Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 1-11607 |
Entity Registrant Name | DTE Energy Co |
Entity Incorporation, State or Country Code | MI |
Entity Tax Identification Number | 38-3217752 |
Entity Address, Address Line One | One Energy Plaza |
Entity Address, City or Town | Detroit |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48226-1279 |
City Area Code | 313 |
Local Phone Number | 235-4000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 193,741,991 |
Entity Central Index Key | 0000936340 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
DTE Electric | |
Entity File Number | 1-2198 |
Entity Registrant Name | DTE Electric Co |
Entity Incorporation, State or Country Code | MI |
Entity Tax Identification Number | 38-0478650 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 138,632,324 |
Entity Central Index Key | 0000028385 |
Common stock, without par value | |
Title of 12(b) Security | Common stock, without par value |
Trading Symbol | DTE |
Security Exchange Name | NYSE |
2017 Series E 5.25% Junior Subordinated Debentures due 2077 | |
Title of 12(b) Security | 2017 Series E 5.25% Junior Subordinated Debentures due 2077 |
Trading Symbol | DTW |
Security Exchange Name | NYSE |
2019 6.25% Corporate Units | |
Title of 12(b) Security | 2019 6.25% Corporate Units |
Trading Symbol | DTP |
Security Exchange Name | NYSE |
2020 Series G 4.375% Junior Subordinated Debentures due 2080 | |
Title of 12(b) Security | 2020 Series G 4.375% Junior Subordinated Debentures due 2080 |
Trading Symbol | DTB |
Security Exchange Name | NYSE |
2021 Series E 4.375% Junior Subordinated Debentures due 2081 | |
Title of 12(b) Security | 2021 Series E 4.375% Junior Subordinated Debentures due 2081 |
Trading Symbol | DTG |
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues | ||||
Utility operations | $ 2,053 | $ 1,875 | $ 6,196 | $ 5,483 |
Non-utility operations | 3,198 | 1,840 | 8,556 | 4,834 |
Operating Revenues | 5,251 | 3,715 | 14,752 | 10,317 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 594 | 477 | 1,901 | 1,411 |
Fuel, purchased power, gas, and other — non-utility | 3,023 | 1,766 | 8,324 | 4,708 |
Operation and maintenance | 608 | 615 | 1,803 | 1,750 |
Depreciation and amortization | 369 | 344 | 1,093 | 1,010 |
Taxes other than income | 111 | 106 | 349 | 329 |
Asset (gains) losses and impairments, net | 1 | 2 | (4) | 29 |
Operating Expenses | 4,706 | 3,310 | 13,466 | 9,237 |
Operating Income | 545 | 405 | 1,286 | 1,080 |
Other (Income) and Deductions | ||||
Interest expense | 171 | 156 | 486 | 477 |
Interest income | (10) | (6) | (26) | (16) |
Non-operating retirement benefits, net | (5) | 3 | (13) | 10 |
Loss on extinguishment of debt | 0 | 376 | 0 | 384 |
Other income | (16) | (90) | (35) | (187) |
Other expenses | 12 | 30 | 56 | 50 |
Other (Income) and Deductions | 152 | 469 | 468 | 718 |
Income (Loss) Before Income Taxes | 393 | (64) | 818 | 362 |
Income Tax Expense (Benefit) (Note 2) | 6 | (119) | 0 | (124) |
Net Income from Continuing Operations | 387 | 55 | 818 | 486 |
Income (Loss) from Discontinued Operations, Net of Taxes (Note 4) | 0 | (33) | 0 | 112 |
Net Income | 387 | 22 | 818 | 598 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | ||||
Continuing operations | 0 | (3) | 0 | (9) |
Discontinued operations | 0 | 0 | 0 | 6 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 387 | $ 25 | $ 818 | $ 601 |
Basic Earnings per Common Share | ||||
Continuing operations (in dollars per share) | $ 2 | $ 0.30 | $ 4.22 | $ 2.55 |
Discontinued operations (in dollars per share) | 0 | (0.17) | 0 | 0.55 |
Basic Earnings per Common Share (in dollars per share) | 2 | 0.13 | 4.22 | 3.10 |
Diluted Earnings per Common Share | ||||
Continuing operations (in dollars per share) | 1.99 | 0.30 | 4.21 | 2.55 |
Discontinued operations (in dollars per share) | 0 | (0.17) | 0 | 0.55 |
Diluted Earnings per Common Share (in dollars per share) | $ 1.99 | $ 0.13 | $ 4.21 | $ 3.10 |
Weighted Average Common Shares Outstanding | ||||
Basic (in shares) | 193 | 193 | 193 | 193 |
Diluted (in shares) | 194 | 194 | 194 | 194 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 387 | $ 22 | $ 818 | $ 598 |
Other comprehensive income, net of tax: | ||||
Benefit obligations, net of taxes of $—, $1, $2, and $2, respectively | 2 | 2 | 7 | 5 |
Net unrealized gains on derivatives, net of taxes of $1, $1, $2, and $2, respectively | 4 | 4 | 7 | 6 |
Other comprehensive income | 6 | 6 | 14 | 11 |
Comprehensive income | 393 | 28 | 832 | 609 |
Less: Comprehensive loss attributable to noncontrolling interests | 0 | (3) | 0 | (3) |
Comprehensive Income (Loss) Attributable to DTE Energy Company/DTE Electric Company | $ 393 | $ 31 | $ 832 | $ 612 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax effect on benefit obligations | $ 0 | $ 1 | $ 2 | $ 2 |
Tax effect on net unrealized gains (losses) on derivatives during the period | $ 1 | $ 1 | $ 2 | $ 2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 26 | $ 28 |
Restricted cash | 25 | 7 |
Accounts receivable (less allowance for doubtful accounts of $95 and $92, respectively) | ||
Customer | 1,781 | 1,695 |
Other | 199 | 135 |
Inventories | ||
Fuel and gas | 540 | 368 |
Materials, supplies, and other | 508 | 490 |
Derivative assets | 395 | 181 |
Regulatory assets | 511 | 195 |
Other | 325 | 218 |
Total Current Assets | 4,310 | 3,317 |
Investments | ||
Nuclear decommissioning trust funds | 1,764 | 2,071 |
Investments in equity method investees | 169 | 187 |
Other | 157 | 194 |
Total Investments | 2,090 | 2,452 |
Property | ||
Property, plant, and equipment | 38,550 | 37,083 |
Accumulated depreciation and amortization | (10,451) | (10,139) |
Total Property | 28,099 | 26,944 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Regulatory assets | 3,583 | 3,482 |
Securitized regulatory assets | 214 | 0 |
Intangible assets | 170 | 177 |
Notes receivable | 316 | 310 |
Derivative assets | 123 | 90 |
Prepaid postretirement costs | 738 | 678 |
Operating lease right-of-use assets | 91 | 97 |
Other | 227 | 179 |
Total Other Assets | 7,455 | 7,006 |
Total Assets | 41,954 | 39,719 |
Current Liabilities | ||
Accounts payable | 1,619 | 1,414 |
Accrued interest | 157 | 140 |
Dividends payable | 171 | 171 |
Short-term borrowings | 994 | 758 |
Current portion long-term debt, including securitization bonds and finance leases | 1,425 | 2,874 |
Derivative liabilities | 498 | 238 |
Regulatory liabilities | 54 | 156 |
Operating lease liabilities | 13 | 14 |
Other | 535 | 581 |
Total Current Liabilities | 5,466 | 6,346 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 16,354 | 13,629 |
Securitization bonds | 192 | 0 |
Junior subordinated debentures | 883 | 883 |
Finance lease liabilities | 13 | 19 |
Total Long-Term Debt (net of current portion) | 17,442 | 14,531 |
Other Liabilities | ||
Deferred income taxes | 2,313 | 2,163 |
Regulatory liabilities | 2,731 | 3,106 |
Asset retirement obligations | 3,425 | 3,162 |
Unamortized investment tax credit | 183 | 158 |
Derivative liabilities | 256 | 192 |
Accrued pension liability | 268 | 339 |
Accrued postretirement liability | 350 | 358 |
Nuclear decommissioning | 272 | 321 |
Operating lease liabilities | 69 | 74 |
Other | 193 | 256 |
Total Other Liabilities | 10,060 | 10,129 |
Commitments and Contingencies (Notes 6 and 13) | ||
Equity | ||
Common stock (No par value, 400,000,000 shares authorized, and 193,741,991 and 193,747,509 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively) | 5,337 | 5,379 |
Retained earnings | 3,741 | 3,438 |
Accumulated other comprehensive loss | (98) | (112) |
Total DTE Energy/DTE Electric Company Equity | 8,980 | 8,705 |
Noncontrolling interests | 6 | 8 |
Total Equity | 8,986 | 8,713 |
Total Liabilities and Equity | $ 41,954 | $ 39,719 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Allowance for doubtful accounts | $ 95 | $ 92 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 193,741,991 | 193,747,509 |
Common stock, shares outstanding (in shares) | 193,741,991 | 193,747,509 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net Income | $ 818 | $ 598 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 1,093 | 1,092 |
Nuclear fuel amortization | 26 | 44 |
Allowance for equity funds used during construction | (20) | (20) |
Deferred income taxes | 15 | (36) |
Equity (earnings) losses of equity method investees | 15 | (90) |
Dividends from equity method investees | 4 | 78 |
Loss on extinguishment of debt | 0 | 384 |
Asset (gains) losses and impairments, net | (4) | 46 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (150) | (8) |
Inventories | (204) | (209) |
Prepaid postretirement benefit costs | (60) | (59) |
Accounts payable | 228 | 225 |
Accrued pension liability | (71) | (65) |
Accrued postretirement liability | (8) | (9) |
Derivative assets and liabilities | 77 | 309 |
Regulatory assets and liabilities | (552) | 270 |
Other current and noncurrent assets and liabilities | 205 | (178) |
Net cash from operating activities | 1,412 | 2,372 |
Investing Activities | ||
Plant and equipment expenditures — utility | (2,342) | (2,591) |
Plant and equipment expenditures — non-utility | (55) | (109) |
Proceeds from sale of assets | 4 | 2 |
Proceeds from sale of nuclear decommissioning trust fund assets | 707 | 854 |
Investment in nuclear decommissioning trust funds | (710) | (853) |
Distributions from equity method investees | 11 | 11 |
Contributions to equity method investees | (12) | (7) |
Notes receivable | (13) | (65) |
Other | (43) | (22) |
Net cash used for investing activities | (2,453) | (2,780) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 1,771 | 4,033 |
Redemption of long-term debt | (316) | (3,242) |
Short-term borrowings, net | 236 | 323 |
Repurchase of common stock | (55) | (66) |
Dividends paid on common stock | (514) | (631) |
Contributions from noncontrolling interests | 3 | 35 |
Distributions to noncontrolling interests | (5) | (33) |
Prepayment costs for extinguishment of long-term debt | 0 | (361) |
Transfer of cash to DT Midstream at separation | 0 | (37) |
Other | (63) | (73) |
Net cash from (used for) financing activities | 1,057 | (52) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 16 | (460) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 35 | 516 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 51 | 56 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 331 | 386 |
Separation of DT Midstream net assets, excluding cash transferred | $ 0 | $ 3,962 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2020 | 193,771,000 | ||||
Beginning Balance at Dec. 31, 2020 | $ 12,589 | $ 5,406 | $ 7,156 | $ (137) | $ 164 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 397 | 397 | |||
Dividends declared on common stock | (210) | (210) | |||
Repurchase of common stock (in shares) | (430,000) | ||||
Repurchase of common stock | (54) | $ (54) | |||
Other comprehensive income, net of tax | 3 | 3 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | 386,000 | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | (11) | $ (8) | (1) | (2) | |
Ending Balance (in shares) at Mar. 31, 2021 | 193,727,000 | ||||
Ending Balance at Mar. 31, 2021 | 12,714 | $ 5,344 | 7,342 | (134) | 162 |
Beginning Balance (in shares) at Dec. 31, 2020 | 193,771,000 | ||||
Beginning Balance at Dec. 31, 2020 | 12,589 | $ 5,406 | 7,156 | (137) | 164 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 598 | ||||
Other comprehensive income, net of tax | 11 | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 193,727,000 | ||||
Ending Balance at Sep. 30, 2021 | 8,579 | $ 5,366 | 3,317 | (116) | 12 |
Beginning Balance (in shares) at Mar. 31, 2021 | 193,727,000 | ||||
Beginning Balance at Mar. 31, 2021 | 12,714 | $ 5,344 | 7,342 | (134) | 162 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 179 | 179 | |||
Dividends declared on common stock | (370) | (370) | |||
Other comprehensive income, net of tax | 2 | 2 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | 25,000 | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | 14 | $ 17 | (2) | (1) | |
Ending Balance (in shares) at Jun. 30, 2021 | 193,752,000 | ||||
Ending Balance at Jun. 30, 2021 | 12,539 | $ 5,361 | 7,149 | (132) | 161 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 22 | 25 | (3) | ||
Repurchase of common stock (in shares) | (99,000) | ||||
Repurchase of common stock | (12) | $ (12) | |||
Other comprehensive income, net of tax | 6 | 6 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | 74,000 | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | 23 | $ 17 | 1 | 5 | |
Separation of DT Midstream | (3,999) | (3,858) | 10 | (151) | |
Ending Balance (in shares) at Sep. 30, 2021 | 193,727,000 | ||||
Ending Balance at Sep. 30, 2021 | $ 8,579 | $ 5,366 | 3,317 | (116) | 12 |
Beginning Balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | |||
Beginning Balance at Dec. 31, 2021 | $ 8,713 | $ 5,379 | 3,438 | (112) | 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 394 | 394 | |||
Dividends declared on common stock | (171) | (171) | |||
Repurchase of common stock (in shares) | (465,000) | ||||
Repurchase of common stock | (55) | $ (55) | |||
Other comprehensive income, net of tax | 3 | 3 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | 456,000 | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | (17) | $ (14) | 1 | (4) | |
Ending Balance (in shares) at Mar. 31, 2022 | 193,739,000 | ||||
Ending Balance at Mar. 31, 2022 | $ 8,867 | $ 5,310 | 3,662 | (109) | 4 |
Beginning Balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | |||
Beginning Balance at Dec. 31, 2021 | $ 8,713 | $ 5,379 | 3,438 | (112) | 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 818 | ||||
Other comprehensive income, net of tax | $ 14 | ||||
Ending Balance (in shares) at Sep. 30, 2022 | 193,741,991 | 193,742,000 | |||
Ending Balance at Sep. 30, 2022 | $ 8,986 | $ 5,337 | 3,741 | (98) | 6 |
Beginning Balance (in shares) at Mar. 31, 2022 | 193,739,000 | ||||
Beginning Balance at Mar. 31, 2022 | 8,867 | $ 5,310 | 3,662 | (109) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 37 | 37 | |||
Dividends declared on common stock | (343) | (343) | |||
Other comprehensive income, net of tax | 5 | 5 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | (3,000) | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | 13 | $ 13 | (1) | 1 | |
Ending Balance (in shares) at Jun. 30, 2022 | 193,736,000 | ||||
Ending Balance at Jun. 30, 2022 | 8,579 | $ 5,323 | 3,355 | (104) | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 387 | 387 | |||
Other comprehensive income, net of tax | 6 | 6 | |||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other (in shares) | 6,000 | ||||
Stock-based compensation, net distributions to/contributions from noncontrolling interests, and other | $ 14 | $ 14 | (1) | 1 | |
Ending Balance (in shares) at Sep. 30, 2022 | 193,741,991 | 193,742,000 | |||
Ending Balance at Sep. 30, 2022 | $ 8,986 | $ 5,337 | $ 3,741 | $ (98) | $ 6 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 1.77 | $ 0.89 | $ 1.91 | $ 1.09 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues — Utility operations | $ 2,053 | $ 1,875 | $ 6,196 | $ 5,483 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 594 | 477 | 1,901 | 1,411 |
Taxes other than income | 111 | 106 | 349 | 329 |
Operating Expenses | 4,706 | 3,310 | 13,466 | 9,237 |
Operating Income | 545 | 405 | 1,286 | 1,080 |
Other (Income) and Deductions | ||||
Interest expense | 171 | 156 | 486 | 477 |
Non-operating retirement benefits, net | (5) | 3 | (13) | 10 |
Other income | (16) | (90) | (35) | (187) |
Other expenses | 12 | 30 | 56 | 50 |
Other (Income) and Deductions | 152 | 469 | 468 | 718 |
Income (Loss) Before Income Taxes | 393 | (64) | 818 | 362 |
Income Tax Expense | 6 | (119) | 0 | (124) |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 387 | 25 | 818 | 601 |
DTE Electric | ||||
Operating Revenues — Utility operations | 1,844 | 1,700 | 4,896 | 4,468 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 595 | 462 | 1,551 | 1,185 |
Operation and maintenance | 403 | 410 | 1,167 | 1,122 |
Depreciation and amortization | 304 | 278 | 899 | 810 |
Taxes other than income | 85 | 83 | 257 | 245 |
Operating Expenses | 1,387 | 1,233 | 3,874 | 3,362 |
Operating Income | 457 | 467 | 1,022 | 1,106 |
Other (Income) and Deductions | ||||
Interest expense | 93 | 84 | 271 | 251 |
Non-operating retirement benefits, net | (1) | 0 | (2) | (1) |
Other income | (15) | (14) | (46) | (52) |
Other expenses | 11 | 8 | 37 | 26 |
Other (Income) and Deductions | 88 | 78 | 260 | 224 |
Income (Loss) Before Income Taxes | 369 | 389 | 762 | 882 |
Income Tax Expense | 6 | 45 | 12 | 92 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 363 | $ 344 | $ 750 | $ 790 |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 387 | $ 25 | $ 818 | $ 601 |
Other comprehensive income | 6 | 6 | 14 | 11 |
Comprehensive Income (Loss) Attributable to DTE Energy Company/DTE Electric Company | 393 | 31 | 832 | 612 |
DTE Electric | ||||
Net Income | 363 | 344 | 750 | 790 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss) Attributable to DTE Energy Company/DTE Electric Company | $ 363 | $ 344 | $ 750 | $ 790 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 26 | $ 28 |
Restricted cash | 25 | 7 |
Accounts receivable (less allowance for doubtful accounts of $53 and $54, respectively) | ||
Customer | 1,781 | 1,695 |
Other | 199 | 135 |
Inventories | ||
Fuel | 540 | 368 |
Materials and supplies | 508 | 490 |
Regulatory assets | 511 | 195 |
Other | 325 | 218 |
Total Current Assets | 4,310 | 3,317 |
Investments | ||
Nuclear decommissioning trust funds | 1,764 | 2,071 |
Other | 157 | 194 |
Total Investments | 2,090 | 2,452 |
Property | ||
Property, plant, and equipment | 38,550 | 37,083 |
Accumulated depreciation and amortization | (10,451) | (10,139) |
Total Property | 28,099 | 26,944 |
Other Assets | ||
Regulatory assets | 3,583 | 3,482 |
Securitized regulatory assets | 214 | 0 |
Operating lease right-of-use assets | 91 | 97 |
Other | 227 | 179 |
Total Other Assets | 7,455 | 7,006 |
Total Assets | 41,954 | 39,719 |
Accounts payable | ||
Accrued interest | 157 | 140 |
Current portion long-term debt, including securitization bonds and finance leases | 1,425 | 2,874 |
Regulatory liabilities | 54 | 156 |
Short-term borrowings | ||
Operating lease liabilities | 13 | 14 |
Other | 535 | 581 |
Total Current Liabilities | 5,466 | 6,346 |
Long-Term Debt (net of current portion) | ||
Securitization bonds | 192 | 0 |
Finance lease liabilities | 13 | 19 |
Total Long-Term Debt (net of current portion) | 17,442 | 14,531 |
Other Liabilities | ||
Deferred income taxes | 2,313 | 2,163 |
Regulatory liabilities | 2,731 | 3,106 |
Asset retirement obligations | 3,425 | 3,162 |
Unamortized investment tax credit | 183 | 158 |
Nuclear decommissioning | 272 | 321 |
Operating lease liabilities | 69 | 74 |
Other | 193 | 256 |
Total Other Liabilities | 10,060 | 10,129 |
Commitments and Contingencies (Notes 6 and 13) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 5,337 | 5,379 |
Retained earnings | 3,741 | 3,438 |
Total DTE Energy/DTE Electric Company Equity | 8,980 | 8,705 |
Total Liabilities and Equity | 41,954 | 39,719 |
DTE Electric | ||
Current Assets | ||
Cash and cash equivalents | 8 | 9 |
Restricted cash | 23 | 0 |
Accounts receivable (less allowance for doubtful accounts of $53 and $54, respectively) | ||
Customer | 756 | 694 |
Affiliates | 32 | 36 |
Other | 59 | 40 |
Inventories | ||
Fuel | 180 | 171 |
Materials and supplies | 319 | 316 |
Regulatory assets | 424 | 168 |
Prepaid property tax | 125 | 57 |
Other | 49 | 44 |
Total Current Assets | 1,975 | 1,535 |
Investments | ||
Nuclear decommissioning trust funds | 1,764 | 2,071 |
Other | 39 | 44 |
Total Investments | 1,803 | 2,115 |
Property | ||
Property, plant, and equipment | 29,909 | 28,849 |
Accumulated depreciation and amortization | (7,928) | (7,676) |
Total Property | 21,981 | 21,173 |
Other Assets | ||
Regulatory assets | 3,110 | 2,968 |
Securitized regulatory assets | 214 | 0 |
Prepaid postretirement costs — affiliates | 439 | 402 |
Operating lease right-of-use assets | 57 | 64 |
Other | 188 | 148 |
Total Other Assets | 4,008 | 3,582 |
Total Assets | 29,767 | 28,405 |
Accounts payable | ||
Affiliates | 72 | 83 |
Other | 551 | 567 |
Accrued interest | 91 | 95 |
Current portion long-term debt, including securitization bonds and finance leases | 148 | 322 |
Regulatory liabilities | 52 | 154 |
Short-term borrowings | ||
Affiliates | 78 | 53 |
Other | 459 | 153 |
Operating lease liabilities | 9 | 10 |
Other | 196 | 206 |
Total Current Liabilities | 1,656 | 1,643 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 9,380 | 8,591 |
Securitization bonds | 192 | 0 |
Finance lease liabilities | 2 | 7 |
Total Long-Term Debt (net of current portion) | 9,574 | 8,598 |
Other Liabilities | ||
Deferred income taxes | 2,876 | 2,741 |
Regulatory liabilities | 1,860 | 2,221 |
Asset retirement obligations | 3,186 | 2,932 |
Unamortized investment tax credit | 183 | 158 |
Nuclear decommissioning | 272 | 321 |
Accrued pension liability — affiliates | 365 | 405 |
Accrued postretirement liability — affiliates | 334 | 340 |
Operating lease liabilities | 41 | 46 |
Other | 71 | 97 |
Total Other Liabilities | 9,188 | 9,261 |
Commitments and Contingencies (Notes 6 and 13) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 6,298 | 6,002 |
Retained earnings | 3,051 | 2,901 |
Total DTE Energy/DTE Electric Company Equity | 9,349 | 8,903 |
Total Liabilities and Equity | $ 29,767 | $ 28,405 |
Consolidated Statements of Fi_4
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Allowance for doubtful accounts | $ 95 | $ 92 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 193,741,991 | 193,747,509 |
Common stock, shares outstanding (in shares) | 193,741,991 | 193,747,509 |
DTE Electric | ||
Current Assets | ||
Allowance for doubtful accounts | $ 53 | $ 54 |
Shareholder’s Equity | ||
Par value (in dollars per share) | $ 10 | $ 10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 138,632,324 | 138,632,324 |
Common stock, shares outstanding (in shares) | 138,632,324 | 138,632,324 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net Income | $ 818 | $ 601 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 1,093 | 1,092 |
Nuclear fuel amortization | 26 | 44 |
Allowance for equity funds used during construction | (20) | (20) |
Deferred income taxes | 15 | (36) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (150) | (8) |
Inventories | (204) | (209) |
Accounts payable | 228 | 225 |
Regulatory assets and liabilities | (552) | 270 |
Other current and noncurrent assets and liabilities | 205 | (178) |
Net cash from operating activities | 1,412 | 2,372 |
Investing Activities | ||
Proceeds from sale of assets | 4 | 2 |
Proceeds from sale of nuclear decommissioning trust fund assets | 707 | 854 |
Investment in nuclear decommissioning trust funds | (710) | (853) |
Net cash used for investing activities | (2,453) | (2,780) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 1,771 | 4,033 |
Redemption of long-term debt | (316) | (3,242) |
Dividends paid on common stock | (514) | (631) |
Other | (63) | (73) |
Net cash from (used for) financing activities | 1,057 | (52) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 16 | (460) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 35 | 516 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 51 | 56 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 331 | 386 |
DTE Electric | ||
Operating Activities | ||
Net Income | 750 | 790 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 899 | 810 |
Nuclear fuel amortization | 26 | 44 |
Allowance for equity funds used during construction | (18) | (18) |
Deferred income taxes | 11 | 90 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (77) | (25) |
Inventories | (26) | (19) |
Accounts payable | 17 | 40 |
Prepaid postretirement benefit costs — affiliates | (37) | (36) |
Accrued pension liability — affiliates | (40) | (34) |
Accrued postretirement liability — affiliates | (6) | (6) |
Regulatory assets and liabilities | (563) | 229 |
