Cover
Cover | 6 Months Ended |
Jun. 30, 2024 shares | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
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 | 207,020,080 |
Entity Central Index Key | 0000936340 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Revenues | ||||
Utility operations | $ 1,879 | $ 1,617 | $ 4,035 | $ 3,677 |
Non-utility operations | 996 | 1,067 | 2,080 | 2,786 |
Operating Revenues | 2,875 | 2,684 | 6,115 | 6,463 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 435 | 345 | 1,035 | 929 |
Fuel, purchased power, gas, and other — non-utility | 845 | 925 | 1,834 | 2,362 |
Operation and maintenance | 543 | 505 | 1,133 | 1,105 |
Depreciation and amortization | 427 | 396 | 850 | 781 |
Taxes other than income | 123 | 114 | 245 | 236 |
Asset (gains) losses and impairments, net | 0 | 2 | (1) | 1 |
Operating Expenses | 2,373 | 2,287 | 5,096 | 5,414 |
Operating Income | 502 | 397 | 1,019 | 1,049 |
Other (Income) and Deductions | ||||
Interest expense | 233 | 192 | 451 | 383 |
Interest income | (36) | (13) | (54) | (30) |
Non-operating retirement benefits, net | 0 | 5 | 0 | 8 |
Other income | (65) | (31) | (92) | (57) |
Other expenses | 12 | 9 | 22 | 15 |
Other (Income) and Deductions | 144 | 162 | 327 | 319 |
Income Before Income Taxes | 358 | 235 | 692 | 730 |
Income Tax Expense | 36 | 34 | 57 | 84 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 322 | $ 201 | $ 635 | $ 646 |
Basic Earnings per Common Share | ||||
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 1.56 | $ 0.97 | $ 3.07 | $ 3.13 |
Diluted Earnings per Common Share | ||||
Net Income Attributable to DTE Energy Company (in dollars per share) | $ 1.55 | $ 0.97 | $ 3.06 | $ 3.13 |
Weighted Average Common Shares Outstanding | ||||
Basic (in shares) | 207 | 206 | 206 | 206 |
Diluted (in shares) | 207 | 206 | 207 | 206 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - DTE Energy Company - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 322 | $ 201 | $ 635 | $ 646 |
Other comprehensive income (loss), net of tax: | ||||
Benefit obligations, net of taxes of $1 for all periods | 1 | 0 | 2 | 1 |
Net unrealized gains on derivatives, net of taxes of $4, $2, $12, and $1, respectively | 12 | 6 | 38 | 2 |
Foreign currency translation | (1) | 2 | (3) | 2 |
Other comprehensive income | 12 | 8 | 37 | 5 |
Comprehensive Income | $ 334 | $ 209 | $ 672 | $ 651 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax effect on benefit obligations | $ 1 | $ 1 | $ 1 | $ 1 |
Tax effect on net unrealized losses on derivatives during the period | $ 4 | $ 2 | $ 12 | $ 1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 20 | $ 26 |
Restricted cash | 67 | 25 |
Accounts receivable (less allowance for doubtful accounts of $74 and $63, respectively) | ||
Accounts receivable | 1,503 | 1,632 |
Other | 247 | 155 |
Inventories | ||
Fuel and gas | 392 | 421 |
Materials, supplies, and other | 772 | 633 |
Derivative assets | 202 | 297 |
Regulatory assets | 48 | 108 |
Current investments | 1,062 | 0 |
Other | 203 | 242 |
Total Current Assets | 4,516 | 3,539 |
Investments | ||
Nuclear decommissioning trust funds | 2,170 | 2,041 |
Investments in equity method investees | 125 | 166 |
Other long-term investments | 166 | 168 |
Total Investments | 2,461 | 2,375 |
Property | ||
Property, plant, and equipment | 38,985 | 37,274 |
Accumulated depreciation and amortization | (9,540) | (9,105) |
Total Property | 29,445 | 28,169 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Regulatory assets | 6,501 | 6,209 |
Securitized regulatory assets | 725 | 758 |
Intangible assets | 152 | 156 |
Notes receivable | 815 | 420 |
Derivative assets | 77 | 109 |
Prepaid postretirement costs | 674 | 633 |
Operating lease right-of-use assets | 173 | 132 |
Other | 279 | 262 |
Total Other Assets | 11,389 | 10,672 |
Total Assets | 47,811 | 44,755 |
Current Liabilities | ||
Accounts payable | 1,307 | 1,361 |
Accrued interest | 229 | 170 |
Dividends payable | 422 | 210 |
Short-term borrowings | 560 | 1,283 |
Current portion long-term debt, including securitization bonds and finance leases | 3,209 | 2,142 |
Derivative liabilities | 144 | 177 |
Gas inventory equalization | 40 | 0 |
Regulatory liabilities | 46 | 71 |
Operating lease liabilities | 17 | 17 |
Other | 533 | 452 |
Total Current Liabilities | 6,507 | 5,883 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 17,701 | 15,819 |
Securitization bonds | 671 | 705 |
Junior subordinated debentures | 884 | 883 |
Finance lease liabilities | 18 | 13 |
Total Long-Term Debt (net of current portion) | 19,274 | 17,420 |
Other Liabilities | ||
Deferred income taxes | 2,843 | 2,649 |
Regulatory liabilities | 2,645 | 2,603 |
Asset retirement obligations | 3,867 | 3,556 |
Unamortized investment tax credit | 179 | 181 |
Derivative liabilities | 103 | 132 |
Accrued pension liability | 307 | 350 |
Accrued postretirement liability | 297 | 301 |
Nuclear decommissioning | 339 | 320 |
Operating lease liabilities | 152 | 108 |
Other | 186 | 197 |
Total Other Liabilities | 10,918 | 10,397 |
Commitments and Contingencies (Notes 4 and 11) | ||
Equity | ||
Common stock (No par value, 400,000,000 shares authorized, and 207,020,080 and 206,357,070 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) | 6,732 | 6,713 |
Retained earnings | 4,404 | 4,404 |
Accumulated other comprehensive loss | (30) | (67) |
Total DTE Energy/DTE Electric Company Equity | 11,106 | 11,050 |
Noncontrolling interests | 6 | 5 |
Total Equity | 11,112 | 11,055 |
Total Liabilities and Equity | $ 47,811 | $ 44,755 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Unaudited) - DTE Energy Company (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Allowance for doubtful accounts | $ 74 | $ 63 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 207,020,080 | 206,357,070 |
Common stock, shares outstanding (in shares) | 207,020,080 | 206,357,070 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - DTE Energy Company - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net Income | $ 635 | $ 646 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 850 | 781 |
Nuclear fuel amortization | 21 | 31 |
Allowance for equity funds used during construction | (38) | (18) |
Deferred income taxes | 132 | 88 |
Equity (earnings) of equity method investees | (24) | (4) |
Dividends from equity method investees | 2 | 2 |
Asset (gains) losses and impairments, net | (1) | 1 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 37 | 685 |
Inventories | (110) | 1 |
Prepaid postretirement benefit costs | (41) | (40) |
Accounts payable | (91) | (490) |
Gas inventory equalization | 40 | 41 |
Accrued pension liability | (43) | (37) |
Accrued postretirement liability | (4) | (4) |
Derivative assets and liabilities | 65 | (217) |
Regulatory assets and liabilities | 211 | 381 |
Other current and noncurrent assets and liabilities | 160 | (88) |
Net cash from operating activities | 1,801 | 1,759 |
Investing Activities | ||
Plant and equipment expenditures — utility | (2,060) | (1,851) |
Plant and equipment expenditures — non-utility | (32) | (25) |
Proceeds from sale of assets | 45 | 0 |
Proceeds from sale of nuclear decommissioning trust fund assets | 347 | 423 |
Investment in nuclear decommissioning trust funds | (350) | (419) |
Distributions from equity method investees | 19 | 12 |
Contributions to equity method investees | (4) | (22) |
Notes receivable | (400) | (24) |
Investment in time deposits | (1,050) | 0 |
Other | (39) | (52) |
Net cash used for investing activities | (3,524) | (1,958) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 3,022 | 2,278 |
Redemption of long-term debt | (119) | (1,044) |
Short-term borrowings, net | (723) | (634) |
Dividends paid on common stock | (404) | (376) |
Other | (17) | (27) |
Net cash from financing activities | 1,759 | 197 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 36 | (2) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 51 | 43 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 87 | 41 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | $ 523 | $ 364 |
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, 2022 | 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 (loss), net of tax | (3) | (3) | |||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other (in shares) | 401,000 | ||||
Stock-based compensation, net distributions to/ contributions from 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 | 205,632,000 | ||||
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 (loss), net of tax | 5 | ||||
Ending Balance (in shares) at Jun. 30, 2023 | 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 (loss), net of tax | 8 | 8 | |||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other (in shares) | (9,000) | ||||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other | 15 | $ 16 | (1) | ||
Ending Balance (in shares) at Jun. 30, 2023 | 206,176,000 | ||||
Ending Balance at Jun. 30, 2023 | $ 10,485 | $ 6,676 | 3,862 | (57) | 4 |
Beginning Balance (in shares) at Dec. 31, 2023 | 206,357,070 | 206,357,000 | |||
Beginning Balance at Dec. 31, 2023 | $ 11,055 | $ 6,713 | 4,404 | (67) | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 313 | 313 | |||
Dividends declared on common stock | (211) | (211) | |||
Issuance of common stock (in shares) | 84,000 | ||||
Issuance of common stock | 9 | $ 9 | |||
Other comprehensive income (loss), net of tax | 25 | 25 | |||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other (in shares) | 496,000 | ||||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other | (13) | $ (12) | (1) | ||
Ending Balance (in shares) at Mar. 31, 2024 | 206,937,000 | ||||
Ending Balance at Mar. 31, 2024 | $ 11,178 | $ 6,710 | 4,505 | (42) | 5 |
Beginning Balance (in shares) at Dec. 31, 2023 | 206,357,070 | 206,357,000 | |||
Beginning Balance at Dec. 31, 2023 | $ 11,055 | $ 6,713 | 4,404 | (67) | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 635 | ||||
Other comprehensive income (loss), net of tax | $ 37 | ||||
Ending Balance (in shares) at Jun. 30, 2024 | 207,020,080 | 207,020,000 | |||
Ending Balance at Jun. 30, 2024 | $ 11,112 | $ 6,732 | 4,404 | (30) | 6 |
Beginning Balance (in shares) at Mar. 31, 2024 | 206,937,000 | ||||
Beginning Balance at Mar. 31, 2024 | 11,178 | $ 6,710 | 4,505 | (42) | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 322 | 322 | |||
Dividends declared on common stock | (422) | (422) | |||
Issuance of common stock (in shares) | 83,000 | ||||
Issuance of common stock | 9 | $ 9 | |||
Other comprehensive income (loss), net of tax | 12 | 12 | |||
Stock-based compensation, net distributions to/ contributions from noncontrolling interests, and other | $ 13 | $ 13 | (1) | 1 | |
Ending Balance (in shares) at Jun. 30, 2024 | 207,020,080 | 207,020,000 | |||
Ending Balance at Jun. 30, 2024 | $ 11,112 | $ 6,732 | $ 4,404 | $ (30) | $ 6 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - DTE Energy Company (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 2.04 | $ 1.02 | $ 1.91 | $ 0.95 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) - DTE Electric Company - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Revenues — Utility operations | $ 1,879 | $ 1,617 | $ 4,035 | $ 3,677 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 435 | 345 | 1,035 | 929 |
Taxes other than income | 123 | 114 | 245 | 236 |
Operating Expenses | 2,373 | 2,287 | 5,096 | 5,414 |
Operating Income | 502 | 397 | 1,019 | 1,049 |
Other (Income) and Deductions | ||||
Interest expense | 233 | 192 | 451 | 383 |
Interest income | (36) | (13) | (54) | (30) |
Non-operating retirement benefits, net | 0 | 5 | 0 | 8 |
Other income | (65) | (31) | (92) | (57) |
Other expenses | 12 | 9 | 22 | 15 |
Other (Income) and Deductions | 144 | 162 | 327 | 319 |
Income Before Income Taxes | 358 | 235 | 692 | 730 |
Income Tax Expense | 36 | 34 | 57 | 84 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 322 | 201 | 635 | 646 |
DTE Electric | ||||
Operating Revenues — Utility operations | 1,611 | 1,326 | 3,077 | 2,701 |
Operating Expenses | ||||
Fuel, purchased power, and gas — utility | 423 | 315 | 793 | 680 |
Operation and maintenance | 332 | 317 | 712 | 728 |
Depreciation and amortization | 353 | 328 | 703 | 645 |
Taxes other than income | 88 | 84 | 172 | 168 |
Operating Expenses | 1,196 | 1,044 | 2,380 | 2,221 |
Operating Income | 415 | 282 | 697 | 480 |
Other (Income) and Deductions | ||||
Interest expense | 124 | 103 | 241 | 205 |
Interest income | (2) | (5) | (4) | (11) |
Non-operating retirement benefits, net | (2) | (1) | 0 | (2) |
Other income | (32) | (20) | (64) | (40) |
Other expenses | 12 | 7 | 21 | 13 |
Other (Income) and Deductions | 100 | 84 | 194 | 165 |
Income Before Income Taxes | 315 | 198 | 503 | 315 |
Income Tax Expense | 37 | 19 | 55 | 36 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 278 | $ 179 | $ 448 | $ 279 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income | $ 322 | $ 201 | $ 635 | $ 646 |
Other comprehensive income | 12 | 8 | 37 | 5 |
Comprehensive Income | 334 | 209 | 672 | 651 |
DTE Electric | ||||
Net Income | 278 | 179 | 448 | 279 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive Income | $ 278 | $ 179 | $ 448 | $ 279 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 20 | $ 26 |
Restricted cash | 67 | 25 |
Accounts receivable (less allowance for doubtful accounts of $42 and $41, respectively) | ||
Accounts receivable | 1,503 | 1,632 |
Other | 247 | 155 |
Inventories | ||
Fuel | 392 | 421 |
Materials and supplies | 772 | 633 |
Regulatory assets | 48 | 108 |
Other | 203 | 242 |
Total Current Assets | 4,516 | 3,539 |
Investments | ||
Nuclear decommissioning trust funds | 2,170 | 2,041 |
Other | 166 | 168 |
Total Investments | 2,461 | 2,375 |
Property | ||
Property, plant, and equipment | 38,985 | 37,274 |
Accumulated depreciation and amortization | (9,540) | (9,105) |
Total Property | 29,445 | 28,169 |
Other Assets | ||
Regulatory assets | 6,501 | 6,209 |
Securitized regulatory assets | 725 | 758 |
Prepaid postretirement costs — affiliates | 674 | 633 |
Operating lease right-of-use assets | 173 | 132 |
Other | 279 | 262 |
Total Other Assets | 11,389 | 10,672 |
Total Assets | 47,811 | 44,755 |
Accounts payable | ||
Accounts payable | 1,307 | 1,361 |
Accrued interest | 229 | 170 |
Current portion long-term debt, including securitization bonds and finance leases | 3,209 | 2,142 |
Regulatory liabilities | 46 | 71 |
Short-term borrowings | ||
Short-term borrowings | 560 | 1,283 |
Operating lease liabilities | 17 | 17 |
Other | 533 | 452 |
Total Current Liabilities | 6,507 | 5,883 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 17,701 | 15,819 |
Securitization bonds | 671 | 705 |
Finance lease liabilities | 18 | 13 |
Total Long-Term Debt (net of current portion) | 19,274 | 17,420 |
Other Liabilities | ||
Deferred income taxes | 2,843 | 2,649 |
Regulatory liabilities | 2,645 | 2,603 |
Asset retirement obligations | 3,867 | 3,556 |
Unamortized investment tax credit | 179 | 181 |
Nuclear decommissioning | 339 | 320 |
Accrued pension liability — affiliates | 307 | 350 |
Accrued postretirement liability — affiliates | 297 | 301 |
Operating lease liabilities | 152 | 108 |
Other | 186 | 197 |
Total Other Liabilities | 10,918 | 10,397 |
Commitments and Contingencies (Notes 4 and 11) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 6,732 | 6,713 |
Retained earnings | 4,404 | 4,404 |
Total DTE Energy/DTE Electric Company Equity | 11,106 | 11,050 |
Total Liabilities and Equity | 47,811 | 44,755 |
DTE Electric | ||
Current Assets | ||
Cash and cash equivalents | 8 | 15 |
Restricted cash | 53 | 17 |
Accounts receivable (less allowance for doubtful accounts of $42 and $41, respectively) | ||
Other | 145 | 55 |
Inventories | ||
Fuel | 210 | 191 |
Materials and supplies | 465 | 409 |
Regulatory assets | 44 | 99 |
Other | 97 | 114 |
Total Current Assets | 1,915 | 1,676 |
Investments | ||
Nuclear decommissioning trust funds | 2,170 | 2,041 |
Other | 63 | 53 |
Total Investments | 2,233 | 2,094 |
Property | ||
Property, plant, and equipment | 29,290 | 27,936 |
Accumulated depreciation and amortization | (6,919) | (6,570) |
Total Property | 22,371 | 21,366 |
Other Assets | ||
Regulatory assets | 5,895 | 5,596 |
Securitized regulatory assets | 725 | 758 |
Prepaid postretirement costs — affiliates | 402 | 378 |
Operating lease right-of-use assets | 144 | 101 |
Other | 232 | 216 |
Total Other Assets | 7,398 | 7,049 |
Total Assets | 33,917 | 32,185 |
Accounts payable | ||
Accrued interest | 141 | 113 |
Current portion long-term debt, including securitization bonds and finance leases | 432 | 166 |
Regulatory liabilities | 24 | 49 |
Short-term borrowings | ||
Short-term borrowings | 560 | 385 |
Operating lease liabilities | 14 | 15 |
Other | 188 | 169 |
Total Current Liabilities | 2,198 | 1,651 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 10,821 | 10,174 |
Securitization bonds | 671 | 705 |
Finance lease liabilities | 8 | 4 |
Total Long-Term Debt (net of current portion) | 11,500 | 10,883 |
Other Liabilities | ||
Deferred income taxes | 3,281 | 3,109 |
Regulatory liabilities | 1,716 | 1,710 |
Asset retirement obligations | 3,631 | 3,326 |
Unamortized investment tax credit | 179 | 181 |
Nuclear decommissioning | 339 | 320 |
Accrued pension liability — affiliates | 309 | 334 |
Accrued postretirement liability — affiliates | 285 | 290 |
Operating lease liabilities | 127 | 81 |
Other | 68 | 76 |
Total Other Liabilities | 9,935 | 9,427 |
Commitments and Contingencies (Notes 4 and 11) | ||
Equity | ||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 7,361 | 7,361 |
Retained earnings | 2,923 | 2,863 |
Total DTE Energy/DTE Electric Company Equity | 10,284 | 10,224 |
Total Liabilities and Equity | 33,917 | 32,185 |
DTE Electric | Affiliates | ||
Accounts receivable (less allowance for doubtful accounts of $42 and $41, respectively) | ||
Accounts receivable | 8 | 12 |
Accounts payable | ||
Accounts payable | 61 | 58 |
Short-term borrowings | ||
Short-term borrowings | 51 | 0 |
DTE Electric | Customer/ Other | ||
Accounts receivable (less allowance for doubtful accounts of $42 and $41, respectively) | ||
Accounts receivable | 885 | 764 |
Accounts payable | ||
Accounts payable | $ 727 | $ 696 |
Consolidated Statements of Fi_4
Consolidated Statements of Financial Position (Unaudited) - DTE Electric Company (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Allowance for doubtful accounts | $ 74 | $ 63 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 207,020,080 | 206,357,070 |
