DTE Electric Co - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - DTE Electric Co	k50334e8vk.htm
EX-99.3 - EX-99.3 - DTE Electric Co	k50334exv99w3.htm
EX-99.1 - EX-99.1 - DTE Electric Co	k50334exv99w1.htm

Exhibit 99.2

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)


	March 31			December 31
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	197		$	65
Restricted cash		67			120
Accounts receivable (less allowance for doubtful accounts of $178 and $196, respectively)
Customer		1,401			1,393
Other		112			402
Inventories
Fuel and gas		328			460
Materials and supplies		208			202
Deferred income taxes		132			139
Derivative assets		122			131
Other		233			255

		2,800			3,167

Investments
Nuclear decommissioning trust funds		961			939
Other		521			518

		1,482			1,457

Property
Property, plant and equipment		21,729			21,574
Less accumulated depreciation, depletion and amortization		(8,676	)		(8,582	)

		13,053			12,992

Other Assets
Goodwill		2,020			2,020
Regulatory assets		3,980			4,058
Securitized regulatory assets		692			729
Intangible assets		69			67
Notes receivable		130			123
Derivative assets		59			77
Other		204			206

		7,154			7,280

Total Assets	$	24,489		$	24,896

DTE Energy Company
Consolidated Statements of Financial Position (unaudited)


	March 31			December 31
(in Millions, except shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	631		$	729
Accrued interest		134			111
Dividends payable		95			95
Short-term borrowings		—			150
Current portion long-term debt, including capital leases		899			925
Derivative liabilities		127			142
Gas inventory equalization		204			—
Other		465			597

		2,555			2,749

Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,129			6,114
Securitization bonds		559			643
Trust preferred-linked securities		289			289
Capital lease obligations		38			43

		7,015			7,089

Other Liabilities
Deferred income taxes		2,631			2,632
Regulatory liabilities		1,382			1,328
Asset retirement obligations		1,535			1,498
Unamortized investment tax credit		73			75
Derivative liabilities		90			110
Liabilities from transportation and storage contracts		79			83
Accrued pension liability		673			866
Accrued postretirement liability		1,222			1,275
Nuclear decommissioning		151			149
Other		246			275

		8,082			8,291


Commitments and Contingencies

Equity
Common stock, without par value, 400,000,000 shares authorized, 169,346,329 and 169,428,406 shares issued and outstanding, respectively		3,428			3,440
Retained earnings		3,513			3,431
Accumulated other comprehensive loss		(148	)		(149	)

Total DTE Energy Company Equity		6,793			6,722
Noncontrolling interests		44			45

Total Equity		6,837			6,767

Total Liabilities and Equity	$	24,489		$	24,896

DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended
	March 31
(in Millions)	2011			2010
Operating Activities
Net income	$	178		$	230
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		245			251
Deferred income taxes		48			36
Asset (gains), losses and reserves, net		11			1
Changes in assets and liabilities, exclusive of changes shown separately		240			299

Net cash from operating activities		722			817


Investing Activities
Plant and equipment expenditures — utility		(253	)		(209	)
Plant and equipment expenditures — non-utility		(17	)		(30	)
Proceeds from sale of assets, net		4			13
Restricted cash for debt redemption		53			49
Proceeds from sale of nuclear decommissioning trust fund assets		20			59
Investment in nuclear decommissioning trust funds		(28	)		(68	)
Consolidation of VIEs		—			19
Other		(23	)		(4	)

Net cash used for investing activities		(244	)		(171	)


Financing Activities
Redemption of long-term debt		(94	)		(90	)
Short-term borrowings, net		(150	)		(327	)
Issuance of common stock		—			9
Repurchase of common stock		(9	)		—
Dividends on common stock		(95	)		(88	)
Other		2			(9	)

Net cash used for financing activities		(346	)		(505	)


Net Increase in Cash and Cash Equivalents		132			141
Cash and Cash Equivalents at Beginning of Period		65			52

Cash and Cash Equivalents at End of Period	$	197		$	193

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)


	Three Months Ended
	March 31
(in Millions)	2011			2010
Operating Revenues	$	1,192		$	1,146


Operating Expenses
Fuel and purchased power		378			343
Operation and maintenance		329			309
Depreciation and amortization		202			204
Taxes other than income		59			65
Asset (gains) and losses, net		19			(1	)

