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1
Business Update
November 14-15, 2016
EXHIBIT 99.1
2
Safe Harbor Statement
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC, MPSC, NRC,
and CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the
amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative
amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand,
customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing
costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental,
and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw
materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues
related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of
volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets,
deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of
DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and
benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing
efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term
financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of
significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal
Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales
to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber
attacks; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or
generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of
insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the
effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws
and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and
related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to
time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-
looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to
update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the
joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Forms 10-Q (which sections are incorporated by reference herein), and in
conjunction with other SEC reports filed by DTE Energy and DTE Electric.
3
We will continue to deliver long-term value to
shareholders and an enhanced customer experience
Sharpening long-term investment approach to increase customer
satisfaction and shareholder value
Increasing operating EPS* growth rate to 5% - 7% from 5% - 6%
Providing 2017 early outlook; 6.5% increase
from 2016 original guidance
Targeting dividend growth rate
of ~7% over next 3 years
Announcing 7.1% dividend increase
in January 2017; annualized dividend
per share of $3.30
130%
251%
92%
149%
DTE Energy
S&P 500 Utilities
10-YR 5-YR
Total Shareholder Return
(Bloomberg as of 9/30/16)
Top quartile
* Reconciliation to GAAP reported earnings included in the appendix
4
• Overview
• Long-Term Growth Update
• Summary
5
Growth is driven by strong, stable utilities and
complementary non-utility businesses
DTE Electric
• Electric generation
and distribution
• 2.2 million customers
• Fully regulated
Gas Storage & Pipelines
• Transport and store natural
gas
• 5 pipelines, 91 Bcf of storage
Power & Industrial Projects
• Own and operate energy
related assets
• 66 sites, 17 states
Growth driven by infrastructure investments
aimed at improving customer reliability
Energy Trading
• Active physical and
financial gas and power
marketing company
Growth driven by strategic opportunities
75%-80% Utility
20%-25% Non-Utility
DTE Gas
• Natural gas
transmission, storage
and distribution
• 1.2 million customers
• Fully regulated
6
Success is tied to our aspiration and continued
focus on our system of priorities
To be the best-operated energy company in North America
and a force for growth and prosperity in the communities where we live and serve
CUSTOMER
7
Highly engaged and safe workforce is necessary to
achieve our aspiration
Winner of 4 consecutive
Gallup Great Workplace Awards
(2012, 2013, 2014, 2015)
American Gas Association’s
Safety Achievement Award
(lowest OSHA recordable rate among AGA members)
Employee safety year-to-date
performance best in company’s history
(and close to best in industry)
8
DTE continues to move toward best in class in
customer satisfaction
Residential Electric
Utility
Residential Gas
Utility
DTE DTE
Areas of Focus
Improving power reliability
Enhancing customer channels
Assisting low-income customers
Goal Goal
9
Continuous improvement has enabled us to be an
industry leader in cost management
* Source: SNL Financial, FERC Form 1; major US Electric Utilities with O&M > $800 million; excluding fuel and purchased power
