DTE Energy (DTE) 8-K DTE Energy reports third quarter 2008 earnings

Exhibit 99.2

Third Quarter 2008 Supplemental Financial Information October 30, 2008

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions)	2008			2007
ASSETS
Current Assets
Cash and cash equivalents	$	223		$	123
Restricted cash		36			140
Accounts receivable (less allowance for doubtful accounts of $266 and $182, respectively)
Customer		1,375			1,658
Other		320			514
Accrued power and gas supply cost recovery revenue		110			76
Inventories
Fuel and gas		564			429
Materials and supplies		206			204
Deferred income taxes		259			387
Assets from risk management and trading activities		331			181
Other		299			196
Current assets held for sale		—			83
		3,723			3,991
Investments
Nuclear decommissioning trust funds		756			824
Other		538			446
		1,294			1,270
Property
Property, plant and equipment		19,907			18,809
Less accumulated depreciation and depletion		(7,837	)		(7,401	)
		12,070			11,408
Other Assets
Goodwill		2,037			2,037
Regulatory assets		2,830			2,786
Securitized regulatory assets		1,035			1,124
Intangible assets		86			25
Notes receivable		114			87
Assets from risk management and trading activities		206			199
Prepaid pension assets		167			152
Other		126			116
Noncurrent assets held for sale		—			547
		6,601			7,073
Total Assets	$	23,688		$	23,742

1

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	September 30			December 31
(in Millions, Except Shares)	2008			2007
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	931		$	1,189
Accrued interest		138			112
Dividends payable		87			87
Short-term borrowings		1,155			1,084
Current portion long-term debt, including capital leases		362			454
Liabilities from risk management and trading activities		411			281
Deferred gains and reserves		4			400
Other		505			566
Current liabilities associated with assets held for sale		—			48
		3,593			4,221
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,158			5,576
Securitization bonds		933			1,065
Trust preferred-linked securities		289			289
Capital lease obligations		64			41
		7,444			6,971
Other Liabilities
Deferred income taxes		1,951			1,824
Regulatory liabilities		1,168			1,168
Asset retirement obligations		1,325			1,277
Unamortized investment tax credit		99			108
Liabilities from risk management and trading activities		374			450
Liabilities from transportation and storage contracts		115			126
Accrued pension liability		68			68
Accrued postretirement liability		1,063			1,094
Deferred gains		12			15
Nuclear decommissioning		122			134
Other		313			303
Noncurrent liabilities associated with assets held for sale		—			82
		6,610			6,649
Commitments and Contingencies (Notes 2, 6 and 9)
Minority Interest		45			48
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 163,025,446 and 163,232,095 shares issued and outstanding, respectively		3,172			3,176
Retained earnings		2,952			2,790
Accumulated other comprehensive loss		(128	)		(113	)
		5,996			5,853
Total Liabilities and Shareholders’ Equity	$	23,688		$	23,742

2

DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	September 30
(in Millions)	2008			2007
Operating Activities
Net income	$	417		$	716
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		675			716
Deferred income taxes		280			90
Gain on sale of non-utility assets		(128	)		(897	)
Other asset (gains), losses and reserves, net		12			14
Gain on sale of interests in synfuel projects		(31	)		(144	)
Partners’ share of synfuel project (gains) losses		2			(161	)
Contributions from synfuel partners		14			177
Changes in assets and liabilities, exclusive of changes shown separately (Note 1)		(223	)		281
Net cash from operating activities		1,018			792
Investing Activities
Plant and equipment expenditures — utility		(842	)		(750	)
Plant and equipment expenditures — non-utility		(154	)		(206	)
Proceeds from sale of interests in synfuel projects		84			329
Refunds to synfuel partners		(387	)		(81	)
Proceeds from sale of non-utility assets		253			1,258
Proceeds from sale of other assets, net		21			39
Restricted cash for debt redemptions		104			52
Proceeds from sale of nuclear decommissioning trust fund assets		180			227
Investment in nuclear decommissioning trust funds		(202	)		(254	)
Other investments		(105	)		(22	)
Net cash from (used for) investing activities		(1,048	)		592
Financing Activities
Issuance of long-term debt		1,013			—
Redemption of long-term debt		(446	)		(340	)
Repurchase of long-term debt		(238	)		—
Short-term borrowings, net		71			(62	)
Repurchase of common stock		(16	)		(686	)
Dividends on common stock		(258	)		(278	)
Other		(7	)		(2	)
Net cash from (used for) financing activities		119			(1,368	)
Net Increase in Cash and Cash Equivalents		89			16
Cash and Cash Equivalents Reclassified (to) from Assets Held for Sale		11			(7	)
Cash and Cash Equivalents at Beginning of Period		123			147
Cash and Cash Equivalents at End of Period	$	223		$	156

3

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2008			2007			2008			2007
Operating Revenues	$	1,440		$	1,403		$	3,766		$	3,707
Operating Expenses
Fuel and purchased power		586			518			1,403			1,274
Operation and maintenance		292			386			1,019			1,114
Depreciation and amortization		193			203			563			583
Taxes other than income		54			63			176			204
Asset (gains) and reserves, net		(1	)		6			(1	)		12
		1,124			1,176			3,160			3,187
Operating Income		316			227			606			520
Other (Income) and Deductions
Interest expense		73			73			220			222
Interest income		(1	)		(2	)		(3	)		(5	)
Other income		(16	)		(8	)		(39	)		(26	)
Other expenses		11			7			34			22
		67			70			212			213
Income Before Income Taxes		249			157			394			307
Income Tax Provision		90			50			143			100
Reported Earnings		159			107			251			207
Adjustments
Effective tax rate normalization		—			(1	)		—			1
Regulatory asset surcharge		—			—			—			6
Detroit Thermal Reserve		—			8			—			14
		—			7			—			21
Operating Earnings	$	159		$	114		$	251		$	228

