票75 8 — — — 8 
其他全面損失，扣除稅後淨額— — — (12)— (12)
股份報酬和其他6 14 (1)— — 13 
2024年9月30日結餘207,101 $6,754 $4,880 $(42)$6 $11,598 


保留收益累計其他綜合收益（損失）非控制權益
普通股
股份金額總計
（金額以百萬美元計，股份以千計）
2022年12月31日的結存205,632 $6,651 $3,808 $(62)$4 $10,401 
凈利潤— — 445 — — 445 
普通股宣布的分紅派息 ($0.95 每股普通股)
— — (196)— — (196)
發行普通股股票76 9 — — — 9 
其他全面損失，扣除稅後淨額— — — (3)— (3)
股份報酬和其他401 (8)(2)— — (10)
2023年3月31日結餘206,109 $6,652 $4,055 $(65)$4 $10,646 
凈利潤— — 201 — — 201 
普通股宣布的分紅派息（$1.91 每普通股
— — (393)— — (393)
發行普通股股票76 8 — — — 8 
其他綜合收益，稅後— — — 8 — 8 
股份報酬和其他(9)16 (1)— — 15 
2023年6月30日結餘206,176 $6,676 $3,862 $(57)$4 $10,485 
凈利潤— — 332 — — 332 
發行普通股股票75 9 — — — 9 
其他綜合收益，稅後— — — 13 — 13 
股份報酬和其他8 12 3 — — 15 
2023年9月30日的餘額206,259 $6,697 $4,197 $(44)$4 $10,854 

查閱合併基本報表附註（未經審核）
10
目錄
DTE Electric 公司
合併損益表（未經審計）。

截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
營業收入 — 公用事業營運$1,695 $1,623 $4,772 $4,324 
營業費用
燃料和購買電力 — 公用事業463 440 1,256 1,120 
操作和維護350 371 1,062 1,099 
折舊與攤提360 334 1,063 979 
不屬營業收入稅90 87 262 255 
1,263 1,232 3,643 3,453 
營業收入432 391 1,129 871 
其他（收入）和扣除
利息費用128 114 369 319 
利息收入(2)(3)(6)(14)
養老福利營業之外的影響，淨額(3)(1)(3)(3)
其他收益(41)(16)(105)(56)
其他費用12 9 33 22 
94 103 288 268 
稅前收入338 288 841 603 
所得稅費用（利益）(100)19 (45)55 
凈利潤$438 $269 $886 $548 

查閱合併基本報表附註（未經審核）
11
目錄
DTE Electric 公司
綜合收益總表(未經審核)

截至九月三十日止三個月，截至九月三十日止九個月
2024202320242023
(以百萬計)
淨收入$438 $269 $886 $548 
其他綜合收益— — — — 
綜合收益$438 $269 $886 $548 

查閱合併基本報表附註（未經審核）
12
目錄
DTE Electric 公司
財務狀況合併報表（未經查核）

九月三十日，12月31日，
20242023
（以百萬為單位）
資產
流動資產
現金及現金等價物$14 $15 
限制性現金40 17 
應收賬款（扣除$懷疑賬款備抵）53 15.141及$，分別為：
客戶883 764 
聯屬公司10 12 
其他65 55 
存貨
燃料200 191 
物料和用品512 409 
監管資產9 99 
預付物業稅145 60 
其他37 54 
1,915 1,676 
投資
核電設施停運信託基金2,261 2,041 
其他66 53 
2,327 2,094 
房產險
資產、設備和器材30,030 27,936 
累積折舊和攤銷(7,178)(6,570)
22,852 21,366 
其他資產
監管資產6,019 5,596 
被證化的監管資產707 758 
預付退休後成本 — 附屬公司406 378 
營運租賃權使用資產149 101 
其他251 216 
7,532 7,049 
總資產$34,626 $32,185 

查閱合併基本報表附註（未經審核）
13
目錄
DTE Electric 公司
資產負債表合併資金結構（未經審計） - （續）

九月三十日，12月31日，
20242023
(以百萬為單位，除股份外)
負債及股東權益
流動負債
應付賬款
聯屬公司$63 $58 
其他691 696 
應計利息124 113 
目前部分長期負債，包括證券化債券和融資租賃424 166 
監管負債145 49 
短期借款
聯屬公司142 — 
其他798 385 
營業租賃負債15 15 
其他176 169 
2,578 1,651 
長期負債（扣除目前部分）
按揭債券、票據和其他10,823 10,174 
證券化債券656 705 
融資租賃負債。8 4 
11,487 10,883 
其他負債
推延所得稅3,206 3,109 
監管負債1,747 1,710 
養老資產負債3,659 3,326 
未攤銷投資所得稅抵免277 181 
核設施退役354 320 
附屬公司應付的退休金負債296 334 
附屬公司應付的養老金負債289 290 
營業租賃負債133 81 
其他72 76 
10,033 9,427 
承諾與條件（附註4和11）
股東權益
普通股（$0.0001面值；授權50,000,000股，截至2023年12月31日和2024年6月30日止已發行18735946和18724596股）10 每股面額為 400,000,000 授權股份數目，以及 138,632,324 每個期間發行及持有的股份
7,361 7,361 
保留收益3,167 2,863 
股東權益總額10,528 10,224 
負債總額及股東權益總額$34,626 $32,185 

查閱合併基本報表附註（未經審核）
14
目錄
DTE Electric 公司
合併現金流量表（未經審計）。

截至9月30日的九個月
20242023
（以百萬為單位）
營運活動
凈利潤$886 $548 
調整以將凈利潤調和為營運活動的凈現金流量：
折舊與攤提1,063 979 
核燃料攤提38 43 
用於施工的股權基金儲備(60)(25)
推延所得稅32 59 
資產及負債的變動：
應收帳款淨額(127)(57)
存貨(112)(89)
應付賬款9 (33)
預付退休福利成本 - 關聯公司(28)(26)
應計退休負債 - 關聯公司(38)(39)
應計退休後負債 - 關聯公司(1)2 
監管資產和負債432 402 
其他流動和非流動資產和負債(228)(183)
經營活動產生的淨現金1,866 1,581 
投資活動
植物和設備支出(2,609)(2,215)
從核退役信託基金資產出售的收益438 527 
投資於核退役信託基金(440)(524)
應收票據及其他(41)(30)
投資活動中的淨現金流出(2,652)(2,242)
融資活動
長期債務發行，扣除折扣和發行成本後的淨額993 1,284 
償還長期債務(143)(121)
短期借款淨額-聯賽142 (27)
短期借款淨額-其他413 88 
分紅派息支出(582)(531)
其他(15)(19)
融資活動產生的淨現金808 674 
現金、現金等價物和受限制現金的淨增加額22 13 
期初現金、現金等價物和受限制現金32 24 
期末現金、現金等價物及限制性現金$54 $37 
非現金投資和籌資的補充披露
應付帳款中的廠房和設備支出$394 $295 

See Combined Notes to Consolidated Financial Statements (Unaudited)
15
Table of Contents
DTE Electric Company
Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

Additional Paid-in CapitalRetained Earnings
Common Stock
SharesAmountTotal
(Dollars in millions, shares in thousands)
Balance, December 31, 2023138,632 $1,386 $5,975 $2,863 $10,224 
Net Income— — — 170 170 
Dividends declared on common stock— — — (194)(194)
Balance, March 31, 2024138,632 $1,386 $5,975 $2,839 $10,200 
Net Income— — — 278 278 
Dividends declared on common stock— — — (194)(194)
Balance, June 30, 2024138,632 $1,386 $5,975 $2,923 $10,284 
Net Income— — — 438 438 
Dividends declared on common stock— — — (194)(194)
Balance, September 30, 2024138,632 $1,386 $5,975 $3,167 $10,528 

資本公積金保留收益
普通股
股份金額總計
(單位: 百萬美元，股數: 千)
2022年12月31日的結存138,632 $1,386 $5,216 $3,093 $9,695 
凈利潤— — — 100 100 
普通股宣布的分紅派息— — — (182)(182)
2023年3月31日結餘138,632 $1,386 $5,216 $3,011 $9,613 
凈利潤— — — 179 179 
普通股宣布的分紅派息— — — (174)(174)
2023年6月30日結餘138,632 $1,386 $5,216 $3,016 $9,618 
凈利潤— — — 269 269 
普通股宣布的分紅派息— — — (175)(175)
2023年9月30日的餘額138,632 $1,386 $5,216 $3,110 $9,712 

查閱合併基本報表附註（未經審核）
16
目錄
dte energy company — dte electric company
基本報表附註（未經審核）
合併基本報表附註指数（未經核數）
未經審核的基本報表合併附註是dte能源和dte電力的合併陳述。以下清單指出每個附註適用於哪些登記者：
dte能源和dte電力
dte能源和dte電力
dte能源和dte電力
dte能源和dte電力
dte能源
dte能源和dte電力
dte能源和dte電力
dte能源和dte電力
dte能源和dte電力
dte能源
dte能源和dte電力
dte能源和dte電力
dte能源

註1—— 介紹和報告的基礎
公司組織架構
dte能源擁有以下業務:
•DTE Electric是一家公用事業，從事發電、購買、配送和銷售電力，大約對東南密西根地區的百萬客戶提供服務。 2.3 在密西根州東南部為百萬客戶提供電力的公用事業。
•DTE Gas是一家公用事業公司，從事天然氣的購買、儲存、運輸、分配和銷售，大約有百萬名客戶在密歇根州，並銷售儲存和運輸能力。 1.3 百萬名客戶在密歇根州，銷售儲存和運輸能力。
•其他業務包括： 1) DTE Vantage主要從事可再生天然氣項目，並為工業、商業和機構客戶提供定制能源解決方案；以及 2) 能源營銷和交易業務
dte能源電力和dte燃料幣受密西根公共事業委員會監管。dte能源電力和dte燃料幣的特定活動以及dte能源旗下企業的各種其他方面受聯邦能源規範委員會監管。此外，註冊單位還受其他聯邦和州監管機構監管，包括NRC、EPA、EGLE，以及對dte能源而言，還包括CFTC和CARb。
報告基礎
基本報表應與2023年度合并dte能源和dte電力10-k表格中包含的合并基本報表附註一同閱讀。
附屬於Registrants的綜合財務報表是根據美國通用會計準則準備的。 這些會計準則要求管理層使用估計和假設，影響資產、負債、收入和費用的報告金額，以及揭示附帶資產和負債。 實際結果可能與Registrants的估計有所不同。
合併基本報表尚未經審核，然而在登記者的意見中，已包含所有必要調整以呈現中期結果的公平陳述。 所有調整均屬正常經常性質，除非在這些合併基本報表和合併基本報表附註中另有披露。 本中期期間的財務結果未必代表可能預期的其他任何中期期間或截至2024年12月31日的財政年度結果。
17
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
這些合併附註中的資訊與組合財務報表中所註明的每個登記單位相關。 然而，dte能源對於與dte電力或dte能源本身以外的dte能源子公司相關的資訊並不作任何陳述。
為了符合當年度的合併基本報表格式，公司的某些前一年度資料已重新分類。
合併原則
報名人合併所有持有過半股份的子公司和對受控制的實體的投資。當報名人能夠對投資方的營運政策具有重大影響力時，非過半持股投資將採用股權法核算。當報名人無法對投資方的營運政策產生影響時，股權投資將以成本減去任何可能的減損進行價值評估。這些合併基本報表還反映了報名人對某些共同擁有的公用事業廠房的按比例權益。報名人清除所有公司內部賸餘和交易。
當重新考慮事件發生時，登記機構評估實體是否為可變利益實體。登記機構會合併其是主要受益人的可變利益實體。如果登記機構不是主要受益人並持有所有權利益，則該可變利益實體將按股權法會計處理。在評估主要受益人的判斷時，登記機構考慮所有相關事實和情況，其中包括：通過投票或類似權利來指導對可變利益實體最重要的影響行為的權力，以及承擔預期損失和/或有權收取可變利益實體預期回報的義務。登記機構持續重新評估所有可變利益實體，以判斷主要受益人地位是否已變更。
在dte能源板块内的法律实体与客户签订长期合同，供应与能源相关的产品或服务。这些实体通常旨在将与这些合同相关的商品风险转移给客户，而dte能源保留运营和客户违约风险。当dte能源是主要受益者时，这些实体通常是VIE，并在合并时予以处理。此外，dte能源还在某些VIE中持有利益，通过这些VIE控制所有重要活动，并因此通常根据权益法计算。
登記機構持有特定有限合夥企業的所有權。 這些有限合夥企業包括支持區域型發展和經濟增長的投資基金，以及提供能源相關產品的業務。 由於有限合夥企業投票權的某些特徵，這些實體通常被視為可變利實體。 由於登記機構不是主要受益人，所以持有的所有權利益按股權法核算。
dte能源通過其部分的長期購買和銷售合同對可變利益實體產生變量。dte電力通過其部分的長期購買合同對可變利益實體產生變量。截至2024年9月30日，在dte能源合併資產負債表中，與長期購買和銷售合同下的可變利益有關的資產和負債的帳面金額主要與運營資本帳戶相關，通常代表dte能源根據合同與當前帳單週期相關的交付所欠或所應。截至2024年9月30日，在dte電力合併資產負債表中，與長期購買合同下的可變利益有關的資產和負債的帳面金額主要與運營資本帳戶相關，通常代表dte電力根據合同與當前帳單週期相關的交付所欠。註冊公司並沒有針對這些長期合同提供任何重大形式的財務支持。 無 dte能源通過這些長期購買和銷售合同對可變利益產生潛在損失曝險。此外，dte電力通過這些長期購買合同對可變利益產生潛在損失曝險。 無 dte電力通過這些長期購買合同對可變利益產生潛在損失曝險。
DTE Electric先前透過其全資特殊用途實體DTE債券型I和DTE債券型II（合稱「DTE債券型實體」）發行債券，為已退役某些發電廠和樹木修剪增加計畫相關的遞延成本提供資金。 DTE債券型實體是可變利益實體。 DTE Electric有權指導這些實體的最重要活動，包括執行諸如開帳和收取附加費用等服務活動。 因此，DTE Electric是首要受益人，而DTE債券型實體由報告主體合併。 債券型擔保人對報告主體的資產沒有追索權，除了DTE債券型實體持有的資產。 DTE Electric收取的附加費用用於支付債券服務和其他符合資格成本，全部反映在DTE債券型實體完全擁有的擔保財產上。 這些附加費用被匯往一位受託人，並不可供給報告主體的其他債權人。
18
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
合併VIEs的最大風險暴露反映在登記人的綜合財務狀況表上。對於非合併VIEs，登記人的最大風險暴露通常僅限於其投資和應收票據。
下表彙總了2024年9月30日和2023年12月31日的集團特殊目的實體合併財務狀況重點。 在確定了特殊目的實體的所有資產和負債應報告時，所有資產和負債均按特殊目的實體呈現。 合併特殊目的實體人有：(1)只能用於彌補特殊目的實體債務的資產或(2)債權人不能追索到主要受益人的一般信用的負債，本表中的DTE證券化實體的資產和負債由於其類似性而進行了匯總，在下表中單獨列出，包括DTE Electric金額的全部, 對於所有的其他特殊目的實體，由於其類似性，資產和負債也被匯總，並與下面的DTE 能源金額一起呈現。其中DTE 能源持有多數表決權且是主要受益人的特殊目的實體，符合業務定義且其資產可用於解除特殊目的實體債務的VIE已從表格中排除。
合并的可变利益实体的金额如下：
2024年9月30日2023年12月31日
dte能源dte電力dte能源dte電力
（以百萬為單位）
資產
現金及現金等價物$8 $— $7 $— 
限制性現金54 40 25 17 
應收帳款37 7 85 6 
被證化的監管資產707 707 758 758 
應收票據(a)
634 — 183 — 
其他流動及長期資產1 — 4 1 
$1,441 $754 $1,062 $782 
負債
應付賬款$21 $— $59 $— 
應計利息4 4 6 6 
監管負債 — 流動27 27 8 8 
證券化債券(b)
727 727 769 769 
其他流動及長期負債20 — 12 — 
$799 $758 $854 $783 
_______________________________________
(a)在2024年第一季，dte能源的一家合併性可變利實體報告了票據應收款項顯著增加，主要是因為一項僅此一次的付款，金額為$306百萬，用於與一個大型工業項目相關的投資。到2024年9月30日，票據應收款項中包括在dte能源綜合財務狀況表中報告的$12百萬，位於流動資產-其他中。
(b)包括 $71百萬和$64截至2024年9月30日和2023年12月31日分別報告在"登記公司財務狀況表"的**長期負債當前部分**。
dte能源的非合併VIE的金額如下:
2024年9月30日2023年12月31日
（以百萬為單位）
對股權法投資者之投資$75 $112 
應收票據$21 $15 

