EXHIBIT 99.2
DTE Energy Company
Net Income Summary (Preliminary/Unaudited)
Three Months Ended December 31 | ||||||||||||||||||||||||
2004 | 2003 | |||||||||||||||||||||||
Reported | Operating | Reported | Operating | |||||||||||||||||||||
(in Millions) | Earnings | Adjustments | Earnings | Earnings | Adjustments | Earnings | ||||||||||||||||||
Energy Resources | ||||||||||||||||||||||||
Utility – Power Generation | $ | 11 | $ | 28 | A | $ | 39 | $ | 103 | $ | (21 | )A | $ | 82 | ||||||||||
Non-utility | ||||||||||||||||||||||||
Synfuels | 48 | — | 48 | 48 | — | 48 | ||||||||||||||||||
Coke Batteries | 1 | — | 1 | 2 | — | 2 | ||||||||||||||||||
On Site Energy Projects | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||
Power Generation | (3 | ) | — | (3 | ) | (4 | ) | — | (4 | ) | ||||||||||||||
Coal Services | 5 | — | 5 | 1 | — | 1 | ||||||||||||||||||
Biomass Energy | 2 | — | 2 | 2 | — | 2 | ||||||||||||||||||
Energy Trading & CoEnergy Portfolio | 30 | — | 30 | (7 | ) | — | (7 | ) | ||||||||||||||||
Energy Resources Overheads/Development | (13 | ) | — | (13 | ) | (5 | ) | — | (5 | ) | ||||||||||||||
Total Non-utility | 75 | — | 75 | 40 | — | 40 | ||||||||||||||||||
86 | 28 | 114 | 143 | (21 | ) | 122 | ||||||||||||||||||
Energy Distribution | ||||||||||||||||||||||||
Utility – Power Distribution. | 25 | 1 | B | 26 | 2 | — | 2 | |||||||||||||||||
Non-utility | (4 | ) | — | (4 | ) | (3 | ) | — | (3 | ) | ||||||||||||||
21 | 1 | 22 | (1 | ) | — | (1 | ) | |||||||||||||||||
Energy Gas | ||||||||||||||||||||||||
Utility – Gas Distribution | 42 | 1 | B | 43 | 22 | — | 22 | |||||||||||||||||
Non-utility | 7 | — | 7 | 4 | — | 4 | ||||||||||||||||||
49 | 1 | 50 | 26 | — | 26 | |||||||||||||||||||
Corporate and Other | ||||||||||||||||||||||||
Energy Technology Investments | (3 | ) | — | (3 | ) | — | — | — | ||||||||||||||||
Other Holding Company | (35 | ) | 14 | C | (21 | ) | 61 | (70 | )C | (9 | ) | |||||||||||||
(38 | ) | 14 | (24 | ) | 61 | (70 | ) | (9 | ) | |||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
Income from operations | — | — | — | — | — | — | ||||||||||||||||||
Impairment loss/Gain on sale. | (5 | ) | 5 | D | — | — | — | — | ||||||||||||||||
(5 | ) | 5 | — | — | — | — | ||||||||||||||||||
Cumulative Effect of Accounting Changes | ||||||||||||||||||||||||
Asset retirement obligations. | — | — | — | — | — | — | ||||||||||||||||||
Energy trading activities | — | — | — | — | — | — | ||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Net Income | $ | 113 | $ | 49 | $ | 162 | $ | 229 | $ | (91 | ) | $ | 138 | |||||||||||
Adjustments key | ||||
A) | Stranded cost adjustment | Stranded costs adjustment made pursuant to November 2004 MPSC order | ||
B) | DTE2 project costs | Incremental DTE2 project costs | ||
C) | Tax credit driven normalization | Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted | ||
D) | Gain on sale of ITC | Gain or a related adjustment from the sale of International Transmission Company |
Page 1
DTE Energy Company
Net Income Summary (Preliminary/Unaudited)
Twelve Months Ended December 31 | ||||||||||||||||||||||||
2004 | 2003 | |||||||||||||||||||||||
Reported | Operating | Reported | Operating | |||||||||||||||||||||