4

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in Millions)	2008			2007			2008			2007
Operating Revenues	$	232		$	169		$	1,509		$	1,335
Operating Expenses
Cost of gas		102			56			956			827
Operation and maintenance		93			104			364			324
Depreciation and amortization		25			25			75			70
Taxes other than income		9			13			34			42
Asset (gains) and losses, net		(2	)		(1	)		(2	)		2
		227			197			1,427			1,265
Operating Income (Loss)		5			(28	)		82			70
Other (Income) and Deductions
Interest expense		16			16			46			43
Interest income		(2	)		(5	)		(6	)		(12	)
Other income		(2	)		(2	)		(8	)		(7	)
Other expenses		4			1			9			3
		16			10			41			27
Income (Loss) Before Income Taxes		(11	)		(38	)		41			43
Income Tax Provision (Benefit)		(3	)		(10	)		12			11
Reporting Earnings (Loss)	$	(8	)	$	(28	)	$	29		$	32
Adjustments
Effective tax rate normalization		—			6			—			4
Performance Excellence Process		2			1			3			3
		2			7			3			7
Operating Earnings	$	(6	)	$	(21	)	$	32		$	39

5

DTE Energy Debt/Equity Calculation
As of September 30, 2008
($ millions)

Short-term borrowings	$	1,155
Current portion of long-term debt, including capital leases		362
Mortgage bonds, notes and other		6,158
Securitization bonds		933
Capital lease obligations		64
less MichCon short-term debt		(401	)
less Securitization bonds, including current portion		(1,065	)
Total debt		7,207
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		5,996
Total capitalization	$	13,492
Debt		53.4	%
Preferred		2.1	%
Common shareholders’ equity		44.4	%
Total		100.0	%

Sales Analysis — Q3 2008

Electric Sales — Detroit Edison Service Area (GWh)

	Q3 2008		Q3 2007		% Change
Residential		4,595		4,836		-5	%
Commercial		5,072		5,166		-2	%
Industrial		3,327		3,278		1	%
Other		789		811		-3	%
		13,783		14,091		-2	%
Choice*		329		569		-42	%
TOTAL SALES		14,112		14,660		-4	%

* Includes Dearborn Industrial Group sales

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

	Q3 2008		Q3 2007		% Change
Residential		520,453		522,327		0	%
Commercial		477,917		445,809		7	%
Industrial		229,805		214,993		7	%
Other		45,626		44,823		2	%
		1,273,801		1,227,952		4	%
Choice*		8,711		11,595		-25	%
TOTAL REVENUES		1,282,512		1,239,547		3	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	Q3 2008		Q3 2007		% Change
Residential		7,503		8,620		-13	%
Commercial		2,408		2,303		5	%
Industrial		127		185		-31	%
		10,038		11,108		-10	%
End User Transportation*		23,024		25,189		-9	%
TOTAL SALES		33,062		36,297		-9	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q3 2008		Q3 2007		% Change
Residential		117,390		109,517		7	%
Commercial		35,619		27,198		31	%
Industrial		1,612		1,867		-14	%
		154,621		138,582		12	%
End User Transportation*		21,496		21,308		1	%
TOTAL REVENUES		176,117		159,890		10	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q3 2008			Q3 2007			% Change
Actuals		556			613			-9	%
Normal		537			537
Deviation from normal		3	%		14	%

Heating Degree Days
MichCon service territory

	Q3 2008			Q3 2007			% Change
Actuals		80			107			-25	%
Normal		175			181
Deviation from normal		-54	%		-41	%

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

	Q3 2008			Q3 2007
Detroit Edison		2			12
MichCon		(1	)		(2	)

Warmer than normal weather added $2 million to Detroit Edison’s earnings in Q3 2008

Milder weather reduced MichCon’s earnings by $1M Q3 2008

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

	Three Months Ended September 30, 2008
	3Q 2008 Reported			Operating			3Q 2008 Operating
(in Millions)	Earnings			Adjustments			Earnings
Operating Revenues	$	2,338		$	3		$	2,341
Operating Expenses
Fuel, purchased power and gas		1,034						1,034
Operation and maintenance		628			(4	)		624
Depreciation, depletion and amortization		235						235
Taxes other than income		71						71
Gain on sale of non-utility business		—						—
Other asset (gains) and losses, reserves and impairments, net		(5	)					(5	)
		1,963			(4	)		1,959
Operating Income		375			7			382
Other (Income) and Deductions
Interest expense		125						125
Interest income		(5	)					(5	)
Other income		(34	)					(34	)
Other expenses		22						22
		108			—			108
Income Before Income Taxes and Minority Interest		267			7			274
Income Tax Provision		97			3			100
Minority Interest		1						1
Income from Continuing Operations		169			4			173
Discontinued Operations
Income (loss) from discontinued operations, net of tax		8			(8	)		—
Minority interest in discontinued operations
		8			(8	)		—
Net Income	$	177		$	(4	)	$	173