Common stock, shares outstanding (in shares) | 207,020,080 | 206,357,070 |
DTE Electric | ||
Current Assets | ||
Allowance for doubtful accounts | $ 42 | $ 41 |
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, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net Income | $ 635 | $ 646 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 850 | 781 |
Nuclear fuel amortization | 21 | 31 |
Allowance for equity funds used during construction | (38) | (18) |
Deferred income taxes | 132 | 88 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 37 | 685 |
Inventories | (110) | 1 |
Accounts payable | (91) | (490) |
Regulatory assets and liabilities | 211 | 381 |
Other current and noncurrent assets and liabilities | 160 | (88) |
Net cash from operating activities | 1,801 | 1,759 |
Investing Activities | ||
Proceeds from sale of nuclear decommissioning trust fund assets | 347 | 423 |
Investment in nuclear decommissioning trust funds | (350) | (419) |
Notes receivable | (400) | (24) |
Net cash used for investing activities | (3,524) | (1,958) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 3,022 | 2,278 |
Redemption of long-term debt | (119) | (1,044) |
Short-term borrowings, net | (723) | (634) |
Dividends paid on common stock | (404) | (376) |
Other | (17) | (27) |
Net cash from financing activities | 1,759 | 197 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 36 | (2) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 51 | 43 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 87 | 41 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 523 | 364 |
DTE Electric | ||
Operating Activities | ||
Net Income | 448 | 279 |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||
Depreciation and amortization | 703 | 645 |
Nuclear fuel amortization | 21 | 31 |
Allowance for equity funds used during construction | (37) | (17) |
Deferred income taxes | 129 | 34 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (207) | (12) |
Inventories | (75) | (87) |
Accounts payable | 24 | (39) |
Prepaid postretirement benefit costs — affiliates | (24) | (24) |
Accrued pension liability — affiliates | (25) | (26) |
Accrued postretirement liability — affiliates | (5) | (4) |
Regulatory assets and liabilities | 155 | 286 |
Other current and noncurrent assets and liabilities | (47) | (106) |
Net cash from operating activities | 1,060 | 960 |
Investing Activities | ||
Plant and equipment expenditures | (1,704) | (1,485) |
Proceeds from sale of nuclear decommissioning trust fund assets | 347 | 423 |
Investment in nuclear decommissioning trust funds | (350) | (419) |
Notes receivable | (24) | (8) |
Net cash used for investing activities | (1,731) | (1,489) |
Financing Activities | ||
Issuance of long-term debt, net of discount and issuance costs | 993 | 1,285 |
Redemption of long-term debt | (119) | (19) |
Dividends paid on common stock | (388) | (356) |
Other | (12) | (14) |
Net cash from financing activities | 700 | 523 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 29 | (6) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 32 | 24 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 61 | 18 |
Supplemental disclosure of non-cash investing and financing activities | ||
Plant and equipment expenditures in accounts payable | 412 | 285 |
DTE Electric | Affiliates | ||
Financing Activities | ||
Short-term borrowings, net | 51 | (27) |
DTE Electric | Other | ||
Financing Activities | ||
Short-term borrowings, net | $ 175 | $ (346) |
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, 2022 | 205,632,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2022 | $ 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 | 205,632,000 | 138,632,000 | |||||
Beginning Balance at Dec. 31, 2022 | 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 | 206,176,000 | 138,632,000 | |||||
Ending Balance at Jun. 30, 2023 | 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 | 206,176,000 | 138,632,000 | |||||
Ending Balance at Jun. 30, 2023 | $ 9,618 | $ 1,386 | 5,216 | 3,016 | |||
Beginning Balance (in shares) at Dec. 31, 2023 | 206,357,070 | 206,357,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2023 | $ 11,050 | $ 10,224 | $ 1,386 | 5,975 | 2,863 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 170 | 170 | |||||
Dividends declared on common stock | $ (211) | (211) | (194) | (194) | |||
Ending Balance (in shares) at Mar. 31, 2024 | 206,937,000 | 138,632,000 | |||||
Ending Balance at Mar. 31, 2024 | $ 10,200 | $ 1,386 | 5,975 | 2,839 | |||
Beginning Balance (in shares) at Dec. 31, 2023 | 206,357,070 | 206,357,000 | 138,632,324 | 138,632,000 | |||
Beginning Balance at Dec. 31, 2023 | $ 11,050 | $ 10,224 | $ 1,386 | 5,975 | 2,863 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 635 | $ 448 | |||||
Ending Balance (in shares) at Jun. 30, 2024 | 207,020,080 | 207,020,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Jun. 30, 2024 | $ 11,106 | $ 10,284 | $ 1,386 | 5,975 | 2,923 | ||
Beginning Balance (in shares) at Mar. 31, 2024 | 206,937,000 | 138,632,000 | |||||
Beginning Balance at Mar. 31, 2024 | 10,200 | $ 1,386 | 5,975 | 2,839 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 322 | 278 | 278 | ||||
Dividends declared on common stock | $ (422) | $ (422) | $ (194) | (194) | |||
Ending Balance (in shares) at Jun. 30, 2024 | 207,020,080 | 207,020,000 | 138,632,324 | 138,632,000 | |||
Ending Balance at Jun. 30, 2024 | $ 11,106 | $ 10,284 | $ 1,386 | $ 5,975 | $ 2,923 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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, 2024. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. 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, 2024, 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, 2024, 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. DTE Electric previously financed regulatory assets for deferred costs related to certain retired generation plants and its tree trimming surge program through the sale of bonds by wholly-owned special purpose entities, DTE Securitization I and DTE Securitization II (collectively "the DTE Securitization entities"). The DTE Securitization entities are VIEs. DTE Electric has the power to direct the most significant activities of these entities, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and the DTE Securitization entities are consolidated by the Registrants. Securitization bond holders have no recourse to the Registrants' assets, except for those held by the DTE Securitization entities. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by the DTE Securitization entities. 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 and notes receivable. The table below summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of June 30, 2024 and December 31, 2023. 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. Assets and liabilities of the DTE Securitization entities have been aggregated due to their similar nature and are separately stated in the table below, comprising the entirety of the DTE Electric amounts. For all other VIEs, assets and liabilities are also aggregated due to their similar nature and presented together with the DTE Securitization entities in the DTE Energy amounts below. 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. Amounts for the Registrants' consolidated VIEs are as follows: June 30, 2024 December 31, 2023 DTE Energy DTE Electric DTE Energy DTE Electric (In millions) ASSETS Cash and cash equivalents $ 6 $ — $ 7 $ — Restricted cash 67 53 25 17 Accounts receivable 38 8 85 6 Securitized regulatory assets 725 725 758 758 Notes receivable (a) 595 — 183 — Other current and long-term assets — — 4 1 $ 1,431 $ 786 $ 1,062 $ 782 LIABILITIES Accounts payable $ 18 $ — $ 59 $ — Accrued interest 25 25 6 6 Securitization bonds (b) 750 750 769 769 Other current and long-term liabilities 34 16 20 8 $ 827 $ 791 $ 854 $ 783 _______________________________________ (a) During the first quarter 2024, a consolidated VIE of DTE Vantage recorded a significant increase in Notes Receivable, primarily due to a one-time payment of $306 million for investments related to a large industrial project. At June 30, 2024, Notes Receivable includes $11 million reported in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Includes $79 million and $64 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended June 30, 2024 and December 31, 2023, respectively. Amounts for DTE Energy's non-consolidated VIEs are as follows: June 30, 2024 December 31, 2023 (In millions) Investments in equity method investees $ 66 $ 112 Notes receivable $ 21 $ 15 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Allowance for equity funds used during construction $ 20 $ 9 $ 38 $ 18 Equity earnings of equity method investees 32 — 24 4 Contract services 6 7 13 13 Investment income (a) 3 4 9 9 Other 4 11 8 13 $ 65 $ 31 $ 92 $ 57 _______________________________________ (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, 2024 2023 2024 2023 (In millions) Allowance for equity funds used during construction $ 19 $ 8 $ 37 $ 17 Contract services 7 6 13 12 Investment income (a) 2 3 7 6 Other 4 3 7 5 $ 32 $ 20 $ 64 $ 40 _______________________________________ (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, 2024 and 2023, 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. 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, 2024 2023 2024 2023 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 3.9 4.4 4.0 4.4 Production tax credits (7.7) (4.4) (8.2) (5.6) TCJA regulatory liability amortization (4.2) (3.1) (4.5) (3.8) Investment tax credits (2.7) (1.4) (2.9) (2.0) State tax audit settlement, net of federal benefit — (1.8) — (0.6) Other (0.2) (0.3) (1.2) (1.9) Effective income tax rate 10.1 % 14.4 % 8.2 % 11.5 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 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 5.3 5.7 5.3 5.7 Production tax credits (9.2) (8.2) (9.6) (7.8) TCJA regulatory liability amortization (4.4) (5.3) (4.6) (5.0) AFUDC equity (1.2) (0.5) (1.3) (0.4) State tax audit settlement, net of federal benefit — (2.1) — (1.3) Other 0.4 (0.9) 0.2 (0.8) Effective income tax rate 11.9 % 9.7 % 11.0 % 11.4 % DTE Electric had federal income tax receivables with DTE Energy of $6 million and $7 million at June 30, 2024 and December 31, 2023, respectively, included in Accounts Receivable — Affiliates on the DTE Electric Consolidated Statements of Financial Position. Unrecognized Compensation Costs As of June 30, 2024, DTE Energy had $83 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 1.7 years. Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $9 million and $10 million for the three months ended June 30, 2024 and 2023, respectively, while such allocation was $17 million and $20 million for the six months ended June 30, 2024 and 2023, respectively. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization I and DTE Securitization II to pay for debt service and other qualified costs. Restricted cash also consists of funds held to satisfy contractual obligations related to a large construction project at DTE Vantage. 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, 2024. DTE Energy DTE Electric Year of Origination 2024 2023 2022 and Prior Total 2024 and Prior (In millions) Notes receivable Internal grade 1 $ — $ 1 $ 4 $ 5 $ — Internal grade 2 404 7 25 436 1 Total notes receivable (a) $ 404 $ 8 $ 29 $ 441 $ 1 Net investment in leases Internal grade 1 $ — $ — $ 36 $ 36 $ — Internal grade 2 138 — 244 382 — Total net investment in leases (a) $ 138 $ — $ 280 $ 418 $ — _______________________________________ (a) For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other. 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. The Registrants establish an allowance for credit loss for principal and interest amounts due that are estimated to be uncollectible 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. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. If amounts are no longer probable of collection, the Registrants may consider the note receivable impaired, adjust the allowance, and cease accruing interest (nonaccrual status). 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, 2024 $ 62 $ 1 $ 63 $ 41 Current period provision 38 — 38 20 Write-offs charged against allowance (50) — (50) (34) Recoveries of amounts previously written off 23 — 23 15 Ending reserve balance, June 30, 2024 $ 73 $ 1 $ 74 $ 42 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 52 — 52 36 Write-offs charged against allowance (112) — (112) (72) Recoveries of amounts previously written off 44 — 44 28 Ending reserve balance, December 31, 2023 $ 62 $ 1 $ 63 $ 41 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, 2024 2023 2024 2023 (In millions) DTE Energy $ 17 $ 13 $ 38 $ 35 DTE Electric $ 11 $ 9 $ 21 $ 17 There are no material amounts of past due financing receivables for the Registrants as of June 30, 2024. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Electric (a) Residential $ 744 $ 658 $ 1,444 $ 1,312 Commercial 571 524 1,127 1,019 Industrial 187 186 370 355 Other (b) 114 (39) 145 22 Total Electric operating revenues $ 1,616 $ 1,329 $ 3,086 $ 2,708 Gas Gas sales $ 201 $ 216 $ 766 $ 817 End User Transportation 53 54 135 140 Intermediate Transportation 16 16 45 47 Other (b) 19 25 54 14 Total Gas operating revenues $ 289 $ 311 $ 1,000 $ 1,018 Other segment operating revenues DTE Vantage $ 181 $ 189 $ 365 $ 373 Energy Trading $ 837 $ 904 $ 1,770 $ 2,472 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $5 million and $3 million of Other revenues related to DTE Sustainable Generation for the three months ended June 30, 2024 and 2023, respectively, and $9 million and $7 million for the six months ended June 30, 2024 and 2023, 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, 2024 2023 2024 2023 (In millions) Electric — Other revenues $ 5 $ 5 $ 9 $ 10 Gas — Alternative Revenue Programs $ 2 $ 1 $ 8 $ 4 Gas — Other revenues $ 4 $ 2 $ 6 $ 5 DTE Vantage — Leases $ 12 $ 10 $ 26 $ 25 Energy Trading — Derivatives $ 586 $ 696 $ 1,245 $ 1,857 Deferred Revenue The following is a summary of deferred revenue activity for DTE Energy: Six Months Ended June 30, 2024 2023 (In millions) Beginning Balance, January 1 $ 106 $ 94 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 81 61 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (29) (40) Ending Balance, June 30 $ 158 $ 115 Deferred revenues are included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. Deferred revenues 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) 2024 $ 136 2025 21 2026 1 2027 — 2028 — 2029 and thereafter — $ 158 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) 2024 $ 109 $ 4 2025 219 1 2026 142 — 2027 106 — 2028 71 — 2029 and thereafter 346 — $ 993 $ 5 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2024 | |
Public Utilities, General Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 2024 Gas Rate Case Filing DTE Gas filed a rate case with the MPSC on January 8, 2024 requesting an increase in base rates of $266 million based on a projected twelve-month period ending September 30, 2025, and an increase in return on equity from 9.9% to 10.25%. The request reflects a net increase to customer rates of only $160 million, as an existing IRM surcharge of $106 million would be rolled into the new base rates. The requested increase is primarily due to increased investments in plant related to system reliability and pipeline safety and inflationary impacts on operating costs, partially offset by higher sales. A final MPSC order in this case is expected in November 2024. 2024 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on March 28, 2024 requesting an increase in base rates of $456 million based on a projected twelve-month period ending December 31, 2025, and an increase in return on equity from 9.9% to 10.5%. The requested increase in base rates was primarily due to the capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. The requested increase in base rates was also due to the increased cost of debt resulting from market dynamics and increasing operating and maintenance expenses. A final MPSC order in this case is expected in January 2025. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
