DTE Energy (DTE) 8-K DTE Energy reports second quarter 2010 results, announces dividend increase

Exhibit 99.2

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	June 30			December 31
(in Millions)	2010			2009
ASSETS
Current Assets
Cash and cash equivalents	$	124		$	52
Restricted cash		87			84
Accounts receivable (less allowance for doubtful accounts of $246 and $262, respectively)
Customer		1,219			1,438
Other		95			217
Inventories
Fuel and gas		353			309
Materials and supplies		212			200
Deferred income taxes		151			167
Derivative assets		175			209
Other		165			201
		2,581			2,877
Investments
Nuclear decommissioning trust funds		824			817
Other		428			598
		1,252			1,415
Property
Property, plant and equipment		21,137			20,588
Less accumulated depreciation, depletion and amortization		(8,366	)		(8,157	)
		12,771			12,431
Other Assets
Goodwill		2,024			2,024
Regulatory assets		4,128			4,110
Securitized regulatory assets		802			870
Intangible assets		58			54
Notes receivable		127			113
Derivative assets		108			116
Other		182			185
		7,429			7,472
Total Assets	$	24,033		$	24,195

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	June 30			December 31
(in Millions, Except Shares)	2010			2009
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	684		$	723
Accrued interest		114			114
Dividends payable		89			88
Short-term borrowings		—			327
Current portion long-term debt, including capital leases		1,335			671
Derivative liabilities		170			220
Other		539			502
		2,931			2,645
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,584			6,237
Securitization bonds		717			793
Trust preferred-linked securities		289			289
Capital lease obligations		43			51
		6,633			7,370
Other Liabilities
Deferred income taxes		2,209			2,096
Regulatory liabilities		1,397			1,337
Asset retirement obligations		1,480			1,420
Unamortized investment tax credit		80			85
Derivative liabilities		145			198
Liabilities from transportation and storage contracts		89			96
Accrued pension liability		700			881
Accrued postretirement liability		1,316			1,287
Nuclear decommissioning		138			136
Other		315			328
		7,869			7,864
Equity
Common stock, without par value, 400,000,000 shares authorized, 168,791,973 and 165,400,045 shares issued and outstanding, respectively		3,405			3,257
Retained earnings		3,305			3,168
Accumulated other comprehensive loss		(153	)		(147	)
Total DTE Energy Company Equity		6,557			6,278
Noncontrolling interests		43			38
Total Equity		6,600			6,316
Total Liabilities and Equity	$	24,033		$	24,195

DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended
	June 30
(in Millions)	2010			2009
Operating Activities
Net income	$	317		$	263
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		504			472
Deferred income taxes		72			88
Other asset (gains), losses and reserves, net		1			3
Changes in assets and liabilities, exclusive of changes shown separately		257			475
Net cash from operating activities		1,151			1,301
Investing Activities
Plant and equipment expenditures — utility		(463	)		(581	)
Plant and equipment expenditures — non-utility		(52	)		(32	)
Proceeds from sale of other assets, net		24			32
Restricted cash for debt redemption		1			17
Proceeds from sale of nuclear decommissioning trust fund assets		128			182
Investment in nuclear decommissioning trust funds		(145	)		(190	)
Consolidation of VIEs		19			—
Other		(4	)		(38	)
Net cash used for investing activities		(492	)		(610	)
Financing Activities
Issuance of long-term debt		—			363
Redemption of long-term debt		(91	)		(355	)
Short-term borrowings, net		(327	)		(543	)
Issuance of common stock		23			18
Dividends on common stock		(176	)		(173	)
Other		(16	)		(45	)
Net cash used for financing activities		(587	)		(735	)
Net Increase (Decrease) in Cash and Cash Equivalents		72			(44	)
Cash and Cash Equivalents at Beginning of Period		52			86
Cash and Cash Equivalents at End of Period	$	124		$	42

Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2010			2009			2010			2009
Operating Revenues	$	1,208		$	1,108		$	2,354		$	2,226
Operating Expenses
Fuel and purchased power		390			372			733			712
Operation and maintenance		326			306			635			622
Depreciation and amortization		210			197			414			385
Taxes other than income		61			44			126			104
Asset gains, net		—			—			(1	)		—
		987			919			1,907			1,823
Operating Income		221			189			447			403
Other (Income) and Deductions
Interest expense		77			84			158			163
Interest income		—			(1	)		—			(1	)
Other income		(9	)		(10	)		(17	)		(17	)
Other expenses		11			(12	)		17			—
		79			61			158			145
Income Before Income Taxes		142			128			289			258
Income Tax Provision		55			49			111			101
Net Income	$	87		$	79		$	178		$	157

