DTE Energy (DTE) 8-K DTE Energy reports third quarter 2011 results; narrows 2011 earnings guidance

Exhibit 99.2

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	46		$	65
Restricted cash, principally Securitization		73			120
Accounts receivable (less allowance for doubtful accounts of $168 and $196, respectively)
Customer		1,206			1,393
Other		121			402
Inventories
Fuel and gas		567			460
Materials and supplies		209			202
Deferred income taxes		130			139
Derivative assets		109			131
Regulatory assets		201			58
Other		249			197
		2,911			3,167
Investments
Nuclear decommissioning trust funds		893			939
Other		527			518
		1,420			1,457
Property
Property, plant and equipment		22,312			21,574
Less accumulated depreciation, depletion and amortization		(8,890	)		(8,582	)
		13,422			12,992
Other Assets
Goodwill		2,020			2,020
Regulatory assets		3,940			4,058
Securitized regulatory assets		618			729
Intangible assets		74			67
Notes receivable		124			123
Derivative assets		59			77
Other		192			206
		7,027			7,280
Total Assets	$	24,780		$	24,896

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions, Except Shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	708		$	729
Accrued interest		121			111
Dividends payable		99			95
Short-term borrowings		275			150
Current portion long-term debt, including capital leases		247			925
Derivative liabilities		114			142
Other		536			597
		2,100			2,749
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,702			6,114
Securitization bonds		479			643
Trust preferred-linked securities		289			289
Capital lease obligations		27			43
		7,497			7,089
Other Liabilities
Deferred income taxes		3,076			2,632
Regulatory liabilities		1,040			1,328
Asset retirement obligations		1,560			1,498
Unamortized investment tax credit		68			75
Derivative liabilities		62			110
Liabilities from transportation and storage contracts		73			83
Accrued pension liability		680			866
Accrued postretirement liability		1,216			1,275
Nuclear decommissioning		141			149
Other		258			275
		8,174			8,291
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 169,250,934 and 169,428,406 shares issued and outstanding, respectively		3,418			3,440
Retained earnings		3,698			3,431
Accumulated other comprehensive loss		(146	)		(149	)
Total DTE Energy Company Equity		6,970			6,722
Noncontrolling interests		39			45
Total Equity		7,009			6,767
Total Liabilities and Equity	$	24,780		$	24,896

DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	September 30
(in Millions)	2011			2010
Operating Activities
Net income	$	563		$	483
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		752			775
Deferred income taxes		123			173
Asset losses, reserves and impairments, net		—			5
Changes in assets and liabilities, exclusive of changes shown separately		48			73
Net cash from operating activities		1,486			1,509
Investing Activities
Plant and equipment expenditures — utility		(968	)		(743	)
Plant and equipment expenditures — non-utility		(61	)		(75	)
Proceeds from sale of assets, net		13			28
Restricted cash for debt redemption, principally Securitization		47			33
Proceeds from sale of nuclear decommissioning trust fund assets		69			179
Investment in nuclear decommissioning trust funds		(97	)		(204	)
Consolidation of VIEs		—			19
Investment in Millennium Pipeline Project		—			(49	)
Other		(55	)		(22	)
Net cash used for investing activities		(1,052	)		(834	)
Financing Activities
Issuance of long-term debt		908			595
Redemption of long-term debt		(1,161	)		(660	)
Short-term borrowings, net		126			(307	)
Issuance of common stock		—			26
Repurchase of common stock		(18	)		—
Dividends on common stock		(289	)		(265	)
Other		(19	)		(32	)
Net cash used for financing activities		(453	)		(643	)
Net Increase (Decrease) in Cash and Cash Equivalents		(19	)		32
Cash and Cash Equivalents at Beginning of Period		65			52
Cash and Cash Equivalents at End of Period	$	46		$	84

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	1,517		$	1,444		$	3,949		$	3,798
Operating Expenses
Fuel and purchased power		553			484			1,348			1,217
Operation and maintenance		352			325			1,012			960
Depreciation and amortization		215			230			619			644
Taxes other than income		63			54			182			180
Asset (gains) and losses, net		(1	)		—			13			(1	)
		1,182			1,093			3,174			3,000
Operating Income		335			351			775			798
Other (Income) and Deductions
Interest expense		74			83			218			241
Interest income		—			(1	)		—			(1	)
Other income		(9	)		(10	)		(30	)		(27	)
Other expenses		14			6			26			23
		79			78			214			236
Income Before Income Taxes		256			273			561			562
Income Tax Expense		98			108			214			219
Net Income	$	158		$	165		$	347		$	343

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	156		$	167		$	1,074		$	1,142
Operating Expenses
Cost of gas		35			36			526			575
Operation and maintenance		91			96			294			271
Depreciation and amortization		22			20			66			68
Taxes other than income		11			11			42			42
		159			163			928			956
Operating Income (Loss)		(3	)		4			146			186
Other (Income) and Deductions
Interest expense		16			17			47			50
Interest income		(1	)		(2	)		(5	)		(6	)
Other income		(2	)		(2	)		(5	)		(5	)
Other expenses		3			—			4			3
		16			13			41			42
Income (Loss) Before Income Taxes		(19	)		(9	)		105			144
Income Tax Expense (Benefit)		(8	)		(4	)		37			51
Net Income (Loss)	$	(11	)	$	(5	)	$	68		$	93

DTE Energy Debt/Equity Calculation
As of September 30, 2011
($ millions)

