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

Attached files

file	filename
8-K - FORM 8-K - DTE Electric Co	c20494e8vk.htm
EX-99.3 - EX-99.3 - DTE Electric Co	c20494exv99w3.htm
EX-99.1 - EX-99.1 - DTE Electric Co	c20494exv99w1.htm

Exhibit 99.2

2Q 2011 Supplemental Financial Information

Exhibit 99.2

DTE Energy Company
Consolidated Statements Of Financial Position (Unaudited)


	June 30,			December 31,
(in Millions)	2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	61		$	65
Restricted cash		118			120
Accounts receivable (less allowance for doubtful accounts of $174 and $196, respectively)
Customer		1,297			1,393
Other		151			402
Inventories
Fuel and gas		473			460
Materials and supplies		212			202
Deferred income taxes		127			139
Derivative assets		109			131
Other		223			255

		2,771			3,167


Investments
Nuclear decommissioning trust funds		975			939
Other		526			518

		1,501			1,457


Property
Property, plant and equipment		22,123			21,574
Less accumulated depreciation, depletion and amortization		(8,839	)		(8,582	)

		13,284			12,992


Other Assets
Goodwill		2,020			2,020
Regulatory assets		3,905			4,058
Securitized regulatory assets		656			729
Intangible assets		71			67
Notes receivable		127			123
Derivative assets		49			77
Other		195			206

		7,023			7,280


Total Assets	$	24,579		$	24,896

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)


	June 30,			December 31,
(in Millions, Except Shares)	2011			2010
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	733		$	729
Accrued interest		101			111
Dividends payable		199			95
Short-term borrowings		151			150
Current portion long-term debt, including capital leases		326			925
Derivative liabilities		110			142
Gas inventory equalization		109			—
Other		517			597

		2,246			2,749


Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,622			6,114
Securitization bonds		559			643
Trust preferred-linked securities		289			289
Capital lease obligations		37			43

		7,507			7,089


Other Liabilities
Deferred income taxes		2,964			2,632
Regulatory liabilities		978			1,328
Asset retirement obligations		1,538			1,498
Unamortized investment tax credit		70			75
Derivative liabilities		74			110
Liabilities from transportation and storage contracts		76			83
Accrued pension liability		680			866
Accrued postretirement liability		1,220			1,275
Nuclear decommissioning		152			149
Other		250			275

		8,002			8,291


Commitments and Contingencies

Equity
Common stock, without par value, 400,000,000 shares authorized, 169,328,889 and 169,428,406 shares issued and outstanding, respectively		3,415			3,440
Retained earnings		3,516			3,431
Accumulated other comprehensive loss		(146	)		(149	)

Total DTE Energy Company Equity		6,785			6,722
Noncontrolling interests		39			45

Total Equity		6,824			6,767

Total Liabilities and Equity	$	24,579		$	24,896

DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended
	June 30
(in Millions)	2011			2010
Operating Activities
Net income	$	378		$	317
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		493			504
Deferred income taxes		14			72
Asset losses, reserves and impairments, net		8			1
Changes in assets and liabilities, exclusive of changes shown separately		266			257

Net cash from operating activities		1,159			1,151


Investing Activities
Plant and equipment expenditures — utility		(684	)		(463	)
Plant and equipment expenditures — non-utility		(35	)		(52	)
Proceeds from sale of assets, net		9			24
Restricted cash for debt redemption		2			1
Proceeds from sale of nuclear decommissioning trust fund assets		59			128
Investment in nuclear decommissioning trust funds		(76	)		(145	)
Consolidation of VIEs		—			19
Other		(42	)		(4	)

Net cash used for investing activities		(767	)		(492	)


Financing Activities
Issuance of long-term debt		547			—
Redemption of long-term debt		(721	)		(91	)
Short-term borrowings, net		1			(327	)
Issuance of common stock		—			23
Repurchase of common stock		(18	)		—
Dividends on common stock		(190	)		(176	)
Other		(15	)		(16	)

Net cash used for financing activities		(396	)		(587	)


