8-K Earnings DTE / DTE Electric 1st qtr 2014

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2014



Commission File Number	Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification No.
1-11607	DTE Energy Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	DTE Electric Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-0478650

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued April 25, 2014, announcing financial results for the quarter ended March 31, 2014. Copies of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference. In its earnings release and the slide presentation discussed below, DTE Energy reaffirms its 2014 operating earnings guidance range to $4.20-4.40 per share.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued April 25, 2014. A copy of the slide presentation is furnished as Exhibit 99.3 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2014 operating earnings guidance. It is likely that certain items that impact the company’s 2014 reported results will be excluded from operating results. Reconciliations to the comparable 2014 reported earnings guidance are 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.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 and 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

99.1 Earnings Release of DTE Energy Company dated April 25, 2014.

Financial Information Distributed for Media and Investor Relations Communications dated April 25, 2014.

99.3 Slide Presentation of DTE Energy Company dated April 25, 2014.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy's and DTE Electric Company's (“DTE Electric”) 2013 Forms 10-K (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: April 25, 2014

DTE ENERGY COMPANY (Registrant)

/s/PETER B. OLEKSIAK

Senior Vice President and Chief Financial Officer

DTE ELECTRIC COMPANY (Registrant)

/s/PETER B. OLEKSIAK

Senior Vice President and Chief Financial Officer

Earnings Release of DTE Energy Company dated April 25, 2014.

Financial Information Distributed for Media and Investor Relations Communications dated April 25, 2014.

Slide Presentation of DTE Energy Company dated April 25, 2014.

DTE Energy reports first quarter 2014 results

DETROIT - DTE Energy (NYSE:DTE) today reported first quarter 2014 earnings of $326 million, or $1.84 per diluted share, compared with $234 million, or $1.34 per diluted share in 2013.

Operating earnings for the first quarter 2014 were $300 million, or $1.69 per diluted share, compared with 2013 operating earnings of $234 million, or $1.34 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations.

“Extremely cold weather in the first quarter drove exceptionally high energy demand, which in turn, shaped our financial result compared to last year.” said Gerard M. Anderson, DTE Energy chairman and CEO. “We also recognize that the record-setting frigid temperatures were a significant challenge for many of our state’s most vulnerable citizens.”

Anderson went on to discuss many ways customers in need can get help with their energy bills, including:

Community agencies like The Heat and Warmth Fund (THAW) and the Michigan Community Action Agency Association (MCAAA) provide energy assistance to customers in need. DTE Energy and its’ employees have contributed over $10 million toward various energy assistance programs since the beginning of 2013 to help keep Michigan families warm.

United Way of Southeastern Michigan provides referrals for crisis mitigation services to our customers in need through their 2-1-1 hotline.

DTE Customer Assistance Days allow eligible customers to receive utility payment assistance, education on energy efficiency and meet with various human service agencies.

A low income self-sufficiency program, enabled by recent legislation, allows eligible customers to make affordable fixed monthly payments based on income. 20,000 customers have been enrolled in the program. DTE is working to increase the number of customers that qualify and participate in this program to 50,000.

Home energy audits conducted by DTE Energy provide guidance to customers on how to reduce their energy bills.

A budget-wise billing option is available to DTE Energy customers online or through the call center. The program levelizes the seasonal “ups and downs” of utility bills.

The company also noted that they implemented a 6.5 percent reduction to customers’ electric rates in January. “This rate reduction helped customers at a time when intense weather drove high energy usage,” said Anderson.

DTE Energy reiterated its 2014 operating earnings guidance of $4.20 to $4.40 per diluted share.

“We are off to a good start financially, as well as operationally in the first quarter,” said Peter Oleksiak, DTE Energy senior vice president and CFO. “DTE Energy will continue to focus on maintaining solid earnings and cash flow along with a strong balance sheet, while providing our customers with clean, safe and reliable energy at an affordable price.”

This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com.

DTE Energy plans to conduct a conference call with the investment community hosted by Oleksiak at 9:00 a.m. ET today, to discuss first quarter 2014 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are US

and Canada toll free: (888) 778-8912 or International toll: (913) 312-1429. The passcode is 8376260. The internet broadcast will be archived on the company’s website. An audio replay of the call will be available from noon today to May 9. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 8376260.

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include DTE Electric, an electric utility serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, power and industrial projects, and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.

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 release, DTE Energy discusses 2014 operating earnings guidance. It is likely that certain items that impact the company's 2014 reported results will be excluded from operating results. Reconciliations to the comparable 2014 reported earnings guidance are 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.

