Exhibit 99.2
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF OPERATIONS (PRELIMINARY/UNAUDITED)
(in Millions, Except per Share Amounts)
3 Months - June | 6 Months - June | |||||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||||
Operating Revenues | $ | 1,501 | $ | 1,600 | -6 | % | $ | 3,594 | $ | 3,695 | -3 | % | ||||||||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel, purchased power and gas | 377 | 493 | -24 | % | 1,118 | 1,306 | -14 | % | ||||||||||||||||
Operation and maintenance | 851 | 792 | 7 | % | 1,633 | 1,556 | 5 | % | ||||||||||||||||
Depreciation, depletion and amortization | 179 | 180 | -1 | % | 346 | 377 | -8 | % | ||||||||||||||||
Taxes other than income | 60 | 87 | -31 | % | 145 | 184 | -21 | % | ||||||||||||||||
Gains on sale of assets, net | (83 | ) | (23 | ) | n/m | (133 | ) | (16 | ) | n/m | ||||||||||||||
1,384 | 1,529 | -9 | % | 3,109 | 3,407 | -9 | % | |||||||||||||||||
Operating Income | 117 | 71 | 65 | % | 485 | 288 | 68 | % | ||||||||||||||||
Other (Income) and Deductions | ||||||||||||||||||||||||
Interest expense | 129 | 138 | -7 | % | 260 | 277 | -6 | % | ||||||||||||||||
Interest income | (17 | ) | (7 | ) | 143 | % | (27 | ) | (15 | ) | 80 | % | ||||||||||||
Minority interest | (51 | ) | (36 | ) | 42 | % | (81 | ) | (52 | ) | 56 | % | ||||||||||||
Other income | (20 | ) | (18 | ) | 11 | % | (37 | ) | (31 | ) | 19 | % | ||||||||||||
Other expenses | 23 | 18 | 28 | % | 45 | 51 | -12 | % | ||||||||||||||||
64 | 95 | -33 | % | 160 | 230 | -30 | % | |||||||||||||||||
Income Before Income Taxes | 53 | (24 | ) | n/m | 325 | 58 | n/m | |||||||||||||||||
Income Tax Provision (Benefit) | 18 | 13 | 38 | % | 93 | (13 | ) | n/m | ||||||||||||||||
Income from Continuing Operations | 35 | (37 | ) | n/m | 232 | 71 | n/m | |||||||||||||||||
Income (Loss) from Discontinued Operations | — | (2 | ) | — | (7 | ) | 72 | n/m | ||||||||||||||||
Cumulative Effect of Accounting Changes | — | — | — | — | (27 | ) | — | |||||||||||||||||
Reported Net Income (Loss) | $ | 35 | $ | (39 | ) | n/m | $ | 225 | $ | 116 | n/m | |||||||||||||
Basic Earnings (Loss) per Common Share | ||||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 0.20 | $ | (0.22 | ) | $ | 1.35 | $ | 0.43 | |||||||||||||||
Discontinued Operations | — | (0.01 | ) | (0.04 | ) | 0.43 | ||||||||||||||||||
Cumulative Effect of Accounting Changes | — | — | — | (0.17 | ) | |||||||||||||||||||
Total | $ | 0.20 | $ | (0.23 | ) | n/m | $ | 1.31 | $ | 0.69 | n/m | |||||||||||||
Diluted Earnings (Loss) per Common Share | ||||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 0.20 | $ | (0.22 | ) | $ | 1.35 | $ | 0.42 | |||||||||||||||
Discontinued Operations | — | (0.01 | ) | (0.04 | ) | 0.43 | ||||||||||||||||||
Cumulative Effect of Accounting Changes | — | — | — | (0.16 | ) | |||||||||||||||||||
Total | $ | 0.20 | $ | (0.23 | ) | n/m | $ | 1.31 | $ | 0.69 | n/m | |||||||||||||
Significant Items Impacting Comparability | ||||||||||||||||||||||||
Unusual Items | ||||||||||||||||||||||||