** Source: SNL Financial, FERC Form 2; gas distribution companies with greater than 300,000 customers; excluding production expense
Electric Peers*
Gas Peers**
2008 to 2015 Change in O&M Costs
82%
92%
Average 34%
Daily focus on problem solving
Metrics drive progress
Scorecards monitor
success
DTE Gas
-5%
DTE Electric
-3%
Average 22%
10
Minimal regulatory lag
Solid ROEs
Unique recovery
mechanisms
Source: Barclays, March 2016
Top Tier
Michigan’s regulatory environment is one of the
best in the country
11
• Overview
• Long-Term Growth Update
• Summary
12
Design detailed roadmap for the transformation of our business that
ties near-term work to long-term success providing 30% - 40% cost
reductions over the next decade
Apply continuous improvement
Use innovative technology to fundamentally improve
customer experiences and achieve productivity gains
Make infrastructure investments in new generation
and reliability while maintaining customer affordability
With significant investment ahead, DTE will define
customer, operational and productivity goals to
guide the long-term transformation of our business
13
2017 – 2021 Plan
2012 – 2016 Plan
$12 billion
$13.5 billion
2017 – 2021 Capital Plan
Electric................ $8.4 billion
Distribution infrastructure,
maintenance, new generation
Gas ..................... $1.8 billion
Base investments, infrastructure
renewal, NEXUS related
GSP ......... $2.2 to $2.8 billion
Expansions, NEXUS
P&I .............$0.6 to $1.0 billion
Cogeneration, on-site energy
Growth through 2021 fueled by investment in utility
infrastructure and generation along with midstream
opportunities
+12.5%
14
(dollars per share)
Operating EPS growth rate of
6.8% from 2011 - 2016
Growth of 6.5% from 2016
original guidance to 2017 early
outlook
Increasing growth segment
operating EPS target to 5% - 7%
Growth enabled through:
No equity issuances until
late 2019
Optimizing midstream
growth platforms
Continuing utility investment
to enhance customer
satisfaction
2011
Actual
2016
Guidance
2017
Early Outlook**
$3.75
$5.22
$4.93
Original
Guidance
** Growth segments midpoint (excludes Energy Trading)
$5.31
Earnings Per Share
* Reconciliation to GAAP reported earnings included in the appendix
Increasing operating EPS* growth target to
5% - 7% from 5% - 6%
$5.25
Growth
Segment
Guidance
15
(dollars per share)
2011 2016 2017
$2.35
$3.08
5-year dividend growth rate of
5.6% from 2011 - 2016
Increasing dividend 7.1% for
2017
Targeting annual dividend
increases of ~7% in 2018 and
2019
Phase-in payout ratio to be
in-line with peer average
More than 100 years of
continuous dividend payments
Annualized Dividend
Increasing annualized dividend in 2017 by 7.1%
$3.30 *
* Effective January 2017
16
DTE Electric
17
Generation and distribution infrastructure
replacement will improve service to customers
over the next 10 years
DTE Electric Investment
New generation
• Retire 60% of coal fleet; replacing with clean energy
Distribution infrastructure
• Move electric reliability to 1st quartile
Maintenance and other projects
• Productivity and efficiency improvements to reduce costs
2012 – 2016 2017 – 2021 2022 – 2026
$7.4 billion $8.4 billion $9.8 billion
18
Gas generation and renewables will replace coal
fired generation
Belle River St. Clair River Rouge
Retirements*
Additions*
Wind / Solar
Trenton
New gas plant
* Timing and mix is subject to change
2024 - 2030
New gas plant Wind / Solar
2017 - 2023
2017 - 2023 2024 - 2030
~2,100 MW ~1,000 MW
~2,500 – 3,500 MW
19
Distribution reliability investments focus on
increasing customer satisfaction and driving
efficiencies
Tree Trimming
Infrastructure Redesign
Infrastructure Resilience
Technology Enhancements
Enhanced program has resulted in a 70% reliability
improvement on trimmed circuits
Upgraded nearly 20% of circuits since 2013; impact
33% of circuits by the end of 2020, improving reliability
on impacted circuits by up to 70%
Major investments planned at 20-25 substations by 2021
to address load growth and aging infrastructure
Remote monitoring capability more than doubled from
2015 to 2016 with 100% capability planned by 2019
20 20
DTE Gas
21
Infrastructure renewal and replacement will improve
service to customers over the next 10 years
DTE Gas Investment
NEXUS related compression
Infrastructure renewal
• Strengthen gas infrastructure by reducing planned main
replacement cycle by half
Base infrastructure
• Transmission, compression, distribution, storage
2012 – 2016 2017 – 2021
$1.4 billion $1.8 billion
2022 – 2026
$1.7 billion
22
Replacing aging infrastructure achieves a
fundamental shift in performance, cost and
productivity
Main Replacement Pipeline Integrity
Meter Move Out
Systematically replaces poor performing
unprotected main - minimizing leaks and
improving customer satisfaction
Drives productivity - reducing manual meter
reading costs
Strengthens the system - decreasing the
potential for system failures
23
Gas Storage & Pipelines (GSP)
24
GSP has an asset portfolio with multiple growth
platforms
Growth Platforms
Purposefully located in the
best geology in North
America
Bluestone Pipeline &
Gathering
Millennium Pipeline
NEXUS Pipeline
Link* Lateral &
Gathering
Michigan Assets
Strategically located
between Chicago and
Dawn trading hubs
Vector Pipeline
Storage
Gathering
* Includes Appalachia Gathering System (AGS) and Stonewall Gas Gathering (SGG)
Link*
Lateral & Gathering
NEXUS Pipeline
DTE Gas
DTE Storage
Bluestone
Pipeline & Gathering
Michigan
Gathering
25
Pipeline and gathering platforms provide unique
opportunities and synergies for long-term growth
Bluestone Pipeline & Gathering
• 0.1 Bcf/d expansion 4Q16
• Well positioned for future expansions
• Bi-directional capabilities serving pipeline constrained Northeast
markets
Millennium Pipeline
• 0.1 Bcf/d lateral expansion 2Q17; 0.2 Bcf/d expansion 2H18
• Well positioned for future expansions
• Serves pipeline constrained Northeast markets
NEXUS
• Serves growing demand in the Midwest and Canadian markets
• Late stages of planning for spring construction
• Ohio interconnect agreements provide 1.75 Bcf/d of market access
• Mainline expandable up to 2.0 Bcf/d
Link Lateral & Gathering
• Acquisition of AGS and SGG completed in October 2016
• Strong tie to existing markets; new market access to Gulf and
Mid-Atlantic / LNG exports
• Expansion potential over 1.0 Bcf/d
26
GSP has a solid track record for earnings results
and expects to continue this success
* Reconciliation to GAAP reported earnings included in the appendix
GSP
Operating Earnings*
2011 2016E 2021E
$115 - $120
$195 - $215
$57
(millions)
Pipeline and gathering
platforms strategically
situated to take
advantage of best
geology in North America
Assets will form the base
for solid growth
Capital investment 2017-2021: $2.2 - $2.8 billion
New Projects
27
Power & Industrial Projects (P&I)
28
P&I operates three distinct business lines across
the United States
In
d
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ri
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E
n
e
rg
y
Se
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s
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e
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Em
iss
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s
F
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e
l
(R
E
F
)
• On-site utility services for
industrial and commercial
customers
• Coke and pulverized coal for
steel customers
• Wood-fired power plants
• Convert landfill gas to energy
• Projects to reduce emissions
from coal-fired plants
• Utility contracted
Typical contract
5-20 years
Contract duration
~6 years
Typical contract
10-25 years
Contract duration
~15 years
Contract duration
~5 years
29
Focus on strategic opportunities in utility-like
projects and asset acquisitions for future growth
U
ti
li
ty
-L
ik
e
P
ro
ject
s
A
sset
A
c
q
u
is
it
io
n
Distinct capabilities
Experience with large
industrial and
commercial customers
History of executing
utility-like long-term
contracts
Expertise in operations
and project
management
Proficiency in providing
full suite of utility
services
30
P&I’s new project growth will offset expiration
of reduced emissions fuel earnings
(millions)
P&I
Operating Earnings*
Replace short-term
REF earnings with
long-term contracted
value
Development of
cogeneration and
utility-like services
Asset acquisition
Capital investment 2017-2021: $0.6 - $1.0 billion
* Reconciliation to GAAP reported earnings included in the appendix
2011 2016E 2021E
New Projects
$100 - $110
$90 - $100
$38
31
• Overview
• Long-Term Growth Update
• Summary
32
Summary
Value driven utility investments provide an excellent customer
experience while ensuring affordable rates
Constructive regulatory environment and continued cost savings
enable utilities to earn authorized returns
Strategic and transparent growth opportunities in non-utility
businesses offer diversity in earnings and geography
Strong EPS and dividend growth that deliver premium total
shareholder returns
33
Appendix
34