19
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
備註二— 重要會計政策
其他收入
以下是dte能源其他收入的摘要:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
用於施工的股權基金儲備$24 $8 $62 $26 
股權法下投資者之股權收益12 3 36 7 
合同服務8 5 21 18 
投資收益(a)
7 — 16 9 
其他3 (3)11 10 
$54 $13 $146 $70 
_______________________________________
(a)投資損失在綜合營業概況表的其他費用項下單獨記錄。
以下是DTE Electric的其他收入摘要：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
用於施工的股權基金儲備$23 $8 $60 $25 
合同服務8 6 21 18 
投資收益(a)
6 — 13 6 
其他4 2 11 7 
$41 $16 $105 $56 
_______________________________________
(a)投資損失在綜合營業概況表的其他費用項下單獨記錄。
累積其他綜合損益的變動
綜合收益（損失）是指一定期間內從非業主來源的交易和事件對普通股東權益的變化，包括净利潤。 DTE能源累計其他綜合收益（損失）記錄的金額包括利益義務的變動，包括延遲的精算損失和往前役成本，衍生品僅將未實現收益和損失作為現金流量避險工具，以及外幣翻譯調整（如有）。 DTE能源在條件終止時，從累計其他綜合收益中釋放所得税影響的情況下不存在。
dte能源的綜合收益（損失）累積變動，如果有的話，將在dte能源的權益變動表和dte電力的股東權益變動表中呈現。 截至2024年和2023年9月30日的三個月和九個月內，從累積其他綜合收益（損失）中重分類的金額不大。
20
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
所得稅
稅率受到估計的年度永久項目、生產和投資減免、監管調整，以及可能在任何特定期間發生，但並不是每期一致的離散項目的影響。 下表摘要了登記人的有效所得稅率與法定聯邦所得稅率之間的變化：
截至九月三十日止三個月，截至九月三十日止九個月
2024202320242023
德泰能源
法定聯邦所得稅率21.0 %21.0 %21.0 %21.0 %
由於以下原因的增加（減少）：
州和地方所得稅（除聯邦福利後）5.0 4.8 4.3 4.5 
投資稅額抵免(34.2)(3.8)(13.6)(2.6)
生產稅抵免(17.2)(7.8)(10.9)(6.4)
TCJA 監管責任攤銷(6.2)(4.9)(5.1)(4.2)
亞洲聯邦基金會股票(1.6)(0.8)(1.3)(0.5)
其他(0.6)(2.2)(0.5)(2.0)
實際所得稅率(33.8)%6.3 %(6.1)%9.8 %
截至9月30日的三個月截至9月30日的九個月
2024202320242023
dte電力
法定聯邦所得稅率21.0 %21.0 %21.0 %21.0 %
因以下原因增加（減少）：
州和地方收入稅，扣除聯邦補貼後淨值6.2 5.7 5.7 5.7 
投資稅收抵免(28.7)(0.3)(11.7)(0.3)
生產稅收抵免(19.3)(11.1)(13.1)(9.4)
TCJA監管責任攤銷(6.4)(6.9)(5.3)(5.9)
AFUDC權益(1.9)(1.1)(1.6)(0.7)
其他(0.5)(0.5)(0.3)(1.2)
綜合所得稅率(29.6)%6.8 %(5.3)%9.2 %
dte電力在2024年9月30日和2023年12月31日擁有dte能源的聯邦所得稅應收款項總額為$8 百萬美元和7 百萬，並且在2024年9月30日，與dte能源有州所得稅應收款項總額為$1 百萬，包含在dte電力合併資產負債表的應收款項 - 關聯公司中。
未被認可的補償成本
截至2024年9月30日，dte能源有$71 百萬總未認可報酬成本，涉及未股份化的股票激勵計劃安排。 預計該成本將在加權平均期內確認 1.5 年
配置股本報酬
dte電力收到來自dte能源的與基於股票的補償相關的成本分擔，金額為$9 百萬和$7 百萬，分別為截至2024年和2023年9月30日的三個月，而此類分配金額為$26 百萬美元和27 百萬。
現金、現金等價物和受限制的現金
現金及現金等價物包括手頭現金、銀行存款和購買到期日在三個月或以下的短期投資。 限制性現金包括存放在不同銀行帳戶中的資金，主要包括DTE Securitization I和DTE Securitization II的款項，用於支付債務服務及其他合格成本。 限制性現金還包括用於滿足與DTE Vantage的大型施工項目相關的合約義務的資金。 用於一年內付款的限制性現金被歸為流動資產。
21
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
融資應收款項
融資應收款主要由交易應收款、應收票據和未開票收入組成。登記者的融資應收款以淨實現價值列示。
登記人定期審查其融資應收款項的信用質量，通過審查信用質量指標和監控觸發事件，例如信用評級下調或破產。 信用質量指標包括但不限於信用機構的評級（如有）、催收歷史、抵押品、交易對手的基本報表和其他內部指標。 通過利用這些數據，登記人已經判斷了三個內部信用質量等級。 內部等級1包括信用評級機構將交易對手評為投資級別的融資應收款項。 在沒有信用評級可用的情況下，登記人利用其他信用質量指標來確定與融資應收款項相關的風險水平。 內部等級1可能包括信用評級機構將交易對手評為低於投資級別的融資應收款項；但是由於其他信用質量指標呈現有利信息，登記人已經判斷風險水平與投資級別交易對手相似。 內部等級2包括信用信息有限以及基於信用質量指標而具有較高風險概況的交易對手的融資應收款項。 內部等級3反映了融資應收款項對於交易對手具有最高風險水平，包括處於破產狀態的交易對手。
以下是根據原始年份分類的登記人融資應收款項，按信用風險內部等級劃分，包括截至當年至今的毛價提列（如有）。用於制定內部等級的相關信用質量因數和風險評級已更新至2024年9月30日。
dte能源dte電力
起源年份
202420232022年及之前總計2024年及之前
（以百萬為單位）
應收票據
內部等級1$— $1 $4 $5 $1 
內部等級2426 7 25 458 1 
應收票據總額(a)
$426 $8 $29 $463 $2 
租賃投資淨額
內部等級1$— $— $36 $36 $— 
內部等級2160 — 243 403 — 
租賃淨投資總額(a)
$160 $— $279 $439 $— 
_______________________________________
(a)對於dte能源，當前部分包含在綜合財務狀況表的流動資產-其他項目中。對於dte電力，非流動部分包含在其他資產-其他項目中。
對於公用事業實體應收帳款的坏账準備通常是使用年齡方法計算，該方法利用保留研究中開發的比率。DTE Electric和DTE Gas根據歷史損失以及管理層對現有和未來經濟狀況、客戶趨勢和其他因素的評估，設立不可收回帳戶的備抵金。如果到期日（通常在）未收到已開帳單的金額，客戶帳戶通常被視為逾期，然而，輔助計劃等因素可能延遲積極行動。DTE Electric和DTE Gas通常根據與客戶的逾期條款對貿易應收帳款徵收滯納金。當催收努力已經耗盡時，客戶帳戶將被報銷。報銷期限為（）天，服務終止後。 21 對於公用事業實體應收帳款的坏账準備通常是使用年齡方法計算，該方法利用保留研究中開發的比率。DTE Electric和DTE Gas根據歷史損失以及管理層對現有和未來經濟狀況、客戶趨勢和其他因素的評估，設立不可收回帳戶的備抵金。如果到期日（通常在）未收到已開帳單的金額，客戶帳戶通常被視為逾期，然而，輔助計劃等因素可能延遲積極行動。DTE Electric和DTE Gas通常根據與客戶的逾期條款對貿易應收帳款徵收滯納金。當催收努力已經耗盡時，客戶帳戶將被報銷。報銷期限為（）天，服務終止後。 150 對於公用事業實體應收帳款的坏账準備通常是使用年齡方法計算，該方法利用保留研究中開發的比率。DTE Electric和DTE Gas根據歷史損失以及管理層對現有和未來經濟狀況、客戶趨勢和其他因素的評估，設立不可收回帳戶的備抵金。如果到期日（通常在）未收到已開帳單的金額，客戶帳戶通常被視為逾期，然而，輔助計劃等因素可能延遲積極行動。DTE Electric和DTE Gas通常根據與客戶的逾期條款對貿易應收帳款徵收滯納金。當催收努力已經耗盡時，客戶帳戶將被報銷。報銷期限為（）天，服務終止後。
對於非公用事業企業的客戶應收賬款和公用事業及非公用事業企業的其他應收賬款，通常根據對未來可能收款情況的具體審查來計算，一般超過其應收賬款餘額。 30 收款依據具體的識別基礎進行核銷，根據相關應收賬款的具體情況確定。現有和未來的經濟條件、客戶趨勢和其他因素也會被考慮在內。
dte能源的應收票據主要由金融租賃應收款項和放款組成，這些款項包含在dte能源的財務狀況表的應收票據和其他流動資產中。 dte電力的應收票據主要由放款組成。
22
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
登記者根據應收票據的合同條款，設立應收本金和利息的呆帳備抵。在確定應收票據的呆帳備抵時，登記者考慮過去的付款經驗和其他預計對交易對手付款能力有特定影響的因素，包括現有和未來的經濟狀況。應收票據在付款未收到的期間從　以起算，通常被視為逾期。如果金額不再有可能收回，登記者可能會認為應收票據受損，調整呆帳，并停止計提利息（非應計狀態）。 60 天從發票日期計算，被視為商業合理。 120 天。如果金額不再可能收回，登記者可能會考慮應收票據受損，調整呆帳，並停止計提利息（非應計狀態）。
在非應計狀態的應收票據上收取的現金支付，如果不能將賬戶合約上達到最新狀態，首先應被用於合約上欠款的過期利息，餘額則應用於本金。當應收票據合約重新達到最新狀態時，通常會恢復應計利息。
以下表格呈現登記人的融資應收款項信用損失準備金活動的結構變動：
dte能源dte電力
交易應收帳款其他應收款項總計交易及其他應收帳款
（以百萬為單位）
2024年1月1日開始的儲備餘額$62 $1 $63 $41 
本期提列64 — 64 42 
扣除應付款項的注銷金額(77)— (77)(50)
先前注銷金額的回收32 — 32 20 
2024年9月30日結束時的儲備餘額$81 $1 $82 $53 
dte能源dte電力
交易應收帳款其他應收款項總計交易及其他應收帳款
（以百萬為單位）
2023年1月1日期初儲備餘額$78 $1 $79 $49 
本期提列52 — 52 36 
扣除應付款項的注銷金額(112)— (112)(72)
先前注銷金額的回收44 — 44 28 
2023年12月31日結束儲備餘額$62 $1 $63 $41 
公司無法收回的費用主要由本期呆賬撥備費用組成，總結如下：
截至九月三十日止三個月，截至九月三十日止九個月
2024202320242023
(以百萬計)
德泰能源$27 $10 $65 $45 
德泰電機$22 $11 $43 $28 
有　 無 在2024年9月30日，有大量已逾期的融資應收款項。
23
目錄
dte energy company — dte 電力公司
合併基本報表註解（未經查核） —（續）
注意事項3 - 營業收入
營業收入的分解
以下是dte能源按部門分解的收入摘要：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
電動(a)
住宅$946 $861 $2,390 $2,173 
商業632 585 1,759 1,604 
工業189 190 559 545 
其他(b)
(70)(10)75 12 
電力總營收$1,697 $1,626 $4,783 $4,334 
燃料幣
燃料幣銷售$125 $119 $891 $936 
最終用戶交通45 44 180 184 
中間交通15 16 60 63 
其他(b)
45 48 99 62 
燃料幣總營收$230 $227 $1,230 $1,245 
其他部門營收
DTE Vantage$190 $199 $555 $572 
能源交易$840 $893 $2,610 $3,365 
_______________________________________
(a)收入一般表示DTE Electric的收入，除了2024年和2023年截至9月30日的三個月中與DTE Sustainable Generation相關的其他收入之外，分別為$2 百萬美元和3 百萬。11 百萬美元和10 分別為於2024年及2023年9月30日結束的九個月，公司認識收入金額分別為百萬美元。
(b)包括與各種監管機制相關的營業收入調整，包括電力部門的PSCR和燃料幣部門的GCR。這些機制相關的收入可能會因燃料、購買的電力和燃料幣成本變動而有所不同。
收入包括以下範疇以外的項目：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
（以百萬為單位）
電力 — 其他營業收入 $11 $8 $20 $18 
燃料幣 — 替代營業收入計畫$1 $— $9 $4 
燃料幣 — 其他營業收入$3 $2 $9 $7 
DTE Vantage — 租賃$19 $19 $45 $44 
能源交易 — 衍生工具$536 $670 $1,781 $2,527 
Deferred Revenue
The following is a summary of deferred revenue activity for DTE Energy:
Nine Months Ended September 30,
20242023
(In millions)
Beginning Balance, January 1$106 $94 
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period143 113 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(34)(42)
Ending Balance, September 30$215 $165 
24
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Deferred revenues are included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. Deferred revenues generally represent amounts paid by or receivables from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues related to RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer.
The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:
DTE Energy
(In millions)
2024$121 
202592 
20261 
20271 
2028— 
2029 and thereafter— 
$215 
Transaction Price Allocated to the Remaining Performance Obligations
In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.
Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year.
The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:
DTE EnergyDTE Electric
(In millions)
2024$47 $2 
2025228 1 
2026166 — 
2027127 — 
202887 — 
2029 and thereafter402 — 
$1,057 $3 