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. 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, 2024 2023 2024 2023 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 Less: Allocation of earnings to net restricted stock awards — 1 1 2 Net income available to common shareholders — basic $ 322 $ 200 $ 634 $ 644 Average number of common shares outstanding — basic 207 206 206 206 Basic Earnings per Common Share $ 1.56 $ 0.97 $ 3.07 $ 3.13 Diluted Earnings per Share Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 Less: Allocation of earnings to net restricted stock awards — 1 1 2 Net income available to common shareholders — diluted $ 322 $ 200 $ 634 $ 644 Average number of common shares outstanding — basic 207 206 206 206 Average performance share awards — — 1 — Average number of common shares outstanding — diluted 207 206 207 206 Diluted Earnings per Common Share $ 1.55 $ 0.97 $ 3.06 $ 3.13 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023. 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, 2024 December 31, 2023 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 9 $ — $ — $ — $ — $ 9 $ 13 $ — $ — $ — $ — $ 13 Nuclear decommissioning trusts Equity securities 818 — — 144 — 962 776 — — 145 — 921 Fixed income securities 122 394 — 104 — 620 127 371 — 92 — 590 Private equity and other — — — 347 — 347 — — — 312 — 312 Hedge funds and similar investments 134 77 — — — 211 119 65 — — — 184 Cash equivalents 30 — — — — 30 34 — — — — 34 Other investments (d) Equity securities 65 — — — — 65 58 — — — — 58 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 29 — — — — 29 37 — — — — 37 Other — 1,062 — — — 1,062 — — — — — — Derivative assets Commodity contracts (e) Natural gas 98 207 116 — (275) 146 241 217 179 — (416) 221 Electricity — 155 100 — (157) 98 — 258 163 — (243) 178 Environmental & Other — 150 28 — (150) 28 — 131 8 — (132) 7 Other contracts — 7 — — — 7 — — — — — — Total derivative assets 98 519 244 — (582) 279 241 606 350 — (791) 406 Total $ 1,312 $ 2,052 $ 244 $ 595 $ (582) $ 3,621 $ 1,412 $ 1,042 $ 350 $ 549 $ (791) $ 2,562 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (137) $ (162) $ (113) $ — $ 277 $ (135) $ (291) $ (167) $ (157) $ — $ 429 $ (186) Electricity — (160) (91) — 158 (93) — (272) (116) — 297 (91) Environmental & Other — (166) (2) — 150 (18) — (148) (2) — 137 (13) Other contracts — (1) — — — (1) — (19) — — — (19) Total $ (137) $ (489) $ (206) $ — $ 585 $ (247) $ (291) $ (606) $ (275) $ — $ 863 $ (309) Net Assets at end of period $ 1,175 $ 1,563 $ 38 $ 595 $ 3 $ 3,374 $ 1,121 $ 436 $ 75 $ 549 $ 72 $ 2,253 Assets Current $ 83 $ 1,432 $ 157 $ — $ (399) $ 1,273 $ 215 $ 461 $ 247 $ — $ (613) $ 310 Noncurrent 1,229 620 87 595 (183) 2,348 1,197 581 103 549 (178) 2,252 Total Assets $ 1,312 $ 2,052 $ 244 $ 595 $ (582) $ 3,621 $ 1,412 $ 1,042 $ 350 $ 549 $ (791) $ 2,562 Liabilities Current $ (108) $ (334) $ (106) $ — $ 404 $ (144) $ (240) $ (462) $ (145) $ — $ 670 $ (177) Noncurrent (29) (155) (100) — 181 (103) (51) (144) (130) — 193 (132) Total Liabilities $ (137) $ (489) $ (206) $ — $ 585 $ (247) $ (291) $ (606) $ (275) $ — $ 863 $ (309) Net Assets at end of period $ 1,175 $ 1,563 $ 38 $ 595 $ 3 $ 3,374 $ 1,121 $ 436 $ 75 $ 549 $ 72 $ 2,253 _______________________________________ (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 $8 million and $11 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 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 (a) $ 7 $ — $ — $ — $ 7 $ 11 $ — $ — $ — $ 11 Nuclear decommissioning trusts Equity securities 818 — — 144 962 776 — — 145 921 Fixed income securities 122 394 — 104 620 127 371 — 92 590 Private equity and other — — — 347 347 — — — 312 312 Hedge funds and similar investments 134 77 — — 211 119 65 — — 184 Cash equivalents 30 — — — 30 34 — — — 34 Other investments Equity securities 24 — — — 24 21 — — — 21 Cash equivalents 19 — — — 19 11 — — — 11 Derivative assets — FTRs — — 28 — 28 — — 7 — 7 Total $ 1,154 $ 471 $ 28 $ 595 $ 2,248 $ 1,099 $ 436 $ 7 $ 549 $ 2,091 Assets Current $ 7 $ — $ 28 $ — $ 35 $ 11 $ — $ 7 $ — $ 18 Noncurrent 1,147 471 — 595 2,213 1,088 436 — 549 2,073 Total Assets $ 1,154 $ 471 $ 28 $ 595 $ 2,248 $ 1,099 $ 436 $ 7 $ 549 $ 2,091 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts include $7 million and $11 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position. 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 in 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 $143 million and $157 million as of June 30, 2024 and December 31, 2023, 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, 2024 Three months ended June 30, 2023 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of March 31 $ (3) $ (25) $ 2 (26) $ (62) $ (38) $ 2 $ (98) Transfers into Level 3 from Level 2 1 — — 1 — — — — Total gains (losses) Included in earnings 31 93 (1) 123 11 75 1 87 Recorded in Regulatory liabilities — — 30 30 — — 14 14 Purchases, issuances, and settlements Settlements (26) (59) (5) (90) (3) (41) (1) (45) Net Assets (Liabilities) as of June 30 $ 3 $ 9 $ 26 $ 38 $ (54) $ (4) $ 16 $ (42) 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) $ 20 $ 80 $ (31) $ 69 $ (3) $ 49 $ (32) $ (14) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 28 $ 28 $ — $ — $ 14 $ 14 _______________________________________ (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, 2024 Six Months Ended June 30, 2023 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ 22 $ 47 $ 6 $ 75 $ (255) $ (33) $ 11 $ (277) Total gains (losses) Included in earnings (a) 7 90 (2) 95 162 30 2 194 Recorded in Regulatory liabilities — — 27 27 — — 5 5 Purchases, issuances, and settlements Settlements (26) (128) (5) (159) 39 (1) (2) 36 Net Assets (Liabilities) as of June 30 $ 3 $ 9 $ 26 $ 38 $ (54) $ (4) $ 16 $ (42) 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) $ (18) $ 81 $ (31) $ 32 $ 90 $ 68 $ (31) $ 127 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 28 $ 28 $ — $ — $ 14 $ 14 _______________________________________ (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, 2024 2023 2024 2023 (In millions) Net Assets as of beginning of period $ 3 $ 1 $ 7 $ 11 Total gains recorded in Regulatory liabilities 30 14 27 5 Purchases, issuances, and settlements Settlements (5) (1) (6) (2) Net Assets as of June 30 $ 28 $ 14 $ 28 $ 14 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ 28 $ 14 $ 28 $ 14 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 June 30, 2024 and 2023. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: June 30, 2024 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 116 $ (113) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.45) — $ 2.42 /MMBtu $ (0.12) /MMBtu Electricity $ 100 $ (91) Discounted Cash Flow Forward basis price (per MWh) $ (20.82) — $ 16.72 /MWh $ (3.79) /MWh December 31, 2023 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 179 $ (157) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.57) — $ 6.27 /MMBtu $ (0.08) /MMBtu Electricity $ 163 $ (116) Discounted Cash Flow Forward basis price (per MWh) $ (18.49) — $ 15.47 /MWh $ (3.99) /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, 2024 December 31, 2023 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 $ 441 $ — $ — $ 474 $ 175 $ — $ — $ 181 Short-term borrowings $ 560 $ — $ 560 $ — $ 1,283 $ — $ 1,283 $ — Notes payable (b) $ 18 $ — $ — $ 18 $ 34 $ — $ — $ 34 Long-term debt (c) $ 22,460 $ 778 $ 18,643 $ 1,136 $ 19,546 $ 807 $ 16,178 $ 1,202 _______________________________________ (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, 2024 December 31, 2023 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) $ 1 $ — $ — $ 1 $ 19 $ — $ — $ 19 Short-term borrowings — affiliates $ 51 $ — $ — $ 51 $ — $ — $ — $ — Short-term borrowings — other $ 560 $ — $ 560 $ — $ 385 $ — $ 385 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 33 $ — $ — $ 33 Long-term debt (c) $ 11,921 $ — $ 10,453 $ 132 $ 11,043 $ — $ 9,999 $ 126 _______________________________________ (a) Included in Current Assets — Other and Other 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 7 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, 2024 December 31, 2023 (In millions) Fermi 2 $ 2,152 $ 2,026 Fermi 1 3 3 Low-level radioactive waste 15 12 $ 2,170 $ 2,041 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, 2024 2023 2024 2023 (In millions) Realized gains $ 23 $ 11 $ 30 $ 19 Realized losses $ (10) $ (12) $ (16) $ (26) Proceeds from sale of securities $ 239 $ 257 $ 347 $ 423 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, 2024 December 31, 2023 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 962 $ 520 $ (13) $ 921 $ 459 $ (11) Fixed income securities 620 10 (31) 590 8 (30) Private equity and other 347 98 (8) 312 74 (8) Hedge funds and similar investments 211 6 (7) 184 4 (9) Cash equivalents 30 — — 34 — — $ 2,170 $ 634 $ (59) $ 2,041 $ 545 $ (58) The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: June 30, 2024 (In millions) Due within one year $ 13 Due after one through five years 105 Due after five through ten years 105 Due after ten years 293 $ 516 Fixed income securities held in nuclear decommissioning trust funds include $104 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At June 30, 2024, DTE Energy had $1.1 billion invested in time deposit accounts with a maturity of greater than three months, which is included in Current investments on the Consolidated Statements of Financial Position. The investment does not include quoted prices, but the fair value is otherwise directly observable. At June 30, 2024 and December 31, 2023, DTE Energy securities included in Other long-term investments on the Consolidated Statements of Financial Position consisted 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, 2024 and 2023. |
Financial and Other Derivative
Financial and Other Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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 2027. 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, 2024 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, 2024 December 31, 2023 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Interest rate contracts $ 6 $ — $ — $ (16) Foreign currency exchange contracts — (1) — (2) Total derivatives designated as hedging instruments $ 6 $ (1) $ — $ (18) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 421 $ (412) $ 637 $ (615) Electricity 255 (251) 421 (388) Environmental & Other 178 (168) 139 (150) Foreign currency exchange contracts 1 — — (1) Total derivatives not designated as hedging instruments $ 855 $ (831) $ 1,197 $ (1,154) Current $ 601 $ (548) $ 910 $ (847) Noncurrent 260 (284) 287 (325) Total derivatives $ 861 $ (832) $ 1,197 $ (1,172) The fair value of derivative instruments at DTE Electric was $28 million and $7 million at June 30, 2024 and December 31, 2023, 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 letters of credit of $1 million and $3 million issued and outstanding at June 30, 2024 and December 31, 2023, respectively, 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 $4 million and $10 million at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 (In millions) Cash collateral netted against Derivative assets $ (2) $ — Cash collateral netted against Derivative liabilities 5 72 Cash collateral recorded in Accounts receivable (a) 64 57 Cash collateral recorded in Accounts payable (a) (11) (3) Total net cash collateral posted (received) $ 56 $ 126 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2024 December 31, 2023 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 $ 421 $ (275) $ 146 $ 637 $ (416) $ 221 Electricity 255 (157) 98 421 (243) 178 Environmental & Other 178 (150) 28 139 (132) 7 Interest rate contracts 6 — 6 — — — Foreign currency exchange contracts 1 — 1 — — — Total derivative assets $ 861 $ (582) $ 279 $ 1,197 $ (791) $ 406 Derivative liabilities Commodity contracts (a) Natural gas $ (412) $ 277 $ (135) $ (615) $ 429 $ (186) Electricity (251) 158 (93) (388) 297 (91) Environmental & Other (168) 150 (18) (150) 137 (13) Interest rate contracts — — — (16) — (16) Foreign currency exchange contracts (1) — (1) (3) — (3) Total derivative liabilities $ (832) $ 585 $ (247) $ (1,172) $ 863 $ (309) _______________________________________ (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, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 601 $ 260 $ (548) $ (284) $ 910 $ 287 $ (847) $ (325) Counterparty netting (399) (181) 399 181 (613) (178) 613 178 Collateral adjustment — (2) 5 — — — 57 15 Total derivatives as reported $ 202 $ 77 $ (144) $ (103) $ 297 $ 109 $ (177) $ (132) 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, 2024 2023 2024 2023 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ 45 $ 59 $ (24) $ 130 Natural gas Fuel, purchased power, gas, and other — non-utility (21) (65) 38 83 Electricity Operating Revenues — Non-utility operations 95 60 90 (55) Environmental & Other Operating Revenues — Non-utility operations 3 — (4) (1) Foreign currency exchange contracts Operating Revenues — Non-utility operations — (1) 2 (1) Total $ 122 $ 53 $ 102 $ 156 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, 2024: Commodity Number of Units Natural gas (MMBtu) 2,161,810,364 Electricity (MWh) 44,128,175 Oil (Gallons) 2,136,000 Foreign currency exchange ($ CAD) 118,314,074 FTR (MWh) 147,106 Renewable Energy Certificates (MWh) 12,565,936 Carbon emissions (Metric Tons) 1,243,306 Interest rate contracts ($ USD) 1,150,000,000 Various subsidiaries and equity investees 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, 2024, 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 $439 million. As of June 30, 2024, DTE Energy had $685 million of derivatives in net liability positions, for which hard triggers exist. There is $3 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 $568 million. The net remaining amount of $114 million is derived from the $439 million noted above. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Debt Issuances Refer to the table below for debt issued through June 30, 2024: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Energy February Senior Notes (a) 5.10% 2029 $ 1,200 DTE Electric February Mortgage Bonds (b) 4.85% 2026 500 DTE Electric February Mortgage Bonds (b) 5.20% 2034 500 DTE Energy May Senior Notes (c) 5.85% 2034 850 $ 3,050 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings and for general corporate purposes. (b) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (c) Proceeds to be used for the repayment of a portion of the $675 million 2016 Series C 2.53% Senior Notes due October 1, 2024, for repayment of a portion of the $1.3 billion 2019 Series F 4.22% Senior Notes due November 1, 2024, and for general corporate purposes. Pending repayment of the 2016 Series C and 2019 Series F Senior Notes, proceeds of the notes were invested in short-term investments. Debt Redemptions Refer to the table below for debt redeemed through June 30, 2024: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage Bonds 3.65% 2024 $ 100 DTE Electric June Securitization Bonds 2.64% 2024 19 $ 119 |
Short-Term Credit Arrangements
Short-Term Credit Arrangements and Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.66 to 1, 0.53 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant. The availability under these facilities as of June 30, 2024 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring October 2028 $ 1,500 $ 800 $ 300 $ 2,600 Unsecured letter of credit facility, expiring June 2025 (a) 175 — — $ 175 Unsecured letter of credit facility, expiring February 2025 150 — — 150 Unsecured letter of credit facility, expiring June 2026 100 — — 100 Unsecured letter of credit facility (b) 50 — — 50 Unsecured letter of credit facility (c) — 100 — 100 1,975 900 300 3,175 Amounts outstanding at June 30, 2024 Commercial paper issuances — 560 — 560 Letters of credit 77 85 — 162 77 645 — 722 Net availability at June 30, 2024 $ 1,898 $ 255 $ 300 $ 2,453 _______________________________________ (a) Uncommitted letter of credit facility. (b) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (c) 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, 2024, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $139 million and $152 million at June 30, 2024 and December 31, 2023, respectively, and were fully offset by posted collateral. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | LEASES Lessor During the first quarter 2024, DTE Energy completed construction of and began operating certain energy infrastructure assets under a long-term agreement with a large industrial customer. DTE Energy began leasing these assets to the customer for a 20-year term ending in 2044. DTE Energy has accounted for this arrangement as a finance lease, recognizing a net investment of $135 million as of June 30, 2024. Under the long-term agreement, additional energy infrastructure assets remain under construction and are expected to be completed through the remainder of 2024. The assets will be subsequently leased to the customer and increase the net investment in finance leases accordingly. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy June 30, 2024 (In millions) 2024 $ 25 2025 49 2026 49 2027 49 2028 48 2029 and Thereafter 606 Total minimum future lease receipts 826 Residual value of leased pipeline 17 Less unearned income 425 Net investment in finance lease 418 Less current portion 12 $ 406 Interest income recognized under finance leases was $9 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and $17 million and $14 million for the six months ended June 30, 2024 and 2023, 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, 2024 2023 2024 2023 (In millions) Fixed payments $ 3 $ 3 $ 7 $ 7 Variable payments 9 7 19 18 $ 12 $ 10 $ 26 $ 25 |
Leases | LEASES Lessor During the first quarter 2024, DTE Energy completed construction of and began operating certain energy infrastructure assets under a long-term agreement with a large industrial customer. DTE Energy began leasing these assets to the customer for a 20-year term ending in 2044. DTE Energy has accounted for this arrangement as a finance lease, recognizing a net investment of $135 million as of June 30, 2024. Under the long-term agreement, additional energy infrastructure assets remain under construction and are expected to be completed through the remainder of 2024. The assets will be subsequently leased to the customer and increase the net investment in finance leases accordingly. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy June 30, 2024 (In millions) 2024 $ 25 2025 49 2026 49 2027 49 2028 48 2029 and Thereafter 606 Total minimum future lease receipts 826 Residual value of leased pipeline 17 Less unearned income 425 Net investment in finance lease 418 Less current portion 12 $ 406 Interest income recognized under finance leases was $9 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and $17 million and $14 million for the six months ended June 30, 2024 and 2023, 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, 2024 2023 2024 2023 (In millions) Fixed payments $ 3 $ 3 $ 7 $ 7 Variable payments 9 7 19 18 $ 12 $ 10 $ 26 $ 25 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 the 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 March 2024, the EPA finalized the NAAQS for fine particulate matter, particles of pollution with diameters generally 2.5 micrometers and smaller (PM2.5). It is likely that areas of Michigan in which DTE Electric operates will be designated as non-attainment in the future and the state will be required to develop a SIP for such areas. No impact is expected in the near term, and any long-term financial impacts cannot be assessed at this time. In April 2024, the EPA finalized new rules to address emissions of GHGs from existing, new, modified, or reconstructed sources in the power sector. The new rules may impact future electric generation plans that will be defined in DTE Electric's next Integrated Resource Plan filing. Challenges to the rules are likely, and DTE Electric will continue to monitor regulatory developments. The financial impacts of the new rules are still being assessed. 