DTE Energy (DTE) 8-K Results of Operations and Financial Condition

Exhibit 99.1

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	March 31			December 31
(in Millions)	2009			2008
ASSETS
Current Assets
Cash and cash equivalents	$	88		$	86
Restricted cash		22			86
Accounts receivable (less allowance for doubtful accounts of $269 and $265, respectively)
Customer		1,499			1,666
Other		163			166
Accrued power and gas supply cost recovery revenue		1			22
Inventories
Fuel and gas		233			333
Materials and supplies		199			206
Deferred income taxes		199			227
Derivative assets		281			316
Other		181			220
		2,866			3,328
Investments
Nuclear decommissioning trust funds		657			685
Other		600			595
		1,257			1,280
Property
Property, plant and equipment		20,211			20,065
Less accumulated depreciation and depletion		(7,887	)		(7,834	)
		12,324			12,231
Other Assets
Goodwill		2,037			2,037
Regulatory assets		4,218			4,231
Securitized regulatory assets		969			1,001
Intangible assets		59			70
Notes receivable		119			115
Derivative assets		177			140
Other		162			157
		7,741			7,751
Total Assets	$	24,188		$	24,590

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)

	March 31			December 31
(in Millions, Except Shares)	2009			2008
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	727		$	899
Accrued interest		144			119
Dividends payable		87			86
Short-term borrowings		330			744
Gas inventory equalization		220			—
Current portion long-term debt, including capital leases		518			362
Derivative liabilities		304			285
Deferred gains and reserves		3			3
Other		500			515
		2,833			3,013
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,288			6,458
Securitization bonds		861			932
Trust preferred-linked securities		289			289
Capital lease obligations		57			62
		7,495			7,741
Other Liabilities
Deferred income taxes		1,993			1,958
Regulatory liabilities		1,208			1,202
Asset retirement obligations		1,357			1,340
Unamortized investment tax credit		94			96
Derivative liabilities		308			344
Liabilities from transportation and storage contracts		107			111
Accrued pension liability		819			871
Accrued postretirement liability		1,406			1,434
Nuclear decommissioning		112			114
Other		304			328
		7,708			7,798
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 163,876,686 and 163,019,596 shares issued and outstanding, respectively		3,192			3,175
Retained earnings		3,076			2,985
Accumulated other comprehensive loss		(157	)		(165	)
Total DTE Energy Company Shareholders’ Equity		6,111			5,995
Noncontrolling Interest		41			43
Total Shareholders’ Equity		6,152			6,038
Total Liabilities and Shareholders’ Equity	$	24,188		$	24,590

DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended
	March 31
(in Millions)	2009			2008
Operating Activities
Net income	$	178		$	212
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		232			225
Deferred income taxes		66			190
Gain on sale of non-utility assets		—			(126	)
Other asset (gains), losses and reserves, net		(3	)		(4	)
Gain on sale of interests in synfuel projects		—			(16	)
Contributions from synfuel partners		—			22
Changes in assets and liabilities, exclusive of changes shown separately		366			389
Net cash from operating activities		839			892
Investing Activities
Plant and equipment expenditures — utility		(303	)		(277	)
Plant and equipment expenditures — non-utility		(23	)		(52	)
Proceeds from sale of interests in synfuel projects		—			82
Refunds to synfuel partners		—			(31	)
Proceeds from sale of non-utility assets		—			250
Proceeds from sale of other assets, net		30			10
Restricted cash for debt redemptions		64			57
Proceeds from sale of nuclear decommissioning trust fund assets		113			52
Investment in nuclear decommissioning trust funds		(113	)		(61	)
Other investments		(24	)		(11	)
Net cash from (used) for investing activities		(256	)		19
Financing Activities
Redemption of long-term debt		(86	)		(79	)
Repurchase of long-term debt		—			(238	)
Short-term borrowings, net		(414	)		(534	)
Issuance of common stock		9			—
Repurchase of common stock		—			(13	)
Dividends on common stock		(86	)		(86	)
Other		(4	)		(4	)
Net cash used for financing activities		(581	)		(954	)
Net Increase (Decrease) in Cash and Cash Equivalents		2			(43	)
Cash and Cash Equivalents Reclassified to Assets Held for Sale		—			(3	)
Cash and Cash Equivalents at Beginning of Period		86			123
Cash and Cash Equivalents at End of Period	$	88		$	77

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended
	March 31
(in Millions)	2009			2008
Operating Revenues	$	1,118		$	1,153
Operating Expenses
Fuel and purchased power		340			402
Operation and maintenance		316			358
Depreciation and amortization		188			192
Taxes other than income		60			62
		904			1,014
Operating Income		214			139
Other (Income) and Deductions
Interest expense		79			76
Interest income		—			(1	)
Other income		(7	)		(12	)
Other expenses		12			11
		84			74
Income Before Income Taxes		130			65
Income Tax Provision		52			24
Net Income	$	78		$	41