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “projected,” “aspiration” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC and 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; impact of electric and natural gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation and increased thefts of electricity and natural gas and high levels of uncollectible accounts receivable; 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; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; volatility in the short-term natural gas storage markets impacting third-party storage revenues; volatility in commodity markets impacting the results of our energy trading operations; 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 construction 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 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; 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 our 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 release should also be read in conjunction with the “Forward-Looking Statements” sections in each of DTE Energy’s and DTE Electric’s 2013 Forms 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

For further information, members of the media may call:

Scott Simons (313) 235-8808

Alejandro Bodipo-Memba (313) 235-3202

Analysts, for further information call:

Anastasia Minor (313) 235-8466

Benny Riggi (313) 235-3208



DTE Energy Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended
	March 31,
	2014			2013
	(In millions, except per share amounts)
Operating Revenues	$	3,930		$	2,516
Operating Expenses
Fuel, purchased power and gas	2,155			1,024
Operation and maintenance	841			735
Depreciation, depletion and amortization	280			259
Taxes other than income	95			94
Asset (gains) and losses, reserves and impairments, net	(1		)	(6		)
	3,370			2,106
Operating Income	560			410
Other (Income) and Deductions
Interest expense	110			109
Interest income	(2		)	(2		)
Other income	(41		)	(44		)
Other expenses	8			7
	75			70
Income Before Income Taxes	485			340
Income Tax Expense	158			105
Net Income	327			235
Less: Net Income Attributable to Noncontrolling Interest	1			1
Net Income Attributable to DTE Energy Company	$	326		$	234

Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.84		$	1.35

Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	1.84		$	1.34

Weighted Average Common Shares Outstanding
Basic	177			173
Diluted	177			173
Dividends Declared per Common Share	$	0.66		$	0.62



DTE Energy Company
Segment Net Income (Unaudited)


	Three Months Ended March 31,
	2014										2013
(in Millions)	Reported Earnings			Adjustments				Operating Earnings			Reported Earnings			Adjustments		Operating Earnings

DTE Electric	$	136		$	—			$	136		$	115		$	—	$	115

DTE Gas	129			—				129			96			—		96

Non-utility Operations
Gas Storage and Pipelines	21			—				21			17			—		17

Power and Industrial Projects	15			—				15			12			—		12

Energy Trading	42			(34		)	A	8			7			—		7

Total Non-utility operations	78			(34		)		44			36			—		36

Corporate and Other	(17		)	8			B	(9		)	(13		)	—		(13		)

Net Income Attributable to DTE Energy Company	$	326		$	(26	)		$	300		$	234		$	—	$	234


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change



DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)


	Three Months Ended March 31,
	2014										2013
	Reported Earnings			Adjustments				Operating Earnings			Reported Earnings			Adjustments		Operating Earnings

DTE Electric	$	0.77		$	—			$	0.77		$	0.66		$	—	$	0.66

DTE Gas	0.73			—				0.73			0.55			—		0.55

Non-utility Operations
Gas Storage and Pipelines	0.12			—				0.12			0.10			—		0.10

Power and Industrial Projects	0.08			—				0.08			0.07			—		0.07

Energy Trading	0.24			(0.19		)	A	0.05			0.04			—		0.04

Total Non-utility operations	0.44			(0.19		)		0.25			0.21			—		0.21

Corporate and Other	(0.10		)	0.04			B	(0.06		)	(0.08		)	—		(0.08		)

Net Income Attributable to DTE Energy Company	$	1.84		$	(0.15	)		$	1.69		$	1.34		$	—	$	1.34


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change

Consolidated Statements of Financial Position (Unaudited)



	March 31,			December 31,
	2014			2013
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	98		$	52
Restricted cash, principally Securitization	57			123
Accounts receivable (less allowance for doubtful accounts of $56 and $55, respectively)
Customer	1,811			1,542
Other	140			127
Inventories
Fuel and gas	208			363
Materials and supplies	272			265
Derivative assets	79			99
Regulatory assets	130			26
Other	178			209
	2,973			2,806
Investments
Nuclear decommissioning trust funds	1,195			1,191
Other	596			603
	1,791			1,794
Property
Property, plant and equipment	25,384			25,123
Less accumulated depreciation, depletion and amortization	(9,399		)	(9,323		)
	15,985			15,800
Other Assets
Goodwill	2,018			2,018
Regulatory assets	2,792			2,837
Securitized regulatory assets	182			231
Intangible assets	118			122
Notes receivable	92			102
Derivative assets	17			27
Other	193			198
	5,412			5,535
Total Assets	$	26,161		$	25,935

Consolidated Statements of Financial Position (Unaudited) — (Continued)



	March 31,			December 31,
	2014			2013
	(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	945		$	962
Accrued interest	118			90
Dividends payable	116			116
Short-term borrowings	375			131
Current portion long-term debt, including capital leases	1,069			898
Derivative liabilities	140			195
Gas inventory equalization	142			—
Regulatory liabilities	175			302
Other	489			495
	3,569			3,189
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other	6,438			6,618
Securitization bonds	—			105
Junior subordinated debentures	480			480
Capital lease obligations	5			11
	6,923			7,214
Other Liabilities
Deferred income taxes	3,390			3,321
Regulatory liabilities	829			862
Asset retirement obligations	1,854			1,827
Unamortized investment tax credit	44			47
Derivative liabilities	16			43
Accrued pension liability	630			653
Accrued postretirement liability	328			350
Nuclear decommissioning	175			178
Other	266			297
	7,532			7,578
Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 177,016,824 and 177,087,230 shares issued and outstanding, respectively	3,894			3,907
Retained earnings	4,360			4,150
Accumulated other comprehensive loss	(137		)	(136		)
Total DTE Energy Company Equity	8,117			7,921
Noncontrolling interests	20			33
Total Equity	8,137			7,954
Total Liabilities and Equity	$	26,161		$	25,935