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2010			2009			2010			2009
Operating Revenues	$	230		$	289		$	975		$	1,048
Operating Expenses
Cost of gas		81			136			539			639
Operation and maintenance		67			118			175			232
Depreciation and amortization		22			27			48			53
Taxes other than income		15			13			31			26
Asset gains		—			(1	)		—			(1	)
		185			293			793			949
Operating Income (Loss)		45			(4	)		182			99
Other (Income) and Deductions
Interest expense		16			16			33			32
Interest income		(2	)		(2	)		(4	)		(4	)
Other income		(1	)		(2	)		(3	)		(5	)
Other expenses		2			1			3			4
		15			13			29			27
Income (Loss) Before Income Taxes		30			(17	)		153			72
Income Tax Provision (Benefit)		11			(5	)		55			21
Net Income (Loss)	$	19		$	(12	)	$	98		$	51

DTE Energy Debt/Equity Calculation
As of June 30, 2010
($ millions)

Short-term borrowings	$	—
Current portion of long-term debt, including capital leases		1,335
Mortgage bonds, notes and other		5,584
Securitization bonds, excluding current portion		717
Capital lease obligations		43
less MichCon short-term debt		—
less Securitization bonds, including current portion		(861	)
Total debt		6,818
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		6,557
Total capitalization	$	13,664
Debt		49.9	%
Preferred		2.1	%
Common shareholders’ equity		48.0	%
Total		100.0	%

Sales Analysis — Q2 2010

Electric Sales — Detroit Edison Service Area (GWh)

	Q2 2010		Q2 2009		% Change
Residential		3,602		3,147		14	%
Commercial		3,988		4,536		-12	%
Industrial		2,605		2,385		9	%
Other		799		782		2	%
		10,994		10,850		1	%
Choice		1,283		344		273	%
TOTAL SALES		12,277		11,194		10	%

Electric Revenue — Detroit Edison Service Area ($000s)

	Q2 2010		Q2 2009		% Change
Residential		471,181		383,943		23	%
Commercial		394,886		419,027		-6	%
Industrial		174,018		183,181		-5	%
Other		44,701		38,109		17	%
		1,084,786		1,024,260		6	%
Choice		25,002		8,662		189	%
TOTAL REVENUES		1,109,788		1,032,922		7	%

Gas Sales — MichCon Service Area (MMcf)

	Q2 2010		Q2 2009		% Change
Residential		11,245		14,068		-20	%
Commercial		2,681		3,672		-27	%
Industrial		112		140		-20	%
		14,038		17,880		-21	%
End User Transportation*		27,691		21,436		29	%
TOTAL SALES		41,729		39,316		6	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q2 2010		Q2 2009		% Change
Residential		133,968		159,471		-16	%
Commercial		30,511		40,820		-25	%
Industrial		1,026		1,173		-13	%
		165,505		201,464		-18	%
End User Transportation*		36,122		26,897		34	%
TOTAL REVENUES		201,627		228,361		-12	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q2 2010			Q2 2009			% Change
Actuals		308			154			100	%
Normal		193			193
Deviation from normal		60	%		-20	%

Heating Degree Days
MichCon service territory

	Q2 2010			Q2 2009			% Change
Actuals		596			827			-28	%
Normal*		826			865
Deviation from normal		-28	%		-4	%

* Normal is 15 year weather for 2010 and 30 year weather for 2009

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)

	Q2 2010			Q2 2009
MichCon		(8	)		(1	)	Milder weather reduced MichCon’s earnings by $8M Q2 2010

Sales Analysis — YTD June 30, 2010

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2010		YTD 2009		% Change
Residential		7,268		6,885		6	%
Commercial		7,930		8,959		-11	%
Industrial		5,080		5,022		1	%
Other		1,600		1,599		0	%
		21,878		22,465		-3	%
Choice		2,386		661		261	%
TOTAL SALES		24,264		23,126		5	%

Electric Revenue — Detroit Edison Service Area ($000s)

	YTD 2010		YTD 2009		% Change
Residential		939,154		830,966		13	%
Commercial		780,056		829,055		-6	%
Industrial		334,697		380,231		-12	%
Other		90,458		87,023		4	%
		2,144,365		2,127,275		1	%
Choice		50,731		19,778		157	%
TOTAL REVENUES		2,195,096		2,147,053		2	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2010		YTD 2009		% Change
Residential		54,402		64,259		-15	%
Commercial		14,755		20,099		-27	%
Industrial		329		735		-55	%
		69,486		85,093		-18	%
End User Transportation*		71,644		63,041		14	%
TOTAL SALES		141,130		148,134		-5	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2010		YTD 2009		% Change
Residential		608,231		646,279		-6	%
Commercial		162,408		200,592		-19	%
Industrial		3,385		6,266		54	%
		774,024		853,137		-9	%
End User Transportation*		113,115		79,253		43	%
TOTAL REVENUES		887,139		932,390		-5	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	YTD 2010			YTD 2009			% Change
Actuals		308			154			100	%
Normal		193			193
Deviation from normal		60	%		-20	%