Pipeline Contract Modification/Termination | — | — | — | (0.28 | ) | — | — | |||||||||||||||||
Tax credit driven normalization | 0.03 | 0.64 | — | 0.06 | 0.90 | — | ||||||||||||||||||
Loss on Sale of Steam Heating Business | — | — | — | — | 0.08 | — | ||||||||||||||||||
Contribution to DTE Energy Foundation | — | — | — | — | 0.06 | — | ||||||||||||||||||
Disallowance of Gas Costs | — | — | — | — | 0.10 | — | ||||||||||||||||||
Energy Trading Activities (EITF 98-10 flowback) | — | — | — | — | (0.09 | ) | — | |||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
Southern Missouri Gas Company | — | — | — | 0.04 | — | — | ||||||||||||||||||
International Transmission Company | — | 0.01 | — | — | (0.43 | ) | — | |||||||||||||||||
Cumulative Effect of Accounting Changes | ||||||||||||||||||||||||
Asset Retirement Obligations (FAS 143) | — | — | — | — | 0.07 | — | ||||||||||||||||||
Energy Trading Activities (EITF 98-10 implementation) | — | — | — | — | 0.09 | — | ||||||||||||||||||
Operating Earnings per Diluted Share | $ | 0.23 | $ | 0.42 | -45 | % | $ | 1.13 | $ | 1.47 | -23 | % | ||||||||||||
Average Common Shares | ||||||||||||||||||||||||
Basic | 173 | 168 | 3 | % | 172 | 167 | 3 | % | ||||||||||||||||
Diluted | 174 | 168 | 4 | % | 172 | 168 | 2 | % | ||||||||||||||||
Dividends Declared per Common Share | $ | 0.515 | $ | 0.515 | — | $ | 1.03 | $ | 1.03 | — |
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, 10K and 10Q.
n/m — not meaningful
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
Q2 2003 Reported Earnings per Share | ($0.23 | ) | ||||||
Adjust for Q2 2003 Quarterly Effective Tax Rate Adjustment | 0.64 | |||||||
Adjust for discontinued operations (ITC) | 0.01 | |||||||
Q2 2003 Operating Earnings per Share | $ | 0.42 | ||||||
Regulated Electric | (0.13 | ) | ||||||
Regulatory Assets | 0.03 | |||||||
Weather | 0.04 | |||||||
Choice Lost Margin | (0.12 | ) | ||||||
Net Interim Rate Relief Impact | 0.06 | |||||||
Other Margin Changes | (0.05 | ) | ||||||
Pension/Health Care | (0.06 | ) | ||||||
Storm Costs | 0.06 | |||||||
Other O&M Expenses | (0.09 | ) | ||||||
Regulated Gas | ($0.17 | ) | ||||||
Weather | (0.02 | ) | ||||||
Other Margin Changes | (0.03 | ) | ||||||
Pension/Health Care | (0.04 | ) | ||||||
Uncollectables | (0.03 | ) | ||||||
Other Costs | (0.05 | ) | ||||||
Non-Regulated | (0.02 | ) | ||||||
Synfuels | (0.08 | ) | ||||||
Power Generation | (0.11 | ) | ||||||
Other Energy Resources Non-Regulated | 0.10 | |||||||
Technology Investments (Primarily Plug Power) | 0.09 | |||||||
DTE Energy Technologies | (0.02 | ) | ||||||
Holding Company & Share Dilution | 0.13 | |||||||
Q2 2004 Operating Earnings per Share | $ | 0.23 | ||||||
Effective tax rate adjustment | (0.03 | ) | ||||||
Q2 2004 Reported Earnings per Share | $ | 0.20 |
Net Income Summary
(Preliminary/Unaudited)
(in millions, except per share amounts) | Reported | Operating | Operating | |||||||||||||||||
Q2 2004 | Adjustments | Q2 2004 | Q2 2003 | Variance | ||||||||||||||||
