DTE Electric 8-K DTE Energy reports second quarter 2012 results

Exhibit 99.2

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

	June 30			December 31
(in Millions)	2012			2011
ASSETS
Current Assets
Cash and cash equivalents	$	185		$	68
Restricted cash, principally Securitization	110			147
Accounts receivable (less allowance for doubtful accounts of $153 and $162, respectively)
Customer	1,239			1,317
Other	164			90
Inventories
Fuel and gas	487			572
Materials and supplies	223			219
Deferred income taxes	65			51
Derivative assets	221			222
Regulatory assets	194			314
Other	162			196
	3,050			3,196
Investments
Nuclear decommissioning trust funds	985			937
Other	533			525
	1,518			1,462
Property
Property, plant and equipment	23,081			22,541
Less accumulated depreciation, depletion and amortization	(8,929		)	(8,795		)
	14,152			13,746
Other Assets
Goodwill	2,020			2,020
Regulatory assets	4,390			4,539
Securitized regulatory assets	497			577
Intangible assets	67			73
Notes receivable	117			123
Derivative assets	75			74
Other	189			199
	7,355			7,605
Total Assets	$	26,075		$	26,009

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) — (Continued)

	June 30			December 31
(in Millions, except shares)	2012			2011
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	728		$	782
Accrued interest	94			95
Dividends payable	207			99
Short-term borrowings	39			419
Current portion long-term debt, including capital leases	848			526
Derivative liabilities	211			158
Other	508			549
	2,635			2,628
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,528			6,405
Securitization bonds	391			479
Junior subordinated debentures	280			280
Capital lease obligations	13			23
	7,212			7,187
Other Liabilities
Deferred income taxes	3,263			3,116
Regulatory liabilities	1,007			1,019
Asset retirement obligations	1,641			1,591
Unamortized investment tax credit	60			65
Derivative liabilities	62			89
Accrued pension liability	1,224			1,298
Accrued postretirement liability	1,341			1,484
Nuclear decommissioning	149			148
Other	297			331
	9,044			9,141
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 171,754,812 and 169,247,282 shares issued and outstanding, respectively	3,549			3,417
Retained earnings	3,744			3,750
Accumulated other comprehensive loss	(151		)	(158		)
Total DTE Energy Company Equity	7,142			7,009
Noncontrolling interests	42			44
Total Equity	7,184			7,053
Total Liabilities and Equity	$	26,075		$	26,009

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended
	June 30
(in Millions)	2012			2011
Operating Activities
Net income	$	305		$	378
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	482			493
Deferred income taxes	81			14
Asset (gains) and losses, reserves and impairments, net	(7		)	8
Changes in assets and liabilities, exclusive of changes shown separately	300			266
Net cash from operating activities	1,161			1,159
Investing Activities
Plant and equipment expenditures — utility	(708		)	(684		)
Plant and equipment expenditures — non-utility	(131		)	(35		)
Proceeds from sale of assets	15			9
Restricted cash for debt redemption, principally Securitization	15			2
Proceeds from sale of nuclear decommissioning trust fund assets	36			59
Investment in nuclear decommissioning trust funds	(44		)	(76		)
Other	(15		)	(42		)
Net cash used for investing activities	(832		)	(767		)
Financing Activities
Issuance of long-term debt	496			547
Redemption of long-term debt	(140		)	(721		)
Short-term borrowings, net	(380		)	1
Issuance of common stock	20			—
Repurchase of common stock	—			(18		)
Dividends on common stock	(199		)	(190		)
Other	(9		)	(15		)
Net cash used for financing activities	(212		)	(396		)
Net Increase (Decrease) in Cash and Cash Equivalents	117			(4		)
Cash and Cash Equivalents at Beginning of Period	68			65
Cash and Cash Equivalents at End of Period	$	185		$	61