2017 early outlook has a midpoint of $5.25 per
share; growth from original 2016 guidance
midpoint is consistent with 5% - 7% target
* Reconciliation to GAAP reported earnings included in the appendix
** Total DTE Energy excluding Energy Trading
2016
Current
Guidance
2017
Early
Outlook
2016
Original
Guidance
(millions, except EPS*)
DTE Electric
DTE Gas
Gas Storage & Pipelines
Power & Industrial Projects
Corporate & Other
Growth segments**
Growth segments operating EPS
Energy Trading
DTE Energy
Operating EPS
Avg. Shares Outstanding
$615 - $625
135 - 141
115 - 120
90 - 100
(55) - (51)
$900 - $935
$5.01 - $5.21
$15-25
$915 - $960
180
$5.09 - $5.35
$610 - $624
143 - 151
140 - 150
90 - 100
(64) - (60)
$919 - $965
$5.12 - $5.38
$5-15
$924 - $980
180
$5.15 - $5.46
$584 - $600
135 - 141
105 - 115
90 - 100
(50) - (46)
$864 - $910
$4.80 - $5.05
$0
$864 - $910
180
$4.80 - $5.05
35
We recently revised our 2016 cash flow and
capital expenditures guidance
Capital Expenditures Summary
Prior
Guidance
Revised
Guidance
DTE Electric
Distribution Infrastructure $610 $610
New Generation 150 150
Maintenance & Other 790 790
$1,550 $1,550
DTE Gas
Base Infrastructure $220 $220
NEXUS Related 110 110
Main Replacement** 100 100
$430 $430
Non-Utility $520 – 720 $1,800
Total $2,500 – 2,700 $3,780
(millions)
Cash Flow Summary
Prior
Guidance
Revised
Guidance
Cash From Operations* $1.8 $2.0
Capital Expenditures (2.7) (3.8)
Free Cash Flow ($0.9) ($1.8)
Asset Sales & Other - -
Dividends (0.5) (0.5)
Net Cash ($1.4) ($2.3)
Debt Financing:
Issuances $1.9 $2.7
Redemptions (0.5) (0.4)
Change in Debt $1.4 $2.3
(billions)
** Includes Main Renewal / Meter Move-out / Pipeline Integrity
* Prior guidance included ~$0.1b of equity issued for employee benefit programs
36
A strong balance sheet remains a key priority
and supports growth
21%
2016E 2017-2019E
52%
2016 2017-2019E
Leverage*
* Debt excludes securitization, a portion of DTE Gas’ short-term debt, and considers 50% of the Junior Subordinated Notes as equity
Funds from Operations** / Debt*
Target
50%- 53%
Target
20% +
• Cash and credit metrics are key
performance measures in our
incentive plans
• No equity issuances in 2016
‒ Acquisition related equity of
$675 million in late 2019
(through convertible equity
units)
‒ No other equity planned
through 2019
• Consistently achieve our cash
targets and credit metrics
** Funds from Operations (FFO) is calculated using operating earnings
37
DTE Electric plans $8.4 billion of investments
over the next 5 years with a focus on increasing
customer reliability
* Includes power reliability, existing generation maintenance, AMI, Ludington expansion and other investments
** Includes working capital and rate base associated with surcharges
Targeting 6% - 7% growth (millions)
~$15.6B ~$20.9B YE Rate Base**
~$714M ~$923M Depreciation
2016E 2017E 2018E 2019E 2020E 2021E
Distribution
infrastructure
New
generation
Maintenance
and other
projects*
2017E - 2021E
Total
$2,000
$8,400
$3,200
$3,200
$1,550 $1,550 $1,550
$1,700
$1,800 $1,800
38
Customer reliability will be improved through
$1.8 billion of planned investments over the
next 5 years at DTE Gas
2016E 2017E 2018E 2019E 2020E 2021E 2017E - 2021E
Total
Base
infrastructure
Main
Replacement*
NEXUS related
$1,800
$100
$700
$1,000
~$3.6B ~$5.0B - $5.1B YE Rate Base**
~$104M ~$154M Depreciation
** Includes working capital
$430 $430
$380
$330 $330 $330
* Includes main renewal, meter move-out and pipeline integrity
(millions) Targeting 7% - 8% growth
39
Energy legislation ensures future reliability in
Michigan
• Key provisions include
− Capacity requirements for all electricity
providers
− Integrated resource planning pre-
approval process
− 10 month final rate order
− Energy efficiency related incentives and
revenue decoupling
• 2008 law works well and includes
− 10% retail open access cap
− Certificate of Need for large capital
projects
− 12 month final order; 6 month rate case
self implementation
− 10% renewable portfolio standard
DTE Energy’s 5% - 7% EPS growth is not dependent on new energy legislation
Proposed Legislation 2008 Law
...DTE customers would benefit from new capacity and reliability requirements
40
The Michigan Public Service Commission (MPSC)
is the state regulator for electric and gas utilities
Source: MPSC website - www.michigan.gov/mpsc
Norm Saari (R)
Commissioner
Appointed: 7/2/15
Term Ends: 7/2/21
Rachel Eubanks (I)
Commissioner
Appointed: 8/1/16
Term Ends: 7/2/17
• The MPSC establishes fair and reasonable rates and administers fair