Energy Resources | ||||||||||||||||||||
Regulated — Power Generation | $ | 1 | $ | — | $ | 1 | $ | 46 | $ | (45 | ) | |||||||||
Non-Regulated | ||||||||||||||||||||
Energy Services | ||||||||||||||||||||
Coal Based Fuels | ||||||||||||||||||||
Synfuels | 56 | — | 56 | 70 | (14 | ) | ||||||||||||||
Coke Batteries | — | — | — | (8 | ) | 8 | ||||||||||||||
On Site Energy Projects | 9 | — | 9 | 2 | 7 | |||||||||||||||
Merchant Generation | (4 | ) | — | (4 | ) | 16 | (20 | ) | ||||||||||||
Coal Services | 2 | — | 2 | 3 | (1 | ) | ||||||||||||||
Biomass Energy | 1 | — | 1 | 1 | — | |||||||||||||||
Energy Trading & CoEnergy Portfolio | (7 | ) | — | (7 | ) | (15 | ) | 8 | ||||||||||||
Energy Resources Overheads | (8 | ) | — | (8 | ) | (7 | ) | (1 | ) | |||||||||||
Total Energy Resources Non-Regulated | $ | 49 | $ | — | 49 | $ | 62 | $ | (13 | ) | ||||||||||
Total Energy Resources | $ | 50 | $ | — | 50 | $ | 108 | $ | (58 | ) | ||||||||||
Energy Distribution | ||||||||||||||||||||
Regulated — Power Distribution | 7 | $ | — | 7 | $ | (16 | ) | $ | 23 | |||||||||||
Non Regulated (Energy Technologies) | (8 | ) | — | (8 | ) | (5 | ) | (3 | ) | |||||||||||
Total Energy Distribution | $ | (1 | ) | $ | — | (1 | ) | $ | (21 | ) | $ | 20 | ||||||||
Energy Gas | ||||||||||||||||||||
Regulated | (38 | ) | $ | — | (38 | ) | $ | (8 | ) | $ | (30 | ) | ||||||||
Non-Regulated | 5 | — | 5 | 6 | (1 | ) | ||||||||||||||
Total Energy Gas | $ | (33 | ) | $ | — | (33 | ) | $ | (2 | ) | $ | (31 | ) | |||||||
Holding Company & Other | ||||||||||||||||||||
DTE Energy Ventures | $ | 10 | 10 | $ | (5 | ) | $ | 15 | ||||||||||||
Other | 9 | 4 A | 13 | (10 | ) | 23 | ||||||||||||||
Total Holding Company & Other | $ | 19 | 4 | $ | 23 | $ | (15 | ) | $ | 38 | ||||||||||
Total Net Income | 35 | $ | 4 | $ | 39 | $ | 70 | $ | (31 | ) | ||||||||||
Total Diluted EPS | $ | 0.20 | $ | 0.03 | $ | 0.23 | $ | 0.42 | $ | (0.19 | ) | |||||||||
Average Diluted Shares Outstanding | 174 | 174 | 174 | 168 |
Key:
A -Quarterly Effective Tax Rate Adjustment $4M
DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRELIMINARY/UNAUDITED)
(in Millions)
June 30 | Dec. 31 | Percent | ||||||||||
ASSETS | 2004 | 2003 | Change | |||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 75 | $ | 54 | 39 | % | ||||||
Restricted cash | 121 | 131 | -8 | % | ||||||||
Accounts receivable | ||||||||||||
Customer (less allow. for doubtful accounts of $129 and $99) | 859 | 877 | -2 | % | ||||||||
Accrued unbilled revenues | 212 | 316 | -33 | % | ||||||||
Other | 464 | 338 | 37 | % | ||||||||
Inventories | ||||||||||||
Fuel and gas | 390 | 467 | -16 | % | ||||||||
Materials and supplies | 161 | 162 | -1 | % | ||||||||
Assets from risk management and trading activities | 238 | 186 | 28 | % | ||||||||
Other | 207 | 181 | 14 | % | ||||||||
2,727 | 2,712 | 1 | % | |||||||||
Investments | ||||||||||||
Nuclear decommissioning trust funds | 544 | 518 | 5 | % | ||||||||
Other | 574 | 601 | -4 | % | ||||||||
