DTE Energy (DTE) 8-K DTE Energy reports 2008 earnings; provides 2009 earnings guidance

Exhibit 99.2

Full Year 2008 Supplemental Financial Information December 31, 2008

DTE Energy Company
Consolidated Statements of Financial Position

	December 31
(in Millions)	2008			2007
ASSETS
Current Assets
Cash and cash equivalents	$	86		$	123
Restricted cash		86			140
Accounts receivable (less allowance for doubtful accounts of $265 and $182, respectively)
Customer		1,666			1,658
Other		166			514
Accrued power and gas supply cost recovery revenue		22			76
Inventories
Fuel and gas		333			429
Materials and supplies		206			204
Deferred income taxes		227			387
Derivative assets		316			181
Other		220			196
Current assets held for sale		—			83
		3,328			3,991
Investments
Nuclear decommissioning trust funds		685			824
Other		595			446
		1,280			1,270
Property
Property, plant and equipment		20,065			18,809
Less accumulated depreciation and depletion		(7,834	)		(7,401	)
		12,231			11,408
Other Assets
Goodwill		2,037			2,037
Regulatory assets		4,231			2,786
Securitized regulatory assets		1,001			1,124
Intangible assets		70			25
Notes receivable		115			87
Derivative assets		140			199
Prepaid pension assets		—			152
Other		157			116
Noncurrent assets held for sale		—			547
		7,751			7,073
Total Assets	$	24,590		$	23,742

DTE Energy Company
Consolidated Statements of Financial Position

	December 31
(in Millions, Except Shares)	2008			2007
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	899		$	1,189
Accrued interest		119			112
Dividends payable		86			87
Short-term borrowings		744			1,084
Current portion long-term debt, including capital leases		362			454
Derivative liabilities		285			281
Deferred gains and reserves		3			400
Other		515			566
Current liabilities associated with assets held for sale		—			48
		3,013			4,221
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,458			5,576
Securitization bonds		932			1,065
Trust preferred-linked securities		289			289
Capital lease obligations		62			41
		7,741			6,971
Other Liabilities
Deferred income taxes		1,958			1,824
Regulatory liabilities		1,202			1,168
Asset retirement obligations		1,340			1,277
Unamortized investment tax credit		96			108
Derivative liabilities		344			450
Liabilities from transportation and storage contracts		111			126
Accrued pension liability		871			68
Accrued postretirement liability		1,434			1,094
Nuclear decommissioning		114			134
Other		328			318
Noncurrent liabilities associated with assets held for sale		—			82
		7,798			6,649
Commitments and Contingencies
Minority Interest		43			48
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 163,019,596 and 163,232,095 shares issued and outstanding, respectively		3,175			3,176
Retained earnings		2,985			2,790
Accumulated other comprehensive loss		(165	)		(113	)
		5,995			5,853
Total Liabilities and Shareholders’ Equity	$	24,590		$	23,742

DTEEnergy Company
Consolidated Statements of Cash Flows

	Year Ended December 31
(in Millions)	2008			2007
Operating Activities
Net income	$	546		$	971
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		899			926
Deferred income taxes		348			144
Gain on sale of non-utility business		(128	)		(900	)
Other asset (gains), losses and reserves, net		(4	)		(9	)
Gain on sale of interests in synfuel projects		(31	)		(248	)
Impairment of synfuel projects		—			4
Partners’ share of synfuel project gains (losses)		2			(188	)
Contributions from synfuel partners		14			229
Cumulative effect of accounting changes		—			—
Changes in assets and liabilities, exclusive of changes shown separately		(87	)		196
Net cash from operating activities		1,559			1,125
Investing Activities
Plant and equipment expenditures — utility		(1,183	)		(1,035	)
Plant and equipment expenditures — non-utility		(190	)		(264	)
Acquisitions, net of cash acquired		—			—
Proceeds from sale of interests in synfuel projects		84			447
Refunds to synfuel partners		(387	)		(115	)
Proceeds from sale of non-utility business		253			1,262
Proceeds from sale of other assets, net		25			85
Restricted cash		54			6
Proceeds from sale of nuclear decommissioning trust fund assets		232			286
Investment in nuclear decommissioning trust funds		(255	)		(323	)
Other investments		(156	)		(19	)
Net cash from (used) for investing activities		(1,523	)		330
Financing Activities
Issuance of long-term debt		1,310			50
Redemption of long-term debt		(446	)		(393	)
Repurchase of long-term debt		(238	)		—
Short-term borrowings, net		(340	)		(47	)
Issuance of common stock		—			—
Repurchase of common stock		(16	)		(708	)
Dividends on common stock		(344	)		(364	)
Other		(10	)		(6	)
Net cash used for financing activities		(84	)		(1,468	)
Net Increase (Decrease) in Cash and Cash Equivalents		(48	)		(13	)
Cash and Cash Equivalents Reclassified (to) from Assets Held for Sale		11			(11	)
Cash and Cash Equivalents at Beginning of Period		123			147
Cash and Cash Equivalents at End of Period	$	86		$	123