Other current and noncurrent assets and liabilities | 166 | (259) |
Net cash from operating activities | 1,102 | 1,606 |
Investing Activities | ||
Plant and equipment expenditures | (1,853) | (2,152) |
Proceeds from sale of assets | 4 | 0 |
Proceeds from sale of nuclear decommissioning trust fund assets | 707 | 854 |
Investment in nuclear decommissioning trust funds | (710) | (853) |
Notes receivable and other | (42) | (22) |
Net cash used for investing activities | (1,894) | (2,173) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 1,118 | 986 |
Redemption of long-term debt | (316) | (321) |
Capital contribution by parent company | 296 | 273 |
Short-term borrowings, net — affiliate | 25 | (69) |
Short-term borrowings, net — other | 306 | 159 |
Dividends paid on common stock | (600) | (441) |
Other | (15) | (18) |
Net cash from (used for) financing activities | 814 | 569 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 22 | 2 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 9 | 16 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 31 | 18 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | $ 242 | $ 307 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Shareholder's Equity (Unaudited) - DTE Electric Company - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | DTE Electric | DTE Electric Common Stock | DTE Electric Additional Paid-in Capital | DTE Electric Retained Earnings |
Beginning Balance (in shares) at Dec. 31, 2020 | 193,771,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2020 | $ 8,070 | $ 1,386 | $ 4,061 | $ 2,623 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 208 | 208 | |||||
Dividends declared on common stock | $ (210) | $ (210) | (147) | (147) | |||
Ending Balance (in shares) at Mar. 31, 2021 | 193,727,000 | 138,632,000 | |||||
Ending Balance at Mar. 31, 2021 | 8,131 | $ 1,386 | 4,061 | 2,684 | |||
Beginning Balance (in shares) at Dec. 31, 2020 | 193,771,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2020 | 8,070 | $ 1,386 | 4,061 | 2,623 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 601 | 790 | |||||
Ending Balance (in shares) at Sep. 30, 2021 | 193,727,000 | 138,632,000 | |||||
Ending Balance at Sep. 30, 2021 | 8,692 | $ 1,386 | 4,334 | 2,972 | |||
Beginning Balance (in shares) at Mar. 31, 2021 | 193,727,000 | 138,632,000 | |||||
Beginning Balance at Mar. 31, 2021 | 8,131 | $ 1,386 | 4,061 | 2,684 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 238 | 238 | |||||
Dividends declared on common stock | (370) | (370) | (146) | (146) | |||
Ending Balance (in shares) at Jun. 30, 2021 | 193,752,000 | 138,632,000 | |||||
Ending Balance at Jun. 30, 2021 | 8,223 | $ 1,386 | 4,061 | 2,776 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 25 | 344 | 344 | ||||
Dividends declared on common stock | (148) | (148) | |||||
Capital contribution by parent company | 273 | 273 | |||||
Ending Balance (in shares) at Sep. 30, 2021 | 193,727,000 | 138,632,000 | |||||
Ending Balance at Sep. 30, 2021 | $ 8,692 | $ 1,386 | 4,334 | 2,972 | |||
Beginning Balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2021 | $ 8,705 | $ 8,903 | $ 1,386 | 4,616 | 2,901 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 201 | 201 | |||||
Dividends declared on common stock | $ (171) | (171) | (277) | (277) | |||
Ending Balance (in shares) at Mar. 31, 2022 | 193,739,000 | 138,632,000 | |||||
Ending Balance at Mar. 31, 2022 | $ 8,827 | $ 1,386 | 4,616 | 2,825 | |||
Beginning Balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2021 | $ 8,705 | $ 8,903 | $ 1,386 | 4,616 | 2,901 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 818 | $ 750 | |||||
Ending Balance (in shares) at Sep. 30, 2022 | 193,741,991 | 193,742,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Sep. 30, 2022 | $ 8,980 | $ 9,349 | $ 1,386 | 4,912 | 3,051 | ||
Beginning Balance (in shares) at Mar. 31, 2022 | 193,739,000 | 138,632,000 | |||||
Beginning Balance at Mar. 31, 2022 | 8,827 | $ 1,386 | 4,616 | 2,825 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 186 | 186 | |||||
Dividends declared on common stock | (343) | $ (343) | (162) | (162) | |||
Ending Balance (in shares) at Jun. 30, 2022 | 193,736,000 | 138,632,000 | |||||
Ending Balance at Jun. 30, 2022 | 8,851 | $ 1,386 | 4,616 | 2,849 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 387 | 363 | 363 | ||||
Dividends declared on common stock | (161) | (161) | |||||
Capital contribution by parent company | $ 296 | 296 | |||||
Ending Balance (in shares) at Sep. 30, 2022 | 193,741,991 | 193,742,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Sep. 30, 2022 | $ 8,980 | $ 9,349 | $ 1,386 | $ 4,912 | $ 3,051 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Corporate Structure DTE Energy owns the following businesses: • DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan; • DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million customers throughout Michigan and the sale of storage and transportation capacity; and • Other businesses include (1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing industrial energy services and was formerly involved in reduced emissions fuel projects until 2022, and 2) energy marketing and trading operations. DTE Electric and DTE Gas are regulated by the MPSC. Certain activities of DTE Electric and DTE Gas, as well as various other aspects of businesses under DTE Energy, are regulated by the FERC. In addition, the Registrants are regulated by other federal and state regulatory agencies including the NRC, the EPA, EGLE, and for DTE Energy, the CFTC and CARB. Basis of Presentation The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2021 Annual Report on Form 10-K. The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage and gathering non-utility business. Financial results of DT Midstream in the prior period are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information. Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. In the first quarter 2022, DTE Electric financed regulatory assets for previously deferred costs related to the River Rouge generation plant and tree trimming surge program through the sale of bonds by a wholly-owned special purpose entity, DTE Securitization. DTE Securitization is a VIE. DTE Electric has the power to direct the most significant activities of DTE Securitization, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and DTE Securitization is consolidated by the Registrants. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 2022 and December 31, 2021. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for the Registrants' consolidated VIEs are as follows: September 30, 2022 December 31, 2021 DTE Energy DTE Electric (a) DTE Energy (In millions) ASSETS Cash and cash equivalents $ 10 $ — $ 11 Restricted cash 23 23 6 Securitized regulatory assets 214 214 — Notes receivable 80 — 70 Other current and long-term assets 14 2 8 $ 341 $ 239 $ 95 LIABILITIES Short-term borrowings $ 79 $ — $ 75 Securitization bonds (b) 232 232 — Other current and long-term liabilities 17 11 5 $ 328 $ 243 $ 80 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022. See Note 6 to the Consolidated Financial Statements, "Regulatory Matters." (b) Includes $40 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the period ended September 30, 2022. Amounts for DTE Energy's non-consolidated VIEs are as follows: September 30, 2022 December 31, 2021 (In millions) Investments in equity method investees $ 141 $ 172 Notes receivable $ 15 $ 13 Future funding commitments $ 2 $ 3 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Other Income The following is a summary of DTE Energy's Other income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Contract services $ 7 $ 6 $ 21 $ 21 Allowance for equity funds used during construction 6 7 20 20 Income from REF entities — 57 — 102 Gains from rabbi trust securities (a) — — — 4 Equity earnings (losses) of equity method investees — 17 (15) 31 Other 3 3 9 9 $ 16 $ 90 $ 35 $ 187 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Contract services $ 7 $ 6 $ 21 $ 21 Allowance for equity funds used during construction 6 6 18 18 Gains from rabbi trust securities allocated from DTE Energy (a) — — — 4 Other 2 2 7 9 $ 15 $ 14 $ 46 $ 52 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity, if any. For the three and nine months ended September 30, 2022 and 2021, reclassifications out of Accumulated other comprehensive income (loss) were not material. Income Taxes The interim effective tax rates of the Registrants are as follows: Effective Tax Rate Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 DTE Energy 2 % 186 % — % (34) % DTE Electric 2 % 12 % 2 % 10 % These tax rates are affected by estimated annual permanent items, production tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. DTE Energy's effective tax rates in 2021 were significantly impacted by pre-tax losses in the third quarter, driven primarily by the loss on extinguishment of debt and reclassification of DT Midstream earnings to discontinued operations. The 184% decrease in DTE Energy's effective tax rate for the three months ended September 30, 2022 was primarily due to a deferred tax remeasurement of 133% in 2021, production tax credits of 57%, and amortization of the TCJA regulatory liability of 32%, partially offset by a valuation allowance of 28% in 2021 and recognition of a deferred intercompany gain of 13% in 2021. The 34% increase in DTE Energy’s effective tax rate for the nine months ended September 30, 2022 was primarily due to a deferred tax remeasurement of 23% in 2021 and closure of the REF business and resulting decrease in production tax credits of 17%, partially offset by a valuation allowance of 5% in 2021. The 10% decrease in DTE Electric's effective tax rate for the three months ended September 30, 2022 and the 8% decrease in DTE Electric's effective tax rate for the nine months ended September 30, 2022 were primarily due to higher amortization of the TCJA regulatory liability, which was driven by the accelerated amortization approved in DTE Electric's prior year accounting applications to the MPSC. DTE Electric had income tax receivables with DTE Energy related to federal and state taxes of $31 million and $33 million at September 30, 2022 and December 31, 2021, respectively, which are included in Accounts Receivable - Affiliates on the DTE Electric Consolidated Statements of Financial Position. DTE Electric also had income tax payables with DTE Energy related to state taxes of $2 million at December 31, 2021, which are included in Accounts Payable - Affiliates on the DTE Electric Consolidated Statements of Financial Position. DTE Energy and DTE Electric had respective unrecognized tax benefits of $10 million and $13 million related to state exposures at September 30, 2022, which are included in Current Liabilities - Other on the Registrants' Consolidated Statements of Financial Position. Of these benefits, the Registrants believe it is reasonably possible that $8 million at DTE Energy and $9 million at DTE Electric will be recognized in the next 12 months. If recognized, these benefits would favorably impact effective tax rates and reduce tax expense in future periods by $6 million at DTE Energy and $7 million at DTE Electric, net of federal benefit. During the third quarter 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA included several new tax provisions, including a corporate alternative minimum tax and various tax incentives for energy and climate initiatives. Enactment of this legislation did not impact the Registrants' financial statements for the period ended September 30, 2022. The Registrants do not expect the legislation to have a significant impact in the near term and continue to assess any potential long-term impacts. Unrecognized Compensation Costs As of September 30, 2022, DTE Energy had $81 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of 1.4 years. Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $9 million and $10 million for the three months ended September 30, 2022 and 2021, respectively, while such allocation was $30 million and $35 million for the nine months ended September 30, 2022 and 2021, respectively. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset. Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2022. DTE Energy DTE Electric Year of Origination 2022 2021 2020 and Prior Total 2022 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 17 Internal grade 2 25 3 16 44 — Total notes receivable (a) $ 25 $ 3 $ 37 $ 65 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ — $ 38 $ 38 $ — Net investment in leases, internal grade 2 64 — 189 253 — Total net investment in leases (a) $ 64 $ — $ 227 $ 291 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current. The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2022 $ 89 $ 3 $ 92 $ 54 Current period provision 41 — 41 25 Write-offs charged against allowance (72) — (72) (47) Recoveries of amounts previously written off 34 — 34 21 Ending reserve balance, September 30, 2022 $ 92 $ 3 $ 95 $ 53 DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2021 $ 101 $ 3 $ 104 $ 57 Current period provision 53 1 54 36 Write-offs charged against allowance (126) (1) (127) (77) Recoveries of amounts previously written off 61 — 61 38 Ending reserve balance, December 31, 2021 $ 89 $ 3 $ 92 $ 54 Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) DTE Energy $ 12 $ 7 $ 46 $ 42 DTE Electric $ 12 $ 10 $ 28 $ 26 There are no material amounts of past due financing receivables for the Registrants as of September 30, 2022. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The Registrants adopted the ASU effective January 1, 2022 using the prospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The Registrants early adopted the ASU effective January 1, 2022, which had no impact on the Registrants' Consolidated Financial Statements for the current period. The Registrants will apply the guidance prospectively to any future business combinations. Recently Issued Pronouncements In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively after the effective date. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify that contractual sale restrictions should not be considered when measuring the fair value of equity securities subject to such restrictions. The amendments also require the disclosure of the fair value of such equity securities, the nature and remaining duration of the restrictions, and the circumstances leading to a lapse in the restrictions. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2023, and interim periods therein. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage, and gathering non-utility business. The table below reflects the financial results of DT Midstream that are included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (In millions) Operating Revenues — Non-utility operations $ — $ 405 Operating Expenses Cost of gas and other — non-utility — 15 Operation and maintenance (a) 30 124 Depreciation and amortization — 82 Taxes other than income — 13 Asset (gains) losses and impairments, net — 17 30 251 Operating Income (Loss) (30) 154 Other (Income) and Deductions Interest expense — 50 Interest income — (4) Other income — (62) — (16) Income (Loss) from Discontinued Operations Before Income Taxes (30) 170 Income Tax Expense 3 58 Net Income (Loss) from Discontinued Operations, Net of Taxes (33) 112 Less: Net Income Attributable to Noncontrolling Interests — 6 Net Income (Loss) from Discontinued Operations $ (33) $ 106 _______________________________________ (a) Includes separation transaction costs of $30 million and $59 million for the three and nine months ended September 30, 2021, respectively, for various legal, accounting and other professional services fees. The following table is a summary of significant non-cash items and capital expenditures of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2021 (In millions) Operating Activities Depreciation and amortization $ 82 Deferred income taxes 57 Equity earnings of equity method investees (59) Asset (gains) losses and impairments, net 19 Investing Activities Plant and equipment expenditures — non-utility (60) |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Disaggregation of Revenue The following is a summary of revenues disaggregated by segment for DTE Energy: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric (a) Residential $ 882 $ 885 $ 2,273 $ 2,262 Commercial 541 533 1,505 1,452 Industrial 167 167 498 473 Other (b) 257 117 631 290 Total Electric operating revenues $ 1,847 $ 1,702 $ 4,907 $ 4,477 Gas Gas sales $ 128 $ 95 $ 955 $ 726 End User Transportation 42 38 195 171 Intermediate Transportation 15 16 60 59 Other (b) 45 44 148 114 Total Gas operating revenues $ 230 $ 193 $ 1,358 $ 1,070 Other segment operating revenues DTE Vantage $ 227 $ 372 $ 626 $ 1,132 Energy Trading $ 3,024 $ 1,602 $ 8,059 $ 4,208 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $3 million and $2 million of Other revenues related to DTE Sustainable Generation for the three months ended September 30, 2022 and 2021, respectively, and $11 million and $9 million for the nine months ended September 30, 2022 and 2021, respectively. (b) Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas. Revenues included the following which were outside the scope of Topic 606: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric — Other revenues $ 7 $ 6 $ 15 $ 14 Gas — Other revenues $ 2 $ 1 $ 6 $ 5 DTE Vantage — Leases $ 24 $ 26 $ 63 $ 70 Energy Trading — Derivatives $ 2,531 $ 1,324 $ 6,691 $ 3,377 Deferred Revenue The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2022 $ 78 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 86 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (54) Ending Balance, September 30, 2022 $ 110 The deferred revenues at DTE Energy generally represent amounts paid by or receivable from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues associated with RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer. The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods: DTE Energy (In millions) 2022 $ 42 2023 64 2024 1 2025 2 2026 — 2027 and thereafter 1 $ 110 Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year. The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: DTE Energy DTE Electric (In millions) 2022 $ 43 $ 2 2023 292 7 2024 192 7 2025 118 1 2026 67 — 2027 and thereafter 355 — $ 1,067 $ 17 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Public Utilities, General Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 2021 Securitization Filing On June 23, 2021, the MPSC issued a financing order authorizing DTE Electric to issue Securitization bonds for qualified costs of up to $236 million, including $73 million for the net book value of the River Rouge generation plant, $157 million for tree trimming surge program costs, and $6 million for other qualified costs. The financing order further authorized customer charges for the timely recovery of the debt service costs on the Securitization bonds and other ongoing qualified costs. On March 17, 2022, DTE Electric closed on the issuance of Securitization bonds of $236 million. Refer to Note 10 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information regarding the terms of the bonds and use of proceeds. Upon closing the transaction, DTE Electric recognized Securitized regulatory assets of $230 million, which were reclassified from existing Regulatory assets for the net book value of the River Rouge plant and tree trimming surge program. Debt service costs relating to tree trimming will be recovered over a period not to exceed 5 years, while amounts relating to River Rouge will be recovered over a period not to exceed 14 years. 2022 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on January 21, 2022 requesting an increase in base rates of $388 million based on a projected twelve-month period ending October 31, 2023. The requested increase in base rates is primarily due to an increase in net plant resulting from generation and distribution investments, as well as related increases to depreciation and property tax expenses. The rate filing also requested an increase in return on equity from 9.9% to 10.25% and includes projected changes in sales. A final MPSC order in this case is expected in November 2022. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units and performance shares do not receive cash dividends; as such, these awards are not considered participating securities. The following is a reconciliation of DTE Energy's basic and diluted income per share calculation: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 387 $ 58 $ 818 $ 495 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 $ 386 $ 58 $ 816 $ 494 Net Income Attributable to DTE Energy Company — discontinued operations — (33) — 106 Net income available to common shareholders — basic $ 386 $ 25 $ 816 $ 600 Average number of common shares outstanding — basic 193 193 193 193 Income from continuing operations $ 2.00 $ 0.30 $ 4.22 $ 2.55 Income from discontinued operations — (0.17) — 0.55 Basic Earnings per Common Share $ 2.00 $ 0.13 $ 4.22 $ 3.10 Diluted Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 387 $ 58 $ 818 $ 495 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 $ 386 $ 58 $ 816 $ 494 Net Income Attributable to DTE Energy Company — discontinued operations — (33) — 106 Net income available to common shareholders — diluted $ 386 $ 25 $ 816 $ 600 Average number of common shares outstanding — basic 193 193 193 193 Average dilutive equity units and performance share awards 1 1 1 1 Average number of common shares outstanding — diluted 194 194 194 194 Income from continuing operations $ 1.99 $ 0.30 $ 4.21 $ 2.55 Income from discontinued operations — (0.17) — 0.55 Diluted Earnings per Common Share (a) $ 1.99 $ 0.13 $ 4.21 $ 3.10 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 10.1 million and 11.1 million for the three months ended September 30, 2022 and 2021, respectively, and 10.2 million and 11.5 million for the nine months ended September 30, 2022 and 2021, respectively, as the dilutive stock price threshold was not met. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2022 and December 31, 2021. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: • Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. • Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis: September 30, 2022 December 31, 2021 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 26 $ — $ — $ — $ — $ 26 $ 4 $ — $ — $ — $ — $ 4 Nuclear decommissioning trusts Equity securities 653 — — 155 — 808 917 — — 190 — 1,107 Fixed income securities 102 357 — 91 — 550 124 418 — 102 — 644 Private equity and other — — — 259 — 259 — — — 205 — 205 Hedge funds and similar investments 77 41 — — — 118 58 18 — — — 76 Cash equivalents 29 — — — — 29 39 — — — — 39 Other investments (d) Equity securities 52 — — — — 52 68 — — — — 68 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 71 — — — — 71 86 — — — — 86 Derivative assets Commodity contracts (e) Natural gas 554 233 104 — (852) 39 273 115 66 — (394) 60 Electricity — 1,185 437 — (1,160) 462 — 500 143 — (441) 202 Environmental & Other — 222 16 — (224) 14 — 285 9 — (285) 9 Foreign currency exchange contracts — 3 — — — 3 — — — — — — Total derivative assets 554 1,643 557 — (2,236) 518 273 900 218 — (1,120) 271 Total $ 1,571 $ 2,041 $ 557 $ 505 $ (2,236) $ 2,438 $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (293) $ (483) $ (417) $ — $ 772 $ (421) $ (177) $ (172) $ (245) $ — $ 347 $ (247) Electricity — (1,064) (513) — 1,244 (333) — (434) (188) — 443 (179) Environmental & Other — (224) (1) — 226 1 — (288) — — 288 — Foreign currency exchange contracts — (1) — — — (1) — (4) — — — (4) Total $ (293) $ (1,772) $ (931) $ — $ 2,242 $ (754) $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) Net Assets (Liabilities) at end of period $ 1,278 $ 269 $ (374) $ 505 $ 6 $ 1,684 $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 Assets Current $ 453 $ 1,340 $ 442 $ — $ (1,814) $ 421 $ 227 $ 646 $ 166 $ — $ (854) $ 185 Noncurrent 1,118 701 115 505 (422) 2,017 1,349 690 52 497 (266) 2,322 Total Assets $ 1,571 $ 2,041 $ 557 $ 505 $ (2,236) $ 2,438 $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 Liabilities Current $ (263) $ (1,382) $ (637) $ — $ 1,784 $ (498) $ (168) $ (609) $ (260) $ — $ 799 $ (238) Noncurrent (30) (390) (294) — 458 (256) (9) (289) (173) — 279 (192) Total Liabilities $ (293) $ (1,772) $ (931) $ — $ 2,242 $ (754) $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) Net Assets (Liabilities) at end of period $ 1,278 $ 269 $ (374) $ 505 $ 6 $ 1,684 $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties. (c) Amounts include $25 million and $1 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position. (d) Excludes cash surrender value of life insurance investments. (e) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of: September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other (a) Net Balance Level 1 Level 2 Level 3 Other (a) Net Balance (In millions) Assets Cash equivalents (b) $ 23 $ — $ — $ — $ 23 $ — $ — $ — $ — $ — Nuclear decommissioning trusts Equity securities 653 — — 155 808 917 — — 190 1,107 Fixed income securities 102 357 — 91 550 124 418 — 102 644 Private equity and other — — — 259 259 — — — 205 205 Hedge funds and similar investments 77 41 — — 118 58 18 — — 76 Cash equivalents 29 — — — 29 39 — — — 39 Other investments Equity securities 15 — — — 15 20 — — — 20 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 16 — 16 — — 9 — 9 Total $ 910 $ 398 $ 16 $ 505 $ 1,829 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 Assets Current $ 23 $ — $ 16 $ — $ 39 $ — $ — $ 9 $ — $ 9 Noncurrent 887 398 — 505 1,790 1,169 436 — 497 2,102 Total Assets $ 910 $ 398 $ 16 $ 505 $ 1,829 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $23 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2022. Cash Equivalents Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments and money market funds. Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $190 million and $199 million as of September 30, 2022 and December 31, 2021, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services. For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of June 30 $ (362) $ (96) $ 30 $ (428) $ (181) $ (49) $ 15 $ (215) Transfers into Level 3 from Level 2 (3) — — (3) — — — — Transfers from Level 3 into Level 2 — — (5) (5) — — — — Total gains (losses) Included in earnings (a) (32) 40 (1) 7 (162) (21) — (183) Recorded in Regulatory liabilities — — (4) (4) — — (1) (1) Purchases, issuances, and settlements Settlements 84 (20) (5) 59 63 (25) (2) 36 Net Assets (Liabilities) as of September 30 $ (313) $ (76) $ 15 $ (374) $ (280) $ (95) $ 12 $ (363) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 (a) $ 29 $ 37 $ (5) $ 61 $ (109) $ (30) $ (2) $ (141) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ — $ — $ (1) $ (1) $ — $ — $ — $ — _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ (179) $ (45) $ 9 $ (215) $ (16) $ 10 $ 4 $ (2) Transfers from Level 3 into Level 2 5 — — 5 — — — — Total gains (losses) Included in earnings (a) (382) 22 1 (359) (356) (5) — (361) Recorded in Regulatory liabilities — — 20 20 — — 14 14 Purchases, issuances, and settlements Settlements 243 (53) (15) 175 92 (100) (6) (14) Net Assets (Liabilities) as of September 30 $ (313) $ (76) $ 15 $ (374) $ (280) $ (95) $ 12 $ (363) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 (a) $ (248) $ (2) $ (31) $ (281) $ (301) $ (54) $ (17) $ (372) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ — $ — $ 16 $ 16 $ — $ — $ 12 $ 12 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Net Assets as of beginning of period $ 25 $ 15 $ 9 $ 4 Total gains (losses) recorded in Regulatory liabilities (4) (1) 20 14 Purchases, issuances, and settlements Settlements (5) (2) (13) (6) Net Assets as of September 30 $ 16 $ 12 $ 16 $ 12 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ (1) $ — $ 16 $ 12 Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the three and nine months ended months ended September 30, 2022 and 2021. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: September 30, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 104 $ (417) Discounted Cash Flow Forward basis price (per MMBtu) $ (2.34) — $ 9.94 /MMBtu $ 0.02 /MMBtu Electricity $ 437 $ (513) Discounted Cash Flow Forward basis price (per MWh) $ (50) — $ 20 /MWh $ (4) /MWh December 31, 2021 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 66 $ (245) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.36) — $ 3.82 /MMBtu $ (0.04) /MMBtu Electricity $ 143 $ (188) Discounted Cash Flow Forward basis price (per MWh) $ (12) — $ 7 /MWh $ (2) /MWh The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes. The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions. Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments for DTE Energy: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 (In millions) Notes receivable (a) , excluding lessor finance leases $ 65 $ — $ — $ 65 $ 150 $ — $ — $ 167 Short-term borrowings $ 994 $ — $ 994 $ — $ 758 $ — $ 758 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 18,846 $ 731 $ 14,776 $ 1,189 $ 17,378 $ 2,284 $ 15,425 $ 1,207 _______________________________________ (a) Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. The following table presents the carrying amount and fair value of financial instruments for DTE Electric: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 (In millions) Notes receivable (a) $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ 78 $ — $ — $ 78 $ 53 $ — $ — $ 53 Short-term borrowings — other $ 459 $ — $ 459 $ — $ 153 $ — $ 153 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 9,714 $ — $ 8,191 $ 133 $ 8,907 $ — $ 9,898 $ 150 _______________________________________ (a) Included in Current Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. For further fair value information on financial and derivative instruments, see Note 9 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." Nuclear Decommissioning Trust Funds DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste. The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: September 30, 2022 December 31, 2021 (In millions) Fermi 2 $ 1,742 $ 2,051 Fermi 1 3 3 Low-level radioactive waste 19 17 $ 1,764 $ 2,071 The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Realized gains $ 19 $ 21 $ 65 $ 80 Realized losses $ (19) $ (1) $ (42) $ (9) Proceeds from sale of securities $ 194 $ 217 $ 707 $ 854 Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability. The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds: September 30, 2022 December 31, 2021 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 808 $ 285 $ (31) $ 1,107 $ 546 $ (9) Fixed income securities 550 1 (65) 644 23 (6) Private equity and other 259 72 (4) 205 58 (8) Hedge funds and similar investments 118 — (20) 76 1 (2) Cash equivalents 29 — — 39 — — $ 1,764 $ 358 $ (120) $ 2,071 $ 628 $ (25) The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: September 30, 2022 (In millions) Due within one year $ 22 Due after one through five years 105 Due after five through ten years 92 Due after ten years 240 $ 459 Fixed income securities held in nuclear decommissioning trust funds include $91 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At September 30, 2022 and December 31, 2021, DTE Energy's securities included in Other investments on the Consolidated Statements of Financial Position were comprised primarily of investments within DTE Energy's rabbi trust. The rabbi trust was established to fund certain non-qualified pension benefits, and therefore changes in market value are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. The following table summarizes the Registrant's gains (losses) related to the trust: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Gains (losses) related to equity securities $ (2) $ (1) $ (7) $ 3 Gains (losses) related to fixed income securities — — (1) — $ (2) $ (1) $ (8) $ 3 |
Financial and Other Derivative
Financial and Other Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Other Derivative Instruments | FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2025. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates renewable gas recovery projects, industrial energy projects, and power generation assets. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its September 30, 2022 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements. Derivative Activities DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks: • Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility. • Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers. • Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure. • Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized. The following table presents the fair value of derivative instruments for DTE Energy: September 30, 2022 December 31, 2021 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Foreign currency exchange contracts $ — $ (1) $ — $ (4) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 891 $ (1,193) $ 454 $ (594) Electricity 1,622 (1,577) 643 (622) Environmental & Other 238 (225) 294 (288) Foreign currency exchange contracts 3 — — — Total derivatives not designated as hedging instruments $ 2,754 $ (2,995) $ 1,391 $ (1,504) Current $ 2,209 $ (2,282) $ 1,035 $ (1,037) Noncurrent 545 (714) 356 (471) Total derivatives $ 2,754 $ (2,996) $ 1,391 $ (1,508) The fair value of derivative instruments at DTE Electric was $16 million and $9 million at September 30, 2022 and December 31, 2021, respectively, comprised of FTRs recorded to Current Assets - Other on the Consolidated Statements of Financial Position and not designated as hedging instruments. Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had $79 million of letters of credit issued and outstanding at September 30, 2022 and $18 million at December 31, 2021, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $56 million and $37 million at September 30, 2022 and December 31, 2021, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities. The following table presents net cash collateral offsetting arrangements for DTE Energy: September 30, 2022 December 31, 2021 (In millions) Cash collateral netted against Derivative assets $ (272) $ (90) Cash collateral netted against Derivative liabilities 278 48 Cash collateral recorded in Accounts receivable (a) 103 55 Cash collateral recorded in Accounts payable (a) (19) (21) Total net cash collateral posted (received) $ 90 $ (8) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: September 30, 2022 December 31, 2021 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position (In millions) Derivative assets Commodity contracts (a) Natural gas $ 891 $ (852) $ 39 $ 454 $ (394) $ 60 Electricity 1,622 (1,160) 462 643 (441) 202 Environmental & Other 238 (224) 14 294 (285) 9 Foreign currency exchange contracts 3 — 3 — — — Total derivative assets $ 2,754 $ (2,236) $ 518 $ 1,391 $ (1,120) $ 271 Derivative liabilities Commodity contracts (a) Natural gas $ (1,193) $ 772 $ (421) $ (594) $ 347 $ (247) Electricity (1,577) 1,244 (333) (622) 443 (179) Environmental & Other (225) 226 1 (288) 288 — Foreign currency exchange contracts (1) — (1) (4) — (4) Total derivative liabilities $ (2,996) $ 2,242 $ (754) $ (1,508) $ 1,078 $ (430) _______________________________________ (a) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position: September 30, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 2,209 $ 545 $ (2,282) $ (714) $ 1,035 $ 356 $ (1,037) $ (471) Counterparty netting (1,609) (355) 1,609 355 (791) (239) 791 239 Collateral adjustment (205) (67) 175 103 (63) (27) 8 40 Total derivatives as reported $ 395 $ 123 $ (498) $ (256) $ 181 $ 90 $ (238) $ (192) The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30, Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ (52) $ (214) $ (315) $ (371) Natural gas Fuel, purchased power, gas, and other — non-utility 108 63 8 (16) Electricity Operating Revenues — Non-utility operations 61 68 173 143 Environmental & Other Operating Revenues — Non-utility operations (3) 3 15 (36) Foreign currency exchange contracts Operating Revenues — Non-utility operations 5 2 5 (1) Total $ 119 $ (78) $ (114) $ (281) Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2022: Commodity Number of Units Natural gas (MMBtu) 2,218,333,992 Electricity (MWh) 30,593,651 Oil (Gallons) 8,532,000 Foreign currency exchange ($ CAD) 132,812,314 Renewable Energy Certificates (MWh) 7,816,573 Carbon emissions (Metric Tons) 592,605 Various subsidiaries of DTE Energy have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy’s credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, environmental, and coal) and the provisions and maturities of the underlying transactions. As of September 30, 2022, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $699 million. As of September 30, 2022, DTE Energy had $2.6 billion of derivatives in net liability positions, for which hard triggers exist. There is $287 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $1.9 billion. The net remaining amount of $351 million is derived from the $699 million noted above. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Debt Issuances In 2022, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric February Mortgage bonds (a) 3.00% 2032 $ 500 DTE Electric February Mortgage bonds (b) 3.65% 2052 400 DTE Electric March Securitization bonds (c) 2.64% 2027 (d) 184 DTE Electric March Securitization bonds (c) 3.11% 2036 (e) 52 DTE Energy August Term loan facility Variable 2023 400 DTE Gas September Mortgage bonds (a) 4.76% 2032 130 DTE Gas September Mortgage bonds (a) 5.05% 2052 130 $ 1,796 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Bonds were issued as Green Bonds with proceeds to be used for eligible green expenditures, including costs related to the generation of solar and wind energy, purchases of renewable energy from wind and solar power facilities, and energy optimization programs. (c) Proceeds were used to reimburse DTE Electric for qualified costs previously incurred, including the net book value of the River Rouge generation plant, tree trimming surge program costs, and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly, DTE Electric used proceeds of $115 million towards retirement of the 2012 Series A Mortgage bonds noted in the Debt Redemptions table below and issued a one-time special dividend of $115 million to DTE Energy. Refer to Note 6 to the Consolidated Financial Statements, “Regulatory Matters,” for additional information (d) Principal payments on the bonds will be made semi-annually beginning December 2022, with the final payment scheduled for December 2026. (e) Principal payments on the bonds will be made semi-annually beginning June 2027, with the final payment scheduled for December 2035. In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. DTE Energy had mandatory draw obligations of at least $400 million within sixty days of closing and a total of $800 million within six months of closing. DTE Energy complied with the initial obligation and drew $400 million in August 2022, as noted in the table above. Borrowings are being recorded as long-term debt, given the term of the loan exceeds one year. Borrowings are for the general corporate purposes of DTE Energy and its subsidiaries, bearing interest at SOFR plus 0.90% per annum. Any unused capacity under the loan will terminate if not drawn by June 24, 2023. Other terms of the loan are consistent with DTE Energy's unsecured revolving credit agreements. Refer to Note 11 to the Consolidated Financial Statements, "Short-term Credit Arrangements and Borrowings", for additional information regarding the unsecured revolving credit agreements. Debt Redemptions In 2022, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds 2.65% 2022 $ 250 DTE Electric September Mortgage Bonds 6.95% 2022 66 $ 316 Remarketable Senior Notes In November 2019, DTE Energy issued $1.3 billion of equity units, initially in the form of Corporate Units. Each Corporate Unit consisted of a stock purchase contract and a 1/20 interest in a RSN issued by DTE Energy. The stock purchase contracts obligated the holders to purchase shares of DTE Energy's common stock at a future settlement date. The RSNs were pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. In August 2022, DTE Energy remarketed the $1.3 billion 2019 Series F 2.25% RSNs pursuant to the terms of the 2019 equity units. DTE Energy elected to pull forward the maturity of the notes to November 1, 2024, compared to the original maturity date of November 1, 2025. As a result of the remarketing, the interest rate was reset to 4.22%, payable semi-annually at the new rate beginning August 8, 2022. At September 30, 2022, the notes are included in Mortgage, bonds, notes and other within DTE Energy's Consolidated Statements of Financial Position. DTE Energy did not receive any proceeds for the remarketing. All proceeds belong to the investors holding the 2019 equity units and were temporarily used to purchase a portfolio of treasury securities. The securities will be released on behalf of investors on the related stock purchase contracts settlement date of November 1, 2022 to pay the purchase price to DTE Energy for the issuance of common stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, DTE Energy would issue between 9.8 million and 12.2 million shares of its common stock in November 2022. At this time, and in consideration of changes in stock price during October 2022, DTE Energy estimates that approximately 12 million shares will be issued. |
Short-Term Credit Arrangements
Short-Term Credit Arrangements and Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Debt [Abstract] | |
Short-Term Credit Arrangements and Borrowings | SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance. In June 2022, DTE Energy increased its $70 million letter of credit facility to $375 million and amended the maturity date from July 2023 to June 2023. The facility will support general corporate purposes and has terms consistent with the unsecured revolving credit agreements. The unsecured revolving credit agreements currently require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At September 30, 2022, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.68 to 1, 0.52 to 1, and 0.50 to 1, respectively, and were in compliance with this financial covenant. The availability under these facilities as of September 30, 2022 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring April 2026 $ 1,500 $ 500 $ 300 $ 2,300 Unsecured Canadian revolving credit facility, expiring May 2023 79 — — 79 Unsecured letter of credit facility, expiring February 2023 150 — — 150 Unsecured letter of credit facility, expiring June 2023 375 — — 375 Unsecured letter of credit facility (a) 50 — — 50 2,154 500 300 2,954 Amounts outstanding at September 30, 2022 Revolver borrowings 79 — — 79 Commercial paper issuances 326 459 130 915 Letters of credit 338 — — 338 743 459 130 1,332 Net availability at September 30, 2022 $ 1,411 $ 41 $ 170 $ 1,622 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. In October 2022, the unsecured revolving credit agreements were amended and the maturity date was extended from April 2026 to October 2027. The amendment increased the total availability of DTE Energy's unsecured revolving credit facility from $2.3 billion to $2.6 billion, including an increase from $500 million to $800 million at DTE Electric. Current financial covenants relating to total funded debt to capitalization ratios will remain through the maturity date, and the facility will continue to provide liquidity support for the Registrants' commercial paper programs. In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with its clearing agents. DTE Energy has demand financing agreements with its clearing agents, including agreements for up to $50 million and for up to $150 million. The $50 million agreement, as amended, also allows for up to $50 million of additional margin financing provided that DTE Energy posts a letter of credit for the incremental amount. Both agreements allow the right of setoff with posted collateral. At September 30, 2022, the capacity under the facilities was $250 million. The amounts outstanding under the agreements were $191 million and $103 million at September 30, 2022 and December 31, 2021, respectively, and were fully offset by the posted collateral. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $64 million, subject to foreign currency translation adjustments. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy September 30, 2022 (In millions) 2022 $ 9 2023 34 2024 34 2025 34 2026 33 2027 and Thereafter 451 Total minimum future lease receipts 595 Residual value of leased pipeline 17 Less unearned income 321 Net investment in finance lease 291 Less current portion 7 $ 284 Interest income recognized under finance leases was $6 million and $4 million for the three months ended September 30, 2022 and 2021, respectively, and $17 million and $13 million for the nine months ended September 30, 2022 and 2021, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Fixed payments $ 3 $ 13 $ 11 $ 42 Variable payments 21 55 52 90 $ 24 $ 68 $ 63 $ 132 Operating revenues $ 24 $ 26 $ 63 $ 70 Other income — 42 — 62 $ 24 $ 68 $ 63 $ 132 |
Leases | LEASES Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $64 million, subject to foreign currency translation adjustments. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy September 30, 2022 (In millions) 2022 $ 9 2023 34 2024 34 2025 34 2026 33 2027 and Thereafter 451 Total minimum future lease receipts 595 Residual value of leased pipeline 17 Less unearned income 321 Net investment in finance lease 291 Less current portion 7 $ 284 Interest income recognized under finance leases was $6 million and $4 million for the three months ended September 30, 2022 and 2021, respectively, and $17 million and $13 million for the nine months ended September 30, 2022 and 2021, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Fixed payments $ 3 $ 13 $ 11 $ 42 Variable payments 21 55 52 90 $ 24 $ 68 $ 63 $ 132 Operating revenues $ 24 $ 26 $ 63 $ 70 Other income — 42 — 62 $ 24 $ 68 $ 63 $ 132 |
