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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 10, 2022

dte-20220210_g1.jpg
Commission File Number: 1-11607
DTE Energy Company
Michigan38-3217752
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Commission File Number: 1-2198
DTE Electric Company
Michigan38-0478650
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1279
Registrants telephone number, including area code: (313) 235-4000

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))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on which Registered
Common stock, without par value
DTE
New York Stock Exchange
2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
New York Stock Exchange
2019 6.25% Corporate UnitsDTP
New York Stock Exchange
2020 Series G 4.375% Junior Subordinated Debentures due 2080DTB
New York Stock Exchange
2021 Series E 4.375% Junior Subordinated Debentures due 2081DTGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



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 February 10, 2022, announcing financial results for the year ended December 31, 2021. A copy of the earnings release and the slide presentation, including supplemental financial information, are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued February 10, 2022. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2022 operating earnings guidance. It is likely that certain items that impact the company's 2022 reported results will be excluded from operating results. Reconciliations to the comparable 2022 reported earnings guidance are 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.

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, 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 they 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.

(d) Exhibits
Earnings Release of DTE Energy Company dated February 10, 2022.
Slide Presentation of DTE Energy Company dated February 10, 2022.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

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) 2021 Form 10-K (which section is 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.



SIGNATURES

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: February 10, 2022
DTE ENERGY COMPANY
(Registrant)
/s/David Ruud
David Ruud
Senior Vice President and Chief Financial Officer

DTE ELECTRIC COMPANY
(Registrant)
/s/David Ruud
David Ruud
Senior Vice President and Chief Financial Officer


Exhibit 99.1
image_0.jpg

DTE Energy reports strong 2021 financial results; well-positioned for 2022

Focus on customers, infrastructure and the environment continues

•Reaffirmed commitments to most vulnerable customers during winter months
•Increased wind and solar generation by 40%
•Grew voluntary renewable program to over 1,000 MW and 48,000 residential customers, avoiding more than 418,000 tons of carbon emissions
•Accelerated cessation of coal use at Belle River Power Plant, advancing DTE’s emissions reduction goal
•Received regulatory approval to further modernize natural gas infrastructure
•Led the Midwest in residential and business gas satisfaction
•Named “Corporation of the Year” for minority supplier procurement
•Invested $2.2 billion with Michigan-based companies, supporting Michigan’s economy and growing jobs

DETROIT, Feb. 10, 2022 - DTE Energy (NYSE:DTE) today reported 2021 earnings for the year of $907 million, or $4.67 per diluted share, compared with $1.4 billion, or $7.08 per diluted share in 2020.

2021 operating earnings for the year were $1.2 billion, or $5.99 per diluted share, compared with 2020 operating earnings of $1.1 billion, or $5.61 per diluted share. Operating earnings per share for the year beat the company’s original 2021 guidance midpoint of $5.51. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.

“Whether it was caring for our most vulnerable customers, improving our infrastructure, or advancing our environmental goals, we continued to make significant advances in our performance in 2021,” said Jerry Norcia, DTE Energy President and CEO. “Overall, we are positioned for a better future for our customers while addressing the realities of the pandemic and severe weather head-on.”

Norcia noted the following accomplishments:

Reaffirmed commitment to help most vulnerable customers during winter months – Among the first companies to make a commitment to the White House in November to expedite assistance to prevent shutting off service for Americans applying for aid. DTE Energy continued to partner with the Michigan Department of Health and Human Services to directly apply Low Income Home Energy Assistance Program and COVID Emergency Rental Assistance financial aid to the accounts of eligible customers.

Partnered with General Motors and the state of Michigan to support a commitment to accelerate an all-electric future – GM announced an investment of more than $7 billion in four Michigan manufacturing sites, creating 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity.

Increased renewable energy generation capacity by 40% – With a new solar park and the addition of three wind parks, DTE added 535-megawatts of renewable energy in 2021. The company’s 50-plus


wind and solar parks generate enough clean energy to power nearly 700,000 Michigan homes or 15% of all Michigan homes.

Grew voluntary renewable program, MIGreenPower, to over 1,000 MW and 48,000 residential subscribers – Henry Ford Health Systems and the Detroit-Windsor Tunnel joined 450 business customers in the program. Subscribers this year helped avoid more than 418,000 tons of carbon emissions.