The Detroit Edison Company
Consolidated Statements of Operations

	Year Ended December 31
(in Millions)	2008			2007
Operating Revenues	$	4,874		$	4,900
Operating Expenses
Fuel and purchased power		1,778			1,686
Operation and maintenance		1,322			1,422
Depreciation and amortization		743			764
Taxes other than income		232			277
Asset (gains) and reserves, net		(1	)		8
		4,074			4,157
Operating Income		800			743
Other (Income) and Deductions
Interest expense		293			294
Interest income		(6	)		(7	)
Other income		(51	)		(40	)
Other expenses		47			30
		283			277
Income Before Income Taxes		517			466
Income Tax Provision		186			149
Reported Earnings		331			317
Adjustments
Detroit Thermal reserve		—			17
Regulatory asset surcharge		—			6
		—			23
Operating Earnings	$	331		$	340

Michigan Consolidated Gas Company
Consolidated Statement of Operations

	Year Ended December 31
(in Millions)	2008			2007
Operating Revenues	$	2,115		$	1,842
Operating Expenses
Cost of gas		1,351			1,139
Operation and maintenance		464			422
Depreciation and amortization		102			93
Taxes other than income		47			55
Asset (gains), net		(26	)		(3	)
		1,938			1,706
Operating Income		177			136
Other (Income) and Deductions
Interest expense		65			60
Interest income		(8	)		(10	)
Other income		(11	)		(12	)
Other expenses		13			4
		59			42
Income Before Income Taxes		118			94
Income Tax Provision		38			23
Reported Earnings		80			71
Adjustments
Performance Excellence Process		4			6
GCR disallowance		—			6
		4			12
Operating Earnings	$	84		$	83

DTE Energy Debt/Equity Calculation
As of December 31, 2008
($ millions)

Short-term borrowings	$	744
Current portion of long-term debt, including capital leases		362
Mortgage bonds, notes and other		6,458
Securitization bonds		932
Capital lease obligations		62
less MichCon short-term debt		(522	)
less Securitization bonds, including current portion		(1,065	)
Total debt		6,971
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		6,010
Total capitalization	$	13,270
Debt		52.5	%
Preferred		2.2	%
Common shareholders’ equity		45.3	%
Total		100.0	%

Sales Analysis — Q4 2008

Electric Sales — Detroit Edison Service Area (GWh)

	Q4 2008		Q4 2007		% Change
Residential		3,537		3,806		-7	%
Commercial		4,573		4,986		-8	%
Industrial		3,012		3,364		-10	%
Other		811		839		-3	%
		11,933		12,995		-8	%
Choice*		377		629		-40	%
TOTAL SALES		12,310		13,624		-10	%

* Includes Dearborn Industrial Group sales

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

	Q4 2008		Q4 2007		% Change
Residential		400,449		410,328		-2	%
Commercial		431,144		446,154		-3	%
Industrial		208,767		205,486		2	%
Other		44,022		50,296		-12	%
		1,084,382		1,112,264		-3	%
Choice*		10,622		12,149		-13	%
TOTAL REVENUES		1,095,004		1,124,413		-3	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	Q4 2008		Q4 2007		% Change
Residential		36,594		33,892		8	%
Commercial		10,969		9,838		11	%
Industrial		339		360		-6	%
		47,902		44,090		9	%
End User Transportation*		32,426		34,000		-5	%
TOTAL SALES		80,328		78,090		3	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q4 2008		Q4 2007		% Change
Residential		406,985		331,421		23	%
Commercial		120,611		95,147		27	%
Industrial		3,488		3,366		4	%
		531,084		429,934		24	%
End User Transportation*		39,166		38,205		3	%
TOTAL REVENUES		570,250		468,139		22	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q4 2008			Q4 2007			% Change
Actuals		0			54			-100	%
Normal		6			6
Deviation from normal		-100	%		800	%

Heating Degree Days
MichCon service territory

	Q4 2008			Q4 2007			% Change
Actuals		2,466			2,149			15	%
Normal		2,350			2,355
Deviation from normal		5	%		-9	%