Net Increase (Decrease) in Cash and Cash Equivalents		(4	)		72
Cash and Cash Equivalents at Beginning of Period		65			52

Cash and Cash Equivalents at End of Period	$	61		$	124

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	1,240		$	1,208		$	2,432		$	2,354


Operating Expenses
Fuel and purchased power		417			390			795			733
Operation and maintenance		331			326			660			635
Depreciation and amortization		202			210			404			414
Taxes other than income		60			61			119			126
Asset (gains) and losses, net		(5	)		—			14			(1	)

		1,005			987			1,992			1,907


Operating Income		235			221			440			447


Other (Income) and Deductions
Interest expense		73			77			144			158
Other income		(11	)		(9	)		(21	)		(17	)
Other expenses		6			11			12			17

		68			79			135			158


Income Before Income Taxes		167			142			305			289

Income Tax Provision		63			55			116			111


Net Income	$	104		$	87		$	189		$	178

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions)	2011			2010			2011			2010
Operating Revenues	$	238		$	230		$	918		$	975


Operating Expenses
Cost of gas		92			81			491			539
Operation and maintenance		102			67			203			175
Depreciation and amortization		22			22			44			48
Taxes other than income		14			15			31			31

		230			185			769			793


Operating Income		8			45			149			182


Other (Income) and Deductions
Interest expense		15			16			31			33
Interest income		(2	)		(2	)		(4	)		(4	)
Other income		(1	)		(1	)		(3	)		(3	)
Other expenses		—			2			1			3

		12			15			25			29


Income (Loss) Before Income Taxes		(4	)		30			124			153

Income Tax Provision (Benefit)		(1	)		11			45			55


Net Income (Loss)	$	(3	)	$	19		$	79		$	98

DTE Energy Debt/Equity Calculation
As of June 30, 2011
($ millions)


Short-term borrowings	$	151
Current portion of long-term debt, including capital leases		326
Mortgage bonds, notes and other		6,622
Securitization bonds, excluding current portion		559
Capital lease obligations		37
Other adjustments		320
less Securitization bonds, including current portion		(717	)
50% Trust preferred-linked securities		144

Total debt		7,442

50% Trust preferred-linked securities		144

Total preferred/ other		144

Equity		6,785


Total capitalization	$	14,371


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


Total		100	%

Sales Analysis — Q2 2011

Electric Sales — Detroit Edison Service Area (GWh)


	Q2 2011		Q2 2010		% Change
Residential		3,607		3,602		0	%
Commercial		3,998		3,988		0	%
Industrial		2,405		2,605		-8	%
Other		763		799		-5	%

		10,773		10,994		-2	%
Choice		1,409		1,283		10	%

TOTAL SALES		12,182		12,277		-1	%

Gas Sales — MichCon Service Area (MMcf)


	Q2 2011		Q2 2010		% Change
Residential		14,131		11,245		26	%
Commercial		3,169		2,681		18	%
Industrial		204		112		82	%

		17,504		14,038		25	%
End User Transportation*		27,343		27,691		-1	%

TOTAL SALES		44,847		41,729		7	%


*		Includes choice customers

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


	Q2 2011		Q2 2010		% Change
Residential		494,468		471,181		5	%
Commercial		409,267		394,886		4	%
Industrial		169,387		174,018		-3	%
Other		49,452		44,701		11	%

		1,122,574		1,084,786		3	%
Choice		25,477		25,002		2	%

TOTAL REVENUES		1,148,051		1,109,788		3	%

Gas Revenue — MichCon Service Area ($000s)


	Q2 2011		Q2 2010		% Change
Residential		148,485		133,968		11	%
Commercial		31,449		30,511		3	%
Industrial		1,706		1,026		66	%

		181,640		165,506		10	%
End User Transportation*		43,183		36,122		20	%

TOTAL REVENUES		224,823		201,628		12	%


*		Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory


	Q2 2011			Q2 2010			% Change
Actuals		242			308			-21	%
Normal		193			193


Deviation from normal		25	%		60	%

Heating Degree Days
MichCon service territory


	Q2 2011			Q2 2010			% Change
Actuals		823			596			38	%
Normal		803			826


Deviation from normal		2	%		-28	%

Earnings Impact of Weather

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


	Q2 2011	Q2 2010
MichCon	1	(6	)	Colder weather increased MichCon’s earnings by $1 million Q2 2011.