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 identifying any necessary controls or modifications to existing intake structures. DTE Electric's current capital plan includes an estimated $81 million of compliance-related expenditures, including $54 million for 2024 through 2028. Projected capital expenditures are expected to decrease as a result of the planned conversion of the Belle River power plant to natural gas and the retirement of Monroe power plant generating units. However, discussions with the state are ongoing and a revised cost estimate has not yet been determined. As part of the Monroe power plant NPDES permit, EGLE has added an option to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations in order to establish an appropriate temperature discharge limit. DTE Electric has submitted 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. The investigations at the former MGP sites have revealed contamination related to the by-products of gas manufacturing. Cleanup of one of the MGP sites is complete, and that site is closed. DTE Electric has also completed partial closure of one additional site. Cleanup activities associated with the remaining sites will continue over the next several years. 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, 2024 and December 31, 2023, DTE Electric had $9 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 required 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. DTE Electric subsequently ceased receipt of waste at the St. Clair power plant bottom ash basins and initiated closure, resulting in withdrawal of the Part A demonstration for the plant. Additionally, DTE Electric implemented projects at the Belle River and Monroe power plants to cease receipt of waste within any unlined CCR impoundments, resulting in withdrawals of the Part B applications for those plants. On May 8, 2024, the EPA finalized a new rule to regulate legacy CCR surface impoundments and CCR management units. The rule expands the reach of the CCR rule to inactive electric generation sites and previously unregulated CCR at any active facility. DTE Electric is in the process of evaluating the final rule, which may have significant financial impacts depending on the site-specific characteristics of the units that are regulated by the new rule. Long-term financial impacts cannot be clearly defined at this time and likely will not be clearly defined until the regulated units are identified. Challenges to the rule are likely, and DTE Electric will continue to monitor for regulatory developments. The preliminary cost estimate to comply with the revised rule is approximately $211 million, which was recorded to Asset retirement obligations at June 30, 2024, and will be updated as necessary when site-specific details are more fully known. These costs are expected to be recoverable under the regulatory construct as part of removal costs. 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. The EPA has updated and revised the ELG in 2015, 2020, and 2024. In each revision, EPA has re-established technology-based standards applicable to wastewaters created at facilities with an electrical generating unit. In each revision, the EPA also established new applicability dates. The Reconsideration Rule, finalized in 2020, provided additional opportunities by finalizing a group of compliance subcategories that provided cessation of coal as a compliance option. Additionally, the 2020 Reconsideration Rule established the Voluntary Incentives Program (VIP) for FGD wastewater compliance only. 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 by December 1, 2028. The Reconsideration Rule provided these 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, 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. The EPA also finalized Supplemental ELG Rules on May 9, 2024. This updated the regulations from the 2020 ELG rule for FGD wastewater, bottom ash transport water (BATW), combustion residual leachate (CRL), and legacy wastewater (LWW). The supplemental rule established new technology-based effluent limitations guidelines and standards applicable to FGD wastewater, BATW, CRL, and LWW. The applicability date for BATW is as soon as possible beginning July 8, 2024 and no later than December 31, 2029. FGD wastewater retrofits must be completed as soon as possible, beginning July 8, 2024 and no later than December, 31 2029 or December 31, 2028 if a permittee is pursuing the VIP subcategory for FGD wastewater. The Cessation of Coal compliance subcategory and VIP from the 2020 Reconsideration Rule were maintained in the 2024 Supplemental Rule and continue to be a fundamental component of DTE Electric's ELG compliance strategy. DTE Electric's compliance strategy includes the 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. DTE Electric continues to evaluate compliance strategies, technologies and system designs to achieve compliance with the EPA rules at the Monroe power plant in accordance with the VIP subcategory for FGD and new discharge requirements for BATW. Additionally, DTE Electric is evaluating compliance strategies and options to address new requirement and deadlines for other wastewater streams in the 2024 Supplemental Rule at both Belle River Power Plant and Sibley Quarry. DTE Electric currently estimates the impact of the CCR and ELG rules to be $413 million of capital expenditures, including $403 million for 2024 through 2028. This estimate may change in future periods as DTE Electric evaluates the CCR and ELG rules discussed above that have recently been finalized. 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, 2024 and December 31, 2023, DTE Gas had $25 million and $26 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 — In March 2023, the EPA published the Good Neighbor Rule, which includes provisions for compressor engines operated for the transportation of natural gas. The status of the rule remains uncertain as litigation is ongoing. At this time, DTE Gas does not expect a significant financial impact. As noted above for DTE Electric, the EPA finalized the NAAQS for fine particulate matter in March 2024. It is likely that areas of Michigan in which DTE Gas operates will be designated as non-attainment in the future and the state will be required to develop a SIP for such areas. No impact is expected in the near term, and any long-term financial impacts cannot be assessed 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 ("DOJ"), 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. The case is proceeding through discovery and trial is set for July 2025. On May 20, 2024, court granted a motion allowing the DOJ to amend their complaint to add EES Coke's parent entities including DTE Energy as defendants. The parent entities were added in an attempt to share in any potential liability; there are no additional claims alleged. At the present time, DTE Energy 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 included DTE Energy facilities. However, the EPA published a Federal Implementation Plan (FIP) for the area in June 2022 that did not impact any DTE Energy facilities. It is also not expected that Phase 3 will have any impact on DTE Energy. 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, 2024 was $381 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 $69 million at June 30, 2024. 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, 2024, DTE Energy had $345 million of performance bonds outstanding, including $170 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 4,850 represented employees, including DTE Electric's approximately 2,500 represented employees. This represents 51% and 59% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 8% 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 $4.7 billion and $3.4 billion in 2024 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2024 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 those matters, 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. 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 2025. DTE Electric cannot predict the financial impact or outcome of this matter. In May 2023, the MPSC approved a jointly-filed request by DTE Electric and Consumers for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba Corporation moves forward. DTE Electric currently estimates its share of these repair and replacement costs ranges from $350 million to $400 million. Such costs will be offset by any potential litigation proceeds received from TAES or Toshiba Corporation. DTE Electric and Consumers will have the opportunity to seek recovery and ratemaking treatment for amounts which are not recovered from TAES or Toshiba Corporation. 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 4 and 7 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, 2024 | |
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 2024 2023 2024 2023 (In millions) Three Months Ended June 30, Service cost $ 15 $ 14 $ 5 $ 5 Interest cost 52 53 15 16 Expected return on plan assets (85) (87) (30) (27) Amortization of: Net actuarial loss 14 1 1 2 Prior service credit — — (2) (6) Settlements — 5 — — Net periodic benefit credit $ (4) $ (14) $ (11) $ (10) Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (In millions) Six Months Ended June 30, Service cost $ 29 $ 28 $ 9 $ 9 Interest cost 104 107 31 32 Expected return on plan assets (170) (175) (60) (55) Amortization of: Net actuarial loss 29 3 3 5 Prior service credit (1) (1) (5) (10) Settlements — 7 — — Net periodic benefit credit $ (9) $ (31) $ (22) $ (19) 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. 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 and liabilities, operation and maintenance expense, other income and deductions, and capital expenditures were credits of $2 million and $3 million for the three and six months ended June 30, 2024, respectively, and $7 million and $16 million for the three and six months ended June 30, 2023, respectively. 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, 2024 2023 2024 2023 (In millions) Service cost $ 4 $ 4 $ 7 $ 7 Interest cost 12 13 24 25 Expected return on plan assets (19) (19) (39) (37) Amortization of: Prior service credit (3) (4) (4) (7) Net periodic benefit credit $ (6) $ (6) $ (12) $ (12) Pension and Other Postretirement Contributions No contributions are currently expected for DTE Energy’s postretirement benefit plans in 2024, and contributions to the qualified pension plans are expected to be nominal. Plans may be updated at the discretion of management and depending on economic and financial market conditions. |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Electric $ 18 $ 18 $ 36 $ 35 Gas 3 4 7 9 DTE Vantage 7 9 18 19 Energy Trading 20 18 45 45 Corporate and Other — — — — $ 48 $ 49 $ 106 $ 108 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, 2024 2023 2024 2023 (In millions) Operating Revenues — Utility operations Electric $ 1,611 $ 1,326 $ 3,077 $ 2,701 Gas 289 311 1,000 1,018 Operating Revenues — Non-utility operations Electric 5 3 9 7 DTE Vantage 181 189 365 373 Energy Trading 837 904 1,770 2,472 Corporate and Other — — — — Reconciliation and Eliminations (48) (49) (106) (108) Total $ 2,875 $ 2,684 $ 6,115 $ 6,463 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment Electric $ 278 $ 178 $ 449 $ 279 Gas 12 24 166 195 DTE Vantage 33 26 41 53 Energy Trading 39 31 40 169 Corporate and Other (40) (58) (61) (50) Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income Attributable to DTE Energy Company | $ 322 | $ 201 | $ 635 | $ 646 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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, 2024 | |
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 2023 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, 2024. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. |
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, 2024, 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, 2024, 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. DTE Electric previously financed regulatory assets for deferred costs related to certain retired generation plants and its tree trimming surge program through the sale of bonds by wholly-owned special purpose entities, DTE Securitization I and DTE Securitization II (collectively "the DTE Securitization entities"). The DTE Securitization entities are VIEs. DTE Electric has the power to direct the most significant activities of these entities, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and the DTE Securitization entities are consolidated by the Registrants. Securitization bond holders have no recourse to the Registrants' assets, except for those held by the DTE Securitization entities. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by the DTE Securitization entities. 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 and notes receivable. |
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 maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization I and DTE Securitization II to pay for debt service and other qualified costs. Restricted cash also consists of funds held to satisfy contractual obligations related to a large construction project at DTE Vantage. 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, 2024. DTE Energy DTE Electric Year of Origination 2024 2023 2022 and Prior Total 2024 and Prior (In millions) Notes receivable Internal grade 1 $ — $ 1 $ 4 $ 5 $ — Internal grade 2 404 7 25 436 1 Total notes receivable (a) $ 404 $ 8 $ 29 $ 441 $ 1 Net investment in leases Internal grade 1 $ — $ — $ 36 $ 36 $ — Internal grade 2 138 — 244 382 — Total net investment in leases (a) $ 138 $ — $ 280 $ 418 $ — _______________________________________ (a) For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other. 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. The Registrants establish an allowance for credit loss for principal and interest amounts due that are estimated to be uncollectible 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. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. If amounts are no longer probable of collection, the Registrants may consider the note receivable impaired, adjust the allowance, and cease accruing interest (nonaccrual status). 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. |
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, 2024 and December 31, 2023. 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 $143 million and $157 million as of June 30, 2024 and December 31, 2023, 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 2027. 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, 2024 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 letters of credit of $1 million and $3 million issued and outstanding at June 30, 2024 and December 31, 2023, respectively, 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 $4 million and $10 million at June 30, 2024 and December 31, 2023, 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, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of June 30, 2024 and December 31, 2023. 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. Assets and liabilities of the DTE Securitization entities have been aggregated due to their similar nature and are separately stated in the table below, comprising the entirety of the DTE Electric amounts. For all other VIEs, assets and liabilities are also aggregated due to their similar nature and presented together with the DTE Securitization entities in the DTE Energy amounts below. 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. Amounts for the Registrants' consolidated VIEs are as follows: June 30, 2024 December 31, 2023 DTE Energy DTE Electric DTE Energy DTE Electric (In millions) ASSETS Cash and cash equivalents $ 6 $ — $ 7 $ — Restricted cash 67 53 25 17 Accounts receivable 38 8 85 6 Securitized regulatory assets 725 725 758 758 Notes receivable (a) 595 — 183 — Other current and long-term assets — — 4 1 $ 1,431 $ 786 $ 1,062 $ 782 LIABILITIES Accounts payable $ 18 $ — $ 59 $ — Accrued interest 25 25 6 6 Securitization bonds (b) 750 750 769 769 Other current and long-term liabilities 34 16 20 8 $ 827 $ 791 $ 854 $ 783 _______________________________________ (a) During the first quarter 2024, a consolidated VIE of DTE Vantage recorded a significant increase in Notes Receivable, primarily due to a one-time payment of $306 million for investments related to a large industrial project. At June 30, 2024, Notes Receivable includes $11 million reported in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Includes $79 million and $64 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the periods ended June 30, 2024 and December 31, 2023, respectively. |
Summary of Amounts for Non-Consolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows: June 30, 2024 December 31, 2023 (In millions) Investments in equity method investees $ 66 $ 112 Notes receivable $ 21 $ 15 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Allowance for equity funds used during construction $ 20 $ 9 $ 38 $ 18 Equity earnings of equity method investees 32 — 24 4 Contract services 6 7 13 13 Investment income (a) 3 4 9 9 Other 4 11 8 13 $ 65 $ 31 $ 92 $ 57 _______________________________________ (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, 2024 2023 2024 2023 (In millions) Allowance for equity funds used during construction $ 19 $ 8 $ 37 $ 17 Contract services 7 6 13 12 Investment income (a) 2 3 7 6 Other 4 3 7 5 $ 32 $ 20 $ 64 $ 40 _______________________________________ (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, 2024 2023 2024 2023 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 3.9 4.4 4.0 4.4 Production tax credits (7.7) (4.4) (8.2) (5.6) TCJA regulatory liability amortization (4.2) (3.1) (4.5) (3.8) Investment tax credits (2.7) (1.4) (2.9) (2.0) State tax audit settlement, net of federal benefit — (1.8) — (0.6) Other (0.2) (0.3) (1.2) (1.9) Effective income tax rate 10.1 % 14.4 % 8.2 % 11.5 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 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 5.3 5.7 5.3 5.7 Production tax credits (9.2) (8.2) (9.6) (7.8) TCJA regulatory liability amortization (4.4) (5.3) (4.6) (5.0) AFUDC equity (1.2) (0.5) (1.3) (0.4) State tax audit settlement, net of federal benefit — (2.1) — (1.3) Other 0.4 (0.9) 0.2 (0.8) Effective income tax rate 11.9 % 9.7 % 11.0 % 11.4 % |
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, 2024. DTE Energy DTE Electric Year of Origination 2024 2023 2022 and Prior Total 2024 and Prior (In millions) Notes receivable Internal grade 1 $ — $ 1 $ 4 $ 5 $ — Internal grade 2 404 7 25 436 1 Total notes receivable (a) $ 404 $ 8 $ 29 $ 441 $ 1 Net investment in leases Internal grade 1 $ — $ — $ 36 $ 36 $ — Internal grade 2 138 — 244 382 — Total net investment in leases (a) $ 138 $ — $ 280 $ 418 $ — _______________________________________ (a) For DTE Energy and DTE Electric, the current portion is included in Current Assets — Other on the respective Consolidated Statements of Financial Position. For DTE Electric, the noncurrent portion is included in Other Assets — Other. |
