Dte Energy Co 8-K, filed Apr 28, 2022
Dte Energy Co (DTE)
8-K
2022-04-28
For: 2022-04-28
View Original
Added on
April 10, 2026
About this 8-K
Dte Energy Co filed this 8-K on April 28, 2022.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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): April 28, 2022
Commission File Number: 1-11607
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Commission File Number: 1-2198
| (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:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
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 April 28, 2022, announcing financial results for the quarter ended March 31, 2022. 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 April 28, 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 April 28, 2022. | |||||
| Slide Presentation of DTE Energy Company dated April 28, 2022. | |||||
| 104 | Cover 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 and 2022 Form 10-Q (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: April 28, 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
DTE Energy reports strong first quarter 2022 results
•Recognized as a Gallup Great Workplace for 10th consecutive year
•Achieved nearly 500 business and more than 50,000 residential MIGreenPower subscribers
•Improved EV access in Detroit through Lyft partnership
•Advanced Scope 3 gas emissions reduction goal by a full decade
•DTE Foundation granted nearly $3.5 million to nonprofit organizations supporting equity, social justice and environmental projects
DETROIT, April 28, 2022 – DTE Energy (NYSE:DTE) today reported first quarter 2022 earnings of $394 million, or $2.03 per diluted share, compared with $397 million, or $2.05 per diluted share in 2021.
Operating earnings for the first quarter 2022 were $448 million, or $2.31 per diluted share, compared with 2021 operating earnings of $389 million, or $2.00 per diluted share. 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.
“We are off to a strong start in 2022,” said Jerry Norcia, DTE Energy president and CEO. “In addition to a good start on the financial front, I am proud of our ongoing commitment to environmental sustainability, our focus on employee engagement and safety, and the strong progress in serving our customers and our communities.”
Norcia noted the following accomplishments:
•Recognized as a Gallup Great Workplace for 10th consecutive year: DTE was recognized by Gallup for the 10th year in a row as a workplace with exceptionally high employee engagement – in the top decile of Gallup’s worldwide database of companies.
•Achieved nearly 500 business and more than 50,000 residential MIGreenPower subscribers: The program is one of the country’s largest voluntary renewable energy programs and will be adding thousands of megawatts from new solar projects to meet customer demand.
•Improved electric vehicle (EV) accessibility in Detroit: This program will incentivize drivers in DTE’s electric service territory to purchase or lease an EV for use on the Lyft network. Administered through DTE’s Charging Forward program, this partnership provides equitable access to EVs for everyone, while bringing more clean transportation to Southeast Michigan.
•Advanced Scope 3 gas emissions reduction goal by a full decade: Previously scheduled for 2050, advancements in greener technologies like green hydrogen, carbon capture and sequestration, renewable natural gas and engagement in
customer voluntary offset programs will enable the company to accelerate the goal of a 35% reduction in gas customer carbon emissions to 2040.
•Awarded $3.48 million in grants: The DTE Foundation funded eight Michigan-based organizations to support program development and create partnerships that support social justice and racial equity efforts. Through the Nature Conservancy, the Foundation also will fund several significant environmental programs throughout Michigan that will preserve, protect and enhance the state’s treasured natural habitats and species. This month the Foundation granted additional funding to seven organizations supporting programs that enhance natural resources in Michigan.
•Customers are receiving energy assistance at record levels: This assistance helps our most vulnerable customers sustain their service. Last year, more than 112,000 customers received over $119 million in energy assistance. This year, DTE customers are projected to receive $145 million.
Outlook for 2022
DTE Energy reaffirms 2022 operating EPS guidance of $5.80 - $6.00.
“We delivered strong first quarter financial results,” said David Ruud, DTE senior vice president and CFO. “We feel confident that we will achieve our financial targets in 2022 while making significant strides in our infrastructure investment plan.”
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 are toll free: (888) 510-2008 or international: (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 Saturday, May 28, 2022. 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 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 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.
