dte-20230427

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 27, 2023

Commission File Number: 1-11607

DTE Energy Company


Michigan						38-3217752
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Commission File Number: 1-2198

DTE Electric Company


Michigan						38-0478650
(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

2020 Series G 4.375% Junior Subordinated Debentures due 2080

DTB

New York Stock Exchange

2021 Series E 4.375% Junior Subordinated Debentures due 2081

DTG

New 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 April 27, 2023, announcing financial results for the quarter ended March 31, 2023. 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 27, 2023. 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 2023 operating earnings guidance. It is likely that certain items that impact the company's 2023 reported results will be excluded from operating results. Reconciliations to the comparable 2023 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


99.1			Earnings Release of DTE Energy Company dated April 27, 2023.

99.2			Slide Presentation of DTE Energy Company dated April 27, 2023.

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) 2022 Form 10-K and 2023 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 27, 2023

			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 first quarter earnings and accomplishments

•Invested over $900 million in electric and gas infrastructure

•Began operations at Michigan’s largest wind park

•Partnered with Toyota to provide clean energy for the automaker’s research and development operations

•Granted $3 million to feed Michiganders through the DTE Foundation

•Reduced customer gas rates

•Launched skilled-trade academy to train Detroiters for energy efficient home repair jobs

DETROIT, April 27, 2023 – DTE Energy (NYSE:DTE) today reported first quarter earnings of $445 million or $2.16 per diluted share, compared with $394 million, or $2.03 per diluted share in 2022.

Operating earnings for the first quarter 2023 were $274 million, or $1.33 per diluted share, compared with 2022 operating earnings of $448 million, or $2.31 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.

“Earlier this year, we experienced the most challenging two-week storm period we have ever faced as a company. I am proud and grateful for how our team showed up for our customers by keeping each other and our communities safe. We understand the growing needs of our customers and communities,” Jerry Norcia, DTE Energy chairman, president and CEO, said. “We are continuing to strengthen our grid to be able to stand up to increasingly severe weather patterns and growing energy demands. We are also investing in clean energy and will always be a strong supporter of our communities, including Michigan businesses, to ensure we are working to create the best future for everyone.”

Norcia noted the following accomplishments:

•Investing heavily in utility infrastructure: DTE Electric invested over $750 million in the first quarter on continued improvements in reliability and cleaner energy generation for its customers while DTE Gas invested over $170 million on infrastructure and main renewal improvements.

•Commissioning Meridian Wind Park, the largest in Michigan: Located in three townships spanning Midland and Saginaw counties, the 225-megawatt wind park has 77 wind turbines and generates enough clean energy to power more than 78,000 homes. The project is DTE's first self-developed renewable energy project since 2016 and brings the total number of DTE wind and solar parks to 53.

•Partnering with Toyota to support clean energy in the automotive industry: Toyota Motor North America (TMNA) and DTE Energy announced Toyota’s enrollment in MIGreenPower, DTE’s voluntary renewable energy program. Toyota’s participation puts all TMNA’s research and development operations in Michigan on a path to attribute 100% of their electricity use to renewable energy projects starting in 2026. The 20-year agreement includes the company’s R&D headquarters in Ann Arbor, along with six other facilities across Washtenaw County.

•Supporting the United Way with a $3 million grant: The DTE Energy Foundation announced a $3 million grant to United Way for Southeastern Michigan and partner agencies to help feed area Michiganders. As food insecurity continues to rise and assistance programs decline, this support for meals and critical nourishment will help bridge the gap for families in need.

•Saving customers money by reducing gas rates: DTE Energy reduced its Gas Cost Recovery rate at the beginning of the year, based on its natural gas purchasing strategy and the decline in natural gas prices. DTE passes the cost for natural gas directly to its customers, with no additional cost, meaning customers pay what DTE pays.

•Launching skilled-trade academy: DTE Energy partnered with Walker-Miller Energy Services, one of the country’s largest African American and woman-owned energy efficiency companies, to launch the Energy Efficiency Academy. The Academy directly responds to the growing demand for energy-efficient home repairs in Detroit, while also building a local workforce that will benefit the community for years to come.

•Recognized as a Gallup Great Workplace for 11th consecutive year: DTE was recognized by Gallup as a workplace with exceptionally high employee engagement – in the top decile of Gallup’s worldwide database of companies.

Outlook for 2023

DTE Energy reaffirms 2023 operating EPS guidance of $6.09 - $6.40.

“We are executing on our 2023 plan while delivering for our team members, communities, customers and shareholders,” David Ruud, DTE senior vice president and CFO, said.