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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 4 — REGULATORY MATTERS
2024 Gas Rate Case Filing
DTE Gas filed a rate case with the MPSC on January 8, 2024 requesting an increase in base rates of $266 million based on a projected twelve-month period ending September 30, 2025, and an increase in return on equity from 9.9% to 10.25%. The request reflects a net increase to customer rates of only $160 million, as an existing IRM surcharge of $106 million would be rolled into the new base rates. The requested increase is primarily due to increased investments in plant related to system reliability and pipeline safety and inflationary impacts on operating costs, partially offset by higher sales. A final MPSC order in this case is expected in November 2024.
2024 Electric Rate Case Filing
DTE Electric filed a rate case with the MPSC on March 28, 2024 requesting an increase in base rates of $456 million based on a projected twelve-month period ending December 31, 2025, and an increase in return on equity from 9.9% to 10.5%. The requested increase in base rates was primarily due to the capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. The requested increase in base rates was also due to the increased cost of debt resulting from market dynamics and increasing operating and maintenance expenses. A final MPSC order in this case is expected in January 2025.

NOTE 5 — EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Performance shares do not receive cash dividends; as such, these awards are not considered participating securities.
The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions, except per share amounts)
Basic Earnings per Share
Net Income Attributable to DTE Energy Company$477 $332 $1,112 $978 
Less: Allocation of earnings to net restricted stock awards2 — 3 2 
Net income available to common shareholders — basic$475 $332 $1,109 $976 
Average number of common shares outstanding — basic207 206 207 206 
Basic Earnings per Common Share$2.30 $1.61 $5.37 $4.74 
Diluted Earnings per Share
Net Income Attributable to DTE Energy Company$477 $332 $1,112 $978 
Less: Allocation of earnings to net restricted stock awards2 — 3 2 
Net income available to common shareholders — diluted$475 $332 $1,109 $976 
Average number of common shares outstanding — basic207 206 207 206 
Average performance share awards— — — — 
Average number of common shares outstanding — diluted207 206 207 206 
Diluted Earnings per Common Share
$2.30 $1.61 $5.36 $4.74 

26
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 6 — 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 Registrants make certain assumptions they believe 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 Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2024 and December 31, 2023. The Registrants believe they use 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 Registrants classify 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 Registrants have 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 for DTE Energy measured and recorded at fair value on a recurring basis:
27
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
September 30, 2024December 31, 2023
Level
1		Level
2		Level
3
Other(a)
Netting(b)
Net BalanceLevel
1		Level
2		Level
3
Other(a)
Netting(b)
Net Balance
(In millions)
Assets
Cash equivalents(c)
$29 $933 $— $— $— $962 $13 $— $— $— $— $13 
Nuclear decommissioning trusts
Equity securities860 — — 148 — 1,008 776 — — 145 — 921 
Fixed income securities125 415 — 110 — 650 127 371 — 92 — 590 
Private equity and other15 — — 335 — 350 — — — 312 — 312 
Hedge funds and similar investments141 81 — — — 222 119 65 — — — 184 
Cash equivalents31 — — — — 31 34 — — — — 34 
Other investments(d)
Equity securities71 — — — — 71 58 — — — — 58 
Fixed income securities8 — — — — 8 7 — — — — 7 
Cash equivalents28 — — — — 28 37 — — — — 37 
Other— 1,071 — — — 1,071 — — — — — — 
Derivative assets
Commodity contracts(e)
Natural gas116 175 108 — (285)114 241 217 179 — (416)221 
Electricity— 93 98 — (98)93 — 258 163 — (243)178 
Environmental & Other— 71 22 — (73)20 — 131 8 — (132)7 
Other contracts — 1 — — — 1 — — — — — — 
Total derivative assets116 340 228 — (456)228 241 606 350 — (791)406 
Total$1,424 $2,840 $228 $593 $(456)$4,629 $1,412 $1,042 $350 $549 $(791)$2,562 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(140)$(124)$(113)$— $277 $(100)$(291)$(167)$(157)$— $429 $(186)
Electricity— (102)(69)— 108 (63)— (272)(116)— 297 (91)
Environmental & Other— (59)(3)— 63 1 — (148)(2)— 137 (13)
Other contracts— (12)— — — (12)— (19)— — — (19)
Total$(140)$(297)$(185)$— $448 $(174)$(291)$(606)$(275)$— $863 $(309)
Net Assets (Liabilities) at end of period$1,284 $2,543 $43 $593 $(8)$4,455 $1,121 $436 $75 $549 $72 $2,253 
Assets
Current$111 $2,250 $151 $— $(320)$2,192 $215 $461 $247 $— $(613)$310 
Noncurrent1,313 590 77 593 (136)2,437 1,197 581 103 549 (178)2,252 
Total Assets$1,424 $2,840 $228 $593 $(456)$4,629 $1,412 $1,042 $350 $549 $(791)$2,562 
Liabilities
Current$(103)$(212)$(96)$— $317 $(94)$(240)$(462)$(145)$— $670 $(177)
Noncurrent(37)(85)(89)— 131 (80)(51)(144)(130)— 193 (132)
Total Liabilities$(140)$(297)$(185)$— $448 $(174)$(291)$(606)$(275)$— $863 $(309)
Net Assets (Liabilities) at end of period$1,284 $2,543 $43 $593 $(8)$4,455 $1,121 $436 $75 $549 $72 $2,253 
_______________________________________
(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 $21 million and $11 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2024 and December 31, 2023, 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.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
September 30, 2024December 31, 2023
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(a)
$21 $— $— $— $21 $11 $— $— $— $11 
Nuclear decommissioning trusts
Equity securities860 — — 148 1,008 776 — — 145 921 
Fixed income securities125 415 — 110 650 127 371 — 92 590 
Private equity and other15 — — 335 350 — — — 312 312 
Hedge funds and similar investments141 81 — — 222 119 65 — — 184 
Cash equivalents31 — — — 31 34 — — — 34 
Other investments
Equity securities26 — — — 26 21 — — — 21 
Cash equivalents19 — — — 19 11 — — — 11 
Derivative assets — FTRs— — 21 — 21 — — 7 — 7 
Total$1,238 $496 $21 $593 $2,348 $1,099 $436 $7 $549 $2,091 
Assets
Current$21 $— $21 $— $42 $11 $— $7 $— $18 
Noncurrent1,217 496 — 593 2,306 1,088 436 — 549 2,073 
Total Assets$1,238 $496 $21 $593 $2,348 $1,099 $436 $7 $549 $2,091 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts include $21 million and $11 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2024 and December 31, 2023, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.
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 in money market funds and time deposit accounts. The fair value of the time deposit investments does not include quoted prices but is otherwise directly observable.
Nuclear Decommissioning Trusts and Other Investments
The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services.
Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds.
Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $142 million and $157 million as of September 30, 2024 and December 31, 2023, respectively.
29
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services.
For pricing the nuclear decommissioning trusts and other investments, 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 source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.
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. The Registrants consider 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. The Registrants monitor 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. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their 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 Registrants have 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 the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three months ended September 30, 2024Three months ended September 30, 2023
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of June 30$3 $9 $26 38 $(54)$(4)$16 $(42)
Transfers into Level 3 from Level 2— 2 — 2 — — — — 
Total gains (losses)
Included in earnings7 105 — 112 1 79 (1)79 
Recorded in Regulatory liabilities— — 2 2 — — (2)(2)
Purchases, issuances, and settlements
Settlements(15)(87)(9)(111)25 (71)(2)(48)
Net Assets (Liabilities) as of September 30$(5)$29 $19 $43 $(28)$4 $11 $(13)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a)
$(6)$75 $(10)$59 $4 $26 $(6)$24 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $2 $2 $— $— $1 $1 
_______________________________________
(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.
30
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$22 $47 $6 $75 $(255)$(33)$11 $(277)
Transfers into Level 3 from Level 21 1 — 2 — — — — 
Total gains (losses)
Included in earnings(a)
13 196 (1)208 163 109 1 273 
Recorded in Regulatory liabilities— — 29 29 — — 3 3 
Purchases, issuances, and settlements
Settlements(41)(215)(15)(271)64 (72)(4)(12)
Net Assets (Liabilities) as of September 30$(5)$29 $19 $43 $(28)$4 $11 $(13)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a)
$(25)$156 $(41)$90 $94 $94 $(36)$152 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $21 $21 $— $— $10 $10 
_______________________________________
(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:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Net Assets as of beginning of period$28 $14 $7 $11 
Total gains (losses) recorded in Regulatory liabilities2 (2)29 3 
Purchases, issuances, and settlements
Settlements(9)(2)(15)(4)
Net Assets as of September 30$21 $10 $21 $10 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$2 $1 $21 $10 
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. There were no transfers from or into Level 3 for DTE Electric during the three and nine months ended September 30, 2024 and 2023.
31
Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
September 30, 2024
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$108 $(113)Discounted Cash FlowForward basis price (per MMBtu)$(1.28)—$2.44 /MMBtu$(0.13)/MMBtu
Electricity$98 $(69)Discounted Cash FlowForward basis price (per MWh)$(18.51)—$16.65 /MWh$(3.38)/MWh
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
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 weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes.
The inputs listed above would have had 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 have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions.
Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
September 30, 2024December 31, 2023
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$463 $— $— $501 $175 $— $— $181 
Short-term borrowings$966 $— $966 $— $1,283 $— $1,283 $— 
Notes payable(b)
$15 $— $— $15 $34 $— $— $34 
Long-term debt(c)
$23,635 $828 $20,724 $1,219 $19,546 $807 $16,178 $1,202 
_______________________________________
(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.
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
September 30, 2024December 31, 2023
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a)
$2 $— $— $2 $19 $— $— $19 
Short-term borrowings — affiliates$142 $— $— $142 $— $— $— $— 
Short-term borrowings — other$798 $— $798 $— $385 $— $385 $— 
Notes payable(b)
$14 $— $— $14 $33 $— $— $33 
Long-term debt(c)
$11,899 $— $11,053 $142 $11,043 $— $9,999 $126 
_______________________________________
(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.
For further fair value information on financial and derivative instruments, see Note 7 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."
Nuclear Decommissioning Trust Funds
DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's 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.
The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
September 30, 2024December 31, 2023
(In millions)
Fermi 2$2,241 $2,026 
Fermi 13 3 
Low-level radioactive waste17 12 
$2,261 $2,041 
The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Realized gains$11 $5 $41 $24 
Realized losses$(6)$(6)$(22)$(32)
Proceeds from sale of securities$91 $104 $438 $527 
Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability.
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:
September 30, 2024December 31, 2023
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$1,008 $568 $(11)$921 $459 $(11)
Fixed income securities650 22 (21)590 8 (30)
Private equity and other350 102 (8)312 74 (8)
Hedge funds and similar investments222 9 (4)184 4 (9)
Cash equivalents31 — — 34 — — 
$2,261 $701 $(44)$2,041 $545 $(58)
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
September 30, 2024
(In millions)
Due within one year$16 
Due after one through five years103 
Due after five through ten years116 
Due after ten years305 
$540 
Fixed income securities held in nuclear decommissioning trust funds include $110 million of non-publicly traded commingled funds that do not have a contractual maturity date.
Other Securities
At September 30, 2024, DTE Energy had $1.1 billion invested in time deposit accounts with an original maturity of greater than three months, which is included in Current investments on the Consolidated Statements of Financial Position. The investment does not include quoted prices, but the fair value is otherwise directly observable.
At September 30, 2024 and December 31, 2023, DTE Energy securities included in Other long-term investments on the Consolidated Statements of Financial Position consisted primarily of investments within DTE Energy's rabbi trust. The rabbi trust is comprised primarily of trading securities recorded at fair value, as well as debt securities classified as held-to-maturity and recorded at amortized cost. The trust was established to fund certain non-qualified pension benefits, and therefore changes in market value of the trading securities and interest on the held-to-maturity securities are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. Gains (losses) related to the trading securities were immaterial for the three and nine months ended September 30, 2024 and 2023.