(in Millions) | Earnings | Adjustments | Earnings | Earnings | Adjustments | Earnings | ||||||||||||||||||
Energy Resources | ||||||||||||||||||||||||
Utility — Power Generation | $ | 62 | $ | 21 | A | $ | 85 | $ | 235 | $ | (21 | )A | $ | 230 | ||||||||||
2 | B | 16 | F | |||||||||||||||||||||
Non-utility | ||||||||||||||||||||||||
Synfuels | 198 | — | 198 | 197 | — | 197 | ||||||||||||||||||
Coke Batteries | 9 | — | 9 | (7 | ) | — | (7 | ) | ||||||||||||||||
On Site Energy Projects | 23 | — | 23 | 9 | — | 9 | ||||||||||||||||||
Power Generation | (18 | ) | — | (18 | ) | 4 | — | 4 | ||||||||||||||||
Coal Services | 12 | — | 12 | 8 | — | 8 | ||||||||||||||||||
Biomass Energy | 5 | — | 5 | 6 | — | 6 | ||||||||||||||||||
Energy Trading & CoEnergy Portfolio | 92 | (48 | )C | 44 | 45 | (16 | )G | 29 | ||||||||||||||||
Energy Resources Overheads/Development | (40 | ) | — | (40 | ) | (20 | ) | — | (20 | ) | ||||||||||||||
Total Non-utility | 281 | (48 | ) | 233 | 242 | (16 | ) | 226 | ||||||||||||||||
343 | (25 | ) | 318 | 477 | (21 | ) | 456 | |||||||||||||||||
Energy Distribution | ||||||||||||||||||||||||
Utility — Power Distribution. | 88 | 5 | B | 93 | 17 | 14 | H | 31 | ||||||||||||||||
Non-utility | (19 | ) | — | (19 | ) | (15 | ) | — | (15 | ) | ||||||||||||||
69 | 5 | 74 | 2 | 14 | 16 | |||||||||||||||||||
Energy Gas | ||||||||||||||||||||||||
Utility — Gas Distribution | 20 | 4 | B | 24 | 29 | 17 | I | 46 | ||||||||||||||||
Non-utility | 21 | — | 21 | 29 | — | 29 | ||||||||||||||||||
41 | 4 | 45 | 58 | 17 | 75 | |||||||||||||||||||
Corporate and Other | ||||||||||||||||||||||||
Energy Technology Investments | 6 | — | 6 | (9 | ) | — | (9 | ) | ||||||||||||||||
Other Holding Company | (16 | ) | — | (16 | ) | (48 | ) | 10 | J | (38 | ) | |||||||||||||
(10 | ) | (10 | ) | (57 | ) | 10 | (47 | ) | ||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
Income from operations | — | — | — | 5 | (5 | )K | — | |||||||||||||||||
Impairment loss/Gain on sale | (7 | ) | 7 | D | — | — | — | — | ||||||||||||||||
(5 | ) | 5 | E | — | 63 | (63 | )E | — | ||||||||||||||||
(12 | ) | 12 | — | 68 | (68 | ) | — | |||||||||||||||||
Cumulative Effect of Accounting Changes | ||||||||||||||||||||||||
Asset retirement obligations | — | — | — | (11 | ) | 11 | L | — | ||||||||||||||||
Energy trading activities | — | — | — | (16 | ) | 16 | M | — | ||||||||||||||||
— | — | — | (27 | ) | 27 | — | ||||||||||||||||||
Net Income | $ | 431 | $ | (4 | ) | $ | 427 | $ | 521 | $ | (21 | ) | $ | 500 | ||||||||||
Adjustments key | ||||
A) | Stranded cost adjustment | Stranded costs adjustment made pursuant to November 2004 MPSC order | ||
B) | DTE2 project costs | Incremental DTE2 project costs | ||
C) | Adjustment for contract termination / modification | Terminated a long-term gas exchange agreement and modified a related transportation agreement with a pipeline company | ||
D) | Impairment loss / Discontinued operations | Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company | ||
E) | Gain on sale of ITC | Gain or a related adjustment from the sale of International Transmission Company | ||
F) | Blackout Costs | Costs associated with the August 2003 Blackout | ||
G) | Adjustment of EITF 98-10 accounting change | Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10 | ||