Consolidated Statements of Cash Flows (Unaudited)



	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Activities
Net income	$	327		$	235
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	280			259
Nuclear fuel amortization	5			9
Allowance for equity funds used during construction	(5		)	(3		)
Deferred income taxes	77			65
Asset (gains) and losses, reserves and impairments, net	(1		)	(6		)
Changes in assets and liabilities:
Accounts receivable, net	(270		)	(78		)
Inventories	147			221
Accounts payable	100			(126		)
Gas inventory equalization	142			140
Accrued pension obligation	(23		)	(46		)
Accrued postretirement obligation	(22		)	(154		)
Derivative assets and liabilities	(51		)	18
Regulatory assets and liabilities	(222		)	152
Other assets	50			34
Other liabilities	(2		)	(123		)
Net cash from operating activities	532			597
Investing Activities
Plant and equipment expenditures — utility	(399		)	(309		)
Plant and equipment expenditures — non-utility	(98		)	(73		)
Proceeds from sale of assets	3			4
Restricted cash for debt redemption, principally Securitization	66			57
Proceeds from sale of nuclear decommissioning trust fund assets	271			136
Investment in nuclear decommissioning trust funds	(275		)	(140		)
Other	(10		)	(7		)
Net cash used for investing activities	(442		)	(332		)
Financing Activities
Issuance of long-term debt, net of issuance costs	—			372
Redemption of long-term debt	(115		)	(141		)
Short-term borrowings, net	244			(240		)
Issuance of common stock	—			10
Repurchase of common stock	(50		)	—
Dividends on common stock	(116		)	(107		)
Other	(7		)	(6		)
Net cash used for financing activities	(44		)	(112		)
Net Increase in Cash and Cash Equivalents	46			153
Cash and Cash Equivalents at Beginning of Period	52			65
Cash and Cash Equivalents at End of Period	$	98		$	218

DTE Electric Company

Consolidated Statements of Operations (Unaudited)



	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Revenues	$	1,410		$	1,219
Operating Expenses
Fuel and purchased power	498			372
Operation and maintenance	342			331
Depreciation and amortization	228			212
Taxes other than income	71			70
Asset (gains) losses and reserves, net	—			(1		)
	1,139			984
Operating Income	271			235
Other (Income) and Deductions
Interest expense	63			66
Other income	(13		)	(15		)
Other expenses	7			6
	57			57
Income Before Income Taxes	214			178
Income Tax Expense	77			62
Net Income	$	137		$	116

Consolidated Statements of Operations (Unaudited)



	Three Months Ended March 31,
	2014			2013
	(In millions)
Operating Revenues	$	789		$	594
Operating Expenses
Cost of gas	429			292
Operation and maintenance	109			105
Depreciation and amortization	24			23
Taxes other than income	16			17
	578			437
Operating Income	211			157
Other (Income) and Deductions
Interest expense	15			15
Interest income	(2		)	(1		)
Other income	(2		)	(2		)
Other expenses	1			—
	12			12
Income Before Income Taxes	199			145
Income Tax Expense	72			51
Net Income	$	127		$	94

DTE Energy Debt/Equity Calculation

As of March 31, 2014



Short-term borrowings	$	375
Current portion of long-term debt, including capital leases	1,069
Mortgage bonds, notes and other	6,438
Capital lease obligations	5
Other adjustments	286
less Securitization bonds, including current portion	(201		)
50% Junior Subordinated Debentures	240
Total debt	8,212

50% Junior Subordinated Debentures	240
Common equity	8,137
Total adjusted equity	8,377

Total capitalization	$	16,589

Debt	49.5		%
Adjusted equity	50.5		%

Total	100		%



Sales Analysis - Q1 2014

Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)

	Q1 2014	Q1 2013	% Change			Q1 2014		Q1 2013		% Change
Residential	3,978	3,854	3	%	Residential	$	574,673	$	578,737	(1	)%
Commercial	4,048	3,923	3	%	Commercial	423,575		441,430		(4	)%
Industrial	2,501	2,436	3	%	Industrial	199,027		186,254		7	%
Other	205	252	(19	)%	Other	22,859		26,464		(14	)%
	10,732	10,465	3	%		$	1,220,134	$	1,232,885	(1	)%
Choice	1,267	1,260	1	%	Choice	23,418		23,021		2	%
TOTAL SALES	11,999	11,725	2	%	TOTAL REVENUES	$	1,243,552	$	1,255,906	(1	)%



Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)