Leases | LEASES Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $64 million, subject to foreign currency translation adjustments. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy September 30, 2022 (In millions) 2022 $ 9 2023 34 2024 34 2025 34 2026 33 2027 and Thereafter 451 Total minimum future lease receipts 595 Residual value of leased pipeline 17 Less unearned income 321 Net investment in finance lease 291 Less current portion 7 $ 284 Interest income recognized under finance leases was $6 million and $4 million for the three months ended September 30, 2022 and 2021, respectively, and $17 million and $13 million for the nine months ended September 30, 2022 and 2021, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Fixed payments $ 3 $ 13 $ 11 $ 42 Variable payments 21 55 52 90 $ 24 $ 68 $ 63 $ 132 Operating revenues $ 24 $ 26 $ 63 $ 70 Other income — 42 — 62 $ 24 $ 68 $ 63 $ 132 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental DTE Electric Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO 2 and NO X . The EPA and the State of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO 2 , NO X , mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO 2 , NO X , and other hazardous air pollutants. In 2015, the EPA finalized National Ambient Air Quality Standards ("NAAQS") for ground level ozone. In October 2016, the State of Michigan recommended to the EPA which areas of the State are not attaining the standards. In August 2018, the EPA designated southeast Michigan as "marginal non-attainment" with the 2015 ozone NAAQS. In January 2022, after collecting several years of data, the State submitted a request to the EPA for redesignation of the southeast Michigan ozone non-attainment area to attainment, and to accept their maintenance plan and emission inventories as a revision to the Michigan SIP. On March 14, 2022, the EPA published a proposal in the Federal Register to formally redesignate the southeast Michigan ozone non-attainment areas to attainment with the 2015 ozone NAAQS. The redesignation includes a public comment period. Measured 2022 ozone values exceeded the 2015 NAAQS and the redesignation being finalized is unlikely. Until a final SIP is developed, DTE Electric cannot predict the financial impact of this proposal. The EPA has implemented regulatory actions under the Clean Air Act to address emissions of GHGs from the utility sector and other sectors of the economy. Among these actions, in 2015 the EPA finalized performance standards for emissions of carbon dioxide from new and existing fossil-fuel fired EGUs. The performance standards for existing EGUs, known as the EPA Clean Power Plan, were challenged by petitioners and stayed by the U.S. Supreme Court in February 2016 pending final review by the courts. On October 10, 2017, the EPA, under a new administration, proposed to rescind the Clean Power Plan, and in August 2018, the EPA proposed revised emission guidelines for GHGs from existing EGUs. On June 19, 2019, the EPA Administrator officially repealed the Clean Power Plan and finalized its replacement, named the ACE rule. The ACE rule was vacated and remanded back to the EPA in a D.C. Circuit Court decision on January 19, 2021. The Supreme Court granted a petition for certiorari in October 2021 and issued a decision on June 30, 2022 that reversed the January 2021 decision of the D.C. Circuit Court and remands the case for further proceedings. The next steps taken by the EPA with respect to regulation of GHGs from EGUs remain uncertain. While DTE Energy is reviewing the impacts of this ruling and subsequent responses from federal and state regulators, the ruling does not impact the plans for our utilities to reduce carbon emissions and achieve net zero emissions by 2050. In addition to the GHG standards for existing EGUs, in December 2018, the EPA issued proposed revisions to the carbon dioxide performance standards for new, modified, or reconstructed fossil-fuel fired EGUs. The rule was finalized on January 13, 2021 and immediately challenged. An order vacating the rule was filed by the D.C. Circuit Court of Appeals on April 5, 2021. The carbon standards for new sources are not expected to have a material impact on DTE Electric, since DTE Electric has no plans to build new coal-fired generation and any potential new gas generation is expected to be able to comply with the standards. Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC. To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings. Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014, which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study is in-process for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis. DTE Electric is currently evaluating the compliance options and working with the State of Michigan on determining whether any controls are needed. These evaluations/studies may require modifications to some existing intake structures. It is not possible to quantify the impact of this rule making at this time. As part of the Monroe power plant NPDES draft permit, EGLE has added requirements to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations. Once the final permit is issued, DTE Electric will be required to evaluate the impacts of the thermal discharge on a balanced indigenous biological community and submit a biological demonstration study plan to EGLE. After approval by EGLE and completion of field sampling, data will be processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact. Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. Cleanup of one of the MGP sites is complete, and the site is closed. The investigations have revealed contamination related to the by-products of gas manufacturing at each MGP site. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At September 30, 2022 and December 31, 2021, DTE Electric had $10 million and $14 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site. Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015, and was revised in August 2016, July 2018, August 2020, and November 2020. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric owns and operates three permitted engineered coal ash storage facilities to dispose of coal ash from coal-fired power plants and operates a number of smaller impoundments at its power plants subject to certain provisions in the CCR rule. At certain facilities, the rule currently requires ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant. On August 28, 2020, the CCR rule "A Holistic Approach to Closure Part A: Deadline to Initiate Closure and Enhancing Public Access to Information" was published in the Federal Register and required all unlined impoundments (including units previously classified as "clay-lined") to initiate closure as soon as technically feasible, but no later than April 11, 2021. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, an additional revision to the CCR Rule "A Holistic Approach to Closure Part B: Alternate Demonstration for Unlined Surface Impoundments" was published in the Federal Register that provides a process to determine if certain unlined impoundments consisting of an alternative liner system may be as protective as the current liners specified in the CCR rule, and therefore may continue to operate. DTE Electric has submitted applications to the EPA that support continued use of all impoundments through their active lives. The applications are currently under review and the forced closure date of April 11, 2021 is effectively delayed while the EPA completes their review. On September 1, 2022, DTE Electric ceased receipt of CCR and non-CCR waste streams at the St. Clair power plant bottom ash basins and initiated closure. Therefore, DTE Electric withdrew the Part A rule demonstration for St. Clair, as it was no longer necessary for the EPA to issue an extension of the April 11, 2021 deadline to cease receipt of waste. At the State level, legislation was signed by the Governor in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a Federal permit program. The EPA is currently working with EGLE in reviewing the submitted State program, and DTE Electric will work with EGLE to implement the State program that may be approved in the future. On April 12, 2017, the EPA granted a petition for reconsideration of the 2015 ELG Rule. On October 13, 2020, the EPA finalized the ELG Reconsideration Rule which revised the regulations from the 2015 ELG rule for FGD wastewater and bottom ash transport water only. The Reconsideration Rule re-establishes the technology-based effluent limitations guidelines and standards applicable to FGD wastewater and bottom ash transport water. The EPA set the applicability dates for bottom ash transport water "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. FGD wastewater retrofits must be completed "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025 or December 31, 2028 if a permittee decides to pursue the Voluntary Incentives Program (VIP) subcategory for FGD wastewater. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements. The Reconsideration Rule also provides additional compliance opportunities by finalizing low utilization and cessation of coal burning subcategories. The Reconsideration Rule provides new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner. Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the State of Michigan. The State of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. On October 11, 2021, in consideration of the deadlines above, DTE Electric submitted the appropriate documentation titled the Notice of Planned Participation (NOPP) to the State of Michigan that formally announced the intent to pursue compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than December 31, 2028 and the VIP for FGD wastewater at Monroe power plant by December 31, 2028. On July 27, 2021, the EPA announced they will revisit some of the compliance requirements that were established in the 2020 Reconsideration Rule and plan to release a new proposed rule in the fourth quarter of 2022. The 2020 Reconsideration Rule remains in effect until that time. DTE Electric continues to evaluate compliance strategies, technologies and system designs for both FGD wastewater and bottom ash transport water system to achieve compliance with the EPA rules at the Monroe power plant. DTE Electric has estimated the impact of the CCR and ELG rules to be $560 million of capital expenditures, including $455 million for 2022 through 2026. DTE Gas Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight MGP sites is complete and the sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue over the next several years. The MPSC has established a cost deferral and rate recovery mechanism for investigation and remediation costs incurred at former MGP sites. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of September 30, 2022 and December 31, 2021, DTE Gas had $23 million and $24 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations. Non-utility DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants. In March 2019, the EPA issued an FOV to EES Coke Battery, LLC ("EES Coke"), the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review permitting requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. On June 1, 2022, the U.S. Department of Justice, on behalf of the EPA, filed a complaint against EES Coke in the U.S. District Court for the Eastern District of Michigan alleging that EES Coke failed to comply with non-attainment new source review requirements under the Clean Air Act when it applied for the 2014 permit. In August 2022, EES Coke filed a response to the complaint and the EPA filed a motion for summary judgment. In September 2022, the Sierra Club and City of River Rouge filed motions to intervene. At the present time, DTE Energy cannot predict the outcome or financial impact of this matter. Separately, in December 2021, EGLE issued a Notice of Violation to EES Coke alleging excess visible emissions from pushing operations. In January 2022, EES Coke provided EGLE a response describing the corrective actions taken to prevent future recurrences. At the present time, EES Coke cannot predict the outcome or financial impact of this matter. Other In 2010, the EPA finalized a new one-hour SO 2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO 2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO 2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO 2 . Phase 3 addresses smaller sources of SO 2 with modeled or monitored exceedances of the new SO 2 standard. Michigan's Phase 1 non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Modeling runs by EGLE suggest that emission reductions may be required by significant sources of SO 2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part Michigan's SIP process, DTE Energy has worked with EGLE to develop air permits reflecting significant SO 2 emission reductions that, in combination with other non-DTE Energy sources' emission reduction strategies, will help the State attain the standard and sustain its attainment. The Michigan SIP was completed and submitted to the EPA on May 31, 2016 and supplemented on June 30, 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO2 non-attainment area plan. On June 1, 2022, the EPA published a Federal Implementation Plan (FIP) which aligned with the partial approval and partial disapproval of the State's plan. The proposed FIP underwent a public comment period and was finalized on September 30, 2022. No DTE Electric sources were materially impacted by the final FIP. Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. The EPA approved a clean data determination request submitted by EGLE. This determination suspends certain planning requirements and sanctions for the non-attainment area for as long as the area continues to attain the 2010 SO2 air quality standards, but this does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, DTE Energy is unable to determine the impacts. REF Guarantees DTE Energy has provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at September 30, 2022 was $605 million. Payments under these guarantees are considered remote. Other Guarantees In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at September 30, 2022. Payments under these guarantees are considered remote. The Registrants are periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of September 30, 2022, DTE Energy had $384 million of performance bonds outstanding, including $119 million for DTE Electric. Performance bonds are not individually material, except for $250 million of bonds supporting Energy Trading operations. These bonds are meant to provide counterparties with additional assurance that Energy Trading will meet its contractual obligations for various commercial transactions. The terms of the bonds align with those of the underlying Energy Trading contracts and are estimated to be outstanding approximately 1 to 3 years. In the event that any performance bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are released from the performance bonds as the contractual performance is completed and does not believe that a material amount of any currently outstanding performance bonds will be called. Labor Contracts There are several bargaining units for DTE Energy subsidiaries' approximate 5,200 represented employees, including DTE Electric's approximately 2,600 represented employees. This represents 50% and 56% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 4% have contracts expiring within one year for both DTE Energy and DTE Electric. Purchase Commitments Utility capital expenditures and expenditures for non-utility businesses will be approximately $3.5 billion and $2.6 billion in 2022 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2022 annual capital expenditures. Ludington Plant Contract Dispute DTE Electric and Consumers Energy Company ("Consumers"), joint owners of the Ludington Hydroelectric Pumped Storage plant ("Ludington"), are parties to a 2010 engineering, procurement, and construction contract with Toshiba America Energy Systems ("TAES"), under which TAES is charged with performing a major overhaul and upgrade of Ludington. TAES' performance has been unsatisfactory and resulted in overhaul project delays. DTE Electric and Consumers have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. DTE Electric and Consumers have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES' parent, Toshiba Corporation, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations. In order to enforce the contract, DTE Electric and Consumers filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties' contract. As a joint owner of Ludington, DTE Electric would be liable for 49% of these damages. During September 2022, the motion to dismiss was denied. DTE Electric believes the outstanding counterclaims are without merit and is currently awaiting a scheduling order to determine the timing of further proceedings. DTE Electric cannot predict the financial impact or outcome of this matter. Other Contingencies The Registrants are involved in certain other legal, regulatory, administrative, and environmental proceedings before various courts, arbitration panels, and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits, inquiries from various regulators, and pending judicial matters. The Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved. For a discussion of contingencies related to regulatory matters and derivatives, see Notes 6 and 9 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively. |
Retirement Benefits and Trustee
Retirement Benefits and Trusteed Assets | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits and Trusteed Assets | RETIREMENT BENEFITS AND TRUSTEED ASSETS The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 25 $ 27 $ 6 $ 8 Interest cost 41 39 12 12 Expected return on plan assets (87) (84) (32) (33) Amortization of: Net actuarial loss 29 49 1 3 Prior service credit — — (4) (5) Net periodic benefit cost (credit) $ 8 $ 31 $ (17) $ (15) Pension Benefits Other Postretirement Benefits Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 72 $ 81 $ 20 $ 23 Interest cost 124 118 36 35 Expected return on plan assets (260) (254) (95) (97) Amortization of: Net actuarial loss 86 147 3 10 Prior service credit — — (14) (15) Net periodic benefit cost (credit) $ 22 $ 92 $ (50) $ (44) DTE Electric participates in various plans that provide pension and other postretirement benefits for DTE Energy and its affiliates. The plans are primarily sponsored by DTE Energy's subsidiary, DTE Energy Corporate Services, LLC. DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer. As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. In addition, the service cost and non-service cost components are presented in Operation and maintenance in DTE Electric's Consolidated Statements of Operations. The same non-service cost components are presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations. Plan participants of all plans are solely DTE Energy and affiliate participants. DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in capital expenditures and operation and maintenance expense was $9 million and $26 million for the three months ended September 30, 2022 and 2021, respectively, and $27 million and $78 million for the nine months ended September 30, 2022 and 2021, respectively. These amounts include recognized contractual termination benefit charges, curtailment gains, and settlement charges. The following tables detail the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 5 $ 6 $ 15 $ 17 Interest cost 10 8 28 25 Expected return on plan assets (22) (22) (64) (65) Amortization of: Net actuarial loss 2 3 4 9 Prior service credit (4) (3) (10) (10) Net periodic benefit credit $ (9) $ (8) $ (27) $ (24) Pension and Other Postretirement Contributions No contributions are currently expected for DTE Energy's qualified pension plans or postretirement benefit plans in 2022. Plans may be updated at the discretion of management and depending on economic and financial market conditions. DTE Energy anticipates a transfer of up to $50 million of qualified pension plan funds from DTE Gas to DTE Electric during the fourth quarter 2022. |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | SEGMENT AND RELATED INFORMATION DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the following structure: Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity. DTE Vantage is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver energy and utility-type products and services to industrial, commercial, and institutional customers. DTE Vantage formerly included projects that produced reduced emissions fuel; however, these projects were closed as planned in 2022 upon REF facilities exhausting their eligibility for generating production tax credits. Energy Trading consists of energy marketing and trading operations. Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth. On July 1, 2021, DTE Energy completed the separation of DT Midstream, which was comprised of the former Gas Storage and Pipelines segment and also certain holding company activity within the Corporate and Other segment. Amounts relating to DT Midstream have been classified as discontinued operations, and Gas Storage and Pipelines is no longer a reportable segment of DTE Energy. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information. Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric. For the prior periods, inter-segment billing also included the sale of reduced emissions fuel at DTE Vantage. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric $ 19 $ 17 $ 53 $ 48 Gas 4 3 10 10 DTE Vantage 15 125 57 463 Energy Trading 39 9 78 35 Corporate and Other — 1 — 2 $ 77 $ 155 $ 198 $ 558 All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided. The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. Financial data of DTE Energy's business segments follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Operating Revenues — Utility operations Electric $ 1,844 $ 1,700 $ 4,896 $ 4,468 Gas 230 193 1,358 1,070 Operating Revenues — Non-utility operations Electric 3 2 11 9 DTE Vantage 227 372 626 1,132 Energy Trading 3,024 1,602 8,059 4,208 Corporate and Other — 1 — 2 Reconciliation and Eliminations (a) (77) (155) (198) (572) Total $ 5,251 $ 3,715 $ 14,752 $ 10,317 _______________________________________ (a) Includes $14 million for the nine months ended September 30, 2021 for eliminations related to DTE Energy's former Gas Storage and Pipelines segment that remain in continuing operations. Eliminations for these revenues are offset by related cost eliminations and have no impact on DTE Energy net income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment: Electric $ 363 $ 342 $ 750 $ 788 Gas (23) (30) 179 146 DTE Vantage 26 73 68 115 Energy Trading 56 (52) (80) (173) Corporate and Other (35) (275) (99) (381) Income from Continuing Operations 387 58 818 495 Discontinued Operations — (33) — 106 Net Income Attributable to DTE Energy Company $ 387 $ 25 $ 818 $ 601 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2021 Annual Report on Form 10-K. The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2022. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage and gathering non-utility business. Financial results of DT Midstream in the prior period are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information. |
Principles of Consolidation | Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of September 30, 2022, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. In the first quarter 2022, DTE Electric financed regulatory assets for previously deferred costs related to the River Rouge generation plant and tree trimming surge program through the sale of bonds by a wholly-owned special purpose entity, DTE Securitization. DTE Securitization is a VIE. DTE Electric has the power to direct the most significant activities of DTE Securitization, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and DTE Securitization is consolidated by the Registrants. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset. |
Financing Receivables | Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2022. DTE Energy DTE Electric Year of Origination 2022 2021 2020 and Prior Total 2022 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 17 Internal grade 2 25 3 16 44 — Total notes receivable (a) $ 25 $ 3 $ 37 $ 65 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ — $ 38 $ 38 $ — Net investment in leases, internal grade 2 64 — 189 253 — Total net investment in leases (a) $ 64 $ — $ 227 $ 291 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current. |
Recently Adopted and Recently Issued Pronouncements | Recently Adopted Pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The Registrants adopted the ASU effective January 1, 2022 using the prospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The Registrants early adopted the ASU effective January 1, 2022, which had no impact on the Registrants' Consolidated Financial Statements for the current period. The Registrants will apply the guidance prospectively to any future business combinations. Recently Issued Pronouncements In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively after the effective date. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify that contractual sale restrictions should not be considered when measuring the fair value of equity securities subject to such restrictions. The amendments also require the disclosure of the fair value of such equity securities, the nature and remaining duration of the restrictions, and the circumstances leading to a lapse in the restrictions. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2023, and interim periods therein. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements. |