Sales Analysis — YTD June 30, 2011

Electric Sales — Detroit Edison Service Area (GWh)


	YTD 2011		YTD 2010		% Change
Residential		7,495		7,268		3	%
Commercial		7,991		7,930		1	%
Industrial		4,747		5,080		-7	%
Other		1,561		1,600		-2	%

		21,794		21,878		0	%
Choice		2,711		2,386		14	%

TOTAL SALES		24,505		24,264		1	%

Gas Sales — MichCon Service Area (MMcf)


	YTD 2011		YTD 2010		% Change
Residential		61,790		54,402		14	%
Commercial		15,673		14,755		6	%
Industrial		503		329		53	%

		77,966		69,486		12	%
End User Transportation*		79,066		71,644		10	%

TOTAL SALES		157,032		141,130		11	%


*		Includes choice customers

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


	YTD 2011		YTD 2010		% Change
Residential		1,013,905		939,154		8	%
Commercial		804,973		780,056		3	%
Industrial		333,688		334,697		0	%
Other		98,164		90,458		9	%

		2,250,730		2,144,365		5	%
Choice		51,511		50,731		2	%

TOTAL REVENUES		2,302,241		2,195,096		5	%

Gas Revenue — MichCon Service Area ($000s)


	YTD 2011		YTD 2010		% Change
Residential		591,759		608,231		-3	%
Commercial		144,820		162,408		-11	%
Industrial		4,218		3,385		25	%

		740,797		774,024		-4	%
End User Transportation*		124,415		113,115		10	%

TOTAL REVENUES		865,212		887,139		-2	%


*		Includes choice customers

Weather

Cooling Degree Days
Detroit Edison service territory


	YTD 2011			YTD 2010			% Change
Actuals		242			308			-21	%
Normal		193			193


Deviation from normal		25	%		60	%

Heating Degree Days
MichCon service territory


	YTD 2011			YTD 2010			% Change
Actuals		4,274			3,636			18	%
Normal		4,016			4,055


Deviation from normal		6	%		-10	%

Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)


	YTD 2011	YTD 2010
MichCon	9	(11	)	Colder weather increased MichCon’s earnings by $9 million YTD 2011.

Detroit Edison Temperature Normal Sales Analysis —
June 30, 2011

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


	Q2 2011		Q2 2010		% Change
Residential		3,475		3,390		3	%
Commercial		3,954		3,909		1	%
Industrial		2,401		2,596		-8	%
Other		763		799		-4	%

		10,593		10,693		-1	%
Choice		1,399		1,265		11	%

TOTAL SALES		11,992		11,959		0	%

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


	Q2 2011		Q2 2010		% Change
Residential		3,475		3,390		3	%
Commercial		4,772		4,617		3	%
Industrial		2,982		3,153		-5	%
Other		763		799		-4	%

TOTAL SALES		11,992		11,959		0	%

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


	YTD 2011		YTD 2010		% Change
Residential		7,301		7,152		2	%
Commercial		7,947		7,858		1	%
Industrial		4,743		5,071		-6	%
Other		1,561		1,600		-2	%

		21,551		21,681		-1	%
Choice		2,701		2,369		14	%

TOTAL SALES		24,252		24,050		1	%

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


	YTD 2011		YTD 2010		% Change
Residential		7,302		7,152		2	%
Commercial		9,551		9,336		2	%
Industrial		5,839		5,962		-2	%
Other		1,561		1,600		-2	%

TOTAL SALES		24,252		24,050		1	%

DTE Electric Co - FORM 8-K - EX-99.2 - July 28, 2011

Attached files

DTE Electric Co Reports