Retired the River Rouge coal-fired power plant – Beginning commercial operation in 1958, the plant served as a hub for economic development and community investment, providing power to industry and residents while supporting 300 jobs at its peak.

Announced cessation of coal use at the Belle River Power Plant by the end of 2028 – This will allow DTE to achieve its 50% carbon emissions reduction goal by 2028, faster than planned, and move the company closer to its goal of achieving net zero carbon emissions.

Received approval to further modernize natural gas infrastructure – The Michigan Public Service Commission approved an annual revenue increase of $84 million, which will allow the company’s Gas Renewal Program to stay on pace to replace 200 miles of aging pipelines annually, helping to reduce methane emissions.

Led the Midwest in customer satisfaction – DTE was ranked highest in customer satisfaction with natural gas residential and business customers in the Midwest in J.D. Power’s 2021 study.

Successfully spun off DT Midstream – The new, independent company is a premier natural gas pipeline, storage and gathering provider. DT Midstream began trading on the New York Stock Exchange on July 1.

Selected as Corporation of the Year – DTE was selected from among hundreds of other businesses as 2021 Corporation of the Year by the National Minority Supplier Development Council. The council recognizes corporations, suppliers and executives who support minority owned businesses.

Ranked as one of the country's top corporate citizens by Points of Light – One of two Michigan companies named to the Civic 50 – the top 50 companies nationwide in corporate citizenship – by Points of Light, the world's largest organization dedicated to volunteer service.

Supported job creation with Michigan businesses – Invested $2.2 billion in 2021 with Michigan-based companies, exceeding DTE’s commitment to the Pure Michigan Business Connect local supplier initiative. The company has invested more than $15 billion in the 12-year effort and has supported the creation of thousands of Michigan jobs.


DTE increases 2022 operating EPS guidance range from $5.70 - $5.97 to $5.80 - $6.00. Increased guidance midpoint of $5.90 per share provides 7% growth from 2021 original guidance.

“DTE delivered strong financial results in 2021 at both our utility and non-utility businesses while continuing significant investment in reliability and infrastructure improvements,” said David Ruud, DTE Energy Senior Vice President and CFO. “The company is in a great position to achieve our financial goals in 2022 and over the longer-term.”

This earnings announcement and presentation slides are available at dteenergy.com/investors.

The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The


telephone dial-in numbers in the U.S. and Canada toll free are: (888) 510-2008 or international toll (646) 960-0306. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Thursday, March 10. To access the replay, dial U.S. and Canada toll free (800) 770-2030 or international toll (647) 362-9199 and enter the passcode 4987588.

About DTE Energy
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 an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio also includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and DTE Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.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 2021 and 2022 operating earnings guidance. It is likely that certain items that impact the company's 2021 and 2022 reported results will be excluded from operating results. Reconciliations to the comparable 2021 and 2022 reported earnings guidance are 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.
The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “would,” “projected,” “aspiration,” “plans” 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 document contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially.

Many factors impact forward-looking statements including, but not limited to, the following: risks related to the spin-off of DT Midstream, including that providing DT Midstream with transition services could adversely affect our business, and that the transaction may not achieve some or all of the anticipated benefits; the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, 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; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in the international steel markets and in prices of environmental attributes generated from renewable natural gas investments on DTE Vantage’s (formerly Power and Industrial Projects) operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather including climate change, 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, store power or reduce power consumption; changes in the financial condition of 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; impacts of inflation and 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, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages; 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; successful execution of new business development and future growth goals; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve net zero emissions goal; and the risks discussed in DTE Energy’s 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 document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.