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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 7 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS
The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective 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 derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. 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 Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets.
DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception 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.
DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2027. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method.
DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method.
Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, 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. Energy Trading 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 — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility.
Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its September 30, 2024 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Derivative Activities
DTE Energy 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 table presents the fair value of derivative instruments for DTE Energy:
September 30, 2024December 31, 2023
Derivative
Assets		Derivative LiabilitiesDerivative
Assets		Derivative Liabilities
(In millions)
Derivatives designated as hedging instruments
  Interest rate contracts $1 $(11)$— $(16)
  Foreign currency exchange contracts— (1)— (2)
Total derivatives designated as hedging instruments$1 $(12)$— $(18)
Derivatives not designated as hedging instruments
Commodity contracts
Natural gas$399 $(377)$637 $(615)
Electricity191 (171)421 (388)
Environmental & Other93 (62)139 (150)
Foreign currency exchange contracts— — — (1)
Total derivatives not designated as hedging instruments$683 $(610)$1,197 $(1,154)
Current$479 $(411)$910 $(847)
Noncurrent205 (211)287 (325)
Total derivatives$684 $(622)$1,197 $(1,172)
The fair value of derivative instruments at DTE Electric was $21 million and $7 million at September 30, 2024 and December 31, 2023, respectively, comprised of FTRs recorded to Current Assets — Other on the Consolidated Statements of Financial Position and not designated as hedging instruments.
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Certain of DTE Energy'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, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy'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.
DTE Energy 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. DTE Energy had letters of credit of $2 million and $3 million issued and outstanding at September 30, 2024 and December 31, 2023, respectively, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $1 million and $10 million at September 30, 2024 and December 31, 2023, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.
For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.
The following table presents net cash collateral offsetting arrangements for DTE Energy:
September 30, 2024December 31, 2023
(In millions)
Cash collateral netted against Derivative assets$(8)$— 
Cash collateral netted against Derivative liabilities— 72 
Cash collateral recorded in Accounts receivable(a)
93 57 
Cash collateral recorded in Accounts payable(a)
(64)(3)
Total net cash collateral posted (received)$21 $126 
_______________________________________
(a)Amounts are recorded net by counterparty.
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
September 30, 2024December 31, 2023
Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in the Consolidated Statements of Financial PositionNet Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial PositionGross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in the Consolidated Statements of Financial PositionNet Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
(In millions)
Derivative assets
Commodity contracts(a)
Natural gas$399 $(285)$114 $637 $(416)$221 
Electricity191 (98)93 421 (243)178 
Environmental & Other93 (73)20 139 (132)7 
Interest rate contracts 1 — 1 — — — 
Foreign currency exchange contracts— — — — — — 
Total derivative assets$684 $(456)$228 $1,197 $(791)$406 
Derivative liabilities
Commodity contracts(a)
Natural gas$(377)$277 $(100)$(615)$429 $(186)
Electricity(171)108 (63)(388)297 (91)
Environmental & Other(62)63 1 (150)137 (13)
Interest rate contracts(11)— (11)(16)— (16)
Foreign currency exchange contracts(1)— (1)(3)— (3)
Total derivative liabilities$(622)$448 $(174)$(1,172)$863 $(309)
_______________________________________
(a)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 the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:
September 30, 2024December 31, 2023
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
CurrentNoncurrentCurrentNoncurrentCurrentNoncurrentCurrentNoncurrent
(In millions)
Total fair value of derivatives$479 $205 $(411)$(211)$910 $287 $(847)$(325)
Counterparty netting(317)(131)317 131 (613)(178)613 178 
Collateral adjustment(3)(5)— — — — 57 15 
Total derivatives as reported$159 $69 $(94)$(80)$297 $109 $(177)$(132)
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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:
Location of Gain (Loss) Recognized in Income on DerivativesGain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30,Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30,
2024202320242023
(In millions)
Commodity contracts
Natural gasOperating Revenues — Non-utility operations$(25)$(41)$(49)$89 
Natural gasFuel, purchased power, gas, and other — non-utility45 37 83 120 
ElectricityOperating Revenues — Non-utility operations99 85 189 30 
Environmental & OtherOperating Revenues — Non-utility operations(6)(4)(10)(5)
Foreign currency exchange contractsOperating Revenues — Non-utility operations(1)1 1 — 
Total$112 $78 $214 $234 
Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.
The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2024:
CommodityNumber of Units
Natural gas (MMBtu)2,128,196,720 
Electricity (MWh)39,767,287 
Oil (Gallons)1,068,000 
Foreign currency exchange ($ CAD)104,219,982 
FTR (MWh)105,362 
Renewable Energy Certificates (MWh)11,677,855 
Carbon emissions (Metric Tons)402,217 
Interest rate contracts ($ USD)700,000,000 
Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy 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 DTE Energy 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 DTE Energy 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 environmental) and the provisions and maturities of the underlying transactions. As of September 30, 2024, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $420 million.
As of September 30, 2024, DTE Energy had $482 million of derivatives in net liability positions, for which hard triggers exist. There is no collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $435 million. The net remaining amount of $47 million is derived from the $420 million noted above.

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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 8 — LONG-TERM DEBT
Debt Issuances
Refer to the table below for debt issued through September 30, 2024:
CompanyMonthTypeInterest RateMaturity DateAmount
(In millions)
DTE EnergyFebruary
Senior Notes(a)
5.10%2029$1,200 
DTE ElectricFebruary
Mortgage Bonds(b)
4.85%2026500 
DTE ElectricFebruary
Mortgage Bonds(b)
5.20%2034500 
DTE EnergyMay
Senior Notes (c)
5.85%2034850 
DTE EnergyAugust
Senior Notes (d)
4.95%20271,200 
$4,250 
_______________________________________
(a)Proceeds used for the repayment of short-term borrowings and for general corporate purposes.
(b)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.
(c)Proceeds to be used for the repayment of a portion of the $675 million 2016 Series C 2.53% Senior Notes due October 1, 2024, for repayment of a portion of the $1.3 billion 2019 Series F 4.22% Senior Notes due November 1, 2024, and for general corporate purposes. Pending repayment of the 2016 Series C and 2019 Series F Senior Notes, proceeds of the notes were invested in short-term investments.
(d)Proceeds to be used for the repayment of a portion of the $1.3 billion 2019 Series F 4.22% Senior Notes due November 1, 2024 and for general corporate purposes. Pending repayment of the 2019 Series F Senior Notes, a portion of the proceeds of the notes were invested in cash equivalents.
In October 2024, DTE Gas issued $160 million of 4.87% First Mortgage Bonds due November 1, 2034 and $160 million of 5.43% First Mortgage Bonds due November 1, 2054 to a group of institutional investors in a private placement transaction. Proceeds have been used for the repayment of short-term borrowings and for general corporate purposes, including capital expenditures.
Debt Redemptions
Refer to the table below for debt redeemed through September 30, 2024:
CompanyMonthTypeInterest RateMaturity DateAmount
(In millions)
DTE ElectricMarchMortgage Bonds3.65%2024$100 
DTE ElectricJuneSecuritization Bonds2.64%202419
DTE ElectricSeptemberSecuritization Bonds5.97%202424 
$143 
In October 2024, DTE Energy redeemed at maturity its $675 million 2016 Series C 2.53% Senior Notes. This redemption was funded through the maturity of a portion of time deposits which were included in Current investments on DTE Energy's Consolidated Statements of Financial Position at September 30, 2024.

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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 9 — SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS
DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. Letters of credit of up to $500 million may also be issued under the DTE Energy revolver. DTE Energy and DTE Electric also have other facilities to support letter of credit issuance and increase liquidity.
The unsecured revolving credit agreements require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance 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 equity of each respective company and their 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 September 30, 2024, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.66 to 1, 0.54 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant.
The availability under these facilities as of September 30, 2024 is shown in the following table:
DTE EnergyDTE ElectricDTE GasTotal
(In millions)
Unsecured revolving credit facility, expiring October 2028$1,500 $800 $300 $2,600 
Unsecured letter of credit facility, expiring June 2025(a)
175 — — $175 
Unsecured letter of credit facility, expiring February 2025150 — — 150 
Unsecured letter of credit facility, expiring June 2026100 — — 100 
Unsecured letter of credit facility(b)
50 — — 50 
Unsecured letter of credit facility(c)
— 125 — 125 
1,975 925 300 3,200 
Amounts outstanding at September 30, 2024
Commercial paper issuances28 798 140 966 
Letters of credit83 92 — 175 
111 890 140 1,141 
Net availability at September 30, 2024$1,864 $35 $160 $2,059 
_______________________________________
(a)Uncommitted letter of credit facility.
(b)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration.
(c)Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility.
In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent, which allows the right of setoff with posted collateral. At September 30, 2024, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $133 million and $152 million at September 30, 2024 and December 31, 2023, respectively, and were fully offset by posted collateral.

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Table of Contents
DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
NOTE 10 — LEASES
Lessor
During the first quarter 2024, DTE Energy completed construction of and began operating certain energy infrastructure assets under a long-term agreement with a large industrial customer. DTE Energy began leasing these assets to the customer for a 20-year term ending in 2044. DTE Energy has accounted for this arrangement as a finance lease, recognizing a net investment of $157 million as of September 30, 2024. Under the long-term agreement, additional energy infrastructure assets remain under construction and are expected to be completed through the remainder of 2024. The assets will be subsequently leased to the customer and increase the net investment in finance leases accordingly.
The components of DTE Energy’s net investment in finance leases for remaining periods were as follows:
DTE Energy
September 30, 2024
(In millions)
2024$13 
202552 
202651 
202751 
202850 
2029 and thereafter644 
Total minimum future lease receipts861 
Residual value of leased pipeline17 
Less unearned income439 
Net investment in finance lease439 
Less current portion12 
$427 
Interest income recognized under finance leases was $10 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and $27 million and $20 million for the nine months ended September 30, 2024 and 2023, respectively.
DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Fixed payments$4 $4 $11 $11 
Variable payments15 15 34 33 
$19 $19 $45 $44 

