Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 shares | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
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 | 206,175,587 |
Entity Central Index Key | 0000936340 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
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 |
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) - DTE Energy Company - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Revenues | ||||
Utility operations | $ 1,617 | $ 1,909 | $ 3,677 | $ 4,143 |
Non-utility operations | 1,067 | 3,015 | 2,786 | 5,358 |
Operating Revenues | 2,684 | 4,924 | 6,463 | 9,501 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 345 | 607 | 929 | 1,307 |
Fuel, purchased power, gas, and other — non-utility | 925 | 3,059 | 2,362 | 5,301 |
Operation and maintenance | 505 | 599 | 1,105 | 1,195 |
Depreciation and amortization | 396 | 366 | 781 | 724 |
Taxes other than income | 114 | 115 | 236 | 238 |
Asset (gains) losses and impairments, net | 2 | (5) | 1 | (5) |
Operating Expenses | 2,287 | 4,741 | 5,414 | 8,760 |
Operating Income | 397 | 183 | 1,049 | 741 |
Other (Income) and Deductions | ||||
Interest expense | 192 | 161 | 383 | 315 |
Interest income | (13) | (8) | (30) | (16) |
Non-operating retirement benefits, net | 5 | (5) | 8 | (8) |
Other income | (31) | (11) | (57) | (19) |
Other expenses | 9 | 31 | 15 | 44 |
Other (Income) and Deductions | 162 | 168 | 319 | 316 |
Income Before Income Taxes | 235 | 15 | 730 | 425 |
Income Tax Expense (Benefit) | 34 | (22) | 84 | (6) |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 201 | $ 37 | $ 646 | $ 431 |
Basic Earnings per Common Share | ||||
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 0.97 | $ 0.19 | $ 3.13 | $ 2.22 |
Diluted Earnings per Common Share | ||||
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 0.97 | $ 0.19 | $ 3.13 | $ 2.22 |
Weighted Average Common Shares Outstanding | ||||
Basic (in shares) | 206 | 193 | 206 | 193 |
Diluted (in shares) | 206 | 194 | 206 | 194 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 201 | $ 37 | $ 646 | $ 431 |
Other comprehensive income, net of tax: | ||||
Benefit obligations, net of taxes of $1, $1, $1 and $2, respectively | 0 | 2 | 1 | 5 |
Net unrealized gains on derivatives, net of taxes of $2, $1, $1, and $1, respectively | 6 | 3 | 2 | 3 |
Foreign currency translation | 2 | 0 | 2 | 0 |
Other comprehensive income | 8 | 5 | 5 | 8 |
Comprehensive Income | $ 209 | $ 42 | $ 651 | $ 439 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax effect on benefit obligations | $ 1 | $ 1 | $ 1 | $ 2 |
Tax effect on net unrealized losses on derivatives during the period | $ 2 | $ 1 | $ 1 | $ 1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 30 | $ 33 |
Restricted cash | 11 | 10 |
Accounts receivable (less allowance for doubtful accounts of $83 and $79, respectively) | ||
Accounts receivable | 1,304 | 2,038 |
Other | 191 | 144 |
Inventories | ||
Fuel and gas | 394 | 433 |
Materials, supplies, and other | 544 | 509 |
Derivative assets | 258 | 328 |
Regulatory assets | 285 | 450 |
Other | 186 | 235 |
Total Current Assets | 3,203 | 4,180 |
Investments | ||
Nuclear decommissioning trust funds | 1,953 | 1,825 |
Investments in equity method investees | 176 | 165 |
Other | 160 | 165 |
Total Investments | 2,289 | 2,155 |
Property | ||
Property, plant, and equipment | 40,576 | 39,346 |
Accumulated depreciation and amortization | (10,880) | (10,579) |
Total Property | 29,696 | 28,767 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Regulatory assets | 3,941 | 3,886 |
Securitized regulatory assets | 188 | 206 |
Intangible assets | 161 | 166 |
Notes receivable | 374 | 331 |
Derivative assets | 112 | 105 |
Prepaid postretirement costs | 611 | 571 |
Operating lease right-of-use assets | 114 | 89 |
Other | 239 | 234 |
Total Other Assets | 7,733 | 7,581 |
Total Assets | 42,921 | 42,683 |
Current Liabilities | ||
Accounts payable | 1,051 | 1,604 |
Accrued interest | 173 | 154 |
Dividends payable | 393 | 196 |
Short-term borrowings | 528 | 1,162 |
Current portion long-term debt, including securitization bonds and finance leases | 697 | 1,124 |
Derivative liabilities | 186 | 342 |
Gas inventory equalization | 41 | 0 |
Regulatory liabilities | 49 | 34 |
Operating lease liabilities | 15 | 13 |
Other | 463 | 544 |
Total Current Liabilities | 3,596 | 5,173 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 17,493 | 15,807 |
Securitization bonds | 153 | 172 |
Junior subordinated debentures | 883 | 883 |
Finance lease liabilities | 9 | 11 |
Total Long-Term Debt (net of current portion) | 18,538 | 16,873 |
Other Liabilities | ||
Deferred income taxes | 2,523 | 2,394 |
Regulatory liabilities | 2,647 | 2,673 |
Asset retirement obligations | 3,564 | 3,460 |
Unamortized investment tax credit | 181 | 182 |
Derivative liabilities | 191 | 315 |
Accrued pension liability | 341 | 378 |
Accrued postretirement liability | 283 | 287 |
Nuclear decommissioning | 305 | 282 |
Operating lease liabilities | 91 | 68 |
Other | 176 | 197 |
Total Other Liabilities | 10,302 | 10,236 |
Commitments and Contingencies (Notes 5 and 12) | ||
Equity | ||
Common stock (No par value, 400,000,000 shares authorized, and 206,175,587 and 205,632,393 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | 6,676 | 6,651 |
Retained earnings | 3,862 | 3,808 |
Accumulated other comprehensive loss | (57) | (62) |
Total DTE Energy/DTE Electric Company Equity | 10,481 | 10,397 |
Noncontrolling interests | 4 | 4 |
Total Equity | 10,485 | 10,401 |
Total Liabilities and Equity | $ 42,921 | $ 42,683 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Allowance for doubtful accounts | $ 83 | $ 79 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 206,175,587 | 205,632,393 |
Common stock, shares outstanding (in shares) | 206,175,587 | 205,632,393 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - DTE Energy Company - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net Income Attributable to DTE Energy Company | $ 646 | $ 431 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 781 | 724 |
Nuclear fuel amortization | 31 | 11 |
Allowance for equity funds used during construction | (18) | (14) |
Deferred income taxes | 88 | 0 |
Equity (earnings) losses of equity method investees | (4) | 15 |
Dividends from equity method investees | 2 | 3 |
Asset (gains) losses and impairments, net | 1 | (5) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 685 | (328) |
Inventories | 1 | 3 |
Prepaid postretirement benefit costs | (40) | (43) |
Accounts payable | (490) | 363 |
Gas inventory equalization | 41 | 75 |
Accrued pension liability | (37) | (48) |
Accrued postretirement liability | (4) | (9) |
Derivative assets and liabilities | (217) | 85 |
Regulatory assets and liabilities | 381 | (405) |
Other current and noncurrent assets and liabilities | (88) | 278 |
Net cash from operating activities | 1,759 | 1,136 |
Investing Activities | ||
Plant and equipment expenditures — utility | (1,851) | (1,489) |
Plant and equipment expenditures — non-utility | (25) | (42) |
Proceeds from sale of nuclear decommissioning trust fund assets | 423 | 513 |
Investment in nuclear decommissioning trust funds | (419) | (516) |
Distributions from equity method investees | 12 | 10 |
Contributions to equity method investees | (22) | (7) |
Notes receivable | (24) | (13) |
Other | (52) | (24) |
Net cash used for investing activities | (1,958) | (1,568) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 2,278 | 1,119 |
Redemption of long-term debt | (1,044) | (250) |
Short-term borrowings, net | (634) | 57 |
Repurchase of common stock | 0 | (55) |
Dividends paid on common stock | (376) | (342) |
Other | (27) | (50) |
Net cash from financing activities | 197 | 479 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (2) | 47 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 43 | 35 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 41 | 82 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | $ 364 | $ 318 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2021 | 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 | 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 noncontrolling interests, and other (in shares) | 456,000 | ||||
Stock-based compensation, net distributions to 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 | 193,748,000 | ||||
Beginning Balance at Dec. 31, 2021 | 8,713 | $ 5,379 | 3,438 | (112) | 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 431 | ||||
Other comprehensive income, net of tax | 8 | ||||
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 |
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 | 37 | 37 | |||
Dividends declared on common stock | (343) | (343) | |||
Other comprehensive income, net of tax | 5 | 5 | |||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | (3,000) | ||||
Stock-based compensation, net distributions to 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 |
Beginning Balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | |||
Beginning Balance at Dec. 31, 2022 | $ 10,401 | $ 6,651 | 3,808 | (62) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 445 | 445 | |||
Dividends declared on common stock | (196) | (196) | |||
Issuance of common stock (in shares) | 76,000 | ||||
Issuance of common stock | 9 | $ 9 | |||
Other comprehensive income, net of tax | (3) | (3) | |||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 401,000 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other | (10) | $ (8) | (2) | ||
Ending Balance (in shares) at Mar. 31, 2023 | 206,109,000 | ||||
Ending Balance at Mar. 31, 2023 | $ 10,646 | $ 6,652 | 4,055 | (65) | 4 |
Beginning Balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | |||
Beginning Balance at Dec. 31, 2022 | $ 10,401 | $ 6,651 | 3,808 | (62) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 646 | ||||
Other comprehensive income, net of tax | $ 5 | ||||
Ending Balance (in shares) at Jun. 30, 2023 | 206,175,587 | 206,176,000 | |||
Ending Balance at Jun. 30, 2023 | $ 10,485 | $ 6,676 | 3,862 | (57) | 4 |
Beginning Balance (in shares) at Mar. 31, 2023 | 206,109,000 | ||||
Beginning Balance at Mar. 31, 2023 | 10,646 | $ 6,652 | 4,055 | (65) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 201 | 201 | |||
Dividends declared on common stock | (393) | (393) | |||
Issuance of common stock (in shares) | 76,000 | ||||
Issuance of common stock | 8 | $ 8 | |||
Other comprehensive income, net of tax | 8 | 8 | |||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | (9,000) | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other | $ 15 | $ 16 | (1) | 0 | |
Ending Balance (in shares) at Jun. 30, 2023 | 206,175,587 | 206,176,000 | |||
Ending Balance at Jun. 30, 2023 | $ 10,485 | $ 6,676 | $ 3,862 | $ (57) | $ 4 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 1.91 | $ 0.95 | $ 1.77 | $ 0.89 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Revenues — Utility operations | $ 1,617 | $ 1,909 | $ 3,677 | $ 4,143 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 345 | 607 | 929 | 1,307 |
Taxes other than income | 114 | 115 | 236 | 238 |
Operating Expenses | 2,287 | 4,741 | 5,414 | 8,760 |
Operating Income | 397 | 183 | 1,049 | 741 |
Other (Income) and Deductions | ||||
Interest expense | 192 | 161 | 383 | 315 |
Interest income | (13) | (8) | (30) | (16) |
Non-operating retirement benefits, net | 5 | (5) | 8 | (8) |
Other income | (31) | (11) | (57) | (19) |
Other expenses | 9 | 31 | 15 | 44 |
Other (Income) and Deductions | 162 | 168 | 319 | 316 |
Income Before Income Taxes | 235 | 15 | 730 | 425 |
Income Tax Expense | 34 | (22) | 84 | (6) |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 201 | 37 | 646 | 431 |
DTE Electric | ||||
Operating Revenues — Utility operations | 1,326 | 1,566 | 2,701 | 3,052 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 315 | 516 | 680 | 956 |
Operation and maintenance | 317 | 383 | 728 | 764 |
Depreciation and amortization | 328 | 301 | 645 | 595 |
Taxes other than income | 84 | 84 | 168 | 172 |
Operating Expenses | 1,044 | 1,284 | 2,221 | 2,487 |
Operating Income | 282 | 282 | 480 | 565 |
Other (Income) and Deductions | ||||
Interest expense | 103 | 91 | 205 | 178 |
Interest income | (5) | 0 | (11) | 0 |
Non-operating retirement benefits, net | (1) | 0 | (2) | (1) |
Other income | (20) | (15) | (40) | (31) |
Other expenses | 7 | 17 | 13 | 26 |
Other (Income) and Deductions | 84 | 93 | 165 | 172 |
Income Before Income Taxes | 198 | 189 | 315 | 393 |
Income Tax Expense | 19 | 3 | 36 | 6 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 179 | $ 186 | $ 279 | $ 387 |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Income | $ 201 | $ 37 | $ 646 | $ 431 |
Other comprehensive income | 8 | 5 | 5 | 8 |
Comprehensive Income | 209 | 42 | 651 | 439 |
DTE Electric | ||||
Net Income | 179 | 186 | 279 | 387 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive Income | $ 179 | $ 186 | $ 279 | $ 387 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 30 | $ 33 |
Restricted cash | 11 | 10 |
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively) | ||
Accounts receivable | 1,304 | 2,038 |
Other | 191 | 144 |
Inventories | ||
Fuel | 394 | 433 |
Materials and supplies | 544 | 509 |
Regulatory assets | 285 | 450 |
Other | 186 | 235 |
Total Current Assets | 3,203 | 4,180 |
Investments | ||
Nuclear decommissioning trust funds | 1,953 | 1,825 |
Other | 160 | 165 |
Total Investments | 2,289 | 2,155 |
Property | ||
Property, plant, and equipment | 40,576 | 39,346 |
Accumulated depreciation and amortization | (10,880) | (10,579) |
Total Property | 29,696 | 28,767 |
Other Assets | ||
Regulatory assets | 3,941 | 3,886 |
Securitized regulatory assets | 188 | 206 |
Operating lease right-of-use assets | 114 | 89 |
Other | 239 | 234 |
Total Other Assets | 7,733 | 7,581 |
Total Assets | 42,921 | 42,683 |
Accounts payable | ||
Accounts payable | 1,051 | 1,604 |
Accrued interest | 173 | 154 |
Current portion long-term debt, including securitization bonds and finance leases | 697 | 1,124 |
Regulatory liabilities | 49 | 34 |
Short-term borrowings | ||
Short-term borrowings | 528 | 1,162 |
Operating lease liabilities | 15 | 13 |
Other | 463 | 544 |
Total Current Liabilities | 3,596 | 5,173 |
Long-Term Debt (net of current portion) | ||
Securitization bonds | 153 | 172 |
Finance lease liabilities | 9 | 11 |
Total Long-Term Debt (net of current portion) | 18,538 | 16,873 |
Other Liabilities | ||
Deferred income taxes | 2,523 | 2,394 |
Regulatory liabilities | 2,647 | 2,673 |
Asset retirement obligations | 3,564 | 3,460 |
Unamortized investment tax credit | 181 | 182 |
Nuclear decommissioning | 305 | 282 |
Operating lease liabilities | 91 | 68 |
Other | 176 | 197 |
Total Other Liabilities | 10,302 | 10,236 |
Commitments and Contingencies (Notes 5 and 12) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 6,676 | 6,651 |
Retained earnings | 3,862 | 3,808 |
Total DTE Energy/DTE Electric Company Equity | 10,481 | 10,397 |
Total Liabilities and Equity | 42,921 | 42,683 |
DTE Electric | ||
Current Assets | ||
Cash and cash equivalents | 8 | 15 |
Restricted cash | 10 | 9 |
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively) | ||
Other | 89 | 75 |
Inventories | ||
Fuel | 216 | 167 |
Materials and supplies | 369 | 331 |
Regulatory assets | 282 | 421 |
Other | 77 | 98 |
Total Current Assets | 1,785 | 1,851 |
Investments | ||
Nuclear decommissioning trust funds | 1,953 | 1,825 |
Other | 50 | 44 |
Total Investments | 2,003 | 1,869 |
Property | ||
Property, plant, and equipment | 31,602 | 30,591 |
Accumulated depreciation and amortization | (8,393) | (8,095) |
Total Property | 23,209 | 22,496 |
Other Assets | ||
Regulatory assets | 3,314 | 3,219 |
Securitized regulatory assets | 188 | 206 |
Prepaid postretirement costs — affiliates | 369 | 345 |
Operating lease right-of-use assets | 82 | 56 |
Other | 189 | 194 |
Total Other Assets | 4,142 | 4,020 |
Total Assets | 31,139 | 30,236 |
Accounts payable | ||
Accrued interest | 118 | 105 |
Current portion long-term debt, including securitization bonds and finance leases | 645 | 248 |
Regulatory liabilities | 43 | 33 |
Short-term borrowings | ||
Operating lease liabilities | 12 | 9 |
Other | 188 | 204 |
Total Current Liabilities | 1,847 | 1,902 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 10,170 | 9,282 |
Securitization bonds | 153 | 172 |
Finance lease liabilities | 0 | 1 |
Total Long-Term Debt (net of current portion) | 10,323 | 9,455 |
Other Liabilities | ||
Deferred income taxes | 3,014 | 2,946 |
Regulatory liabilities | 1,764 | 1,778 |
Asset retirement obligations | 3,319 | 3,221 |
Unamortized investment tax credit | 181 | 182 |
Nuclear decommissioning | 305 | 282 |
Accrued pension liability — affiliates | 361 | 387 |
Accrued postretirement liability — affiliates | 271 | 275 |
Operating lease liabilities | 63 | 39 |
Other | 73 | 74 |
Total Other Liabilities | 9,351 | 9,184 |
Commitments and Contingencies (Notes 5 and 12) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 6,602 | 6,602 |
Retained earnings | 3,016 | 3,093 |
Total DTE Energy/DTE Electric Company Equity | 9,618 | 9,695 |
Total Liabilities and Equity | 31,139 | 30,236 |
DTE Electric | Affiliates | ||
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively) | ||
Accounts receivable | 3 | 8 |
Accounts payable | ||
Accounts payable | 70 | 71 |
Short-term borrowings | ||
Short-term borrowings | 0 | 27 |
DTE Electric | Customer/ Other | ||
Accounts receivable (less allowance for doubtful accounts of $45 and $49, respectively) | ||
Accounts receivable | 731 | 727 |
Accounts payable | ||
Accounts payable | 549 | 637 |
Short-term borrowings | ||
Short-term borrowings | $ 222 | $ 568 |
Consolidated Statements of Fi_4
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Allowance for doubtful accounts | $ 83 | $ 79 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 206,175,587 | 205,632,393 |
Common stock, shares outstanding (in shares) | 206,175,587 | 205,632,393 |
DTE Electric | ||
Current Assets | ||
Allowance for doubtful accounts | $ 45 | $ 49 |
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 | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net Income | $ 646 | $ 431 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 781 | 724 |
Nuclear fuel amortization | 31 | 11 |
Allowance for equity funds used during construction | (18) | (14) |
Deferred income taxes | 88 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 685 | (328) |
Inventories | 1 | 3 |
Accounts payable | (490) | 363 |
