Long-Term Financings

6 Months Ended

Jun. 30, 2026

LONG-TERM FINANCINGS

Debt Issuances

Refer to the table below for debt issued through June 30, 2026:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	February	Mortgage Bonds(a)	4.85%	2036	$	800
DTE Electric	February	Mortgage Bonds(a)	5.55%	2056	800
DTE Energy	June	Junior Subordinated Debentures(b)	6.20%	2058	1,000







					$	2,600

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(a)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

(b)Proceeds used for the repayment of short-term borrowings and for other general corporate purposes.

Debt Redemptions

Refer to the table below for debt redeemed through June 30, 2026:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Securitization Bonds	5.97%	2026	$	16
DTE Electric	June	Mortgage Bonds	3.77%	2026	100
DTE Electric	June	Securitization Bonds	2.64%	2026	21


					$	137

Equity At-the-Market Program

In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an at-the-market program, including an equity forward sales component. During the first quarter of 2026, DTE Energy entered into equity forward sale agreements for approximately 2.5 million shares at a weighted average forward price of $144.41, which includes expected sales commissions. During the second quarter of 2026, DTE Energy entered into equity forward sale agreements for approximately 1.2 million shares at a weighted average forward price of $141.96, which includes expected sales commissions. There were no issuances under the ATM program for the three and six months ended June 30, 2026.

The forward sale agreements require DTE Energy to, at its election prior to December 31, 2026, either (i) physically settle the transactions by issuing shares of its Common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or (ii) net settle the transactions in whole or in part through the delivery to the forward counterparties or receipt from the forward counterparties of cash or shares in accordance with the provisions of the agreements.

No amounts have been or will be recorded on DTE Energy's Consolidated Financial Statements until settlements of the equity forward sale agreements occur. The initial forward sale prices are subject to daily adjustments prior to settlement. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. There was no material earnings per share impact for the three and six months ended June 30, 2026.

Energy Dominance Financing Program

In June 2026, the U.S. Department of Energy's Office granted a $1.6 billion loan to DTE Gas to support modernization of DTE Gas' natural gas infrastructure under the Energy Dominance Financing program (EDF). There have been no draws on this loan as of June 30, 2026.