For further information, members of the media may call:
Pete Ternes, DTE Energy, 313.235.5555

For further information, analysts may call:
Barbara Tuckfield, DTE Energy, 313.235.1018
John Dermody, DTE Energy, 313.235.8750




DTE Energy Company
Segment Net Income (Unaudited)
Three Months Ended December 31,
20212020
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric$76 $— $— $76 $102 $— $— $102 
DTE Gas68 — — 68 84 — — 84 
Non-utility operations
DTE Vantage53 (17)A5 41 32 22 D(6)48 
Energy Trading90 (115)B29 4 31 (36)B10 5 
Non-utility operations143 (132)34 45 63 (14)4 53 
Corporate and Other14 — — 14 (39)— — (39)
Continuing Operations301 (132)34 203 210 (14)4 200 
Discontinued Operations5 (5)C— — 65 (65)C— — 
Net Income Attributable to DTE Energy Company$306 $(137)$34 $203 $275 $(79)$4 $200 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) Reversal of deferred revenue upon terminating a supply contract with a steel industry customer and settling all outstanding claims — recorded in Operating Revenues — Non-utility operations
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
C) Discontinued operations of DT Midstream, including transactions costs related to the separation and tax-related adjustments
D) Settlement charge relating to a non-regulated qualified pension plan — recorded in Other (Income) and Deductions — Non-operating retirement benefits, net


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Three Months Ended December 31,
20212020
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric$0.39 $— $— $0.39 $0.53 $— $— $0.53 
DTE Gas0.35 — — 0.35 0.43 — — 0.43 
Non-utility operations
DTE Vantage0.28 (0.09)A0.03 0.22 0.16 0.11 D(0.02)0.25 
Energy Trading0.46 (0.59)B0.15 0.02 0.16 (0.19)B0.05 0.02 
Non-utility operations0.74 (0.68)0.18 0.24 0.32 (0.08)0.03 0.27 
Corporate and Other0.07 — — 0.07 (0.20)— — (0.20)
Continuing Operations1.55 (0.68)0.18 1.05 1.08 (0.08)0.03 1.03 
Discontinued Operations0.02 (0.02)C— — 0.34 (0.34)C— — 
Net Income Attributable to DTE Energy Company$1.57 $(0.70)$0.18 $1.05 $1.42 $(0.42)$0.03 $1.03 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations.
Adjustments key — see previous page



DTE Energy Company
Segment Net Income (Unaudited)
Twelve Months Ended December 31,
20212020
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
(In millions)
DTE Electric$864 $— $— $864 $777 $35 I$(9)$813 
13 J(3)
DTE Gas214 — — 214 186 11 I(3)196 
2 J— 
Non-utility operations
DTE Vantage168 27 A(7)176 134 22 K(6)150 
(17)B5 
Energy Trading(83)180 C(45)52 36 4 C(1)39 
Non-utility operations85 190 (47)228 170 26 (7)189 
Corporate and Other(367)— 8 D(145)(79)— (34)L(113)
7 E6 
376 F(90)
— (85)G
Continuing Operations796 573 (208)1,161 1,054 87 (56)1,085 
Discontinued Operations111 (111)H— — 314 (314)H— — 
Net Income Attributable to DTE Energy Company$907 $462 $(208)$1,161 $1,368 $(227)$(56)$1,085 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
Adjustments key
A) Impairment of long-lived assets for the closure of a pulverized coal facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net
B) Reversal of deferred revenue upon terminating a supply contract with a steel industry customer and settling all outstanding claims — recorded in Operating Revenues — Non-utility operations
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility
D) Adjustment to Income Tax Expense due to a tax law change in West Virginia
E) One-time expenses resulting from the separation of DT Midstream other than direct transaction costs — recorded in Other (Income) and Deductions — Interest Expense and Income Tax Expense
F) Premiums and other costs incurred to early retire long-term debt, using proceeds from DT Midstream's repayment of short-term borrowings and one-time special dividend — recorded in Other (Income) and Deductions — Loss on extinguishment of debt
G) State tax benefit resulting from the remeasurement of deferred taxes following the separation of DT Midstream — recorded in Income Tax Expense
H) Discontinued operations of DT Midstream, including transactions costs related to the separation and tax-related adjustments
I) MPSC disallowance of capital expenses previously recorded in 2018 and 2019 related to incentive compensation — recorded in Operating Expenses — Asset (gains) losses and impairments, net
J) Shift premiums and other incremental costs associated with the sequestration of employees critical to continued operations due to COVID-19 — recorded in Operating Expenses — Operating and maintenance
K) Settlement charge relating to a non-regulated qualified pension plan — recorded in Other (Income) and Deductions — Non-operating retirement benefits, net
L) Reduction to Income Tax Expense resulting from carrying back 2018 net operating losses to 2013 pursuant to CARES Act