	Q1 2014	Q1 2013	% Change			Q1 2014		Q1 2013		% Change
Residential	55,429	45,557	22	%	Residential	$	438,011	$	369,983	18	%
Commercial	13,251	10,659	24	%	Commercial	102,702		84,736		21	%
Industrial	475	217	119	%	Industrial	6,062		1,637		270	%
	69,155	56,433	23	%		$	546,775	$	456,356	20	%
End User Transportation*	62,463	55,564	12	%	End User Transportation*	96,661		85,161		14	%
TOTAL SALES	131,618	111,997	18	%	TOTAL REVENUES	$	643,436	$	541,517	19	%
________________					________________
* Includes choice customers					* Includes choice customers



Weather

Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	Q1 2014		Q1 2013		% Change			Q1 2014		Q1 2013		% Change
Actuals	—		—		—	%	Actuals	3,977		3,228		23	%
Normal	—		—				Normal	3,175		3,141
Deviation from normal	—	%	—	%			Deviation from normal	25	%	3	%



Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	Q1 2014		Q1 2013
DTE Electric	$	13	$	—
DTE Gas	31		3



DTE Electric Temperature Normal Sales Analysis - YTD March 31, 2014

Temperature Normal Electric Sales - DTE Electric Service Area (GWh)					Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh)

	Q1 2014	Q1 2013	% Change			Q1 2014	Q1 2013	% Change
Residential	3,769	3,855	(2	)%	Residential	3,769	3,855	(2	)%
Commercial	3,987	3,923	2	%	Commercial	4,729	4,649	2	%
Industrial	2,504	2,436	3	%	Industrial	3,019	2,970	2	%
Other	205	252	(19	)%	Other	205	252	(19	)%
	10,465	10,466	—	%	TOTAL SALES	11,722	11,726	—	%
Choice	1,257	1,260	—	%
TOTAL SALES	11,722	11,726	—	%

1st Quarter 2014 Earnings Conference Call April 25, 2014 EXHIBIT 99.3

Safe Harbor Statement 2 The information contained herein is as of the date of this presentation. Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC and 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; impact of electric and natural gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation and thefts of electricity and natural gas and high levels of uncollectible accounts receivable; environmental issues, laws, regulations, and the increased 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; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; volatility in the short-term natural gas storage markets impacting third- party storage revenues; volatility in commodity markets impacting the results of our energy trading operations; 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 construction 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 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; 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 our 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” sections in each of DTE Energy’s and DTE Electric’s 2013 Forms 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

Participants • Peter Oleksiak – Senior Vice President and CFO • Jeff Jewell – Vice President and Controller • Mark Rolling – Vice President and Treasurer • Anastasia Minor – Executive Director, Investor Relations 3

• Overview • First Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 4

Our business strategy is fundamental to how we create value for our investors  Utility growth plan driven by infrastructure investments  Strategic, transparent, low-risk growth opportunities in non-utility businesses provide diversity in earnings and geography  Constructive regulatory structure and continued cost savings enable utilities to earn their authorized returns  Program in place to achieve operational excellence and customer satisfaction that are distinctive in our industry  Maintain 60% - 70% dividend payout target and strong BBB credit rating 5% - 6% Annual EPS Growth Attractive Dividend Strong Balance Sheet 5

2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E $3.33 $4.09 $3.75 $3.64 $2.12 $2.24 $2.35 $2.48 $2.12 * Reconciliation to GAAP reported earnings included in the appendix We remain committed to delivering 5% to 6% operating EPS* growth (dollars) Operating EPS* 7.2% CAGR 2008-2014 Dividend per share 5.4% CAGR 2009-2013 (Annualized) $2.83 $3.94 $4.30 Guidance Midpoint Aspiration of over $1 billion in operating earnings by 2018 $2.62 6

We remain confident in our 2014 operating earnings* guidance (millions, except EPS) 2014 YTD Actuals 2014 Guidance DTE Electric $136 $520 - $530 DTE Gas 129 120 - 126 Gas Storage & Pipelines 21 78 - 86 Power & Industrial Projects 15 75 - 85 Energy Trading $8 $0 Corporate & Other (9) (49) - (45) DTE Energy Operating EPS $300 $1.69 $744 - $782 $4.20 - $4.40 Growth segments** Growth segments operating EPS $292 $1.64 $744 - $782 $4.20 - $4.40 * Reconciliation to GAAP reported earnings included in the appendix ** Total DTE Energy excluding Energy Trading Avg. Shares Outstanding 177 177 • DTE Gas is above current guidance range due to favorable 1Q weather • This creates contingency for potential unfavorable summer weather 7

Michigan economic indicators highlight continued growth over the next few years 8 Michigan leads the country in new manufacturing job creation 7.1% 13.4% 8.8% 7.6% 7.1% 2007 2009 2013 2014E 2015E Lower Unemployment Rate Source: IHS Detroit named one of seven new entrepreneur tech hubs $368 $314 $353 $362 $369 2007 2009 2013 2014E 2015E Gross State Product (billons) Michigan #5 in new investment projects 2,295 1,144 2,433 2,277 2,509 2007 2009 2013 2014E 2015E Increased Auto Production (000s) 18.7 6.8 15.3 13.2 17.6 2007 2009 2013 2014E 2015E Housing Starts Up (000s)