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, 2024 $ 62 $ 1 $ 63 $ 41 Current period provision 38 — 38 20 Write-offs charged against allowance (50) — (50) (34) Recoveries of amounts previously written off 23 — 23 15 Ending reserve balance, June 30, 2024 $ 73 $ 1 $ 74 $ 42 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 52 — 52 36 Write-offs charged against allowance (112) — (112) (72) Recoveries of amounts previously written off 44 — 44 28 Ending reserve balance, December 31, 2023 $ 62 $ 1 $ 63 $ 41 |
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, 2024 2023 2024 2023 (In millions) DTE Energy $ 17 $ 13 $ 38 $ 35 DTE Electric $ 11 $ 9 $ 21 $ 17 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Electric (a) Residential $ 744 $ 658 $ 1,444 $ 1,312 Commercial 571 524 1,127 1,019 Industrial 187 186 370 355 Other (b) 114 (39) 145 22 Total Electric operating revenues $ 1,616 $ 1,329 $ 3,086 $ 2,708 Gas Gas sales $ 201 $ 216 $ 766 $ 817 End User Transportation 53 54 135 140 Intermediate Transportation 16 16 45 47 Other (b) 19 25 54 14 Total Gas operating revenues $ 289 $ 311 $ 1,000 $ 1,018 Other segment operating revenues DTE Vantage $ 181 $ 189 $ 365 $ 373 Energy Trading $ 837 $ 904 $ 1,770 $ 2,472 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $5 million and $3 million of Other revenues related to DTE Sustainable Generation for the three months ended June 30, 2024 and 2023, respectively, and $9 million and $7 million for the six months ended June 30, 2024 and 2023, 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, 2024 2023 2024 2023 (In millions) Electric — Other revenues $ 5 $ 5 $ 9 $ 10 Gas — Alternative Revenue Programs $ 2 $ 1 $ 8 $ 4 Gas — Other revenues $ 4 $ 2 $ 6 $ 5 DTE Vantage — Leases $ 12 $ 10 $ 26 $ 25 Energy Trading — Derivatives $ 586 $ 696 $ 1,245 $ 1,857 |
Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity for DTE Energy: Six Months Ended June 30, 2024 2023 (In millions) Beginning Balance, January 1 $ 106 $ 94 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 81 61 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (29) (40) Ending Balance, June 30 $ 158 $ 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) 2024 $ 136 2025 21 2026 1 2027 — 2028 — 2029 and thereafter — $ 158 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) 2024 $ 109 $ 4 2025 219 1 2026 142 — 2027 106 — 2028 71 — 2029 and thereafter 346 — $ 993 $ 5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 Less: Allocation of earnings to net restricted stock awards — 1 1 2 Net income available to common shareholders — basic $ 322 $ 200 $ 634 $ 644 Average number of common shares outstanding — basic 207 206 206 206 Basic Earnings per Common Share $ 1.56 $ 0.97 $ 3.07 $ 3.13 Diluted Earnings per Share Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 Less: Allocation of earnings to net restricted stock awards — 1 1 2 Net income available to common shareholders — diluted $ 322 $ 200 $ 634 $ 644 Average number of common shares outstanding — basic 207 206 206 206 Average performance share awards — — 1 — Average number of common shares outstanding — diluted 207 206 207 206 Diluted Earnings per Common Share $ 1.55 $ 0.97 $ 3.06 $ 3.13 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Level Level Level Other (a) Netting (b) Net Balance Level Level Level Other (a) Netting (b) Net Balance (In millions) Assets Cash equivalents (c) $ 9 $ — $ — $ — $ — $ 9 $ 13 $ — $ — $ — $ — $ 13 Nuclear decommissioning trusts Equity securities 818 — — 144 — 962 776 — — 145 — 921 Fixed income securities 122 394 — 104 — 620 127 371 — 92 — 590 Private equity and other — — — 347 — 347 — — — 312 — 312 Hedge funds and similar investments 134 77 — — — 211 119 65 — — — 184 Cash equivalents 30 — — — — 30 34 — — — — 34 Other investments (d) Equity securities 65 — — — — 65 58 — — — — 58 Fixed income securities 7 — — — — 7 7 — — — — 7 Cash equivalents 29 — — — — 29 37 — — — — 37 Other — 1,062 — — — 1,062 — — — — — — Derivative assets Commodity contracts (e) Natural gas 98 207 116 — (275) 146 241 217 179 — (416) 221 Electricity — 155 100 — (157) 98 — 258 163 — (243) 178 Environmental & Other — 150 28 — (150) 28 — 131 8 — (132) 7 Other contracts — 7 — — — 7 — — — — — — Total derivative assets 98 519 244 — (582) 279 241 606 350 — (791) 406 Total $ 1,312 $ 2,052 $ 244 $ 595 $ (582) $ 3,621 $ 1,412 $ 1,042 $ 350 $ 549 $ (791) $ 2,562 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (137) $ (162) $ (113) $ — $ 277 $ (135) $ (291) $ (167) $ (157) $ — $ 429 $ (186) Electricity — (160) (91) — 158 (93) — (272) (116) — 297 (91) Environmental & Other — (166) (2) — 150 (18) — (148) (2) — 137 (13) Other contracts — (1) — — — (1) — (19) — — — (19) Total $ (137) $ (489) $ (206) $ — $ 585 $ (247) $ (291) $ (606) $ (275) $ — $ 863 $ (309) Net Assets at end of period $ 1,175 $ 1,563 $ 38 $ 595 $ 3 $ 3,374 $ 1,121 $ 436 $ 75 $ 549 $ 72 $ 2,253 Assets Current $ 83 $ 1,432 $ 157 $ — $ (399) $ 1,273 $ 215 $ 461 $ 247 $ — $ (613) $ 310 Noncurrent 1,229 620 87 595 (183) 2,348 1,197 581 103 549 (178) 2,252 Total Assets $ 1,312 $ 2,052 $ 244 $ 595 $ (582) $ 3,621 $ 1,412 $ 1,042 $ 350 $ 549 $ (791) $ 2,562 Liabilities Current $ (108) $ (334) $ (106) $ — $ 404 $ (144) $ (240) $ (462) $ (145) $ — $ 670 $ (177) Noncurrent (29) (155) (100) — 181 (103) (51) (144) (130) — 193 (132) Total Liabilities $ (137) $ (489) $ (206) $ — $ 585 $ (247) $ (291) $ (606) $ (275) $ — $ 863 $ (309) Net Assets at end of period $ 1,175 $ 1,563 $ 38 $ 595 $ 3 $ 3,374 $ 1,121 $ 436 $ 75 $ 549 $ 72 $ 2,253 _______________________________________ (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 $8 million and $11 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 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 (a) $ 7 $ — $ — $ — $ 7 $ 11 $ — $ — $ — $ 11 Nuclear decommissioning trusts Equity securities 818 — — 144 962 776 — — 145 921 Fixed income securities 122 394 — 104 620 127 371 — 92 590 Private equity and other — — — 347 347 — — — 312 312 Hedge funds and similar investments 134 77 — — 211 119 65 — — 184 Cash equivalents 30 — — — 30 34 — — — 34 Other investments Equity securities 24 — — — 24 21 — — — 21 Cash equivalents 19 — — — 19 11 — — — 11 Derivative assets — FTRs — — 28 — 28 — — 7 — 7 Total $ 1,154 $ 471 $ 28 $ 595 $ 2,248 $ 1,099 $ 436 $ 7 $ 549 $ 2,091 Assets Current $ 7 $ — $ 28 $ — $ 35 $ 11 $ — $ 7 $ — $ 18 Noncurrent 1,147 471 — 595 2,213 1,088 436 — 549 2,073 Total Assets $ 1,154 $ 471 $ 28 $ 595 $ 2,248 $ 1,099 $ 436 $ 7 $ 549 $ 2,091 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts include $7 million and $11 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position. |
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, 2024 Three months ended June 30, 2023 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of March 31 $ (3) $ (25) $ 2 (26) $ (62) $ (38) $ 2 $ (98) Transfers into Level 3 from Level 2 1 — — 1 — — — — Total gains (losses) Included in earnings 31 93 (1) 123 11 75 1 87 Recorded in Regulatory liabilities — — 30 30 — — 14 14 Purchases, issuances, and settlements Settlements (26) (59) (5) (90) (3) (41) (1) (45) Net Assets (Liabilities) as of June 30 $ 3 $ 9 $ 26 $ 38 $ (54) $ (4) $ 16 $ (42) 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) $ 20 $ 80 $ (31) $ 69 $ (3) $ 49 $ (32) $ (14) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 28 $ 28 $ — $ — $ 14 $ 14 _______________________________________ (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, 2024 Six Months Ended June 30, 2023 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of December 31 $ 22 $ 47 $ 6 $ 75 $ (255) $ (33) $ 11 $ (277) Total gains (losses) Included in earnings (a) 7 90 (2) 95 162 30 2 194 Recorded in Regulatory liabilities — — 27 27 — — 5 5 Purchases, issuances, and settlements Settlements (26) (128) (5) (159) 39 (1) (2) 36 Net Assets (Liabilities) as of June 30 $ 3 $ 9 $ 26 $ 38 $ (54) $ (4) $ 16 $ (42) 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) $ (18) $ 81 $ (31) $ 32 $ 90 $ 68 $ (31) $ 127 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ — $ — $ 28 $ 28 $ — $ — $ 14 $ 14 _______________________________________ (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, 2024 2023 2024 2023 (In millions) Net Assets as of beginning of period $ 3 $ 1 $ 7 $ 11 Total gains recorded in Regulatory liabilities 30 14 27 5 Purchases, issuances, and settlements Settlements (5) (1) (6) (2) Net Assets as of June 30 $ 28 $ 14 $ 28 $ 14 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30 $ 28 $ 14 $ 28 $ 14 |
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, 2024 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 116 $ (113) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.45) — $ 2.42 /MMBtu $ (0.12) /MMBtu Electricity $ 100 $ (91) Discounted Cash Flow Forward basis price (per MWh) $ (20.82) — $ 16.72 /MWh $ (3.79) /MWh December 31, 2023 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 179 $ (157) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.57) — $ 6.27 /MMBtu $ (0.08) /MMBtu Electricity $ 163 $ (116) Discounted Cash Flow Forward basis price (per MWh) $ (18.49) — $ 15.47 /MWh $ (3.99) /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, 2024 December 31, 2023 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 $ 441 $ — $ — $ 474 $ 175 $ — $ — $ 181 Short-term borrowings $ 560 $ — $ 560 $ — $ 1,283 $ — $ 1,283 $ — Notes payable (b) $ 18 $ — $ — $ 18 $ 34 $ — $ — $ 34 Long-term debt (c) $ 22,460 $ 778 $ 18,643 $ 1,136 $ 19,546 $ 807 $ 16,178 $ 1,202 _______________________________________ (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, 2024 December 31, 2023 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) $ 1 $ — $ — $ 1 $ 19 $ — $ — $ 19 Short-term borrowings — affiliates $ 51 $ — $ — $ 51 $ — $ — $ — $ — Short-term borrowings — other $ 560 $ — $ 560 $ — $ 385 $ — $ 385 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 33 $ — $ — $ 33 Long-term debt (c) $ 11,921 $ — $ 10,453 $ 132 $ 11,043 $ — $ 9,999 $ 126 _______________________________________ (a) Included in Current Assets — Other and Other 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, 2024 December 31, 2023 (In millions) Fermi 2 $ 2,152 $ 2,026 Fermi 1 3 3 Low-level radioactive waste 15 12 $ 2,170 $ 2,041 |
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, 2024 2023 2024 2023 (In millions) Realized gains $ 23 $ 11 $ 30 $ 19 Realized losses $ (10) $ (12) $ (16) $ (26) Proceeds from sale of securities $ 239 $ 257 $ 347 $ 423 |
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, 2024 December 31, 2023 Fair Unrealized Unrealized Fair Unrealized Unrealized (In millions) Equity securities $ 962 $ 520 $ (13) $ 921 $ 459 $ (11) Fixed income securities 620 10 (31) 590 8 (30) Private equity and other 347 98 (8) 312 74 (8) Hedge funds and similar investments 211 6 (7) 184 4 (9) Cash equivalents 30 — — 34 — — $ 2,170 $ 634 $ (59) $ 2,041 $ 545 $ (58) |
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, 2024 (In millions) Due within one year $ 13 Due after one through five years 105 Due after five through ten years 105 Due after ten years 293 $ 516 |
Financial and Other Derivativ_2
Financial and Other Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Derivative Derivative Liabilities Derivative Derivative Liabilities (In millions) Derivatives designated as hedging instruments Interest rate contracts $ 6 $ — $ — $ (16) Foreign currency exchange contracts — (1) — (2) Total derivatives designated as hedging instruments $ 6 $ (1) $ — $ (18) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 421 $ (412) $ 637 $ (615) Electricity 255 (251) 421 (388) Environmental & Other 178 (168) 139 (150) Foreign currency exchange contracts 1 — — (1) Total derivatives not designated as hedging instruments $ 855 $ (831) $ 1,197 $ (1,154) Current $ 601 $ (548) $ 910 $ (847) Noncurrent 260 (284) 287 (325) Total derivatives $ 861 $ (832) $ 1,197 $ (1,172) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy: June 30, 2024 December 31, 2023 (In millions) Cash collateral netted against Derivative assets $ (2) $ — Cash collateral netted against Derivative liabilities 5 72 Cash collateral recorded in Accounts receivable (a) 64 57 Cash collateral recorded in Accounts payable (a) (11) (3) Total net cash collateral posted (received) $ 56 $ 126 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2024 December 31, 2023 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 $ 421 $ (275) $ 146 $ 637 $ (416) $ 221 Electricity 255 (157) 98 421 (243) 178 Environmental & Other 178 (150) 28 139 (132) 7 Interest rate contracts 6 — 6 — — — Foreign currency exchange contracts 1 — 1 — — — Total derivative assets $ 861 $ (582) $ 279 $ 1,197 $ (791) $ 406 Derivative liabilities Commodity contracts (a) Natural gas $ (412) $ 277 $ (135) $ (615) $ 429 $ (186) Electricity (251) 158 (93) (388) 297 (91) Environmental & Other (168) 150 (18) (150) 137 (13) Interest rate contracts — — — (16) — (16) Foreign currency exchange contracts (1) — (1) (3) — (3) Total derivative liabilities $ (832) $ 585 $ (247) $ (1,172) $ 863 $ (309) _______________________________________ (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, 2024 December 31, 2023 (In millions) Cash collateral netted against Derivative assets $ (2) $ — Cash collateral netted against Derivative liabilities 5 72 Cash collateral recorded in Accounts receivable (a) 64 57 Cash collateral recorded in Accounts payable (a) (11) (3) Total net cash collateral posted (received) $ 56 $ 126 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: June 30, 2024 December 31, 2023 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 $ 421 $ (275) $ 146 $ 637 $ (416) $ 221 Electricity 255 (157) 98 421 (243) 178 Environmental & Other 178 (150) 28 139 (132) 7 Interest rate contracts 6 — 6 — — — Foreign currency exchange contracts 1 — 1 — — — Total derivative assets $ 861 $ (582) $ 279 $ 1,197 $ (791) $ 406 Derivative liabilities Commodity contracts (a) Natural gas $ (412) $ 277 $ (135) $ (615) $ 429 $ (186) Electricity (251) 158 (93) (388) 297 (91) Environmental & Other (168) 150 (18) (150) 137 (13) Interest rate contracts — — — (16) — (16) Foreign currency exchange contracts (1) — (1) (3) — (3) Total derivative liabilities $ (832) $ 585 $ (247) $ (1,172) $ 863 $ (309) _______________________________________ (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, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent (In millions) Total fair value of derivatives $ 601 $ 260 $ (548) $ (284) $ 910 $ 287 $ (847) $ (325) Counterparty netting (399) (181) 399 181 (613) (178) 613 178 Collateral adjustment — (2) 5 — — — 57 15 Total derivatives as reported $ 202 $ 77 $ (144) $ (103) $ 297 $ 109 $ (177) $ (132) |
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, 2024 2023 2024 2023 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ 45 $ 59 $ (24) $ 130 Natural gas Fuel, purchased power, gas, and other — non-utility (21) (65) 38 83 Electricity Operating Revenues — Non-utility operations 95 60 90 (55) Environmental & Other Operating Revenues — Non-utility operations 3 — (4) (1) Foreign currency exchange contracts Operating Revenues — Non-utility operations — (1) 2 (1) Total $ 122 $ 53 $ 102 $ 156 |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of June 30, 2024: Commodity Number of Units Natural gas (MMBtu) 2,161,810,364 Electricity (MWh) 44,128,175 Oil (Gallons) 2,136,000 Foreign currency exchange ($ CAD) 118,314,074 FTR (MWh) 147,106 Renewable Energy Certificates (MWh) 12,565,936 Carbon emissions (Metric Tons) 1,243,306 Interest rate contracts ($ USD) 1,150,000,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuances | Refer to the table below for debt issued through June 30, 2024: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Energy February Senior Notes (a) 5.10% 2029 $ 1,200 DTE Electric February Mortgage Bonds (b) 4.85% 2026 500 DTE Electric February Mortgage Bonds (b) 5.20% 2034 500 DTE Energy May Senior Notes (c) 5.85% 2034 850 $ 3,050 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings and for general corporate purposes. (b) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (c) Proceeds to be used for the repayment of a portion of the $675 million 2016 Series C 2.53% Senior Notes due October 1, 2024, for repayment of a portion of the $1.3 billion 2019 Series F 4.22% Senior Notes due November 1, 2024, and for general corporate purposes. Pending repayment of the 2016 Series C and 2019 Series F Senior Notes, proceeds of the notes were invested in short-term investments. |
Schedule of Debt Redemptions | Refer to the table below for debt redeemed through June 30, 2024: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage Bonds 3.65% 2024 $ 100 DTE Electric June Securitization Bonds 2.64% 2024 19 $ 119 |
Short-Term Credit Arrangement_2
Short-Term Credit Arrangements and Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The availability under these facilities as of June 30, 2024 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring October 2028 $ 1,500 $ 800 $ 300 $ 2,600 Unsecured letter of credit facility, expiring June 2025 (a) 175 — — $ 175 Unsecured letter of credit facility, expiring February 2025 150 — — 150 Unsecured letter of credit facility, expiring June 2026 100 — — 100 Unsecured letter of credit facility (b) 50 — — 50 Unsecured letter of credit facility (c) — 100 — 100 1,975 900 300 3,175 Amounts outstanding at June 30, 2024 Commercial paper issuances — 560 — 560 Letters of credit 77 85 — 162 77 645 — 722 Net availability at June 30, 2024 $ 1,898 $ 255 $ 300 $ 2,453 _______________________________________ (a) Uncommitted letter of credit facility. (b) Uncommitted letter of credit facility with automatic renewal provision and therefore no expiration. (c) 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, 2024 | |
Leases [Abstract] | |
Components of Net Investment in Finance Leases | The components of DTE Energy’s net investment in finance leases for remaining periods were as follows: DTE Energy June 30, 2024 (In millions) 2024 $ 25 2025 49 2026 49 2027 49 2028 48 2029 and Thereafter 606 Total minimum future lease receipts 826 Residual value of leased pipeline 17 Less unearned income 425 Net investment in finance lease 418 Less current portion 12 $ 406 |
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, 2024 2023 2024 2023 (In millions) Fixed payments $ 3 $ 3 $ 7 $ 7 Variable payments 9 7 19 18 $ 12 $ 10 $ 26 $ 25 |
Retirement Benefits and Trust_2