Short-term borrowings	$	275
Current portion of long-term debt, including capital leases		247
Mortgage bonds, notes and other		6,702
Securitization bonds, excluding current portion		479
Capital lease obligations		27
Other adjustments		305
less Securitization bonds, including current portion		(643	)
50% Trust preferred-linked securities		144
Total debt		7,536
50% Trust preferred-linked securities		144
Total preferred/ other		144
Equity		6,970
Total capitalization	$	14,650
Debt		51	%
Preferred		1	%
Common shareholders’ equity		48	%
Total		100	%

Sales Analysis — 3Q 2011

Electric Sales — Detroit Edison Service Area (GWh)

	3Q 2011		3Q 2010		% Change
Residential		4,863		5,034		-3	%
Commercial		4,759		4,730		1	%
Industrial		2,606		2,357		11	%
Other		782		798		-2	%
		13,010		12,919		1	%
Choice		1,393		1,289		8	%
TOTAL SALES		14,403		14,208		1	%

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

	3Q 2011		3Q 2010		% Change
Residential		665,301		653,756		2	%
Commercial		478,457		459,441		4	%
Industrial		186,946		164,850		13	%
Other		50,035		49,605		1	%
		1,380,739		1,327,652		4	%
Choice		26,160		28,167		-7	%
TOTAL REVENUES		1,406,899		1,355,819		4	%

Gas Sales — MichCon Service Area (MMcf)

	3Q 2011		3Q 2010		% Change
Residential		7,123		6,058		18	%
Commercial		1,531		1,491		3	%
Industrial		110		120		-8	%
		8,764		7,669		14	%
End User Transportation*		25,722		28,469		-10	%
TOTAL SALES		34,486		36,138		-5	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	3Q 2011		3Q 2010		% Change
Residential		85,932		84,929		1	%
Commercial		17,442		18,719		-7	%
Industrial		886		1,092		-19	%
		104,261		104,740		0	%
End User Transportation*		30,332		29,494		3	%
TOTAL REVENUES		134,593		134,235		0	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	3Q 2011			3Q 2010			% Change
Actuals		793			758			5	%
Normal		537			537
Deviation from normal		48	%		41	%

Heating Degree Days
MichCon service territory

	3Q 2011			3Q 2010			% Change
Actuals		142			136			4	%
Normal		128			129
Deviation from normal		11	%		5	%

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

	3Q 2011		3Q 2010
MichCon		1		—

Colder weather increased MichCon’s earnings by $1M Q3 2011

Sales Analysis — YTD September 30, 2011

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2011		YTD 2010		% Change
Residential		12,358		12,301		0	%
Commercial		12,750		12,660		1	%
Industrial		7,353		7,438		-1	%
Other		2,343		2,398		-2	%
		34,804		34,797		0	%
Choice		4,104		3,675		12	%
TOTAL SALES		38,908		38,472		1	%

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

	YTD 2011		YTD 2010		% Change
Residential		1,679,205		1,592,910		5	%
Commercial		1,283,431		1,239,498		4	%
Industrial		520,634		499,546		4	%
Other		148,199		140,063		6	%
		3,631,469		3,472,017		5	%
Choice		77,671		78,898		-2	%
TOTAL REVENUES		3,709,140		3,550,915		4	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2011		YTD 2010		% Change
Residential		68,913		60,460		14	%
Commercial		17,204		16,246		6	%
Industrial		613		449		37	%
		86,730		77,155		12	%
End User Transportation*		104,788		100,113		5	%
TOTAL SALES		191,518		177,268		8	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

							��
	YTD 2011		YTD 2010		% Change
Residential		677,691		693,160		-2	%
Commercial		162,262		181,127		-10	%
Industrial		5,105		4,477		14	%
		845,058		878,764		-4	%
End User Transportation*		154,747		142,609		9	%
TOTAL REVENUES		999,805		1,021,373		-2	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	YTD 2011			YTD 2010			% Change
Actuals		1,035			1,066			-3	%
Normal		730			730
Deviation from normal		42	%		46	%

Heating Degree Days
MichCon service territory

	YTD 2011			YTD 2010			% Change
Actuals		4,416			3,772			17	%
Normal		4,144			4,197
Deviation from normal		7	%		-10	%

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

	YTD 2011		YTD 2010
MichCon		11		(11	)

Colder weather increased MichCon’s earnings by $11M YTD 2011

Detroit Edison Temperature Normal Sales Analysis -
September 30, 2011

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

	3Q 2011		3Q 2010		% Change
Residential		4,183		4,379		-4	%
Commercial		4,484		4,524		-1	%
Industrial		2,577		2,337		10	%
Other		782		798		-2	%
		12,026		12,038		0	%
Choice		1,336		1,245		7	%
TOTAL SALES		13,362		13,282		1	%

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

	YTD 2011		YTD 2010		% Change
Residential		11,484		11,531		0	%
Commercial		12,431		12,382		0	%
Industrial		7,320		7,408		-1	%
Other		2,343		2,398		-2	%
		33,578		33,718		0	%
Choice		4,036		3,614		12	%
TOTAL SALES		37,614		37,332		1	%

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

	3Q 2011		3Q 2010		% Change
Residential		4,183		4,379		-4	%
Commercial		5,364		5,407		-1	%
Industrial		3,033		2,698		12	%
Other		782		798		-2	%
TOTAL SALES		13,362		13,282		1	%

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

	YTD 2011		YTD 2010		% Change
Residential		11,485		11,531		0	%
Commercial		14,915		14,743		1	%
Industrial		8,872		8,660		2	%
Other		2,343		2,398		-2	%
TOTAL SALES		37,614		37,332		1	%