DTE Energy (DTE) 8-K DTE Energy reports third quarter 2010 results; tightens 2010 earnings guidance

Exhibit 99.2

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions)	2010			2009
ASSETS
Current Assets
Cash and cash equivalents	$	84		$	52
Restricted cash		56			84
Accounts receivable (less allowance for doubtful accounts of $222 and $262, respectively)
Customer		1,140			1,438
Other		97			217
Inventories
Fuel and gas		517			309
Materials and supplies		215			200
Deferred income taxes		150			167
Derivative assets		177			209
Other		305			201
		2,741			2,877
Investments
Nuclear decommissioning trust funds		890			817
Other		467			598
		1,357			1,415
Property
Property, plant and equipment		21,370			20,588
Less accumulated depreciation, depletion and amortization		(8,548	)		(8,157	)
		12,822			12,431
Other Assets
Goodwill		2,024			2,024
Regulatory assets		4,056			4,110
Securitized regulatory assets		767			870
Intangible assets		63			54
Notes receivable		125			113
Derivative assets		108			116
Other		203			185
		7,346			7,472
Total Assets	$	24,266		$	24,195

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions, Except Shares)	2010			2009
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	641		$	723
Accrued interest		135			114
Dividends payable		95			88
Short-term borrowings		20			327
Current portion long-term debt, including capital leases		923			671
Derivative liabilities		167			220
Other		532			502
		2,513			2,645
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,099			6,237
Securitization bonds		643			793
Trust preferred-linked securities		289			289
Capital lease obligations		43			51
		7,074			7,370
Other Liabilities
Deferred income taxes		2,307			2,096
Regulatory liabilities		1,378			1,337
Asset retirement obligations		1,499			1,420
Unamortized investment tax credit		78			85
Derivative liabilities		154			198
Liabilities from transportation and storage contracts		86			96
Accrued pension liability		700			881
Accrued postretirement liability		1,318			1,287
Nuclear decommissioning		147			136
Other		323			328
		7,990			7,864
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 169,117,259 and 165,400,045 shares issued and outstanding, respectively		3,422			3,257
Retained earnings		3,374			3,168
Accumulated other comprehensive loss		(150	)		(147	)
Total DTE Energy Company Equity		6,646			6,278
Noncontrolling interests		43			38
Total Equity		6,689			6,316
Total Liabilities and Equity	$	24,266		$	24,195

DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	September 30
(in Millions)	2010			2009
Operating Activities
Net income	$	483		$	414
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		775			738
Deferred income taxes		173			141
Other asset (gains), losses and reserves, net		5			4
Changes in assets and liabilities, exclusive of changes shown separately		73			377
Net cash from operating activities		1,509			1,674
Investing Activities
Plant and equipment expenditures — utility		(743	)		(772	)
Plant and equipment expenditures — non-utility		(75	)		(47	)
Proceeds from sale of other assets, net		28			35
Restricted cash for debt redemption		33			58
Proceeds from sale of nuclear decommissioning trust fund assets		179			237
Investment in nuclear decommissioning trust funds		(204	)		(251	)
Consolidation of VIEs		19			—
Investment in Millennium Pipeline Project		(49	)		(15	)
Other		(22	)		(40	)
Net cash used for investing activities		(834	)		(795	)
Financing Activities
Issuance of long-term debt		595			363
Redemption of long-term debt		(660	)		(420	)
Short-term borrowings, net		(307	)		(539	)
Issuance of common stock		26			27
Dividends on common stock		(265	)		(260	)
Other		(32	)		(53	)
Net cash used for financing activities		(643	)		(882	)
Net Increase (Decrease) in Cash and Cash Equivalents		32			(3	)
Cash and Cash Equivalents at Beginning of Period		52			86
Cash and Cash Equivalents at End of Period	$	84		$	83

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2010			2009			2010			2009
Operating Revenues	$	1,444		$	1,289		$	3,798		$	3,515
Operating Expenses
Fuel and purchased power		484			400			1,217			1,112
Operation and maintenance		325			306			960			928
Depreciation and amortization		230			222			644			607
Taxes other than income		54			43			180			147
Asset gains, net		—			—			(1	)		—
		1,093			971			3,000			2,794
Operating Income		351			318			798			721
Other (Income) and Deductions
Interest expense		83			82			241			245
Interest income		(1	)		—			(1	)		(1	)
Other income		(10	)		(12	)		(27	)		(29	)
Other expenses		6			5			23			5
		78			75			236			220
Income Before Income Taxes		273			243			562			501
Income Tax Provision		108			94			219			195
Net Income	$	165		$	149		$	343		$	306

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2010			2009			2010			2009
Operating Revenues	$	167		$	189		$	1,142		$	1,237
Operating Expenses
Cost of gas		36			67			575			706
Operation and maintenance		96			94			271			326
Depreciation and amortization		20			27			68			80
Taxes other than income		11			12			42			38
Asset gains		—			—			—			(1	)
		163			200			956			1,149
Operating Income (Loss)		4			(11	)		186			88
Other (Income) and Deductions
Interest expense		17			19			50			51
Interest income		(2	)		(2	)		(6	)		(6	)
Other income		(2	)		(1	)		(5	)		(6	)
Other expenses		—			—			3			4
		13			16			42			43
Income (Loss) Before Income Taxes		(9	)		(27	)		144			45
Income Tax Provision (Benefit)		(4	)		(8	)		51			13
Net Income (Loss)	$	(5	)	$	(19	)	$	93		$	32

