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

Attached files

file	filename
8-K - 8-K - DTE Electric Co	d340858d8k.htm
EX-99.3 - EX-99.3 - DTE Electric Co	d340858dex993.htm
EX-99.1 - EX-99.1 - DTE Electric Co	d340858dex991.htm

Exhibit 99.2

LOGO

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)


(In millions)	March 31 2012			December 31 2011
ASSETS
Current Assets
Cash and cash equivalents	$	57		$	68
Restricted cash, principally Securitization		86			147
Accounts receivable (less allowance for doubtful accounts of $160 and $162, respectively)
Customer		1,262			1,317
Other		122			90
Inventories
Fuel and gas		447			572
Materials and supplies		219			219
Deferred income taxes		62			51
Derivative assets		277			222
Regulatory assets		232			314
Other		187			196

		2,951			3,196

Investments
Nuclear decommissioning trust funds		1,004			937
Other		532			525

		1,536			1,462

Property
Property, plant and equipment		22,780			22,541
Less accumulated depreciation, depletion and amortization		(8,856	)		(8,795	)

		13,924			13,746

Other Assets
Goodwill		2,020			2,020
Regulatory assets		4,423			4,539
Securitized regulatory assets		536			577
Intangible assets		70			73
Notes receivable		120			123
Derivative assets		78			74
Other		188			199

		7,435			7,605

Total Assets	$	25,846		$	26,009

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) — (Continued)


(In millions, except shares)	March 31 2012			December 31 2011
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	690		$	782
Accrued interest		121			95
Dividends payable		100			99
Short-term borrowings		313			419
Current portion long-term debt, including capital leases		530			526
Derivative liabilities		238			158
Gas inventory equalization		114			—
Other		424			549

		2,530			2,628

Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		6,404			6,405
Securitization bonds		391			479
Junior subordinated debentures		280			280
Trust preferred-linked securities		—			—
Capital lease obligations		18			23

		7,093			7,187

Other Liabilities
Deferred income taxes		3,188			3,116
Regulatory liabilities		1,018			1,019
Asset retirement obligations		1,615			1,591
Unamortized investment tax credit		63			65
Derivative liabilities		99			89
Accrued pension liability		1,300			1,298
Accrued postretirement liability		1,342			1,484
Nuclear decommissioning		156			148
Other		295			331

		9,076			9,141

Commitments and Contingencies
Equity
Common stock, without par value, 400,000,000 shares authorized, 170,112,217 and 169,247,282 shares issued and outstanding, respectively		3,453			3,417
Retained earnings		3,804			3,750
Accumulated other comprehensive loss		(153	)		(158	)

Total DTE Energy Company Equity		7,104			7,009
Noncontrolling interests		43			44

Total Equity		7,147			7,053

Total Liabilities and Equity	$	25,846		$	26,009

DTE ENERGY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three Months Ended March 31
(In millions)	2012			2011
Operating Activities
Net income	$	158		$	178
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		232			245
Deferred income taxes		58			48
Asset (gains) and losses, reserves and impairments, net		(19	)		11
Changes in assets and liabilities, exclusive of changes shown separately		191			240

Net cash from operating activities		620			722

Investing Activities
Plant and equipment expenditures — utility		(331	)		(253	)
Plant and equipment expenditures — non-utility		(61	)		(17	)
Proceeds from sale of assets		11			4
Restricted cash for debt redemption, principally Securitization		63			53
Proceeds from sale of nuclear decommissioning trust fund assets		11			20
Investment in nuclear decommissioning trust funds		(15	)		(28	)
Other		(21	)		(23	)

Net cash used for investing activities		(343	)		(244	)

Financing Activities
Redemption of long-term debt		(86	)		(94	)
Short-term borrowings, net		(106	)		(150	)
Issuance of common stock, net		10			—
Dividends on common stock		(99	)		(95	)
Other		(7	)		2

Net cash used for financing activities		(288	)		(346	)

Net Increase (Decrease) in Cash and Cash Equivalents		(11	)		132
Cash and Cash Equivalents at Beginning of Period		68			65

Cash and Cash Equivalents at End of Period	$	57		$	197

THE DETROIT EDISON COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended March 31
(in Millions)	2012			2011
Operating Revenues	$	1,198		$	1,192