Retirement Benefits and Trusteed Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 2023 2024 2023 (In millions) Three Months Ended June 30, Service cost $ 15 $ 14 $ 5 $ 5 Interest cost 52 53 15 16 Expected return on plan assets (85) (87) (30) (27) Amortization of: Net actuarial loss 14 1 1 2 Prior service credit — — (2) (6) Settlements — 5 — — Net periodic benefit credit $ (4) $ (14) $ (11) $ (10) Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (In millions) Six Months Ended June 30, Service cost $ 29 $ 28 $ 9 $ 9 Interest cost 104 107 31 32 Expected return on plan assets (170) (175) (60) (55) Amortization of: Net actuarial loss 29 3 3 5 Prior service credit (1) (1) (5) (10) Settlements — 7 — — Net periodic benefit credit $ (9) $ (31) $ (22) $ (19) 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, 2024 2023 2024 2023 (In millions) Service cost $ 4 $ 4 $ 7 $ 7 Interest cost 12 13 24 25 Expected return on plan assets (19) (19) (39) (37) Amortization of: Prior service credit (3) (4) (4) (7) Net periodic benefit credit $ (6) $ (6) $ (12) $ (12) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 (In millions) Electric $ 18 $ 18 $ 36 $ 35 Gas 3 4 7 9 DTE Vantage 7 9 18 19 Energy Trading 20 18 45 45 Corporate and Other — — — — $ 48 $ 49 $ 106 $ 108 Financial data of DTE Energy's business segments follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Operating Revenues — Utility operations Electric $ 1,611 $ 1,326 $ 3,077 $ 2,701 Gas 289 311 1,000 1,018 Operating Revenues — Non-utility operations Electric 5 3 9 7 DTE Vantage 181 189 365 373 Energy Trading 837 904 1,770 2,472 Corporate and Other — — — — Reconciliation and Eliminations (48) (49) (106) (108) Total $ 2,875 $ 2,684 $ 6,115 $ 6,463 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Net Income (Loss) Attributable to DTE Energy by Segment Electric $ 278 $ 178 $ 449 $ 279 Gas 12 24 166 195 DTE Vantage 33 26 41 53 Energy Trading 39 31 40 169 Corporate and Other (40) (58) (61) (50) Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions | Jun. 30, 2024 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 | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Cash and cash equivalents | $ 20 | $ 26 | |
Restricted cash | 67 | 25 | |
Accounts receivable | 1,503 | 1,632 | |
Securitized regulatory assets | 725 | 758 | |
Total Assets | 47,811 | 44,755 | |
LIABILITIES | |||
Accounts payable | 1,307 | 1,361 | |
DTE Electric | |||
ASSETS | |||
Cash and cash equivalents | 8 | 15 | |
Restricted cash | 53 | 17 | |
Securitized regulatory assets | 725 | 758 | |
Total Assets | 33,917 | 32,185 | |
Variable interest entity, primary beneficiary | |||
ASSETS | |||
Cash and cash equivalents | 6 | 7 | |
Restricted cash | 67 | 25 | |
Accounts receivable | 38 | 85 | |
Securitized regulatory assets | 725 | 758 | |
Notes receivable | 595 | 183 | |
Other current and long-term assets | 0 | 4 | |
Total Assets | 1,431 | 1,062 | |
LIABILITIES | |||
Accounts payable | 18 | 59 | |
Accrued interest | 25 | 6 | |
Securitization bonds | 750 | 769 | |
Other current and long-term liabilities | 34 | 20 | |
Total liabilities | 827 | 854 | |
Notes receivable recorded in Current Assets-Other | 11 | ||
Current portion of securitization bonds | 79 | 64 | |
Variable interest entity, primary beneficiary | DTE Electric | |||
ASSETS | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 53 | 17 | |
Accounts receivable | 8 | 6 | |
Securitized regulatory assets | 725 | 758 | |
Notes receivable | 0 | 0 | |
Other current and long-term assets | 0 | 1 | |
Total Assets | 786 | 782 | |
LIABILITIES | |||
Accounts payable | 0 | 0 | |
Accrued interest | 25 | 6 | |
Securitization bonds | 750 | 769 | |
Other current and long-term liabilities | 16 | 8 | |
Total liabilities | 791 | 783 | |
Current portion of securitization bonds | $ 79 | $ 64 | |
Variable interest entity, primary beneficiary | DTE Vantage | |||
LIABILITIES | |||
Increase in notes receivable due to investments related to a large industrial project | $ 306 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 125 | $ 166 |
Notes receivable | 815 | 420 |
Variable interest entity, non-consolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 66 | 112 |
Notes receivable | $ 21 | $ 15 |
Significant Accounting Polici_4
Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | $ 20 | $ 9 | $ 38 | $ 18 |
Equity earnings of equity method investees | 32 | 0 | 24 | 4 |
Contract services | 6 | 7 | 13 | 13 |
Investment income | 3 | 4 | 9 | 9 |
Other | 4 | 11 | 8 | 13 |
Total other income | 65 | 31 | 92 | 57 |
DTE Electric | ||||
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Allowance for equity funds used during construction | 19 | 8 | 37 | 17 |
Contract services | 7 | 6 | 13 | 12 |
Investment income | 2 | 3 | 7 | 6 |
Other | 4 | 3 | 7 | 5 |
Total other income | $ 32 | $ 20 | $ 64 | $ 40 |
Significant Accounting Polici_5
Significant Accounting Policies (Income Taxes) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | 3.90% | 4.40% | 4% | 4.40% |
Production tax credits | (7.70%) | (4.40%) | (8.20%) | (5.60%) |
TCJA regulatory liability amortization | (4.20%) | (3.10%) | (4.50%) | (3.80%) |
Investment tax credits | (2.70%) | (1.40%) | (2.90%) | (2.00%) |
State tax audit settlement, net of federal benefit | 0% | (1.80%) | 0% | (0.60%) |
Other | (0.20%) | (0.30%) | (1.20%) | (1.90%) |
Effective Tax Rate | 10.10% | 14.40% | 8.20% | 11.50% |
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 | 5.30% | 5.70% | 5.30% | 5.70% |
Production tax credits | (9.20%) | (8.20%) | (9.60%) | (7.80%) |
TCJA regulatory liability amortization | (4.40%) | (5.30%) | (4.60%) | (5.00%) |
AFUDC equity | (1.20%) | (0.50%) | (1.30%) | (0.40%) |
State tax audit settlement, net of federal benefit | 0% | (2.10%) | 0% | (1.30%) |
Other | 0.40% | (0.90%) | 0.20% | (0.80%) |
Effective Tax Rate | 11.90% | 9.70% | 11% | 11.40% |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Significant Accounting Policies [Line Items] | |||||
Accounts receivable | $ 1,503 | $ 1,503 | $ 1,632 | ||
Unrecognized compensation cost | 83 | $ 83 | |||
Recognition period (in years) | 1 year 8 months 12 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 | $ 441 | $ 441 | |||
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 | Notes receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Financing receivables | $ 1 | $ 1 | |||
DTE Electric | Notes receivable | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Number of days after which receivable is considered delinquent | 60 days | 60 days | |||
DTE Electric | Notes receivable | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Number of days after which receivable is considered delinquent | 120 days | 120 days | |||
DTE Electric | DTE Energy | |||||
Significant Accounting Policies [Line Items] | |||||
Allocated costs | $ 9 | $ 10 | $ 17 | $ 20 | |
DTE Electric | Affiliates | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts receivable | 8 | 8 | 12 | ||
DTE Electric | Affiliates | Federal taxes | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts receivable | $ 6 | $ 6 | $ 7 |
Significant Accounting Polici_7
Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Notes receivable | |
Financing receivables by year of origination | |
2024 | $ 404 |
2023 | 8 |
2022 and Prior | 29 |
Total | 441 |
Notes receivable | DTE Electric | |
Financing receivables by year of origination | |
Total | 1 |
Notes receivable | Internal grade 1 | |
Financing receivables by year of origination | |
2024 | 0 |
2023 | 1 |
2022 and Prior | 4 |
Total | 5 |
Notes receivable | Internal grade 1 | DTE Electric | |
Financing receivables by year of origination | |
Total | 0 |
Notes receivable | Internal grade 2 | |
Financing receivables by year of origination | |
2024 | 404 |
2023 | 7 |
2022 and Prior | 25 |
Total | 436 |
Notes receivable | Internal grade 2 | DTE Electric | |
Financing receivables by year of origination | |
Total | 1 |
Net investment in leases | |
Financing receivables by year of origination | |
2024 | 138 |
2023 | 0 |
2022 and Prior | 280 |
Total | 418 |
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 | |
2024 | 0 |
2023 | 0 |
2022 and Prior | 36 |
Total | 36 |
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 | |
2024 | 138 |
2023 | 0 |
2022 and Prior | 244 |
Total | 382 |
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, 2024 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 63 | $ 79 |
Current period provision | 38 | 52 |
Write-offs charged against allowance | (50) | (112) |
Recoveries of amounts previously written off | 23 | 44 |
Ending balance | 74 | 63 |
DTE Electric | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 41 | 49 |
Current period provision | 20 | 36 |
Write-offs charged against allowance | (34) | (72) |
Recoveries of amounts previously written off | 15 | 28 |
Ending balance | 42 | 41 |
Trade accounts receivable | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 62 | 78 |
Current period provision | 38 | 52 |
Write-offs charged against allowance | (50) | (112) |
Recoveries of amounts previously written off | 23 | 44 |
Ending balance | 73 | 62 |
Other receivables | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | 1 |
Current period provision | 0 | 0 |
Write-offs charged against allowance | 0 | 0 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 17 | $ 13 | $ 38 | $ 35 |
DTE Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 11 | $ 9 | $ 21 | $ 17 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,875 | $ 2,684 | $ 6,115 | $ 6,463 |
Operating segments | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,616 | 1,329 | 3,086 | 2,708 |
Operating segments | Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 744 | 658 | 1,444 | 1,312 |
Operating segments | Electric | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 571 | 524 | 1,127 | 1,019 |
Operating segments | Electric | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 187 | 186 | 370 | 355 |
Operating segments | Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 114 | (39) | 145 | 22 |
Operating segments | Electric | Other | DTE Sustainable Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5 | 3 | 9 | 7 |
Operating segments | Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 289 | 311 | 1,000 | 1,018 |
Operating segments | Gas | Gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 201 | 216 | 766 | 817 |
Operating segments | Gas | End User Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 53 | 54 | 135 | 140 |
Operating segments | Gas | Intermediate Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16 | 16 | 45 | 47 |
Operating segments | Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19 | 25 | 54 | 14 |
Operating segments | DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 181 | 189 | 365 | 373 |
Operating segments | Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 837 | $ 904 | $ 1,770 | $ 2,472 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Leases | $ 12 | $ 10 | $ 26 | $ 25 |
Operating segments | Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 5 | 5 | 9 | 10 |
Operating segments | Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 4 | 2 | 6 | 5 |
Alternative Revenue Program | 2 | 1 | 8 | 4 |
Operating segments | DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Leases | 12 | 10 | 26 | 25 |
Operating segments | Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivatives | $ 586 | $ 696 | $ 1,245 | $ 1,857 |
Revenue (Deferred Revenue Activ
Revenue (Deferred Revenue Activity) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Contract Liability [Roll Forward] | ||
Beginning Balance | $ 106 | $ 94 |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 81 | 61 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (29) | (40) |
Ending Balance | $ 158 | $ 115 |
Revenue (Expected Recognition o
Revenue (Expected Recognition of Deferred Revenue) (Details) - Deferred revenue $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 158 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 136 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
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 | $ 21 |
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 | $ 1 |
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 | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
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) - Fixed-price Contract $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 993 |
DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 109 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | 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 |
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 | $ 219 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
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 | $ 142 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
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 |
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 | $ 106 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
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 |
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 | $ 71 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
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 | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 346 |
Remaining performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | 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) - MPSC - USD ($) $ in Millions | Mar. 28, 2024 | Jan. 08, 2024 |
2024 DTE Gas Rate Case Filing | DTE Gas | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase | $ 266 | |
Approved return on equity percent | 9.90% | |
Return on equity requested percent | 10.25% | |
2024 DTE Gas Rate Case Filing | DTE Gas | Recovery Mechanism, Customer Rate Increase | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase | $ 160 | |
2024 DTE Gas Rate Case Filing | DTE Gas | Recovery Mechanism, Infrastructure Recovery | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase | $ 106 | |
2024 DTE Electric Rate Case Filing | DTE Electric | ||
Public Utilities, General Disclosures [Line Items] | ||
Requested rate increase | $ 456 | |
Approved return on equity percent | 9.90% | |
Return on equity requested percent | 10.50% |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | $ 322 | $ 201 | $ 635 | $ 646 |
Less: Allocation of earnings to net restricted stock awards | 0 | 1 | 1 | 2 |
Net income available to common shareholders — basic | $ 322 | $ 200 | $ 634 | $ 644 |
Average number of common shares outstanding — basic (in shares) | 207 | 206 | 206 | 206 |
Basic Earnings per Common Share (in dollars per share) | $ 1.56 | $ 0.97 | $ 3.07 | $ 3.13 |
Diluted Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | $ 322 | $ 201 | $ 635 | $ 646 |
Less: Allocation of earnings to net restricted stock awards | 0 | 1 | 1 | 2 |
Net income available to common shareholders — diluted | $ 322 | $ 200 | $ 634 | $ 644 |
Average number of common shares outstanding — basic (in shares) | 207 | 206 | 206 | 206 |
Average performance share awards (in shares) | 0 | 0 | 1 | 0 |
Average number of common shares outstanding — diluted (in shares) | 207 | 206 | 207 | 206 |
Diluted Earnings per Common Share (in dollars per share) | $ 1.55 | $ 0.97 | $ 3.06 | $ 3.13 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Derivative assets, gross | $ 861 | $ 1,197 |
Derivative asset, netting | (582) | (791) |
Derivative liabilities | ||
Derivative liabilities, gross | (832) | (1,172) |
Derivative liability, netting | 585 | 863 |
DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 2,170 | 2,041 |
Current liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (548) | (847) |
Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liabilities, gross | (284) | (325) |
Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 421 | 637 |
Derivative asset, netting | (275) | (416) |
Derivative liabilities | ||
Derivative liabilities, gross | (412) | (615) |
Derivative liability, netting | 277 | 429 |
Electricity | ||
Derivative assets | ||
Derivative assets, gross | 255 | 421 |
Derivative asset, netting | (157) | (243) |
Derivative liabilities | ||
Derivative liabilities, gross | (251) | (388) |
Derivative liability, netting | 158 | 297 |
Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 178 | 139 |
Derivative asset, netting | (150) | (132) |
Derivative liabilities | ||
Derivative liabilities, gross | (168) | (150) |
Derivative liability, netting | 150 | 137 |
Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 30 | 34 |
Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 347 | 312 |
Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 211 | 184 |
Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 962 | 921 |
Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 620 | 590 |
Recurring | ||
Assets | ||
Cash equivalents | 9 | 13 |
Derivative assets | ||
Derivative asset, netting | (582) | (791) |
Derivative assets, net | 279 | 406 |
Total Assets | 3,621 | 2,562 |
Derivative liabilities | ||
Derivative liability, netting | 585 | 863 |
Total Liabilities | (247) | (309) |
Net Assets at end of period | 3,374 | 2,253 |
Net Assets at end of period, netting | 3 | 72 |
Recurring | DTE Electric | ||
Assets | ||
Cash equivalents | 7 | 11 |
Derivative assets | ||
Total Assets | 2,248 | 2,091 |
Recurring | Current assets | ||
Derivative assets | ||
Derivative asset, netting | (399) | (613) |
Total Assets | 1,273 | 310 |
Recurring | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 35 | 18 |
Recurring | Noncurrent assets | ||
Derivative assets | ||
Derivative asset, netting | (183) | (178) |
Total Assets | 2,348 | 2,252 |
Recurring | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 2,213 | 2,073 |
Recurring | Current liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 404 | 670 |
Total Liabilities | (144) | (177) |
Recurring | Noncurrent liabilities | ||
Derivative liabilities | ||
Derivative liability, netting | 181 | 193 |
Total Liabilities | (103) | (132) |
Recurring | Restricted cash | ||
Assets | ||
Cash equivalents | 8 | 11 |
Recurring | Restricted cash | DTE Electric | ||
Assets | ||
Cash equivalents | 7 | 11 |
Recurring | Natural gas | ||
Derivative assets | ||
Derivative asset, netting | (275) | (416) |
Derivative assets, net | 146 | 221 |
Derivative liabilities | ||
Derivative liability, netting | 277 | 429 |
Derivative liabilities, net | (135) | (186) |
Recurring | Electricity | ||
Derivative assets | ||
Derivative asset, netting | (157) | (243) |