Regulatory assets and liabilities | 381 | (405) |
Other current and noncurrent assets and liabilities | (88) | 278 |
Net cash from operating activities | 1,759 | 1,136 |
Investing Activities | ||
Proceeds from sale of nuclear decommissioning trust fund assets | 423 | 513 |
Investment in nuclear decommissioning trust funds | (419) | (516) |
Net cash used for investing activities | (1,958) | (1,568) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 2,278 | 1,119 |
Redemption of long-term debt | (1,044) | (250) |
Short-term borrowings, net | (634) | 57 |
Dividends paid on common stock | (376) | (342) |
Other | (27) | (50) |
Net cash from financing activities | 197 | 479 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (2) | 47 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 43 | 35 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 41 | 82 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 364 | 318 |
DTE Electric | ||
Operating Activities | ||
Net Income | 279 | 387 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 645 | 595 |
Nuclear fuel amortization | 31 | 11 |
Allowance for equity funds used during construction | (17) | (12) |
Deferred income taxes | 34 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (12) | (124) |
Inventories | (87) | (13) |
Accounts payable | (39) | 90 |
Prepaid postretirement benefit costs — affiliates | (24) | (25) |
Accrued pension liability — affiliates | (26) | (27) |
Accrued postretirement liability — affiliates | (4) | (8) |
Regulatory assets and liabilities | 286 | (408) |
Other current and noncurrent assets and liabilities | (106) | 197 |
Net cash from operating activities | 960 | 663 |
Investing Activities | ||
Plant and equipment expenditures | (1,485) | (1,207) |
Proceeds from sale of nuclear decommissioning trust fund assets | 423 | 513 |
Investment in nuclear decommissioning trust funds | (419) | (516) |
Notes receivable and other | (8) | (21) |
Net cash used for investing activities | (1,489) | (1,231) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 1,285 | 1,119 |
Redemption of long-term debt | (19) | (250) |
Dividends paid on common stock | (356) | (439) |
Other | (14) | (13) |
Net cash from financing activities | 523 | 575 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (6) | 7 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 24 | 9 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 18 | 16 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 285 | 233 |
DTE Electric | Affiliates | ||
Financing Activities | ||
Short-term borrowings, net | (27) | (53) |
DTE Electric | Other | ||
Financing Activities | ||
Short-term borrowings, net | $ (346) | $ 211 |
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, 2021 | 193,748,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2021 | $ 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 | 193,748,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2021 | 8,903 | $ 1,386 | 4,616 | 2,901 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 431 | 387 | |||||
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 | |||
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 | 37 | 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 | |||
Beginning Balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2022 | $ 10,397 | $ 9,695 | $ 1,386 | 5,216 | 3,093 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 100 | 100 | |||||
Dividends declared on common stock | $ (196) | (196) | (182) | (182) | |||
Ending Balance (in shares) at Mar. 31, 2023 | 206,109,000 | 138,632,000 | |||||
Ending Balance at Mar. 31, 2023 | $ 9,613 | $ 1,386 | 5,216 | 3,011 | |||
Beginning Balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2022 | $ 10,397 | $ 9,695 | $ 1,386 | 5,216 | 3,093 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 646 | $ 279 | |||||
Ending Balance (in shares) at Jun. 30, 2023 | 206,175,587 | 206,176,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Jun. 30, 2023 | $ 10,481 | $ 9,618 | $ 1,386 | 5,216 | 3,016 | ||
Beginning Balance (in shares) at Mar. 31, 2023 | 206,109,000 | 138,632,000 | |||||
Beginning Balance at Mar. 31, 2023 | 9,613 | $ 1,386 | 5,216 | 3,011 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 201 | 179 | 179 | ||||
Dividends declared on common stock | $ (393) | $ (393) | $ (174) | (174) | |||
Ending Balance (in shares) at Jun. 30, 2023 | 206,175,587 | 206,176,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Jun. 30, 2023 | $ 10,481 | $ 9,618 | $ 1,386 | $ 5,216 | $ 3,016 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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 • Other businesses include (1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing custom energy solutions to industrial, commercial, and institutional customers, 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 2022 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, 2023. 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 DTE Energy were reclassified to match the current year's Consolidated Financial Statements presentation. 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 June 30, 2023, 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 June 30, 2023, 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. During 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. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of 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 June 30, 2023 and December 31, 2022. 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: June 30, 2023 December 31, 2022 DTE Energy DTE Electric (a) DTE Energy DTE Electric (a) (In millions) ASSETS Cash and cash equivalents $ 8 $ — $ 14 $ — Restricted cash 9 9 9 9 Securitized regulatory assets 188 188 206 206 Notes receivable 82 — 81 — Other current and long-term assets 8 2 14 3 $ 295 $ 199 $ 324 $ 218 LIABILITIES Short-term borrowings $ — $ — $ 81 — Securitization bonds (b) 193 193 211 211 Other current and long-term liabilities 11 8 14 9 $ 204 $ 201 $ 306 $ 220 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization. (b) Includes $40 million and $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended June 30, 2023 and December 31, 2022, respectively. Amounts for DTE Energy's non-consolidated VIEs are as follows: June 30, 2023 December 31, 2022 (In millions) Investments in equity method investees $ 126 $ 137 Notes receivable $ 15 $ 15 Future funding commitments $ 1 $ 2 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Allowance for equity funds used during construction $ 9 $ 6 $ 18 $ 14 Contract services 7 7 13 14 Investment income (a) 4 — 9 — Equity earnings (losses) of equity method investees — (4) 4 (15) Other 11 2 13 6 $ 31 $ 11 $ 57 $ 19 _______________________________________ (a) Investment losses 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Allowance for equity funds used during construction $ 8 $ 5 $ 17 $ 12 Contract services 6 7 12 14 Investment income (a) 3 — 6 — Other 3 3 5 5 $ 20 $ 15 $ 40 $ 31 _______________________________________ (a) Investment losses 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, if any. 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 six months ended June 30, 2023 and 2022, reclassifications out of Accumulated other comprehensive income (loss) were not material. Income Taxes Tax rates are affected by estimated annual permanent items, production and investment tax credits, regulatory adjustments, and discrete items that may occur in any given period, but are not consistent from period to period. For the second quarter 2022, the impact of these adjustments at DTE Energy was significantly affected by having lower pre-tax income, driven primarily by losses in the Energy Trading segment. The tables below summarize how the Registrants' effective income tax rates have varied from the statutory federal income tax rate: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 DTE Energy Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State and local income taxes, net of federal benefit 4.4 11.0 4.4 4.6 Production tax credits (4.4) (67.3) (5.6) (9.6) TCJA amortization (3.1) (110.4) (3.8) (15.8) Investment tax credits (1.4) (1.6) (2.0) (0.2) Enactment of West Virginia income tax legislation, net of federal benefit — — (0.8) — State tax audit settlement, net of federal benefit (1.8) — (0.6) — Other (0.3) 0.8 (1.1) (1.5) Effective income tax rate 14.4 % (146.5) % 11.5 % (1.5) % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 DTE Electric Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State and local income taxes, net of federal benefit 5.7 5.8 5.7 5.8 Production tax credits (8.2) (9.0) (7.8) (9.0) TCJA amortization (5.3) (15.4) (5.0) (15.5) State tax audit settlement, net of federal benefit (2.1) — (1.3) — Other (1.4) (0.9) (1.2) (0.8) Effective income tax rate 9.7 % 1.5 % 11.4 % 1.5 % DTE Electric had income tax receivables with DTE Energy of $2 million and $1 million at June 30, 2023 and December 31, 2022, respectively, which are primarily related to state taxes and included in Accounts Receivable - Affiliates on the DTE Electric Consolidated Statements of Financial Position. During the second quarter 2023, DTE Energy and DTE Electric unrecognized tax benefits decreased by $10 million and $13 million, respectively, as a result of an audit settlement related to state exposures. Recognition of these state tax benefits, net of federal benefit, resulted in a reduction of $8 million and $10 million to Income Tax Expense on the respective DTE Energy and DTE Electric Consolidated Statements of Operations for the three and six months ended June 30, 2023. As of December 31, 2022, DTE Energy and DTE Electric had $5 million and $8 million of accrued interest pertaining to income taxes, respectively, included in Accrued Interest on the Consolidated Statements of Financial Position. As a result of the tax audit settlement noted above, the Registrants have no remaining accrued interest pertaining to income taxes. As of June 30, 2023, DTE Energy had unrecognized tax benefits of $5 million remaining that, if recognized, would favorably impact effective tax rates. DTE Energy believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $5 million due to an anticipated settlement of a federal claim. Unrecognized Compensation Costs As of June 30, 2023, DTE Energy had $91 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 1.6 years. Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $10 million and $9 million for the three months ended June 30, 2023 and 2022, respectively, while such allocation was $20 million and $21 million for the six months ended June 30, 2023 and 2022, 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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2023. DTE Energy DTE Electric Year of Origination 2023 2022 2021 and Prior Total 2023 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 6 $ 6 $ 2 Internal grade 2 17 70 18 105 — Total notes receivable (a) $ 17 $ 70 $ 24 $ 111 $ 2 Net investment in leases Internal grade 1 $ — $ — $ 37 $ 37 $ — Internal grade 2 — 67 187 254 — Total net investment in leases (a) $ — $ 67 $ 224 $ 291 $ — _______________________________________ (a) For DTE Energy and DTE Electric, current portion is included in Current Assets — Other on the respective 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 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, 2023 $ 78 $ 1 $ 79 $ 49 Current period provision 34 — 34 17 Write-offs charged against allowance (50) — (50) (34) Recoveries of amounts previously written off 20 — 20 13 Ending reserve balance, June 30, 2023 $ 82 $ 1 $ 83 $ 45 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 49 — 49 33 Write-offs charged against allowance (105) (2) (107) (66) Recoveries of amounts previously written off 45 — 45 28 Ending reserve balance, December 31, 2022 $ 78 $ 1 $ 79 $ 49 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) DTE Energy $ 13 $ 14 $ 35 $ 34 DTE Electric $ 9 $ 8 $ 17 $ 16 There are no material amounts of past due financing receivables for the Registrants as of June 30, 2023. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted 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 Registrants adopted the ASU effective January 1, 2023 using the prospective approach, with no impact on the Registrants' financial position or results of operations. Gross write-offs, if any, will be disclosed in the Financing Receivables section of Note 2 to the Consolidated Financial Statements, "Significant Accounting Policies." |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric (a) Residential $ 658 $ 691 $ 1,312 $ 1,391 Commercial 524 487 1,019 964 Industrial 186 170 355 331 Other (b) (39) 222 22 374 Total Electric operating revenues $ 1,329 $ 1,570 $ 2,708 $ 3,060 Gas Gas sales $ 216 $ 231 $ 817 $ 827 End User Transportation 54 55 140 153 Intermediate Transportation 16 16 47 45 Other (b) 25 60 14 103 Total Gas operating revenues $ 311 $ 362 $ 1,018 $ 1,128 Other segment operating revenues DTE Vantage $ 189 $ 220 $ 373 $ 399 Energy Trading $ 904 $ 2,832 $ 2,472 $ 5,035 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $3 million and $4 million of Other revenues related to DTE Sustainable Generation for the three months ended June 30, 2023 and 2022, respectively, and $7 million and $8 million for the six months ended June 30, 2023 and 2022, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric — Other revenues $ 5 $ 4 $ 10 $ 8 Gas — Alternative Revenue Programs $ 1 $ — $ 4 $ — Gas — Other revenues $ 2 $ 2 $ 5 $ 4 DTE Vantage — Leases $ 10 $ 19 $ 25 $ 39 Energy Trading — Derivatives $ 696 $ 2,426 $ 1,857 $ 4,160 Deferred Revenue The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2023 $ 94 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 61 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (40) Ending Balance, June 30, 2023 $ 115 The deferred revenues at DTE Energy generally represent amounts paid by or receivables 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) 2023 $ 90 2024 24 2025 1 2026 — 2027 — 2028 and thereafter — $ 115 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) 2023 $ 74 $ 4 2024 231 8 2025 156 — 2026 94 — 2027 64 — 2028 and thereafter 308 — $ 927 $ 12 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2023 | |
Public Utilities, General Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Ludington Accounting Application During April 2022, DTE Electric and Consumers Energy Company (“Consumers”) filed a complaint against Toshiba America Energy Systems (“TAES”) and its parent corporation for defective and non-conforming work relating to the overhaul and upgrade of the Ludington Hydroelectric Pumped Storage Plant (“Ludington”). Refer to the Ludington Plant Contract Dispute section of Note 12 to the Consolidated Financial Statements, “Commitments and Contingencies,” for additional information regarding the complaint and ongoing legal proceedings. DTE Electric and Consumers, joint owners of Ludington, believe that certain costs must be incurred in the near term for repairing and/or replacing defective work performed by TAES in order to ensure the continued safe and reliable operation of the plant. In November 2022, DTE Electric and Consumers filed an accounting application with the MPSC for authority to defer these costs as a regulatory asset. DTE Electric and Consumers requested the regulatory asset for their respective 49% and 51% shares of these costs, to be offset by any potential litigation proceeds. The parties also requested that appropriate recovery and ratemaking treatment be granted in a future rate case or other proceeding. In May 2023, the MPSC approved the accounting application as requested. Costs incurred and deferred as regulatory assets will be reviewed in future rate proceedings for cost recovery. 2023 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on February 10, 2023 requesting an increase in base rates of $622 million based on a projected twelve-month period ending November 30, 2024, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses. These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability. The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs. A final MPSC order in this case is expected in December 2023. 2023 Securitization Filing On April 3, 2023, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $496 million of qualified costs related to the net book value of the St. Clair and Trenton Channel generation plants. The filing requested recovery of these qualifying costs from DTE Electric's customers. The MPSC issued a financing order on June 22, 2023 authorizing DTE Electric to proceed with the issuance of Securitization bonds for qualified costs up to $602 million, increased for the inclusion of deferred income taxes. The financing order further authorized customer charges for the timely recovery of debt service costs on the Securitization bonds and other ongoing qualified costs. Securitization financing is expected to occur in the fourth quarter 2023. Integrated Resource Plan In November 2022, DTE Electric filed an Integrated Resource Plan (IRP) with the MPSC, a comprehensive plan to meet the electricity needs of customers over the next 20 years. The IRP included details on planned coal plant retirements and replacement generation, including investments in renewables and battery storage, with a focus on providing increasingly clean, reliable, and affordable electricity to customers. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 Net income available to common shareholders — basic $ 200 $ 37 $ 644 $ 430 Average number of common shares outstanding — basic 206 193 206 193 Basic Earnings per Common Share $ 0.97 $ 0.19 $ 3.13 $ 2.22 Diluted Earnings per Share Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 Net income available to common shareholders — diluted $ 200 $ 37 $ 644 $ 430 Average number of common shares outstanding — basic 206 193 206 193 Average performance share awards — 1 — 1 Average number of common shares outstanding — diluted 206 194 206 194 Diluted Earnings per Common Share (a) $ 0.97 $ 0.19 $ 3.13 $ 2.22 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 10.0 million and 10.3 million for the three and six months ended June 30, 2022, respectively, as the dilutive stock price threshold was not met. The equity units were settled in November 2022 resulting in the issuance of common stock. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022. 