DTE Electric 8-K DTE Energy reports third quarter 2012 results; increases guidance

Exhibit 99.2

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

	September 30			December 31
	2012			2011
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	59		$	68
Restricted cash, principally Securitization	69			147
Accounts receivable (less allowance for doubtful accounts of $150 and $162, respectively)
Customer	1,164			1,317
Other	71			90
Inventories
Fuel and gas	554			572
Materials and supplies	231			219
Deferred income taxes	58			51
Derivative assets	123			222
Regulatory assets	157			314
Other	244			196
	2,730			3,196
Investments
Nuclear decommissioning trust funds	1,029			937
Other	537			525
	1,566			1,462
Property
Property, plant and equipment	23,442			22,541
Less accumulated depreciation, depletion and amortization	(9,038		)	(8,795		)
	14,404			13,746
Other Assets
Goodwill	2,020			2,020
Regulatory assets	4,299			4,539
Securitized regulatory assets	456			577
Intangible assets	67			73
Notes receivable	114			123
Derivative assets	63			74
Other	190			199
	7,209			7,605
Total Assets	$	25,909		$	26,009

DTE ENERGY COMPANY

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

	September 30			December 31
	2012			2011
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	724		$	782
Accrued interest	122			95
Dividends payable	107			99
Short-term borrowings	98			419
Current portion long-term debt, including capital leases	633			526
Derivative liabilities	146			158
Other	479			549
	2,309			2,628
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,526			6,405
Securitization bonds	302			479
Junior subordinated debentures	280			280
Capital lease obligations	12			23
	7,120			7,187
Other Liabilities
Deferred income taxes	3,273			3,116
Regulatory liabilities	990			1,019
Asset retirement obligations	1,683			1,591
Unamortized investment tax credit	58			65
Derivative liabilities	30			89
Accrued pension liability	1,216			1,298
Accrued postretirement liability	1,341			1,484
Nuclear decommissioning	156			148
Other	302			331
	9,049			9,141
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 172,073,378 and 169,247,282 shares issued and outstanding, respectively	3,567			3,417
Retained earnings	3,969			3,750
Accumulated other comprehensive loss	(147		)	(158		)
Total DTE Energy Company Equity	7,389			7,009
Noncontrolling interests	42			44
Total Equity	7,431			7,053
Total Liabilities and Equity	$	25,909		$	26,009

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended
	September 30
	2012			2011
(In millions)
Operating Activities
Net income	$	535		$	563
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	747			752
Deferred income taxes	96			123
Asset (gains) and losses, reserves and impairments, net	(7		)	—
Changes in assets and liabilities, exclusive of changes shown separately	358			48
Net cash from operating activities	1,729			1,486
Investing Activities
Plant and equipment expenditures — utility	(1,008		)	(968		)
Plant and equipment expenditures — non-utility	(214		)	(61		)
Proceeds from sale of assets	20			13
Restricted cash for debt redemption, principally Securitization	55			47
Proceeds from sale of nuclear decommissioning trust fund assets	48			69
Investment in nuclear decommissioning trust funds	(61		)	(97		)
Other	(24		)	(55		)
Net cash used for investing activities	(1,184		)	(1,052		)
Financing Activities
Issuance of long-term debt	495			908
Redemption of long-term debt	(447		)	(1,161		)
Short-term borrowings, net	(321		)	126
Issuance of common stock	29			—
Repurchase of common stock	—			(18		)
Dividends on common stock	(300		)	(289		)
Other	(10		)	(19		)
Net cash used for financing activities	(554		)	(453		)
Net Decrease in Cash and Cash Equivalents	(9		)	(19		)
Cash and Cash Equivalents at Beginning of Period	68			65
Cash and Cash Equivalents at End of Period	$	59		$	46

THE DETROIT EDISON COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(In millions)	2012			2011			2012			2011
Operating Revenues	$	1,542		$	1,517		$	4,029		$	3,949
Operating Expenses
Fuel and purchased power	543			553			1,348			1,348
Operation and maintenance	337			352			1,026			1,012
Depreciation and amortization	219			215			607			619
Taxes other than income	65			63			193			182
Asset (gains) and losses, net	—			(1		)	(1		)	13
	1,164			1,182			3,173			3,174
Operating Income	378			335			856			775
Other (Income) and Deductions
Interest expense	70			74			204			218
Other income	(14		)	(9		)	(41		)	(30		)
Other expenses	12			14			27			26
	68			79			190			214
Income Before Income Taxes	310			256			666			561
Income Tax Expense	115			98			247			214
Net Income	$	195		$	158		$	419		$	347

MICHIGAN CONSOLIDATED GAS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(In millions)	2012			2011			2012			2011
Operating Revenues	$	157		$	156		$	867		$	1,074
Operating Expenses
Cost of gas	20			35			350			526
Operation and maintenance	88			91			282			294
Depreciation and amortization	23			22			69			66
Taxes other than income	10			11			41			42
	141			159			742			928
Operating Income (Loss)	16			(3		)	125			146
Other (Income) and Deductions
Interest expense	14			16			43			47
Interest income	(2		)	(1		)	(5		)	(5		)
Other income	(2		)	(2		)	(7		)	(5		)
Other expenses	1			3			3			4
	11			16			34			41
Income (Loss) Before Income Taxes	5			(19		)	91			105
Income Tax Expense (Benefit)	2			(8		)	32			37
Net Income (Loss)	$	3		$	(11	)	$	59		$	68

DTE Energy Debt/Equity Calculation

As of September 30, 2012

($ millions)