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: 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 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 at our generation plants; 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 more information, members of the media may contact:
Pete Ternes: 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 March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric | $ | 201 | $ | — | $ | — | $ | 201 | $ | 208 | $ | — | $ | — | $ | 208 | |||||||||||||||||||||||||||||||||||||||||||
| DTE Gas | 196 | — | — | 196 | 169 | — | — | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage | 14 | — | — | 14 | 28 | — | — | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading | (9) | 72 | A | (18) | 45 | (55) | 92 | A | (23) | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 5 | 72 | (18) | 59 | (27) | 92 | (23) | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (8) | — | — | (8) | (30) | — | — | (30) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Continuing Operations | 394 | 72 | (18) | 448 | 320 | 92 | (23) | 389 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | — | — | — | — | 77 | (77) | B | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 394 | $ | 72 | $ | (18) | $ | 448 | $ | 397 | $ | 15 | $ | (23) | $ | 389 | |||||||||||||||||||||||||||||||||||||||||||
| (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) 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B) Discontinued operations of DT Midstream, including transactions costs related to the separation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Energy Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Electric | $ | 1.04 | $ | — | $ | — | $ | 1.04 | $ | 1.07 | $ | — | $ | — | $ | 1.07 | |||||||||||||||||||||||||||||||||||||||||||
| DTE Gas | 1.01 | — | — | 1.01 | 0.87 | — | — | 0.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DTE Vantage | 0.07 | — | — | 0.07 | 0.15 | — | — | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Trading | (0.05) | 0.37 | A | (0.09) | 0.23 | (0.28) | 0.47 | A | (0.12) | 0.07 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-utility operations | 0.02 | 0.37 | (0.09) | 0.30 | (0.13) | 0.47 | (0.12) | 0.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate and Other | (0.04) | — | — | (0.04) | (0.16) | — | — | (0.16) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Continuing Operations | 2.03 | 0.37 | (0.09) | 2.31 | 1.65 | 0.47 | (0.12) | 2.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | — | — | — | — | 0.40 | (0.40) | B | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to DTE Energy Company | $ | 2.03 | $ | 0.37 | $ | (0.09) | $ | 2.31 | $ | 2.05 | $ | 0.07 | $ | (0.12) | $ | 2.00 | |||||||||||||||||||||||||||||||||||||||||||
| (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 (Unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments key — see previous page | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
D T E 1 Q 2 0 2 2 E A R N I N G S C O N F E R E N C E C A L L A P R I L 2 8 , 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: 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 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 at our generation plants; 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 10th consecutive Gallup Great Workplace Award Customers Addressing our customers’ most vital needs Progressing on reliability initiatives to prepare for potential future severe weather and increased demand Communities Providing safe, reliable and cleaner energy and supporting our communities Enhancing job readiness through education and workforce development programs leading to energy jobs in Detroit and across Michigan Investors Delivering premium shareholder returns 2022 operating EPS1 guidance midpoint of $5.90 provides 7% growth from 2021 original guidance midpoint 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
Strong start to 2022 and well positioned for continued success 5 Achievements across all businesses • DTE Electric: filed first general rate case in almost 3 years; exceeded 50,000 residential customers in MIGreenPower voluntary renewable program • DTE Gas: accelerating 35% reduction target of Scope 3 customer emissions from 2050 to 2040; continued progress on main renewal; over 6,500 residential customers subscribed to Natural Gas Balance program • DTE Vantage: additional onsite energy and RNG projects online in 2H 2022 On track for successful 2022 • Strong year-to-date earnings; 1Q operating EPS1 of $2.31 • 2022 operating EPS guidance midpoint of $5.90 provides 7% growth from 2021 original guidance midpoint Well positioned for growth • $18 billion utility 5-year capital investment; over $40 billion investment plan over the 10-year period • 5% - 7% operating EPS growth through 2026 • Dividend growth in-line with operating EPS growth Operating EPS guidance $5.13 $5.51 $5.84 2020 2021 2022 Original guidance midpoint Revised guidance midpoint $5.90 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 5-year plan 10-year plan >$40 $18 Utility capital investment (billions) DTE Electric DTE Gas
