DTE Energy (DTE) 8-K DTE Energy reports solid 2012 results

EXHIBIT 99.2

DTE Energy Company

Consolidated Statements of Financial Position

	December 31
	2012			2011
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	65		$	68
Restricted cash, principally Securitization	122			147
Accounts receivable (less allowance for doubtful accounts of $62 and $162, respectively)
Customer	1,336			1,317
Other	126			90
Inventories
Fuel and gas	527			572
Materials and supplies	234			219
Deferred income taxes	21			51
Derivative assets	108			222
Regulatory assets	182			314
Other	194			196
	2,915			3,196
Investments
Nuclear decommissioning trust funds	1,037			937
Other	554			525
	1,591			1,462
Property
Property, plant and equipment	23,631			22,541
Less accumulated depreciation, depletion and amortization	(8,947		)	(8,795		)
	14,684			13,746
Other Assets
Goodwill	2,018			2,020
Regulatory assets	4,235			4,539
Securitized regulatory assets	413			577
Intangible assets	135			73
Notes receivable	112			123
Derivative assets	39			74
Other	197			199
	7,149			7,605
Total Assets	$	26,339		$	26,009

DTE Energy Company

Consolidated Statements of Financial Position — (Continued)

	December 31
	2012			2011
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	848		$	782
Accrued interest	93			95
Dividends payable	107			99
Short-term borrowings	240			419
Current portion long-term debt, including capital leases	817			526
Derivative liabilities	125			158
Other	538			549
	2,768			2,628
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,220			6,405
Securitization bonds	302			479
Junior subordinated debentures	480			280
Capital lease obligations	12			23
	7,014			7,187
Other Liabilities
Deferred income taxes	3,191			3,116
Regulatory liabilities	1,031			1,019
Asset retirement obligations	1,719			1,591
Unamortized investment tax credit	56			65
Derivative liabilities	26			89
Accrued pension liability	1,498			1,298
Accrued postretirement liability	1,160			1,484
Nuclear decommissioning	159			148
Other	306			331
	9,146			9,141
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 172,351,680 and 169,247,282 shares issued and outstanding, respectively	3,587			3,417
Retained earnings	3,944			3,750
Accumulated other comprehensive loss	(158		)	(158		)
Total DTE Energy Company Equity	7,373			7,009
Noncontrolling interests	38			44
Total Equity	7,411			7,053
Total Liabilities and Equity	$	26,339		$	26,009

DTE Energy Company

Consolidated Statements of Cash Flows

	Year Ended December 31
	2012			2011			2010
	(In millions)
Operating Activities
Net income	$	618		$	720		$	639
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	1,018			995			1,027
Deferred income taxes	47			220			457
Loss on sale of non-utility business	83			—			—
Asset (gains) and losses, reserves and impairments, net	1			(21		)	(5		)
Changes in assets and liabilities, exclusive of changes shown separately	442			94			(293		)
Net cash from operating activities	2,209			2,008			1,825
Investing Activities
Plant and equipment expenditures — utility	(1,451		)	(1,382		)	(1,011		)
Plant and equipment expenditures — non-utility	(369		)	(102		)	(88		)
Proceeds from sale of non-utility business	255			—			—
Proceeds from sale of assets	38			18			56
Restricted cash for debt redemption, principally Securitization	2			(5		)	(32		)
Acquisition, net of cash acquired	(198		)	—			—
Proceeds from sale of nuclear decommissioning trust fund assets	97			80			377
Investment in nuclear decommissioning trust funds	(102		)	(97		)	(410		)
Consolidation of VIEs	—			—			19
Investment in Millennium Pipeline Project	—			(3		)	(49		)
Other	(41		)	(69		)	(88		)
Net cash used for investing activities	(1,769		)	(1,560		)	(1,226		)
Financing Activities
Issuance of long-term debt	759			1,179			614
Redemption of long-term debt	(639		)	(1,455		)	(663		)
Short-term borrowings, net	(179		)	269			(177		)
Issuance of common stock	39			—			36
Repurchase of common stock	—			(18		)	—
Dividends on common stock	(407		)	(389		)	(360		)
Other	(16		)	(31		)	(36		)
Net cash used for financing activities	(443		)	(445		)	(586		)
Net Increase (Decrease) in Cash and Cash Equivalents	(3		)	3			13
Cash and Cash Equivalents at Beginning of Period	68			65			52
Cash and Cash Equivalents at End of Period	$	65		$	68		$	65

