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EXHIBIT 99.1
Business
Update
March 20-22, 2018
2
Safe Harbor Statement
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the
MPSC, the NRC, and for DTE Energy, the 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; the cost of protecting
assets against, or damage due to, cyber crime and terrorism; 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
cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce
power consumption; 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; 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
2017 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE
Electric.
3
• Overview
• Financial Update
• Long-Term Growth Update
4
Natural gas
transmission,
storage and
distribution
75% - 80% Utility
Growth driven by investments aimed at
improving reliability
Electric generation
and distribution
DTE Electric
DTE Gas
Power & Industrial
Projects (P&I)
Gas Storage & Pipelines (GSP)
Transport, store and
gather natural gas
Own and operate
energy related
assets
Energy Trading
Gas and power
marketing
20% - 25% Non-utility
Growth driven by strategic opportunities
Growth driven by strong, stable utilities and
complementary non-utility businesses
5
Focus on employees and customers resulted in a
successful year in 2017
* J.D. Power 2017 Electric and Gas Utility Customer Satisfaction Study for Midwest utilities. Visit jdpower.com
• Employee engagement in Gallup’s top 4% worldwide
• Gallup’s Great Workplace Award for 5th consecutive year
• AGA’s Safety Achievement Award for 2nd consecutive year
Highly engaged employees
• Ranked 1st in Midwest for business (electric and gas companies)
• Ranked 2nd for residential (electric and gas companies)
Customer satisfaction*
• EEI’s Emergency Recovery Award for windstorm service restoration
• Reducing costs through productivity and efficiency to keep rates
affordable
Distinctive continuous improvement
6
Growth plans are well supported and deliver results
for DTE and Michigan
• Energy legislation implementation progressing
• Tax reform supports affordability agenda
• Rate cases progressing at both utilities
Strong political and regulatory context
• Substantial reliability investments at both utilities
• Significant progress for non-utility growth agenda
Clear growth and value creation strategy
• Ranked 1st in Midwest for corporate citizenship*
• Significant investor in Michigan economy
• Industry-leading initiative to transform energy portfolio; reducing
carbon emissions by 80%+
Force for growth in communities
* J.D. Power 2017 Electric and Gas Residential Utility Customer Satisfaction Study for Midwest utilities. Visit jdpower.com
7
Maintaining customer affordability while investing in
our utilities
2012 20172012 2017
2012 2017
Average industrial rate
2012 2017
Average annual residential bill Average industrial rate
Average annual residential bill
DTE Gas
DTE Electric
8
Tier 5
Tier 4
Tier 3
Tier 2
Tier 1
2017 ranking of state utility
regulatory environments*
(Michigan in Tier 1)
5 States
13 States
15 States
12 States
5 States
Michigan’s regulatory environment continues
to be constructive
Solid regulatory climate
driven by
Constructive and consistent
regulatory outcomes
Solid ROEs
Unique recovery mechanisms
Focus on customer affordability
Commitment to being a force for
growth in communities
* Source: Wells Fargo, November 2017
9
Tax reform benefits customers and is operating
EPS* accretive
Good for DTE
2018 impact
− Non-utility businesses are clear winners with higher earnings
− Earnings increase drives additional $0.10 operating EPS
2019 - 2022 impact
− 5% - 7% operating EPS growth target from increased 2018
guidance
− Operating earnings at utilities increase over time
− Existing non-utility projects have de minimis exposure to lower
FERC recourse rates ($1-$2 million)
− Improvement in the economics of future non-utility projects may be
shared with customers
− Additional segment details to be provided on 1Q 2018 earnings call
Good for utility customers
− Near-term rates ~3% lower driven by changes in current tax rates
− Future rates decline from the deferred tax re-measurement
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
10