NOTE 11 — COMMITMENTS AND CONTINGENCIES
Environmental
DTE Electric
Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO2 and NOX. The EPA and the state of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO2, NOX, mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO2, NOX, and other hazardous air pollutants.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
In 2015, the EPA finalized the NAAQS for ground level ozone. In August 2018, the EPA designated southeast Michigan as "marginal non-attainment" with the 2015 ozone NAAQS. In January 2022, after collecting several years of data, the state submitted a request to the EPA for redesignation of the southeast Michigan ozone non-attainment area to attainment, and to accept their maintenance plan and emission inventories as a revision to the Michigan SIP. On May 19, 2023, the EPA posted in the Federal Register the redesignation of attainment of the ozone standard for the seven-county Southeast Michigan region. DTE Electric does not expect a significant financial impact related to the ozone NAAQS at this time, pending finalization of the state rules and implementation plans.
In March 2024, the EPA finalized the NAAQS for fine particulate matter, particles of pollution with diameters generally 2.5 micrometers and smaller (PM2.5). It is likely that areas of Michigan in which DTE Electric operates will be designated as non-attainment in the future and the state will be required to develop a SIP for such areas. No impact is expected in the near term, and any long-term financial impacts cannot be assessed at this time.
In April 2024, the EPA finalized new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. The new rules may impact future electric generation plans that will be defined in DTE Electric's next Integrated Resource Plan filing. Challenges to the rules have been filed, and DTE Electric will continue to monitor regulatory developments. The financial impacts of the new rules are still being assessed.
Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC.
To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings.
Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study is in-process for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis.
DTE Electric is currently evaluating the compliance options and working with the state of Michigan on identifying any necessary controls or modifications to existing intake structures. DTE Electric's current capital plan includes an estimated $3 million of compliance-related expenditures for Belle River power plant after its conversion. Projected capital expenditures have decreased as a result of Monroe power plant's expected retirement and the planned conversion of the Belle River power plant to natural gas. However, discussions with the state are ongoing.
As part of the Monroe power plant NPDES permit, EGLE has added an option to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations in order to establish an appropriate temperature discharge limit. DTE Electric has submitted to EGLE a biological demonstration study plan to evaluate the thermal discharge impacts to an aquatic community. After approval of the plan by EGLE and completion of field sampling, data will be processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact.
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DTE Energy Company — DTE Electric Company
Combined 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 MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. The investigations at the former MGP sites have revealed contamination related to the by-products of gas manufacturing. Cleanup of one of the MGP sites is complete, and that site is closed. DTE Electric has also completed partial closure of one additional site. Cleanup activities associated with the remaining sites will continue over the next several years. In addition to the MGP sites, DTE Electric 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 above ground 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 September 30, 2024 and December 31, 2023, DTE Electric had $9 million accrued for remediation. These costs are not discounted to their present value. 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 DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site.
Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015 and has continued to be updated in subsequent years. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric currently owns and operates multiple coal ash storage facilities to manage coal ash from coal-fired power plants that are subject to federal, state, and local CCR and solid waste regulations. At certain facilities, the rule required ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant.
On August 28, 2020, Part A of the CCR rule was published in the Federal Register and required all unlined impoundments to initiate closure as soon as technically feasible, but no later than April 11, 2021. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, Part B of the CCR Rule was published in the Federal Register and provides a process to determine if certain unlined impoundments with an alternative liner system may be sufficiently protective and therefore may continue to operate.
DTE Electric submitted applications to the EPA that support continued use of all impoundments through their active lives. DTE Electric subsequently ceased receipt of waste at the St. Clair power plant bottom ash basins and initiated closure, resulting in withdrawal of the Part A demonstration for the plant. Additionally, DTE Electric implemented projects at the Belle River and Monroe power plants to cease receipt of waste within any unlined CCR impoundments, resulting in withdrawals of the Part B applications for those plants.
On May 8, 2024, the EPA finalized a new rule to regulate legacy CCR surface impoundments and CCR management units. The rule expands the reach of the CCR rule to inactive electric generation sites and previously unregulated CCR at any active facility. DTE Electric is in the process of evaluating the final rule, which may have significant financial impacts depending on the site-specific characteristics of the units that are regulated by the new rule. Long-term financial impacts cannot be clearly defined at this time and likely will not be clearly defined until the regulated units are identified. Challenges to the rule have been filed, and DTE Electric will continue to monitor for regulatory developments. The preliminary cost estimate to comply with the revised rule is approximately $210 million as of September 30, 2024, and is recorded to Asset retirement obligations. The estimate will be updated as necessary when site-specific details are more fully known. These costs are expected to be recoverable under the regulatory construct as part of removal costs.
At the state level, legislation was signed in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a federal permit program. The EPA is currently working with EGLE in reviewing the submitted state program, and DTE Electric will work with EGLE to implement the state program that may be approved in the future.
The EPA has updated and revised the ELG in 2015, 2020, and 2024. In each revision, EPA has re-established technology-based standards applicable to wastewaters created at facilities with an electrical generating unit. In each revision, the EPA also established new applicability dates.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The Reconsideration Rule, finalized in 2020, provided additional opportunities by finalizing a group of compliance subcategories that provided cessation of coal as a compliance option. Additionally, the 2020 Reconsideration Rule established the Voluntary Incentives Program (VIP) for FGD wastewater compliance only. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements by December 1, 2028. The Reconsideration Rule provided these new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner.
Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the state of Michigan. The state of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. On October 11, 2021, DTE Electric submitted a Notice of Planned Participation ("NOPP") to the state of Michigan that formally announced the intent to pursue compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than December 31, 2028 and the VIP for FGD wastewater at Monroe power plant by December 31, 2028.
The EPA also finalized Supplemental ELG Rules on May 9, 2024. This updated the regulations from the 2020 ELG rule for FGD wastewater, bottom ash transport water (BATW), combustion residual leachate (CRL), and legacy wastewater (LWW). The supplemental rule established new technology-based effluent limitations guidelines and standards applicable to FGD wastewater, BATW, CRL, and LWW. The applicability date for BATW is as soon as possible beginning July 8, 2024 and no later than December 31, 2029. FGD wastewater retrofits must be completed as soon as possible, beginning July 8, 2024 and no later than December, 31 2029 or December 31, 2028 if a permittee is pursuing the VIP subcategory for FGD wastewater. The Cessation of Coal compliance subcategory and VIP from the 2020 Reconsideration Rule were maintained in the 2024 Supplemental Rule and continue to be a fundamental component of DTE Electric's ELG compliance strategy.
DTE Electric's compliance strategy includes the conversion of the two generating units at the Belle River power plant to a natural gas peaking resource in 2025-2026, which was included in the NOPP filed in 2021. DTE Electric also submitted a new NOPP to apply for the cessation of coal compliance subcategory for generating units 3 and 4 at the Monroe power plant. DTE Electric plans to retire Monroe's generating units 1 and 2 in 2032.
DTE Electric continues to evaluate compliance strategies, technologies and system designs to achieve compliance with the EPA rules at the Monroe power plant in accordance with the VIP subcategory for FGD and new discharge requirements for BATW. Additionally, DTE Electric is evaluating compliance strategies and options to address new requirement and deadlines for other wastewater streams in the 2024 Supplemental Rule at both Belle River Power Plant and Sibley Quarry.
DTE Electric currently estimates the impact of the CCR and ELG rules to be $413 million of capital expenditures, including $403 million for 2024 through 2028. This estimate may change in future periods as DTE Electric evaluates the CCR and ELG rules discussed above that have recently been finalized.
DTE Gas
Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight MGP sites is complete and those sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue 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. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of September 30, 2024 and December 31, 2023, DTE Gas had $25 million and $26 million, respectively, accrued for remediation. These costs are not discounted to their present value. 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 DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations.
Air — In March 2023, the EPA published the Good Neighbor Rule, which includes provisions for compressor engines operated for the transportation of natural gas. In June 2024, the United States Supreme Court issued an opinion granting emergency applications to stay the Good Neighbor Rule. The stay will remain in effect during other litigation. The status of the rule remains uncertain as litigation is ongoing. At this time, DTE Gas does not expect a significant financial impact.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
As noted above for DTE Electric, the EPA finalized the NAAQS for fine particulate matter in March 2024. It is likely that areas of Michigan in which DTE Gas operates will be designated as non-attainment in the future and the state will be required to develop a SIP for such areas. No impact is expected in the near term, and any long-term financial impacts cannot be assessed at this time.
Non-utility
DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants.
In March 2019, the EPA issued an FOV to EES Coke Battery, LLC ("EES Coke"), the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review permitting requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. On June 1, 2022, the U.S. Department of Justice ("DOJ"), on behalf of the EPA, filed a complaint against EES Coke in the U.S. District Court for the Eastern District of Michigan alleging that EES Coke failed to comply with non-attainment new source review requirements under the Clean Air Act when it applied for the 2014 permit. In November 2022, the Sierra Club and City of River Rouge were granted intervention. The case is proceeding through discovery and trial is set for July 2025. On May 20, 2024, the court granted a motion allowing the DOJ to amend their complaint to add EES Coke's parent entities, including DTE Energy, as defendants. The parent entities were added in an attempt to share in any potential liability; there are no additional claims alleged. At the present time, DTE Energy cannot predict the outcome or financial impact of this matter.
Other
In 2010, the EPA finalized a new one-hour SO2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO2. Phase 3 addresses smaller sources of SO2 with modeled or monitored exceedances of the new SO2 standard.
Michigan's Phase 1 non-attainment area included DTE Energy facilities. However, the EPA published a Federal Implementation Plan (FIP) for the area in June 2022 that did not impact any DTE Energy facilities. It is also not expected that Phase 3 will have any impact on DTE Energy.
Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. The EPA approved a clean data determination request submitted by EGLE. This determination suspends certain planning requirements and sanctions for the non-attainment area for as long as the area continues to attain the 2010 SO2 air quality standards, but this does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, DTE Energy is unable to determine the impacts.
REF Guarantees
DTE Energy provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its previously operated REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at September 30, 2024 was $216 million. Payments under these guarantees are considered remote.
Other Guarantees
In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $69 million at September 30, 2024. Payments under these guarantees are considered remote.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
The Registrants are 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 September 30, 2024, DTE Energy had $360 million of performance bonds outstanding, including $185 million for DTE Electric. Performance bonds are not individually material, except for $130 million of bonds supporting Energy Trading operations. These bonds are meant to provide counterparties with additional assurance that Energy Trading will meet its contractual obligations for various commercial transactions. The terms of the bonds align with those of the underlying Energy Trading contracts and are estimated to be outstanding approximately 1 to 3 years. In the event that any performance bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are 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 DTE Energy subsidiaries' approximately 4,800 represented employees, including DTE Electric's approximately 2,500 represented employees. This represents 51% and 59% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 8% have contracts expiring within one year for DTE Energy. None of the represented employees have contracts expiring within one year for DTE Electric.
Purchase Commitments
Utility capital expenditures and expenditures for non-utility businesses will be approximately $4.7 billion and $3.4 billion in 2024 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2024 annual capital expenditures.
Ludington Plant Contract Dispute
DTE Electric and Consumers Energy Company ("Consumers"), joint owners of the Ludington Hydroelectric Pumped Storage plant ("Ludington"), are parties to a 2010 engineering, procurement, and construction agreement with Toshiba America Energy Systems ("TAES"), under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES' work has been defective and non-conforming. DTE Electric and Consumers have demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. DTE Electric and Consumers have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES' parent, Toshiba Corporation, under a parent guaranty it provided. TAES has not provided a comprehensive plan or otherwise met its performance obligations. In order to enforce the contract, DTE Electric and Consumers filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022.
In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties' contract. During September 2022, the motion to dismiss the complaint was denied. DTE Electric believes the outstanding counterclaims are without merit, but would be liable for 49% of the damages if approved. In October 2022, the combined parties submitted a joint discovery plan to proceed with the litigation process and a potential trial during the second half of 2025. DTE Electric cannot predict the financial impact or outcome of this matter.
In May 2023, the MPSC approved a jointly-filed request by DTE Electric and Consumers for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba Corporation moves forward. DTE Electric currently estimates its share of these repair and replacement costs ranges from $350 million to $400 million. Such costs will be offset by any potential litigation proceeds received from TAES or Toshiba Corporation. DTE Electric and Consumers will have the opportunity to seek recovery and ratemaking treatment for amounts which are not recovered from TAES or Toshiba Corporation.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Other Contingencies
The Registrants are 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 Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved.
For a discussion of contingencies related to regulatory matters and derivatives, see Notes 4 and 7 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively.

NOTE 12 — RETIREMENT BENEFITS AND TRUSTEED ASSETS
DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement benefit plans covering certain employees of the Registrants. Participants of all plans are solely DTE Energy and affiliate participants.
The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:
Pension BenefitsOther Postretirement Benefits
2024202320242023
(In millions)
Three Months Ended September 30,
Service cost$14 $15 $4 $4 
Interest cost52 54 16 17 
Expected return on plan assets(86)(89)(30)(28)
Amortization of:
Net actuarial loss15 2 2 2 
Prior service credit
— (1)(3)(4)
Net periodic benefit credit
$(5)$(19)$(11)$(9)
Pension BenefitsOther Postretirement Benefits
2024202320242023
(In millions)
Nine Months Ended September 30,
Service cost$43 $43 $13 $13 
Interest cost156 161 47 49 
Expected return on plan assets(256)(264)(90)(83)
Amortization of:
Net actuarial loss44 5 5 7 
Prior service credit(1)(2)(8)(14)
Settlements— 7 — — 
Net periodic benefit credit$(14)$(50)$(33)$(28)
DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is that assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position.
DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in regulatory assets and liabilities, operation and maintenance expense, other income and deductions, and capital expenditures were credits of $1 million and $4 million for the three and nine months ended September 30, 2024, respectively, and $12 million and $28 million for the three and nine months ended September 30, 2023, respectively. These amounts may include recognized contractual termination benefit charges, curtailment gains, and settlement charges.
The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Service cost$3 $3 $10 $10 
Interest cost11 12 35 37 
Expected return on plan assets(20)(18)(59)(55)
Amortization of:
Net actuarial loss1 — 1 — 
Prior service credit(1)(3)(5)(10)
Net periodic benefit credit$(6)$(6)$(18)$(18)
Pension and Other Postretirement Contributions
In September, DTE Energy made a nominal contribution to the qualified pension plans and no contributions are currently expected for DTE Energy’s postretirement benefit plans in 2024. Plans may be updated at the discretion of management and depending on economic and financial market conditions.

