DTE Energy (DTE) 8-K DTE Energy reports solid 2011 results

EXHIBIT 99.2

DTE Energy

Q4 2011

Supplemental Financial Information

Dte Energy Company
Consolidated Statements Of Financial Position

	December 31			December 31
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	68		$	65
Restricted cash, principally Securitization		147			120
Accounts receivable (less allowance for doubtful accounts of $162 and $196, respectively)
Customer		1,317			1,351
Other		90			402
Inventories
Fuel and gas		572			460
Materials and supplies		219			202
Deferred income taxes		51			139
Derivative assets		222			131
Regulatory assets		314			100
Other		196			197
		3,196			3,167
Investments
Nuclear decommissioning trust funds		937			939
Other		525			518
		1,462			1,457
Property
Property, plant and equipment		22,541			21,574
Less accumulated depreciation, depletion and amortization		(8,795	)		(8,582	)
		13,746			12,992
Other Assets
Goodwill		2,020			2,020
Regulatory assets		4,539			4,058
Securitized regulatory assets		577			729
Intangible assets		73			67
Notes receivable		123			123
Derivative assets		74			77
Other		199			206
		7,605			7,280
Total Assets	$	26,009		$	24,896

DTEEnergy Company
Consolidated Statements of Financial Position

	December 31			December 31
(in Millions, Except Shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	782		$	729
Accrued interest		95			111
Dividends payable		99			95
Short-term borrowings		419			150
Current portion long-term debt, including capital leases		526			925
Derivative liabilities		158			142
Other		549			597
		2,628			2,749
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,405			6,114
Securitization bonds		479			643
Junior subordinated debentures		280			—
Trust preferred-linked securities		—			289
Capital lease obligations		23			43
		7,187			7,089
Other Liabilities
Deferred income taxes		3,116			2,632
Regulatory liabilities		1,019			1,328
Asset retirement obligations		1,591			1,498
Unamortized investment tax credit		65			75
Derivative liabilities		89			110
Accrued pension liability		1,298			866
Accrued postretirement liability		1,484			1,275
Nuclear decommissioning		148			149
Other		331			358
		9,141			8,291
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 169,247,282 and 169,428,406 shares issued and outstanding, respectively		3,417			3,440
Retained earnings		3,750			3,431
Accumulated other comprehensive loss		(158	)		(149	)
Total DTE Energy Company Equity		7,009			6,722
Noncontrolling interests		44			45
Total Equity		7,053			6,767
Total Liabilities and Equity	$	26,009		$	24,896

DTEEnergy Company

Consolidated Statements of Cash Flows

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Activities
Net income	$	720		$	639		$	535
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		995			1,027			1,020
Deferred income taxes		220			457			205
Asset (gains) and losses, reserves and impairments, net		(21	)		(5	)		(10	)
Changes in assets and liabilities, exclusive of changes shown separately		94			(293	)		69
Net cash from operating activities		2,008			1,825			1,819
Investing Activities
Plant and equipment expenditures — utility		(1,382	)		(1,011	)		(960	)
Plant and equipment expenditures — non-utility		(102	)		(88	)		(75	)
Proceeds from sale of assets		18			56			83
Restricted cash for debt redemption, principally Securitization		(5	)		(32	)		2
Proceeds from sale of nuclear decommissioning trust fund assets		80			377			295
Investment in nuclear decommissioning trust funds		(97	)		(410	)		(315	)
Consolidation of VIEs		—			19			—
Investment in Millennium Pipeline Project		(3	)		(49	)		(15	)
Other		(69	)		(88	)		(79	)
Net cash used for investing activities		(1,560	)		(1,226	)		(1,064	)
Financing Activities
Issuance of long-term debt, net		1,179			614			427
Redemption of long-term debt		(1,455	)		(663	)		(486	)
Short-term borrowings, net		269			(177	)		(417	)
Issuance of common stock		—			36			35
Repurchase of common stock		(18	)		—			—
Dividends on common stock		(389	)		(360	)		(348	)
Other		(31	)		(36	)		—
Net cash used for financing activities		(445	)		(586	)		(789	)
Net Increase (Decrease) in Cash and Cash Equivalents		3			13			(34	)
Cash and Cash Equivalents at Beginning of Period		65			52			86
Cash and Cash Equivalents at End of Period	$	68		$	65		$	52