H) | Loss on sale of steam heating business | Sold Detroit Edison steam heating business | ||
I) | Disallowance of gas costs | Reserve for the potential disallowance of MichCon 2002 gas procurement costs | ||
J) | Contribution to DTE Energy Foundation | Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation | ||
K) | Adjustment for discontinued operations | Sold International Transmission Company | ||
L) | Asset retirement obligations | Cumulative effect of a change in accounting principle from adoption of SFAS 143 | ||
M) | Adjustment of EITF 98-10 accounting change | Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10 |
Page 2
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
2003 Reported Earnings per Share | $ | 3.09 | ||
Stranded costs pursuant to Nov. 2004 MPSC order | (0.12 | ) | ||
Costs associated with August 2003 blackout | 0.10 | |||
Accounting change related to rescission of EITF 98-10 | (0.10 | ) | ||
Loss on sale of Detroit Edison steam heating business | 0.08 | |||
Reserve for potential disallowance of MichCon 2002 gas costs | 0.10 | |||
Contribution to DTE Energy Foundation | 0.06 | |||
Discontinuted operations — International Transmission Company (ITC) | (0.03 | ) | ||
Gain or related adjustment from the sale of ITC | (0.37 | ) | ||
Cumulative effect of accounting change — SFAS 143 | 0.07 | |||
Cumulative effect of accounting change — rescission of EITF 98-10 | 0.09 | |||
2003 Operating Earnings per Share | $ | 2.97 | ||
Regulated Electric | ||||
Weather | (0.09 | ) | ||
Choice Lost Margin | (0.51 | ) | ||
Net Rate Relief | 0.14 | |||
Regulatory Deferrals | 0.18 | |||
Pension/Health Care | (0.16 | ) | ||
Other | (0.03 | ) | ||
Regulated Gas | ||||
Weather | (0.06 | ) | ||
Uncollectables | (0.08 | ) | ||
Interim rate relief | 0.03 | |||
Pension/Health Care | (0.03 | ) | ||
Other | 0.01 | |||
Non-Regulated | ||||
Synfuels | 0.01 | |||
Coke Batteries | 0.09 | |||
On-Site Projects | 0.08 | |||
Power Generation | (0.14 | ) | ||
Energy Trading & CoEnergy Portfolio | 0.09 | |||
Energy Technology Investments | 0.09 | |||
Overheads and other | (0.14 | ) | ||
Holding Company & Share Dilution | 0.01 | |||
2004 Operating Earnings per Share | $ | 2.46 | ||
Stranded costs pursuant to Nov. 2004 MPSC order | (0.12 | ) | ||
Incremental DTE2 project costs | (0.06 | ) | ||
Terminated a long-term gas exchange agreement with a pipeline company | 0.27 | |||
Impairment charge related to expected loss on sale of So. Missouri Gas Co. | (0.04 | ) | ||
Gain or related adjustment from the sale of ITC | (0.02 | ) | ||
2004 Reported Earnings per Share | $ | 2.49 |
Page 3
DTE Energy Company
Consolidated Statement of Financial Position (UNAUDITED)
December 31 | ||||||||
2004 | 2003 | |||||||
(in Millions) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 56 | $ | 54 | ||||
Restricted cash | 126 | 131 | ||||||
Accounts receivable Customer (less allowance for doubtful accounts of $129 and $99, respectively) | 880 | 877 | ||||||
Accrued unbilled revenues | 378 | 316 | ||||||
Other | 383 | 338 | ||||||
Inventories | ||||||||
Fuel and gas | 509 | 467 | ||||||
Materials and supplies | 159 | 162 | ||||||
Assets from risk management and trading activities | 296 | 186 | ||||||
Other | 209 | 181 | ||||||
2,996 | 2,712 | |||||||
