DTE Energy (DTE) 8-K DTE Energy reports third quarter 2014 results, increases guidance

EXHIBIT 99.2

DTE Energy Debt/Equity Calculation

As of September 30, 2014

($ millions)

Short-term borrowings	$	653
Current portion of long-term debt, including capital leases	274
Mortgage bonds, notes and other	7,426
Capital lease obligations	3
Other adjustments	48
less Securitization bonds, including current portion	(105		)
50% Junior Subordinated Debentures	240
Total debt	8,539
50% Junior Subordinated Debentures	240
Common equity	8,186
Total adjusted equity	8,426
Total capitalization	$	16,965
Debt	50.3		%
Adjusted equity	49.7		%
Total	100		%

Sales Analysis - 3Q 2014
Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)
	3Q 2014	3Q 2013	% Change			3Q 2014		3Q 2013		% Change
Residential	3,932	4,401	(11	)%	Residential	$	574,555	$	672,902	(15	)%
Commercial	4,541	4,504	1	%	Commercial	473,190		508,522		(7	)%
Industrial	2,710	2,635	3	%	Industrial	195,796		203,606		(4	)%
Other	62	233	(73	)%	Other	13,891		27,685		(50	)%
	11,245	11,773	(4	)%		$	1,257,432	$	1,412,715	(11	)%
Choice	1,334	1,393	(4	)%	Choice	23,846		25,789		(8	)%
TOTAL SALES	12,579	13,166	(4	)%	TOTAL BILLINGS	$	1,281,278	$	1,438,504	(11	)%

Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)
	3Q 2014	3Q 2013	% Change			3Q 2014		3Q 2013		% Change
Residential	7,646	8,671	(12	)%	Residential	$	89,088	$	86,918	2	%
Commercial	1,581	1,297	22	%	Commercial	17,988		14,625		23	%
Industrial	56	113	(50	)%	Industrial	466		817		(43	)%
	9,283	10,081	(8	)%		$	107,542	$	102,360	5	%
End User Transportation*	27,575	23,924	15	%	End User Transportation*	32,192		31,865		1	%
TOTAL SALES	36,858	34,005	8	%	TOTAL BILLINGS	$	139,734	$	134,225	4	%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	3Q 2014		3Q 2013		% Change			3Q 2014		3Q 2013		% Change
Actuals**	408		583		(30	)%	Actuals	159		143		11	%
Normal	580		580		—	%	Normal	130		122		7	%
Deviation from normal	(30	)%	1	%			Deviation from normal	22	%	17	%

Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	3Q 2014			3Q 2013
DTE Electric	$	(33	)	$	—
DTE Gas	1			1

Sales Analysis - YTD September 30, 2014
Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)
	YTD 2014	YTD 2013	% Change			YTD 2014		YTD 2013		% Change
Residential	11,362	11,600	(2	)%	Residential	$	1,653,392	$	1,784,071	(7	)%
Commercial	12,757	12,585	1	%	Commercial	1,338,593		1,427,270		(6	)%
Industrial	7,765	7,746	—	%	Industrial	587,350		600,844		(2	)%
Other	438	701	(38	)%	Other	59,647		81,019		(26	)%
	32,322	32,632	(1	)%		$	3,638,982	$	3,893,204	(7	)%
Choice	3,838	3,940	(3	)%	Choice	70,344		73,031		(4	)%
TOTAL SALES	36,160	36,572	(1	)%	TOTAL BILLINGS	$	3,709,326	$	3,966,235	(6	)%

Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)
	YTD 2014	YTD 2013	% Change			YTD 2014		YTD 2013		% Change
Residential	76,663	68,420	12	%	Residential	$	654,251	$	594,449	10	%
Commercial	18,031	14,980	20	%	Commercial	148,735		127,767		16	%
Industrial	676	415	63	%	Industrial	7,555		3,092		144	%
	95,370	83,815	14	%		$	810,541	$	725,308	12	%
End User Transportation*	121,561	111,531	9	%	End User Transportation*	172,348		161,663		7	%
TOTAL SALES	216,931	195,346	11	%	TOTAL BILLINGS	$	982,889	$	886,971	11	%
________________					________________
* Includes choice customers					* Includes choice customers

Weather
Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	YTD 2014		YTD 2013		% Change			YTD 2014		YTD 2013		% Change
Actuals	648		846		(23	)%	Actuals	4,916		4,189		17	%
Normal	795		795		—	%	Normal	4,079		4,020		1	%
Deviation from normal	(18	)%	6	%			Deviation from normal	21	%	4	%

Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	YTD 2014			YTD 2013
DTE Electric	$	(17	)	$	(1	)
DTE Gas	32			8

DTE Electric Weather Normal Sales* Analysis - YTD September 30, 2014
Weather Normal Electric Sales - DTE Electric Service Area (GWh)
	YTD 2014	YTD 2013	% Change
Residential	11,558	11,666	(1	)%
Commercial	12,807	12,610	2	%
Industrial	7,792	7,747	1	%
Other	439	702	(37	)%
	32,596	32,725	(1	)%
Choice	3,848	3,943	(2	)%
TOTAL SALES	36,444	36,668	(1	)%

Weather Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh)
	YTD 2014	YTD 2013	% Change
Residential	11,558	11,666	(1	)%
Commercial	15,117	14,945	1	%
Industrial	9,330	9,355	—	%
Other	439	702	(37	)%
TOTAL SALES	36,444	36,668	(1	)%

* Includes adjustments for temperature normalization and, beginning in 2014, customer

         outages due to weather