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: June 30, 2023 December 31, 2022 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 17 $ — $ — $ — $ — $ 17 $ 10 $ — $ — $ — $ — $ 10 Nuclear decommissioning trusts Equity securities 752 — — 144 — 896 701 — — 138 — 839 Fixed income securities 105 362 — 92 — 559 115 359 — 89 — 563 Private equity and other — — — 291 — 291 — — — 262 — 262 Hedge funds and similar investments 102 62 — — — 164 78 41 — — — 119 Cash equivalents 43 — — — — 43 42 — — — — 42 Other investments (d) Equity securities 56 — — — — 56 56 — — — — 56 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 35 — — — — 35 72 — — — — 72 Derivative assets Commodity contracts (e) Natural gas 151 183 167 — (335) 166 426 183 135 — (649) 95 Electricity — 348 149 — (311) 186 — 720 243 — (643) 320 Environmental & Other — 332 22 — (340) 14 — 201 12 — (196) 17 Other contracts — 4 — — — 4 — 2 — — (1) 1 Total derivative assets 151 867 338 — (986) 370 426 1,106 390 — (1,489) 433 Total $ 1,268 $ 1,291 $ 338 $ 527 $ (986) $ 2,438 $ 1,507 $ 1,506 $ 390 $ 489 $ (1,489) $ 2,403 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (144) $ (218) $ (221) $ — $ 350 $ (233) $ (297) $ (331) $ (390) $ — $ 645 $ (373) Electricity — (334) (153) — 352 (135) — (659) (276) — 665 (270) Environmental & Other — (351) (6) — 350 (7) — (213) (1) — 201 (13) Other contracts — (2) — — — (2) — (2) — — 1 (1) Total $ (144) $ (905) $ (380) $ — $ 1,052 $ (377) $ (297) $ (1,205) $ (667) $ — $ 1,512 $ (657) Net Assets (Liabilities) at end of period $ 1,124 $ 386 $ (42) $ 527 $ 66 $ 2,061 $ 1,210 $ 301 $ (277) $ 489 $ 23 $ 1,746 Assets Current $ 130 $ 612 $ 230 $ — $ (697) $ 275 $ 360 $ 881 $ 286 $ — $ (1,189) $ 338 Noncurrent 1,138 679 108 527 (289) 2,163 1,147 625 104 489 (300) 2,065 Total Assets $ 1,268 $ 1,291 $ 338 $ 527 $ (986) $ 2,438 $ 1,507 $ 1,506 $ 390 $ 489 $ (1,489) $ 2,403 Liabilities Current $ (116) $ (601) $ (201) $ — $ 732 $ (186) $ (273) $ (876) $ (386) $ — $ 1,193 $ (342) Noncurrent (28) (304) (179) — 320 (191) (24) (329) (281) — 319 (315) Total Liabilities $ (144) $ (905) $ (380) $ — $ 1,052 $ (377) $ (297) $ (1,205) $ (667) $ — $ 1,512 $ (657) Net Assets (Liabilities) at end of period $ 1,124 $ 386 $ (42) $ 527 $ 66 $ 2,061 $ 1,210 $ 301 $ (277) $ 489 $ 23 $ 1,746 _______________________________________ (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 $11 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at June 30, 2023 and December 31, 2022, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements. (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: June 30, 2023 December 31, 2022 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) $ 9 $ — $ — $ — $ 9 $ 9 $ — $ — $ — $ 9 Nuclear decommissioning trusts Equity securities 752 — — 144 896 701 — — 138 839 Fixed income securities 105 362 — 92 559 115 359 — 89 563 Private equity and other — — — 291 291 — — — 262 262 Hedge funds and similar investments 102 62 — — 164 78 41 — — 119 Cash equivalents 43 — — — 43 42 — — — 42 Other investments Equity securities 20 — — — 20 16 — — — 16 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 14 — 14 — — 11 — 11 Total $ 1,042 $ 424 $ 14 $ 527 $ 2,007 $ 972 $ 400 $ 11 $ 489 $ 1,872 Assets Current $ 9 $ — $ 14 $ — $ 23 $ 9 $ — $ 11 $ — $ 20 Noncurrent 1,033 424 — 527 1,984 963 400 — 489 1,852 Total Assets $ 1,042 $ 424 $ 14 $ 527 $ 2,007 $ 972 $ 400 $ 11 $ 489 $ 1,872 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at June 30, 2023 and December 31, 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 $162 million and $177 million as of June 30, 2023 and December 31, 2022, 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 tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of March 31 $ (62) $ (38) $ 2 $ (98) $ (230) $ (117) $ 6 $ (341) Total gains (losses) Included in earnings (a) 11 75 1 87 (175) 33 3 (139) Recorded in Regulatory liabilities — — 14 14 — — 28 28 Purchases, issuances, and settlements Settlements (3) (41) (1) (45) 43 (12) (7) 24 Net Assets (Liabilities) as of June 30 $ (54) $ (4) $ 16 $ (42) $ (362) $ (96) $ 30 $ (428) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 (a) $ (3) $ 49 $ (32) $ 14 $ (145) $ 25 $ (24) $ (144) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 14 $ 14 $ — $ — $ 25 $ 25 _______________________________________ (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. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ (255) $ (33) $ 11 $ (277) $ (179) $ (45) $ 9 $ (215) Transfers from Level 3 into Level 2 — — — — 5 — 5 Total gains (losses) Included in earnings (a) 162 30 2 194 (347) (18) 7 (358) Recorded in Regulatory liabilities — — 5 5 — — 24 24 Purchases, issuances, and settlements Settlements 39 (1) (2) 36 159 (33) (10) 116 Net Assets (Liabilities) as of June 30 $ (54) $ (4) $ 16 $ (42) $ (362) $ (96) $ 30 $ (428) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 a) $ 90 $ 68 $ (31) $ 127 $ (274) $ (39) $ (21) $ (334) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 14 $ 14 $ — $ — $ 25 $ 25 _______________________________________ (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Net Assets as of beginning of period $ 1 $ 3 $ 11 $ 9 Total gains recorded in Regulatory liabilities 14 28 5 24 Purchases, issuances, and settlements Settlements (1) (6) (2) (8) Net Assets as of June 30 $ 14 $ 25 $ 14 $ 25 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ 14 $ 25 $ 14 $ 25 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 six months ended months ended June 30, 2023 and 2022. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: June 30, 2023 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 167 $ (221) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.62) — $ 4.59 /MMBtu $ (0.07) /MMBtu Electricity $ 149 $ (153) Discounted Cash Flow Forward basis price (per MWh) $ (20.34) — $ 12.99 /MWh $ (3.43) /MWh December 31, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 135 $ (390) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.91) — $ 39.94 /MMBtu $ 0.18 /MMBtu Electricity $ 243 $ (276) Discounted Cash Flow Forward basis price (per MWh) $ (29.41) — $ 15.00 /MWh $ (3.04) /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: June 30, 2023 December 31, 2022 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 $ 111 $ — $ — $ 113 $ 80 $ — $ — $ 82 Short-term borrowings $ 528 $ — $ 528 $ — $ 1,162 $ — $ 1,162 $ — Notes payable (b) $ 24 $ — $ — $ 24 $ 18 $ — $ — $ 18 Long-term debt (c) $ 19,221 $ 817 $ 15,364 $ 1,205 $ 17,978 $ 710 $ 14,084 $ 1,199 _______________________________________ (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: June 30, 2023 December 31, 2022 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) $ 2 $ — $ — $ 2 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ — $ — $ — $ — $ 27 $ — $ — $ 27 Short-term borrowings — other $ 222 $ — $ 222 $ — $ 568 $ — $ 568 $ — Notes payable (b) $ 23 $ — $ — $ 23 $ 17 $ — $ — $ 17 Long-term debt (c) $ 10,965 $ — $ 9,615 $ 133 $ 9,696 $ — $ 8,289 $ 128 _______________________________________ (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 8 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: June 30, 2023 December 31, 2022 (In millions) Fermi 2 $ 1,939 $ 1,807 Fermi 1 3 3 Low-level radioactive waste 11 15 $ 1,953 $ 1,825 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Realized gains $ 11 $ 32 $ 19 $ 46 Realized losses $ (12) $ (18) $ (26) $ (23) Proceeds from sale of securities $ 257 $ 306 $ 423 $ 513 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: June 30, 2023 December 31, 2022 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 896 $ 420 $ (15) $ 839 $ 342 $ (23) Fixed income securities 559 3 (39) 563 1 (56) Private equity and other 291 69 (6) 262 63 (5) Hedge funds and similar investments 164 5 (12) 119 — (18) Cash equivalents 43 — — 42 — — $ 1,953 $ 497 $ (72) $ 1,825 $ 406 $ (102) The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: June 30, 2023 (In millions) Due within one year $ 10 Due after one through five years 106 Due after five through ten years 89 Due after ten years 262 $ 467 Fixed income securities held in nuclear decommissioning trust funds include $92 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At June 30, 2023 and December 31, 2022, 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 is comprised primarily of trading securities recorded at fair value, as well as debt securities classified as held-to-maturity and recorded at amortized cost. The trust was established to fund certain non-qualified pension benefits, and therefore changes in market value of the trading securities and interest on the held-to-maturity securities 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. Gains (losses) related to the trading securities were immaterial for the three and six months ended June 30, 2023 and 2022. |
Financial and Other Derivative
Financial and Other Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
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 2026. 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, power generation assets, and other customer specific energy solutions. 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 June 30, 2023 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: June 30, 2023 December 31, 2022 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Interest rate contracts $ 4 $ — $ 1 $ — Foreign currency exchange contracts — (2) — (2) Total derivatives designated as hedging instruments $ 4 $ (2) $ 1 $ (2) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 501 $ (583) $ 744 $ (1,018) Electricity 497 (487) 963 (935) Environmental & Other 354 (357) 213 (214) Foreign currency exchange contracts — — 1 — Total derivatives not designated as hedging instruments $ 1,352 $ (1,427) $ 1,921 $ (2,167) Current $ 955 $ (918) $ 1,517 $ (1,535) Noncurrent 401 (511) 405 (634) Total derivatives $ 1,356 $ (1,429) $ 1,922 $ (2,169) The fair value of derivative instruments at DTE Electric was $14 million and $11 million at June 30, 2023 and December 31, 2022, 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 no of letters of credit issued and outstanding at June 30, 2023 and $81 million at December 31, 2022, 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 $33 million and $82 million at June 30, 2023 and December 31, 2022, 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: June 30, 2023 December 31, 2022 (In millions) Cash collateral netted against Derivative assets $ — $ (90) Cash collateral netted against Derivative liabilities 66 113 Cash collateral recorded in Accounts receivable (a) 53 77 Cash collateral recorded in Accounts payable (a) (3) (27) Total net cash collateral posted (received) $ 116 $ 73 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2023 December 31, 2022 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 $ 501 $ (335) $ 166 $ 744 $ (649) $ 95 Electricity 497 (311) 186 963 (643) 320 Environmental & Other 354 (340) 14 213 (196) 17 Interest rate contracts 4 — 4 1 — 1 Foreign currency exchange contracts — — — 1 (1) — Total derivative assets $ 1,356 $ (986) $ 370 $ 1,922 $ (1,489) $ 433 Derivative liabilities Commodity contracts (a) Natural gas $ (583) $ 350 $ (233) $ (1,018) $ 645 $ (373) Electricity (487) 352 (135) (935) 665 (270) Environmental & Other (357) 350 (7) (214) 201 (13) Foreign currency exchange contracts (2) — (2) (2) 1 (1) Total derivative liabilities $ (1,429) $ 1,052 $ (377) $ (2,169) $ 1,512 $ (657) _______________________________________ (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: June 30, 2023 December 31, 2022 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 955 $ 401 $ (918) $ (511) $ 1,517 $ 405 $ (1,535) $ (634) Counterparty netting (697) (289) 697 289 (1,127) (272) 1,127 272 Collateral adjustment — — 35 31 (62) (28) 66 47 Total derivatives as reported $ 258 $ 112 $ (186) $ (191) $ 328 $ 105 $ (342) $ (315) 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 June 30, Gain (Loss) Recognized in Income on Derivatives for the Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ 59 $ (32) $ 130 $ (263) Natural gas Fuel, purchased power, gas, and other — non-utility (65) (165) 83 (100) Electricity Operating Revenues — Non-utility operations 60 110 (55) 112 Environmental & Other Operating Revenues — Non-utility operations — 22 (1) 18 Foreign currency exchange contracts Operating Revenues — Non-utility operations (1) 2 (1) — Total $ 53 $ (63) $ 156 $ (233) 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 June 30, 2023: Commodity Number of Units Natural gas (MMBtu) 2,121,182,323 Electricity (MWh) 45,914,461 Oil (Gallons) 5,688,000 Foreign currency exchange ($ CAD) 159,105,250 FTR (MWh) 140,020 Renewable Energy Certificates (MWh) 11,341,187 Carbon emissions (Metric Tons) 1,413,896 Interest rate contracts ($ USD) 500,000,000 Various subsidiaries of DTE Energy have entered into derivative and non-derivative 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, and environmental) and the provisions and maturities of the underlying transactions. As of June 30, 2023, 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 $448 million. As of June 30, 2023, DTE Energy had $1.2 billion of derivatives in net liability positions, for which hard triggers exist. There is $47 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 $958 million. The net remaining amount of $165 million is derived from the $448 million noted above. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Debt Issuances In 2023, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds (a) 5.20% 2033 $ 600 DTE Electric March Mortgage bonds (a) 5.40% 2053 600 DTE Energy March Term loan facility draw (b) Variable 2023 200 DTE Energy May Senior notes (c) 4.875% 2028 800 DTE Electric June Tax-exempt revenue bonds (d) 3.875% 2053 100 $ 2,300 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Proceeds used for general corporate purposes. (c) Proceeds used for the repayment of amounts outstanding under the term loan facility. (d) Tax-exempt revenue bonds are issued by a public body that loans the proceeds to DTE Electric with terms substantially mirroring the revenue bonds. Proceeds were used to finance costs relating to solid waste disposal facilities at the Monroe and St. Clair power plants. The bonds will be subject to mandatory tender in June 2030. In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. Any borrowings on the loan were determined to be long-term debt, as the term of the facility exceeded one year. Through the first quarter 2023, DTE Energy had drawn $1.0 billion on the term loan, bearing interest at SOFR plus 0.90% per annum. These borrowings were repaid in May and June 2023, as noted in the debt redemptions table below. Unused term loan capacity of $125 million terminated in June 2023 per the terms of the credit agreement. Debt Redemptions In 2023, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Gas April Senior notes 6.44% 2023 $ 25 DTE Energy May Term loan facility Variable 2023 800 DTE Electric June Securitization bonds 2.64% 2023 19 DTE Energy June Term loan facility Variable 2023 200 $ 1,044 |
Short-Term Credit Arrangements
Short-Term Credit Arrangements and Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
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. Letters of credit of up to $500 million may also be issued under the DTE Energy revolver. DTE Energy and DTE Electric also have other facilities to support letter of credit issuance and increase liquidity. The unsecured revolving credit agreements 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 June 30, 2023, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.64 to 1, 0.53 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant. During May 2023, DTE Energy paid the amount outstanding and terminated its unsecured Canadian revolving credit facility. In June 2023, DTE Energy entered into a new $100 million uncommitted letter of credit facility, with availability to either DTE Energy or DTE Electric. DTE Energy also amended the terms of several other letter of credit facilities, including capacity and maturity date. The availability under these facilities as of June 30, 2023 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring October 2027 $ 1,500 $ 800 $ 300 $ 2,600 Unsecured letter of credit facility, expiring June 2024 275 — — 275 Unsecured letter of credit facility, expiring February 2025 150 — — 150 Unsecured letter of credit facility (a) 100 — — 100 Unsecured letter of credit facility (b) — 100 — 100 2,025 900 300 3,225 Amounts outstanding at June 30, 2023 Commercial paper issuances 306 222 — 528 Letters of credit 289 — — 289 595 222 — 817 Net availability at June 30, 2023 $ 1,430 $ 678 $ 300 $ 2,408 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (b) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility. In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent, which allows the right of setoff with posted collateral. At June 30, 2023, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $130 million and $166 million at June 30, 2023 and December 31, 2022, respectively, and were fully offset by posted collateral. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | LEASES Lessor Interest income recognized under finance leases was $7 million and $6 million for the three months ended June 30, 2023 and 2022, respectively, and $14 million and $11 million for the six months ended June 30, 2023 and 2022, respectively. DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Fixed payments $ 3 $ 4 $ 7 $ 8 Variable payments 7 15 18 31 $ 10 $ 19 $ 25 $ 39 |