Fair Value Measurement | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2022 and December 31, 2021. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: • Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. • Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. |
Nuclear Decommissioning Trusts and Other Investments | Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $190 million and $199 million as of September 30, 2022 and December 31, 2021, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities that are valued using quotations from broker or pricing services. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy. |
Fair Value Transfer | Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. |
Derivatives | The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2025. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates renewable gas recovery projects, industrial energy projects, and power generation assets. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its September 30, 2022 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements. |
Derivatives, Offsetting Fair Value Amounts | Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had $79 million of letters of credit issued and outstanding at September 30, 2022 and $18 million at December 31, 2021, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $56 million and $37 million at September 30, 2022 and December 31, 2021, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities. |
Derivatives, Methods of Accounting | Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 2022 and December 31, 2021. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for the Registrants' consolidated VIEs are as follows: September 30, 2022 December 31, 2021 DTE Energy DTE Electric (a) DTE Energy (In millions) ASSETS Cash and cash equivalents $ 10 $ — $ 11 Restricted cash 23 23 6 Securitized regulatory assets 214 214 — Notes receivable 80 — 70 Other current and long-term assets 14 2 8 $ 341 $ 239 $ 95 LIABILITIES Short-term borrowings $ 79 $ — $ 75 Securitization bonds (b) 232 232 — Other current and long-term liabilities 17 11 5 $ 328 $ 243 $ 80 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022. See Note 6 to the Consolidated Financial Statements, "Regulatory Matters." (b) Includes $40 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the period ended September 30, 2022. |
Summary of Amounts for Non-Consolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows: September 30, 2022 December 31, 2021 (In millions) Investments in equity method investees $ 141 $ 172 Notes receivable $ 15 $ 13 Future funding commitments $ 2 $ 3 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Other Income | The following is a summary of DTE Energy's Other income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Contract services $ 7 $ 6 $ 21 $ 21 Allowance for equity funds used during construction 6 7 20 20 Income from REF entities — 57 — 102 Gains from rabbi trust securities (a) — — — 4 Equity earnings (losses) of equity method investees — 17 (15) 31 Other 3 3 9 9 $ 16 $ 90 $ 35 $ 187 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Contract services $ 7 $ 6 $ 21 $ 21 Allowance for equity funds used during construction 6 6 18 18 Gains from rabbi trust securities allocated from DTE Energy (a) — — — 4 Other 2 2 7 9 $ 15 $ 14 $ 46 $ 52 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. |
Schedule of Effective Tax Rates | The interim effective tax rates of the Registrants are as follows: Effective Tax Rate Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 DTE Energy 2 % 186 % — % (34) % DTE Electric 2 % 12 % 2 % 10 % |
Schedule of Financing Receivables Classified by Internal Grade of Credit Risk | The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2022. DTE Energy DTE Electric Year of Origination 2022 2021 2020 and Prior Total 2022 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 17 Internal grade 2 25 3 16 44 — Total notes receivable (a) $ 25 $ 3 $ 37 $ 65 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ — $ 38 $ 38 $ — Net investment in leases, internal grade 2 64 — 189 253 — Total net investment in leases (a) $ 64 $ — $ 227 $ 291 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. |
Schedule of Roll-Forward of Activity for Financing Receivables Credit Loss Reserves | The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2022 $ 89 $ 3 $ 92 $ 54 Current period provision 41 — 41 25 Write-offs charged against allowance (72) — (72) (47) Recoveries of amounts previously written off 34 — 34 21 Ending reserve balance, September 30, 2022 $ 92 $ 3 $ 95 $ 53 DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2021 $ 101 $ 3 $ 104 $ 57 Current period provision 53 1 54 36 Write-offs charged against allowance (126) (1) (127) (77) Recoveries of amounts previously written off 61 — 61 38 Ending reserve balance, December 31, 2021 $ 89 $ 3 $ 92 $ 54 |
Schedule of Uncollectible Expense | Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) DTE Energy $ 12 $ 7 $ 46 $ 42 DTE Electric $ 12 $ 10 $ 28 $ 26 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The table below reflects the financial results of DT Midstream that are included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (In millions) Operating Revenues — Non-utility operations $ — $ 405 Operating Expenses Cost of gas and other — non-utility — 15 Operation and maintenance (a) 30 124 Depreciation and amortization — 82 Taxes other than income — 13 Asset (gains) losses and impairments, net — 17 30 251 Operating Income (Loss) (30) 154 Other (Income) and Deductions Interest expense — 50 Interest income — (4) Other income — (62) — (16) Income (Loss) from Discontinued Operations Before Income Taxes (30) 170 Income Tax Expense 3 58 Net Income (Loss) from Discontinued Operations, Net of Taxes (33) 112 Less: Net Income Attributable to Noncontrolling Interests — 6 Net Income (Loss) from Discontinued Operations $ (33) $ 106 _______________________________________ (a) Includes separation transaction costs of $30 million and $59 million for the three and nine months ended September 30, 2021, respectively, for various legal, accounting and other professional services fees. The following table is a summary of significant non-cash items and capital expenditures of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2021 (In millions) Operating Activities Depreciation and amortization $ 82 Deferred income taxes 57 Equity earnings of equity method investees (59) Asset (gains) losses and impairments, net 19 Investing Activities Plant and equipment expenditures — non-utility (60) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment for DTE Energy: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric (a) Residential $ 882 $ 885 $ 2,273 $ 2,262 Commercial 541 533 1,505 1,452 Industrial 167 167 498 473 Other (b) 257 117 631 290 Total Electric operating revenues $ 1,847 $ 1,702 $ 4,907 $ 4,477 Gas Gas sales $ 128 $ 95 $ 955 $ 726 End User Transportation 42 38 195 171 Intermediate Transportation 15 16 60 59 Other (b) 45 44 148 114 Total Gas operating revenues $ 230 $ 193 $ 1,358 $ 1,070 Other segment operating revenues DTE Vantage $ 227 $ 372 $ 626 $ 1,132 Energy Trading $ 3,024 $ 1,602 $ 8,059 $ 4,208 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $3 million and $2 million of Other revenues related to DTE Sustainable Generation for the three months ended September 30, 2022 and 2021, respectively, and $11 million and $9 million for the nine months ended September 30, 2022 and 2021, respectively. (b) Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas. Revenues included the following which were outside the scope of Topic 606: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric — Other revenues $ 7 $ 6 $ 15 $ 14 Gas — Other revenues $ 2 $ 1 $ 6 $ 5 DTE Vantage — Leases $ 24 $ 26 $ 63 $ 70 Energy Trading — Derivatives $ 2,531 $ 1,324 $ 6,691 $ 3,377 |
Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2022 $ 78 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 86 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (54) Ending Balance, September 30, 2022 $ 110 |
Deferred Revenue Amounts Expected to be Recognized as Revenue in Future Periods | The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods: DTE Energy (In millions) 2022 $ 42 2023 64 2024 1 2025 2 2026 — 2027 and thereafter 1 $ 110 The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: DTE Energy DTE Electric (In millions) 2022 $ 43 $ 2 2023 292 7 2024 192 7 2025 118 1 2026 67 — 2027 and thereafter 355 — $ 1,067 $ 17 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of DTE Energy's basic and diluted income per share calculation: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 387 $ 58 $ 818 $ 495 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 $ 386 $ 58 $ 816 $ 494 Net Income Attributable to DTE Energy Company — discontinued operations — (33) — 106 Net income available to common shareholders — basic $ 386 $ 25 $ 816 $ 600 Average number of common shares outstanding — basic 193 193 193 193 Income from continuing operations $ 2.00 $ 0.30 $ 4.22 $ 2.55 Income from discontinued operations — (0.17) — 0.55 Basic Earnings per Common Share $ 2.00 $ 0.13 $ 4.22 $ 3.10 Diluted Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 387 $ 58 $ 818 $ 495 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 $ 386 $ 58 $ 816 $ 494 Net Income Attributable to DTE Energy Company — discontinued operations — (33) — 106 Net income available to common shareholders — diluted $ 386 $ 25 $ 816 $ 600 Average number of common shares outstanding — basic 193 193 193 193 Average dilutive equity units and performance share awards 1 1 1 1 Average number of common shares outstanding — diluted 194 194 194 194 Income from continuing operations $ 1.99 $ 0.30 $ 4.21 $ 2.55 Income from discontinued operations — (0.17) — 0.55 Diluted Earnings per Common Share (a) $ 1.99 $ 0.13 $ 4.21 $ 3.10 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 10.1 million and 11.1 million for the three months ended September 30, 2022 and 2021, respectively, and 10.2 million and 11.5 million for the nine months ended September 30, 2022 and 2021, respectively, as the dilutive stock price threshold was not met. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis: September 30, 2022 December 31, 2021 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 26 $ — $ — $ — $ — $ 26 $ 4 $ — $ — $ — $ — $ 4 Nuclear decommissioning trusts Equity securities 653 — — 155 — 808 917 — — 190 — 1,107 Fixed income securities 102 357 — 91 — 550 124 418 — 102 — 644 Private equity and other — — — 259 — 259 — — — 205 — 205 Hedge funds and similar investments 77 41 — — — 118 58 18 — — — 76 Cash equivalents 29 — — — — 29 39 — — — — 39 Other investments (d) Equity securities 52 — — — — 52 68 — — — — 68 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 71 — — — — 71 86 — — — — 86 Derivative assets Commodity contracts (e) Natural gas 554 233 104 — (852) 39 273 115 66 — (394) 60 Electricity — 1,185 437 — (1,160) 462 — 500 143 — (441) 202 Environmental & Other — 222 16 — (224) 14 — 285 9 — (285) 9 Foreign currency exchange contracts — 3 — — — 3 — — — — — — Total derivative assets 554 1,643 557 — (2,236) 518 273 900 218 — (1,120) 271 Total $ 1,571 $ 2,041 $ 557 $ 505 $ (2,236) $ 2,438 $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (293) $ (483) $ (417) $ — $ 772 $ (421) $ (177) $ (172) $ (245) $ — $ 347 $ (247) Electricity — (1,064) (513) — 1,244 (333) — (434) (188) — 443 (179) Environmental & Other — (224) (1) — 226 1 — (288) — — 288 — Foreign currency exchange contracts — (1) — — — (1) — (4) — — — (4) Total $ (293) $ (1,772) $ (931) $ — $ 2,242 $ (754) $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) Net Assets (Liabilities) at end of period $ 1,278 $ 269 $ (374) $ 505 $ 6 $ 1,684 $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 Assets Current $ 453 $ 1,340 $ 442 $ — $ (1,814) $ 421 $ 227 $ 646 $ 166 $ — $ (854) $ 185 Noncurrent 1,118 701 115 505 (422) 2,017 1,349 690 52 497 (266) 2,322 Total Assets $ 1,571 $ 2,041 $ 557 $ 505 $ (2,236) $ 2,438 $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 Liabilities Current $ (263) $ (1,382) $ (637) $ — $ 1,784 $ (498) $ (168) $ (609) $ (260) $ — $ 799 $ (238) Noncurrent (30) (390) (294) — 458 (256) (9) (289) (173) — 279 (192) Total Liabilities $ (293) $ (1,772) $ (931) $ — $ 2,242 $ (754) $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) Net Assets (Liabilities) at end of period $ 1,278 $ 269 $ (374) $ 505 $ 6 $ 1,684 $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties. (c) Amounts include $25 million and $1 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position. (d) Excludes cash surrender value of life insurance investments. (e) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of: September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other (a) Net Balance Level 1 Level 2 Level 3 Other (a) Net Balance (In millions) Assets Cash equivalents (b) $ 23 $ — $ — $ — $ 23 $ — $ — $ — $ — $ — Nuclear decommissioning trusts Equity securities 653 — — 155 808 917 — — 190 1,107 Fixed income securities 102 357 — 91 550 124 418 — 102 644 Private equity and other — — — 259 259 — — — 205 205 Hedge funds and similar investments 77 41 — — 118 58 18 — — 76 Cash equivalents 29 — — — 29 39 — — — 39 Other investments Equity securities 15 — — — 15 20 — — — 20 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 16 — 16 — — 9 — 9 Total $ 910 $ 398 $ 16 $ 505 $ 1,829 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 Assets Current $ 23 $ — $ 16 $ — $ 39 $ — $ — $ 9 $ — $ 9 Noncurrent 887 398 — 505 1,790 1,169 436 — 497 2,102 Total Assets $ 910 $ 398 $ 16 $ 505 $ 1,829 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $23 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2022. |
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of June 30 $ (362) $ (96) $ 30 $ (428) $ (181) $ (49) $ 15 $ (215) Transfers into Level 3 from Level 2 (3) — — (3) — — — — Transfers from Level 3 into Level 2 — — (5) (5) — — — — Total gains (losses) Included in earnings (a) (32) 40 (1) 7 (162) (21) — (183) Recorded in Regulatory liabilities — — (4) (4) — — (1) (1) Purchases, issuances, and settlements Settlements 84 (20) (5) 59 63 (25) (2) 36 Net Assets (Liabilities) as of September 30 $ (313) $ (76) $ 15 $ (374) $ (280) $ (95) $ 12 $ (363) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 (a) $ 29 $ 37 $ (5) $ 61 $ (109) $ (30) $ (2) $ (141) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ — $ — $ (1) $ (1) $ — $ — $ — $ — _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ (179) $ (45) $ 9 $ (215) $ (16) $ 10 $ 4 $ (2) Transfers from Level 3 into Level 2 5 — — 5 — — — — Total gains (losses) Included in earnings (a) (382) 22 1 (359) (356) (5) — (361) Recorded in Regulatory liabilities — — 20 20 — — 14 14 Purchases, issuances, and settlements Settlements 243 (53) (15) 175 92 (100) (6) (14) Net Assets (Liabilities) as of September 30 $ (313) $ (76) $ 15 $ (374) $ (280) $ (95) $ 12 $ (363) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 (a) $ (248) $ (2) $ (31) $ (281) $ (301) $ (54) $ (17) $ (372) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ — $ — $ 16 $ 16 $ — $ — $ 12 $ 12 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Net Assets as of beginning of period $ 25 $ 15 $ 9 $ 4 Total gains (losses) recorded in Regulatory liabilities (4) (1) 20 14 Purchases, issuances, and settlements Settlements (5) (2) (13) (6) Net Assets as of September 30 $ 16 $ 12 $ 16 $ 12 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 $ (1) $ — $ 16 $ 12 |
Unobservable Inputs Related to Level 3 Assets and Liabilities | The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: September 30, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 104 $ (417) Discounted Cash Flow Forward basis price (per MMBtu) $ (2.34) — $ 9.94 /MMBtu $ 0.02 /MMBtu Electricity $ 437 $ (513) Discounted Cash Flow Forward basis price (per MWh) $ (50) — $ 20 /MWh $ (4) /MWh December 31, 2021 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 66 $ (245) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.36) — $ 3.82 /MMBtu $ (0.04) /MMBtu Electricity $ 143 $ (188) Discounted Cash Flow Forward basis price (per MWh) $ (12) — $ 7 /MWh $ (2) /MWh |
Carrying Amount of Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments for DTE Energy: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 (In millions) Notes receivable (a) , excluding lessor finance leases $ 65 $ — $ — $ 65 $ 150 $ — $ — $ 167 Short-term borrowings $ 994 $ — $ 994 $ — $ 758 $ — $ 758 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 18,846 $ 731 $ 14,776 $ 1,189 $ 17,378 $ 2,284 $ 15,425 $ 1,207 _______________________________________ (a) Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. The following table presents the carrying amount and fair value of financial instruments for DTE Electric: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 (In millions) Notes receivable (a) $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ 78 $ — $ — $ 78 $ 53 $ — $ — $ 53 Short-term borrowings — other $ 459 $ — $ 459 $ — $ 153 $ — $ 153 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 9,714 $ — $ 8,191 $ 133 $ 8,907 $ — $ 9,898 $ 150 _______________________________________ (a) Included in Current Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. |
Fair Value of Nuclear Decommissioning Trust Fund Assets | The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: September 30, 2022 December 31, 2021 (In millions) Fermi 2 $ 1,742 $ 2,051 Fermi 1 3 3 Low-level radioactive waste 19 17 $ 1,764 $ 2,071 |
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Realized gains $ 19 $ 21 $ 65 $ 80 Realized losses $ (19) $ (1) $ (42) $ (9) Proceeds from sale of securities $ 194 $ 217 $ 707 $ 854 |
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds: September 30, 2022 December 31, 2021 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 808 $ 285 $ (31) $ 1,107 $ 546 $ (9) Fixed income securities 550 1 (65) 644 23 (6) Private equity and other 259 72 (4) 205 58 (8) Hedge funds and similar investments 118 — (20) 76 1 (2) Cash equivalents 29 — — 39 — — $ 1,764 $ 358 $ (120) $ 2,071 $ 628 $ (25) |
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds | The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: September 30, 2022 (In millions) Due within one year $ 22 Due after one through five years 105 Due after five through ten years 92 Due after ten years 240 $ 459 |
Summary of Gains (Losses) Related to the Trust | The following table summarizes the Registrant's gains (losses) related to the trust: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Gains (losses) related to equity securities $ (2) $ (1) $ (7) $ 3 Gains (losses) related to fixed income securities — — (1) — $ (2) $ (1) $ (8) $ 3 |
Financial and Other Derivativ_2
Financial and Other Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments for DTE Energy: September 30, 2022 December 31, 2021 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Foreign currency exchange contracts $ — $ (1) $ — $ (4) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 891 $ (1,193) $ 454 $ (594) Electricity 1,622 (1,577) 643 (622) Environmental & Other 238 (225) 294 (288) Foreign currency exchange contracts 3 — — — Total derivatives not designated as hedging instruments $ 2,754 $ (2,995) $ 1,391 $ (1,504) Current $ 2,209 $ (2,282) $ 1,035 $ (1,037) Noncurrent 545 (714) 356 (471) Total derivatives $ 2,754 $ (2,996) $ 1,391 $ (1,508) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy: September 30, 2022 December 31, 2021 (In millions) Cash collateral netted against Derivative assets $ (272) $ (90) Cash collateral netted against Derivative liabilities 278 48 Cash collateral recorded in Accounts receivable (a) 103 55 Cash collateral recorded in Accounts payable (a) (19) (21) Total net cash collateral posted (received) $ 90 $ (8) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: September 30, 2022 December 31, 2021 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position (In millions) Derivative assets Commodity contracts (a) Natural gas $ 891 $ (852) $ 39 $ 454 $ (394) $ 60 Electricity 1,622 (1,160) 462 643 (441) 202 Environmental & Other 238 (224) 14 294 (285) 9 Foreign currency exchange contracts 3 — 3 — — — Total derivative assets $ 2,754 $ (2,236) $ 518 $ 1,391 $ (1,120) $ 271 Derivative liabilities Commodity contracts (a) Natural gas $ (1,193) $ 772 $ (421) $ (594) $ 347 $ (247) Electricity (1,577) 1,244 (333) (622) 443 (179) Environmental & Other (225) 226 1 (288) 288 — Foreign currency exchange contracts (1) — (1) (4) — (4) Total derivative liabilities $ (2,996) $ 2,242 $ (754) $ (1,508) $ 1,078 $ (430) _______________________________________ (a) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. |
Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy: September 30, 2022 December 31, 2021 (In millions) Cash collateral netted against Derivative assets $ (272) $ (90) Cash collateral netted against Derivative liabilities 278 48 Cash collateral recorded in Accounts receivable (a) 103 55 Cash collateral recorded in Accounts payable (a) (19) (21) Total net cash collateral posted (received) $ 90 $ (8) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: September 30, 2022 December 31, 2021 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Statements of Financial Position Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position (In millions) Derivative assets Commodity contracts (a) Natural gas $ 891 $ (852) $ 39 $ 454 $ (394) $ 60 Electricity 1,622 (1,160) 462 643 (441) 202 Environmental & Other 238 (224) 14 294 (285) 9 Foreign currency exchange contracts 3 — 3 — — — Total derivative assets $ 2,754 $ (2,236) $ 518 $ 1,391 $ (1,120) $ 271 Derivative liabilities Commodity contracts (a) Natural gas $ (1,193) $ 772 $ (421) $ (594) $ 347 $ (247) Electricity (1,577) 1,244 (333) (622) 443 (179) Environmental & Other (225) 226 1 (288) 288 — Foreign currency exchange contracts (1) — (1) (4) — (4) Total derivative liabilities $ (2,996) $ 2,242 $ (754) $ (1,508) $ 1,078 $ (430) _______________________________________ (a) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. |
Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position | The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position: September 30, 2022 December 31, 2021 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 2,209 $ 545 $ (2,282) $ (714) $ 1,035 $ 356 $ (1,037) $ (471) Counterparty netting (1,609) (355) 1,609 355 (791) (239) 791 239 Collateral adjustment (205) (67) 175 103 (63) (27) 8 40 Total derivatives as reported $ 395 $ 123 $ (498) $ (256) $ 181 $ 90 $ (238) $ (192) |
Gain (Loss) Recognized in Income on Derivatives | The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30, Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ (52) $ (214) $ (315) $ (371) Natural gas Fuel, purchased power, gas, and other — non-utility 108 63 8 (16) Electricity Operating Revenues — Non-utility operations 61 68 173 143 Environmental & Other Operating Revenues — Non-utility operations (3) 3 15 (36) Foreign currency exchange contracts Operating Revenues — Non-utility operations 5 2 5 (1) Total $ 119 $ (78) $ (114) $ (281) |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2022: Commodity Number of Units Natural gas (MMBtu) 2,218,333,992 Electricity (MWh) 30,593,651 Oil (Gallons) 8,532,000 Foreign currency exchange ($ CAD) 132,812,314 Renewable Energy Certificates (MWh) 7,816,573 Carbon emissions (Metric Tons) 592,605 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuances | In 2022, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric February Mortgage bonds (a) 3.00% 2032 $ 500 DTE Electric February Mortgage bonds (b) 3.65% 2052 400 DTE Electric March Securitization bonds (c) 2.64% 2027 (d) 184 DTE Electric March Securitization bonds (c) 3.11% 2036 (e) 52 DTE Energy August Term loan facility Variable 2023 400 DTE Gas September Mortgage bonds (a) 4.76% 2032 130 DTE Gas September Mortgage bonds (a) 5.05% 2052 130 $ 1,796 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Bonds were issued as Green Bonds with proceeds to be used for eligible green expenditures, including costs related to the generation of solar and wind energy, purchases of renewable energy from wind and solar power facilities, and energy optimization programs. (c) Proceeds were used to reimburse DTE Electric for qualified costs previously incurred, including the net book value of the River Rouge generation plant, tree trimming surge program costs, and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly, DTE Electric used proceeds of $115 million towards retirement of the 2012 Series A Mortgage bonds noted in the Debt Redemptions table below and issued a one-time special dividend of $115 million to DTE Energy. Refer to Note 6 to the Consolidated Financial Statements, “Regulatory Matters,” for additional information (d) Principal payments on the bonds will be made semi-annually beginning December 2022, with the final payment scheduled for December 2026. (e) Principal payments on the bonds will be made semi-annually beginning June 2027, with the final payment scheduled for December 2035. |