DTE Electric Company

Consolidated Statements of Operations

	Year Ended December 31
	2012			2011			2010
	(In millions)
Operating Revenues	$	5,291		$	5,152		$	4,993
Operating Expenses
Fuel and purchased power	1,758			1,716			1,580
Operation and maintenance	1,429			1,369			1,305
Depreciation and amortization	822			813			849
Taxes other than income	256			240			237
Asset (gains) losses and reserves, net	(2		)	12			(6		)
	4,263			4,150			3,965
Operating Income	1,028			1,002			1,028
Other (Income) and Deductions
Interest expense	272			289			313
Interest income	(1		)	—			(1		)
Other income	(53		)	(47		)	(39		)
Other expenses	42			56			44
	260			298			317
Income Before Income Taxes	768			704			711
Income Tax Expense	282			267			270
Net Income	$	486		$	437		$	441

DTE Gas Company

Consolidated Statements of Operations

	Year Ended December 31
	2012			2011			2010
	(In millions)
Operating Revenues	$	1,293		$	1,483		$	1,628
Operating Expenses
Cost of gas	536			729			855
Operation and maintenance	380			390			373
Depreciation and amortization	92			89			92
Taxes other than income	53			53			54
	1,061			1,261			1,374
Operating Income	232			222			254
Other (Income) and Deductions
Interest expense	59			63			66
Interest income	(7		)	(7		)	(9		)
Other income	(9		)	(7		)	(6		)
Other expenses	25			5			5
	68			54			56
Income Before Income Taxes	164			168			198
Income Tax Expense	50			59			68
Net Income	$	114		$	109		$	130

DTE Energy Debt/Equity Calculation

As of December 31, 2012

($ millions)

Short-term borrowings	$	240
Current portion of long-term debt, including capital leases	817
Mortgage bonds, notes and other	6,220
Securitization bonds, excluding current portion	302
Capital lease obligations	12
Other adjustments	146
less Securitization bonds, including current portion	(479		)
50% Junior Subordinated Debentures	240
Total debt	7,498
50% Junior Subordinated Debentures	240
Total preferred/ other	240
Equity	7,373
Total capitalization	$	15,111
Debt	49.6		%
Junior Subordinated Debentures	1.6		%
Common shareholders' equity	48.8		%
Total	100		%

Sales Analysis - Q4 2012
Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)
	Q4 2012	Q4 2011	% Change			Q4 2012		Q4 2011		% Change
Residential	3,486	3,549	(2	)%	Residential	$	530,776	$	503,087	6	%
Commercial	4,099	4,029	2	%	Commercial	461,966		420,851		10	%
Industrial	2,344	2,386	(2	)%	Industrial	187,118		171,790		9	%
Other (a)	241	263	(8	)%	Other (b)	26,153		51,516		(49	)%
	10,170	10,227	(1	)%		$	1,206,013	$	1,147,244	5	%
Choice	1,258	1,341	(6	)%	Choice	23,829		23,811		—	%
TOTAL SALES	11,428	11,568	(1	)%	TOTAL	$	1,229,842	$	1,171,055	5	%
________________					________________
(a) 2011 excludes 530 GWh related to a wholesale contract terminated Dec 2011					(b) 2011 includes $23,588k related to a wholesale contract terminated Dec 2011

Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)
	Q4 2012	Q4 2011	% Change			Q4 2012		Q4 2011		% Change
Residential	28,985	27,022	7	%	Residential	$	252,950	$	241,667	5	%
Commercial	6,188	5,999	3	%	Commercial	52,771		51,817		2	%
Industrial	166	198	(16	)%	Industrial	1,290		1,548		(17	)%
	35,339	33,219	6	%		$	307,011	$	295,032	4	%
End User Transportation*	41,829	36,446	15	%	End User Transportation*	60,805		52,343		16	%
TOTAL SALES	77,168	69,665	11	%	TOTAL	$	367,816	$	347,375	6	%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days				Heating Degree Days
DTE Electric service territory				DTE Gas service territory
	Q4 2012	Q4 2011	% Change		Q4 2012	Q4 2011	% Change
Actuals	—	—	—%	Actuals	2,088	1,905	10%
Normal	—	—	—%	Normal	2,208	2,255	(2)%
Deviation from normal	—%	—%		Deviation from normal	(5)%	(16)%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	Q4 2012			Q4 2011
DTE Electric*	$	(5	)	$	—
DTE Gas	(3		)	(12		)
________________
* Pre Nov 2011, DTE Electric Company's earnings not significantly affected by weather due to the RDM mechanism. RDM was discontinued starting in Nov 2011.

Sales Analysis - YTD December 31, 2012
Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)
	YTD 2012	YTD 2011	% Change			YTD 2012		YTD 2011		% Change
Residential	15,666	15,907	(2	)%	Residential	$	2,354,092	$	2,182,292	8	%
Commercial	16,832	16,778	0	%	Commercial	1,897,868		1,704,282		11	%
Industrial	9,989	9,739	3	%	Industrial	783,668		692,424		13	%
Other (a)	958	1,034	(7	)%	Other (b)	105,863		199,715		(47	)%
	43,445	43,458	0	%		$	5,141,491	$	4,778,713	8	%
Choice	5,197	5,445	(5	)%	Choice	92,138		101,482		(9	)%
TOTAL SALES	48,642	48,903	(1	)%	TOTAL	$	5,233,629	$	4,880,195	7	%
________________					________________
(a) 2011 excludes 2,102 GWh related to a wholesale contract terminated Dec 2011					(b) 2011 includes $93,099k related to a wholesale contract terminated Dec 2011

Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)
	YTD 2012	YTD 2011	% Change			YTD 2012		YTD 2011		% Change
Residential	82,990	95,935	(13	)%	Residential	$	769,446	$	919,359	(16	)%
Commercial	18,484	23,203	(20	)%	Commercial	163,512		214,079		(24	)%
Industrial	885	812	9	%	Industrial	6,966		6,653		5	%
	102,359	119,950	(15	)%		$	939,924	$	1,140,091	(18	)%
End User Transportation*	156,637	141,233	11	%	End User Transportation*	207,301		207,090		—	%
TOTAL SALES	258,996	261,183	(1	)%	TOTAL	$	1,147,225	$	1,347,181	(15	)%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days				Heating Degree Days
DTE Electric service territory				DTE Gas service territory
	YTD 2012	YTD 2011	% Change		YTD 2012	YTD 2011	% Change
Actuals	1,123	1,039	8%	Actuals	5,410	6,321	(14)%
Normal	736	736	—%	Normal	6,339	6,399	(1)%
Deviation from normal	53%	41%		Deviation from normal	(15)%	(1)%

Earnings Impact of Weather
Variance from normal weather (millions, after-tax)
	YTD 2012			YTD 2011
DTE Electric*	$	45		$	—
DTE Gas	(28		)	(1		)
________________
* Pre Nov 2011, DTE Electric Company's earnings not significantly affected by weather due to the RDM mechanism. RDM was discontinued starting in Nov 2011.

DTE Electric Temperature Normal Sales Analysis - YTD December 31, 2012
Temperature Normal Electric Sales - DTE Electric Service Area (GWh)					Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh)
	YTD 2012	YTD 2011	% Change			YTD 2012	YTD 2011	% Change
Residential	15,061	15,213	(1	)%	Residential	15,062	15,213	(1	)%
Commercial	16,428	16,461	0	%	Commercial	19,573	19,799	(1	)%
Industrial	9,946	9,706	2	%	Industrial	11,909	11,745	1	%
Other (a)	958	1,034	(7	)%	Other (a)	958	1,034	(7	)%
	42,393	42,414	0	%		47,502	47,791	(1	)%
Choice	5,109	5,377	(5	)%
TOTAL SALES	47,502	47,791	(1	)%
________________
(a) 2011 excludes 2,102 GWh related to a wholesale contract terminated Dec 2011