1,118 | 1,119 | — | ||||||||||
Property | ||||||||||||
Property, plant and equipment | 17,966 | 17,679 | 2 | % | ||||||||
Less accumulated depreciation and depletion | (7,590 | ) | (7,355 | ) | 3 | % | ||||||
10,376 | 10,324 | 1 | % | |||||||||
Other Assets | ||||||||||||
Goodwill | 2,063 | 2,067 | — | |||||||||
Regulatory assets | 2,109 | 2,063 | 2 | % | ||||||||
Securitized regulatory assets | 1,484 | 1,527 | -3 | % | ||||||||
Notes receivable | 552 | 469 | 18 | % | ||||||||
Assets from risk management and trading activities | 196 | 88 | 123 | % | ||||||||
Prepaid pension assets | 182 | 181 | 1 | % | ||||||||
Other | 204 | 203 | 1 | % | ||||||||
6,790 | 6,598 | 3 | % | |||||||||
Total Assets | $ | 21,011 | $ | 20,753 | 1 | % | ||||||
LIABILITIES AND | June 30 | Dec. 31 | Percent | |||||||||
SHAREHOLDERS’ EQUITY | 2004 | 2003 | Change | |||||||||
Current Liabilities | ||||||||||||
Accounts payable | $ | 701 | $ | 625 | 12 | % | ||||||
Accrued interest | 106 | 110 | -4 | % | ||||||||
Dividends payable | 90 | 87 | 3 | % | ||||||||
Accrued payroll | 43 | 51 | -16 | % | ||||||||
Income taxes | — | 185 | — | |||||||||
Short-term borrowings | 490 | 370 | 32 | % | ||||||||
Current portion long-term debt, including capital leases | 340 | 477 | -29 | % | ||||||||
Liabilities from risk management and trading activities | 387 | 326 | 19 | % | ||||||||
Other | 610 | 593 | 3 | % | ||||||||
2,767 | 2,824 | -2 | % | |||||||||
Other Liabilities | ||||||||||||
Deferred income taxes | 1,093 | 988 | 11 | % | ||||||||
Regulatory liabilities | 816 | 817 | — | |||||||||
Asset retirement obligations | 892 | 866 | 3 | % | ||||||||
Unamortized investment tax credit | 150 | 156 | -4 | % | ||||||||
Liab. from risk mgmt. and trading activities | 306 | 173 | 77 | % | ||||||||
Liab. from transportation and storage contracts | 407 | 495 | -18 | % | ||||||||
Accrued pension liability | 216 | 345 | -37 | % | ||||||||
Deferred gains from asset sales | 412 | 311 | 32 | % | ||||||||
Minority interest | 145 | 156 | -7 | % | ||||||||
Nuclear decommissioning | 70 | 67 | 4 | % | ||||||||
Other | 589 | 599 | -2 | % | ||||||||
5,096 | 4,973 | 2 | % | |||||||||
Long-Term Debt (net of current portion) | ||||||||||||
Mortgage bonds, notes and other | 5,672 | 5,624 | 1 | % | ||||||||
Securitization bonds | 1,446 | 1,496 | -3 | % | ||||||||
Equity-linked securities | 181 | 185 | -2 | % | ||||||||
Trust preferred-linked securities | 289 | 289 | — | |||||||||
Capital lease obligations | 71 | 75 | -5 | % | ||||||||
7,659 | 7,669 | — | ||||||||||
Contingencies | ||||||||||||
Shareholders’ Equity | ||||||||||||
Common stock | 3,300 | 3,109 | 6 | % | ||||||||
Retained earnings | 2,356 | 2,308 | 2 | % | ||||||||
Accumulated other comprehensive loss | (167 | ) | (130 | ) | -28 | % | ||||||
5,489 | 5,287 | 4 | % | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 21,011 | $ | 20,753 | 1 | % | ||||||
The Consolidated Statement of Financial Position (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.
DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (PRELIMINARY/UNAUDITED)
6 Months - June | ||||||||
2004 | 2003 | |||||||
(in Millions) | ||||||||
Operating Activities | ||||||||
Net Income | $ | 225 | $ | 116 | ||||
Adjustments to reconcile net income to net cash from | ||||||||
operating activities: | ||||||||
Depreciation, depletion, and amortization | 346 | 381 | ||||||
Deferred income taxes | 112 | 61 | ||||||
Gain on sale of interests in synfuel projects | (106 | ) | (33 | ) | ||||
Gain on sale of ITC and other assets, net | (24 | ) | (118 | ) | ||||
Partners’ share of synfuel project losses | (87 | ) | (38 | ) | ||||
Contributions from synfuel partners | 36 | 29 | ||||||
Cumulative effect of accounting changes | — | 27 | ||||||
Changes in assets and liabilities, exclusive of changes | ||||||||
shown separately | 17 | (97 | ) | |||||
Net cash from operating activities | $ | 519 | $ | 328 | ||||
Investing Activities | ||||||||
Plant and equipment expenditures — regulated | (363 | ) | (356 | ) | ||||
Plant and equipment expenditures — non-regulated | (33 | ) | (44 | ) | ||||
Investment in joint ventures | (36 | ) | (4 | ) | ||||
Proceeds from sale of interests in synfuel projects | 88 | 43 | ||||||
Proceeds from sale of ITC and other assets | 59 | 604 | ||||||
Restricted cash for debt redemptions | 10 | 110 | ||||||
Other investments | (38 | ) | (49 | ) | ||||
Net cash from (used for) investing activities | $ | (313 | ) | $ | 304 | |||
Financing Activities | ||||||||
Issuance of long-term debt | 418 | 480 | ||||||
Redemption of long-term debt | (565 | ) | (800 | ) | ||||
Short-term borrowings, net | 120 | (184 | ) | |||||
Issuance of common stock | 21 | 21 | ||||||
Dividends on common stock | (176 | ) | (173 | ) | ||||
Other | (3 | ) | (6 | ) | ||||
Net cash used for financing activities | $ | (185 | ) | $ | (662 | ) | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 21 | (30 | ) | |||||
Cash and Cash Equivalents at Beginning of the Period | 54 | 133 | ||||||
Cash and Cash Equivalents at End of the Period | $ | 75 | $ | 103 | ||||
The Detroit Edison Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 Months - June | 6 Months - June | |||||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||||
Operating Revenues | $ | 835 | $ | 870 | -4 | % | $ | 1,721 | $ | 1,807 | -5 | % | ||||||||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel and purchased power | 200 | 226 | -12 | % | 416 | 474 | -12 | % | ||||||||||||||||
Operation and maintenance | 359 | 343 | 5 | % | 702 | 709 | -1 | % | ||||||||||||||||
Depreciation and amortization | 122 | 124 | -2 | % | 236 | 259 | -9 | % | ||||||||||||||||
Taxes other than income | 62 | 65 | -5 | % | 130 | 137 | -5 | % | ||||||||||||||||
743 | 758 | -2 | % | 1,484 | 1,579 | -6 | % | |||||||||||||||||
Operating Income | 92 | 112 | -18 | % | 237 | 228 | 4 | % | ||||||||||||||||
Other (Income) and Deductions | ||||||||||||||||||||||||
Interest expense | 71 | 71 | — | 143 | 146 | -2 | % | |||||||||||||||||
Other income | (15 | ) | (22 | ) | -32 | % | (30 | ) | (33 | ) | -9 | % | ||||||||||||
Other expense | 23 | 17 | 35 | % | 45 | 37 | 22 | % | ||||||||||||||||
79 | 66 | 20 | % | 158 | 150 | 5 | % | |||||||||||||||||
Income Before Income Taxes | 13 | 46 | -72 | % | 79 | 78 | 1 | % | ||||||||||||||||
Income Tax Provision | 5 | 16 | -69 | % | 27 | 27 | — | |||||||||||||||||
Income Before Accounting Change | 8 | 30 | -73 | % | 52 | 51 | 2 | % | ||||||||||||||||
Cumulative Effect of Accounting Change | — | — | — | — | (6 | ) | — | |||||||||||||||||
Reported Earnings | $ | 8 | $ | 30 | -73 | % | $ | 52 | $ | 45 | 16 | % | ||||||||||||
Cumulative Effect of Accounting Changes | ||||||||||||||||||||||||
Asset Retirement Obligations (FAS 143) | — | — | — | — | 6 | — | ||||||||||||||||||
Unusual Items | ||||||||||||||||||||||||
Loss on Sale of Steam Heating Business | — | — | — | — | 14 | — | ||||||||||||||||||
Operating Earnings | $ | 8 | $ | 30 | -73 | % | $ | 52 | $ | 65 | -20 | % | ||||||||||||
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q.