DTE Electric’s next rate case filing will be more than 3 years after last rate order 9 2011 • Amortize revenue decoupler liability over 12 months • File case mid-2014 • Self-implement rates early 2015 2014 2015 • Suspend decoupler amortization* in 2H’14; complete balance in 1H’15 • File case late 2014 or early 2015; self-implement after 6 months Delay rate filing • Amortize $127 million revenue decoupler liability over 12 months * MPSC approved application on April 1, 2014 Last Rate Order Previous Plan Current Plan

Financial Overview * Reconciliation to GAAP reported earnings included in the appendix • We are confident in achieving our 2014 operating earnings* guidance • 1Q 2014 operating earnings* per share are $1.69 vs. $1.34 in 1Q 2013 ‒ Extremely cold weather vs. normal weather last year ‒ Higher earnings at non-utility businesses • Balance sheet remains strong ‒ Generated $500 million in cash from operations in 1Q 2014 ‒ On pace to hit balance sheet metrics in 2014 10

• Overview • First Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 11

DTE Energy First Quarter 2014 Operating Earnings Per Share* Gas Storage & Pipelines $0.12 Power & Industrial Projects $0.08 * Reconciliation to GAAP reported earnings included in the appendix Energy Trading $0.05 Corporate & Other ($0.06) DTE Gas $0.73 Non-Utility $0.25 DTE Electric $0.77 $1.69 12

1Q 2013 1Q 2014 Change DTE Electric 115$ 136$ 21$ DTE Gas 96 129 33 Gas Storage & Pipelines 17 21 4 Power & Industrial Projects 12 15 3 Corporate & Other (13) (9) 4 Growth segments** 227$ 292$ 65$ Growth segments operating EPS 1.30$ 1.64$ 0.34$ Energy Trading 7$ 8$ 1$ DTE Energy 234$ 300$ 66$ Operating EPS 1.34$ 1.69$ 0.35$ Avg. Shares Outstanding 173 177 DTE Energy First Quarter 2014 Operating Earnings Variance Operating Earnings* (millions, except EPS) DTE Electric • Primarily extremely cold weather and revenue decoupler amortization DTE Gas • Primarily extremely cold weather Non-Utility • Gas Storage & Pipelines driven by higher earnings across all platforms • Power & Industrial Projects higher due to Reduced Emissions Fuel earnings Corporate & Other • Lower taxes Energy Trading • Primarily gas market opportunities, offsetting wholesale power losses Drivers 13 * Reconciliation to GAAP reported earnings included in the appendix ** Total DTE Energy excluding Energy Trading

Extremely cold weather was a significant operating earnings* driver at both utilities * Reconciliation to GAAP reported earnings included in the appendix $115 $13 (millions) $14 $136 ($6) 14 $96 $129 $28 $5 DTE Electric DTE Gas

The favorable 1Q weather creates contingency for potential summer weather variability * Reconciliation to GAAP reported earnings included in the appendix 15 • Extremely cold weather this year has resulted in a strong start for the two utilities • Summer weather remains the largest source of earnings variability • Similar to 2013, there may be opportunities to reinvest at the utilities as the year progresses 2014 Guidance 2014 Guidance 1Q Weather 2Q – 4Q Weather Contingency $4.20 - $4.40 $4.20 - $4.40 $0.25 ($0.25) 2014 Operating EPS* Guidance Range

• Overview • First Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 16

1Q 2013 1Q 2014 Cash From Operations* $0.6 $0.5 Capital Spending (0.4) (0.5) Free Cash Flow $0.2 $0.0 Asset Sales - - Dividends (0.1) (0.1) Net Cash $0.1 ($0.1) Debt Financing: Issuances $0.4 $0.2 Redemptions (0.3) (0.1) Change in Debt $0.1 $0.1 DTE Energy First Quarter 2014 Cash Flow Cash Flow Summary (billions) Drivers * Includes ~$100 million and $0 of equity issued for employee benefit programs in 1Q 2013 and 1Q 2014, respectively 17 • Free cash flow lower due to employee benefit programs contributions in cash in 2014 vs. equity in 2013 and higher capital spending at DTE Electric

1Q 2013 1Q 2014 DTE Electric Operational $211 $308 Environmental 34 41 Renewable Energy 10 5 $255 $354 DTE Gas Operational $39 $30 Main Renewal / Meter Move Out / Pipeline Integrity 14 14 $53 $44 Non-Utility $81 $102 Total $389 $500 DTE Energy First Quarter 2014 Capital Expenditures Capital Expenditures (millions) Drivers 18 • DTE Electric higher due to planned outages at fossil and nuclear generation and distribution reliability investments