THE DETROIT EDISON COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2012			2011			2012			2011
Operating Revenues	$	1,289		$	1,240		$	2,487		$	2,432
Operating Expenses
Fuel and purchased power	428			417			805			795
Operation and maintenance	334			331			689			660
Depreciation and amortization	203			202			388			404
Taxes other than income	60			60			128			119
Asset (gains) and losses, net	(1		)	(5		)	(1		)	14
	1,024			1,005			2,009			1,992
Operating Income	265			235			478			440
Other (Income) and Deductions
Interest expense	65			73			134			144
Other income	(11		)	(11		)	(27		)	(21		)
Other expenses	9			6			15			12
	63			68			122			135
Income Before Income Taxes	202			167			356			305
Income Tax Expense	75			63			132			116
Net Income	$	127		$	104		$	224		$	189

MICHIGAN CONSOLIDATED GAS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2012			2011			2012			2011
Operating Revenues	$	209		$	238		$	710		$	918
Operating Expenses
Cost of gas	59			92			330			491
Operation and maintenance	95			102			194			203
Depreciation and amortization	23			22			46			44
Taxes other than income	13			14			31			31
	190			230			601			769
Operating Income	19			8			109			149
Other (Income) and Deductions
Interest expense	14			15			29			31
Interest income	(1		)	(2		)	(3		)	(4		)
Other income	(3		)	(1		)	(5		)	(3		)
Other expenses	1			—			2			1
	11			12			23			25
Income (Loss) Before Income Taxes	8			(4		)	86			124
Income Tax Expense (Benefit)	3			(1		)	30			45
Net Income (Loss)	$	5		$	(3	)	$	56		$	79

DTE Energy Debt/Equity Calculation

As of June 30, 2012

($ millions)

Short-term borrowings	$	39
Current portion of long-term debt, including capital leases	848
Mortgage bonds, notes and other	6,528
Securitization bonds, excluding current portion	391
Capital lease obligations	13
Other adjustments	258
less Securitization bonds, including current portion	(559		)
50% Junior Subordinated Debentures	140
Total debt	7,658
50% Junior Subordinated Debentures	140
Total preferred/ other	140
Equity	7,142
Total capitalization	$	14,940
Debt	51		%
Junior Subordinated Debentures	1		%
Common shareholders' equity	48		%
Total	100		%

Sales Analysis - Q2 2012
Electric Sales - Detroit Edison Service Area (GWh)					Electric Billings - Detroit Edison Service Area ($000s)
	Q2 2012	Q2 2011	% Change			Q2 2012		Q2 2011		% Change
Residential	3,587	3,607	(1	)%	Residential	$	523,858	$	494,467	6	%
Commercial	4,247	3,998	6	%	Commercial	481,778		409,267		18	%
Industrial	2,563	2,405	7	%	Industrial	202,742		169,387		20	%
Other (a)	221	239	(8	)%	Other (b)	26,338		49,452		(47	)%
	10,618	10,249	4	%		$	1,234,716	$	1,122,573	10	%
Choice	1,312	1,409	(7	)%	Choice	23,155		25,476		(9	)%
TOTAL SALES	11,930	11,658	2	%	TOTAL	$	1,257,871	$	1,148,049	10	%
________________					________________
(a) 2011 Excludes 524 GWh related to a wholesale contract terminated Dec 2011					(b) 2011 includes $23,219k related to a wholesale contract terminated Dec 2011

Gas Sales - MichCon Service Area (MMcf)					Gas Billings - MichCon Service Area ($000s)
	Q2 2012	Q2 2011	% Change			Q2 2012		Q2 2011		% Change
Residential	11,269	14,131	(20	)%	Residential	$	118,469	$	148,485	(20	)%
Commercial	2,394	3,169	(24	)%	Commercial	23,214		31,449		(26	)%
Industrial	393	204	93	%	Industrial	3,155		1,706		85	%
	14,056	17,504	(20	)%		$	144,838	$	181,640	(20	)%
End User Transportation*	33,804	27,343	24	%	End User Transportation*	39,587		43,183		(8	)%
TOTAL SALES	47,860	44,847	7	%	TOTAL	$	184,425	$	224,823	(18	)%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days				Heating Degree Days
Detroit Edison service territory				MichCon service territory
	Q2 2012	Q2 2011	% Change		Q2 2012	Q2 2011	% Change
Actuals	331	242	37%	Actuals	653	823	(21)%
Normal	193	193		Normal	781	803
Deviation from normal	71%	25%		Deviation from normal	(16)%	2%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	Q2 2012			Q2 2011
Detroit Edison*	$	21		$	—
MichCon	$	(2	)	$	1
________________
* Pre 2012 Detroit Edison earnings not affected by weather due to RDM mechanism