n/m — not meaningful
Michigan Consolidated Gas Company
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 Months - June | 6 Months - June | |||||||||||||||||||||||
2004 | 2003 | % Change | 2004 | 2003 | % Change | |||||||||||||||||||
Operating Revenues | $ | 271 | $ | 284 | -5 | % | $ | 986 | $ | 936 | 5 | % | ||||||||||||
Operating Expenses | ||||||||||||||||||||||||
Cost of gas | 161 | 160 | 1 | % | 649 | 581 | 12 | % | ||||||||||||||||
Operation and maintenance | 108 | 83 | 30 | % | 203 | 161 | 26 | % | ||||||||||||||||
Depreciation, depletion and amortization | 26 | 28 | -7 | % | 53 | 53 | — | |||||||||||||||||
Taxes other than income | 13 | 13 | — | 25 | 30 | -17 | % | |||||||||||||||||
Property write-down | — | 5 | — | — | 5 | — | ||||||||||||||||||
308 | 289 | 7 | % | 930 | 830 | 12 | % | |||||||||||||||||
Operating Income (Loss) | (37 | ) | (5 | ) | — | 56 | 106 | -47 | % | |||||||||||||||
Other (Income) and Deductions | ||||||||||||||||||||||||
Interest expense | 13 | 14 | -7 | % | 27 | 29 | -7 | % | ||||||||||||||||
Interest income | (3 | ) | (3 | ) | — | (5 | ) | (6 | ) | -17 | % | |||||||||||||
Other | — | (1 | ) | — | 1 | (2 | ) | -150 | % | |||||||||||||||
10 | 10 | — | 23 | 21 | 10 | % | ||||||||||||||||||
Income (Loss) Before Income Taxes | (47 | ) | (15 | ) | -213 | % | 33 | 85 | -61 | % | ||||||||||||||
Income Tax Provision (Benefit) | (10 | ) | (4 | ) | -150 | % | — | 21 | — | |||||||||||||||
Reported Earnings (Loss) (A) | (37 | ) | (11 | ) | -236 | % | 33 | 64 | -48 | % | ||||||||||||||
Operating Earnings | $ | (37 | ) | $ | (11 | ) | -236 | % | $ | 33 | $ | 64 | -48 | % | ||||||||||
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q.
(A) Excludes $26 million ($17 million after-tax) of 2002 gas disallowance costs that were previously reflected in 2003 earnings. 2002 earnings have been restated to account for these gas disallowance costs.