Investments | ||||||||
Nuclear decommissioning trust funds | 590 | 518 | ||||||
Other | 558 | 601 | ||||||
1,148 | 1,119 | |||||||
Property | ||||||||
Property, plant and equipment | 18,011 | 17,679 | ||||||
Less accumulated depreciation and depletion | (7,520 | ) | (7,355 | ) | ||||
10,491 | 10,324 | |||||||
Other Assets | ||||||||
Goodwill | 2,067 | 2,067 | ||||||
Regulatory assets | 2,119 | 2,063 | ||||||
Securitized regulatory assets | 1,438 | 1,527 | ||||||
Notes receivable | 529 | 469 | ||||||
Assets from risk management and trading activities | 125 | 88 | ||||||
Prepaid pension assets | 184 | 181 | ||||||
Other | 200 | 203 | ||||||
6,662 | 6,598 | |||||||
Total Assets | $ | 21,297 | $ | 20,753 | ||||
Page 4
DTE Energy Company
Consolidated Statement of Financial Position (UNAUDITED)
December 31 | ||||||||
2004 | 2003 | |||||||
(in Millions, Except Shares) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 836 | $ | 625 | ||||
Accrued interest | 111 | 110 | ||||||
Dividends payable | 90 | 87 | ||||||
Accrued payroll | 33 | 51 | ||||||
Income taxes | 16 | 185 | ||||||
Short-term borrowings | 403 | 370 | ||||||
Current portion long-term debt, including capital leases | 692 | 477 | ||||||
Liabilities from risk management and trading activities | 369 | 326 | ||||||
Other | 637 | 593 | ||||||
3,187 | 2,824 | |||||||
Other Liabilities | ||||||||
Deferred income taxes | 1,124 | 988 | ||||||
Regulatory liabilities | 817 | 817 | ||||||
Asset retirement obligations | 916 | 866 | ||||||
Unamortized investment tax credit | 143 | 156 | ||||||
Liabilities from risk management and trading activities | 224 | 173 | ||||||
Liabilities from transportation and storage contracts | 387 | 495 | ||||||
Accrued pension liability | 265 | 345 | ||||||
Deferred gains from asset sales | 414 | 311 | ||||||
Minority interest | 132 | 156 | ||||||
Nuclear decommissioning | 78 | 67 | ||||||
Other | 634 | 599 | ||||||
5,134 | 4,973 | |||||||
Long-Term Debt (net of current portion) | ||||||||
Mortgage bonds, notes and other | 5,495 | 5,624 | ||||||
Securitization bonds | 1,400 | 1,496 | ||||||
Equity-linked securities | 178 | 185 | ||||||
Trust preferred-linked securities | 289 | 289 | ||||||
Capital lease obligations | 66 | 75 | ||||||
7,428 | 7,669 | |||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity | ||||||||
Common stock, without par value, 400,000,000 shares authorized,174,209,034 and 168,606,522 shares issued and outstanding, respectively | 3,323 | 3,109 | ||||||
Retained earnings | 2,383 | 2,308 | ||||||
Accumulated other comprehensive loss | (158 | ) | (130 | ) | ||||
5,548 | 5,287 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 21,297 | $ | 20,753 | ||||
Page 5
DTEEnergy Company
Consolidated Statement of Cash Flows (UNAUDITED)
Year Ended December 31 | ||||||||
2004 | 2003 | |||||||
(in Millions) | ||||||||
Operating Activities | ||||||||
Net income | $ | 431 | $ | 521 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation, depletion and amortization | 744 | 691 | ||||||
Deferred income taxes | 129 | (220 | ) | |||||
Gain on sale of interests in synfuel projects | (219 | ) | (83 | ) | ||||
Gain on sale of ITC and other assets, net | (17 | ) | (145 | ) | ||||
Partners’ share of synfuel project losses | (223 | ) | (78 | ) | ||||