Operating Expenses
Fuel and purchased power		377			378
Operation and maintenance		355			329
Depreciation and amortization		185			202
Taxes other than income		68			59
Asset (gains) and losses, net		—			19

		985			987

Operating Income		213			205

Other (Income) and Deductions
Interest expense		69			71
Interest income		—
Other income		(16	)		(10	)
Other expenses		6			6

		59			67

Income Before Income Taxes		154			138
Income Tax Expense		57			53

Net Income	$	97		$	85

MICHIGAN CONSOLIDATED GAS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended March 31
(in Millions)	2012			2011
Operating Revenues	$	501		$	680

Operating Expenses
Cost of gas		271			399
Operation and maintenance		99			101
Depreciation and amortization		23			22
Taxes other than income		18			17

		411			539
Operating Income		90			141

Other (Income) and Deductions
Interest expense		15			16
Interest income		(2	)		(2	)
Other income		(2	)		(2	)
Other expenses		1			1

		12			13

Income Before Income Taxes		78			128
Income Tax Expense		27			46

Net Income	$	51		$	82

LOGO

DTE Energy Debt/Equity Calculation

As of March 31, 2012

($ millions)


Short-term borrowings	$	313
Current portion of long-term debt, including capital leases		530
Mortgage bonds, notes and other		6,404
Securitization bonds, excluding current portion		391
Capital lease obligations		18
Other adjustments		248
less Securitization bonds, including current portion		(559	)
50% Junior Subordinated Debentures		140

Total debt		7,485
50% Junior Subordinated Debentures		140

Total preferred/ other		140
Equity		7,104

Total capitalization	$	14,729

Debt		51	%
Junior Subordinated Debentures		1	%
Common shareholders’ equity		48	%

Total		100	%

LOGO

Sales Analysis - 1Q 2012

Electric Sales - Detroit Edison Service Area (GWh)


	1Q 2012		1Q 2011		% Change
Residential		3,700		3,889		-5	%
Commercial		3,885		3,993		-3	%
Industrial		2,374		2,342		1	%
Other¹		258		280		-8	%

		10,217		10,503		-3	%
Choice		1,254		1,302		-4	%

TOTAL SALES		11,471		11,805		-3	%

¹	2011 Excludes 518 GWh related to a wholesale contract terminated Dec. 2011

Gas Sales - MichCon Service Area (MMcf)


	1Q 2012		1Q 2011		% Change
Residential		36,793		47,659		-23	%
Commercial		8,652		12,503		-31	%
Industrial		235		299		-22	%

		45,680		60,461		-24	%
End User Transportation*		48,014		51,724		-7	%

TOTAL SALES		93,694		112,185		-16	%

*	Includes choice customers

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


	1Q 2012		1Q 2011		% Change
Residential		546,791		519,437		5	%
Commercial		429,512		395,706		9	%
Industrial		183,400		164,301		12	%
Other²		25,849		25,989		-1	%

		1,185,552		1,105,434		7	%
Choice		20,785		26,034		-20	%

TOTAL REVENUES		1,206,337		1,131,468		7	%

²	2011 Excludes $22,723k related to a wholesale contract terminated Dec. 2011

Gas Revenue - MichCon Service Area ($000s)


	1Q 2012		1Q 2011		% Change
Residential		321,645		443,274		-27	%
Commercial		72,995		113,370		-36	%
Industrial		1,804		2,512		-28	%

		396,444		559,157		-29	%
End User Transportation*		73,177		81,232		-10	%

TOTAL REVENUES		469,621		640,389		-27	%

*	Includes choice customers

Weather

Cooling Degree Days

Detroit Edison service territory

1Q 2012

1Q 2011

% Change

Actuals

—

N/A

Normal

—

Deviation from normal

N/A

Earnings Impact of Weather

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


	1Q 2012			1Q 2011
MichCon		(23	)		9

Heating Degree Days

MichCon service territory


	1Q 2012			1Q 2011			% Change
Actuals		2,525			3,451			-27	%
Normal		3,225			3,213

Deviation from normal		-22	%		7	%

DTE Electric Co - FORM 8-K - EX-99.2 - April 27, 2012

Attached files

DTE Electric Co Reports