Derivative assets, net | 98 | 178 |
Derivative liabilities | ||
Derivative liability, netting | 158 | 297 |
Derivative liabilities, net | (93) | (91) |
Recurring | Environmental & Other | ||
Derivative assets | ||
Derivative asset, netting | (150) | (132) |
Derivative assets, net | 28 | 7 |
Derivative liabilities | ||
Derivative liability, netting | 150 | 137 |
Derivative liabilities, net | (18) | (13) |
Recurring | Other Contract | ||
Derivative assets | ||
Derivative assets, net | 7 | 0 |
Derivative liabilities | ||
Derivative liabilities, net | (1) | (19) |
Recurring | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 28 | 7 |
Recurring | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 30 | 34 |
Other investments | 29 | 37 |
Recurring | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 30 | 34 |
Other investments | 19 | 11 |
Recurring | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 347 | 312 |
Recurring | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 347 | 312 |
Recurring | Hedge funds and similar investments | ||
Assets | ||
Nuclear decommissioning trusts | 211 | 184 |
Recurring | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 211 | 184 |
Recurring | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 962 | 921 |
Other investments | 65 | 58 |
Recurring | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 962 | 921 |
Other investments | 24 | 21 |
Recurring | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 620 | 590 |
Other investments | 7 | 7 |
Recurring | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 620 | 590 |
Recurring | Other | ||
Assets | ||
Other investments | 1,062 | 0 |
Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 9 | 13 |
Derivative assets | ||
Derivative assets, gross | 98 | 241 |
Total Assets | 1,312 | 1,412 |
Derivative liabilities | ||
Total Liabilities | (137) | (291) |
Net Assets at end of period | 1,175 | 1,121 |
Recurring | Level 1 | DTE Electric | ||
Assets | ||
Cash equivalents | 7 | 11 |
Derivative assets | ||
Total Assets | 1,154 | 1,099 |
Recurring | Level 1 | Current assets | ||
Derivative assets | ||
Total Assets | 83 | 215 |
Recurring | Level 1 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 7 | 11 |
Recurring | Level 1 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 1,229 | 1,197 |
Recurring | Level 1 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 1,147 | 1,088 |
Recurring | Level 1 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (108) | (240) |
Recurring | Level 1 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (29) | (51) |
Recurring | Level 1 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 98 | 241 |
Derivative liabilities | ||
Derivative liabilities, gross | (137) | (291) |
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 | 30 | 34 |
Other investments | 29 | 37 |
Recurring | Level 1 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 30 | 34 |
Other investments | 19 | 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 | 134 | 119 |
Recurring | Level 1 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 134 | 119 |
Recurring | Level 1 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 818 | 776 |
Other investments | 65 | 58 |
Recurring | Level 1 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 818 | 776 |
Other investments | 24 | 21 |
Recurring | Level 1 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 122 | 127 |
Other investments | 7 | 7 |
Recurring | Level 1 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 122 | 127 |
Recurring | Level 1 | Other | ||
Assets | ||
Other investments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 519 | 606 |
Total Assets | 2,052 | 1,042 |
Derivative liabilities | ||
Total Liabilities | (489) | (606) |
Net Assets at end of period | 1,563 | 436 |
Recurring | Level 2 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total Assets | 471 | 436 |
Recurring | Level 2 | Current assets | ||
Derivative assets | ||
Total Assets | 1,432 | 461 |
Recurring | Level 2 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 0 | 0 |
Recurring | Level 2 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 620 | 581 |
Recurring | Level 2 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 471 | 436 |
Recurring | Level 2 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (334) | (462) |
Recurring | Level 2 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (155) | (144) |
Recurring | Level 2 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 207 | 217 |
Derivative liabilities | ||
Derivative liabilities, gross | (162) | (167) |
Recurring | Level 2 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 155 | 258 |
Derivative liabilities | ||
Derivative liabilities, gross | (160) | (272) |
Recurring | Level 2 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 150 | 131 |
Derivative liabilities | ||
Derivative liabilities, gross | (166) | (148) |
Recurring | Level 2 | Other Contract | ||
Derivative assets | ||
Derivative assets, gross | 7 | 0 |
Derivative liabilities | ||
Derivative liabilities, gross | (1) | (19) |
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 | 77 | 65 |
Recurring | Level 2 | Hedge funds and similar investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 77 | 65 |
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 | 394 | 371 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 394 | 371 |
Recurring | Level 2 | Other | ||
Assets | ||
Other investments | 1,062 | 0 |
Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 244 | 350 |
Total Assets | 244 | 350 |
Derivative liabilities | ||
Total Liabilities | (206) | (275) |
Net Assets at end of period | 38 | 75 |
Recurring | Level 3 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total Assets | 28 | 7 |
Recurring | Level 3 | Current assets | ||
Derivative assets | ||
Total Assets | 157 | 247 |
Recurring | Level 3 | Current assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 28 | 7 |
Recurring | Level 3 | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 87 | 103 |
Recurring | Level 3 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 0 | 0 |
Recurring | Level 3 | Current liabilities | ||
Derivative liabilities | ||
Total Liabilities | (106) | (145) |
Recurring | Level 3 | Noncurrent liabilities | ||
Derivative liabilities | ||
Total Liabilities | (100) | (130) |
Recurring | Level 3 | Natural gas | ||
Derivative assets | ||
Derivative assets, gross | 116 | 179 |
Derivative liabilities | ||
Derivative liabilities, gross | (113) | (157) |
Recurring | Level 3 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 100 | 163 |
Derivative liabilities | ||
Derivative liabilities, gross | (91) | (116) |
Recurring | Level 3 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 28 | 8 |
Derivative liabilities | ||
Derivative liabilities, gross | (2) | (2) |
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 | 28 | 7 |
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 | Level 3 | Other | ||
Assets | ||
Other investments | 0 | 0 |
Recurring | Other | ||
Derivative assets | ||
Total Assets | 595 | 549 |
Derivative liabilities | ||
Net Assets at end of period | 595 | 549 |
Recurring | Other | DTE Electric | ||
Derivative assets | ||
Total Assets | 595 | 549 |
Recurring | Other | Noncurrent assets | ||
Derivative assets | ||
Total Assets | 595 | 549 |
Recurring | Other | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total Assets | 595 | 549 |
Recurring | Other | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 347 | 312 |
Recurring | Other | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 347 | 312 |
Recurring | Other | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 144 | 145 |
Recurring | Other | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 144 | 145 |
Recurring | Other | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 104 | 92 |
Recurring | Other | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | $ 104 | $ 92 |
Fair Value (Details Textuals)
Fair Value (Details Textuals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current investments | $ 1,062 | $ 0 |
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 | $ 104 | |
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 | $ 143 | $ 157 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Assets (Liabilities) as of beginning of period | $ (26) | $ (98) | $ 75 | $ (277) |
Transfers into Level 3 from Level 2 | 1 | 0 | ||
Total gains (losses) | ||||
Included in earnings | 123 | 87 | 95 | 194 |
Recorded in Regulatory liabilities | 30 | 14 | 27 | 5 |
Purchases, issuances, and settlements | ||||
Settlements | (90) | (45) | (159) | 36 |
Net Assets (Liabilities) as of end of period | 38 | (42) | 38 | (42) |
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 | 69 | (14) | 32 | 127 |
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 | 28 | 14 | 28 | 14 |
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 | 3 | 1 | 7 | 11 |
Total gains (losses) | ||||
Recorded in Regulatory liabilities | 30 | 14 | 27 | 5 |
Purchases, issuances, and settlements | ||||
Settlements | (5) | (1) | (6) | (2) |
Net Assets (Liabilities) as of end of period | 28 | 14 | 28 | 14 |
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 | 28 | 14 | 28 | 14 |
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 | (3) | (62) | 22 | (255) |
Transfers into Level 3 from Level 2 | 1 | 0 | ||
Total gains (losses) | ||||
Included in earnings | 31 | 11 | 7 | 162 |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | (26) | (3) | (26) | 39 |
Net Assets (Liabilities) as of end of period | 3 | (54) | 3 | (54) |
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 | 20 | (3) | (18) | 90 |
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 | (25) | (38) | 47 | (33) |
Transfers into Level 3 from Level 2 | 0 | 0 | ||
Total gains (losses) | ||||
Included in earnings | 93 | 75 | 90 | 30 |
Recorded in Regulatory liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances, and settlements | ||||
Settlements | (59) | (41) | (128) | (1) |
Net Assets (Liabilities) as of end of period | 9 | (4) | 9 | (4) |
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 | 80 | 49 | 81 | 68 |
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 | 2 | 6 | 11 |
Transfers into Level 3 from Level 2 | 0 | 0 | ||
Total gains (losses) | ||||
Included in earnings | (1) | 1 | (2) | 2 |
Recorded in Regulatory liabilities | 30 | 14 | 27 | 5 |
Purchases, issuances, and settlements | ||||
Settlements | (5) | (1) | (5) | (2) |
Net Assets (Liabilities) as of end of period | 26 | 16 | 26 | 16 |
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 | (31) | (32) | (31) | (31) |
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 | $ 28 | $ 14 | $ 28 | $ 14 |
Fair Value (Unobservable Inputs
Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions | Jun. 30, 2024 USD ($) $ / MMBTU $ / MWh | Dec. 31, 2023 USD ($) $ / MMBTU $ / MWh |
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 861 | $ 1,197 |
Derivative Liabilities | (832) | (1,172) |
Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 421 | 637 |
Derivative Liabilities | (412) | (615) |
Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 255 | 421 |
Derivative Liabilities | $ (251) | $ (388) |
Level 3 | Natural gas | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (1.45) | (1.57) |
Level 3 | Natural gas | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 2.42 | 6.27 |
Level 3 | Natural gas | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (0.12) | (0.08) |
Level 3 | Electricity | Forward basis price | Minimum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (20.82) | (18.49) |
Level 3 | Electricity | Forward basis price | Maximum | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | 16.72 | 15.47 |
Level 3 | Electricity | Forward basis price | Weighted Average | Discounted Cash Flow | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (3.79) | (3.99) |
Recurring | Level 3 | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | $ 244 | $ 350 |
Recurring | Level 3 | Natural gas | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 116 | 179 |
Derivative Liabilities | (113) | (157) |
Recurring | Level 3 | Electricity | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 100 | 163 |
Derivative Liabilities | $ (91) | $ (116) |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 441 | $ 175 |
Short-term borrowings | 560 | 1,283 |
Notes payable | 18 | 34 |
Long-term debt | 22,460 | 19,546 |
Carrying amount | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 1 | 19 |
Notes payable | 17 | 33 |
Long-term debt | 11,921 | 11,043 |
Carrying amount | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 51 | 0 |
Carrying amount | DTE Electric | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 560 | 385 |
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 | 778 | 807 |
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 | 560 | 1,283 |
Notes payable | 0 | 0 |
Long-term debt | 18,643 | 16,178 |
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 | 10,453 | 9,999 |
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 | 560 | 385 |
Fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 474 | 181 |
Short-term borrowings | 0 | 0 |
Notes payable | 18 | 34 |
Long-term debt | 1,136 | 1,202 |
Fair value | Level 3 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 1 | 19 |
Notes payable | 17 | 33 |
Long-term debt | 132 | 126 |
Fair value | Level 3 | DTE Electric | Affiliates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 51 | 0 |
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, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 2,170 | $ 2,041 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,170 | 2,041 |
DTE Electric | Nuclear decommissioning trust fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,170 | 2,041 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,152 | 2,026 |
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 | $ 15 | $ 12 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Realized gains | $ 23 | $ 11 | $ 30 | $ 19 |
Realized losses | (10) | (12) | (16) | (26) |
Proceeds from sale of securities | $ 239 | $ 257 | $ 347 | $ 423 |
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, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,170 | $ 2,041 |
Unrealized Gains | 634 | 545 |
Unrealized Losses | (59) | (58) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 30 | 34 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Private equity and other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 347 | 312 |
Unrealized Gains | 98 | 74 |
Unrealized Losses | (8) | (8) |
Hedge funds and similar investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 211 | 184 |
Unrealized Gains | 6 | 4 |
Unrealized Losses | (7) | (9) |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 962 | 921 |
Unrealized Gains | 520 | 459 |
Unrealized Losses | (13) | (11) |
Fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 620 | 590 |
Unrealized Gains | 10 | 8 |
Unrealized Losses | $ (31) | $ (30) |
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, 2024 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 13 |
Due after one through five years | 105 |
Due after five through ten years | 105 |
Due after ten years | 293 |
Fixed income securities total | $ 516 |
Financial and Other Derivativ_3
Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 861 | $ 1,197 |
Derivative Liabilities | (832) | (1,172) |
Current derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 601 | 910 |
Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (548) | (847) |
Noncurrent derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 260 | 287 |
Noncurrent derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (284) | (325) |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 6 | 0 |
Derivative Liabilities | 0 | (16) |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | (1) | (3) |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 421 | 637 |
Derivative Liabilities | (412) | (615) |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 255 | 421 |
Derivative Liabilities | (251) | (388) |
Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 178 | 139 |
Derivative Liabilities | (168) | (150) |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 6 | 0 |
Derivative Liabilities | (1) | (18) |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 6 | 0 |
Derivative Liabilities | 0 | (16) |
Derivatives designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | (1) | (2) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 855 | 1,197 |
Derivative Liabilities | (831) | (1,154) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | 0 | (1) |
Derivatives not designated as hedging instruments | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 421 | 637 |
Derivative Liabilities | (412) | (615) |
Derivatives not designated as hedging instruments | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 255 | 421 |
Derivative Liabilities | (251) | (388) |
Derivatives not designated as hedging instruments | Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 178 | 139 |
Derivative Liabilities | (168) | (150) |
Derivatives not designated as hedging instruments | FTRs | Other current assets | DTE Electric | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 28 | $ 7 |
Financial and Other Derivativ_4
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit issued that could be used to offset net derivative liabilities | $ 1 | $ 3 |
Letters of credit received that could be used to offset net derivative assets | 4 | $ 10 |
Contractual obligation to post collateral in event of downgrade to below investment grade | 439 | |
Derivative net liability position aggregate fair value | 685 | |
Collateral already posted fair value | 3 | |
Derivative net asset position, fair value | 568 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | $ 114 |
Financial and Other Derivativ_5
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ (2) | $ 0 |
Cash collateral netted against Derivative liabilities | 5 | 72 |
Cash collateral recorded in Accounts receivable | 64 | 57 |
Cash collateral recorded in Accounts payable | (11) | (3) |
Total net cash collateral posted (received) | $ 56 | $ 126 |
Financial and Other Derivativ_6
Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 861 | $ 1,197 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (582) | (791) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 279 | 406 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (832) | (1,172) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 585 | 863 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (247) | (309) |