2013 2014E * Debt excludes securitization, a portion of DTE Gas’ short-term debt, and considers 50% of the Junior Subordinated Notes as equity Leverage* Funds from Operations / Debt* 2013 2014E 49% 52% Target 50% - 52% 23% 22% Target 20% - 22% Strong balance sheet remains a key priority and supports growth • Targeting zero equity issuances in 2014 – Annual issuances of $200 million to $300 million in 2015 and 2016 • $1.5 billion of available liquidity as of March 31, 2014 • Moody’s upgraded DTE in January 2014 19

• Overview • First Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 20

• We are on track to meet our operating earnings* guidance in 2014 • Delaying next electric rate case filing to late 2014 or early 2015 • Cash flow and balance sheet metrics remain strong • Utility investments and strategic, low-risk growth opportunities in our non-utility businesses expected to provide 5% - 6% annual EPS growth going forward Summary * Reconciliation to GAAP reported earnings included in the appendix 21

Appendix

DTE Electric Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix $115 $13 (millions) $14 $136 • Extremely cold weather in 1Q 2014; near-normal weather in 1Q 2013 Variance to normal weather - 1Q 2013: $0 - 1Q 2014: $13 • One quarter of revenue decoupler mechanism (RDM) amortization in 2014 • Other primarily higher O&M due to planned outages, higher depreciation expense, partially offset by lower benefits expense ($6) 24 Drivers Operating Earnings* Variance

DTE Gas Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix $96 (millions) • Extremely cold weather in 1Q 2014; near-normal weather in 1Q 2013 Variance to normal weather - 1Q 2013: $3 - 1Q 2014: $31 • Other primarily weather-driven higher storage and transportation revenue partially offset by higher O&M $129 Drivers Operating Earnings* Variance $28 $5 25

2013 2014 Actual Guidance Cash From Operations* $2.2 $1.6 Capital Spending (1.9) (2.3) Free Cash Flow $0.3 ($0.7) Asset Sales - - Dividends (0.4) (0.5) Net Cash ($0.1) ($1.2) Debt Financing: Issuances $1.2 $2.1 Redemptions (1.1) (0.9) Change in Debt $0.1 $1.2 DTE Energy 2014 Cash Flow Guidance Cash Flow Summary (billions) * Includes ~$0.3 billion and $0 of equity issued for employee benefit programs in 2013 and 2014, respectively • 2014 cash from operations decreases due to lower utility surcharge collections than 2013 and higher cash contributions to employee benefit plans • Capital expenditures higher due to increased environmental and renewable energy spending at DTE Electric and growth spending at the non-utilities Drivers 26

DTE Energy 2014 Capital Expenditure Guidance 2013 2014 Actual Guidance DTE Electric Operational $999 $1,080 Environmental 165 280 Renewable Energy 161 240 $1,325 $1,600 DTE Gas Operational $132 $150 Main Renewal / Meter Move-out / Pipeline Integrity 77 90 $209 $240 $366 $490 Total $1,900 $2,330 Non-Utility Capital Expenditures Summary (millions) • DTE Electric capital higher due to increased environmental, renewable energy, and reliability spending • DTE Gas increase driven by increased main renewal, meter move-out, pipeline integrity and base capital spending • Non-utility increase driven by growth capital spending at Power & Industrial Projects and Gas Storage & Pipelines Drivers 27

DTE Energy Trading Reconciliation of Operating Earnings* to Economic Net Income ** Consists of 1) the income statement effect of not recognizing changes in the fair market value of certain non-derivative contracts including physical inventory and capacity contracts for transportation, transmission and storage. These contracts are not MTM, instead are recognized for accounting purposes on an accrual basis; and 2) Operating Adjustments for unrealized mark-to-market changes of certain derivative contracts in our Gas Structured contracts 1Q 2014 Economic Net Income Accounting Adjustments** 1Q 2014 Operating Earnings* $7 $9 • Economic net income equals economic gross margin*** minus O&M expenses and taxes. • DTE Energy management uses economic net income as one of the performance measures for external communications with analysts and investors. • Internally, DTE Energy uses economic net income as one of the measures to review performance against financial targets and budget. * Reconciliation to GAAP reported earnings included in the appendix *** Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts including certain non-derivative contract costs Operating Earnings* Realized Unrealized O&M / Other 1Q 2013 1Q 2014 $19 $15 6 2 (14) (13) (millions, after-tax) $7 $8 1Q 2013 Operating Earnings* 1Q 2013 Economic Net Income Accounting Adjustments** $2 $8 $2 $10 ($ millions) 28

29 1Q 2014 DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Corporate and Other Growth Segments Energy Trading DTE Energy Reported Earnings 136$ 129$ 21$ 15$ (17)$ 284$ 42$ 326$ NY state tax law change - - - - 8 8 - 8 Mark to market transactions - - - - - - (34) (34) Operating Earnings 136$ 129$ 21$ 15$ (9)$ 292$ 8$ 300$ Net Income ($ millions)1Q 2014 Reconciliation of Reported to Operating Earnings 1Q 2014 DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Corporate and Other Growth Segments Energy Trading DTE Energy Reported Earnings 0.77$ 0.73$ 0.12$ 0.08$ (0.10)$ 1.60$ 0.24$ 1.84$ NY state tax law change - - - - 0.04 0.04 - 0.04 Mark to market transactions - - - - - - (0.19) (0.19) Operating Earnings 0.77$ 0.73$ 0.12$ 0.08$ (0.06)$ 1.64$ 0.05$ 1.69$ EPS 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. Operating earnings are presented both with and without Energy Trading. The term “Growth Segments” refers to DTE Energy without Energy Trading and represents the business segments that management expects to generate earnings growth going forward.