Contributions from synfuel partners | 141 | 65 | ||||||
Cumulative effect of accounting changes | — | 27 | ||||||
Changes in assets and liabilities, exclusive of changes shown separately | 9 | 172 | ||||||
Net cash from operating activities | 995 | 950 | ||||||
Investing Activities | ||||||||
Plant and equipment expenditures — utility | (815 | ) | (679 | ) | ||||
Plant and equipment expenditures — non-utility | (89 | ) | (72 | ) | ||||
Investment in joint ventures | (36 | ) | (34 | ) | ||||
Proceeds from sale of interests in synfuel projects | 221 | 89 | ||||||
Proceeds from sale of ITC and other assets | 104 | 669 | ||||||
Restricted cash for debt redemptions | 5 | 106 | ||||||
Other investments | (71 | ) | (69 | ) | ||||
Net cash from (used for) investing activities | (681 | ) | 10 | |||||
Financing Activities | ||||||||
Issuance of long-term debt | 736 | 527 | ||||||
Redemption of long-term debt | (759 | ) | (1,208 | ) | ||||
Short-term borrowings, net | 33 | (44 | ) | |||||
Issuance of common stock | 41 | 44 | ||||||
Dividends on common stock | (354 | ) | (346 | ) | ||||
Other | (9 | ) | (12 | ) | ||||
Net cash used for financing activities | (312 | ) | (1,039 | ) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | 2 | (79 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 54 | 133 | ||||||
Cash and Cash Equivalents at End of Period | $ | 56 | $ | 54 | ||||
Page 6
The Detroit Edison Company
Consolidated Statement of Operations (unaudited)
Year ended | ||||||||
December 31 | ||||||||
(in Millions) | 2004 | 2003 | ||||||
Operating Revenues | $ | 3,568 | $ | 3,695 | ||||
Operating Expenses | ||||||||
Fuel and purchased power | 885 | 939 | ||||||
Operation and maintenance | 1,395 | 1,332 | ||||||
Depreciation and amortization | 523 | 473 | ||||||
Taxes other than income | 249 | 257 | ||||||
Asset gains and losses, net | (1 | ) | 20 | |||||
3,051 | 3,021 | |||||||
Operating Income | 517 | 674 | ||||||
Other (Income) and Deductions | ||||||||
Interest expense | 280 | 284 | ||||||
Interest income | — | (7 | ) | |||||
Other, net | 23 | — | ||||||
303 | 277 | |||||||
Income Before Income Taxes | 214 | 397 | ||||||
Income Tax Provision | 64 | 145 | ||||||
Income Before Accounting Change | 150 | 252 | ||||||
Cumulative Effect of Accounting Change | — | (6 | ) | |||||
Reported Earnings | 150 | 246 | ||||||
Cumulative Effect of Accounting Changes | ||||||||
Asset Retirement Obligations (FAS 143) | — | 6 | ||||||
Unusual Items | ||||||||
Stranded Cost adjustment | 21 | (21 | ) | |||||
DTE2 Capitalized costs | 7 | — | ||||||
August 2003 Blackout Costs | — | 16 | ||||||
Loss on Sale of Steam Heating Business | — | 14 | ||||||
Operating Earnings | $ | 178 | $ | 261 | ||||
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q |
Page 7
Michigan Consolidated Gas Company
Consolidated Statement of Operations (unaudited)
Year ended | ||||||||
December 31 | ||||||||
(in Millions) | 2004 | 2003 | ||||||
Operating Revenues | $ | 1,645 | $ | 1,492 | ||||
Operating Expenses | ||||||||
Cost of gas | 1,044 | 888 | ||||||
Operation and maintenance | 387 | 349 | ||||||
Depreciation, depletion and amortization | 108 | 105 | ||||||
Taxes other than income | 48 | 52 | ||||||