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended
	March 31
(in Millions)	2009			2008
Operating Revenues	$	759		$	896
Operating Expenses
Cost of gas		503			644
Operation and maintenance		114			122
Depreciation and amortization		26			25
Taxes other than income		13			13
Asset losses		—			—
		656			804
Operating Income		103			92
Other (Income) and Deductions
Interest expense		16			16
Interest income		(2	)		(2	)
Other income		(3	)		(2	)
Other expenses		3			3
		14			15
Income Before Income Taxes		89			77
Income Tax Provision		26			23
Net Income	$	63		$	54

DTE Energy Debt/Equity Calculation
As of March 31, 2009
($ millions)

Short-term borrowings	$	330
Current portion of long-term debt, including capital leases		518
Mortgage bonds, notes and other		6,288
Securitization bonds, excluding current portion		861
Capital lease obligations		57
less MichCon short-term debt		(180	)
less Securitization bonds, including current portion		(996	)
Total debt		6,878
Trust preferred-linked securities		289
Total preferred/ other		289
Equity		6,111
Total capitalization	$	13,278
Debt		51.8	%
Preferred		2.2	%
Common shareholders’ equity		46.0	%
Total		100.0	%

Sales Analysis — Q1 2009

Electric Sales — Detroit Edison Service Area (GWh)

	Q1 2009		Q1 2008		% Change
Residential		3,738		3,932		-5	%
Commercial		4,423		4,362		1	%
Industrial		2,637		3,516		-25	%
Other		817		832		-2	%
		11,615		12,642		-8	%
Choice		317		456		-30	%
TOTAL SALES		11,932		13,098		-9	%

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

	Q1 2009		Q1 2008		% Change
Residential		447,022		430,052		4	%
Commercial		410,028		387,555		6	%
Industrial		197,049		230,873		-15	%
Other		48,915		43,714		12	%
		1,103,014		1,092,194		1	%
Choice		11,116		11,344		-2	%
TOTAL REVENUES		1,114,130		1,103,538		1	%

Gas Sales — MichCon Service Area (Mcf)

	Q1 2009		Q1 2008		% Change
Residential		50,191		51,738		-3	%
Commercial		16,427		17,693		-7	%
Industrial		595		400		49	%
		67,213		69,831		-4	%
End User
Transportation*		41,605		44,257		-6	%
TOTAL SALES		108,818		114,088		-5	%

* Includes choice customers

Gas Revenue — MichCon Service Area ($000s)

	Q1 2009		Q1 2008		% Change
Residential		486,808		525,471		-7	%
Commercial		159,772		179,280		-11	%
Industrial		5,093		4,279		19	%
		651,673		709,030		-8	%
End User Transportation*		52,356		50,444		4	%
TOTAL REVENUES		704,029		759,474		-7	%

* Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory

	Q1 2009		Q1 2008		% Change
Actuals		0		0		n/m
Normal		0		0
Deviation from normal		n/m		n/m

Heating Degree Days

MichCon service territory

	Q1 2009			Q1 2008			% Change
Actuals		3,397			3,382			0	%
Normal		3,306			3,334
Deviation from normal		3	%		1	%

Earnings Impact of Weather

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

	Q1 2009	Q1 2008
Detroit Edison	2	1	Colder than normal weather added $2 million to Detroit Edison’s earnings in Q1 2009
MichCon	3	1	Colder than normal weather added $3 million to MichCon’s earnings in Q1 2009

DTE Energy Company

Consolidated Statements of Operations (unaudited)

	Three Months Ended
	March 31
	2009					2009
	Reported			Operating		Operating
	Earnings			Adjustments		Earnings
(in Millions, Except per Share Amounts)
Operating Revenues	$	2,255		$	2	$	2,257
Operating Expenses
Fuel, purchased power and gas		960					960
Operation and maintenance		591					591
Depreciation, depletion and amortization		232					232
Taxes other than income		80					80
Gain on sale of non-utility business		—					—
Other asset (gains) and losses, reserves and impairments, net		(3	)				(3	)
		1,860					1,860
Operating Income		395			2		397
Other (Income) and Deductions
Interest expense		132					132
Interest income		(3	)				(3	)
Other income		(24	)				(24	)
Other expenses		14					14
		119					119
Income Before Income Taxes		276			2		278
Income Tax Provision		97			1		98
Income from Continuing Operations		179			1		180
Discontinued Operations Income (Loss), net of tax		—					—
Net Income		179			1		180
Less: Net Loss Attributable to the Noncontrolling Interests
Loss from continuing operations		1					1
Net Income Attributable to DTE Energy Company	$	178		$	1	$	179