NOTE 13 — SEGMENT AND RELATED INFORMATION
DTE Energy 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 2.3 million residential, commercial, and industrial customers in southeastern Michigan.
Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.
DTE Vantage is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers.
Energy Trading consists of energy marketing and trading operations.
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth.
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DTE Energy Company — DTE Electric Company
Combined Notes to Consolidated Financial Statements (Unaudited) — (Continued)
Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Electric$18 $20 $54 $55 
Gas5 4 12 13 
DTE Vantage7 13 25 32 
Energy Trading21 20 66 65 
Corporate and Other— — — — 
$51 $57 $157 $165 
All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided.
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 tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize 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.
Financial data of DTE Energy's business segments follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating Revenues — Utility operations
Electric$1,695 $1,623 $4,772 $4,324 
Gas230 227 1,230 1,245 
Operating Revenues — Non-utility operations
Electric2 3 11 10 
DTE Vantage190 199 555 572 
Energy Trading840 893 2,610 3,365 
Corporate and Other— — — — 
Reconciliation and Eliminations(51)(57)(157)(165)
Total$2,906 $2,888 $9,021 $9,351 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric$437 $268 $886 $547 
Gas(13)(5)153 190 
DTE Vantage33 56 74 109 
Energy Trading42 65 82 234 
Corporate and Other(22)(52)(83)(102)
Net Income Attributable to DTE Energy Company$477 $332 $1,112 $978 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following combined discussion is separately filed by DTE Energy and DTE Electric. However, DTE Electric does not make any representations as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself.
EXECUTIVE 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. DTE Energy also operates two energy-related non-utility segments with operations throughout the United States.
The following table summarizes DTE Energy's financial results:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions, except per share amounts)
Net Income Attributable to DTE Energy Company$477 $332 $1,112 $978 
Diluted Earnings per Common Share$2.30 $1.61 $5.36 $4.74 
The increase in Net Income Attributable to DTE Energy Company for the three and nine months ended September 30, 2024 was primarily due to higher earnings in the Electric and Corporate and Other segments, partially offset by lower earnings in the Energy Trading, Gas, and DTE Vantage segments.
STRATEGY
DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend.
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption, will drive a continued need for substantial grid investment over the long-term.
DTE Energy plans to reduce the carbon emissions of its electric utility operations by 65% in 2028, 85% in 2032, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.
Additionally, as a result of legislation passed by the state of Michigan in 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan to comply with the new requirements.
To achieve carbon reduction goals at the electric utility, DTE Energy will continue its transition away from coal-powered energy sources and is replacing or offsetting the generation from these facilities with renewable energy, natural gas, battery storage, and energy waste reduction initiatives. Refer to the "Capital Investments" section below for further discussion regarding DTE Energy's retirement of its aging coal-fired plants and transition to renewable energy and other sources. Over the long-term, DTE Energy is also monitoring the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability.
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For the gas utility, DTE Energy aims to cut carbon emissions across the entire value chain. DTE Energy plans to reduce the carbon emissions from its gas utility operations by 65% by 2030 and 80% by 2040, and is committed to a goal of net zero emissions by 2050 from internal gas operations and gas suppliers. To achieve net zero, DTE Energy is working to source gas with lower methane intensity, reduce emissions through its gas main renewal and pipeline integrity programs, and if necessary, use carbon offsets to address any remaining emissions. DTE Energy also aims to help DTE Gas customers reduce their emissions by approximately 35% by 2040 by increasing energy efficiency, pursuing advanced technologies such as hydrogen and carbon capture and sequestration, and through the CleanVision Natural Gas Balance program which provides customers the option to use carbon offsets and renewable natural gas.
DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities from the Inflation Reduction Act to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration. These tax credits may reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.
DTE Energy also has significant investments in non-utility businesses and expects growth opportunities in its DTE Vantage segment. DTE Energy employs disciplined investment criteria when assessing growth opportunities that leverage its assets, skills, and expertise, and provides attractive returns and diversity in earnings and geography. Specifically, DTE Energy invests in targeted markets with attractive competitive dynamics where meaningful scale is in alignment with its risk profile.
A key priority for DTE Energy is to maintain a strong balance sheet which facilitates access to capital markets and reasonably priced financing. Growth will be funded through internally generated cash flows and the issuance of debt and equity. DTE Energy has an enterprise risk management program that, among other things, is designed to monitor and manage exposure to earnings and cash flow volatility related to commodity price changes, interest rates, and counterparty credit risk.
CAPITAL INVESTMENTS
DTE Energy's utility businesses will require significant capital investments to maintain and improve the electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and achieve goals for carbon emission reductions. Capital plans may be regularly updated as these requirements and goals evolve and may be subject to regulatory approval.
DTE Electric's capital investments over the 2024-2028 period are estimated at $20 billion, comprised of $9 billion for distribution infrastructure, $4 billion for base infrastructure, and $7 billion for cleaner generation including renewables.
DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities, and plans to repurpose the Trenton Channel plant to a battery energy storage system in 2026. DTE Electric has also announced plans to retire its remaining six coal-fired generating units, including converting the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
DTE Gas' capital investments over the 2024-2028 period are estimated at $3.7 billion, comprised of $2.1 billion for base infrastructure and $1.6 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.
DTE Electric and DTE Gas plan to seek regulatory approval for capital expenditures consistent with ratemaking treatment.
DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1 billion to $1.5 billion from 2024-2028 for renewable energy projects and custom energy solutions, while expanding into carbon capture and sequestration.
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ENVIRONMENTAL MATTERS
The Registrants are subject to extensive environmental regulations, including those addressing climate change. 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. The Registrants expect to continue recovering environmental costs related to utility operations through rates charged to customers, as authorized by the MPSC.
Increased costs for energy produced from traditional coal-based sources due to recent, pending, and future regulatory initiatives could also increase the economic viability of energy produced from renewable, natural gas fueled generation, and/or nuclear sources, energy waste reduction initiatives, and the potential development of market-based trading of carbon instruments.
For further discussion of environmental matters, see Note 11 to the Consolidated Financial Statements, "Commitments and Contingencies."
OUTLOOK
The next few years will be a period of rapid change for DTE Energy and for the energy industry. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.
Looking forward, DTE Energy will focus on several areas that are expected to improve future performance:
•electric and gas customer satisfaction;
•electric distribution system reliability;
•new electric generation and storage;
•gas distribution system renewal;
•reducing carbon emissions at the electric and gas utilities;
•rate competitiveness and affordability;
•regulatory stability and investment recovery for the electric and gas utilities;
•strategic investments in growth projects at DTE Vantage;
•employee engagement, health, safety and wellbeing, and diversity, equity, and inclusion;
•cost structure optimization across all business segments; and
•cash, capital, and liquidity to maintain or improve financial strength.
DTE Energy will continue to pursue opportunities to grow its businesses in a disciplined manner if it can secure opportunities that meet its 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 DTE Energy's segments. Segment information, described below, includes intercompany revenues, expenses, and other income and deductions that are eliminated in the Consolidated Financial Statements.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Net Income (Loss) Attributable to DTE Energy by Segment
Electric$437 $268 $886 $547 
Gas(13)(5)153 190 
DTE Vantage33 56 74 109 
Energy Trading42 65 82 234 
Corporate and Other(22)(52)(83)(102)
Net Income Attributable to DTE Energy Company$477 $332 $1,112 $978 

ELECTRIC
The Results of Operations discussion for DTE Electric is presented in a reduced disclosure format in accordance with General Instruction H(2) of Form 10-Q.
The Electric segment consists principally of DTE Electric. Electric results and outlook are discussed below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating Revenues
Utility operations$1,695 $1,623 $4,772 $4,324 
Non-utility operations2 3 11 10 
1,697 1,626 4,783 4,334 
Operating Expenses
Fuel and purchased power — utility461 438 1,248 1,113 
Operation and maintenance347 372 1,064 1,095 
Depreciation and amortization365 337 1,075 989 
Taxes other than income91 88 263 256 
1,264 1,235 3,650 3,453 
Operating Income433 391 1,133 881 
Other (Income) and Deductions97 104 292 279 
Income Tax Expense (Benefit)(101)19 (45)55 
Net Income Attributable to DTE Energy Company$437 $268 $886 $547 
See DTE Electric's Consolidated Statements of Operations for a complete view of its results. Differences between the Electric segment and DTE Electric's Consolidated Statements of Operations are primarily due to non-utility operations at DTE Sustainable Generation (some of which includes intra-segment activity that is eliminated in consolidation) and the classification of certain benefit costs. Refer to Note 12 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets" for additional information.
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Operating Revenues increased $71 million and $449 million in the three and nine months ended September 30, 2024, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The increase in both periods was due to the following:
Three MonthsNine Months
(In millions)
Implementation of new rates$100 $268 
Weather86 157 
Regulatory mechanism - DTE Securitization I and II15 47 
Base sales(1)33 
Power Supply Cost Recovery(a)
(63)21 
Interconnection sales2 14 
Rate mix15 2 
Regulatory mechanism - RPS(b)
(71)(95)
Other regulatory mechanisms and other(c)
(12)2 
$71 $449 
______________________________
(a)Includes accruals for expected benefits from nuclear production tax credits, which offset power supply costs.
(b)Includes the impact of solar investment tax credits recognized in third quarter 2024, which offset income tax expense (benefit).
(c)Primarily includes regulatory mechanisms relating to EWR and TRM.
Revenue results are impacted by changes in sales volumes, which are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands of MWh)
DTE Electric Sales
Residential4,623 4,292 11,774 11,070 
Commercial4,527 4,433 12,452 12,163 
Industrial2,255 2,202 6,569 6,477 
Other44 46 141 146 
11,449 10,973 30,936 29,856 
Interconnection sales2,734 2,314 6,162 5,229 
Total DTE Electric Sales14,183 13,287 37,098 35,085 
DTE Electric Deliveries
Retail and wholesale11,449 10,973 30,936 29,856 
Electric retail access1,183 1,177 3,353 3,317 
Total DTE Electric Sales and Deliveries12,632 12,150 34,289 33,173 
Fuel and purchased power — utility expense increased $23 million and $135 million in the three and nine months ended September 30, 2024, respectively. The increase in both periods was due to the following:
Three Months
(In millions)
Coal - higher consumption and higher prices$17 
Higher transmission expenses11 
Nuclear fuel - higher amortization due to higher generation5 
Purchased power - lower market prices and lower purchase volumes due to higher generation(18)
Other8 
$23 
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Nine Months
(In millions)
Coal - higher consumption and higher prices$68 
Higher transmission expenses38 
Purchased power - MISO refund in 2023 and higher volumes in 2024 primarily due to higher demand32 
Nuclear fuel - lower amortization due to refueling outage in 2024(5)
Other2 
$135 
Operation and maintenance expense decreased $25 million and $31 million in the three and nine months ended September 30, 2024, respectively. The decrease in the third quarter was primarily due to lower distribution operations expense of $38 million (primarily due to lower storm restoration costs), lower plant generation expense of $9 million, and lower EWR expense of $6 million, partially offset by higher RPS expense of $15 million, higher uncollectible expense of $11 million, and higher legal expense of $4 million. The decrease in the nine-month period was primarily due to lower distribution operations expense of $113 million (primarily due to lower storm restoration costs), partially offset by one-time costs of $32 million resulting from the voluntary separation incentive program, higher RPS expense of $22 million, higher uncollectible expense of $15 million, higher legal expense of $7 million, and higher plant generation expense of $6 million.
Depreciation and amortization expense increased $28 million and $86 million in the three and nine months ended September 30, 2024, respectively. The increase in the third quarter was primarily due to a higher depreciable base. The increase in the nine-month period was primarily due to a higher depreciable base of $77 million and an increase of $6 million associated with the TRM.
Taxes other than income increased $3 million and $7 million in the three and nine months ended September 30, 2024, respectively. The increase in both periods was primarily due to higher property taxes.
Other (Income) and Deductions decreased $7 million and increased $13 million in the three and nine months ended September 30, 2024, respectively. The decrease in the third quarter was primarily due to higher AFUDC equity earnings of $15 million and higher investment earnings of $8 million, partially offset by higher net interest expense of $16 million. The increase in the nine-month period was primarily due to higher net interest expense of $59 million, partially offset by higher AFUDC equity earnings of $35 million and higher investment earnings of $9 million.
Income Tax Expense (Benefit) changed $120 million and $100 million in the three and nine months ended September 30, 2024, respectively. The change in both periods was primarily due to higher investment tax credits related to 2024 solar projects and higher nuclear production tax credits, partially offset by higher earnings. The impact of tax credits are offset in Operating Revenues through various regulatory mechanisms and have no impact on Net Income.
Outlook — DTE Electric will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Electric expects that planned significant capital investments will result in earnings growth. DTE Electric will maintain a strong focus on customers by increasing reliability and satisfaction while working to keep customer rate increases affordable. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, uncertainty of legislative or regulatory actions regarding environmental compliance, and effects of energy waste reduction programs.
DTE Electric filed a rate case with the MPSC on March 28, 2024 requesting an increase in base rates of $456 million based on a projected twelve-month period ending December 31, 2025, and an increase in return on equity from 9.9% to 10.5%. The requested increase in base rates was primarily due to the capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. The requested increase in base rates was also due to the increased cost of debt resulting from market dynamics and increasing operating and maintenance expenses. A final MPSC order in this case is expected in January 2025.

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GAS
The Gas segment consists principally of DTE Gas. Gas results and outlook are discussed below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating Revenues — Utility operations$230 $227 $1,230 $1,245 
Operating Expenses
Cost of gas — utility17 23 316 331 
Operation and maintenance125 115 389 366 
Depreciation and amortization57 51 166 153 
Taxes other than income25 23 89 82 
Asset (gains) losses and impairments, net— — — (1)
224 212 960 931 
Operating Income6 15 270 314 
Other (Income) and Deductions24 23 70 64 
Income Tax Expense (Benefit)(5)(3)47 60 
Net Income (Loss) Attributable to DTE Energy Company$(13)$(5)$153 $190 
Operating Revenues — Utility operations increased $3 million and decreased $15 million in the three and nine months ended September 30, 2024, respectively. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The change in both periods was due to the following:
Three MonthsNine Months
(In millions)
Weather$(1)$(23)
Gas Cost Recovery(6)(15)
Regulatory mechanism - EWR(2)(5)
Base sales1 (1)
Infrastructure recovery mechanism10 28 
Other1 1 
$3 $(15)
Revenue results are impacted by changes in sales volumes, which are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In Bcf)
Gas Markets
Gas sales8 8 84 89 
End-user transportation39 40 127 129 
47 48 211 218 
Intermediate transportation116 121 381 401 
Total Gas sales163 169 592 619 
Cost of gas — utility expense decreased $6 million and $15 million in the three and nine months ended September 30, 2024, respectively. The decrease in the third quarter was primarily due to lower cost of gas of $6 million. The decrease in the nine-month period was primarily due to lower sales volumes of $20 million partially offset by higher cost of gas of $5 million.
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Operation and maintenance expense increased $10 million and $23 million in the three and nine months ended September 30, 2024, respectively. The increase in the third quarter was primarily due to higher uncollectible expense of $7 million and higher gas operations expense of $5 million. The increase in the nine-month period was primarily due to higher gas operations expense of $13 million, one-time costs resulting from the voluntary separation incentive program of $8 million, and higher uncollectible expense of $6 million, partially offset by lower legal expenses of $2 million.
Depreciation and amortization expense increased $6 million and $13 million in the three and nine months ended September 30, 2024, respectively. The increase in both periods was primarily due to a higher depreciable base.
Taxes other than income expense increased $2 million and $7 million in the three and nine months ended September 30, 2024, respectively. The increase in both periods was primarily due to higher property taxes.
Other (Income) and Deductions increased $1 million and $6 million in the three and nine months ended September 30, 2024, respectively. The increase in the nine-month period was primarily due to higher net interest expense of $10 million partially offset by lower non-operating retirement benefits expense of $2 million and higher investment earnings of $2 million.
Income Tax Expense (Benefit) increased $2 million and decreased $13 million in the three and nine months ended September 30, 2024, respectively. The decrease in the nine-month period was primarily due to lower earnings.
Outlook — DTE Gas will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Gas expects that planned significant infrastructure capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather and the outcome of regulatory proceedings. DTE Gas expects to continue its efforts to improve productivity and decrease costs while improving customer satisfaction with consideration of customer rate affordability.
DTE Gas filed a rate case with the MPSC on January 8, 2024 requesting an increase in base rates of $266 million based on a projected twelve-month period ending September 30, 2025, and an increase in return on equity from 9.9% to 10.25%. The request reflects a net increase to customer rates of only $160 million, as an existing IRM surcharge of $106 million would be rolled into the new base rates. The requested increase is primarily due to increased investments in plant related to system reliability and pipeline safety and inflationary impacts on operating costs, partially offset by higher sales. A final MPSC order in this case is expected in November 2024.