Delivered strong 2017 financial results, raised 2018
operating EPS* guidance midpoint by $0.10
$5.31
$5.59
$5.68
$5.78
2017
Original
guidance
2017
Actual
2018
Early
outlook
2018
Guidance
Operating EPS
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
2017 operating EPS
• Surpassed revised guidance
• 9th consecutive year of
exceeding original guidance
• Exceeded $1 billion in operating
earnings
Tax reform increases 2018
operating EPS guidance by $0.10
to a midpoint of $5.78
• EPS accretion is $0.13 by 2022
Growing dividend 7% through
2020**
+9%
** Subject to Board approval
11
2007 2012 2014 2017
$2.82
$3.94
$5.59
$4.60
10-YR5-YR
S&P 500 Utilities
DTE Energy
3-YR
40%
117%
281%
26%
87%
130%
Total Shareholder Return**
DTE outperforms
S&P 500 utilities
DTE Operating EPS*
2 2 2
DTE has a track record of delivering long-term value
to its shareholders
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Source: Bloomberg as of 12/31/2017
12
• Overview
• Financial Update
• Long-Term Growth Update
13
2018
Guidance
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
$648 - $662
152 - 160
185 - 195
115 - 135
(100) - (90)
$1,000 - $1,062
$5.54 - $5.88
$5 - $20
$1,005 - $1,082
$5.57 - $5.99
(millions, except EPS)
181
2017
Actuals
180
Confident in achieving 2018 operating EPS* guidance
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Growth segments exclude Energy Trading
$617
149
160
124
(69)
$981
$5.48
$20
$1,001
$5.59
Modest loss due to lower
wholesale utility volumes; on
track for full year guidance
On track for full year guidance
Strong start to the year
Q1 Outlook
14
Issuing $300 million of equity in 2018 while
maintaining strong cash flow and balance sheet
20%
2017 2018-2020E
51%
2017 2018-2020E
Leverage**
Funds from Operations*** / Debt**
Target
50% - 54%
Target
18% - 19%
Issue incremental equity of $300
million* 2018-2020 due to tax
reform
Issue $300 million total in 2018
using internal mechanisms
Target 18% - 19% FFO/Debt
$1.4 billion of available liquidity at
December 31, 2017
Maintain strong BBB credit rating
*** Funds from Operations (FFO) is calculated using operating earnings
** Debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes and 100% of the convertible equity units as equity
* In addition to equity issuances of $500 million disclosed at EEI
15
2017
Actual
2018
Guidance
Cash From Operations* $2.1 $2.0
Capital Expenditures (2.6) (3.6)
Free Cash Flow ($0.5) ($1.6)
Asset Sales & Other - -
Dividends (0.6) (0.6)
Net Cash ($1.1) ($2.2)
Debt Financing:
Issuances $1.5 $2.3
Redemptions (0.4) (0.1)
Change in Debt $1.1 $2.2
(billions) (millions)
2018 cash flow and capital expenditures guidance
2017
Actual
2018
Guidance
DTE Electric
Base Infrastructure $831 $750
New Generation 69 340
Distribution Infrastructure 674 810
$1,574 $1,900
DTE Gas
Base Infrastructure $214 $257
NEXUS Related 88 13
Main Renewal 161 190
$463 $460
Non-Utility $572 $1,100-$1,300
Total $2,609 $3,460-$3,660
Cash Flow Capital Expenditures
* Includes $0 and $0.3 billion of equity issued for employee benefit programs in 2017 and 2018 respectively
16
• Overview
• Financial Update
• Long-Term Growth Update
17
Reliability investments at utilities support long-term
growth and increase customer satisfaction
DTE Electric
DTE Gas
• Accelerating the replacement of aging cast-iron and
unprotected steel pipe
• Strengthening and renewing gas infrastructure
• Progressing on new 1,100 MW natural gas power plant
• Breaking ground on new wind park in 1H 2018
• Modernizing grid to improve reliability for customers
18
Gas Storage & Pipelines continues to expand its
portfolio in the most prolific geology in the country
2017 Accomplishments
• NEXUS pipeline construction is advancing in Michigan and
on track for late 3Q in-service date
‒ Right-of-way clearing and compressor station work is
well underway
• Bluestone pipeline and gathering achieved a 1.0 Bcf/d
delivery milestone
2018 Growth
• NEXUS finalizing agreements with two new industrial
customers
• Link executed gathering and transport agreement with a
producer, doubling its capacity
• Precedent agreement signed with APV Renaissance for
lateral pipeline to connect to new power plant
• Expanding Bluestone pipeline by 0.1 Bcf/d
19