Heating Degree Days
MichCon service territory

	YTD 2010			YTD 2009			% Change
Actuals		3,636			4,224			-14	%
Normal*		4,055			4,171
Deviation from normal		-10	%		1	%

* Normal is 15 year weather for 2010 and 30 year weather for 2009

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)

	YTD 2010			YTD 2009
MichCon		(16	)		2	Milder weather reduced MichCon’s earnings by $16M YTD 2010

Detroit Edison Temperature Normal Sales Analysis -
June 30, 2010

Temperature Normal Electric Sales — Detroit Edison Service Area (GWh)

	Q2 2010		Q2 2009		% Change
Residential		3,390		3,346		1	%
Commercial		3,909		4,606		-15	%
Industrial		2,596		2,417		7	%
Other		799		783		2	%
		10,693		11,153		-4	%
Choice		1,265		348		264	%
TOTAL SALES		11,959		11,501		4	%

Temperature Normal Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2010		YTD 2009		% Change
Residential		7,152		7,053		1	%
Commercial		7,858		9,019		-13	%
Industrial		5,071		5,046		0	%
Other		1,600		1,600		0	%
		21,681		22,719		-5	%
Choice		2,369		665		256	%
TOTAL SALES		24,050		23,384		3	%

Temperature Normal Electric Sales — Detroit Edison Service Area (Includes Electric Choice) (GWh)

	Q2 2010		Q2 2009		% Change
Residential		3,390		3,346		1	%
Commercial		4,617		4,932		-6	%
Industrial		3,153		2,440		29	%
Other		799		783		2	%
TOTAL SALES		11,959		11,501		4	%

Temperature Normal Electric Sales — Detroit Edison Service Area (Includes Electric Choice) (GWh)

	YTD 2010		YTD 2009		% Change
Residential		7,152		7,053		1	%
Commercial		9,336		9,790		-5	%
Industrial		5,962		4,940		21	%
Other		1,600		1,600		0	%
TOTAL SALES		24,050		23,384		3	%

DTE Energy Company
Consolidated Statements of Operations (Unaudited)
(Reconciliation of Reported to Operating Earnings)

	Three Months Ended June 30, 2010
	Reported			Operating			Operating
(in Millions)	Earnings			Adjustments			Earnings
Operating Revenues	$	1,792		$	—		$	1,792
Operating Expenses
Fuel, purchased power and gas		608						608
Operation and maintenance		597			32			629
Depreciation, depletion and amortization		253						253
Taxes other than income		80						80
Gain on sale of non-utility assets		—						—
Other asset (gains) and losses, reserves and impairments, net		(2	)					(2	)
		1,536			32			1,568
Operating Income		256			(32	)		224
Other (Income) and Deductions
Interest expense		136						136
Interest income		(3	)					(3	)
Other income		(23	)					(23	)
Other expenses		15						15
		125			—			125
Income Before Income Taxes		131			(32	)		99
Income Tax Provision		44			(12	)		32
Income from Continuing Operations		87			(20	)		67
Discontinued Operations Income, net of tax		—						—
Net Income		87			(20	)		67
Less: Net Income Attributable to the Noncontrolling Interests		1						1
Net Income Attributable to DTE Energy Company	$	86		$	(20	)	$	66

DTE Energy Company
Consolidated Statements of Operations (Unaudited)
(Reconciliation of Reported to Operating Earnings)

	Six Months Ended June 30, 2010
	Reported			Operating			Operating
(in Millions)	Earnings			Adjustments			Earnings
Operating Revenues	$	4,245		$	—		$	4,245
Operating Expenses
Fuel, purchased power and gas		1,603						1,603
Operation and maintenance		1,249			32			1,281
Depreciation, depletion and amortization		504						504
Taxes other than income		162						162
Gain on sale of non-utility assets		—						—
Other asset (gains) and losses, reserves and impairments, net		(1	)					(1	)
		3,517			32			3,549
Operating Income		728			(32	)		696
Other (Income) and Deductions
Interest expense		276						276
Interest income		(6	)					(6	)
Other income		(42	)					(42	)
Other expenses		23						23
		251			—			251
Income Before Income Taxes		477			(32	)		445
Income Tax Provision		160			(12	)		148
Income from Continuing Operations		317			(20	)		297
Discontinued Operations Income, net of tax		—						—
Net Income		317			(20	)		297
Less: Net Income Attributable to the Noncontrolling Interests		2						2
Net Income Attributable to DTE Energy Company	$	315		$	(20	)	$	295