		987			920


Operating Income		205			226


Other (Income) and Deductions
Interest expense		71			81
Other income		(10	)		(8	)
Other expenses		6			6

		67			79


Income Before Income Taxes		138			147

Income Tax Provision		53			56


Net Income	$	85		$	91

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended
	March 31
(in Millions)	2011			2010
Operating Revenues	$	680		$	745


Operating Expenses
Cost of gas		399			458
Operation and maintenance		101			108
Depreciation and amortization		22			26
Taxes other than income		17			16

		539			608


Operating Income		141			137


Other (Income) and Deductions
Interest expense		16			17
Interest income		(2	)		(2	)
Other income		(2	)		(2	)
Other expenses		1			1

		13			14


Income Before Income Taxes		128			123

Income Tax Provision		46			44


Net Income	$	82		$	79

DTE Energy Debt/Equity Calculation
As of March 31, 2011
($ millions)


Short-term borrowings	$	—
Current portion of long-term debt, including capital leases		899
Mortgage bonds, notes and other		6,129
Securitization bonds, excluding current portion		559
Capital lease obligations		38
Other adjustments		321
less Securitization bonds, including current portion		(717	)
50% Trust preferred-linked securities		144

Total debt		7,373

50% Trust preferred-linked securities		144

Total preferred/ other		144

Equity		6,793


Total capitalization	$	14,310


Debt		52	%
Preferred		1	%
Common shareholders’ equity		47	%


Total		100	%

Sales Analysis — Q1 2011

Electric Sales — Detroit Edison Service Area (GWh)


	Q1 2011		Q1 2010		% Change
Residential		3,889		3,665		6	%
Commercial		3,993		3,942		1	%
Industrial		2,341		2,475		-5	%
Other		798		802		0	%

		11,021		10,884		1	%
Choice		1,302		1,103		18	%

TOTAL SALES		12,323		11,987		3	%

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


	Q1 2011		Q1 2010		% Change
Residential		519,437		467,973		11	%
Commercial		395,706		385,170		3	%
Industrial		164,301		160,679		2	%
Other		48,712		45,757		6	%

		1,128,156		1,059,579		6	%

Choice		26,034		25,728		1	%

TOTAL REVENUES		1,154,191		1,085,307		6	%

Gas Sales — MichCon Service Area (MMcf)


	Q1 2011		Q1 2010		% Change
Residential		47,659		43,157		10	%
Commercial		12,503		12,075		4	%
Industrial		299		216		38	%

		60,461		55,448		9	%

End User Transportation*		51,724		43,953		18	%

TOTAL SALES		112,185		99,401		13	%


*		Includes choice customers

Gas Revenue — MichCon Service Area ($000s)


	Q1 2011		Q1 2010		% Change
Residential		443,274		474,263		-7	%
Commercial		113,370		131,897		-14	%
Industrial		2,512		2,359		7	%

		559,157		608,518		-8	%

End User Transportation*		81,232		76,993		6	%

TOTAL REVENUES		640,389		685,511		-7	%


*		Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

Q1 2011

Q1 2010

% Change

Actuals

—

N/A

Normal

—

Deviation from normal

N/A

Heating Degree Days

MichCon service territory


	Q1 2011			Q1 2010			% Change
Actuals		3,451			3,040			14	%
Normal		3,213			3,309


Deviation from normal		7	%		-8	%

Earnings Impact of Weather

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


	Q1 2011		Q1 2010
MichCon		9		(8	) Colder weather increased MichCon’s earnings by $9M Q1 2011.

Detroit Edison Temperature Normal Sales Analysis — Q1 2011

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


	Q1 2011		Q1 2010		% Change
Residential		3,783		3,762		1	%
Commercial		3,993		3,949		1	%
Industrial		2,341		2,475		-5	%
Other		798		801		0	%

		10,915		10,987		-1	%

Choice		1,302		1,104		18	%

TOTAL SALES		12,217		12,092		1	%

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


	Q1 2011		Q1 2010		% Change
Residential		3,783		3,762		1	%
Commercial		4,778		4,719		1	%
Industrial		2,858		2,809		2	%
Other		798		801		0	%


TOTAL SALES		12,217		12,092		1	%

DTE Electric Co - FORM 8-K - EX-99.2 - April 27, 2011

Attached files

DTE Electric Co Reports