Asset gains and losses, net | (2 | ) | 8 | |||||
1,585 | 1,402 | |||||||
Operating Income | 60 | 90 | ||||||
Other (Income) and Deductions | ||||||||
Interest expense | 57 | 57 | ||||||
Interest income | (9 | ) | (10 | ) | ||||
Other, net | (2 | ) | (11 | ) | ||||
46 | 36 | |||||||
Income Before Income Taxes | 14 | 54 | ||||||
Income Tax Provision (Benefit) | (8 | ) | 9 | |||||
Reported Earnings | 22 | 45 | ||||||
Purchase Accounting and Other Adjustments | (3 | ) | (6 | ) | ||||
Disallowance of Gas Costs | — | (17 | ) | |||||
DTE2 Capitalized Costs | 4 | — | ||||||
Operating Earnings | $ | 23 | $ | 22 | ||||
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and Form 10Q |
Page 8
DTE Energy Debt/Equity Calculation
As of December 31, 2004
($ millions)
short-term borrowings | 403 | |||
current portion LTD + cap leases | 692 | |||
long-term debt | 5,495 | |||
securitization bonds | 1,400 | |||
capital leases | 66 | |||
less QUIDS | (385 | ) | ||
less MichCon short-term debt | (232 | ) | ||
less securitization debt, including current portion | (1,496 | ) | ||
Total debt | 5,943 | |||
Trust preferred | 289 | |||
QUIDS | 385 | |||
Mandatory convertible | 178 | |||
Total preferred/ other | 852 | |||
Equity | 5,548 | |||
Total capitalization | 12,343 | |||
Debt | 48.2 | % | ||
Preferred stock | 6.9 | % | ||
Common shareholders’ equity | 44.9 | % | ||
Total | 100.0 | % | ||
Sales Analysis — Q4
Electric Sales — Detroit Edison Service Area
(GWh)
Q4 2004 | Q4 2003 | % Change | ||||||||||
Residential | 3,426 | 3,519 | -3 | % | ||||||||
Commercial | 3,328 | 3,691 | -10 | % | ||||||||
Industrial | 3,054 | 2,990 | 2 | % | ||||||||
Other | 648 | 667 | -3 | % | ||||||||
10,456 | 10,867 | -4 | % | |||||||||
Interconnection | 2,274 | 992 | 129 | % | ||||||||
Choice* | 2,563 | 2,089 | 23 | % | ||||||||
TOTAL SALES | 15,293 | 13,948 | 10 | % | ||||||||
* | Includes Dearborn Industrial Group sales |
Electric Revenue — Detroit Edison Service Area
($000s)
Q4 2004 | Q4 2003 | % Change | ||||||||||
Residential | 305,966 | 314,120 | -3 | % | ||||||||
Commercial | 281,008 | 305,971 | -8 | % | ||||||||
Industrial | 150,646 | 150,968 | 0 | % | ||||||||
Other | 27,871 | 27,947 | 0 | % | ||||||||
765,491 | 799,006 | -4 | % | |||||||||
Interconnection | 84,797 | 30,814 | 175 | % | ||||||||
Choice* | 48,734 | 10,439 | 367 | %** | ||||||||
TOTAL REVENUES | 899,022 | 840,259 | 7 | % | ||||||||
* | Distribution charge includes Dearborn Industrial Group revenues | |||
** | Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charges |
Gas Sales — MichCon Service Area (Mcf)
Q4 2004 | Q4 2003 | % Change | ||||||||||
Residential | 39,621,965 | 40,307,846 | -2 | % | ||||||||
Commercial | 12,070,676 | 12,102,969 | 0 | % | ||||||||
Industrial | 335,373 | 466,728 | -28 | % | ||||||||
52,028,014 | 52,877,543 | -2 | % | |||||||||
End User Transportation* | 38,386,908 | 38,042,355 | 1 | % | ||||||||
TOTAL SALES | 90,414,922 | 90,919,898 | -1 | % | ||||||||
* | includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
Q4 2004 | Q4 2003 | % Change | ||||||||||
Residential | 348,149 | 304,168 | 14 | % | ||||||||
Commercial | 106,907 | 91,702 | 17 | % | ||||||||
Industrial | 2,919 | 3,503 | -17 | % | ||||||||
457,975 | 399,373 | 15 | % | |||||||||