16

The Detroit Edison Company
Consolidated Statements of Operations

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Revenues	$	5,152		$	4,993		$	4,714
Operating Expenses
Fuel and purchased power		1,716			1,580			1,491
Operation and maintenance		1,369			1,305			1,277
Depreciation and amortization		813			849			844
Taxes other than income		240			237			205
Asset (gains) losses and reserves, net		12			(6	)		(2	)
		4,150			3,965			3,815
Operating Income		1,002			1,028			899
Other (Income) and Deductions
Interest expense		289			313			325
Interest income		—			(1	)		(2	)
Other income		(47	)		(39	)		(39	)
Other expenses		56			44			11
		298			317			295
Income Before Income Taxes		704			711			604
Income Tax Expense		267			270			228
Net Income	$	437		$	441		$	376

17

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31
	2011			2010			2009
(in Millions)
Operating Revenues	$	1,483		$	1,628		$	1,765
Operating Expenses
Cost of gas		729			855			1,037
Operation and maintenance		390			373			411
Depreciation and amortization		89			92			109
Taxes other than income		53			54			48
Asset (gains), net		—			—			(30	)
		1,261			1,374			1,575
Operating Income		222			254			190
Other (Income) and Deductions
Interest expense		63			66			67
Interest income		(7	)		(9	)		(8	)
Other income		(7	)		(6	)		(8	)
Other expenses		5			5			6
		54			56			57
Income Before Income Taxes		168			198			133
Income Tax Expense		59			68			40
Net Income	$	109		$	130		$	93

18

DTE Energy Debt/Equity Calculation
As of December 31, 2011
(Millions)

Short-term borrowings	$	419
Current portion of long-term debt, including capital leases		526
Mortgage bonds, notes and other		6,405
Securitization bonds, excluding current portion		479
Capital lease obligations		23
Other adjustments		93
less Securitization bonds, including current portion		(643	)
50% Junior Subordinated Debentures		140
Total debt		7,442
50% Junior Subordinated Debentures		140
Total preferred/ other		140
Equity		7,009
Total capitalization	$	14,591
Debt		51	%
Junior Subordinated Debentures		1	%
Common shareholders’ equity		48	%
Total		100	%

Sales Analysis — Q4 2011

Electric Sales — Detroit Edison Service Area (GWh)

	Q4 2011		Q4 2010		% Change
Residential		3,549		3,425		4	%
Commercial		4,029		3,910		3	%
Industrial		2,386		2,757		-13	%
Other		793		812		-2	%
		10,757		10,904		-1	%
Choice		1,341		1,330		1	%
TOTAL SALES		12,098		12,234		-1	%

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

	Q4 2011		Q4 2010		% Change
Residential		503,087		459,698		9	%
Commercial		420,851		389,259		8	%
Industrial		171,790		188,414		-9	%
Other		51,516		52,952		-3	%
		1,147,244		1,090,323		5	%
Choice		23,811		27,654		-14	%
TOTAL REVENUES		1,171,055		1,117,977		5	%

Gas Sales — MichCon Service Area (MMcf)

	Q4 2011		Q4 2010		% Change
Residential		27,022		31,083		-13	%
Commercial		5,999		7,243		-17	%
Industrial		198		230		-14	%
		33,219		38,556		-14	%
End User Transportation*		36,446		39,492		-8	%
TOTAL SALES		69,665		78,048		-11	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2011		Q4 2010		%Change
Residential		241,667		299,182		-19	%
Commercial		51,817		67,998		-24	%
Industrial		1,548		1,935		-20	%
		295,033		369,115		-20	%
End User Transportation*		52,343		54,075		-3	%
TOTAL REVENUES		347,375		423,191		-18	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	Q4 2011			Q4 2010			% Change
Actuals		5			5			0	%
Normal		6			6
Deviation from normal		-17	%		-17	%

Heating Degree Days

MichCon service territory

	Q4 2011			Q4 2010			% Change
Actuals		1,905			2,249		-15%
Normal		2,255			2,206
Deviation from normal		-16	%		2	%

Earnings Impact of Weather

Variance from normal weather ($millions, after-tax)

	Q4 2011			Q4 2010
MichCon		(12	)	—	Warmer weather decreased MichCon’s earnings by ($12M) Q4 2011.