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

	Q4 2008		Q4 2007
Detroit Edison		1		3		Colder than normal weather increased Detroit Edison's earnings by $1M Q4 2008
MichCon		3		(5	)	Colder than normal weather increased MichCon's earnings by $3M Q4 2008

Sales Analysis — YTD December 31, 2008

Electric Sales — Detroit Edison Service Area (GWh)

	2008		2007		% Change
Residential		15,492		16,147		-4	%
Commercial		18,921		19,332		-2	%
Industrial		13,086		13,338		-2	%
Other		3,217		3,300		-3	%
		50,716		52,117		-3	%
Choice*		1,457		2,239		-35	%
TOTAL SALES		52,173		54,356		-4	%

* Includes Dearborn Industrial Group sales

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

	2008		2007		% Change
Residential		1,726,154		1,739,309		-1	%
Commercial		1,753,228		1,722,637		2	%
Industrial		893,461		853,446		5	%
Other		175,761		181,612		-3	%
		4,548,604		4,497,004		1	%
Choice*		34,371		45,766		-25	%
TOTAL REVENUES		4,582,975		4,542,770		1	%

* Distribution charge, includes Dearborn Industrial Group revenues

Gas Sales — MichCon Service Area (Mcf)

	2008		2007		% Change
Residential		109,684		111,501		-2	%
Commercial		35,231		32,315		9	%
Industrial		1,015		1,369		-26	%
		145,930		145,185		1	%
End User Transportation*		122,224		131,793		-7	%
TOTAL SALES		268,154		276,978		-3	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	2008		2007		% Change
Residential		1,237,581		1,127,063		10	%
Commercial		389,503		321,452		21	%
Industrial		11,015		13,127		-16	%
		1,638,099		1,461,642		12	%
End User Transportation*		104,433		139,742		-25	%
TOTAL REVENUES		1,742,532		1,601,384		9	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	2008			2007			% Change
Actuals		759			944			-20	%
Normal		736			736
Deviation from normal		3	%		28	%
Heating Degree Days
MichCon service territory

	2008			2007			% Change
Actuals		6,682			6,257			7	%
Normal		6,724			6,667
Deviation from normal		-1	%		-6	%

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

	2008		2007
Detroit Edison		2		27		Warmer than normal weather added $2 million to Detroit Edison's earnings in 2008
MichCon		0		(10	)	Normal weather at MichCon in 2008

DTE Energy Company
Consolidated Statements of Operations (unaudited)

	Q4 2008
	Q4 2008 Reported			Operating			Q4 2008 Operating
(in Millions)	Earnings			Adjustments			Earnings
Operating Revenues		2,170			11			2,181
Operating Expenses
Fuel, purchased power and gas		974						974
Operation and maintenance		613			(9	)		604
Depreciation, depletion and amortization		224						224
Taxes other than income		75						75
Gain on sale of non-utility business		—						—
Other asset (gains) and losses, reserves and impairments, net		(18	)					(18	)
		1,868			(9	)		1,859
Operating Income		302			20			322
Other (Income) and Deductions
Interest expense		132						132
Interest income		(6	)					(6	)
Other income		(30	)					(30	)
Other expenses		19						19
		115			—			115
Income Before Income Taxes and Minority Interest		187			20			207
Income Tax Provision		57			7			64
Minority Interest		1						1
Income from Continuing Operations		129			13			142
Discontinued Operations
Income (loss) from discontinued operations, net of tax		—						—
Minority interest in discontinued operations		—						—
		—						—
Net Income		129			13			142

DTE Energy Company
Consolidated Statements of Operations (unaudited)

	December 31, 2008
	2008 Reported			Operating			2008 Operating
(in Millions)	Earnings			Adjustments			Earnings
Operating Revenues		9,329			21			9,350
Operating Expenses
Fuel, purchased power and gas		4,306						4,306
Operation and maintenance		2,694			(18	)		2,676
Depreciation, depletion and amortization		901						901
Taxes other than income		304						304
Gain on sale of non-utility business		(128	)		126			(2	)
Other asset (gains) and losses, reserves and impairments, net		(11	)					(11	)
		8,066			108			8,174
Operating Income		1,263			(87	)		1,176
Other (Income) and Deductions
Interest expense		503						503
Interest income		(19	)					(19	)
Other income		(104	)					(104	)
Other expenses		64						64
		444			—			444
Income Before Income Taxes and Minority Interest		819			(87	)		732
Income Tax Provision		288			(32	)		256
Minority Interest		5						5
Income from Continuing Operations		526			(55	)		471
Discontinued Operations
Income (loss) from discontinued operations, net of tax		22			(20	)		2
Minority interest in discontinued operations		2						2
		20			(20	)		—
Net Income		546			(75	)		471