Advancing on environmental initiatives to provide cleaner energy to our customers 6 77% 38% 25% - 30% 17% 20% 20% 2% 22% 20% - 25% 1% 16% 25% - 30% 3% 4% 4% 2005 2023E 2028E Coal Nuclear Natural gas Renewables Storage Cleaner generation mix1 (MWh %) 1. Generation mix represents one potential pathway and is subject to change Significant clean energy milestones in 2022 • Placing Blue Water Energy Center, DTE Electric’s 1,100 MW state-of-the-art natural gas plant, in service in 2Q • Retiring 1,560 MW of coal capacity with closing of St. Clair and Trenton Channel power plants • Filing IRP in October, one year earlier than originally planned Focusing on path to cleaner generation • Accelerating cessation of coal use at Belle River power plant from 2030 to 2028 • Evaluating cessation of coal use at Monroe power plant earlier than 2040 • Significant investment in renewable projects
2021 2022 Variance Primary drivers DTE Electric $208 $201 (7) Higher rate base costs and O&M partially offset by cooler weather and accelerated deferred tax amortization in 2022 DTE Gas 169 196 27 Rate implementation and cooler weather in 2022 partially offset by rate base costs DTE Vantage 28 14 (14) REF sunset at end of 2021 partially offset by new RNG projects Energy Trading 14 45 31 Performance and timing favorability in physical gas portfolio Corporate & Other (30) (8) 22 Timing of taxes DTE Energy $389 $448 $59 Operating EPS from continuing operations $2.00 $2.31 $0.31 Avg. Shares Outstanding 194 194 1Q 2022 operating earnings1 variance 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 7 (millions, except EPS)
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 as equity 8 $0.0 - $0.1 $1.3 Convertible equity units Planned equity issuances 2022 - 2024 (billions) 2022 2023 2024 $1.3 - $1.5 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 • Issued $400 million green bond − 4th green bond issuance in 5 years
Well positioned to continue delivering strong results for customers and shareholders 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 2. Bloomberg as of 3/31/2022 ✓ Continued focus on our team, customers and communities ✓ 2022 operating EPS1 guidance midpoint provides 7% growth from 2021 original guidance midpoint ✓ Robust investment in cleaner generation, reliability and infrastructure renewal while focusing on maintaining customer affordability ✓ Reaffirming 5% - 7% operating EPS growth through 2026 ✓ Targeting dividend growth in-line with operating EPS growth 9 20% 79% 298% Total shareholder return2 1-year 5-year 10-year S&P 500 Utilities DTE
VISIT US: DTE INVESTOR RELATIONS 2021 ESG REPORT
11 Appendix
On track to achieve increased 2022 operating EPS1 guidance 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix (millions, except EPS) 12 2022 original guidance 2022 current 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 EPS from continuing operations $5.70 - $5.97 $5.80 - $6.00
Weather impact on sales 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 13 1Q 2021 1Q 2022 % Change Actuals - - 0% Normal - - 0% Deviation from normal 0% 0% Millions Per share 1Q 1Q 2021 ($9) ($0.04) 2022 $7 $0.04 Cooling degree days Operating earnings1 impact of weather Weather normal sales (GWh) 1Q 2021 1Q 2022 % Change Residential 3,834 3,781 (1%) Commercial 4,507 4,601 2% Industrial 2,525 2,479 (2%) Other 59 57 (3%) 10,925 10,918 0% DTE Electric 1Q 2021 1Q 2022 % Change Actuals 3,051 3,389 11% Normal 3,212 3,230 1% Deviation from normal (5%) 5% Millions Per share 1Q 1Q 2021 ($11) ($0.06) 2022 $12 $0.06 Heating degree days Operating earnings impact of weather DTE Gas
Cash flow and capital expenditures actuals 14 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs 2. Change in cash on hand in 2021 due to bond issuance at quarter-end 1Q 2021 1Q 2022 Cash from operations1 $1.1 $0.8 Capital expenditures (0.7) (0.8) Free cash flow $0.4 $0.0 Dividends (0.2) (0.2) Other (0.1) 0.0 Net cash $0.1 ($0.2) Debt financing Issuances $1.0 $1.1 Redemptions 0.0 (0.8) Change in debt $1.0 $0.3 Change in cash on hand2 $1.1 $0.1 1Q 2021 1Q 2022 DTE Electric Base infrastructure $190 $288 New generation 100 18 Distribution infrastructure 210 308 $500 $614 DTE Gas Base infrastructure $65 $67 Main renewal 65 56 $130 $123 Non-utility $66 $37 Total $696 $774
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 15 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 16 • Transitioning towards net zero1 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 1. Definition of net zero included in the appendix
Continuing to evaluate the cessation of coal use to further accelerate decarbonization plan 17 • Stakeholder engagement 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
1Q 2021 and 1Q 2022 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 (Unaudited) 18 Adjustments key A) 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 B) Discontinued operations of DT Midstream, including transactions costs related to the separation (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.
Reconciliation of reported to operating earnings (non-GAAP) 19 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. Definition of net zero Collective efforts to reduce the carbon emissions of DTE Energy's utility operations and gas suppliers, as well as efforts to offset an amount equivalent to any remaining emissions. Progress towards this goal is estimated and may vary from the calculations of other utility businesses with similar targets. Carbon emissions is defined as emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases.