Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - DTE Electric Co | k50813exv99w1.htm |
| EX-99.3 - EX-99.3 - DTE Electric Co | k50813exv99w3.htm |
| 8-K - FORM 8-K - DTE Electric Co | k50813e8vk.htm |
EXHIBIT
99.2
| DTE Energy |
| Q4 2011 |
| Supplemental Financial Information |
Dte Energy Company
Consolidated Statements Of Financial Position
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 | ||||
DTE Energy Company
Consolidated Statements of Financial Position
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 | ||||
DTE Energy 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
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
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)
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
December 31, 2011
Temperature Normal Electric Sales — Detroit Edison
Service Area (GWh)
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)
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)
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)
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 | % | ||||||||