End User Transportation* | 30,499 | 31,389 | -3 | % | ||||||||
TOTAL REVENUES | 488,474 | 430,762 | 13 | % | ||||||||
* | includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
Q4 2004 | Q4 2003 | % Change | ||||||||||
Actuals | 1 | 0 | n/m | |||||||||
Normal | 6 | 6 | n/m | |||||||||
Deviation from normal | -83 | % | n/m |
Heating Degree Days
MichCon service territory
Q4 2004 | Q4 2003 | % Change | ||||||||||
Actuals | 2,216 | 2,177 | 2 | % | ||||||||
Normal* | 2,252 | 2,396 | -6 | % | ||||||||
Deviation from normal | -2 | % | -9 | % |
* | 2004 data based on 10-year average, 2003 data based on 30 year average |
Sales Analysis — 2004
Electric Sales — Detroit Edison Service Area
(GWh)
2004 | 2003 | % Change | ||||||||||
Residential | 15,082 | 15,074 | 0 | % | ||||||||
Commercial | 13,425 | 15,942 | -16 | % | ||||||||
Industrial | 11,472 | 12,254 | -6 | % | ||||||||
Other | 2,598 | 2,643 | -2 | % | ||||||||
TOTAL SYSTEM | 42,577 | 45,913 | -7 | % | ||||||||
Interconnection | 6,372 | 3,359 | 90 | % | ||||||||
Choice* | 9,840 | 7,281 | 35 | % | ||||||||
TOTAL SALES | 58,789 | 56,553 | 4 | % | ||||||||
* | Includes Dearborn Industrial Group sales |
Electric Revenue — Detroit Edison Service Area
($000s)
2004 | 2003 | % Change | ||||||||||
Residential | 1,344,761 | 1,350,882 | 0 | % | ||||||||
Commercial | 1,122,902 | 1,308,501 | -14 | % | ||||||||
Industrial | 557,098 | 633,551 | -12 | % | ||||||||
Other | 116,793 | 115,975 | 1 | % | ||||||||
TOTAL SYSTEM | 3,141,554 | 3,408,909 | -8 | % | ||||||||
Interconnection | 244,206 | 134,352 | 82 | % | ||||||||
Choice* | 173,734 | 35,443 | 390 | %** | ||||||||
TOTAL REVENUES | 3,559,494 | 3,578,704 | -1 | % | ||||||||
* | Distribution charge includes Dearborn Industrial Group revenues | |||
** | Reflects impact of interim rate order eliminating Choice transition credit & implementing transition charges |
Gas Sales — MichCon Service Area (Mcf)
2004 | 2003 | % Change | ||||||||||
Residential | 127,225,642 | 134,401,892 | -5 | % | ||||||||
Commercial | 40,748,332 | 41,135,858 | -1 | % | ||||||||
Industrial | 1,337,622 | 1,526,112 | -12 | % | ||||||||
169,311,596 | 177,063,862 | -4 | % | |||||||||
End User Transportation* | 144,867,269 | 151,089,646 | -4 | % | ||||||||
TOTAL SALES | 314,178,865 | 328,153,508 | -4 | % | ||||||||
* | includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
2004 | 2003 | % Change | ||||||||||
Residential | 1,028,514 | 939,980 | 9 | % | ||||||||
Commercial | 327,245 | 289,521 | 13 | % | ||||||||
Industrial | 10,592 | 10,547 | 0 | % | ||||||||
1,366,351 | 1,240,048 | 10 | % | |||||||||
End User Transportation* | 118,770 | 135,438 | -12 | % | ||||||||
TOTAL REVENUES | 1,485,121 | 1,375,486 | 8 | % | ||||||||
* | includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
2004 | 2003 | % Change | ||||||||||
Actuals | 642 | 662 | -3 | % | ||||||||
Normal | 736 | 736 | n/m | |||||||||
Deviation from normal | -13 | % | -10 | % |
Heating Degree Days
MichCon service territory
2004 | 2003 | % Change | ||||||||||
Actuals | 6,474 | 6,802 | -5 | % | ||||||||
Normal* | 6,469 | 6,850 | -6 | % | ||||||||
Deviation from normal | 0 | % | -1 | % |
* | 2004 data based on 10-year average, 2003 data based on 30 year average |
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