n/m — not meaningful
DTE Energy Debt/Equity Calculation
As of June 30, 2004
($ millions)
short-term borrowings | $ | 490 | ||
current portion LTD + cap leases | 340 | |||
long-term debt | 5,672 | |||
securitization bonds | 1,446 | |||
capital leases | 71 | |||
less QUIDS | (385 | ) | ||
less MichCon short-term debt | — | |||
less securitization debt, including current portion | (1,539 | ) | ||
Total debt | $ | 6,095 | ||
Trust preferred | $ | 289 | ||
QUIDS | 385 | |||
Mandatory convertible | 181 | |||
Total preferred/other | $ | 855 | ||
Equity | $ | 5,489 | ||
Total cap | $ | 12,439 | ||
Debt | 49.0 | % | ||
Preferred stock | 6.9 | % | ||
Common shareholders’ equity | 44.1 | % | ||
Total | 100.0 | % | ||
Sales Analysis
Electric Sales - Detroit Edison Service Area (000’s of GWh) | Electric Revenue - Detroit Edison Service Area ($000s) | |||||||||||||||||||||||||||
Q2 2004 | Q2 2003 | % Change | Q2 2004 | Q2 2003 | % Change | |||||||||||||||||||||||
Residential | 3,473 | 3,243 | 7.1 | % | Residential | 309,485 | 287,350 | 7.7 | % | |||||||||||||||||||
Commercial | 3,049 | 3,962 | -23.0 | % | Commercial | 257,378 | 329,040 | -21.8 | % | |||||||||||||||||||
Industrial | 2,810 | 3,134 | -10.4 | % | Industrial | 135,628 | 164,043 | -17.3 | % | |||||||||||||||||||
Other | 656 | 639 | 2.6 | % | Other | 30,531 | 28,634 | 6.6 | % | |||||||||||||||||||
TOTAL SYSTEM | 9,987 | 10,978 | -9.0 | % | TOTAL SYSTEM | 733,022 | 809,067 | -9.4 | % | |||||||||||||||||||
Interconnection Sales | 1026 | 619 | Interconnection Sales | 39,614 | 27,298 | |||||||||||||||||||||||
Choice Sales* | 2,480 | 1,844 | 34.5 | % | Choice Sales* | 46,937 | 8,643,778 | -99.5 | % | |||||||||||||||||||
TOTAL SALES | 13,493 | 13,440 | 0.4 | % | TOTAL SALES | 819,572 | 9,480,143 | -91.4 | % | |||||||||||||||||||
* Includes Dearborn Industrial Group sales | * Includes Dearborn Industrial Group sales | |||||||||||||||||||||||||||
Gas Sales - MichCon | Gas Revenue - MichCon | ||||||||||||||||||||||||||||
Q2 2004 | Q2 2003 | % Change | Q2 2004 | Q2 2003 | % Change | ||||||||||||||||||||||||
Residential | 17,721,665 | 24,713,839 | -28.3 | % | Residential | 146,783,207 | 168,597,970 | -12.9 | % | ||||||||||||||||||||
Commercial | 5,666,174 | 6,647,296 | -14.8 | % | Commercial | 44,811,717 | 46,225,700 | -3.1 | % | ||||||||||||||||||||
Industrial | (947,171 | ) | 238,568 | -497.0 | % | Industrial | (6,674,363 | ) | 1,550,787 | -530.4 | % | ||||||||||||||||||
22,440,668 | 31,599,703 | -29.0 | % | 184,920,561 | 216,374,457 | -14.5 | % | ||||||||||||||||||||||
End User Transportation* | 29,160,337 | 25,578,325 | 14.0 | % | End User Transportation* | 25,135,891 | 27,947,928 | -10.1 | % | ||||||||||||||||||||
TOTAL SALES | 51,601,005 | 57,178,028 | -9.8 | % | TOTAL SALES | 210,056,452 | 244,322,385 | -14.0 | % | ||||||||||||||||||||
* Includes choice customers | * Includes choice customers | ||||||||||||||||||||||||||||
Weather
Cooling Degree Days | Heating Degree Days | ||||||||||||||||||||||||||||
Q1 2004 | Q1 2003 | % Change | Q2 2004 | Q2 2003 | % Change | ||||||||||||||||||||||||
Actuals | 171 | 114 | 50 | % | Actuals | 766 | 909 | -16% | |||||||||||||||||||||
Normal | 193 | 193 | n/m | Normal | 888 | 882 | |||||||||||||||||||||||
Deviation from normal | -11.4 | % | -40.9 | % | Deviation from normal | -13.7 | % | 3.1 | % |