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DTE VANTAGE
The DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers. DTE Vantage results and outlook are discussed below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating Revenues — Non-utility operations$190 $199 $555 $572 
Operating Expenses
Fuel, purchased power, and gas — non-utility87 98 279 288 
Operation and maintenance66 50 199 171 
Depreciation and amortization14 14 43 39 
Taxes other than income2 2 8 7 
Asset (gains) losses and impairments, net— (12)(1)(9)
169 152 528 496 
Operating Income21 47 27 76 
Other (Income) and Deductions(23)(7)(66)(25)
Income Taxes
Expense13 15 25 28 
Tax credits(2)(17)(6)(36)
11 (2)19 (8)
Net Income Attributable to DTE Energy Company$33 $56 $74 $109 
Operating Revenues — Non-utility operations decreased $9 million and $17 million in the three and nine months ended September 30, 2024, respectively. The decrease in both periods was due to the following:
Three MonthsNine Months
(In millions)
Lower demand and prices in the Steel business$(5)$(16)
Lower sales in the Renewables business(8)(6)
Sale of project in the On-site business— (3)
New project in the On-site business4 8 
$(9)$(17)
Fuel, purchased power, and gas — non-utility expense decreased $11 million and $9 million in the three and nine months ended September 30, 2024, respectively. The decrease in both periods was due to the following:
Three MonthsNine Months
(In millions)
Lower demand and prices in the Steel business$(9)$(12)
Sale of project in the On-site business— (3)
Costs in the Renewables business(2)6 
$(11)$(9)
Operation and maintenance expense increased $16 million and $28 million in the three and nine months ended September 30, 2024. The increase in the third quarter was primarily due to higher costs in the Renewables business of $6 million, On-site business of $5 million, and Steel business of $4 million. The increase in the nine-month period was primarily due to higher costs in the On-site business of $12 million, Renewables business of $8 million, and Steel business of $8 million.
Depreciation and amortization expense increased $4 million in the nine-month period ended September 30, 2024. The increase in the nine-month period was primarily due to new projects in the Renewables business.
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Asset (gains) losses and impairments, net decreased $12 million and $8 million in the three and nine months ended September 30, 2024, respectively. The decrease in both periods was primarily due to a gain in 2023 of $17 million resulting from a change in estimate of an asset retirement obligation in the Steel business, partially offset by asset write-offs in other business units of $5 million. The remaining decrease in the nine-month period was primarily due to settlement of contingent consideration relating to a 2017 acquisition in the Renewables business in 2023.
Other (Income) and Deductions increased $16 million and $41 million in the three and nine months ended September 30, 2024, respectively. The increase in the third quarter was primarily due to higher interest income of $12 million associated with a new project in the On-site business and higher equity earnings of $8 million, partially offset by higher interest expense of $3 million. The increase in the nine-month period was primarily due to higher interest income of $28 million associated with a new project in the On-site business and a gain in the Renewables business of $25 million attributed to the sale of a partnership interest, partially offset by higher interest expense of $10 million.
Income Taxes — Tax credits decreased $15 million and $30 million in the three and nine months ended September 30, 2024, respectively. The decrease in both periods was primarily due to investment tax credits related to new projects in the On-site and Renewables businesses in 2023.
Outlook — DTE Vantage will continue to leverage its extensive energy-related operating experience and project management capability to develop additional renewable natural gas projects and other projects that will provide customer specific energy solutions. DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects.

ENERGY TRADING
Energy Trading focuses on physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its asset portfolio, and optimization of contracted natural gas pipeline transportation and storage positions. Energy Trading also provides natural gas, power, environmental, and related services, which may include the management of associated storage and transportation contracts on the customers' behalf and the supply or purchase of environmental attributes to various customers. Energy Trading results and outlook are discussed below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)
Operating Revenues — Non-utility operations$840 $893 $2,610 $3,365 
Operating Expenses
Purchased power, gas, and other — non-utility757 780 2,425 2,975 
Operation and maintenance22 23 69 62 
Depreciation and amortization2 2 4 4 
Taxes other than income1 — 4 4 
782 805 2,502 3,045 
Operating Income58 88 108 320 
Other (Income) and Deductions2 1 (1)8 
Income Tax Expense14 22 27 78 
Net Income Attributable to DTE Energy Company$42 $65 $82 $234 
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Operating Revenues — Non-utility operations decreased $53 million and $755 million in the three and nine months ended September 30, 2024, respectively. The following tables detail changes relative to the comparable prior periods:
Three Months
(In millions)
Realized gas structured and gas transportation strategies - ($72) primarily due to lower gas prices, $19 settled financial hedges
$(53)
Unrealized MTM - $11 gains compared to $21 gains in the prior period
(10)
Other realized gain (loss)10 
$(53)
Nine Months
(In millions)
Realized gas structured and gas transportation strategies - ($476) primarily due to lower gas prices, ($48) settled financial hedges
$(524)
Unrealized MTM - ($67) losses compared to $105 gains in the prior period
(172)
Other realized gain (loss)(59)
$(755)
Purchased power, gas, and other — non-utility expense decreased $23 million and $550 million in the three and nine months ended September 30, 2024, respectively. The following tables detail changes relative to the comparable prior periods:
Three Months
(In millions)
Realized gas structured and gas transportation strategies - primarily lower gas prices
$(46)
Unrealized MTM - ($45) gains compared to ($36) gains in the prior period
(9)
Other realized (gain) loss32 
$(23)
Nine Months
(In millions)
Realized gas structured and gas transportation strategies - primarily lower gas prices
$(536)
Unrealized MTM - ($83) gains compared to ($120) gains in the prior period
37 
Other realized (gain) loss(51)
$(550)
Operation and maintenance expense decreased $1 million and increased $7 million in the three and nine months ended September 30, 2024, respectively. The increase in the nine-month period was primarily due to higher compensation costs.
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.
Operating Income decreased $30 million for the three months ended September 30, 2024, which includes a $15 million unfavorable change in timing related gains primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $9 million unfavorable change in timing related losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.
Operating Income decreased $212 million for the nine months ended September 30, 2024, which includes a $139 million unfavorable change in timing related gains primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $93 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.
Other (Income) and Deductions increased $1 million and changed $9 million in the three and nine months ended September 30, 2024, respectively. The change in the nine-month period was primarily due to higher interest income.
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Outlook — In the near-term, Energy Trading expects market conditions to remain challenging. The profitability of this segment may be impacted by the volatility in commodity prices and the uncertainty of impacts associated with regulatory changes, and changes in operating rules of Regional Transmission Organizations. Significant portions of the Energy Trading portfolio are economically hedged. Most financial instruments, physical power and natural gas contracts, and certain environmental contracts are deemed derivatives; whereas, natural gas and environmental inventory, contracts for pipeline transportation, storage assets, and some environmental contracts are not derivatives. As a result, Energy Trading will experience earnings volatility as derivatives are marked-to-market without revaluing the underlying non-derivative contracts and assets. Energy Trading's 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 also the "Fair Value" section herein and Notes 6 and 7 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.

CORPORATE AND OTHER
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $22 million and $83 million for the three and nine months ended September 30, 2024, respectively, represents a decrease of $30 million and $19 million from the net loss of $52 million and $102 million in the comparable 2023 periods. The decrease in the third quarter was primarily due to the effective tax rate adjustments. The decrease in the nine-month period was primarily due to the effective tax rate adjustments and higher equity investment income, partially offset by higher net interest expense and higher state income taxes.
Outlook — Corporate and Other will continue to support DTE Energy's goals to achieve long-term earnings growth by managing corporate costs such as interest and tax expense. Corporate and Other will also continue to support DTE Energy in achieving a strong balance sheet, access to capital markets, and implementation of a financing plan that includes interest rate management in order to manage interest costs.

CAPITAL RESOURCES AND LIQUIDITY
Cash Requirements
DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to grow the non-utility businesses, to retire and pay interest on long-term debt, and to pay dividends. DTE Energy believes it will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2024 will be approximately $3.3 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and energy waste reduction expenditures, and expenditures for non-utility businesses of approximately $4.7 billion in 2024. DTE Energy plans to seek regulatory approval to include utility capital expenditures in 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 strict risk-return and value creation criteria.
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Refer below for analysis of cash flows relating to operating, investing, and financing activities, which reflect DTE Energy's change in financial condition. Any significant non-cash items are included in the Supplemental disclosure of non-cash investing and financing activities within the Consolidated Statements of Cash Flows, as applicable.
Nine Months Ended September 30,
20242023
(In millions)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period$51 $43 
Net cash from operating activities2,559 2,375 
Net cash used for investing activities(4,713)(2,941)
Net cash from financing activities3,126 589 
Net Increase in Cash, Cash Equivalents, and Restricted Cash972 23 
Cash, Cash Equivalents, and Restricted Cash at End of Period$1,023 $66 
Cash from Operating Activities
A majority of DTE Energy's operating cash flows are provided by the electric and natural gas utilities, which are significantly influenced by factors such as weather, electric retail access, regulatory deferrals, regulatory outcomes, economic conditions, changes in working capital, and operating costs.
Net cash from operations increased by $184 million in 2024. The increase was primarily due to increases in Net income, Depreciation and amortization, and working capital items, partially offset by decreases in cash related to deferred taxes and Allowance for equity funds used during construction.
The change in working capital items in 2024 was primarily due to increases in cash related to Accounts payable, Derivative assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by decreases in cash related to Accounts receivable, net and Inventories.
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 and acquisitions. In any given year, DTE Energy looks 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 electric generation and the electric and natural gas distribution infrastructure, and to comply with environmental regulations and renewable energy goals.
Capital spending within the non-utility businesses is primarily for ongoing maintenance, expansion, and growth. DTE Energy looks 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. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.
Net cash used for investing activities increased by $1.8 billion in 2024 primarily due to the Investment in time deposits and increases in utility plant and equipment expenditures and Notes receivable.
Cash from Financing Activities
DTE Energy relies on both short-term borrowing and long-term financing as a source of funding for capital requirements not satisfied by its operations.
DTE Energy's strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. DTE Energy targets balance sheet financial metrics to ensure it is consistent with the objective of a strong investment grade debt rating.
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Net cash from financing activities increased by $2.5 billion in 2024 primarily due to increases in cash related to the Issuance of long-term debt, net of issuance costs and Redemption of long-term debt, partially offset by a decrease in cash related to Short-term borrowings, net.
Outlook
Sources of Cash
DTE Energy expects cash flows from operations to increase over the long-term, primarily as a result of growth from the utility and non-utility businesses. Growth in the utilities is expected to be driven primarily by capital spending which will increase the base from which rates are determined. DTE Energy expects long-term growth in sales related to vehicle electrification, but no significant impacts in the near-term. Non-utility growth is expected from additional investments in the DTE Vantage segment, primarily related to renewable energy and custom energy solutions, while expanding into carbon capture and sequestration. DTE Vantage expects enhanced growth opportunities in decarbonization as a result of the Inflation Reduction Act, including tax credits for renewable natural gas and carbon capture projects.
DTE Energy's utilities 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. DTE Energy continues its efforts to identify opportunities to improve cash flows through working capital initiatives and maintaining flexibility in the timing and extent of long-term capital projects.
At the discretion of management and depending upon economic and financial market conditions, DTE Energy expects to issue up to $100 million of equity in 2024. DTE Energy anticipates these discretionary equity issuances to be made through contributions to the dividend reinvestment plan and/or employee benefit plans.
Over the long-term, DTE Energy does not have any equity commitments and will continue to evaluate equity needs on an annual basis. DTE Energy currently expects its primary source of long-term financing to be the issuance of debt and is monitoring changes in interest rates and impacts on the cost of borrowing.
Uses of Cash
DTE Energy has $3.2 billion in long-term debt, including securitization bonds and finance leases, maturing within twelve months. Repayment of the debt is expected to be made through internally generated funds, the issuance of short-term and/or long-term debt, and the redemption of time deposits.
DTE Energy has paid quarterly cash dividends for more than 100 consecutive years and expects to continue paying regular cash dividends in the future, including approximately $0.8 billion in 2024. Any payment of future dividends is subject to approval by the Board of Directors and may depend on DTE Energy's future earnings, capital requirements, and financial condition. Over the long-term, DTE Energy expects continued dividend growth and is targeting a payout ratio consistent with pure-play utility companies.
Various subsidiaries and equity investees of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy 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 DTE Energy 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 DTE Energy 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 environmental) and the provisions and maturities of the underlying transactions. As of September 30, 2024, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $420 million.
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Other obligations are further described in the following Combined Notes to the Consolidated Financial Statements:
NoteTitle
1Organization and Basis of Presentation
2Significant Accounting Policies
7Financial and Other Derivative Instruments
8Long-Term Debt
9Short-Term Credit Arrangements and Borrowings
11Commitments and Contingencies
12Retirement Benefits and Trusteed Assets
Also refer to the "Capital Investments" section above regarding DTE Energy's capital strategy and estimated spend over the next five years. For additional information regarding DTE Energy's future cash obligations, including scheduled debt maturities and interest payments, minimum lease payments, and future purchase commitments, refer to DTE Energy's Annual Report on Form 10-K for the year ended December 31, 2023.
Liquidity
DTE Energy has approximately $3.0 billion of available liquidity at September 30, 2024, consisting primarily of cash and cash equivalents and amounts available under unsecured revolving credit agreements.
DTE Energy believes it will have sufficient operating flexibility, cash resources, and funding sources to maintain adequate amounts of liquidity and to meet future operating cash and capital expenditure needs. However, virtually all of DTE Energy's businesses are capital intensive, or require access to capital, and the inability to access adequate capital could adversely impact earnings and cash flows.