Schedule of Debt Redemptions | In 2022, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds 2.65% 2022 $ 250 DTE Electric September Mortgage Bonds 6.95% 2022 66 $ 316 |
Short-Term Credit Arrangement_2
Short-Term Credit Arrangements and Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The availability under these facilities as of September 30, 2022 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring April 2026 $ 1,500 $ 500 $ 300 $ 2,300 Unsecured Canadian revolving credit facility, expiring May 2023 79 — — 79 Unsecured letter of credit facility, expiring February 2023 150 — — 150 Unsecured letter of credit facility, expiring June 2023 375 — — 375 Unsecured letter of credit facility (a) 50 — — 50 2,154 500 300 2,954 Amounts outstanding at September 30, 2022 Revolver borrowings 79 — — 79 Commercial paper issuances 326 459 130 915 Letters of credit 338 — — 338 743 459 130 1,332 Net availability at September 30, 2022 $ 1,411 $ 41 $ 170 $ 1,622 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Net Investment in Finance Leases | The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy September 30, 2022 (In millions) 2022 $ 9 2023 34 2024 34 2025 34 2026 33 2027 and Thereafter 451 Total minimum future lease receipts 595 Residual value of leased pipeline 17 Less unearned income 321 Net investment in finance lease 291 Less current portion 7 $ 284 |
Schedule of Lease Income Associated with Operating Leases | DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Fixed payments $ 3 $ 13 $ 11 $ 42 Variable payments 21 55 52 90 $ 24 $ 68 $ 63 $ 132 Operating revenues $ 24 $ 26 $ 63 $ 70 Other income — 42 — 62 $ 24 $ 68 $ 63 $ 132 |
Retirement Benefits and Trust_2
Retirement Benefits and Trusteed Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs (Credits) | The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 25 $ 27 $ 6 $ 8 Interest cost 41 39 12 12 Expected return on plan assets (87) (84) (32) (33) Amortization of: Net actuarial loss 29 49 1 3 Prior service credit — — (4) (5) Net periodic benefit cost (credit) $ 8 $ 31 $ (17) $ (15) Pension Benefits Other Postretirement Benefits Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 72 $ 81 $ 20 $ 23 Interest cost 124 118 36 35 Expected return on plan assets (260) (254) (95) (97) Amortization of: Net actuarial loss 86 147 3 10 Prior service credit — — (14) (15) Net periodic benefit cost (credit) $ 22 $ 92 $ (50) $ (44) The following tables detail the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Service cost $ 5 $ 6 $ 15 $ 17 Interest cost 10 8 28 25 Expected return on plan assets (22) (22) (64) (65) Amortization of: Net actuarial loss 2 3 4 9 Prior service credit (4) (3) (10) (10) Net periodic benefit credit $ (9) $ (8) $ (27) $ (24) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Data of Business Segments | Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric. For the prior periods, inter-segment billing also included the sale of reduced emissions fuel at DTE Vantage. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Electric $ 19 $ 17 $ 53 $ 48 Gas 4 3 10 10 DTE Vantage 15 125 57 463 Energy Trading 39 9 78 35 Corporate and Other — 1 — 2 $ 77 $ 155 $ 198 $ 558 Financial data of DTE Energy's business segments follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Operating Revenues — Utility operations Electric $ 1,844 $ 1,700 $ 4,896 $ 4,468 Gas 230 193 1,358 1,070 Operating Revenues — Non-utility operations Electric 3 2 11 9 DTE Vantage 227 372 626 1,132 Energy Trading 3,024 1,602 8,059 4,208 Corporate and Other — 1 — 2 Reconciliation and Eliminations (a) (77) (155) (198) (572) Total $ 5,251 $ 3,715 $ 14,752 $ 10,317 _______________________________________ (a) Includes $14 million for the nine months ended September 30, 2021 for eliminations related to DTE Energy's former Gas Storage and Pipelines segment that remain in continuing operations. Eliminations for these revenues are offset by related cost eliminations and have no impact on DTE Energy net income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment: Electric $ 363 $ 342 $ 750 $ 788 Gas (23) (30) 179 146 DTE Vantage 26 73 68 115 Energy Trading 56 (52) (80) (173) Corporate and Other (35) (275) (99) (381) Income from Continuing Operations 387 58 818 495 Discontinued Operations — (33) — 106 Net Income Attributable to DTE Energy Company $ 387 $ 25 $ 818 $ 601 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions | Sep. 30, 2022 USD ($) customer |
Variable Interest Entity [Line Items] | |
Number of electric utility customers | customer | 2.3 |
Number of gas utility customers | customer | 1.3 |
Material potential exposure | $ | $ 0 |
DTE Electric | |
Variable Interest Entity [Line Items] | |
Material potential exposure | $ | $ 0 |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 26 | $ 28 |
Restricted cash | 25 | 7 |
Securitized regulatory assets | 214 | 0 |
Total Assets | 41,954 | 39,719 |
LIABILITIES | ||
Short-term borrowings | 994 | 758 |
DTE Electric | ||
ASSETS | ||
Cash and cash equivalents | 8 | 9 |
Restricted cash | 23 | 0 |
Securitized regulatory assets | 214 | 0 |
Total Assets | 29,767 | 28,405 |
Variable interest entity, primary beneficiary | ||
ASSETS | ||
Cash and cash equivalents | 10 | 11 |
Restricted cash | 23 | 6 |
Securitized regulatory assets | 214 | 0 |
Notes receivable | 80 | 70 |
Other current and long-term assets | 14 | 8 |
Total Assets | 341 | 95 |
LIABILITIES | ||
Short-term borrowings | 79 | 75 |
Securitization bonds | 232 | 0 |
Other current and long-term liabilities | 17 | 5 |
Total liabilities | 328 | $ 80 |
Current portion of securitization bonds | 40 | |
Variable interest entity, primary beneficiary | DTE Electric | ||
ASSETS | ||
Cash and cash equivalents | 0 | |
Restricted cash | 23 | |
Securitized regulatory assets | 214 | |
Notes receivable | 0 | |
Other current and long-term assets | 2 | |
Total Assets | 239 | |
LIABILITIES | ||
Short-term borrowings | 0 | |
Securitization bonds | 232 | |
Other current and long-term liabilities | 11 | |
Total liabilities | 243 | |
Current portion of securitization bonds | $ 40 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 169 | $ 187 |
Notes receivable | 316 | 310 |
Variable interest entity, non-consolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 141 | 172 |
Notes receivable | 15 | 13 |
Future funding commitments | $ 2 | $ 3 |
Significant Accounting Polici_4
Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Contract services | $ 7 | $ 6 | $ 21 | $ 21 |
Allowance for equity funds used during construction | 6 | 7 | 20 | 20 |
Income from REF entities | 0 | 57 | 0 | 102 |
Gains from rabbi trust securities | 0 | 0 | 0 | 4 |
Equity earnings (losses) of equity method investees | 0 | 17 | (15) | 31 |
Other | 3 | 3 | 9 | 9 |
Total other income | 16 | 90 | 35 | 187 |
DTE Electric | ||||
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Contract services | 7 | 6 | 21 | 21 |
Allowance for equity funds used during construction | 6 | 6 | 18 | 18 |
Gains from rabbi trust securities | 0 | 0 | 0 | 4 |
Other | 2 | 2 | 7 | 9 |
Total other income | $ 15 | $ 14 | $ 46 | $ 52 |
Significant Accounting Polici_5
Significant Accounting Policies (Income Taxes) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Income Taxes [Line Items] | ||||
Effective Tax Rate | 2% | 186% | 0% | (34.00%) |
DTE Electric | ||||
Schedule of Income Taxes [Line Items] | ||||
Effective Tax Rate | 2% | 12% | 2% | 10% |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||||
Effective tax rate increase (decrease) | (184.00%) | 34% | |||
Effective tax rate increase (decrease) due to deferred tax remeasurement | (133.00%) | 23% | |||
Effective tax rate increase (decrease) due to annual production tax credits | (57.00%) | 17% | |||
Effective tax rate decrease due to amortization of TCJA regulatory liability | 32% | ||||
Effective tax rate increase (decrease) due to valuation allowance | 28% | (5.00%) | |||
Effective tax rate increase due to deferred intercompany gain | 13% | ||||
Unrecognized compensation cost | $ 81 | $ 81 | |||
Recognition period (in years) | 1 year 4 months 24 days | ||||
Specific review of probable future collections based on receivable balances, threshold duration | 30 days | ||||
State | |||||
Significant Accounting Policies [Line Items] | |||||
Unrecognized tax benefits | 10 | $ 10 | |||
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months | 8 | 8 | |||
Unrecognized tax benefits that, if recognized, would favorably impact effective tax rates | 6 | 6 | |||
Past due | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | 0 | 0 | |||
Notes receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | $ 65 | $ 65 | |||
Notes receivable | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Number of days after which receivable is considered delinquent | 60 days | 60 days | |||
Notes receivable | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Number of days after which receivable is considered delinquent | 120 days | 120 days | |||
DTE Electric and DTE Gas | |||||
Significant Accounting Policies [Line Items] | |||||
Threshold period past due for write-off of trade accounts receivable | 150 days | ||||
DTE Electric and DTE Gas | Accounts receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Number of days after which receivable is considered delinquent | 21 days | 21 days | |||
DTE Electric | |||||
Significant Accounting Policies [Line Items] | |||||
Effective tax rate increase (decrease) | (10.00%) | (8.00%) | |||
DTE Electric | State | |||||
Significant Accounting Policies [Line Items] | |||||
Unrecognized tax benefits | $ 13 | $ 13 | |||
Unrecognized tax benefits reasonably possible to be recognized in the next 12 months | 9 | 9 | |||
Unrecognized tax benefits that, if recognized, would favorably impact effective tax rates | 7 | 7 | |||
DTE Electric | Notes receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | 17 | 17 | |||
DTE Electric | DTE Energy | |||||
Significant Accounting Policies [Line Items] | |||||
Income tax receivable | 31 | 31 | $ 33 | ||
Income tax payable | $ 2 | ||||
Allocated costs | $ 9 | $ 10 | $ 30 | $ 35 |
Significant Accounting Polici_7
Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Notes receivable | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | $ 25 |
2021 | 3 |
2020 and Prior | 37 |
Total | 65 |
Notes receivable | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 17 |
Notes receivable | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 0 |
2021 | 0 |
2020 and Prior | 21 |
Total | 21 |
Notes receivable | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 17 |
Notes receivable | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 25 |
2021 | 3 |
2020 and Prior | 16 |
Total | 44 |
Notes receivable | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 64 |
2021 | 0 |
2020 and Prior | 227 |
Total | 291 |
Net investment in leases | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 0 |
2021 | 0 |
2020 and Prior | 38 |
Total | 38 |
Net investment in leases | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 64 |
2021 | 0 |
2020 and Prior | 189 |
Total | 253 |
Net investment in leases | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | $ 0 |
Significant Accounting Polici_8
Significant Accounting Policies (Roll-Forward of Activity for Financing Receivables Credit Loss Reserves) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 92 | $ 104 |
Current period provision | 41 | 54 |
Write-offs charged against allowance | (72) | (127) |
Recoveries of amounts previously written off | 34 | 61 |
Ending balance | 95 | 92 |
DTE Electric | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 54 | 57 |
Current period provision | 25 | 36 |
Write-offs charged against allowance | (47) | (77) |
Recoveries of amounts previously written off | 21 | 38 |
Ending balance | 53 | 54 |
Trade accounts receivable | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 89 | 101 |
Current period provision | 41 | 53 |
Write-offs charged against allowance | (72) | (126) |
Recoveries of amounts previously written off | 34 | 61 |
Ending balance | 92 | 89 |
Other receivables | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 3 | 3 |
Current period provision | 0 | 1 |
Write-offs charged against allowance | 0 | (1) |
Recoveries of amounts previously written off | 0 | 0 |
Ending balance | $ 3 | $ 3 |
Significant Accounting Polici_9
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 12 | $ 7 | $ 46 | $ 42 |
DTE Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 12 | $ 10 | $ 28 | $ 26 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results That Have Been Reclassified from Continuing Operations and Included in Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other (Income) and Deductions | ||||
Net Income (Loss) from Discontinued Operations, Net of Taxes | $ 0 | $ (33) | $ 0 | $ 112 |
Less: Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | 6 |
Net Income (Loss) from Discontinued Operations | $ 0 | (33) | $ 0 | 106 |
Transaction costs | 30 | 59 | ||
DT Midstream | Discontinued operations, spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating Revenues — Non-utility operations | 0 | 405 | ||
Operating Expenses | ||||
Cost of gas and other — non-utility | 0 | 15 | ||
Operation and maintenance | 30 | 124 | ||
Depreciation and amortization | 0 | 82 | ||
Taxes other than income | 0 | 13 | ||
Asset (gains) losses and impairments, net | 0 | 17 | ||
Operating Expenses | 30 | 251 | ||
Operating Income (Loss) | (30) | 154 | ||
Other (Income) and Deductions | ||||
Interest expense | 0 | 50 | ||
Interest income | 0 | (4) | ||
Other income | 0 | (62) | ||
Other (Income) and Deductions | 0 | (16) | ||
Income (Loss) from Discontinued Operations Before Income Taxes | (30) | 170 | ||
Income Tax Expense | 3 | 58 | ||
Net Income (Loss) from Discontinued Operations, Net of Taxes | (33) | 112 | ||
Less: Net Income Attributable to Noncontrolling Interests | 0 | 6 | ||
Net Income (Loss) from Discontinued Operations | $ (33) | $ 106 |
Discontinued Operations (Signif
Discontinued Operations (Significant Non-cash Items and Capital Expenditures) (Details) - DT Midstream - Discontinued operations, spinoff $ in Millions | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Operating Activities | |
Depreciation and amortization | $ 82 |
Deferred income taxes | 57 |
Equity earnings of equity method investees | (59) |
Asset (gains) losses and impairments, net | 19 |
Investing Activities | |
Plant and equipment expenditures — non-utility | $ (60) |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,251 | $ 3,715 | $ 14,752 | $ 10,317 |
Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,847 | 1,702 | 4,907 | 4,477 |
Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 882 | 885 | 2,273 | 2,262 |
Electric | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 541 | 533 | 1,505 | 1,452 |
Electric | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 167 | 167 | 498 | 473 |
Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 257 | 117 | 631 | 290 |
Electric | Other | DTE Sustainable Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3 | 2 | 11 | 9 |
Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 230 | 193 | 1,358 | 1,070 |
Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 45 | 44 | 148 | 114 |
Gas | Gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 128 | 95 | 955 | 726 |
Gas | End User Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 42 | 38 | 195 | 171 |
Gas | Intermediate Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15 | 16 | 60 | 59 |
DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 227 | 372 | 626 | 1,132 |
Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,024 | $ 1,602 | $ 8,059 | $ 4,208 |
Revenue (Revenues Outside the S
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Leases | $ 24 | $ 68 | $ 63 | $ 132 |
Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 7 | 6 | 15 | 14 |
Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 2 | 1 | 6 | 5 |
DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Leases | 24 | 26 | 63 | 70 |
Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivatives | $ 2,531 | $ 1,324 | $ 6,691 | $ 3,377 |
Revenue (Deferred Revenue Activ
Revenue (Deferred Revenue Activity) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Contract Liability [Roll Forward] | |
Beginning Balance | $ 78 |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 86 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (54) |
Ending Balance | $ 110 |
Revenue (Expected Recognition o
Revenue (Expected Recognition of Deferred Revenue) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 110 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 42 |
Remaining performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 64 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 2 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction |
Revenue (Expected Timing of Per
Revenue (Expected Timing of Performance Obligation Satisfaction) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 110 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 42 |
Remaining performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 64 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 2 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | |
Fixed-price Contract | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1,067 |
Fixed-price Contract | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 17 |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 43 |
Remaining performance obligation, expected timing of satisfaction | 3 months |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 2 |
Remaining performance obligation, expected timing of satisfaction | 3 months |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 292 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 192 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 118 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 67 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 355 |
Remaining performance obligation, expected timing of satisfaction | |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textuals) - USD ($) $ in Millions | Mar. 17, 2022 | Jan. 21, 2022 | Sep. 30, 2022 | Jun. 23, 2021 |
Public Utilities, General Disclosures [Line Items] | ||||
Long-term debt issued | $ 1,796 | |||
DTE Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Securitized regulatory assets | $ 230 | |||
DTE Electric | Tree trimming | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Amortization period for regulatory asset | 5 years | |||
DTE Electric | River Rouge | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Amortization period for regulatory asset | 14 years | |||
DTE Electric | Securitization Bonds | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Long-term debt issued | $ 236 | |||
DTE Electric | MPSC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 236 | |||
DTE Electric | MPSC | 2022 Electric Rate Case Filing | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested rate increase | $ 388 | |||
Return on equity percent | 9.90% | |||
Return on equity requested percent | 10.25% | |||
DTE Electric | MPSC | Net book value of River Rouge generation plant | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized issuance of securitization bonds of qualified costs, maximum | 73 | |||
DTE Electric | MPSC | Tree trimming surge program costs | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized issuance of securitization bonds of qualified costs, maximum | 157 | |||
DTE Electric | MPSC | Other | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 6 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Income Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic Earnings per Share | ||||
Net Income Attributable to DTE Energy Company — continuing operations | $ 387 | $ 58 | $ 818 | $ 495 |
Less: Allocation of earnings to net restricted stock awards | 1 | 0 | 2 | 1 |
Net income from continuing operations available to common shareholders — basic | 386 | 58 | 816 | 494 |
Net Income Attributable to DTE Energy Company — discontinued operations | 0 | (33) | 0 | 106 |
Net income available to common shareholders — basic | $ 386 | $ 25 | $ 816 | $ 600 |
Average number of common shares outstanding — basic (in shares) | 193 | 193 | 193 | 193 |
Income from continuing operations (in dollars per share) | $ 2 | $ 0.30 | $ 4.22 | $ 2.55 |
Income from discontinued operations (in dollars per share) | 0 | (0.17) | 0 | 0.55 |
Basic Earnings per Common Share (in dollars per share) | $ 2 | $ 0.13 | $ 4.22 | $ 3.10 |
Diluted Earnings per Share | ||||
Net Income Attributable to DTE Energy Company — continuing operations | $ 387 | $ 58 | $ 818 | $ 495 |
Less: Allocation of earnings to net restricted stock awards | 1 | 0 | 2 | 1 |
Net income from continuing operations available to common shareholders — diluted | 386 | 58 | 816 | 494 |
Net Income Attributable to DTE Energy Company — discontinued operations | 0 | (33) | 0 | 106 |
Net income available to common shareholders — diluted | $ 386 | $ 25 | $ 816 | $ 600 |
Average number of common shares outstanding — basic (in shares) | 193 | 193 | 193 | 193 |
Average dilutive equity units and performance share awards (in shares) | 1 | 1 | 1 | 1 |
Average number of common shares outstanding — diluted (in shares) | 194 | 194 | 194 | 194 |
Income from continuing operations (in dollars per share) | $ 1.99 | $ 0.30 | $ 4.21 | $ 2.55 |
Income from discontinued operations (in dollars per share) | 0 | (0.17) | 0 | 0.55 |
Diluted Earnings per Common Share (in dollars per share) | $ 1.99 | $ 0.13 | $ 4.21 | $ 3.10 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 10.1 | 11.1 | 10.2 | 11.5 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Derivative assets, gross | $ 2,754 | $ 1,391 |
Derivative asset, netting | (2,236) | (1,120) |
Derivative liabilities | ||
Derivative liabilities, gross | (2,996) | (1,508) |
Derivative liability, netting | 2,242 | 1,078 |
DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 1,764 | 2,071 |
Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (2,282) | (1,037) |
Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (714) | (471) |
Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 891 | 454 |
Derivative asset, netting | (852) | (394) |
Derivative liabilities | ||
Derivative liabilities, gross | (1,193) | (594) |
Derivative liability, netting | 772 | 347 |
Electricity | ||
Derivative assets | ||
Derivative assets, gross | 1,622 | 643 |
Derivative asset, netting | (1,160) | (441) |
Derivative liabilities | ||
Derivative liabilities, gross | (1,577) | (622) |
Derivative liability, netting | 1,244 | 443 |
Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 238 | 294 |
Derivative asset, netting | (224) | (285) |
Derivative liabilities | ||
Derivative liabilities, gross | (225) | (288) |
Derivative liability, netting | 226 | 288 |
Foreign currency exchange contracts | ||
Derivative assets | ||
Derivative assets, gross | 3 | 0 |
Derivative asset, netting | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | (1) | (4) |