Leases | LEASES Lessor Interest income recognized under finance leases was $7 million and $6 million for the three months ended June 30, 2023 and 2022, respectively, and $14 million and $11 million for the six months ended June 30, 2023 and 2022, respectively. DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Fixed payments $ 3 $ 4 $ 7 $ 8 Variable payments 7 15 18 31 $ 10 $ 19 $ 25 $ 39 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 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 May 19, 2023, the EPA posted in the Federal Register the redesignation of attainment of the ozone standard for the seven-county Southeast Michigan region. DTE Electric does not expect a significant financial impact related to the ozone NAAQS at this time, pending finalization of the state rules and implementation plans. In May 2023, the EPA proposed new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. DTE Electric is reviewing the proposal and working with industry partners to provide comments on the proposed rules. The financial impact cannot be estimated until a final rule is issued, which is currently expected in the second half of 2024. 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 permit, EGLE has added requirements to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations. DTE Electric will submit to EGLE a biological demonstration study plan to evaluate the thermal discharge impacts to an aquatic community. After approval of the plan 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 that 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 June 30, 2023 and December 31, 2022, DTE Electric had $10 million 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 has continued to be updated in subsequent years. 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, Part A of the CCR rule was published in the Federal Register and required all unlined impoundments 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, Part B of the CCR Rule was published in the Federal Register and provides a process to determine if certain unlined impoundments with an alternative liner system may be sufficiently protective and therefore may continue to operate. DTE Electric submitted applications to the EPA that support continued use of all impoundments through their active lives. The forced closure date of April 11, 2021 was effectively delayed, pending the EPA completing review of the applications. 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. On January 25, 2023, DTE Electric received notice of the EPA's proposed denial of Part B applications. DTE Electric provided comments on April 10, 2023, in response to the proposed decision. If the EPA's final decision remains unchanged, DTE Electric does not expect the denied applications to have a significant operational or financial impact; however, DTE Electric is continuing to review and analyze potential outcomes of this matter. On May 18, 2023, the EPA posted in the Federal Register a proposed rule to regulate legacy CCR surface impoundments and CCR management units. The rule proposes to expand the reach of the CCR rule to inactive electric generation sites and previously unregulated locations of CCR at a regulated facility. DTE Electric is currently evaluating the proposed rule. The financial impact of the proposed rule cannot be estimated until a final rule is issued, which is currently expected in mid-2024. At the State level, legislation was signed 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 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 a 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 March 29, 2023, the EPA published two draft proposals to revise existing ELG rules. The first draft proposal would reopen the cessation of coal compliance subcategory from the 2020 ELG rule and allow for compliance by committing to such cessation no later than December 31, 2028. This proposal was finalized by the EPA on May 30, 2023. The second draft proposal is a broader update to the ELG rules that includes revised compliance standards for FGD wastewater, bottom ash transport water, and other wastewater streams with a compliance date no later than December 31, 2029. DTE Electric's compliance strategy includes the proposed conversion of the two generating units at the Belle River power plant to a natural gas peaking resource in 2025-2026, which was included in the NOPP filed in 2021. DTE Electric also submitted a new NOPP to apply for the cessation of coal compliance subcategory for generating units 3 and 4 at the Monroe power plant. DTE Electric plans to retire Monroe's generating units 1 and 2 in 2032, pending approval by the MPSC. DTE Electric continues to evaluate compliance strategies, technologies and system designs to achieve compliance with the EPA rules at the Monroe power plant. DTE Electric currently estimates the impact of the CCR and ELG rules to be $481 million of capital expenditures, including $416 million for 2023 through 2027. This estimate may change in future periods as DTE Electric continues to evaluate the proposed EPA rule from May 18, 2023 to regulate legacy CCR surface impoundments and CCR management units, as noted above. 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 those 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 June 30, 2023 and December 31, 2022, DTE Gas had $20 million and $23 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. Air — The EPA recently finalized its Good Neighbor Rule, which includes provisions for compressor engines operated for the transportation of natural gas. DTE Gas is assessing the applicability of the rule on its engines and what impacts that could have on operations. DTE Gas has not determined whether there will be a financial impact at this time. 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 November 2022, the Sierra Club and City of River Rouge were granted intervention. 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 of 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 in 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO 2 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 SO 2 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 provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its previously operated 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 June 30, 2023 was $414 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 June 30, 2023. 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 June 30, 2023, DTE Energy had $313 million of performance bonds outstanding, including $138 million for DTE Electric. Performance bonds are not individually material, except for $130 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' approximately 4,950 represented employees, including DTE Electric's approximately 2,550 represented employees. This represents 49% and 56% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 1% have contracts expiring within one year for DTE Energy. None of the represented employees have contracts expiring within one year for DTE Electric. Purchase Commitments Utility capital expenditures and expenditures for non-utility businesses will be approximately $4.2 billion and $3.2 billion in 2023 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2023 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 agreement with Toshiba America Energy Systems ("TAES"), under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES' work has been defective and non-conforming. 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. During September 2022, the motion to dismiss the complaint was denied. DTE Electric believes the outstanding counterclaims are without merit, but would be liable for 49% of the damages if approved. In October 2022, the combined parties submitted a joint discovery plan to proceed with the litigation process and a potential trial during the second half of 2024. DTE Electric cannot predict the financial impact or outcome of this matter. Refer to the Ludington Accounting Application section within Note 5 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding costs to address TAES defective work and regulatory accounting treatment. 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 5 and 8 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively. |
Retirement Benefits and Trustee
Retirement Benefits and Trusteed Assets | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefits and Trusteed Assets | RETIREMENT BENEFITS AND TRUSTEED ASSETS DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement benefit plans covering certain employees of the Registrants. Participants of all plans are solely DTE Energy and affiliate participants. 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 June 30, 2023 2022 2023 2022 (In millions) Service cost $ 14 $ 23 $ 5 $ 7 Interest cost 53 42 16 12 Expected return on plan assets (87) (86) (27) (31) Amortization of: Net actuarial loss 1 28 2 1 Prior service credit — — (6) (5) Settlements 5 — — — Net periodic benefit cost (credit) $ (14) $ 7 $ (10) $ (16) Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Service cost $ 28 $ 47 $ 9 $ 14 Interest cost 107 83 32 24 Expected return on plan assets (175) (173) (55) (63) Amortization of: Net actuarial loss 3 57 5 2 Prior service credit (1) — (10) (10) Settlements 7 — — — Net periodic benefit cost (credit) $ (31) $ 14 $ (19) $ (33) 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 that 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. For service costs recognized in earnings, these costs have historically been presented in Operation and maintenance in the Registrants' Consolidated Statements of Operations. For non-service costs recognized in earnings, these costs have historically been presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations and Operation and maintenance in DTE Electric's Consolidated Statements of Operations. In November 2022, DTE Electric received a rate order from the MPSC approving the deferral of qualified pension plan service and non-service costs that were previously being recognized in earnings. Therefore, the Registrants are recording these costs as Regulatory assets beginning in December 2022. 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 regulatory assets, operation and maintenance expense, other income and deductions, and capital expenditures was a credit of $7 million and $16 million for the three and six months ended June 30, 2023, and a cost of $9 million and $18 million for the three and six months ended June 30, 2022. These amounts may include recognized contractual termination benefit charges, curtailment gains, and settlement charges. The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Service cost $ 4 $ 5 $ 7 $ 10 Interest cost 13 9 25 18 Expected return on plan assets (19) (21) (37) (42) Amortization of: Net actuarial loss — 1 — 2 Prior service credit (4) (3) (7) (6) Net periodic benefit credit $ (6) $ (9) $ (12) $ (18) Pension and Other Postretirement Contributions No contributions are currently expected for DTE Energy's qualified pension plans or postretirement benefit plans in 2023. 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 2023 in exchange for cash consideration. |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2023 | |
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 custom energy solutions to industrial, commercial, and institutional customers. 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. 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. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric $ 18 $ 18 $ 35 $ 34 Gas 4 3 9 6 DTE Vantage 9 17 19 42 Energy Trading 18 22 45 39 Corporate and Other — — — — $ 49 $ 60 $ 108 $ 121 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Operating Revenues — Utility operations Electric $ 1,326 $ 1,566 $ 2,701 $ 3,052 Gas 311 362 1,018 1,128 Operating Revenues — Non-utility operations Electric 3 4 7 8 DTE Vantage 189 220 373 399 Energy Trading 904 2,832 2,472 5,035 Corporate and Other — — — — Reconciliation and Eliminations (49) (60) (108) (121) Total $ 2,684 $ 4,924 $ 6,463 $ 9,501 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment Electric $ 178 $ 186 $ 279 $ 387 Gas 24 6 195 202 DTE Vantage 26 28 53 42 Energy Trading 31 (127) 169 (136) Corporate and Other (58) (56) (50) (64) Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income Attributable to DTE Energy Company | $ 201 | $ 37 | $ 646 | $ 431 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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, 2023. 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 DTE Energy were reclassified to match the current year's Consolidated Financial Statements presentation. |
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 June 30, 2023, 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 June 30, 2023, 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. During 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. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of the Registrants. |
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, if any. 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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2023. DTE Energy DTE Electric Year of Origination 2023 2022 2021 and Prior Total 2023 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 6 $ 6 $ 2 Internal grade 2 17 70 18 105 — Total notes receivable (a) $ 17 $ 70 $ 24 $ 111 $ 2 Net investment in leases Internal grade 1 $ — $ — $ 37 $ 37 $ — Internal grade 2 — 67 187 254 — Total net investment in leases (a) $ — $ 67 $ 224 $ 291 $ — _______________________________________ (a) For DTE Energy and DTE Electric, current portion is included in Current Assets — Other on the respective 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 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 Pronouncements | Recently Adopted 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 Registrants adopted the ASU effective January 1, 2023 using the prospective approach, with no impact on the Registrants' financial position or results of operations. Gross write-offs, if any, will be disclosed in the Financing Receivables section of Note 2 to the Consolidated Financial Statements, "Significant Accounting Policies." |
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 June 30, 2023 and December 31, 2022. 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 $162 million and $177 million as of June 30, 2023 and December 31, 2022, 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 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 2026. 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, power generation assets, and other customer specific energy solutions. 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 June 30, 2023 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 no of letters of credit issued and outstanding at June 30, 2023 and $81 million at December 31, 2022, 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 $33 million and $82 million at June 30, 2023 and December 31, 2022, 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) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022. 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: June 30, 2023 December 31, 2022 DTE Energy DTE Electric (a) DTE Energy DTE Electric (a) (In millions) ASSETS Cash and cash equivalents $ 8 $ — $ 14 $ — Restricted cash 9 9 9 9 Securitized regulatory assets 188 188 206 206 Notes receivable 82 — 81 — Other current and long-term assets 8 2 14 3 $ 295 $ 199 $ 324 $ 218 LIABILITIES Short-term borrowings $ — $ — $ 81 — Securitization bonds (b) 193 193 211 211 Other current and long-term liabilities 11 8 14 9 $ 204 $ 201 $ 306 $ 220 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization. (b) Includes $40 million and $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended June 30, 2023 and December 31, 2022, respectively. |
Summary of Amounts for Non-Consolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows: June 30, 2023 December 31, 2022 (In millions) Investments in equity method investees $ 126 $ 137 Notes receivable $ 15 $ 15 Future funding commitments $ 1 $ 2 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Other Income | The following is a summary of DTE Energy's Other income: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Allowance for equity funds used during construction $ 9 $ 6 $ 18 $ 14 Contract services 7 7 13 14 Investment income (a) 4 — 9 — Equity earnings (losses) of equity method investees — (4) 4 (15) Other 11 2 13 6 $ 31 $ 11 $ 57 $ 19 _______________________________________ (a) Investment losses 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Allowance for equity funds used during construction $ 8 $ 5 $ 17 $ 12 Contract services 6 7 12 14 Investment income (a) 3 — 6 — Other 3 3 5 5 $ 20 $ 15 $ 40 $ 31 _______________________________________ (a) Investment losses are recorded separately to Other expenses on the Consolidated Statements of Operations. |
Schedule of Effective Income Tax Rate Reconciliation | The tables below summarize how the Registrants' effective income tax rates have varied from the statutory federal income tax rate: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 DTE Energy Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State and local income taxes, net of federal benefit 4.4 11.0 4.4 4.6 Production tax credits (4.4) (67.3) (5.6) (9.6) TCJA amortization (3.1) (110.4) (3.8) (15.8) Investment tax credits (1.4) (1.6) (2.0) (0.2) Enactment of West Virginia income tax legislation, net of federal benefit — — (0.8) — State tax audit settlement, net of federal benefit (1.8) — (0.6) — Other (0.3) 0.8 (1.1) (1.5) Effective income tax rate 14.4 % (146.5) % 11.5 % (1.5) % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 DTE Electric Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) due to: State and local income taxes, net of federal benefit 5.7 5.8 5.7 5.8 Production tax credits (8.2) (9.0) (7.8) (9.0) TCJA amortization (5.3) (15.4) (5.0) (15.5) State tax audit settlement, net of federal benefit (2.1) — (1.3) — Other (1.4) (0.9) (1.2) (0.8) Effective income tax rate 9.7 % 1.5 % 11.4 % 1.5 % |
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, including current year-to-date gross write-offs, if any. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2023. DTE Energy DTE Electric Year of Origination 2023 2022 2021 and Prior Total 2023 and Prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 6 $ 6 $ 2 Internal grade 2 17 70 18 105 — Total notes receivable (a) $ 17 $ 70 $ 24 $ 111 $ 2 Net investment in leases Internal grade 1 $ — $ — $ 37 $ 37 $ — Internal grade 2 — 67 187 254 — Total net investment in leases (a) $ — $ 67 $ 224 $ 291 $ — _______________________________________ (a) For DTE Energy and DTE Electric, current portion is included in Current Assets — Other on the respective 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, 2023 $ 78 $ 1 $ 79 $ 49 Current period provision 34 — 34 17 Write-offs charged against allowance (50) — (50) (34) Recoveries of amounts previously written off 20 — 20 13 Ending reserve balance, June 30, 2023 $ 82 $ 1 $ 83 $ 45 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 49 — 49 33 Write-offs charged against allowance (105) (2) (107) (66) Recoveries of amounts previously written off 45 — 45 28 Ending reserve balance, December 31, 2022 $ 78 $ 1 $ 79 $ 49 |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) DTE Energy $ 13 $ 14 $ 35 $ 34 DTE Electric $ 9 $ 8 $ 17 $ 16 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric (a) Residential $ 658 $ 691 $ 1,312 $ 1,391 Commercial 524 487 1,019 964 Industrial 186 170 355 331 Other (b) (39) 222 22 374 Total Electric operating revenues $ 1,329 $ 1,570 $ 2,708 $ 3,060 Gas Gas sales $ 216 $ 231 $ 817 $ 827 End User Transportation 54 55 140 153 Intermediate Transportation 16 16 47 45 Other (b) 25 60 14 103 Total Gas operating revenues $ 311 $ 362 $ 1,018 $ 1,128 Other segment operating revenues DTE Vantage $ 189 $ 220 $ 373 $ 399 Energy Trading $ 904 $ 2,832 $ 2,472 $ 5,035 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $3 million and $4 million of Other revenues related to DTE Sustainable Generation for the three months ended June 30, 2023 and 2022, respectively, and $7 million and $8 million for the six months ended June 30, 2023 and 2022, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric — Other revenues $ 5 $ 4 $ 10 $ 8 Gas — Alternative Revenue Programs $ 1 $ — $ 4 $ — Gas — Other revenues $ 2 $ 2 $ 5 $ 4 DTE Vantage — Leases $ 10 $ 19 $ 25 $ 39 Energy Trading — Derivatives $ 696 $ 2,426 $ 1,857 $ 4,160 |
Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2023 $ 94 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 61 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (40) Ending Balance, June 30, 2023 $ 115 |
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) 2023 $ 90 2024 24 2025 1 2026 — 2027 — 2028 and thereafter — $ 115 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) 2023 $ 74 $ 4 2024 231 8 2025 156 — 2026 94 — 2027 64 — 2028 and thereafter 308 — $ 927 $ 12 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 Net income available to common shareholders — basic $ 200 $ 37 $ 644 $ 430 Average number of common shares outstanding — basic 206 193 206 193 Basic Earnings per Common Share $ 0.97 $ 0.19 $ 3.13 $ 2.22 Diluted Earnings per Share Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 Less: Allocation of earnings to net restricted stock awards 1 — 2 1 Net income available to common shareholders — diluted $ 200 $ 37 $ 644 $ 430 Average number of common shares outstanding — basic 206 193 206 193 Average performance share awards — 1 — 1 Average number of common shares outstanding — diluted 206 194 206 194 Diluted Earnings per Common Share (a) $ 0.97 $ 0.19 $ 3.13 $ 2.22 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 10.0 million and 10.3 million for the three and six months ended June 30, 2022, respectively, as the dilutive stock price threshold was not met. The equity units were settled in November 2022 resulting in the issuance of common stock. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 December 31, 2022 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 17 $ — $ — $ — $ — $ 17 $ 10 $ — $ — $ — $ — $ 10 Nuclear decommissioning trusts Equity securities 752 — — 144 — 896 701 — — 138 — 839 Fixed income securities 105 362 — 92 — 559 115 359 — 89 — 563 Private equity and other — — — 291 — 291 — — — 262 — 262 Hedge funds and similar investments 102 62 — — — 164 78 41 — — — 119 Cash equivalents 43 — — — — 43 42 — — — — 42 Other investments (d) Equity securities 56 — — — — 56 56 — — — — 56 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 35 — — — — 35 72 — — — — 72 Derivative assets Commodity contracts (e) Natural gas 151 183 167 — (335) 166 426 183 135 — (649) 95 Electricity — 348 149 — (311) 186 — 720 243 — (643) 320 Environmental & Other — 332 22 — (340) 14 — 201 12 — (196) 17 Other contracts — 4 — — — 4 — 2 — — (1) 1 Total derivative assets 151 867 338 — (986) 370 426 1,106 390 — (1,489) 433 Total $ 1,268 $ 1,291 $ 338 $ 527 $ (986) $ 2,438 $ 1,507 $ 1,506 $ 390 $ 489 $ (1,489) $ 2,403 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (144) $ (218) $ (221) $ — $ 350 $ (233) $ (297) $ (331) $ (390) $ — $ 645 $ (373) Electricity — (334) (153) — 352 (135) — (659) (276) — 665 (270) Environmental & Other — (351) (6) — 350 (7) — (213) (1) — 201 (13) Other contracts — (2) — — — (2) — (2) — — 1 (1) Total $ (144) $ (905) $ (380) $ — $ 1,052 $ (377) $ (297) $ (1,205) $ (667) $ — $ 1,512 $ (657) Net Assets (Liabilities) at end of period $ 1,124 $ 386 $ (42) $ 527 $ 66 $ 2,061 $ 1,210 $ 301 $ (277) $ 489 $ 23 $ 1,746 Assets Current $ 130 $ 612 $ 230 $ — $ (697) $ 275 $ 360 $ 881 $ 286 $ — $ (1,189) $ 338 Noncurrent 1,138 679 108 527 (289) 2,163 1,147 625 104 489 (300) 2,065 Total Assets $ 1,268 $ 1,291 $ 338 $ 527 $ (986) $ 2,438 $ 1,507 $ 1,506 $ 390 $ 489 $ (1,489) $ 2,403 Liabilities Current $ (116) $ (601) $ (201) $ — $ 732 $ (186) $ (273) $ (876) $ (386) $ — $ 1,193 $ (342) Noncurrent (28) (304) (179) — 320 (191) (24) (329) (281) — 319 (315) Total Liabilities $ (144) $ (905) $ (380) $ — $ 1,052 $ (377) $ (297) $ (1,205) $ (667) $ — $ 1,512 $ (657) Net Assets (Liabilities) at end of period $ 1,124 $ 386 $ (42) $ 527 $ 66 $ 2,061 $ 1,210 $ 301 $ (277) $ 489 $ 23 $ 1,746 _______________________________________ (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 $11 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at June 30, 2023 and December 31, 2022, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements. (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: June 30, 2023 December 31, 2022 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) $ 9 $ — $ — $ — $ 9 $ 9 $ — $ — $ — $ 9 Nuclear decommissioning trusts Equity securities 752 — — 144 896 701 — — 138 839 Fixed income securities 105 362 — 92 559 115 359 — 89 563 Private equity and other — — — 291 291 — — — 262 262 Hedge funds and similar investments 102 62 — — 164 78 41 — — 119 Cash equivalents 43 — — — 43 42 — — — 42 Other investments Equity securities 20 — — — 20 16 — — — 16 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 14 — 14 — — 11 — 11 Total $ 1,042 $ 424 $ 14 $ 527 $ 2,007 $ 972 $ 400 $ 11 $ 489 $ 1,872 Assets Current $ 9 $ — $ 14 $ — $ 23 $ 9 $ — $ 11 $ — $ 20 Noncurrent 1,033 424 — 527 1,984 963 400 — 489 1,852 Total Assets $ 1,042 $ 424 $ 14 $ 527 $ 2,007 $ 972 $ 400 $ 11 $ 489 $ 1,872 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at June 30, 2023 and December 31, 2022. |
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of March 31 $ (62) $ (38) $ 2 $ (98) $ (230) $ (117) $ 6 $ (341) Total gains (losses) Included in earnings (a) 11 75 1 87 (175) 33 3 (139) Recorded in Regulatory liabilities — — 14 14 — — 28 28 Purchases, issuances, and settlements Settlements (3) (41) (1) (45) 43 (12) (7) 24 Net Assets (Liabilities) as of June 30 $ (54) $ (4) $ 16 $ (42) $ (362) $ (96) $ 30 $ (428) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 (a) $ (3) $ 49 $ (32) $ 14 $ (145) $ 25 $ (24) $ (144) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 14 $ 14 $ — $ — $ 25 $ 25 _______________________________________ (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. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ (255) $ (33) $ 11 $ (277) $ (179) $ (45) $ 9 $ (215) Transfers from Level 3 into Level 2 — — — — 5 — 5 Total gains (losses) Included in earnings (a) 162 30 2 194 (347) (18) 7 (358) Recorded in Regulatory liabilities — — 5 5 — — 24 24 Purchases, issuances, and settlements Settlements 39 (1) (2) 36 159 (33) (10) 116 Net Assets (Liabilities) as of June 30 $ (54) $ (4) $ 16 $ (42) $ (362) $ (96) $ 30 $ (428) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 a) $ 90 $ 68 $ (31) $ 127 $ (274) $ (39) $ (21) $ (334) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 14 $ 14 $ — $ — $ 25 $ 25 _______________________________________ (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Net Assets as of beginning of period $ 1 $ 3 $ 11 $ 9 Total gains recorded in Regulatory liabilities 14 28 5 24 Purchases, issuances, and settlements Settlements (1) (6) (2) (8) Net Assets as of June 30 $ 14 $ 25 $ 14 $ 25 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ 14 $ 25 $ 14 $ 25 |
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: June 30, 2023 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 167 $ (221) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.62) — $ 4.59 /MMBtu $ (0.07) /MMBtu Electricity $ 149 $ (153) Discounted Cash Flow Forward basis price (per MWh) $ (20.34) — $ 12.99 /MWh $ (3.43) /MWh December 31, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 135 $ (390) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.91) — $ 39.94 /MMBtu $ 0.18 /MMBtu Electricity $ 243 $ (276) Discounted Cash Flow Forward basis price (per MWh) $ (29.41) — $ 15.00 /MWh $ (3.04) /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: June 30, 2023 December 31, 2022 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 $ 111 $ — $ — $ 113 $ 80 $ — $ — $ 82 Short-term borrowings $ 528 $ — $ 528 $ — $ 1,162 $ — $ 1,162 $ — Notes payable (b) $ 24 $ — $ — $ 24 $ 18 $ — $ — $ 18 Long-term debt (c) $ 19,221 $ 817 $ 15,364 $ 1,205 $ 17,978 $ 710 $ 14,084 $ 1,199 _______________________________________ (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: June 30, 2023 December 31, 2022 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) $ 2 $ — $ — $ 2 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ — $ — $ — $ — $ 27 $ — $ — $ 27 Short-term borrowings — other $ 222 $ — $ 222 $ — $ 568 $ — $ 568 $ — Notes payable (b) $ 23 $ — $ — $ 23 $ 17 $ — $ — $ 17 Long-term debt (c) $ 10,965 $ — $ 9,615 $ 133 $ 9,696 $ — $ 8,289 $ 128 _______________________________________ (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: June 30, 2023 December 31, 2022 (In millions) Fermi 2 $ 1,939 $ 1,807 Fermi 1 3 3 Low-level radioactive waste 11 15 $ 1,953 $ 1,825 |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Realized gains $ 11 $ 32 $ 19 $ 46 Realized losses $ (12) $ (18) $ (26) $ (23) Proceeds from sale of securities $ 257 $ 306 $ 423 $ 513 |
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: June 30, 2023 December 31, 2022 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 896 $ 420 $ (15) $ 839 $ 342 $ (23) Fixed income securities 559 3 (39) 563 1 (56) Private equity and other 291 69 (6) 262 63 (5) Hedge funds and similar investments 164 5 (12) 119 — (18) Cash equivalents 43 — — 42 — — $ 1,953 $ 497 $ (72) $ 1,825 $ 406 $ (102) |
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: June 30, 2023 (In millions) Due within one year $ 10 Due after one through five years 106 Due after five through ten years 89 Due after ten years 262 $ 467 |
Financial and Other Derivativ_2
Financial and Other Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 December 31, 2022 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Interest rate contracts $ 4 $ — $ 1 $ — Foreign currency exchange contracts — (2) — (2) Total derivatives designated as hedging instruments $ 4 $ (2) $ 1 $ (2) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 501 $ (583) $ 744 $ (1,018) Electricity 497 (487) 963 (935) Environmental & Other 354 (357) 213 (214) Foreign currency exchange contracts — — 1 — Total derivatives not designated as hedging instruments $ 1,352 $ (1,427) $ 1,921 $ (2,167) Current $ 955 $ (918) $ 1,517 $ (1,535) Noncurrent 401 (511) 405 (634) Total derivatives $ 1,356 $ (1,429) $ 1,922 $ (2,169) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy: June 30, 2023 December 31, 2022 (In millions) Cash collateral netted against Derivative assets $ — $ (90) Cash collateral netted against Derivative liabilities 66 113 Cash collateral recorded in Accounts receivable (a) 53 77 Cash collateral recorded in Accounts payable (a) (3) (27) Total net cash collateral posted (received) $ 116 $ 73 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2023 December 31, 2022 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 $ 501 $ (335) $ 166 $ 744 $ (649) $ 95 Electricity 497 (311) 186 963 (643) 320 Environmental & Other 354 (340) 14 213 (196) 17 Interest rate contracts 4 — 4 1 — 1 Foreign currency exchange contracts — — — 1 (1) — Total derivative assets $ 1,356 $ (986) $ 370 $ 1,922 $ (1,489) $ 433 Derivative liabilities Commodity contracts (a) Natural gas $ (583) $ 350 $ (233) $ (1,018) $ 645 $ (373) Electricity (487) 352 (135) (935) 665 (270) Environmental & Other (357) 350 (7) (214) 201 (13) Foreign currency exchange contracts (2) — (2) (2) 1 (1) Total derivative liabilities $ (1,429) $ 1,052 $ (377) $ (2,169) $ 1,512 $ (657) _______________________________________ (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: June 30, 2023 December 31, 2022 (In millions) Cash collateral netted against Derivative assets $ — $ (90) Cash collateral netted against Derivative liabilities 66 113 Cash collateral recorded in Accounts receivable (a) 53 77 Cash collateral recorded in Accounts payable (a) (3) (27) Total net cash collateral posted (received) $ 116 $ 73 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2023 December 31, 2022 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 $ 501 $ (335) $ 166 $ 744 $ (649) $ 95 Electricity 497 (311) 186 963 (643) 320 Environmental & Other 354 (340) 14 213 (196) 17 Interest rate contracts 4 — 4 1 — 1 Foreign currency exchange contracts — — — 1 (1) — Total derivative assets $ 1,356 $ (986) $ 370 $ 1,922 $ (1,489) $ 433 Derivative liabilities Commodity contracts (a) Natural gas $ (583) $ 350 $ (233) $ (1,018) $ 645 $ (373) Electricity (487) 352 (135) (935) 665 (270) Environmental & Other (357) 350 (7) (214) 201 (13) Foreign currency exchange contracts (2) — (2) (2) 1 (1) Total derivative liabilities $ (1,429) $ 1,052 $ (377) $ (2,169) $ 1,512 $ (657) _______________________________________ (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: June 30, 2023 December 31, 2022 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 955 $ 401 $ (918) $ (511) $ 1,517 $ 405 $ (1,535) $ (634) Counterparty netting (697) (289) 697 289 (1,127) (272) 1,127 272 Collateral adjustment — — 35 31 (62) (28) 66 47 Total derivatives as reported $ 258 $ 112 $ (186) $ (191) $ 328 $ 105 $ (342) $ (315) |
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 June 30, Gain (Loss) Recognized in Income on Derivatives for the Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ 59 $ (32) $ 130 $ (263) Natural gas Fuel, purchased power, gas, and other — non-utility (65) (165) 83 (100) Electricity Operating Revenues — Non-utility operations 60 110 (55) 112 Environmental & Other Operating Revenues — Non-utility operations — 22 (1) 18 Foreign currency exchange contracts Operating Revenues — Non-utility operations (1) 2 (1) — Total $ 53 $ (63) $ 156 $ (233) |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of June 30, 2023: Commodity Number of Units Natural gas (MMBtu) 2,121,182,323 Electricity (MWh) 45,914,461 Oil (Gallons) 5,688,000 Foreign currency exchange ($ CAD) 159,105,250 FTR (MWh) 140,020 Renewable Energy Certificates (MWh) 11,341,187 Carbon emissions (Metric Tons) 1,413,896 Interest rate contracts ($ USD) 500,000,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuances | In 2023, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds (a) 5.20% 2033 $ 600 DTE Electric March Mortgage bonds (a) 5.40% 2053 600 DTE Energy March Term loan facility draw (b) Variable 2023 200 DTE Energy May Senior notes (c) 4.875% 2028 800 DTE Electric June Tax-exempt revenue bonds (d) 3.875% 2053 100 $ 2,300 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Proceeds used for general corporate purposes. (c) Proceeds used for the repayment of amounts outstanding under the term loan facility. (d) Tax-exempt revenue bonds are issued by a public body that loans the proceeds to DTE Electric with terms substantially mirroring the revenue bonds. Proceeds were used to finance costs relating to solid waste disposal facilities at the Monroe and St. Clair power plants. The bonds will be subject to mandatory tender in June 2030. |
Schedule of Debt Redemptions | In 2023, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Gas April Senior notes 6.44% 2023 $ 25 DTE Energy May Term loan facility Variable 2023 800 DTE Electric June Securitization bonds 2.64% 2023 19 DTE Energy June Term loan facility Variable 2023 200 $ 1,044 |
Short-Term Credit Arrangement_2
Short-Term Credit Arrangements and Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The availability under these facilities as of June 30, 2023 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring October 2027 $ 1,500 $ 800 $ 300 $ 2,600 Unsecured letter of credit facility, expiring June 2024 275 — — 275 Unsecured letter of credit facility, expiring February 2025 150 — — 150 Unsecured letter of credit facility (a) 100 — — 100 Unsecured letter of credit facility (b) — 100 — 100 2,025 900 300 3,225 Amounts outstanding at June 30, 2023 Commercial paper issuances 306 222 — 528 Letters of credit 289 — — 289 595 222 — 817 Net availability at June 30, 2023 $ 1,430 $ 678 $ 300 $ 2,408 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (b) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. DTE Energy may also utilize availability under this facility. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Income Associated with Operating Leases | DTE Energy’s lease income associated with operating leases, included in Operating Revenues — Non-utility operations in the Consolidated Statements of Operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Fixed payments $ 3 $ 4 $ 7 $ 8 Variable payments 7 15 18 31 $ 10 $ 19 $ 25 $ 39 |
Retirement Benefits and Trust_2
Retirement Benefits and Trusteed Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 2022 2023 2022 (In millions) Service cost $ 14 $ 23 $ 5 $ 7 Interest cost 53 42 16 12 Expected return on plan assets (87) (86) (27) (31) Amortization of: Net actuarial loss 1 28 2 1 Prior service credit — — (6) (5) Settlements 5 — — — Net periodic benefit cost (credit) $ (14) $ 7 $ (10) $ (16) Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Service cost $ 28 $ 47 $ 9 $ 14 Interest cost 107 83 32 24 Expected return on plan assets (175) (173) (55) (63) Amortization of: Net actuarial loss 3 57 5 2 Prior service credit (1) — (10) (10) Settlements 7 — — — Net periodic benefit cost (credit) $ (31) $ 14 $ (19) $ (33) The following table details the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Service cost $ 4 $ 5 $ 7 $ 10 Interest cost 13 9 25 18 Expected return on plan assets (19) (21) (37) (42) Amortization of: Net actuarial loss — 1 — 2 Prior service credit (4) (3) (7) (6) Net periodic benefit credit $ (6) $ (9) $ (12) $ (18) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Electric $ 18 $ 18 $ 35 $ 34 Gas 4 3 9 6 DTE Vantage 9 17 19 42 Energy Trading 18 22 45 39 Corporate and Other — — — — $ 49 $ 60 $ 108 $ 121 Financial data of DTE Energy's business segments follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Operating Revenues — Utility operations Electric $ 1,326 $ 1,566 $ 2,701 $ 3,052 Gas 311 362 1,018 1,128 Operating Revenues — Non-utility operations Electric 3 4 7 8 DTE Vantage 189 220 373 399 Energy Trading 904 2,832 2,472 5,035 Corporate and Other — — — — Reconciliation and Eliminations (49) (60) (108) (121) Total $ 2,684 $ 4,924 $ 6,463 $ 9,501 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment Electric $ 178 $ 186 $ 279 $ 387 Gas 24 6 195 202 DTE Vantage 26 28 53 42 Energy Trading 31 (127) 169 (136) Corporate and Other (58) (56) (50) (64) Net Income Attributable to DTE Energy Company $ 201 $ 37 $ 646 $ 431 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions | Jun. 30, 2023 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 | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 30 | $ 33 |
