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