Derivative liability, netting | 0 | 0 |
Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 29 | 39 |
Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 259 | 205 |
Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 118 | 76 |
Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 808 | 1,107 |
Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 550 | 644 |
Recurring | ||
Assets | ||
Cash equivalents | 26 | 4 |
Derivative assets | ||
Derivative asset, netting | (2,236) | (1,120) |
Derivative assets, net | 518 | 271 |
Total assets | 2,438 | 2,507 |
Derivative liabilities | ||
Derivative liability, netting | 2,242 | 1,078 |
Derivative liabilities, net | (754) | (430) |
Net Assets (Liabilities) at end of period | 1,684 | 2,077 |
Net Assets (Liabilities) at end of period, netting | 6 | (42) |
Recurring | DTE Electric | ||
Assets | ||
Cash equivalents | 23 | 0 |
Derivative assets | ||
Total assets | 1,829 | 2,111 |
Recurring | Current assets | ||
Derivative assets | ||
Derivative asset, netting | (1,814) | (854) |
Total assets | 421 | 185 |
Recurring | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 39 | 9 |
Recurring | Noncurrent assets | ||
Derivative assets | ||
Derivative asset, netting | (422) | (266) |
Total assets | 2,017 | 2,322 |
Recurring | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 1,790 | 2,102 |
Recurring | Current liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 1,784 | 799 |
Derivative liabilities, net | (498) | (238) |
Recurring | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 458 | 279 |
Derivative liabilities, net | (256) | (192) |
Recurring | Restricted cash | ||
Assets | ||
Cash equivalents | 25 | 1 |
Recurring | Restricted cash | DTE Electric | ||
Assets | ||
Cash equivalents | 23 | |
Recurring | Natural gas | ||
Derivative assets | ||
Derivative asset, netting | (852) | (394) |
Derivative assets, net | 39 | 60 |
Derivative liabilities | ||
Derivative liability, netting | 772 | 347 |
Derivative liabilities, net | (421) | (247) |
Recurring | Electricity | ||
Derivative assets | ||
Derivative asset, netting | (1,160) | (441) |
Derivative assets, net | 462 | 202 |
Derivative liabilities | ||
Derivative liability, netting | 1,244 | 443 |
Derivative liabilities, net | (333) | (179) |
Recurring | Environmental & Other | ||
Derivative assets | ||
Derivative asset, netting | (224) | (285) |
Derivative assets, net | 14 | 9 |
Derivative liabilities | ||
Derivative liability, netting | 226 | 288 |
Derivative liabilities, net | 1 | 0 |
Recurring | Foreign currency exchange contracts | ||
Derivative assets | ||
Derivative asset, netting | 0 | 0 |
Derivative assets, net | 3 | 0 |
Derivative liabilities | ||
Derivative liability, netting | 0 | 0 |
Derivative liabilities, net | (1) | (4) |
Recurring | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 16 | 9 |
Recurring | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 29 | 39 |
Other investments | 71 | 86 |
Recurring | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 29 | 39 |
Other investments | 11 | 11 |
Recurring | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 259 | 205 |
Recurring | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 259 | 205 |
Recurring | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 118 | 76 |
Recurring | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 118 | 76 |
Recurring | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 808 | 1,107 |
Other investments | 52 | 68 |
Recurring | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 808 | 1,107 |
Other investments | 15 | 20 |
Recurring | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 550 | 644 |
Other investments | 7 | 7 |
Recurring | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 550 | 644 |
Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 26 | 4 |
Derivative assets | ||
Derivative assets, gross | 554 | 273 |
Total assets | 1,571 | 1,576 |
Derivative liabilities | ||
Derivative liabilities, gross | (293) | (177) |
Net Assets (Liabilities) at end of period | 1,278 | 1,399 |
Recurring | Level 1 | DTE Electric | ||
Assets | ||
Cash equivalents | 23 | 0 |
Derivative assets | ||
Total assets | 910 | 1,169 |
Recurring | Level 1 | Current assets | ||
Derivative assets | ||
Total assets | 453 | 227 |
Recurring | Level 1 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 23 | 0 |
Recurring | Level 1 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 1,118 | 1,349 |
Recurring | Level 1 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 887 | 1,169 |
Recurring | Level 1 | Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (263) | (168) |
Recurring | Level 1 | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (30) | (9) |
Recurring | Level 1 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 554 | 273 |
Derivative liabilities | ||
Derivative liabilities, gross | (293) | (177) |
Recurring | Level 1 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Foreign currency exchange contracts | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 1 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 29 | 39 |
Other investments | 71 | 86 |
Recurring | Level 1 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 29 | 39 |
Other investments | 11 | 11 |
Recurring | Level 1 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 77 | 58 |
Recurring | Level 1 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 77 | 58 |
Recurring | Level 1 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 653 | 917 |
Other investments | 52 | 68 |
Recurring | Level 1 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 653 | 917 |
Other investments | 15 | 20 |
Recurring | Level 1 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 102 | 124 |
Other investments | 7 | 7 |
Recurring | Level 1 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 102 | 124 |
Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 1,643 | 900 |
Total assets | 2,041 | 1,336 |
Derivative liabilities | ||
Derivative liabilities, gross | (1,772) | (898) |
Net Assets (Liabilities) at end of period | 269 | 438 |
Recurring | Level 2 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 398 | 436 |
Recurring | Level 2 | Current assets | ||
Derivative assets | ||
Total assets | 1,340 | 646 |
Recurring | Level 2 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 2 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 701 | 690 |
Recurring | Level 2 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 398 | 436 |
Recurring | Level 2 | Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (1,382) | (609) |
Recurring | Level 2 | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (390) | (289) |
Recurring | Level 2 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 233 | 115 |
Derivative liabilities | ||
Derivative liabilities, gross | (483) | (172) |
Recurring | Level 2 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 1,185 | 500 |
Derivative liabilities | ||
Derivative liabilities, gross | (1,064) | (434) |
Recurring | Level 2 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 222 | 285 |
Derivative liabilities | ||
Derivative liabilities, gross | (224) | (288) |
Recurring | Level 2 | Foreign currency exchange contracts | ||
Derivative assets | ||
Derivative assets, gross | 3 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | (1) | (4) |
Recurring | Level 2 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 2 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 41 | 18 |
Recurring | Level 2 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 41 | 18 |
Recurring | Level 2 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 357 | 418 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 357 | 418 |
Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 557 | 218 |
Total assets | 557 | 218 |
Derivative liabilities | ||
Derivative liabilities, gross | (931) | (433) |
Net Assets (Liabilities) at end of period | (374) | (215) |
Recurring | Level 3 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 16 | 9 |
Recurring | Level 3 | Current assets | ||
Derivative assets | ||
Total assets | 442 | 166 |
Recurring | Level 3 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 16 | 9 |
Recurring | Level 3 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 115 | 52 |
Recurring | Level 3 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 3 | Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (637) | (260) |
Recurring | Level 3 | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (294) | (173) |
Recurring | Level 3 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 104 | 66 |
Derivative liabilities | ||
Derivative liabilities, gross | (417) | (245) |
Recurring | Level 3 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 437 | 143 |
Derivative liabilities | ||
Derivative liabilities, gross | (513) | (188) |
Recurring | Level 3 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 16 | 9 |
Derivative liabilities | ||
Derivative liabilities, gross | (1) | 0 |
Recurring | Level 3 | Foreign currency exchange contracts | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 3 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 16 | 9 |
Recurring | Level 3 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Other | ||
Derivative assets | ||
Total assets | 505 | 497 |
Derivative liabilities | ||
Net Assets (Liabilities) at end of period | 505 | 497 |
Recurring | Other | DTE Electric | ||
Derivative assets | ||
Total assets | 505 | 497 |
Recurring | Other | Noncurrent assets | ||
Derivative assets | ||
Total assets | 505 | 497 |
Recurring | Other | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 505 | 497 |
Recurring | Other | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 259 | 205 |
Recurring | Other | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 259 | 205 |
Recurring | Other | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 155 | 190 |
Recurring | Other | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 155 | 190 |
Recurring | Other | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 91 | 102 |
Recurring | Other | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | $ 91 | $ 102 |
Fair Value (Details Textuals)
Fair Value (Details Textuals) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Nuclear decommissioning trust fund | Fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities with no contractual maturity date | $ 91 | |
Equity or debt securities | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 7 days | |
Equity or debt securities | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 65 days | |
Private equity and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments related to investments classified as NAV assets | $ 190 | $ 199 |
Private equity and other | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 7 years | |
Private equity and other | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 12 years |
Fair Value (Reconciliation of L
Fair Value (Reconciliation of Level 3 Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | $ (428) | $ (215) | $ (215) | $ (2) |
Transfers into Level 3 from Level 2 | (3) | 0 | ||
Transfers from Level 3 into Level 2 | (5) | 0 | 5 | 0 |
Total gains (losses) | ||||
Included in earnings | 7 | (183) | (359) | (361) |
Recorded in Regulatory liabilities | (4) | (1) | 20 | 14 |
Purchases, issuances, and settlements | ||||
Settlements | 59 | 36 | 175 | (14) |
Net Assets (Liabilities) as of end of period | (374) | (363) | (374) | (363) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | 61 | (141) | (281) | (372) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | (1) | 0 | 16 | 12 |
DTE Electric | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | 25 | 15 | 9 | 4 |
Total gains (losses) | ||||
Recorded in Regulatory liabilities | (4) | (1) | 20 | 14 |
Purchases, issuances, and settlements | ||||
Settlements | (5) | (2) | (13) | (6) |
Net Assets (Liabilities) as of end of period | 16 | 12 | 16 | 12 |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | (1) | 0 | 16 | 12 |
Natural gas | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | (362) | (181) | (179) | (16) |
Transfers into Level 3 from Level 2 | (3) | 0 | ||
Transfers from Level 3 into Level 2 | 0 | 0 | 5 | 0 |
Total gains (losses) | ||||
Included in earnings | (32) | (162) | (382) | (356) |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | 84 | 63 | 243 | 92 |
Net Assets (Liabilities) as of end of period | (313) | (280) | (313) | (280) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | 29 | (109) | (248) | (301) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | 0 | 0 | 0 | 0 |
Electricity | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | (96) | (49) | (45) | 10 |
Transfers into Level 3 from Level 2 | 0 | 0 | ||
Transfers from Level 3 into Level 2 | 0 | 0 | 0 | 0 |
Total gains (losses) | ||||
Included in earnings | 40 | (21) | 22 | (5) |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | (20) | (25) | (53) | (100) |
Net Assets (Liabilities) as of end of period | (76) | (95) | (76) | (95) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | 37 | (30) | (2) | (54) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | 0 | 0 | 0 | 0 |
Other | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | 30 | 15 | 9 | 4 |
Transfers into Level 3 from Level 2 | 0 | 0 | ||
Transfers from Level 3 into Level 2 | (5) | 0 | 0 | 0 |
Total gains (losses) | ||||
Included in earnings | (1) | 0 | 1 | 0 |
Recorded in Regulatory liabilities | (4) | (1) | 20 | 14 |
Purchases, issuances, and settlements | ||||
Settlements | (5) | (2) | (15) | (6) |
Net Assets (Liabilities) as of end of period | 15 | 12 | 15 | 12 |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | (5) | (2) | (31) | (17) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at end of period | $ (1) | $ 0 | $ 16 | $ 12 |
Fair Value (Unobservable Inputs
Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions | Sep. 30, 2022 USD ($) $ / MMBTU $ / MWh | Dec. 31, 2021 USD ($) $ / MMBTU $ / MWh |
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 2,754 | $ 1,391 |
Derivative Liabilities | (2,996) | (1,508) |
Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 891 | 454 |
Derivative Liabilities | (1,193) | (594) |
Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 1,622 | 643 |
Derivative Liabilities | $ (1,577) | $ (622) |
Level 3 | Natural gas | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (2.34) | (1.36) |
Level 3 | Natural gas | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 9.94 | 3.82 |
Level 3 | Natural gas | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 0.02 | (0.04) |
Level 3 | Electricity | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (50) | (12) |
Level 3 | Electricity | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | 20 | 7 |
Level 3 | Electricity | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (4) | (2) |
Recurring | Level 3 | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 557 | $ 218 |
Derivative Liabilities | (931) | (433) |
Recurring | Level 3 | Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 104 | 66 |
Derivative Liabilities | (417) | (245) |
Recurring | Level 3 | Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 437 | 143 |
Derivative Liabilities | $ (513) | $ (188) |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 65 | $ 150 |
Short-term borrowings | 994 | 758 |
Notes payable | 17 | 27 |
Long-term debt | 18,846 | 17,378 |
Carrying amount | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 17 |
Short-term borrowings | 459 | 153 |
Notes payable | 17 | 27 |
Long-term debt | 9,714 | 8,907 |
Carrying amount | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 78 | 53 |
Fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 731 | 2,284 |
Fair value | Level 1 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 0 | 0 |
Fair value | Level 1 | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 994 | 758 |
Notes payable | 0 | 0 |
Long-term debt | 14,776 | 15,425 |
Fair value | Level 2 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 459 | 153 |
Notes payable | 0 | 0 |
Long-term debt | 8,191 | 9,898 |
Fair value | Level 2 | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 65 | 167 |
Short-term borrowings | 0 | 0 |
Notes payable | 17 | 27 |
Long-term debt | 1,189 | 1,207 |
Fair value | Level 3 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 17 |
Short-term borrowings | 0 | 0 |
Notes payable | 17 | 27 |
Long-term debt | 133 | 150 |
Fair value | Level 3 | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 78 | $ 53 |
Fair Value (Fair Value of Nucle
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 1,764 | $ 2,071 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,764 | 2,071 |
DTE Electric | Nuclear decommissioning trust fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,764 | 2,071 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,742 | 2,051 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 3 | 3 |
DTE Electric | Nuclear decommissioning trust fund | Low-level radioactive waste | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 19 | $ 17 |
Fair Value (Gains and Losses an
Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - Nuclear decommissioning trust fund - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Realized gains | $ 19 | $ 21 | $ 65 | $ 80 |
Realized losses | (19) | (1) | (42) | (9) |
Proceeds from sale of securities | $ 194 | $ 217 | $ 707 | $ 854 |
Fair Value (Fair Value and Unre
Fair Value (Fair Value and Unrealized Gains and Losses for the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 1,764 | $ 2,071 |
Unrealized Gains | 358 | 628 |
Unrealized Losses | (120) | (25) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 29 | 39 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Private equity and other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 259 | 205 |
Unrealized Gains | 72 | 58 |
Unrealized Losses | (4) | (8) |
Hedge funds and similar investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 118 | 76 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (20) | (2) |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 808 | 1,107 |
Unrealized Gains | 285 | 546 |
Unrealized Losses | (31) | (9) |
Fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 550 | 644 |
Unrealized Gains | 1 | 23 |
Unrealized Losses | $ (65) | $ (6) |
Fair Value (Fair Value of Fixed
Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Fixed income securities - Nuclear decommissioning trust fund $ in Millions | Sep. 30, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 22 |
Due after one through five years | 105 |
Due after five through ten years | 92 |
Due after ten years | 240 |
Fixed income securities total | $ 459 |
Fair Value (Gains (Losses) Rela
Fair Value (Gains (Losses) Related to the Trust) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Rabbi Trust | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | $ (2) | $ (1) | $ (8) | $ 3 |
Equity securities | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | (2) | (1) | (7) | 3 |
Fixed income securities | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | $ 0 | $ 0 | $ (1) | $ 0 |
Financial and Other Derivativ_3
Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 2,754 | $ 1,391 |
Derivative Liabilities | (2,996) | (1,508) |
Current derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2,209 | 1,035 |
Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (2,282) | (1,037) |
Noncurrent derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 545 | 356 |
Noncurrent derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (714) | (471) |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 3 | 0 |
Derivative Liabilities | (1) | (4) |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 891 | 454 |
Derivative Liabilities | (1,193) | (594) |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,622 | 643 |
Derivative Liabilities | (1,577) | (622) |
Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 238 | 294 |
Derivative Liabilities | (225) | (288) |
Derivatives designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | (1) | (4) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2,754 | 1,391 |
Derivative Liabilities | (2,995) | (1,504) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 3 | 0 |
Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 891 | 454 |
Derivative Liabilities | (1,193) | (594) |
Derivatives not designated as hedging instruments | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,622 | 643 |
Derivative Liabilities | (1,577) | (622) |
Derivatives not designated as hedging instruments | Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 238 | 294 |
Derivative Liabilities | (225) | (288) |
Derivatives not designated as hedging instruments | FTRs | Other current assets | DTE Electric | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 16 | $ 9 |
Financial and Other Derivativ_4
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit that could be used to offset net derivative liabilities | $ 79 | $ 18 |
Letters of credit received that could be used to offset net derivative assets | 56 | $ 37 |
Contractual obligation to post collateral in event of downgrade to below investment grade | 699 | |
Derivative net liability position aggregate fair value | 2,600 | |
Collateral already posted fair value | 287 | |
Derivative net asset position, fair value | 1,900 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | $ 351 |
Financial and Other Derivativ_5
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ (272) | $ (90) |
Cash collateral netted against Derivative liabilities | 278 | 48 |
Cash collateral recorded in Accounts receivable | 103 | 55 |
Cash collateral recorded in Accounts payable | (19) | (21) |
Total net cash collateral posted (received) | $ 90 | $ (8) |
Financial and Other Derivativ_6
Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 2,754 | $ 1,391 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (2,236) | (1,120) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 518 | 271 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (2,996) | (1,508) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 2,242 | 1,078 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (754) | (430) |
Natural gas | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 891 | 454 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (852) | (394) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 39 | 60 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1,193) | (594) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 772 | 347 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (421) | (247) |
Electricity | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 1,622 | 643 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (1,160) | (441) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 462 | 202 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1,577) | (622) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 1,244 | 443 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (333) | (179) |
Environmental & Other | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 238 | 294 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (224) | (285) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 14 | 9 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (225) | (288) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 226 | 288 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 1 | 0 |
Foreign currency exchange contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 3 | 0 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 3 | 0 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1) | (4) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | $ (1) | $ (4) |
Financial and Other Derivativ_7
Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Derivative Assets | $ 2,754 | $ 1,391 |
Collateral adjustment | (272) | (90) |
Derivative assets, current | 395 | 181 |
Derivative assets, noncurrent | 123 | 90 |
Derivative Liabilities | ||
Derivative Liabilities | (2,996) | (1,508) |
Collateral adjustment | 278 | 48 |
Derivative liabilities, current | (498) | (238) |