Restricted cash | 11 | 10 |
Securitized regulatory assets | 188 | 206 |
Total Assets | 42,921 | 42,683 |
LIABILITIES | ||
Short-term borrowings | 528 | 1,162 |
DTE Electric | ||
ASSETS | ||
Cash and cash equivalents | 8 | 15 |
Restricted cash | 10 | 9 |
Securitized regulatory assets | 188 | 206 |
Total Assets | 31,139 | 30,236 |
Variable interest entity, primary beneficiary | ||
ASSETS | ||
Cash and cash equivalents | 8 | 14 |
Restricted cash | 9 | 9 |
Securitized regulatory assets | 188 | 206 |
Notes receivable | 82 | 81 |
Other current and long-term assets | 8 | 14 |
Total Assets | 295 | 324 |
LIABILITIES | ||
Short-term borrowings | 0 | 81 |
Securitization bonds | 193 | 211 |
Other current and long-term liabilities | 11 | 14 |
Total liabilities | 204 | 306 |
Current portion of securitization bonds | 40 | 39 |
Variable interest entity, primary beneficiary | DTE Electric | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 9 | 9 |
Securitized regulatory assets | 188 | 206 |
Notes receivable | 0 | 0 |
Other current and long-term assets | 2 | 3 |
Total Assets | 199 | 218 |
LIABILITIES | ||
Short-term borrowings | 0 | 0 |
Securitization bonds | 193 | 211 |
Other current and long-term liabilities | 8 | 9 |
Total liabilities | 201 | 220 |
Current portion of securitization bonds | $ 40 | $ 39 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 176 | $ 165 |
Notes receivable | 374 | 331 |
Variable interest entity, non-consolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 126 | 137 |
Notes receivable | 15 | 15 |
Future funding commitments | $ 1 | $ 2 |
Significant Accounting Polici_4
Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | $ 9 | $ 6 | $ 18 | $ 14 |
Contract services | 7 | 7 | 13 | 14 |
Investment income | 4 | 0 | 9 | 0 |
Equity earnings (losses) of equity method investees | 0 | (4) | 4 | (15) |
Other | 11 | 2 | 13 | 6 |
Total other income | 31 | 11 | 57 | 19 |
DTE Electric | ||||
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | 8 | 5 | 17 | 12 |
Contract services | 6 | 7 | 12 | 14 |
Investment income | 3 | 0 | 6 | 0 |
Other | 3 | 3 | 5 | 5 |
Total other income | $ 20 | $ 15 | $ 40 | $ 31 |
Significant Accounting Polici_5
Significant Accounting Policies (Income Taxes) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increase (decrease) due to: | ||||
State and local income taxes, net of federal benefit | 4.40% | 11% | 4.40% | 4.60% |
Production tax credits | (4.40%) | (67.30%) | (5.60%) | (9.60%) |
TCJA amortization | (3.10%) | (110.40%) | (3.80%) | (15.80%) |
Investment tax credits | (1.40%) | (1.60%) | (2.00%) | (0.20%) |
Enactment of West Virginia income tax legislation, net of federal benefit | 0% | 0% | (0.80%) | 0% |
State tax audit settlement, net of federal benefit | (1.80%) | 0% | (0.60%) | 0% |
Other | (0.30%) | 0.80% | (1.10%) | (1.50%) |
Effective Tax Rate | 14.40% | (146.50%) | 11.50% | (1.50%) |
DTE Electric | ||||
Schedule of Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increase (decrease) due to: | ||||
State and local income taxes, net of federal benefit | 5.70% | 5.80% | 5.70% | 5.80% |
Production tax credits | (8.20%) | (9.00%) | (7.80%) | (9.00%) |
TCJA amortization | (5.30%) | (15.40%) | (5.00%) | (15.50%) |
State tax audit settlement, net of federal benefit | (2.10%) | 0% | (1.30%) | 0% |
Other | (1.40%) | (0.90%) | (1.20%) | (0.80%) |
Effective Tax Rate | 9.70% | 1.50% | 11.40% | 1.50% |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Significant Accounting Policies [Line Items] | |||||
Accounts receivable | $ 1,304 | $ 1,304 | $ 2,038 | ||
Unrecognized tax benefits decrease as a result of settlements related to state exposures | 10 | ||||
Reduction to income tax expense as a result of state settlements | 8 | ||||
Accrued interest pertaining to income taxes | 5 | ||||
Unrecognized tax benefits | 5 | 5 | |||
Reasonably possible decrease in unrecognized tax benefits within the next 12 months | 5 | 5 | |||
Unrecognized compensation cost | 91 | $ 91 | |||
Recognition period (in years) | 1 year 7 months 6 days | ||||
Specific review of probable future collections based on receivable balances, threshold duration | 30 days | ||||
Past due | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | 0 | $ 0 | |||
Notes receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | $ 111 | $ 111 | |||
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] | |||||
Unrecognized tax benefits decrease as a result of settlements related to state exposures | $ 13 | ||||
Reduction to income tax expense as a result of state settlements | 10 | ||||
Accrued interest pertaining to income taxes | 8 | ||||
DTE Electric | Notes receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | 2 | $ 2 | |||
DTE Electric | DTE Energy | |||||
Significant Accounting Policies [Line Items] | |||||
Allocated costs | 10 | $ 9 | 20 | $ 21 | |
DTE Electric | DTE Energy | State taxes | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts receivable | $ 2 | $ 2 | $ 1 |
Significant Accounting Polici_7
Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Notes receivable | |
Financing receivables by year of origination | |
2023 | $ 17 |
2022 | 70 |
2021 and Prior | 24 |
Total | 111 |
Notes receivable | DTE Electric | |
Financing receivables by year of origination | |
Total | 2 |
Notes receivable | Internal grade 1 | |
Financing receivables by year of origination | |
2023 | 0 |
2022 | 0 |
2021 and Prior | 6 |
Total | 6 |
Notes receivable | Internal grade 1 | DTE Electric | |
Financing receivables by year of origination | |
Total | 2 |
Notes receivable | Internal grade 2 | |
Financing receivables by year of origination | |
2023 | 17 |
2022 | 70 |
2021 and Prior | 18 |
Total | 105 |
Notes receivable | Internal grade 2 | DTE Electric | |
Financing receivables by year of origination | |
Total | 0 |
Net investment in leases | |
Financing receivables by year of origination | |
2023 | 0 |
2022 | 67 |
2021 and Prior | 224 |
Total | 291 |
Net investment in leases | DTE Electric | |
Financing receivables by year of origination | |
Total | 0 |
Net investment in leases | Internal grade 1 | |
Financing receivables by year of origination | |
2023 | 0 |
2022 | 0 |
2021 and Prior | 37 |
Total | 37 |
Net investment in leases | Internal grade 1 | DTE Electric | |
Financing receivables by year of origination | |
Total | 0 |
Net investment in leases | Internal grade 2 | |
Financing receivables by year of origination | |
2023 | 0 |
2022 | 67 |
2021 and Prior | 187 |
Total | 254 |
Net investment in leases | Internal grade 2 | DTE Electric | |
Financing receivables by year of origination | |
Total | $ 0 |
Significant Accounting Polici_8
Significant Accounting Policies (Roll-Forward of Activity for Financing Receivables Credit Loss Reserves) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 79 | $ 92 |
Current period provision | 34 | 49 |
Write-offs charged against allowance | (50) | (107) |
Recoveries of amounts previously written off | 20 | 45 |
Ending balance | 83 | 79 |
DTE Electric | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 49 | 54 |
Current period provision | 17 | 33 |
Write-offs charged against allowance | (34) | (66) |
Recoveries of amounts previously written off | 13 | 28 |
Ending balance | 45 | 49 |
Trade accounts receivable | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 78 | 89 |
Current period provision | 34 | 49 |
Write-offs charged against allowance | (50) | (105) |
Recoveries of amounts previously written off | 20 | 45 |
Ending balance | 82 | 78 |
Other receivables | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | 3 |
Current period provision | 0 | 0 |
Write-offs charged against allowance | 0 | (2) |
Recoveries of amounts previously written off | 0 | 0 |
Ending balance | $ 1 | $ 1 |
Significant Accounting Polici_9
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 13 | $ 14 | $ 35 | $ 34 |
DTE Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 9 | $ 8 | $ 17 | $ 16 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,684 | $ 4,924 | $ 6,463 | $ 9,501 |
Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,329 | 1,570 | 2,708 | 3,060 |
Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 658 | 691 | 1,312 | 1,391 |
Electric | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 524 | 487 | 1,019 | 964 |
Electric | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 186 | 170 | 355 | 331 |
Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (39) | 222 | 22 | 374 |
Electric | Other | DTE Sustainable Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3 | 4 | 7 | 8 |
Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 311 | 362 | 1,018 | 1,128 |
Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25 | 60 | 14 | 103 |
Gas | Gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 216 | 231 | 817 | 827 |
Gas | End User Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 54 | 55 | 140 | 153 |
Gas | Intermediate Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16 | 16 | 47 | 45 |
DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 189 | 220 | 373 | 399 |
Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 904 | $ 2,832 | $ 2,472 | $ 5,035 |
Revenue (Revenues Outside the S
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Leases | $ 10 | $ 19 | $ 25 | $ 39 |
Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 5 | 4 | 10 | 8 |
Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative Revenue Program | 1 | 0 | 4 | 0 |
Other revenues | 2 | 2 | 5 | 4 |
DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Leases | 10 | 19 | 25 | 39 |
Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivatives | $ 696 | $ 2,426 | $ 1,857 | $ 4,160 |
Revenue (Deferred Revenue Activ
Revenue (Deferred Revenue Activity) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Contract Liability [Roll Forward] | |
Beginning Balance | $ 94 |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 61 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (40) |
Ending Balance | $ 115 |
Revenue (Expected Recognition o
Revenue (Expected Recognition of Deferred Revenue) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 115 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 90 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
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 | $ 24 |
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 | $ 1 |
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 | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction |
Revenue (Expected Timing of Per
Revenue (Expected Timing of Performance Obligation Satisfaction) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 115 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 90 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
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 | $ 24 |
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 | $ 1 |
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 | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | |
Fixed-price Contract | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 927 |
Fixed-price Contract | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 12 |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 74 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 4 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
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 | $ 231 |
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 | $ 8 |
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 | $ 156 |
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 | $ 0 |
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 | $ 94 |
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 | $ 64 |
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 | 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]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 308 |
Remaining performance obligation, expected timing of satisfaction | |
Fixed-price Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | 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 | 1 Months Ended | |||
Feb. 10, 2023 | Nov. 30, 2022 | Jun. 22, 2023 | Apr. 03, 2023 | |
DTE Electric | Ludington Hydroelectric Pumped Storage | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Ownership interest | 49% | |||
Consumers | Ludington Hydroelectric Pumped Storage | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Ownership interest | 51% | |||
MPSC | DTE Electric | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested securitization of qualified costs | $ 496 | |||
Authorized issuance of securitization bonds for qualified costs, maximum | $ 602 | |||
Integrated Resource Plan, period over which to meet the needs of customers | 20 years | |||
MPSC | DTE Electric | 2023 Electric Rate Case Filing | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested rate increase | $ 622 | |||
Return on equity percent | 9.90% | |||
Return on equity requested percent | 10.25% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | $ 201 | $ 37 | $ 646 | $ 431 |
Less: Allocation of earnings to net restricted stock awards | 1 | 0 | 2 | 1 |
Net income available to common shareholders — basic | $ 200 | $ 37 | $ 644 | $ 430 |
Average number of common shares outstanding — basic (in shares) | 206 | 193 | 206 | 193 |
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 0.97 | $ 0.19 | $ 3.13 | $ 2.22 |
Diluted Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | $ 201 | $ 37 | $ 646 | $ 431 |
Less: Allocation of earnings to net restricted stock awards | 1 | 0 | 2 | 1 |
Net income available to common shareholders — diluted | $ 200 | $ 37 | $ 644 | $ 430 |
Average number of common shares outstanding — basic (in shares) | 206 | 193 | 206 | 193 |
Average performance share awards (in shares) | 0 | 1 | 0 | 1 |
Average number of common shares outstanding — diluted (in shares) | 206 | 194 | 206 | 194 |
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 0.97 | $ 0.19 | $ 3.13 | $ 2.22 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 10 | 10.3 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Derivative assets, gross | $ 1,356 | $ 1,922 |
Derivative asset, netting | (986) | (1,489) |
Derivative liabilities | ||
Derivative liabilities, gross | (1,429) | (2,169) |
Derivative liability, netting | 1,052 | 1,512 |
DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 1,953 | 1,825 |
Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (918) | (1,535) |
Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (511) | (634) |
Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 501 | 744 |
Derivative asset, netting | (335) | (649) |
Derivative liabilities | ||
Derivative liabilities, gross | (583) | (1,018) |
Derivative liability, netting | 350 | 645 |
Electricity | ||
Derivative assets | ||
Derivative assets, gross | 497 | 963 |
Derivative asset, netting | (311) | (643) |
Derivative liabilities | ||
Derivative liabilities, gross | (487) | (935) |
Derivative liability, netting | 352 | 665 |
Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 354 | 213 |
Derivative asset, netting | (340) | (196) |
Derivative liabilities | ||
Derivative liabilities, gross | (357) | (214) |
Derivative liability, netting | 350 | 201 |
Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 43 | 42 |
Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 291 | 262 |
Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 164 | 119 |
Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 896 | 839 |
Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 559 | 563 |
Recurring | ||
Assets | ||
Cash equivalents | 17 | 10 |
Derivative assets | ||
Derivative asset, netting | (986) | (1,489) |
Derivative assets, net | 370 | 433 |
Total Assets | 2,438 | 2,403 |
Derivative liabilities | ||
Derivative liability, netting | 1,052 | 1,512 |
Total Liabilities | (377) | (657) |
Net Assets (Liabilities) at end of period | 2,061 | 1,746 |
Net Assets (Liabilities) at end of period, netting | 66 | 23 |
Recurring | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | 9 |
Derivative assets | ||
Total Assets | 2,007 | 1,872 |
Recurring | Current assets | ||
Derivative assets | ||
Derivative asset, netting | (697) | (1,189) |
Total Assets | 275 | 338 |
Recurring | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 23 | 20 |
Recurring | Noncurrent assets | ||
Derivative assets | ||
Derivative asset, netting | (289) | (300) |
Total Assets | 2,163 | 2,065 |
Recurring | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 1,984 | 1,852 |
Recurring | Current liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 732 | 1,193 |
Total Liabilities | (186) | (342) |
Recurring | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 320 | 319 |
Total Liabilities | (191) | (315) |
Recurring | Restricted cash | ||
Assets | ||
Cash equivalents | 11 | 10 |
Recurring | Restricted cash | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | 9 |
Recurring | Natural gas | ||
Derivative assets | ||
Derivative asset, netting | (335) | (649) |
Derivative assets, net | 166 | 95 |
Derivative liabilities | ||
Derivative liability, netting | 350 | 645 |
Derivative liabilities, net | (233) | (373) |
Recurring | Electricity | ||
Derivative assets | ||
Derivative asset, netting | (311) | (643) |
Derivative assets, net | 186 | 320 |
Derivative liabilities | ||
Derivative liability, netting | 352 | 665 |
Derivative liabilities, net | (135) | (270) |
Recurring | Environmental & Other | ||
Derivative assets | ||
Derivative asset, netting | (340) | (196) |
Derivative assets, net | 14 | 17 |
Derivative liabilities | ||
Derivative liability, netting | 350 | 201 |
Derivative liabilities, net | (7) | (13) |
Recurring | Other Contract | ||
Derivative assets | ||
Derivative asset, netting | 0 | (1) |
Derivative assets, net | 4 | 1 |
Derivative liabilities | ||
Derivative liability, netting | 0 | 1 |
Derivative liabilities, net | (2) | (1) |