FAIR VALUE
Derivatives are generally recorded at fair value and shown as Derivative assets or liabilities. Contracts DTE Energy typically classifies as derivative instruments include power, natural gas, some environmental contracts, and certain forwards, futures, options and swaps, and foreign currency exchange contracts. Items DTE Energy does not generally account for as derivatives include natural gas and environmental inventory, pipeline transportation contracts, storage assets, and some environmental contracts. See Notes 6 and 7 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
The tables below do not include the expected earnings impact of non-derivative natural gas storage, transportation, certain power contracts, and some environmental contracts 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 the Registrants' 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 Registrants manage their MTM risk on a portfolio basis based upon the delivery period of their contracts and the individual components of the risks within each contract. Accordingly, the Registrants record and manage the energy purchase and sale obligations under their 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 Registrants have 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 6 to the Consolidated Financial Statements, "Fair Value."
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The following table provides details on changes in DTE Energy's MTM net asset (or liability) position:
DTE Energy
(In millions)
MTM at December 31, 2023$97 
Reclassified to realized upon settlement(213)
Changes in fair value recorded to income214 
Amounts recorded to unrealized income1 
Changes in fair value recorded in Regulatory liabilities29 
Amounts recorded in other comprehensive income, pre-tax7 
Change in collateral(80)
MTM at September 30, 2024$54 
The table below shows the maturity of DTE Energy's MTM positions. The positions from 2027 and beyond principally represent longer tenor gas structured transactions:
Source of Fair Value2024202520262027 and BeyondTotal Fair Value
(In millions)
Level 1$(8)$(11)$(6)$1 $(24)
Level 222 18 13 (10)43 
Level 310 40 16 (23)43 
MTM before collateral adjustments$24 $47 $23 $(32)62 
Collateral adjustments(8)
MTM at September 30, 2024$54 

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 Registrants do not bear significant exposure to earnings risk, as such changes are included in the PSCR and GCR regulatory rate-recovery mechanisms. Earnings may be indirectly impacted if PSCR or GCR charges increase such that it impacts the collectability of receivables and increases uncollectible expense. Refer to the Allowance for Doubtful Accounts section below for additional information.
Changes in the price of natural gas can also impact the valuation of lost and unaccounted for gas, storage sales, and transportation services revenue at the Gas segment. The Gas segment manages its market price risk related to storage sales revenue primarily through the sale of long-term storage contracts. The Registrants are exposed to short-term cash flow or liquidity risk as a result of the time differential between actual cash settlements and regulatory rate recovery.
The DTE Vantage segment is subject to price risk for electricity, natural gas, coal products, and environmental attributes generated from its renewable natural gas investments. DTE Energy manages its exposure to commodity price risk through the use of long-term contracts and hedging instruments, when available.
DTE Energy's Energy Trading business segment has exposure to electricity, natural gas, environmental, crude oil, heating oil, and foreign currency exchange price fluctuations. These risks are managed by the energy marketing and trading operations through the use of forward energy, capacity, storage, options, and futures contracts, within predetermined risk parameters.
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信用風險
可疑帳款備抵
登記者定期審查附帶事項、現有和未來經濟情況、客戶趨勢以及與客戶及其合同相關的其他因素，並在對應壞帳的應收賬款提存足夠的金額。 登記者相信他們積畢的金額足以應付可能的損失。 登記者透過在州和聯邦層面開放資助計劃，提供給低收入客戶的能源支援計劃和支持，並通過遵循MPSC帳單慣行規則，促進及時客戶付款來管理此風險，這些規則涉及付款安排、能源中斷和恢復。
交易活動
dte能源透過交易活動面臨信貸風險。信貸風險是指如果交易對手未能履行其合約義務，可能導致潛在損失。dte能源在確定交易對手的信貸品質時，採用外部和內部信用評估。
下表顯示截至2024年9月30日，dte能源的交易對手的信用質量：
信用風險
現金前
擔保品		現金
擔保品		淨信用
前期匯率
（以百萬為單位）
投資級(a)
A-及更高評級$348 $— $348 
BBB+及BBB評級305 — 305 
BBb-9 — 9 
總投資等級662 — 662 
非投資等級(b)
17 — 17 
內部評級 - 投資等級(c)
307 (1)306 
內部評級 - 非投資等級(d)
5 — 5 
總計$991 $(1)$990 
_______________________________________
(a)這個類別包括標準普爾評級集團（麥格勞希爾公司（McGraw-Hill Companies, Inc.）的一個部門）分配的Baa3最低信用評級的交易對手，或標準普爾評級集團（麥格勞希爾公司（McGraw-Hill Companies, Inc.）的一倀分）分配的BBb。 這個類別中，五個最大的交易對手敞口加起來佔總毛信用敞口的28%。
(b)這個類別包括信用評級低於投資級的交易對手。這個類別的五個最大交易對手集合，佔總毛信用風險的2%。
(c)這個類別包括由Moody's或標準普爾未評級的交易對手，但根據dte能源對交易對手信用評級的評估，被視為投資級別。這個類別中排名前五大交易對手的總暴露數佔總毛信貸敞口的13%。
(d)此類別包括那些尚未獲穆迪（Moody’s）或標準普爾（Standard & Poor’s）評級，並根據dte能源對交易對手信用風險的評估被視為非投資級別。對於此類別，五個最大的交易對手風險暴露合計不到總毛額信貸風險的1%。
其他
申請人與非投資級客戶從事業務。申請人密切監控這些客戶的信用評級，並在被視為必要且在費率允許的情況下，要求這些客戶提供擔保或擔保以確保其義務。
利率風險
dte能源在發行債務時面臨利率風險。為了管理利息成本，dte能源可能使用國庫鎖倉和利率互換協議。 dte能源對利率風險的敞口主要來自美國國庫利率、商業票據利率、信貸利差和SOFR的變化。 截至2024年9月30日，dte能源的浮動利率債務為96600萬美元，浮動利率債務占總債務比例的4.0％。
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外幣兌換風險
dte能源面臨來自與固定價格合同相關的市場價格波動所引起的外匯風險。 這些合同以加幣計價，主要用於購買和出售天然氣和電力，以及長期運輸能力。 為了限制dte能源面對外匯波動的風險，dte能源已通過2032年12月進入了一系列外匯遠期合同。
敏感性分析摘要
對dte能源的商品合約和登記者的長期債務的公平價值進行了敏感性分析。 下列商品合約主要涉及能源行銷和交易活動。 敏感性分析涉及在2024年和2023年9月30日增加和降低未來價格和利率10％並計算公平價值的變化。 只有在dte能源將所有固定利率長期債務轉讓給其他債權人時，長期債務所產生的假設損失才會實現。
敏感性分析的結果：
假設一個
價格/匯率上漲10％		假設一個
價格/匯率下跌10％
ValueValue
活動2024202320242023公允價值變動
（以百萬為單位）
環保母基合約$(12)$(7)$12 $7 商品合約
燃料幣合約$20 $35 $(20)$(35)商品合約
電力合約$(3)$3 $3 $(4)商品合約
石油合約$— $1 $— $(1)商品合約
利率風險 — dte能源$(775)$(717)$826 $776 長期負債
利率風險 — dte電力$(491)$(477)$531 $524 長期負債
有關市場風險的進一步討論，請參見綜合基本報表附註7「金融及其他衍生工具」。

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项目4。 內部控制及程序
dte能源
(a) 評估揭露控制和程序
dte能源的管理層在dte能源的首席執行官（CEO）和致富金融(臨時代碼)的監督和參與下，對dte能源的披露控制和程序的設計和操作進行了評估（如《交易所法》第13a-15(e)和15d-15(e)條規所定義的那樣），截至2024年9月30日，這是本報告涵蓋期間的結束。根據這一評估，dte能源的CEO和CFO得出結論，即這些披露控制和程序有效地提供了合理保證，確保dte能源在根據《交易所法》提交的報告中需要披露的信息(i)在美國證券交易委員會的規則和表格中規定的時間內記錄、處理、總結和報告，并(i)積累和傳達給dte能源的管理層，包括其CEO和CFO，以便適時作出有關所需披露的決定。由於任何披露控制和程序的有效性存在固有限制，管理層無法提供對其披露控制和程序的目標會實現的絕對保證。
(b) 公司財務報告內部控制變更情形
dte能源在2024年9月30日結束的季度內部財務報告的內部控制沒有發生任何重大影響，也不太可能對dte能源的內部財務報告產生重大影響。
dte電力
(a) 評估揭露控制和程序
DTE Electric管理層在DTE Electric致富金融(臨時代碼)及財務長的監督和參與下，對DTE Electric的披露控制和程序的設計和操作效能進行評估（根據交易所法規13a-15(e)和15d-15(e)的定義），截至2024年9月30日，該日期為本報告覆蓋期限結束。基於此評估，DTE Electric的致富金融(臨時代碼)和財務長已經得出結論，即此類披露控制和程序在提供DTE Electric應在根據交易所法案提交的報告中披露的信息方面提供了合理保證，（i）所述信息已在美國證券交易委員會的規則和表格中指定的時間內記錄、處理、總結和報告，以及（ii）所述信息已累積並傳達給DTE Electric的管理層，包括其CE...其CE...歐和CFO，以促使及時做出有關所需披露的決定。由於任何披露控制和程序有效性的固有限制，管理層無法提供披露控制和程序目標將達成的絕對保證。
(b) 內部財務報告控制變更
截至2024年9月30日結束的本季，DTE Electric的財務報告內部控制沒有出現對DTE Electric的財務報告內部控制產生重大影響，或有可能對其產生重大影響的變化。

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第二部分 ─ 其他資訊
項目1。 “法律訴訟” 指任何行政機構或法院進行的訴訟、聆訊、索賠、指控、稽核、訴訟、訴訟、調查、仲裁或程序（無論是民事、刑事、監管、行政還是根據法律或公平原則）。s
有關註冊人法律訴訟和相關事項的資訊，請參閱綜合基本報表附註4和11，分別為"監管事項"和"承諾和可能負債"。
對於環保母基作為當事方的訴訟，如果預計將處以100萬美元或以上的制裁，註冊人已包含任何披露。

項目1A。 風險因素
與註冊人業務運營相關的風險多種多樣。為了提供一個了解註冊人經營環境的框架，註冊人業務中與之相關的更重要風險的簡要說明載於DTE能源和DTE電力合併2023年年度報告第1部分，1A項“風險因素”。雖然註冊人已嘗試確定並討論關鍵風險因素，但未來可能出現其他風險因素。

項目2。 股票權益的未註冊銷售和資金用途
dte能源公司及相關購買者購入dte能源股權證券
以下表格提供了關於dte能源根據1934年《交易所法》第12條進行登記的股權證券購買信息，截至2024年9月30日季度結束:
已解除期權數量
股份
每股購買價格（a）(a)
平均價格
價錢
每次支付
A類普通股（即「股份」）(a)
數字
股份份額
已购买
Part of Publicly
宣布的
計劃或方案
公開宣佈的計劃或方案一部分的股票購買數量		平均價格
支付價格
每股股票		最大美元
可能的價值
尚未
根據
計劃購入的
公開宣佈的計劃或方案一部分的股票購買數量
07/01/2024 — 07/31/20244,833 $114.07 — — — 
08/01/2024 — 08/31/2024492 $114.47 — — — 
09/01/2024 — 09/30/20241,450 $118.48 — — — 
總計6,775 — 
_______________________________________
(a)主要代表dte能源普通股，根據授權日期的市價代扣預扣所得稅義務。

第5項。 其他信息
c.在2024年9月30日結束的季度內，沒有dte能源的董事或高管 採用 或 終止 有任何10b5-1規則交易安排或非10b5-1規則交易安排。

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目錄
項目6。 展品
展品編號描述DTE
能源		DTE
電動
(i) Exhibits filed herewith:
Supplemental Indenture dated as of August 1, 2024, to the Amended and Restated Indenture dated as of April 9, 2001, by and between DTE Energy Company and the Bank of New York Mellon Trust Company, N.A., as successor trustee. (2024 Series E)
X
第五十五次補充債券契約於2024年10月1日簽署，針對1944年3月1日之抵押和信託契約，由dte energy company和花旗銀行(臨時代碼)信託人(2024年F和G系列)之間簽署
X
首席執行官302條第10-Q定期報告認證書X
致富金融(臨時代碼)主管302條第10-Q定期報告認證書X
首席執行官302條第10-Q定期報告認證書X
致富金融(臨時代碼)主管302條第10-Q定期報告認證書X
101.INSXBRL實例文件-實例文件未出現在互動數據文件中，因為其XBRL標籤嵌入在內聯XBRL文件中。XX
101.SCHXBRL稅務分類擴充方案架構。XX
101.CALXBRL稅務分類擴充方案計算連結底座。XX
101.DEFXBRL分類標準擴展定義數據庫XX
101.LABXBRL稅務分類擴充方案標籤連結底座。XX
101.PREXBRL稅務分類擴充方案演示連結底座。XX
(ii) 附附表：
首席執行官第906條形式10-Q定期報告認證X
首席財務臨時代碼第906條形式10-Q定期報告認證X
首席執行官第906條形式10-Q定期報告認證X
首席財務臨時代碼第906條形式10-Q定期報告認證X



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簽名
根據1934年證券交易法案的要求，申報人已經授權擔任簽署人，代表其簽署此報告。每位簽署人的簽名僅涉及與該申報人及其子公司相關的事項。
日期：
2024年10月24日
DTE ENERGY COMPANY
作者：/S/ TRACY J. MYRICK
Tracy J. Myrick
首席會計主管
(正式授權官員)
dte energy company
作者：/S/ TRACY J. MYRICK
Tracy J. Myrick
首席會計主管
(正式授權官員)
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