Derivative liabilities, noncurrent | (256) | (192) |
Current derivative assets | ||
Derivative Assets | ||
Derivative Assets | 2,209 | 1,035 |
Counterparty netting | (1,609) | (791) |
Collateral adjustment | (205) | (63) |
Noncurrent derivative assets | ||
Derivative Assets | ||
Derivative Assets | 545 | 356 |
Counterparty netting | (355) | (239) |
Collateral adjustment | (67) | (27) |
Current derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (2,282) | (1,037) |
Counterparty netting | 1,609 | 791 |
Collateral adjustment | 175 | 8 |
Noncurrent derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (714) | (471) |
Counterparty netting | 355 | 239 |
Collateral adjustment | $ 103 | $ 40 |
Financial and Other Derivativ_8
Financial and Other Derivative Instruments (Effect of Derivatives not Designated as Hedging Instruments on the Consolidated Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ 119 | $ (78) | $ (114) | $ (281) |
Natural gas | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | (52) | (214) | (315) | (371) |
Natural gas | Fuel, purchased power, gas, and other — non-utility | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 108 | 63 | 8 | (16) |
Electricity | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 61 | 68 | 173 | 143 |
Environmental & Other | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | (3) | 3 | 15 | (36) |
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ 5 | $ 2 | $ 5 | $ (1) |
Financial and Other Derivativ_9
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) | 9 Months Ended |
Sep. 30, 2022 CAD ($) MWh MMBTU T gal | |
Natural gas (MMBtu) | |
Derivative [Line Items] | |
Commodity, energy measures | MMBTU | 2,218,333,992 |
Electricity (MWh) | |
Derivative [Line Items] | |
Commodity, energy measures | 30,593,651 |
Oil (Gallons) | |
Derivative [Line Items] | |
Commodity, volume measure | gal | 8,532,000 |
Foreign currency exchange ($ CAD) | |
Derivative [Line Items] | |
Commodity, monetary measure | $ | $ 132,812,314 |
Renewable Energy Certificates (MWh) | |
Derivative [Line Items] | |
Commodity, energy measures | 7,816,573 |
Carbon emissions (Metric Tons) | |
Derivative [Line Items] | |
Commodity, mass measure | T | 592,605 |
Long-Term Debt (Schedule of Iss
Long-Term Debt (Schedule of Issued Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 31, 2022 | Mar. 17, 2022 | Feb. 28, 2022 | |
Debt Instrument [Line Items] | ||||||
Amount | $ 1,796 | |||||
Redemption of long-term debt | 316 | $ 3,242 | ||||
Term Loan Facility | June 2022 Unsecured Term Loan Maturing in December 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400 | |||||
DTE Electric | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of long-term debt | $ 316 | $ 321 | ||||
DTE Electric | Parent | ||||||
Debt Instrument [Line Items] | ||||||
Payments of special dividend | $ 115 | |||||
DTE Electric | Mortgage Bonds | February 2022 3.00% Mortgage Bonds Maturing in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3% | |||||
Amount | $ 500 | |||||
DTE Electric | Mortgage Bonds | February 2022 3.65% Mortgage Bonds Maturing In 2052 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.65% | |||||
Amount | $ 400 | |||||
DTE Electric | Mortgage Bonds | 2012 Series A Mortgage Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of long-term debt | $ 115 | |||||
DTE Electric | Securitization Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 236 | |||||
DTE Electric | Securitization Bonds | March 2022 2.64% Securitization Bonds Maturing in 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.64% | |||||
Amount | $ 184 | |||||
DTE Electric | Securitization Bonds | March 2022 3.11% Securitization Bonds Maturing in 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.11% | |||||
Amount | $ 52 | |||||
DTE Gas | Mortgage Bonds | September 2022 4.76% Mortgage Bonds Maturing in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.76% | |||||
Amount | $ 130 | |||||
DTE Gas | Mortgage Bonds | September 2022 5.05% Mortgage Bonds Maturing in 2052 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.05% | |||||
Amount | $ 130 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textuals) - USD ($) shares in Millions | 1 Months Ended | |||||
Jun. 30, 2022 | Nov. 30, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Aug. 08, 2022 | Nov. 30, 2019 | |
Debt Instrument [Line Items] | ||||||
Face amount | $ 1,796,000,000 | |||||
Equity units subject to mandatory redemption | ||||||
Debt Instrument [Line Items] | ||||||
Equity units, percentage interest in attached debt instrument | 0.05% | |||||
Equity units subject to mandatory redemption | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, number of shares (in shares) | 12 | |||||
Equity units subject to mandatory redemption | Maximum | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, number of shares (in shares) | 12.2 | |||||
Equity units subject to mandatory redemption | Minimum | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, number of shares (in shares) | 9.8 | |||||
Unsecured term loan | June 2022 Unsecured Term Loan Maturing in December 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Unused borrowing capacity | $ 1,125,000,000 | |||||
Face amount | $ 400,000,000 | |||||
Minimum mandatory draw obligation within sixty days of closing | 400,000,000 | |||||
Minimum total mandatory draw obligation within six months of closing | $ 800,000,000 | |||||
Unsecured term loan | June 2022 Unsecured Term Loan Maturing in December 2023 | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.90% | |||||
Equity Units | November 2019 Series F 2.25% RSNs Maturing 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 1,300,000,000 | $ 1,300,000,000 | ||||
Interest rate | 4.22% | 2.25% |
Long-Term Debt (Schedule of Deb
Long-Term Debt (Schedule of Debt Redeemed) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument, Redemption [Line Items] | ||||
Amount | $ 316 | $ 3,242 | ||
DTE Electric | ||||
Debt Instrument, Redemption [Line Items] | ||||
Amount | $ 316 | $ 321 | ||
DTE Electric | Mortgage Bonds | 2.65% Mortgage Bonds maturing in 2022 | ||||
Debt Instrument, Redemption [Line Items] | ||||
Interest rate | 2.65% | |||
Amount | $ 250 | |||
DTE Electric | Mortgage Bonds | 6.95% Mortgage Bonds Maturing in 2022 | ||||
Debt Instrument, Redemption [Line Items] | ||||
Interest rate | 6.95% | 6.95% | ||
Amount | $ 66 |
Short-Term Credit Arrangement_3
Short-Term Credit Arrangements and Borrowings (Details Textuals) | Oct. 27, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 2,954,000,000 | ||||
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 375,000,000 | ||||
Unsecured revolving credit facility, expiring April 2026 | Revolving credit facility | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 2,300,000,000 | ||||
Unsecured revolving credit facility, expiring October 2027 | Revolving credit facility | Subsequent Event | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 2,600,000,000 | ||||
DTE Electric | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 500,000,000 | ||||
Ratio of indebtedness to net capital | 0.52 | ||||
DTE Electric | Unsecured letter of credit facility, expiring June 2023 | Letters of credit | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 0 | ||||
DTE Electric | Unsecured revolving credit facility, expiring April 2026 | Revolving credit facility | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 500,000,000 | ||||
DTE Electric | Unsecured revolving credit facility, expiring October 2027 | Revolving credit facility | Subsequent Event | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 800,000,000 | ||||
DTE Gas | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Ratio of indebtedness to net capital | 0.50 | ||||
DTE Gas | Unsecured letter of credit facility, expiring June 2023 | Letters of credit | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 0 | ||||
DTE Gas | Unsecured revolving credit facility, expiring April 2026 | Revolving credit facility | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Maximum | DTE Electric | |||||
Short-term Debt [Line Items] | |||||
Ratio of indebtedness to net capital | 0.65 | ||||
Maximum | DTE Gas | |||||
Short-term Debt [Line Items] | |||||
Ratio of indebtedness to net capital | 0.65 | ||||
DTE Energy | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 2,154,000,000 | ||||
Ratio of indebtedness to net capital | 0.68 | ||||
DTE Energy | Demand financing agreement | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity, financing agreement | $ 250,000,000 | ||||
Amount outstanding | 191,000,000 | $ 103,000,000 | |||
DTE Energy | Unsecured letter of credit facility, expiring June 2023 | Letters of credit | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 375,000,000 | $ 375,000,000 | $ 70,000,000 | ||
DTE Energy | Unsecured revolving credit facility, expiring April 2026 | Revolving credit facility | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | 1,500,000,000 | ||||
DTE Energy | Demand financing agreement, up to $50 million | Demand financing agreement | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity, financing agreement | 50,000,000 | ||||
Maximum additional margin financing | 50,000,000 | ||||
DTE Energy | Demand financing agreement, up to $150 million | Demand financing agreement | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity, financing agreement | $ 150,000,000 | ||||
DTE Energy | Maximum | |||||
Short-term Debt [Line Items] | |||||
Ratio of indebtedness to net capital | 0.70 |
Short-Term Credit Arrangement_4
Short-Term Credit Arrangements and Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | May 31, 2022 |
Availability under combined facilities | |||
Maximum borrowing capacity | $ 2,954 | ||
Amounts outstanding | 1,332 | ||
Net availability | 1,622 | ||
DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 500 | ||
Amounts outstanding | 459 | ||
Net availability | 41 | ||
DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 300 | ||
Amounts outstanding | 130 | ||
Net availability | 170 | ||
DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 2,154 | ||
Amounts outstanding | 743 | ||
Net availability | 1,411 | ||
Revolver borrowings | |||
Availability under combined facilities | |||
Amounts outstanding | 79 | ||
Revolver borrowings | DTE Electric | |||
Availability under combined facilities | |||
Amounts outstanding | 0 | ||
Revolver borrowings | DTE Gas | |||
Availability under combined facilities | |||
Amounts outstanding | 0 | ||
Revolver borrowings | DTE Energy | |||
Availability under combined facilities | |||
Amounts outstanding | 79 | ||
Commercial paper issuances | |||
Availability under combined facilities | |||
Amounts outstanding | 915 | ||
Commercial paper issuances | DTE Electric | |||
Availability under combined facilities | |||
Amounts outstanding | 459 | ||
Commercial paper issuances | DTE Gas | |||
Availability under combined facilities | |||
Amounts outstanding | 130 | ||
Commercial paper issuances | DTE Energy | |||
Availability under combined facilities | |||
Amounts outstanding | 326 | ||
Letters of credit | |||
Availability under combined facilities | |||
Amounts outstanding | 338 | ||
Letters of credit | DTE Electric | |||
Availability under combined facilities | |||
Amounts outstanding | 0 | ||
Letters of credit | DTE Gas | |||
Availability under combined facilities | |||
Amounts outstanding | 0 | ||
Letters of credit | DTE Energy | |||
Availability under combined facilities | |||
Amounts outstanding | 338 | ||
Unsecured revolving credit facility, expiring April 2026 | Revolver borrowings | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 2,300 | ||
Unsecured revolving credit facility, expiring April 2026 | Revolver borrowings | DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 500 | ||
Unsecured revolving credit facility, expiring April 2026 | Revolver borrowings | DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 300 | ||
Unsecured revolving credit facility, expiring April 2026 | Revolver borrowings | DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 1,500 | ||
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 79 | ||
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured Canadian revolving credit facility, expiring May 2023 | Revolver borrowings | DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 79 | ||
Unsecured letter of credit facility, expiring February 2023 | Letters of credit | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 150 | ||
Unsecured letter of credit facility, expiring February 2023 | Letters of credit | DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility, expiring February 2023 | Letters of credit | DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility, expiring February 2023 | Letters of credit | DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 150 | ||
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 375 | ||
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility, expiring June 2023 | Letters of credit | DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 375 | $ 375 | $ 70 |
Unsecured letter of credit facility | Letters of credit | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 50 | ||
Unsecured letter of credit facility | Letters of credit | DTE Electric | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility | Letters of credit | DTE Gas | |||
Availability under combined facilities | |||
Maximum borrowing capacity | 0 | ||
Unsecured letter of credit facility | Letters of credit | DTE Energy | |||
Availability under combined facilities | |||
Maximum borrowing capacity | $ 50 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | |||||
Additional net investment in finance leases | $ 64 | $ 33 | |||
Finance lease extension term | 5 years | 5 years | |||
Interest income recognized under finance leases | $ 6 | $ 4 | $ 17 | $ 13 |
Leases (Components of Net Inves
Leases (Components of Net Investment in Finance Leases) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 9 |
2023 | 34 |
2024 | 34 |
2025 | 34 |
2026 | 33 |
2027 and Thereafter | 451 |
Total minimum future lease receipts | 595 |
Residual value of leased pipeline | 17 |
Less unearned income | 321 |
Net investment in finance lease | 291 |
Less current portion | 7 |
Net investment in finance lease, noncurrent | $ 284 |
Leases (Lease Income Associated
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessor, Lease, Description [Line Items] | ||||
Fixed payments | $ 3 | $ 13 | $ 11 | $ 42 |
Variable payments | 21 | 55 | 52 | 90 |
Total lease income under operating leases | 24 | 68 | 63 | 132 |
Operating revenues | ||||
Lessor, Lease, Description [Line Items] | ||||
Total lease income under operating leases | 24 | 26 | 63 | 70 |
Other income | ||||
Lessor, Lease, Description [Line Items] | ||||
Total lease income under operating leases | $ 0 | $ 42 | $ 0 | $ 62 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textuals) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) employee site facility | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||
Estimated capital expenditures for current fiscal year | $ 3,500,000,000 | ||
Workforce subject to collective bargaining arrangements | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Number of employees | employee | 5,200 | ||
Percentage of total employees | 50% | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 4% | ||
Reduced emissions fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 605,000,000 | ||
Other guarantees | |||
Loss Contingencies [Line Items] | |||
Maximum potential liability | 40,000,000 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 384,000,000 | ||
Performance surety bonds | Energy Trading | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 250,000,000 | ||
Performance surety bonds | Minimum | Energy Trading | |||
Loss Contingencies [Line Items] | |||
Performance bonds term | 1 year | ||
Performance surety bonds | Maximum | Energy Trading | |||
Loss Contingencies [Line Items] | |||
Performance bonds term | 3 years | ||
DTE Electric | |||
Loss Contingencies [Line Items] | |||
Environmental capital expenditures | $ 2,400,000,000 | ||
Estimated environmental capital expenditures | $ 0 | ||
Number of former MGP sites | site | 3 | ||
Accrued for remediation | $ 10,000,000 | $ 14,000,000 | |
Number of permitted engineered ash storage facilities owned | facility | 3 | ||
Estimated capital expenditures for current fiscal year | $ 2,600,000,000 | ||
DTE Electric | Ludington Plant Contract Dispute | Pending litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought, percentage liable | 49% | ||
DTE Electric | Workforce subject to collective bargaining arrangements | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Number of employees | employee | 2,600 | ||
Percentage of total employees | 56% | ||
DTE Electric | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 4% | ||
DTE Electric | Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 119,000,000 | ||
DTE Electric | Coal Combustion Residual And Effluent Limitations Guidelines Rules | |||
Loss Contingencies [Line Items] | |||
Estimated impact of the CCR and ELG rules | 560,000,000 | ||
Estimated impact of the CCR and ELG rules through 2026 | $ 455,000,000 | ||
DTE Gas | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 14 | ||
Accrued for remediation | $ 23,000,000 | $ 24,000,000 | |
Amortization period (in years) | 10 years | ||
DTE Gas | Clean up completed and site closed | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 8 | ||
DTE Gas | Partial closure complete | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 4 | ||
TAES and Toshiba Corporation | Ludington Plant Contract Dispute | DTE Electric and Consumers | Pending litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 15,000,000 |
Retirement Benefits and Trust_3
Retirement Benefits and Trusteed Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 25 | $ 27 | $ 72 | $ 81 |
Interest cost | 41 | 39 | 124 | 118 |
Expected return on plan assets | (87) | (84) | (260) | (254) |
Amortization of net actuarial loss | 29 | 49 | 86 | 147 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | 8 | 31 | 22 | 92 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 8 | 20 | 23 |
Interest cost | 12 | 12 | 36 | 35 |
Expected return on plan assets | (32) | (33) | (95) | (97) |
Amortization of net actuarial loss | 1 | 3 | 3 | 10 |
Amortization of prior service credit | (4) | (5) | (14) | (15) |
Net periodic benefit cost (credit) | (17) | (15) | (50) | (44) |
Other Postretirement Benefits | DTE Electric | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 6 | 15 | 17 |
Interest cost | 10 | 8 | 28 | 25 |
Expected return on plan assets | (22) | (22) | (64) | (65) |
Amortization of net actuarial loss | 2 | 3 | 4 | 9 |
Amortization of prior service credit | (4) | (3) | (10) | (10) |
Net periodic benefit cost (credit) | $ (9) | $ (8) | $ (27) | $ (24) |
Retirement Benefits and Trust_4
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension plans | Qualified Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Anticipated contributions, current fiscal year | $ 0 | $ 0 | |||
Postretirement benefit plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Anticipated contributions, current fiscal year | 0 | 0 | |||
DTE Electric | Pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension cost | $ 9,000,000 | $ 26,000,000 | $ 27,000,000 | $ 78,000,000 | |
DTE Electric | Pension plans | Qualified Plan | Maximum | Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension funds transferred to (from) plan | $ 50,000,000 | ||||
DTE Gas | Pension plans | Qualified Plan | Maximum | Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension funds transferred to (from) plan | $ (50,000,000) |
Segment and Related Informati_3
Segment and Related Information (Details Textuals) customer in Millions | Sep. 30, 2022 customer |
Segment Reporting [Abstract] | |
Number of electric utility customers | 2.3 |
Number of gas utility customers | 1.3 |
Segment and Related Informati_4
Segment and Related Information (Financial Data - Inter-segment Billing) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ (5,251) | $ (3,715) | $ (14,752) | $ (10,317) |
Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (1,847) | (1,702) | (4,907) | (4,477) |
Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (230) | (193) | (1,358) | (1,070) |
DTE Vantage | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (227) | (372) | (626) | (1,132) |
Energy Trading | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (3,024) | (1,602) | (8,059) | (4,208) |
Reconciliation and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 77 | 155 | 198 | 558 |
Reconciliation and Eliminations | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 19 | 17 | 53 | 48 |
Reconciliation and Eliminations | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 4 | 3 | 10 | 10 |
Reconciliation and Eliminations | DTE Vantage | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 15 | 125 | 57 | 463 |
Reconciliation and Eliminations | Energy Trading | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 39 | 9 | 78 | 35 |
Reconciliation and Eliminations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ 0 | $ 1 | $ 0 | $ 2 |
Segment and Related Informati_5
Segment and Related Information (Financial Data - Operating Revenues including Inter-segment Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | $ 2,053 | $ 1,875 | $ 6,196 | $ 5,483 |
Operating Revenues — Non-utility operations | 3,198 | 1,840 | 8,556 | 4,834 |
Operating Revenues | 5,251 | 3,715 | 14,752 | 10,317 |
Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | (77) | (155) | (198) | (572) |
Operating Revenues | (77) | (155) | (198) | (558) |
Electric | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 1,847 | 1,702 | 4,907 | 4,477 |
Electric | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 1,844 | 1,700 | 4,896 | 4,468 |
Operating Revenues — Non-utility operations | 3 | 2 | 11 | 9 |
Electric | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (19) | (17) | (53) | (48) |
Gas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 230 | 193 | 1,358 | 1,070 |
Gas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 230 | 193 | 1,358 | 1,070 |
Gas | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (4) | (3) | (10) | (10) |
DTE Vantage | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 227 | 372 | 626 | 1,132 |
DTE Vantage | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 227 | 372 | 626 | 1,132 |
DTE Vantage | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (15) | (125) | (57) | (463) |
Energy Trading | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 3,024 | 1,602 | 8,059 | 4,208 |
Energy Trading | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 3,024 | 1,602 | 8,059 | 4,208 |
Energy Trading | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (39) | (9) | (78) | (35) |
Corporate and Other | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 0 | 1 | 0 | 2 |
Corporate and Other | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | $ 0 | $ (1) | $ 0 | (2) |
Gas Storage and Pipelines | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | $ 14 |
Segment and Related Informati_6
Segment and Related Information (Financial Data - Net Income (Loss) Attributable to DTE Energy by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | $ 387 | $ 58 | $ 818 | $ 495 |
Net Income Attributable to DTE Energy Company — discontinued operations | 0 | (33) | 0 | 106 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 387 | 25 | 818 | 601 |
Electric | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | 363 | 342 | 750 | 788 |
Gas | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | (23) | (30) | 179 | 146 |
DTE Vantage | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | 26 | 73 | 68 | 115 |
Energy Trading | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | 56 | (52) | (80) | (173) |
Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) attributable to DTE Energy — continuing operations | $ (35) | $ (275) | $ (99) | $ (381) |