30 1Q 2013 DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Corporate and Other Growth Segments Energy Trading DTE Energy Reported Earnings 115$ 96$ 17$ 12$ (13)$ 227$ 7$ 234$ Operating Adjustments 1Q 2013 - - - - - - - - Operating Earnings 115$ 96$ 17$ 12$ (13)$ 227$ 7$ 234$ Net Income ($ millions) 1Q 2013 Reconciliation of Reported to Operating Earnings 1Q 2013 DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Corporate and Other Growth Segments Energy Trading DTE Energy Reported Earnings 0.66$ 0.55$ 0.10$ 0.07$ (0.08)$ 1.30$ 0.04$ 1.34$ Operating Adjustments 1Q 2013 - - - - - - - - Operating Earnings 0.66$ 0.55$ 0.10$ 0.07$ (0.08)$ 1.30$ 0.04$ 1.34$ EPS 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. Operating earnings are presented both with and without Energy Trading. The term “Growth Segments” refers to DTE Energy without Energy Trading and represents the business segments that management expects to generate earnings growth going forward.

2013 Reconciliation of 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. 2013 DTE Energy DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Energy Trading Corporate and Other Reported Earnings 3.76$ 2.76$ 0.80$ 0.40$ 0.38$ (0.33)$ (0.25)$ Asset impairment 0.02 - - - 0.02 - - Mark to market transactions 0.31 - - - - 0.31 - Operating Earnings 4.09$ 2.76$ 0.80$ 0.40$ 0.40$ (0.02)$ (0.25)$ EPS 2013 DTE Energy DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Energy Trading Corporate and Other Reported Earnings 661$ 484$ 143$ 70$ 66$ (58)$ (44)$ Asset impairment 4 - - - 4 - - Mark to market transactions 55 - - - - 55 - Operating Earnings 720$ 484$ 143$ 70$ 70$ (3)$ (44)$ Net Income ($ millions) 31

2012 Reconciliation of Reported to Operating Earnings 2012 DTE Energy DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Energy Trading Corporate and Other Unconventional Gas Reported Earnings 610$ 483$ 115$ 61$ 42$ 12$ (47)$ (56)$ Coke oven gas settlement 7 - - - 7 - - - Chicago Fuels Terminal Sale 2 - - - 2 - - - Pet coke mill impairment 1 - - - 1 - - - Discontinued operations 56 - - - - - - 56 Operating Earnings 676$ 483$ 115$ 61$ 52$ 12$ (47)$ -$ Net Income ($ millions) 2012 DTE Energy DTE Electric DTE Gas Gas Storage and Pipelines Power and Industrial Projects Energy Trading Corporate and Other Unconventional Gas Reported Earnings 3.55$ 2.81$ 0.67$ 0.36$ 0.24$ 0.07$ (0.27)$ (0.33)$ Coke oven gas settlement 0.04 - - - 0.04 - - - Chicago Fuels Terminal Sale 0.01 - - - 0.01 - - - Pet coke mill impairment 0.01 - - - 0.01 - - - Discontinued operations 0.33 - - - - - - 0.33 Operating Earnings 3.94$ 2.81$ 0.67$ 0.36$ 0.30$ 0.07$ (0.27)$ -$ EPS 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. 32

2011 Reconciliation of Reported to Operating Earnings 2011 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Reported Earnings 711$ 434$ 110$ 57$ 38$ 52$ 23$ (3)$ Michigan Corporate Income Tax Adjustment (87) - - - - - (87) - Fermi 1 Asset Retirement Obligation 9 9 - - - - - - Discontinued Operations of Unconventional Gas 3 - - - - - - 3 Operating Earnings 636$ 443$ 110$ 57$ 38$ 52$ (64)$ -$ Net Income ($ millions) 2011 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Repor ed Earnings 4.18 2.55 0.65 0.34 0.22 0.31 0.13 (0.02) Michigan Corporate Income Tax Adjustment (0.50) - - - - - (0.50) - Fermi 1 Asset Retirement Obligation 0.05 0.05 - - - - - - Discontinued Operations of Unconventional Gas 0.02 - - - - - - 0.02 Operating Earnings 3.75$ 2.60$ 0.65$ 0.34$ 0.22$ 0.31$ (0.37)$ -$ $EPS 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. 33