Power & Industrial Projects continues growing
industrial energy and renewables businesses
2017 Accomplishments
2018 Growth
• Incremental earnings of ~$15 million from new projects
achieves one-third of the 5-year goal
‒ Completed agreement with Ford Motor Company to
build, own, and operate large-scale central energy plant
‒ Acquired two RNG (renewable natural gas) projects
• Late stage negotiations on large scale cogeneration project
‒ Advancing discussion on five additional opportunities
• Finalizing agreement on new RNG project
‒ Four additional projects in advanced development
• Continuing strong progress toward long-term growth goal
20
• Strong 2017 results continue track record of 9th consecutive year of exceeding
original guidance
• Tax reform is good for customers, accretive for shareholders
‒ Provides lower rates for customers of ~3%
‒ Increases 2018 operating EPS* guidance midpoint by $0.10, serving as new
base for 5% - 7% growth target through 2022
• Investment in utility and non-utilities fuel future growth
• A strong BBB balance sheet remains a mainstay
• Our dividend growth target is 7% annually through 2020**
• Total shareholder return has outpaced utility indices on strong stock
performance and a growing dividend
Summary
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval
21
DTE Energy Investor Relations
www.dteenergy.com/investors
(313) 235-8030
Contact us
22
Appendix
23
DTE Energy’s debt maturities and credit ratings
2018 2019 2020
DTE Electric $0 $0 $632
DTE Gas 100 120 50
DTE Energy 0 1,375 0
Total $100 $1,495 $682
Long-term Debt Maturities
Credit Ratings*
DTE Electric
A / Aa3 / A+
DTE Gas
A / Aa3 / A
DTE Energy
BBB / Baa1 / BBB+
* Senior secured debt ratings for DTE Electric and DTE Gas and senior unsecured debt ratings for DTE Energy. Ratings shown in order of S&P / Moody’s / Fitch
(millions)
24
Transitioning portfolio to cleaner more sustainable
generation by reducing CO2 emissions
River
Rouge
Trenton
Channel
Belle
River
MonroePlanned
Retiremen
ts*
*
2020 2030 2040 2050
Planned
ad
d
iti
o
ns**
*
St.
Clair
CO2
reduction
plan*
30% by ~2022 45% by 2030 75% by 2040 > 80% by 2050
** ~3,300 MW retired between 2020-2030 and ~3,100 MW retired by 2040
*** ~4,000 MW of renewable and ~3,500 MW of natural gas capacity
A steady march toward zero-emitting and low-emitting resources
* CO2 percentage reductions from 2005 levels
25
DTE is committed to producing cleaner energy
2005 2020s 2030 2040 2050
Carbon emissions
reduction goals
-30%
-45%
-75% >-80%
Over 10% of DTE Electric energy supply is
from renewable energy sources
Generated more than 3.6 million MWh
of renewable electricity in 2017
26
DTE GasDTE Electric
• General rate case - November 2017 (U-18999)
– Requested rate recovery: $85 million;
10.5% ROE
– Final order by September 2018
• Rate cases 2-3 years
• General rate case - April 2017 (U-18255)
– Requested rate recovery: $231 million; 10.5%
ROE
Self implementation $125 million
November 1, 2017
Final order by April 2018
• Capacity charge case - April 2017 (U-18248)
– MPSC staff report March 2018
– Utility capacity charge September 2018
• 5 year draft electric distribution plan - June 2017
(U-18014)
– Final plan filed January 2018
• Certificate of necessity filing - July 2017 (U-18419)
– MPSC to respond May 2018
• Annual rate cases 2018+
DTE Electric and DTE Gas regulatory update
27
Expanding strategic footprint in the most prolific
dry gas geology in the country
Link Lateral
& Gathering
Bluestone
Mid-Atlantic &
LNG
Southeast
Northeast
Midwest
Michigan
Gathering
Birdsboro
Ontario
Market
Gulf
28
15.4 16.3
20.9
23.4 24.9
2014 2015 2016 2017 2018E
Housing Start Ups
(000s)
Lowest unemployment in
Michigan since 2000
7th top state for business*
$412
$424 $434
$447
$458
2014 2015 2016 2017 2018E
Gross State Product
(billions)
7th best state to make a living
in 2016***
* Source: CNBC
** Source: U.S. Department of Labor
7.1%
5.4% 4.9% 4.4% 4.0%
2014 2015 2016 2017 2018E
Unemployment Rate
*** Source: Forbes
Positive trends continue with Michigan’s economy
Michigan has the highest
number of manufacturing jobs
since 2007**
Source: IHS
29
Reconciliation of 2017 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. 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.