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

Short-term borrowings	$	20
Current portion of long-term debt, including capital leases		923
Mortgage bonds, notes and other		6,099
Securitization bonds, excluding current portion		643
Capital lease obligations		43
MichCon short-term debt adjustment		120
less Securitization bonds, including current portion		(793	)
50% Trust preferred-linked securities		144
Total debt		7,199
50% Trust preferred-linked securities		144
Total preferred/ other		144
Equity		6,646
Total capitalization	$	13,989
Debt		51.5	%
Preferred		1.0	%
Common shareholders’ equity		47.5	%
Total		100.0	%

Sales Analysis — Q3 2010

Electric Sales — Detroit Edison Service Area (GWh)

	Q3 2010		Q3 2009		% Change
Residential		5,034		4,107		23	%
Commercial		4,730		4,805		-2	%
Industrial		2,357		2,562		-8	%
Other		798		800		0	%
		12,919		12,274		5	%
Choice		1,289		337		282	%
TOTAL SALES		14,208		12,611		13	%

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

	Q3 2010		Q3 2009		% Change
Residential		653,756		517,052		26	%
Commercial		459,441		449,537		2	%
Industrial		164,850		190,103		-13	%
Other		49,605		44,629		11	%
		1,327,652		1,201,321		11	%
Choice		28,167		8,040		250	%
TOTAL REVENUES		1,355,819		1,209,361		12	%

Gas Sales — MichCon Service Area (MMcf)

	Q3 2010		Q3 2009		% Change
Residential		6,058		7,128		-15	%
Commercial		1,491		1,825		-18	%
Industrial		120		130		-8	%
		7,669		9,083		-16	%
End User Transportation*		27,691		23,525		18	%
TOTAL SALES		35,360		32,608		8	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q3 2010		Q3 2009		% Change
Residential		84,929		93,945		-10	%
Commercial		18,719		22,135		-15	%
Industrial		1,092		1,257		-13	%
		104,740		117,338		-11	%
End User Transportation*		29,494		24,024		23	%
TOTAL REVENUES		134,235		141,362		-5	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q3 2010			Q3 2009			% Change
Actuals		758			421			80	%
Normal		537			537
Deviation from normal		41	%		-22	%

Heating Degree Days
MichCon service territory

	Q3 2010			Q3 2009			% Change
Actuals		136			134			1	%
Normal*		142			175
Deviation from normal		-4	%		-23	%

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

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

	Q3 2010		Q3 2009
MichCon		—		(1	) Normal weather Q3 2010

Sales Analysis — YTD September 30, 2010

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2010		YTD 2009		% Change
Residential		12,301		10,992		12	%
Commercial		12,660		13,764		-8	%
Industrial		7,438		7,584		-2	%
Other		2,398		2,399		0	%
		34,797		34,739		0	%
Choice		3,675		998		268	%
TOTAL SALES		38,472		35,737		8	%

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

	YTD 2010		YTD 2009		% Change
Residential		1,592,911		1,348,019		18	%
Commercial		1,239,498		1,278,592		-3	%
Industrial		499,546		570,333		-12	%
Other		140,062		131,652		6	%
		3,472,017		3,328,596		4	%
Choice		78,898		27,819		184	%
TOTAL REVENUES		3,550,915		3,356,415		6	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2010		YTD 2009		% Change
Residential		60,460		71,387		-15	%
Commercial		16,246		21,924		-26	%
Industrial		449		865		-48	%
		77,155		94,176		-18	%
End User Transportation*		100,113		86,566		16	%
TOTAL SALES		177,268		180,742		-2	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2010		YTD 2009		% Change
Residential		693,160		740,224		-6	%
Commercial		181,127		222,727		-19	%
Industrial		4,477		7,524		-40	%
		878,764		970,475		-9	%
End User Transportation*		142,609		103,277		38	%
TOTAL REVENUES		1,021,373		1,073,752		-5	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	YTD 2010			YTD 2009			% Change
Actuals		1,066			575			85	%
Normal		730			730
Deviation from normal		46	%		-21	%

Heating Degree Days
MichCon service territory

	YTD 2010			YTD 2009			% Change
Actuals		3,772			4,358			-13	%
Normal*		4,197			4,346
Deviation from normal		-10	%		0	%

* 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		(11	)		1	Milder weather reduced MichCon’s earnings by $11M YTD 2010

Detroit Edison Temperature Normal Sales Analysis —
September 30, 2010

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

	Q3 2010		Q3 2009		% Change
Residential		4,379		4,473		-2	%
Commercial		4,524		4,902		-8	%
Industrial		2,337		2,573		-9	%
Other		798		800		0	%
		12,038		12,748		-6	%
Choice		1,245		343		263	%
TOTAL SALES		13,282		13,091		1	%

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

	YTD 2010		YTD 2009		% Change
Residential		11,531		11,526		0	%
Commercial		12,382		13,922		-11	%
Industrial		7,408		7,620		-3	%
Other		2,398		2,399		0	%
		33,718		35,467		-5	%
Choice		3,614		1,008		259	%
TOTAL SALES		37,332		36,475		2	%

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

	Q3 2010		Q3 2009		% Change
Residential		4,379		4,473		-2	%
Commercial		5,407		5,211		4	%
Industrial		2,698		2,608		3	%
Other		798		800		0	%
TOTAL SALES		13,282		13,091		1	%

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

	YTD 2010		YTD 2009		% Change
Residential		11,531		11,527		0	%
Commercial		14,743		15,001		-2	%
Industrial		8,660		7,548		15	%
Other		2,398		2,399		0	%
TOTAL SALES		37,332		36,475		2	%