Recurring | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 14 | 11 |
Recurring | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 43 | 42 |
Other investments | 35 | 72 |
Recurring | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 43 | 42 |
Other investments | 11 | 11 |
Recurring | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 291 | 262 |
Recurring | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 291 | 262 |
Recurring | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 164 | 119 |
Recurring | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 164 | 119 |
Recurring | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 896 | 839 |
Other investments | 56 | 56 |
Recurring | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 896 | 839 |
Other investments | 20 | 16 |
Recurring | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 559 | 563 |
Other investments | 7 | 7 |
Recurring | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 559 | 563 |
Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 17 | 10 |
Derivative assets | ||
Derivative assets, gross | 151 | 426 |
Total Assets | 1,268 | 1,507 |
Derivative liabilities | ||
Total Liabilities | (144) | (297) |
Net Assets (Liabilities) at end of period | 1,124 | 1,210 |
Recurring | Level 1 | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | 9 |
Derivative assets | ||
Total Assets | 1,042 | 972 |
Recurring | Level 1 | Current assets | ||
Derivative assets | ||
Total Assets | 130 | 360 |
Recurring | Level 1 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 9 | 9 |
Recurring | Level 1 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 1,138 | 1,147 |
Recurring | Level 1 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 1,033 | 963 |
Recurring | Level 1 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (116) | (273) |
Recurring | Level 1 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (28) | (24) |
Recurring | Level 1 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 151 | 426 |
Derivative liabilities | ||
Derivative liabilities, gross | (144) | (297) |
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 | Other Contract | ||
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 | 43 | 42 |
Other investments | 35 | 72 |
Recurring | Level 1 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 43 | 42 |
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 | 102 | 78 |
Recurring | Level 1 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 102 | 78 |
Recurring | Level 1 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 752 | 701 |
Other investments | 56 | 56 |
Recurring | Level 1 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 752 | 701 |
Other investments | 20 | 16 |
Recurring | Level 1 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 105 | 115 |
Other investments | 7 | 7 |
Recurring | Level 1 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 105 | 115 |
Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 867 | 1,106 |
Total Assets | 1,291 | 1,506 |
Derivative liabilities | ||
Total Liabilities | (905) | (1,205) |
Net Assets (Liabilities) at end of period | 386 | 301 |
Recurring | Level 2 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total Assets | 424 | 400 |
Recurring | Level 2 | Current assets | ||
Derivative assets | ||
Total Assets | 612 | 881 |
Recurring | Level 2 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 0 | 0 |
Recurring | Level 2 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 679 | 625 |
Recurring | Level 2 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 424 | 400 |
Recurring | Level 2 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (601) | (876) |
Recurring | Level 2 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (304) | (329) |
Recurring | Level 2 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 183 | 183 |
Derivative liabilities | ||
Derivative liabilities, gross | (218) | (331) |
Recurring | Level 2 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 348 | 720 |
Derivative liabilities | ||
Derivative liabilities, gross | (334) | (659) |
Recurring | Level 2 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 332 | 201 |
Derivative liabilities | ||
Derivative liabilities, gross | (351) | (213) |
Recurring | Level 2 | Other Contract | ||
Derivative assets | ||
Derivative assets, gross | 4 | 2 |
Derivative liabilities | ||
Derivative liabilities, gross | (2) | (2) |
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 | 62 | 41 |
Recurring | Level 2 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 62 | 41 |
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 | 362 | 359 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 362 | 359 |
Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 338 | 390 |
Total Assets | 338 | 390 |
Derivative liabilities | ||
Total Liabilities | (380) | (667) |
Net Assets (Liabilities) at end of period | (42) | (277) |
Recurring | Level 3 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total Assets | 14 | 11 |
Recurring | Level 3 | Current assets | ||
Derivative assets | ||
Total Assets | 230 | 286 |
Recurring | Level 3 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 14 | 11 |
Recurring | Level 3 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 108 | 104 |
Recurring | Level 3 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 0 | 0 |
Recurring | Level 3 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (201) | (386) |
Recurring | Level 3 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (179) | (281) |
Recurring | Level 3 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 167 | 135 |
Derivative liabilities | ||
Derivative liabilities, gross | (221) | (390) |
Recurring | Level 3 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 149 | 243 |
Derivative liabilities | ||
Derivative liabilities, gross | (153) | (276) |
Recurring | Level 3 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 22 | 12 |
Derivative liabilities | ||
Derivative liabilities, gross | (6) | (1) |
Recurring | Level 3 | Other Contract | ||
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 | 14 | 11 |
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 | 527 | 489 |
Derivative liabilities | ||
Net Assets (Liabilities) at end of period | 527 | 489 |
Recurring | Other | DTE Electric | ||
Derivative assets | ||
Total Assets | 527 | 489 |
Recurring | Other | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 527 | 489 |
Recurring | Other | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 527 | 489 |
Recurring | Other | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 291 | 262 |
Recurring | Other | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 291 | 262 |
Recurring | Other | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 144 | 138 |
Recurring | Other | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 144 | 138 |
Recurring | Other | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 92 | 89 |
Recurring | Other | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | $ 92 | $ 89 |
Fair Value (Details Textuals)
Fair Value (Details Textuals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
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 | $ 92 | |
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 | $ 162 | $ 177 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | $ (98) | $ (341) | $ (277) | $ (215) |
Transfers from Level 3 into Level 2 | 0 | 5 | ||
Total gains (losses) | ||||
Included in earnings | 87 | (139) | 194 | (358) |
Recorded in Regulatory liabilities | 14 | 28 | 5 | 24 |
Purchases, issuances, and settlements | ||||
Settlements | (45) | 24 | 36 | 116 |
Net Assets (Liabilities) as of end of period | (42) | (428) | (42) | (428) |
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 | 14 | (144) | 127 | (334) |
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 | 14 | 25 | 14 | 25 |
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 | 1 | 3 | 11 | 9 |
Total gains (losses) | ||||
Recorded in Regulatory liabilities | 14 | 28 | 5 | 24 |
Purchases, issuances, and settlements | ||||
Settlements | (1) | (6) | (2) | (8) |
Net Assets (Liabilities) as of end of period | 14 | 25 | 14 | 25 |
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 | 14 | 25 | 14 | 25 |
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 | (62) | (230) | (255) | (179) |
Transfers from Level 3 into Level 2 | 0 | 5 | ||
Total gains (losses) | ||||
Included in earnings | 11 | (175) | 162 | (347) |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | (3) | 43 | 39 | 159 |
Net Assets (Liabilities) as of end of period | (54) | (362) | (54) | (362) |
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 | (3) | (145) | 90 | (274) |
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 | (38) | (117) | (33) | (45) |
Transfers from Level 3 into Level 2 | 0 | 0 | ||
Total gains (losses) | ||||
Included in earnings | 75 | 33 | 30 | (18) |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | (41) | (12) | (1) | (33) |
Net Assets (Liabilities) as of end of period | (4) | (96) | (4) | (96) |
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 | 49 | 25 | 68 | (39) |
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 | 2 | 6 | 11 | 9 |
Transfers from Level 3 into Level 2 | 0 | |||
Total gains (losses) | ||||
Included in earnings | 1 | 3 | 2 | 7 |
Recorded in Regulatory liabilities | 14 | 28 | 5 | 24 |
Purchases, issuances, and settlements | ||||
Settlements | (1) | (7) | (2) | (10) |
Net Assets (Liabilities) as of end of period | 16 | 30 | 16 | 30 |
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 | (32) | (24) | (31) | (21) |
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 | $ 14 | $ 25 | $ 14 | $ 25 |
Fair Value (Unobservable Inputs
Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions | Jun. 30, 2023 USD ($) $ / MMBTU $ / MWh | Dec. 31, 2022 USD ($) $ / MWh $ / MMBTU |
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 1,356 | $ 1,922 |
Derivative Liabilities | (1,429) | (2,169) |
Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 501 | 744 |
Derivative Liabilities | (583) | (1,018) |
Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 497 | 963 |
Derivative Liabilities | $ (487) | $ (935) |
Level 3 | Natural gas | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (1.62) | (1.91) |
Level 3 | Natural gas | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 4.59 | 39.94 |
Level 3 | Natural gas | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (0.07) | 0.18 |
Level 3 | Electricity | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (20.34) | (29.41) |
Level 3 | Electricity | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | 12.99 | 15 |
Level 3 | Electricity | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (3.43) | (3.04) |
Recurring | Level 3 | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 338 | $ 390 |
Recurring | Level 3 | Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 167 | 135 |
Derivative Liabilities | (221) | (390) |
Recurring | Level 3 | Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 149 | 243 |
Derivative Liabilities | $ (153) | $ (276) |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 111 | $ 80 |
Short-term borrowings | 528 | 1,162 |
Notes payable | 24 | 18 |
Long-term debt | 19,221 | 17,978 |
Carrying amount | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 2 | 17 |
Notes payable | 23 | 17 |
Long-term debt | 10,965 | 9,696 |
Carrying amount | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 27 |
Carrying amount | DTE Electric | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 222 | 568 |
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 | 817 | 710 |
Fair value | Level 1 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 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 1 | DTE Electric | Other | ||
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 | 528 | 1,162 |
Notes payable | 0 | 0 |
Long-term debt | 15,364 | 14,084 |
Fair value | Level 2 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 9,615 | 8,289 |
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 2 | DTE Electric | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 222 | 568 |
Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 113 | 82 |
Short-term borrowings | 0 | 0 |
Notes payable | 24 | 18 |
Long-term debt | 1,205 | 1,199 |
Fair value | Level 3 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 2 | 17 |
Notes payable | 23 | 17 |
Long-term debt | 133 | 128 |
Fair value | Level 3 | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 27 |
Fair value | Level 3 | DTE Electric | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 0 | $ 0 |
Fair Value (Fair Value of Nucle
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 1,953 | $ 1,825 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,953 | 1,825 |
DTE Electric | Nuclear decommissioning trust fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,953 | 1,825 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,939 | 1,807 |
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 | $ 11 | $ 15 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Realized gains | $ 11 | $ 32 | $ 19 | $ 46 |
Realized losses | (12) | (18) | (26) | (23) |
Proceeds from sale of securities | $ 257 | $ 306 | $ 423 | $ 513 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 1,953 | $ 1,825 |
Unrealized Gains | 497 | 406 |
Unrealized Losses | (72) | (102) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 43 | 42 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Private equity and other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 291 | 262 |
Unrealized Gains | 69 | 63 |
Unrealized Losses | (6) | (5) |
Hedge funds and similar investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 164 | 119 |
Unrealized Gains | 5 | 0 |
Unrealized Losses | (12) | (18) |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 896 | 839 |
Unrealized Gains | 420 | 342 |
Unrealized Losses | (15) | (23) |
Fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 559 | 563 |
Unrealized Gains | 3 | 1 |
Unrealized Losses | $ (39) | $ (56) |
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 | Jun. 30, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 10 |
Due after one through five years | 106 |
Due after five through ten years | 89 |
Due after ten years | 262 |
Fixed income securities total | $ 467 |
Financial and Other Derivativ_3
Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,356 | $ 1,922 |
Derivative Liabilities | (1,429) | (2,169) |
Current derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 955 | 1,517 |
Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (918) | (1,535) |
Noncurrent derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 401 | 405 |
Noncurrent derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (511) | (634) |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4 | 1 |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 1 |
Derivative Liabilities | (2) | (2) |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 501 | 744 |
Derivative Liabilities | (583) | (1,018) |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 497 | 963 |
Derivative Liabilities | (487) | (935) |
Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 354 | 213 |
Derivative Liabilities | (357) | (214) |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4 | 1 |
Derivative Liabilities | (2) | (2) |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4 | 1 |
Derivative Liabilities | 0 | 0 |
Derivatives designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | (2) | (2) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,352 | 1,921 |
Derivative Liabilities | (1,427) | (2,167) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 1 |
Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 501 | 744 |
Derivative Liabilities | (583) | (1,018) |
Derivatives not designated as hedging instruments | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 497 | 963 |
Derivative Liabilities | (487) | (935) |
Derivatives not designated as hedging instruments | Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 354 | 213 |
Derivative Liabilities | (357) | (214) |
Derivatives not designated as hedging instruments | FTRs | Other current assets | DTE Electric | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 14 | $ 11 |
Financial and Other Derivativ_4
Financial and Other Derivative Instruments (Details Textuals) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit that could be used to offset net derivative liabilities | $ 0 | $ 81,000,000 |
Letters of credit received that could be used to offset net derivative assets | 33,000,000 | $ 82,000,000 |
Contractual obligation to post collateral in event of downgrade to below investment grade | 448,000,000 | |
Derivative net liability position aggregate fair value | 1,200,000,000 | |
Collateral already posted fair value | 47,000,000 | |
Derivative net asset position, fair value | 958,000,000 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | $ 165,000,000 |
Financial and Other Derivativ_5
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ 0 | $ (90) |
Cash collateral netted against Derivative liabilities | 66 | 113 |
Cash collateral recorded in Accounts receivable | 53 | 77 |
Cash collateral recorded in Accounts payable | (3) | (27) |
Total net cash collateral posted (received) | $ 116 | $ 73 |
Financial and Other Derivativ_6
Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 1,356 | $ 1,922 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (986) | (1,489) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 370 | 433 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1,429) | (2,169) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 1,052 | 1,512 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (377) | (657) |
Natural gas | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 501 | 744 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (335) | (649) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 166 | 95 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (583) | (1,018) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 350 | 645 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (233) | (373) |
Electricity | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 497 | 963 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (311) | (643) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 186 | 320 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (487) | (935) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 352 | 665 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (135) | (270) |