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
Twelve Months Ended December 31,
20212020
Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings		Reported
Earnings		Pre-tax Adjustments
Income
Taxes(1)
Operating
Earnings
DTE Electric$4.46 $— $— $4.46 $4.03 $0.18 I$(0.05)$4.21 
0.07 J(0.02)
DTE Gas1.10 — — 1.10 0.96 0.06 I(0.02)1.01 
0.01 J— 
Non-utility operations
DTE Vantage0.87 0.14 A(0.04)0.91 0.69 0.11 K(0.02)0.78 
(0.09)B0.03 — — 
Energy Trading(0.43)0.93 C(0.23)0.27 0.19 0.02 C(0.01)0.20 
Non-utility operations0.44 0.98 (0.24)1.18 0.88 0.13 (0.03)0.98 
Corporate and Other(1.90)— 0.04 D(0.75)(0.42)— (0.17)L(0.59)
0.04 E0.03 
1.94 F(0.46)
— (0.44)G
Continuing Operations4.10 2.96 (1.07)5.99 5.45 0.45 (0.29)5.61 
Discontinued Operations0.57 (0.57)H— — 1.63 (1.63)H— — 
Net Income Attributable to DTE Energy Company$4.67 $2.39 $(1.07)$5.99 $7.08 $(1.18)$(0.29)$5.61 
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments.
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations.
Adjustments key — see previous page


D T E 2 0 2 1 Y E A R - E N D E A R N I N G S C O N F E R E N C E C A L L F E B R U A R Y 1 0 , 2 0 2 2 EXHIBIT 99.2

 
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “would,” “projected,” “aspiration,” “plans” 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 document contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially. Many factors impact forward-looking statements including, but not limited to, the following: risks related to the spin-off of DT Midstream, including that providing DT Midstream with transition services could adversely affect our business, and that the transaction may not achieve some or all of the anticipated benefits; the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, 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; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in the international steel markets and in prices of environmental attributes generated from renewable natural gas investments on DTE Vantage’s (formerly Power and Industrial Projects) operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather, including climate change, 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, store power or reduce power consumption; changes in the financial condition of 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; impacts of inflation and 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, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages; 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; successful execution of new business development and future growth goals; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve net zero emissions goals; and the risks discussed in DTE Energy’s 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 document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.

 
Participants 3 Jerry Norcia – President and CEO Dave Ruud – Senior Vice President and CFO Barbara Tuckfield – Director Investor Relations

 
Focusing on our team, customers and communities while delivering for investors 4 Our Team Ensuring the health and safety of our employees Named to the Best and Brightest Companies to Work For in Metropolitan Detroit for 16 consecutive years Customers Addressing our customers’ most vital needs Ranked first by J.D. Power for both residential and business customer satisfaction at DTE Gas Communities Providing safe, reliable and cleaner energy Recognized as 2021 Corporation of the Year by the National Minority Supplier Development Council Investors Delivering premium shareholder returns Successful spin of DTM unlocked value for shareholders Exceeded original guidance midpoint for 13th consecutive year

 
Delivered strong financial results in 2021 and well-positioned for growth in 2022 and beyond 51. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix ✓ Strong 2021 operating EPS1 exceeded high end of guidance ✓ Successful spin of DTM ✓ Raising 2022 operating EPS guidance range to $5.80 - $6.00; revised guidance midpoint of $5.90 per share provides 7% growth from 2021 original guidance midpoint ✓ Reaffirming 5% - 7% operating EPS growth through 2026 ✓ 7% dividend growth extended to 2022, consistent with high end of operating EPS growth target ✓ Utility 5-year capital investment is $1 billion higher than previous plan; over $40 billion investment plan over the 10-year period ✓ Strategic focus on decarbonization at DTE Vantage supporting a cleaner economy 7.2% 7.0% 7.0% 5.9% 5.6% 2.4% DTE Midwest pure-play peers Historical operating EPS growth highest among Midwest pure-play utility peers 2010 – 2020 operating EPS CAGR Operating EPS guidance provides 7% growth $5.13 $5.51 $5.84 2020 2021 2022 Original guidance midpoint Revised guidance midpoint $5.90