Short-term borrowings	$	98
Current portion of long-term debt, including capital leases	633
Mortgage bonds, notes and other	6,526
Securitization bonds, excluding current portion	302
Capital lease obligations	12
Other adjustments	276
less Securitization bonds, including current portion	(479		)
50% Junior Subordinated Debentures	140
Total debt	7,508
50% Junior Subordinated Debentures	140
Total preferred/ other	140
Equity	7,389
Total capitalization	$	15,037
Debt	50		%
Junior Subordinated Debentures	1		%
Common shareholders' equity	49		%
Total	100		%

Sales Analysis - Q3 2012
Electric Sales - Detroit Edison Service Area (GWh)						Electric Billings - Detroit Edison Service Area (000s)
	Q3 2012	Q3 2011		% Change			Q3 2012		Q3 2011		% Change
Residential	4,893	4,863		1	%	Residential	$	736,043	$	665,301	11	%
Commercial	4,601	4,759		(3	)%	Commercial	515,457		478,457		8	%
Industrial	2,707	2,606		4	%	Industrial	206,142		186,946		10	%
Other (a)	238	252		(6	)%	Other (b)	26,907		50,035		(46	)%
	12,439	12,480	��	0	%		$	1,484,549	$	1,380,739	8	%
Choice	1,372	1,394		(2	)%	Choice	23,684		26,160		(9	)%
TOTAL SALES	13,811	13,874		0	%	TOTAL	$	1,508,233	$	1,406,899	7	%
________________						________________
(a) 2011 excludes 530 GWh related to a wholesale contract terminated Dec 2011						(b) 2011 includes $23,579k related to a wholesale contract terminated Dec 2011

Gas Sales - MichCon Service Area (MMcf)					Gas Billings - MichCon Service Area (000s)
	Q3 2012	Q3 2011	% Change			Q3 2012		Q3 2011		% Change
Residential	5,943	7,123	(17	)%	Residential	$	76,382	$	85,932	(11	)%
Commercial	1,250	1,531	(18	)%	Commercial	14,532		17,442		(17	)%
Industrial	90	110	(18	)%	Industrial	716		886		(19	)%
	7,283	8,764	(17	)%		$	91,630	$	104,260	(12	)%
End User Transportation*	32,991	25,722	28	%	End User Transportation*	33,733		30,332		11	%
TOTAL SALES	40,274	34,486	17	%	TOTAL	$	125,363	$	134,592	(7	)%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days				Heating Degree Days
Detroit Edison service territory				MichCon service territory
	Q3 2012	Q3 2011	% Change		Q3 2012	Q3 2011	% Change
Actuals	768	793	(3)%	Actuals	144	142	1%
Normal	537	537		Normal	125	128
Deviation from normal	43%	48%		Deviation from normal	15%	11%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	Q3 2012		Q3 2011
Detroit Edison*	$	40	$	—
MichCon	1		1
________________
* Pre 2012 Detroit Edison earnings not affected by weather due to RDM mechanism

Sales Analysis - YTD September 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	12,180	12,358	(1	)%	Residential	$	1,823,316	$	1,679,205	9	%
Commercial	12,734	12,750	0	%	Commercial	1,435,902		1,283,431		12	%
Industrial	7,645	7,353	4	%	Industrial	596,550		520,634		15	%
Other (a)	717	771	(7	)%	Other (b)	79,710		148,199		(46	)%
	33,276	33,232	0	%		$	3,935,478	$	3,631,469	8	%
Choice	3,938	4,104	(4	)%	Choice	68,309		77,671		(12	)%
TOTAL SALES	37,214	37,336	0	%	TOTAL	$	4,003,787	$	3,709,140	8	%
________________					________________
(a) 2011 excludes 1,572 GWh related to a wholesale contract terminated Dec 2011					(b) 2011 includes $69,521k 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	54,005	68,913	(22	)%	Residential	$	516,496	$	677,691	(24	)%
Commercial	12,296	17,204	(29	)%	Commercial	110,741		162,262		(32	)%
Industrial	719	613	17	%	Industrial	5,676		5,105		11	%
	67,020	86,730	(23	)%		$	632,913	$	845,058	(25	)%
End User Transportation*	114,808	104,788	10	%	End User Transportation*	146,496		154,747		(5	)%
TOTAL SALES	181,828	191,518	(5	)%	TOTAL	$	779,409	$	999,805	(22	)%
________________					________________
* 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	1,114	1,035	8%	Actuals	3,322	4,416	(25)%
Normal	730	730		Normal	4,131	4,144
Deviation from normal	53%	42%		Deviation from normal	(20)%	7%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	YTD 2012			YTD 2011
Detroit Edison*	$	50		$	—
MichCon	(25		)	11
________________
* Pre 2012 Detroit Edison earnings not affected by weather due to RDM mechanism

Detroit Edison Temperature Normal Sales Analysis - September 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	11,478	11,484	0	%	Residential	11,479	11,485	0	%
Commercial	12,331	12,431	(1	)%	Commercial	14,621	14,915	(2	)%
Industrial	7,603	7,320	4	%	Industrial	9,163	8,872	3	%
Other (a)	717	771	(7	)%	Other (a)	717	771	(7	)%
	32,129	32,006	0	%		35,980	36,043	0	%
Choice	3,851	4,036	(5	)%
TOTAL SALES	35,980	36,042	0	%
________________
(a) 2011 excludes 1,572 GWh related to a wholesale contract terminated Dec 2011