Sales Analysis - YTD June 30, 2012
Electric Sales - Detroit Edison Service Area (GWh)					Electric Billings - Detroit Edison Service Area ($000s)
	YTD 2012	YTD 2011	% Change			YTD 2012		YTD 2011		% Change
Residential	7,287	7,495	(3	)%	Residential	$	1,087,273	$	1,013,905	7	%
Commercial	8,132	7,991	2	%	Commercial	920,445		804,973		14	%
Industrial	4,938	4,747	4	%	Industrial	390,408		333,688		17	%
Other (a)	479	517	(7	)%	Other (b)	52,803		98,164		(46	)%
	20,836	20,750	0	%		$	2,450,929	$	2,250,730	9	%
Choice	2,567	2,711	(5	)%	Choice	44,625		51,511		(13	)%
TOTAL SALES	23,403	23,461	0	%	TOTAL	$	2,495,554	$	2,302,241	8	%
________________					________________
(a) 2011 Excludes 1,043 GWh related to a wholesale contract terminated Dec 2011					(b) 2011 includes $45,942k related to a wholesale contract terminated Dec 2011

Gas Sales - MichCon Service Area (MMcf)					Gas Billings - MichCon Service Area ($000s)
	YTD 2012	YTD 2011	% Change			YTD 2012		YTD 2011		% Change
Residential	48,062	61,790	(22	)%	Residential	$	440,114	$	591,759	(26	)%
Commercial	11,046	15,673	(30	)%	Commercial	96,209		144,820		(34	)%
Industrial	628	503	25	%	Industrial	4,960		4,218		18	%
	59,736	77,966	(23	)%		$	541,283	$	740,797	(27	)%
End User Transportation*	81,818	79,066	3	%	End User Transportation*	112,763		124,415		(9	)%
TOTAL SALES	141,554	157,032	(10	)%	TOTAL	$	654,046	$	865,212	(24	)%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days				Heating Degree Days
Detroit Edison service territory				MichCon service territory
	YTD 2012	YTD 2011	% Change		YTD 2012	YTD 2011	% Change
Actuals	347	242	43%	Actuals	3,178	4,274	(26)%
Normal	193	193		Normal	4,006	4,016
Deviation from normal	80%	25%		Deviation from normal	(21)%	6%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	YTD 2012			YTD 2011
Detroit Edison*	$	10		$	—
MichCon	$	(25	)	$	9
________________
* Pre 2012 Detroit Edison earnings not affected by weather due to RDM mechanism

Detroit Edison Temperature Normal Sales Analysis - June 30, 2012
Temperature Normal Electric Sales - Detroit Edison Service Area (GWh)					Temperature Normal Electric Sales - Detroit Edison Service Area (Includes Electric Choice) (GWh)
	YTD 2012	YTD 2011	% Change			YTD 2012	YTD 2011	% Change
Residential	7,218	7,301	(1	)%	Residential	7,219	7,302	(1	)%
Commercial	7,974	7,947	0	%	Commercial	9,465	9,551	(1	)%
Industrial	4,920	4,743	4	%	Industrial	5,960	5,839	2	%
Other (a)	479	517	(7	)%	Other (a)	479	517	(7	)%
	20,591	20,508	0	%		23,123	23,209	0	%
Choice	2,532	2,701	(6	)%
TOTAL SALES	23,123	23,209	0	%
________________
(a) 2011 Excludes 1,043 GWh related to a wholesale contract terminated Dec 2011