 
$7 $8 $5 $4 $2 $3 2021 - 2025 prior plan 2022 - 2026 current plan DTE Electric: transformational investments in generation and distribution provide customers cleaner, more reliable energy 6 Distribution infrastructure Base infrastructure Cleaner generation $14 DTE Electric investment plan (billions) $15 Achieved operational successes in 2021 • Announced accelerated carbon reduction plan − Ceasing coal use at Belle River Power Plant and reducing carbon emissions by 50% by 2028, two years earlier than originally planned • Expanded voluntary renewables program, one of the largest in the nation • Began testing phase at Blue Water Energy Center Focusing on the grid of the future and continued decarbonization efforts • Filing updated IRP in October, one year earlier than planned • Evaluating the opportunity to exit coal use at Monroe Power Plant earlier than 2040 • Investing in the grid of the future to ensure best-in-class performance Maintaining affordability while modernizing the grid and improving reliability • Filed first general rate case at DTE Electric in almost 3 years • Implemented innovative regulatory strategies to keep base rates flat

 
Building the grid of the future and clean energy transformation creates $35 billion of investment opportunity over the next 10 years 1. Examples include combined cycle plant with carbon capture and storage and hydrogen 2. Excludes underlying macroeconomic conditions including energy efficiency programs 7 ~$35 Robust investment opportunities for the grid of the future to improve reliability and provide additional capacity • Hardening the system with circuit rebuilds, new poles, cables and transformers • Rebuilding sub-transmission and substations for increased capacity and reliability • Technology and automation driving down outages and their duration Accelerating the cessation of coal use drives replacement investment • Renewable resources, short and long duration storage, demand response and dispatchable resources1 Preparing for increased pace of electric vehicle adoption that drives load growth and the need for additional grid reliability investment • General Motors recently announced a $7 billion investment that secures its commitment to accelerate an all-electric future − Includes a $4 billion investment in our service territory to convert GM’s Orion Township assembly plant to produce full-size electric pick-up trucks DTE Electric 10-year investment plan (billions) 0 2,000 4,000 6,000 2020 2025 2030 2035 2040 DTE Electric load from vehicle electrification2 (GWh)

 
$1.6 $1.6 $1.4 $1.5 2021 - 2025 prior plan 2022 - 2026 current plan DTE Gas: replacing aging infrastructure to reduce greenhouse gas emissions 8 $3.0 $3.1+ Achieved operational successes in 2021 • Announced CleanVision Natural Gas Balance Program and reached 5,300 customers within the first year • Finished first phase of major transmission renewal project in Northern Michigan Focusing on continued infrastructure renewal efforts • Completing second and third phases of major transmission renewal project in Northern Michigan • Continuing main renewal program with target of 200 miles in 2022 DTE Gas investment plan (billions) Main renewal Base infrastructure Additional opportunity Over $6 billion investment plan over the next 10 years

 
DTE Vantage: operating earnings1 derived from cleaner energy-related projects 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 2. Renewables includes wood and landfill gas facilities and new carbon capture and storage projects 9 Renewable natural gas (RNG) • Commenced construction on new South Dakota RNG project, new Wisconsin RNG project and secured additional project in New York • Converting Michigan-based landfill gas project to RNG • One of the largest dairy RNG suppliers based on installed capacity • Strong market growth supported by the federal Renewable Fuel Standard and California’s Low Carbon Fuel Standard; future demand from additional states pursuing low carbon fuel standards Industrial energy services • Long-term contracted, utility-like projects • Uniquely positioned to capitalize on a growing preference for efficient energy with opportunity to implement power and steam cogeneration systems Exploring additional decarbonization opportunities • Well-positioned to develop future carbon capture and storage projects $1.0 - $1.5 billion capital investment 2022 - 2026 2022 revised guidance 2026E Industrial energy services Other RNG/renewables2 $90 - $95 $160 - $170 DTE Vantage operating earnings (millions)