Environmental & Other | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 354 | 213 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (340) | (196) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 14 | 17 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (357) | (214) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 350 | 201 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (7) | (13) |
Interest rate contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 4 | 1 |
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 | 4 | 1 |
Foreign currency exchange contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 0 | 1 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | (1) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 0 | 0 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (2) | (2) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 1 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | $ (2) | $ (1) |
Financial and Other Derivativ_7
Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Assets | ||
Derivative Assets | $ 1,356 | $ 1,922 |
Collateral adjustment | 0 | (90) |
Derivative assets, current | 258 | 328 |
Derivative assets, noncurrent | 112 | 105 |
Derivative Liabilities | ||
Derivative Liabilities | (1,429) | (2,169) |
Collateral adjustment | 66 | 113 |
Derivative liabilities, current | (186) | (342) |
Derivative liabilities, noncurrent | (191) | (315) |
Current derivative assets | ||
Derivative Assets | ||
Derivative Assets | 955 | 1,517 |
Counterparty netting | (697) | (1,127) |
Collateral adjustment | 0 | (62) |
Noncurrent derivative assets | ||
Derivative Assets | ||
Derivative Assets | 401 | 405 |
Counterparty netting | (289) | (272) |
Collateral adjustment | 0 | (28) |
Current derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (918) | (1,535) |
Counterparty netting | 697 | 1,127 |
Collateral adjustment | 35 | 66 |
Noncurrent derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (511) | (634) |
Counterparty netting | 289 | 272 |
Collateral adjustment | $ 31 | $ 47 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ 53 | $ (63) | $ 156 | $ (233) |
Natural gas | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 59 | (32) | 130 | (263) |
Natural gas | Fuel, purchased power, gas, and other — non-utility | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | (65) | (165) | 83 | (100) |
Electricity | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 60 | 110 | (55) | 112 |
Environmental & Other | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 0 | 22 | (1) | 18 |
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ (1) | $ 2 | $ (1) | $ 0 |
Financial and Other Derivativ_9
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) - 6 months ended Jun. 30, 2023 | CAD ($) MWh MMBTU T gal | USD ($) |
Natural gas (MMBtu) | ||
Derivative [Line Items] | ||
Commodity, energy measures | MMBTU | 2,121,182,323 | |
Electricity (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 45,914,461 | |
Oil (Gallons) | ||
Derivative [Line Items] | ||
Commodity, volume measure | gal | 5,688,000 | |
Foreign currency exchange ($ CAD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 159,105,250 | |
FTR (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 140,020 | |
Renewable Energy Certificates (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 11,341,187 | |
Carbon emissions (Metric Tons) | ||
Derivative [Line Items] | ||
Commodity, mass measure | T | 1,413,896 | |
Interest rate contracts ($ USD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 500,000,000 |
Long-Term Debt (Schedule of Iss
Long-Term Debt (Schedule of Issued Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 31, 2023 | Mar. 31, 2023 |
Debt Instrument [Line Items] | |||
Amount | $ 2,300 | ||
Unsecured term loan | June 2022 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Amount | $ 200 | ||
Senior Notes | May 2023 4.875% Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.875% | ||
Amount | $ 800 | ||
DTE Electric | Mortgage Bonds | March 2023 5.20% Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.20% | ||
Amount | $ 600 | ||
DTE Electric | Mortgage Bonds | March 2023 5.40% Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.40% | ||
Amount | $ 600 | ||
DTE Electric | Tax-Exempt Revenue Bonds | June 2023 3.875% Tax-Exempt Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.875% | ||
Amount | $ 100 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textuals) - USD ($) | 1 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | $ 697,000,000 | $ 1,124,000,000 | ||
Unsecured term loan | June 2022 Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Unused loan capacity | $ 1,125,000,000 | |||
Current portion of long-term debt | $ 1,000,000,000 | |||
Unused loan capacity terminated | $ 125,000,000 | |||
Unsecured term loan | June 2022 Unsecured Term Loan | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.90% |
Long-Term Debt (Schedule of Deb
Long-Term Debt (Schedule of Debt Redeemed) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument, Redemption [Line Items] | |||||
Amount | $ 1,044 | $ 250 | |||
Unsecured term loan | June 2022 Unsecured Term Loan | |||||
Debt Instrument, Redemption [Line Items] | |||||
Amount | $ 200 | $ 800 | |||
DTE Gas | Senior Notes | 2008 Series C 6.44% Senior Notes | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate | 6.44% | ||||
Amount | $ 25 | ||||
DTE Electric | |||||
Debt Instrument, Redemption [Line Items] | |||||
Amount | $ 19 | $ 250 | |||
DTE Electric | Securitization Bonds | 2.64% Securitization Bonds | |||||
Debt Instrument, Redemption [Line Items] | |||||
Interest rate | 2.64% | 2.64% | |||
Amount | $ 19 |
Short-Term Credit Arrangement_3
Short-Term Credit Arrangements and Borrowings (Details Textuals) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 3,225,000,000 | |
DTE Electric | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 900,000,000 | |
Ratio of indebtedness to net capital | 0.53 | |
DTE Gas | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 300,000,000 | |
Ratio of indebtedness to net capital | 0.46 | |
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 | |
Unsecured letter of credit facility | Letters of credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 | |
Unsecured letter of credit facility | DTE Electric | Letters of credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 100,000,000 | |
Unsecured letter of credit facility | DTE Gas | Letters of credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 0 | |
DTE Energy | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 2,025,000,000 | |
Ratio of indebtedness to net capital | 0.64 | |
DTE Energy | Demand financing agreement | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity, financing agreement | $ 200,000,000 | |
Amount outstanding | $ 130,000,000 | $ 166,000,000 |
DTE Energy | Maximum | ||
Short-term Debt [Line Items] | ||
Ratio of indebtedness to net capital | 0.70 | |
DTE Energy | DTE Energy Revolver | Letters of credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
DTE Energy | Unsecured letter of credit facility | Letters of credit | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 0 |
Short-Term Credit Arrangement_4
Short-Term Credit Arrangements and Borrowings (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Availability under combined facilities | |
Maximum borrowing capacity | $ 3,225 |
Amounts outstanding | 817 |
Net availability | 2,408 |
DTE Electric | |
Availability under combined facilities | |
Maximum borrowing capacity | 900 |
Amounts outstanding | 222 |
Net availability | 678 |
DTE Gas | |
Availability under combined facilities | |
Maximum borrowing capacity | 300 |
Amounts outstanding | 0 |
Net availability | 300 |
DTE Energy | |
Availability under combined facilities | |
Maximum borrowing capacity | 2,025 |
Amounts outstanding | 595 |
Net availability | 1,430 |
Commercial paper issuances | |
Availability under combined facilities | |
Amounts outstanding | 528 |
Commercial paper issuances | DTE Electric | |
Availability under combined facilities | |
Amounts outstanding | 222 |
Commercial paper issuances | DTE Gas | |
Availability under combined facilities | |
Amounts outstanding | 0 |
Commercial paper issuances | DTE Energy | |
Availability under combined facilities | |
Amounts outstanding | 306 |
Letters of credit | |
Availability under combined facilities | |
Amounts outstanding | 289 |
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 | 289 |
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | |
Availability under combined facilities | |
Maximum borrowing capacity | 2,600 |
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Electric | |
Availability under combined facilities | |
Maximum borrowing capacity | 800 |
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Gas | |
Availability under combined facilities | |
Maximum borrowing capacity | 300 |
Unsecured revolving credit facility, expiring October 2027 | Revolver borrowings | DTE Energy | |
Availability under combined facilities | |
Maximum borrowing capacity | 1,500 |
Unsecured letter of credit facility, expiring June 2024 | Letters of credit | |
Availability under combined facilities | |
Maximum borrowing capacity | 275 |
Unsecured letter of credit facility, expiring June 2024 | Letters of credit | DTE Electric | |
Availability under combined facilities | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring June 2024 | Letters of credit | DTE Gas | |
Availability under combined facilities | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring June 2024 | Letters of credit | DTE Energy | |
Availability under combined facilities | |
Maximum borrowing capacity | 275 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | |
Availability under combined facilities | |
Maximum borrowing capacity | 150 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Electric | |
Availability under combined facilities | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Gas | |
Availability under combined facilities | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Energy | |
Availability under combined facilities | |
Maximum borrowing capacity | 150 |
Unsecured letter of credit facility | Letters of credit | |
Availability under combined facilities | |
Maximum borrowing capacity | 100 |
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 | 100 |
Unsecured letter of credit facility | Letters of credit | |
Availability under combined facilities | |
Maximum borrowing capacity | 100 |
Unsecured letter of credit facility | Letters of credit | DTE Electric | |
Availability under combined facilities | |
Maximum borrowing capacity | 100 |
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 | $ 0 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Interest income recognized under finance leases | $ 7 | $ 6 | $ 14 | $ 11 |
Leases (Lease Income Associated
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Fixed payments | $ 3 | $ 4 | $ 7 | $ 8 |
Variable payments | 7 | 15 | 18 | 31 |
Total lease income under operating leases | $ 10 | $ 19 | $ 25 | $ 39 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textuals) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) employee site facility | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||
Estimated capital expenditures for current fiscal year | $ 4,200,000,000 | ||
Workforce subject to collective bargaining arrangements | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Number of employees | employee | 4,950 | ||
Percentage of total employees | 49% | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 1% | ||
Reduced emissions fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 414,000,000 | ||
Other guarantees | |||
Loss Contingencies [Line Items] | |||
Maximum potential liability | 40,000,000 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 313,000,000 | ||
Performance surety bonds | Energy Trading | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 130,000,000 | ||
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 | $ 10,000,000 | |
Number of permitted engineered ash storage facilities owned | facility | 3 | ||
Estimated capital expenditures for current fiscal year | $ 3,200,000,000 | ||
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 | 2,550 | ||
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 | 1% | ||
DTE Electric | Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 138,000,000 | ||
DTE Electric | Coal Combustion Residual And Effluent Limitations Guidelines Rules | |||
Loss Contingencies [Line Items] | |||
Estimated impact of the CCR and ELG rules | 481,000,000 | ||
Estimated impact of the CCR and ELG rules through 2027 | $ 416,000,000 | ||
DTE Gas | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 14 | ||
Accrued for remediation | $ 20,000,000 | $ 23,000,000 | |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 14 | $ 23 | $ 28 | $ 47 |
Interest cost | 53 | 42 | 107 | 83 |
Expected return on plan assets | (87) | (86) | (175) | (173) |
Amortization of net actuarial loss | 1 | 28 | 3 | 57 |
Amortization of prior service credit | 0 | 0 | (1) | 0 |
Settlements | 5 | 0 | 7 | 0 |
Net periodic benefit cost (credit) | (14) | 7 | (31) | 14 |
Pension Benefits | DTE Electric | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost (credit) | (7) | 9 | (16) | 18 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 7 | 9 | 14 |
Interest cost | 16 | 12 | 32 | 24 |
Expected return on plan assets | (27) | (31) | (55) | (63) |
Amortization of net actuarial loss | 2 | 1 | 5 | 2 |
Amortization of prior service credit | (6) | (5) | (10) | (10) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (10) | (16) | (19) | (33) |
Other Postretirement Benefits | DTE Electric | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 5 | 7 | 10 |
Interest cost | 13 | 9 | 25 | 18 |
Expected return on plan assets | (19) | (21) | (37) | (42) |
Amortization of net actuarial loss | 0 | 1 | 0 | 2 |
Amortization of prior service credit | (4) | (3) | (7) | (6) |
Net periodic benefit cost (credit) | $ (6) | $ (9) | $ (12) | $ (18) |
Retirement Benefits and Trust_4
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension cost (credit) | $ (14,000,000) | $ 7,000,000 | $ (31,000,000) | $ 14,000,000 | |
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] | |||||
Pension cost (credit) | (10,000,000) | (16,000,000) | (19,000,000) | (33,000,000) | |
Anticipated contributions, current fiscal year | 0 | 0 | |||
DTE Electric | Pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension cost (credit) | (7,000,000) | 9,000,000 | (16,000,000) | 18,000,000 | |
DTE Electric | Pension plans | Qualified Plan | Maximum | Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension funds transferred to (from) plan | $ 50,000,000 | ||||
DTE Electric | Postretirement benefit plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension cost (credit) | $ (6,000,000) | $ (9,000,000) | $ (12,000,000) | $ (18,000,000) | |
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 | Jun. 30, 2023 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ (2,684) | $ (4,924) | $ (6,463) | $ (9,501) |
Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (1,329) | (1,570) | (2,708) | (3,060) |
Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (311) | (362) | (1,018) | (1,128) |
DTE Vantage | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (189) | (220) | (373) | (399) |
Energy Trading | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | (904) | (2,832) | (2,472) | (5,035) |
Reconciliation and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 49 | 60 | 108 | 121 |
Reconciliation and Eliminations | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 18 | 18 | 35 | 34 |
Reconciliation and Eliminations | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 4 | 3 | 9 | 6 |
Reconciliation and Eliminations | DTE Vantage | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 9 | 17 | 19 | 42 |
Reconciliation and Eliminations | Energy Trading | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 18 | 22 | 45 | 39 |
Reconciliation and Eliminations | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment and Related Informati_5
Segment and Related Information (Financial Data - Operating Revenues including Inter-segment Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | $ 1,617 | $ 1,909 | $ 3,677 | $ 4,143 |
Operating Revenues — Non-utility operations | 1,067 | 3,015 | 2,786 | 5,358 |
Operating Revenues | 2,684 | 4,924 | 6,463 | 9,501 |
Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | (49) | (60) | (108) | (121) |
Operating Revenues | (49) | (60) | (108) | (121) |
Electric | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 1,329 | 1,570 | 2,708 | 3,060 |
Electric | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 1,326 | 1,566 | 2,701 | 3,052 |
Operating Revenues — Non-utility operations | 3 | 4 | 7 | 8 |
Electric | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (18) | (18) | (35) | (34) |
Gas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 311 | 362 | 1,018 | 1,128 |
Gas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 311 | 362 | 1,018 | 1,128 |
Gas | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (4) | (3) | (9) | (6) |
DTE Vantage | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 189 | 220 | 373 | 399 |
DTE Vantage | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 189 | 220 | 373 | 399 |
DTE Vantage | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (9) | (17) | (19) | (42) |
Energy Trading | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 904 | 2,832 | 2,472 | 5,035 |
Energy Trading | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 904 | 2,832 | 2,472 | 5,035 |
Energy Trading | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (18) | (22) | (45) | (39) |
Corporate and Other | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 0 | 0 | 0 | 0 |
Corporate and Other | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | $ 201 | $ 37 | $ 646 | $ 431 |
Electric | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | 178 | 186 | 279 | 387 |
Gas | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | 24 | 6 | 195 | 202 |
DTE Vantage | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | 26 | 28 | 53 | 42 |
Energy Trading | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | 31 | (127) | 169 | (136) |
Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income Attributable to DTE Energy Company | $ (58) | $ (56) | $ (50) | $ (64) |