terms and conditions of service for Michigan’s utility customers
• The MPSC is composed of three members appointed by the Governor
with the advice and consent of the Senate
• Commissioners are appointed to serve staggered six-year terms
• One commissioner is designated as chairman by the Governor
Sally Talberg (I)
Chairman
Appointed: 7/3/13
Term Ends: 7/2/19
41
Regulatory Update – Electric and Gas
• Self implemented
general rates 3Q
DTE Gas DTE Electric
2017
2016
2018+
• Self implemented
general rates 4Q
• Final rate order and IRM
ruling 4Q
• Final rate order 1Q
• File rate case 2Q
• Annual rate cases • Expect rate case filing
2018/2019
42
GSP is well positioned in one of the most
economic shale basins in North America
$ / MMBtu
$0 $1 $2 $3 $4 $5
Marcellus Shale NE
Marcellus Shale SW
Source: Credit Suisse February 2016 report and Wright and Company
US Shale Basin Economics
NYMEX Gas Price Required for 15% After-Tax IRR
Ohio Utica Dry Gas
Ohio Utica Wet Gas
Our discussions with
producers and 3rd party
evaluators indicate that
this region is poised for
rapid growth
Significant stacked play
opportunities in Marcellus
Shale / Dry Utica / Upper
Devonian
43
NEXUS continues to move forward with expected
in service 4Q 2017
Natural Gas LDC
Industrial Customer
Power Generation
Marcellus
/ Utica Dry
Gas Core
DTE
Gas
Vector
• Contractors secured
• Draft environmental impact
statement (DEIS) complete
• Procurement update
– Compressors ordered
– Compressor air permits
secured
• FERC approval
– FEIS expected November
2016
– Certificate of construction
expected 1Q 2017
• Begin construction 1Q 2017
44
Acquisition of attractive gas midstream assets
complements our existing business
Closed on purchase of Link* Lateral
& Gathering
Connects geographically and
strategically to our existing
assets
Provides access to high quality
reserves in the SW Marcellus /
Dry Utica
Broadens and strengthens our
producer relationships and
market reach
Allows for expansion and
stacked play opportunities
Utica Shale
Marcellus
Shale
Link* Lateral
& Gathering
NEXUS Pipeline
* Includes AGS and SGG
45
Reconciliation of 2011 Reported to Operating
Earnings
Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing
operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating
earnings to measure performance against budget and to report to the Board of Directors.
2011
DTE
Energy
Electric
Utility
Gas
Utility
Gas
Storage &
Pipelines
Unc. Gas
Prod.
Power &
Indust.
Projects
Energy
Trading
Corporate
& Other
Reported Earnings $711 $434 $110 $57 ($6) $38 $52 $26
Michigan Corporate Income Tax
Adjust t (87) - - - - - - (87)
F rmi 1 Asset Retirement Obligation 9 9 - - - - - -
Discontinued operations 3 - - - 3 - - -
Operating Earnings $636 $443 $110 $57 ($3) $38 $52 ($61)
Net Income (millions)
2011
DTE
Energy
Electric
Utility
Gas
Utility
Gas
Storage &
Pipelines
Unc. Gas
Prod.
Power &
Indust.
Projects
Energy
Trading
Corporate
& Other
Reported Earnings $4.18 $2.55 $0.65 $0.34 ($0.04) $0.22 $0.31 $0.15
Michigan Corporate Income Tax
Adjustment (0.50) - - - - - - (0.50)
Fermi 1 Asset Retirement Obligation 0.05 0.05 - - - - - -
Discontinued operations 0.02 - - - 0.02 - - -
Operating Earnings $3.75 $2.60 $0.65 $0.34 ($0.02) $0.22 $0.31 ($0.35)
EPS
* Total tax impact of adjustments to reported earnings: ($39)M
After-tax items:
After-tax items:
*
**
** Total tax impact of adjustments to reported EPS: ($0.23)
46
Reconciliation of Other Reported to Operating
Earnings
Use of Operating Earnings Information – DTE Energy management believes that operating earnings
provide a more meaningful representation of the company’s earnings from ongoing operations and uses
operating earnings as the primary performance measurement for external communications with analysts
and investors. Internally, DTE Energy uses operating earnings to measure performance against budget
and to report to the Board of Directors.
In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that
certain items that impact the company’s future period reported results will be excluded from operating
results. A reconciliation to the comparable future period reported earnings is not provided because it is not
possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from
period to period and may have a significant impact on reported earnings.
For comparative purposes, 2011 operating earnings excluded the Unconventional Gas Production
segment that was classified as a discontinued operation on 12/31/2012