 
2020 2021 Variance Primary drivers DTE Electric $813 $864 $51 Rate implementation and higher sales partially offset by higher O&M and rate base costs DTE Gas 196 214 18 Rate implementation partially offset by higher O&M and rate base costs DTE Vantage 150 176 26 Higher RNG earnings Energy Trading 39 52 13 Gas portfolio performance Corporate & Other (113) (145) (32) Interest and taxes DTE Energy $1,085 $1,161 $76 Operating EPS from continuing operations $5.61 $5.99 $0.38 Avg. Shares Outstanding 193 194 2021 operating earnings1 variance 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 10 (millions, except EPS)

 
2022 original guidance 2022 revised guidance DTE Electric $915 - $929 $918 - $932 DTE Gas 227 - 237 232 - 238 DTE Vantage 85 - 95 90 - 95 Energy Trading 15 - 25 15 - 25 Corporate & Other (127) - (117) (120) - (115) DTE Energy $1,115 - $1,169 $1,135 - $1,175 Operating EPS1 from continuing operations $5.70 - $5.97 $5.80 - $6.00 Raising 2022 guidance midpoint to $5.90 per share; 7% growth from 2021 original guidance midpoint 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix (millions, except EPS) 11

 
Maintaining strong cash flow, balance sheet and credit profile 1. Funds from Operations (FFO) is calculated using operating earnings 2. 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 3. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 12 $0.0 - $0.1 $1.3 Convertible equity units Planned equity issuances 2022 - 2024 (billions) 2022 2023 2024 $1.3 - $1.5 $1 billion utility capital investment increase with minimal equity issuances in the 5-year plan Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A $0.0 - $0.1 • Expect minimal equity issuances outside of convertible equity units • Strong investment-grade credit rating − Targeting ~16% FFO1 / Debt2 • Increased 2022 annualized dividend 7% to $3.54 per share • Completed liability management plan following spin of the midstream business − Retired $2.6 billion of long-term debt with funds from DTM’s debt issuance − NPV positive, immediately operating EPS3 accretive and supports long-term growth

 
Delivered strong results in 2021; well-positioned for long-term growth 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix ✓ Continued focus on our team, customers and communities ✓ Strong results across all business lines in 2021 ✓ Raising 2022 operating EPS1 guidance range; increased midpoint provides 7% growth from 2021 original guidance midpoint ✓ Robust investment plan focused on cleaner generation, reliability and infrastructure renewal ✓ Reaffirming 5% - 7% operating EPS growth through 2026 13

 
VISIT US: DTE INVESTOR RELATIONS 2021 ESG REPORT

 
15 Appendix

 
Weather impact on sales 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 16 2020 2021 % Change Actuals 961 1,028 7% Normal 875 875 0% Deviation from normal 10% 17% (millions) (per share) 4Q YTD 4Q YTD 2020 ($6) $21 ($0.03) $0.11 2021 $1 $32 $0.01 $0.17 Cooling degree days Operating earnings1 impact of weather Weather normal sales (GWh) 2020 2021 % Change Residential 16,077 16,122 0% Commercial 18,182 19,038 5% Industrial 9,716 10,066 4% Other 221 216 (2%) 44,196 45,442 3% DTE Electric 4Q 2020 4Q 2021 % Change 2020 2021 % Change Actuals 2,100 1,935 (8%) 6,082 5,845 (4%) Normal 2,205 2,191 (1%) 6,389 6,323 (1%) Deviation from normal (5%) (12%) (5%) (8%) (millions) (per share) 4Q YTD 4Q YTD 2020 ($7) ($19) ($0.04) ($0.10) 2021 ($12) ($23) ($0.06) ($0.12) Heating degree days Operating earnings impact of weather DTE Gas Note: As recommended by the MPSC in conjunction with the company’s previous IRP filing, beginning in 2021 DTE Electric moved from a 30-year weather strip to a 15-year rolling average weather strip to calculate normal weather patterns. 2020 numbers for DTE Electric have been restated to reflect the 15-year rolling average method. DTE Gas continues to use a 15-year rolling average method.