2010 Reconciliation of Reported to Operating Earnings * Deferral of previously expensed cost to achieve as allowed for in June 3, 2010 MPSC order (case - U-15985) 2010 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. eported Earnings 630$ 441$ 127$ 51$ 85$ 6$ (72)$ (8)$ Performance Excellence Process - Cost to Achieve Deferral* (20) - (20) - - - - - Settlement with Detroit Thermal (3) (3) - - - - - - Discontinued Operations of Unconventional Gas 8 - - - - - - 8 Operating Earnings 615$ 438$ 107$ 51$ 85$ 6$ (72)$ -$ Net Income ($ millions) 2010 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Reported Earnings 3.74$ 2.62$ 0.75$ 0.30$ 0.50$ 0.04$ (0.43)$ (0.04)$ P rformance Excellence Process - Cost to Achieve Deferral* (0.12) - (0.12) - - - - - Settlement with Detroit Thermal (0.02) (0.02) - - - - - - Discontinued Operations of Unconventional Gas 0.04 - - - - - - 0.04 Operating Earnings 3.64$ 2.60$ 0.63$ 0.30$ 0.50$ 0.04$ (0.43)$ -$ $EPS 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. 34

2009 Reconciliation of Reported to Operating Earnings 2009 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Reported Earnings 532$ 376$ 80$ 49$ 31$ 75$ (73)$ (6)$ Gain on Sale - gathering and treating assets (before goodwill allocation) (13) - (13) - - - - - Goodwill allocation - gathering and treating assets 13 - 13 - - - - - Chrysler Bad Debt 5 4 - - 1 - - - General Motors Bad Debt 3 - - - 3 - - - Antrim Hedge 3 - - - - - 3 - Discontinued Operations of Unconventional Gas 6 - - - - - - 6 Operating Earnings 549$ 380$ 80$ 49$ 35$ 75$ (70)$ -$ Net Income ($ millions) 2009 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Reported Earnings 3.24$ 2.28$ 0.49$ 0.30$ 0.19$ 0.46$ (0.45)$ (0.03)$ Gain on Sale - ga hering and treating assets (b fore go dwill allocation) (0.08) - (0.08) - - - - - Goodwill allocation - gathering and treating assets 0.08 - 0.08 - - - - - Chrysler B d Debt 0.03 0.02 - - 0.01 - - - General Motors Bad Debt 0.02 - - - 0.02 - - - Antrim Hedge 0.01 - - - - - 0.01 - Discontinued Operations of Unconventional Gas 0.03 - - - - - - 0.03 Operating Earnings 3.33$ 2.30$ 0.49$ 0.30$ 0.22$ 0.46$ (0.44)$ -$ $EPS 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. 35

2008 Reconciliation of Reported to Operating Earnings 2008 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Syn Fuel Reported Earnings 546$ 331$ 85$ 38$ 40$ 42$ (97)$ 87$ 20$ Performance Excellence Process 6 - 4 - 1 1 - - - Core Barnett Sale (81) - - - - - - (81) - Antrim hedge 13 - - - - - 13 - - Barnett Lease impairment 5 - - - - - - 5 - Crete Sale - Tax True up 2 - - - - - 2 - - Synfuel Discontinued Operations (20) - - - - - - - (20) Discontinued Operations of Unconventional Gas (11) - - - - - - (11) - Operating Earnings 460$ 331$ 89$ 38$ 41$ 43$ (82)$ -$ -$ Net Income ($ millions) 2008 DTE Energy DTE Electric DTE Gas Gas Storage & Pipelines Power & Indust. Projects Energy Trading Corporate & Other Unc. Gas Prod. Syn Fuel Reported Earnings 3.34$ 2.03$ 0.52$ 0.23$ 0.25$ 0.26$ (0.60)$ 0.53$ 0.12$ Perform nce E cellence Process 0.05 - 0.03 - 0.01 0.01 - - - Core Barnett Sale (0.50) - - - - - - (0.50) - Antrim hedge 0.08 - - - - - 0.08 - - Barnett Lease impairment 0.03 - - - - - - 0.03 - Crete Sale - Tax True up 0.01 - - - - - 0.01 - - Synfuel Discontinued Operations (0.12) - - - - - - - (0.12) Discontinued Operations of Unconventional Gas (0.06) - - - - - - (0.06) - Operating Earnings 2.83$ 2.03$ 0.55$ 0.23$ 0.26$ 0.27$ (0.51)$ -$ -$ $EPS 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 a alysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. 36

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. The term “Growth Segments” refers to DTE Energy without Energy Trading and represents the business segments that management expects to generate earnings growth going forward. 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, 2008 through 2012 operating earnings exclude the Unconventional Gas Production segment that was classified as a discontinued operation on 12/31/2012. 37


99.2	Financial Information Distributed for Media and Investor Relations Communications dated April 25, 2014.


99.1	Earnings Release of DTE Energy Company dated April 25, 2014.


99.3	Slide Presentation of DTE Energy Company dated April 25, 2014.