Natural gas | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 421 | 637 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (275) | (416) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 146 | 221 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (412) | (615) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 277 | 429 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (135) | (186) |
Electricity | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 255 | 421 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (157) | (243) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 98 | 178 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (251) | (388) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 158 | 297 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (93) | (91) |
Environmental & Other | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 178 | 139 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (150) | (132) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 28 | 7 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (168) | (150) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 150 | 137 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (18) | (13) |
Interest rate contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 6 | 0 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 6 | 0 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | 0 | (16) |
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 | 0 | (16) |
Foreign currency exchange contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 1 | 0 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 1 | 0 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1) | (3) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | $ (1) | $ (3) |
Financial and Other Derivativ_7
Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Assets | ||
Derivative Assets | $ 861 | $ 1,197 |
Collateral adjustment | (2) | 0 |
Derivative assets, current | 202 | 297 |
Derivative assets, noncurrent | 77 | 109 |
Derivative Liabilities | ||
Derivative Liabilities | (832) | (1,172) |
Collateral adjustment | 5 | 72 |
Derivative liabilities, current | (144) | (177) |
Derivative liabilities, noncurrent | (103) | (132) |
Current derivative assets | ||
Derivative Assets | ||
Derivative Assets | 601 | 910 |
Counterparty netting | (399) | (613) |
Collateral adjustment | 0 | 0 |
Noncurrent derivative assets | ||
Derivative Assets | ||
Derivative Assets | 260 | 287 |
Counterparty netting | (181) | (178) |
Collateral adjustment | (2) | 0 |
Current derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (548) | (847) |
Counterparty netting | 399 | 613 |
Collateral adjustment | 5 | 57 |
Noncurrent derivative liabilities | ||
Derivative Liabilities | ||
Derivative Liabilities | (284) | (325) |
Counterparty netting | 181 | 178 |
Collateral adjustment | $ 0 | $ 15 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ 122 | $ 53 | $ 102 | $ 156 |
Natural gas | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 45 | 59 | (24) | 130 |
Natural gas | Fuel, purchased power, gas, and other — non-utility | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | (21) | (65) | 38 | 83 |
Electricity | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 95 | 60 | 90 | (55) |
Environmental & Other | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | 3 | 0 | (4) | (1) |
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivatives | $ 0 | $ (1) | $ 2 | $ (1) |
Financial and Other Derivativ_9
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) - 6 months ended Jun. 30, 2024 | CAD ($) MWh MMBTU T gal | USD ($) |
Natural gas (MMBtu) | ||
Derivative [Line Items] | ||
Commodity, energy measures | MMBTU | 2,161,810,364 | |
Electricity (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 44,128,175 | |
Oil (Gallons) | ||
Derivative [Line Items] | ||
Commodity, volume measure | gal | 2,136,000 | |
Foreign currency exchange ($ CAD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 118,314,074 | |
FTR (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 147,106 | |
Renewable Energy Certificates (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measures | 12,565,936 | |
Carbon emissions (Metric Tons) | ||
Derivative [Line Items] | ||
Commodity, mass measure | T | 1,243,306 | |
Interest rate contracts ($ USD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 1,150,000,000 |
Long-Term Debt (Schedule of Iss
Long-Term Debt (Schedule of Issued Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | May 31, 2024 | Feb. 29, 2024 |
Debt Instrument [Line Items] | |||
Amount | $ 3,050 | ||
Senior Notes | February 2024 5.10% Senior Notes maturing in 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.10% | ||
Amount | $ 1,200 | ||
Senior Notes | May 2024 5.85% Senior Notes maturing In 2034 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.85% | ||
Amount | $ 850 | ||
Senior Notes | Series C 2.53% Senior Notes Due October 1, 2024 | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.53% | ||
Amount | $ 675 | ||
Senior Notes | Series F 4.22% Senior Notes Due November 1, 2024 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.22% | ||
Amount | $ 1,300 | ||
DTE Electric | Mortgage Bonds | February 2024 4.85% Mortgage Bonds maturing in 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.85% | ||
Amount | $ 500 | ||
DTE Electric | Mortgage Bonds | February 2024 5.20% Mortgage Bonds maturing in 2034 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.20% | ||
Amount | $ 500 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument, Redemption [Line Items] | ||||
Amount | $ 119 | $ 1,044 | ||
DTE Electric | ||||
Debt Instrument, Redemption [Line Items] | ||||
Amount | $ 119 | $ 19 | ||
DTE Electric | Mortgage Bonds | 2013 Series B Mortgage Bonds | ||||
Debt Instrument, Redemption [Line Items] | ||||
Interest rate | 3.65% | |||
Amount | $ 100 | |||
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, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 3,175,000,000 | |
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 | |
DTE Energy | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 1,975,000,000 | |
Ratio of indebtedness to net capital | 0.66 | |
DTE Energy | Demand financing agreement | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity, financing agreement | $ 200,000,000 | |
Amount outstanding | $ 139,000,000 | $ 152,000,000 |
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 |
Short-Term Credit Arrangement_4
Short-Term Credit Arrangements and Borrowings (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 3,175 |
Amounts outstanding | 722 |
Net availability | 2,453 |
DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 900 |
Amounts outstanding | 645 |
Net availability | 255 |
DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 300 |
Amounts outstanding | 0 |
Net availability | 300 |
DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,975 |
Amounts outstanding | 77 |
Net availability | 1,898 |
Letters of credit | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 162 |
Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 85 |
Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 77 |
Commercial paper issuances | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 560 |
Commercial paper issuances | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 560 |
Commercial paper issuances | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Commercial paper issuances | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Unsecured revolving credit facility, expiring October 2028 | Revolver borrowings | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 2,600 |
Unsecured revolving credit facility, expiring October 2028 | Revolver borrowings | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 800 |
Unsecured revolving credit facility, expiring October 2028 | Revolver borrowings | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 300 |
Unsecured revolving credit facility, expiring October 2028 | Revolver borrowings | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 1,500 |
Unsecured letter of credit facility, expiring in June 2025 | Letters of credit | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 175 |
Unsecured letter of credit facility, expiring in June 2025 | Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring in June 2025 | Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring in June 2025 | Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 175 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 150 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring February 2025 | Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 150 |
Unsecured letter of credit facility, expiring June 2026 | Letters of credit | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 100 |
Unsecured letter of credit facility, expiring June 2026 | Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring June 2026 | Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility, expiring June 2026 | Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 100 |
Unsecured letter of credit facilities | Letters of credit | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 50 |
Unsecured letter of credit facilities | Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facilities | Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facilities | Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 50 |
Unsecured letter of credit facility | Letters of credit | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 100 |
Unsecured letter of credit facility | Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 100 |
Unsecured letter of credit facility | Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | 0 |
Unsecured letter of credit facility | Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 0 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | |
Lessor, Lease, Description [Line Items] | |||||
Interest income recognized under finance leases | $ 9 | $ 7 | $ 17 | $ 14 | |
Infrastructure Assets, 20-Year Term Ending in 2044 | |||||
Lessor, Lease, Description [Line Items] | |||||
Finance lease agreement, term | 20 years | ||||
Net investment in finance lease | $ 135 | $ 135 |
Leases (Components of Net Inves
Leases (Components of Net Investment in Finance Leases) (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 25 |
2025 | 49 |
2026 | 49 |
2027 | 49 |
2028 | 48 |
2029 and Thereafter | 606 |
Total minimum future lease receipts | 826 |
Residual value of leased pipeline | 17 |
Less unearned income | 425 |
Net investment in finance lease | 418 |
Less current portion | 12 |
Net investment in finance leases | $ 406 |
Leases (Lease Income Associated
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Fixed payments | $ 3 | $ 3 | $ 7 | $ 7 |
Variable payments | 9 | 7 | 19 | 18 |
Total lease income under operating leases | $ 12 | $ 10 | $ 26 | $ 25 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2024 USD ($) employee site facility | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |||
Asset retirement obligations | $ 3,867,000,000 | $ 3,556,000,000 | |
Estimated capital expenditures for current fiscal year | $ 4,700,000,000 | ||
Workforce subject to collective bargaining arrangements | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Number of employees | employee | 4,850 | ||
Percentage of total employees | 51% | ||
Workforce subject to collective bargaining arrangements expiring within one year | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 8% | ||
Reduced emissions fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 381,000,000 | ||
Other guarantees | |||
Loss Contingencies [Line Items] | |||
Maximum potential liability | 69,000,000 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 345,000,000 | ||
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 | $ 9,000,000 | 9,000,000 | |
Number of permitted engineered ash storage facilities owned | facility | 3 | ||
Asset retirement obligations | $ 3,631,000,000 | 3,326,000,000 | |
Estimated capital expenditures for current fiscal year | $ 3,400,000,000 | ||
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 | 2,500 | ||
Percentage of total employees | 59% | ||
DTE Electric | Workforce subject to collective bargaining arrangements expiring within one year | Labor force concentration risk | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 8% | ||
DTE Electric | Minimum | Ludington Plant Contract Dispute | Pending litigation | |||
Loss Contingencies [Line Items] | |||
Estimated impact of loss contingency | $ 350,000,000 | ||
DTE Electric | Maximum | Ludington Plant Contract Dispute | Pending litigation | |||
Loss Contingencies [Line Items] | |||
Estimated impact of loss contingency | 400,000,000 | ||
DTE Electric | Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 170,000,000 | ||
DTE Electric | EPA Regulations and Clean Water Act Section 316(b), capital expenditures | |||
Loss Contingencies [Line Items] | |||
Estimated impact of loss contingency | 81,000,000 | ||
Estimated impact of the environmental rules through 2028 | 54,000,000 | ||
DTE Electric | Legacy CCR Surface Impoundments And CCR Management Units | |||
Loss Contingencies [Line Items] | |||
Asset retirement obligations | 211,000,000 | ||
DTE Electric | Coal Combustion Residual and Effluent Limitations Guidelines Rules, capital expenditures | |||
Loss Contingencies [Line Items] | |||
Estimated impact of loss contingency | 413,000,000 | ||
Estimated impact of the environmental rules through 2028 | $ 403,000,000 | ||
DTE Gas | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 14 | ||
Accrued for remediation | $ 25,000,000 | $ 26,000,000 | |
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 (Net Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 15 | $ 14 | $ 29 | $ 28 |
Interest cost | 52 | 53 | 104 | 107 |
Expected return on plan assets | (85) | (87) | (170) | (175) |
Amortization of net actuarial loss | 14 | 1 | 29 | 3 |
Amortization of prior service credit | 0 | 0 | (1) | (1) |
Settlements | 0 | 5 | 0 | 7 |
Net periodic benefit credit | (4) | (14) | (9) | (31) |
Pension Benefits | DTE Electric | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit credit | (2) | (7) | (3) | (16) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 5 | 9 | 9 |
Interest cost | 15 | 16 | 31 | 32 |
Expected return on plan assets | (30) | (27) | (60) | (55) |
Amortization of net actuarial loss | 1 | 2 | 3 | 5 |
Amortization of prior service credit | (2) | (6) | (5) | (10) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic benefit credit | (11) | (10) | (22) | (19) |
Other Postretirement Benefits | DTE Electric | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 7 | 7 |
Interest cost | 12 | 13 | 24 | 25 |
Expected return on plan assets | (19) | (19) | (39) | (37) |
Amortization of prior service credit | (3) | (4) | (4) | (7) |
Net periodic benefit credit | $ (6) | $ (6) | $ (12) | $ (12) |
Retirement Benefits and Trust_4
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension credit | $ 4,000,000 | $ 14,000,000 | $ 9,000,000 | $ 31,000,000 |
Anticipated contributions, current fiscal year | 0 | 0 | ||
Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension credit | 11,000,000 | 10,000,000 | 22,000,000 | 19,000,000 |
Anticipated contributions, current fiscal year | 0 | 0 | ||
DTE Electric | Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension credit | 2,000,000 | 7,000,000 | 3,000,000 | 16,000,000 |
DTE Electric | Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension credit | $ 6,000,000 | $ 6,000,000 | $ 12,000,000 | $ 12,000,000 |
Segment and Related Informati_3
Segment and Related Information (Details Textuals) customer in Millions | Jun. 30, 2024 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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ (2,875) | $ (2,684) | $ (6,115) | $ (6,463) |
Reconciliation and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 48 | 49 | 106 | 108 |
Reconciliation and Eliminations | Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 18 | 18 | 36 | 35 |
Reconciliation and Eliminations | Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 3 | 4 | 7 | 9 |
Reconciliation and Eliminations | DTE Vantage | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 7 | 9 | 18 | 19 |
Reconciliation and Eliminations | Energy Trading | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 20 | 18 | 45 | 45 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | $ 1,879 | $ 1,617 | $ 4,035 | $ 3,677 |
Operating Revenues — Non-utility operations | 996 | 1,067 | 2,080 | 2,786 |
Operating Revenues | 2,875 | 2,684 | 6,115 | 6,463 |
Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | (48) | (49) | (106) | (108) |
Operating Revenues | (48) | (49) | (106) | (108) |
Electric | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 1,611 | 1,326 | 3,077 | 2,701 |
Operating Revenues — Non-utility operations | 5 | 3 | 9 | 7 |
Operating Revenues | 1,616 | 1,329 | 3,086 | 2,708 |
Electric | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (18) | (18) | (36) | (35) |
Gas | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Utility operations | 289 | 311 | 1,000 | 1,018 |
Operating Revenues | 289 | 311 | 1,000 | 1,018 |
Gas | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (3) | (4) | (7) | (9) |
DTE Vantage | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 181 | 189 | 365 | 373 |
Operating Revenues | 181 | 189 | 365 | 373 |
DTE Vantage | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (7) | (9) | (18) | (19) |
Energy Trading | Operating segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues — Non-utility operations | 837 | 904 | 1,770 | 2,472 |
Operating Revenues | 837 | 904 | 1,770 | 2,472 |
Energy Trading | Reconciliation and Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | (20) | (18) | (45) | (45) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | $ 322 | $ 201 | $ 635 | $ 646 |
Electric | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | 278 | 178 | 449 | 279 |
Gas | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | 12 | 24 | 166 | 195 |
DTE Vantage | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | 33 | 26 | 41 | 53 |
Energy Trading | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | 39 | 31 | 40 | 169 |
Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to DTE Energy Company | $ (40) | $ (58) | $ (61) | $ (50) |