 
2021 Cash from operations1 $3.1 Capital expenditures (3.9) Free cash flow ($0.8) Dividends (0.8) Other (0.2) Net cash ($1.8) Debt financing Impacts to continuing operations Issuances $2.2 Redemptions (0.9) Impacts due to spin of DTM DTM distribution 3.0 Spin-related redemptions2 (3.0) Total debt financing $1.3 Change in cash on hand ($0.5) 2021 cash flow and capital expenditures 17 2021 DTE Electric Base infrastructure $867 New generation 870 Distribution infrastructure 1,275 $3,012 DTE Gas Base infrastructure $318 Main renewal 303 $621 Non-utility $221 Total $3,854 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs 2. Includes $0.4 billion of debt breakage fees

 
2022 guidance Cash from operations1 $2.6 Capital expenditures (3.7) Free cash flow ($1.1) Dividends (0.7) Other (0.1) Net cash ($1.9) Debt financing Issuances $3.5 Redemptions (2.9) Total debt financing $0.6 Equity financing2 $1.3 Total financing $1.9 2022 cash flow and capital expenditures guidance 18 2022 guidance DTE Electric Base infrastructure $1,170 New generation 210 Distribution infrastructure 1,305 $2,685 DTE Gas Base infrastructure $355 Main renewal 315 $670 Non-utility $300 - $400 Total $3,655 - $3,755 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs 2. Convertible equity units related to the 2019 midstream acquisition

 
Environmental, social and governance efforts are key priorities; aspiring to be the best in the industry 19 • Transitioning towards net zero emissions at both utilities • Accelerating transition to cleaner generation • Protecting our natural resources Environment Social Governance • Focusing on the oversight of environmental sustainability, social and governance • Ensuring board diversity • Providing incentive plans tied to safety and customer satisfaction targets • Focusing on the diversity, safety, well-being and success of employees • Revitalizing neighborhoods and investing in communities • Leader in volunteerism Outperforming industry average in ESG metrics; AA score from MSCI and top quartile for Sustainalytics

 
Continuing to evaluate the cessation of coal use to further accelerate decarbonization plan 20 • Stakeholder engagement has started and will provide meaningful input into our detailed plan to ensure our goals of clean, reliable and affordable energy are achieved • Details of the plan and associated investments will be provided with the filing of the Clean Vision Plan (IRP) in October 2022 2021 204020302022 MonroeBelle River Trenton Channel St. Clair River Rouge 2028 Belle River Accelerating cessation of coal use from 2030 to 2028 Evaluating cessation of coal use earlier than 2040

 
2020 - 2021 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments 2. Per share amounts are divided by Weighted Average Common Shares Outstanding – Diluted, as noted on the Consolidated Statements of Operations 21 Adjustments key on following slide (Earnings per share2) 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.

 
Adjustments key A) Impairment of long-lived assets for the closure of a pulverized coal facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net B) Reversal of deferred revenue upon terminating a supply contract with a steel industry customer and settling all outstanding claims — recorded in Operating Revenues — Non-utility operations C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility D) Adjustment to Income Tax Expense due to a tax law change in West Virginia E) One-time expenses resulting from the separation of DT Midstream other than direct transaction costs — recorded in Other (Income) and Deductions — Interest Expense and Income Tax Expense F) Premiums and other costs incurred to early retire long-term debt, using proceeds from DT Midstream's repayment of short-term borrowings and one-time special dividend — recorded in Other (Income) and Deductions — Loss on extinguishment of debt G) State tax benefit resulting from the remeasurement of deferred taxes following the separation of DT Midstream — recorded in Income Tax Expense H) Discontinued operations of DT Midstream, including transactions costs related to the separation and tax-related adjustments I) MPSC disallowance of capital expenses previously recorded in 2018 and 2019 related to incentive compensation — recorded in Operating Expenses — Asset (gains) losses and impairments, net J) Shift premiums and other incremental costs associated with the sequestration of employees critical to continued operations due to COVID-19 — recorded in Operating Expenses — Operating and maintenance K) Settlement charge relating to a non-regulated qualified pension plan — recorded in Other (Income) and Deductions — Non-operating retirement benefits, net L) Reduction to Income Tax Expense resulting from carrying back 2018 net operating losses to 2013 pursuant to CARES Act 2020 - 2021 reconciliation of reported to operating earnings (non-GAAP) and operating EPS (non-GAAP) 22

 
Reconciliation of reported to operating earnings (non-GAAP) 23 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.