Sales Analysis — YTD December 31, 2011

Electric Sales — Detroit Edison Service Area (GWh)

	YTD 2011		YTD 2010		% Change
Residential		15,907		15,726		1	%
Commercial		16,779		16,570		1	%
Industrial		9,739		10,195		-4	%
Other		3,136		3,210		-2	%
		45,561		45,701		0	%
Choice		5,445		5,005		9	%
TOTAL SALES		51,006		50,706		1	%

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

	YTD 2011		YTD 2010		% Change
Residential		2,182,292		2,052,608		6	%
Commercial		1,704,282		1,628,757		5	%
Industrial		692,424		687,960		1	%
Other		199,715		193,014		3	%
		4,778,713		4,562,339		5	%
Choice		101,482		106,553		-5	%
TOTAL REVENUES		4,880,195		4,668,892		5	%

Gas Sales — MichCon Service Area (MMcf)

	YTD 2011		YTD 2010		% Change
Residential		95,935		91,543		5	%
Commercial		23,203		23,490		-1	%
Industrial		812		678		20	%
		119,950		115,711		4	%
End User Transportation*		141,233		139,605		1	%
TOTAL SALES		261,183		255,316		2	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	YTD 2011		YTD 2010		% Change
Residential		919,359		992,342		-7	%
Commercial		214,079		249,125		-14	%
Industrial		6,653		6,412		4	%
		1,140,090		1,247,879		-9	%
End User Transportation*		207,090		196,685		5	%
TOTAL REVENUES		1,347,181		1,444,564		-7	%

* Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

	YTD 2011			YTD 2010			% Change
Actuals		1,039			1,071		-3%
Normal		736			736
Deviation from normal		41	%		46	%

Heating Degree Days

MichCon service territory

	YTD 2011			YTD 2010			% Change
Actuals		6,321			6,021			5	%
Normal		6,399			6,403
Deviation from normal		-1	%		-6	%

Earnings Impact of Weather

Variance from normal weather ($millions, after-tax)

	YTD 2011			YTD 2010
MichCon		(1	)		(11	)	Warmer weather decreased MichCon’s earnings by ($1M) in 2011.

Detroit Edison Temperature Normal Sales Analysis -
December 31, 2011

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

	Q4 2011		Q4 2010		% Change
Residential		3,729		3,449		8	%
Commercial		4,030		3,911		3	%
Industrial		2,386		2,757		-13	%
Other		793		812		-2	%
		10,938		10,929		0	%
Choice		1,341		1,330		1	%
TOTAL SALES		12,280		12,259		0	%

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

	YTD 2011		YTD 2010		% Change
Residential		15,213		14,979		2	%
Commercial		16,461		16,293		1	%
Industrial		9,706		10,165		-5	%
Other		3,136		3,210		-2	%
		44,516		44,647		0	%
Choice		5,378		4,944		9	%
TOTAL SALES		49,894		49,591		1	%

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

	Q4 2011		Q4 2010		% Change
Residential		3,729		3,449		8	%
Commercial		4,884		4,726		3	%
Industrial		2,874		3,272		-12	%
Other		793		812		-2	%
TOTAL SALES		12,280		12,259		0	%

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

	YTD 2011		YTD 2010		% Change
Residential		15,213		14,980		2	%
Commercial		19,799		19,469		2	%
Industrial		11,745		11,933		-2	%
Other		3,136		3,210		-2	%
TOTAL SALES		49,894		49,591		1	%