Net Income (millions)*
DTE
Electric DTE Gas
Gas
Storage &
Pipelines
Power &
Industrial
Projects
Corporate
& Other
Growth
Segments
Energy
Trading
DTE
Energy
$606 $146 $275 $138 ($103) $1,062 $72 $1,134
10 10 10
6 3 9 9
(5) (115) (21) 34 (107) 2 (105)
7 7 7
(54) (54)
$617 $149 $160 $124 ($69) $981 $20 $1,001
After tax items:
PSCR disallowance
2017
Certain mark-to-market transactions
Reported Earnings
System implementation costs
Deferred tax remeasurement
Impairment
EPS
DTE
Electric DTE Gas
Gas
Storage &
Pipelines
Power &
Industrial
Projects
Corporate
& Other
Growth
Segments
Energy
Trading
DTE
Energy
$3.38 $0.81 $1.53 $0.77 ($0.57) $5.92 $0.40 $6.32
0.06 0.06 0.06
0.03 0.02 0.05 0.05
(0.03) (0.64) (0.12) 0.20 (0.59) 0.01 (0.58)
0.04 0.04 0.04
(0.30) (0.30)
$3.44 $0.83 $0.89 $0.69 ($0.37) $5.48 $0.11 $5.59
2017
Operating Earnings
After tax items:
PSCR disallowance
Certain mark-to-market transactions
Reported Earnings
System implementation costs
Deferred tax remeasurement
Impairment
Operating Earnings
* Total tax impact of adjustments to reported earnings: ($17 million)
30
Reconciliation of reported to operating earnings
Full Year 2007, 2012 and 2014
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.
** 2007 operating adjustments of $211 million and $17 million, or $1.23 and $0.10 diluted earnings per share, related to the Antrim sale and Barnett impairment, respectively.
* Total tax impact of adjustments to reported earnings: 2007: ($254 million), 2012: $35 million, 2014: ($58 million)
2007 2012 2014 2007 2012 2014
DTE Energy Report Earnings 971$ 610$ 905$ 5.70$ 3.55$ 5.10$
DTE Electric
Detroit Thermal loss reserve 17 0.10
Regulatory asset surcharge 6 0.04
DTE Gas
Performance Excellence Process 6 0.04
GCR disallowance 6 0.03
Gas Storage & Pipelines
Power & Industrial Projects
Performance Excellence Process 1 -
Sale of joint venture - Crete (5) (0.03)
Coke oven gas settlement 7 0.04
Chicago Fuels Terminal sale 2 0.01
Pet coke mill impairment 1 0.01
Energy Trading
Antrim sale 21 0.12
Certain mark-to-market transactions (102) (0.57)
Corporate & Other
Antrim sale (566) (3.31)
Investment impairment 5 0.03
NY state tax law change 8 0.04
Discontinued operations
Synfuel (205) (1.20)
Unconventional Gas Production** 228 56 1.33 0.33
DTE Energy Operating Earnings 480$ 676$ 816$ 2.82$ 3.94$ 4.60$
EPSNet Income (millions)*
31
Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-
market adjustments and discontinued operations. 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 (i.e. future non-recurring items, certain mark-to-
market adjustments and discontinued operations). These items may fluctuate significantly from period to
period and may have a significant impact on reported earnings.
Reconciliation of reported to operating earnings
(non-GAAP)