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

The company will conduct a conference call to discuss earnings results at 8:00 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 Saturday, May 27, 2023. 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 custom energy solutions, renewable energy generation, and energy marketing and trading. As an environmental leader, DTE utility operations plan to 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 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 is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure.

In this release, DTE Energy discusses 2023 operating earnings guidance. It is likely that certain items that impact the company's 2023 reported results will be excluded from operating results. Reconciliations to the comparable 2023 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 contained in this document as a result of new information or future events or developments. Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “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 numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted.

Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, 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 DTE Energy’s 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 international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; 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 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 trust 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 plans; 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.

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,
	2023										2022
	Reported Earnings		Pre-tax Adjustments			Income Taxes(1)			Operating Earnings		Reported Earnings		Pre-tax Adjustments			Income Taxes(1)		Operating Earnings
	(In millions)
DTE Electric	$	101	$	—		$	—		$	101	$	201	$	—		$	—	$	201



DTE Gas	171		—			—			171		196		—			—		196



Non-utility operations
DTE Vantage	27		—			—			27		14		—			—		14



Energy Trading	138		(220)		A	56			(26)		(9)		72		A	(18)		45


Non-utility operations	165		(220)			56			1		5		72			(18)		59

Corporate and Other	8		—			(7)		B	1		(8)		—			—		(8)








Net Income Attributable to DTE Energy Company	$	445	$	(220)		$	49		$	274	$	394	$	72		$	(18)	$	448


(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) Adjustment to Income Tax Expense due to a tax law change in West Virginia


DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)

	Three Months Ended March 31,
	2023										2022
	Reported Earnings		Pre-tax Adjustments			Income Taxes(1)			Operating Earnings		Reported Earnings		Pre-tax Adjustments			Income Taxes(1)		Operating Earnings

DTE Electric	$	0.49	$	—		$	—		$	0.49	$	1.04	$	—		$	—	$	1.04



DTE Gas	0.83		—			—			0.83		1.01		—			—		1.01



Non-utility operations
DTE Vantage	0.13		—			—			0.13		0.07		—			—		0.07



Energy Trading	0.67		(1.07)		A	0.27			(0.13)		(0.05)		0.37		A	(0.09)		0.23


Non-utility operations	0.80		(1.07)			0.27			—		0.02		0.37			(0.09)		0.30

Corporate and Other	0.04		—			(0.03)		B	0.01		(0.04)		—			—		(0.04)








Net Income Attributable to DTE Energy Company	$	2.16	$	(1.07)		$	0.24		$	1.33	$	2.03	$	0.37		$	(0.09)	$	2.31


(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

1Q Earnings Conference Call April 27, 2023 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,” “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 that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, 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 international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; 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 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 trust 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 plans; 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 – Chairman, President and CEO Dave Ruud – Senior Vice President and CFO Barbara Tuckfield – Director of Investor Relations

Highly engaged team committed to delivering best-in-class results for our customers, communities and investors 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 4 Continuing best-in-class engagement, health and safety of our employees • Safely restored power to customers during most severe two-week storm period in company history Addressing our customers’ most vital needs • Conducted nearly 20,000 wellness checks with seniors and other vulnerable customers to ensure their safety during recent storms Supporting our communities • Skilled trade academy offering Detroiters jobs and energy efficient home repairs Delivering premium shareholder returns • Executing on plan to achieve 2023 targets; long-term operating EPS1 growth rate of 6% - 8% Operating EPS guidance midpoint $5.84 $6.25 2022 original guidance 2023 guidance

Extreme weather events continue to increase in frequency 51. Source: National Centers for Environmental Information Increasing severe weather events drive need for additional reliability investment 0 10 20 30 40 50 60 70 80 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 “The work to rebuild this grid, to move as fast as we can, and to be good partners is going to be crucial to all of our success.” Governor Gretchen Whitmer Critical utility reliability and infrastructure investments supported by Michigan leaders “That’s the job in front of all of us. That even as extreme weather becomes more frequent and more extreme, that we have a grid that can handle the realities of the new normal.” MPSC Chair Dan Scripps “Utility preparation for increasingly predictable extreme weather and mitigation of impacts is critical.” MPSC Commissioner Katherine Peretick Number of days with 35+ mph wind gusts Detroit area 2000 - 20221

Significant utility investments to improve reliability in the near-term and over the next 10 years 6 Continue accelerated tree trimming • Majority of outages caused by tree interference Continue preventative maintenance • Focus on most vulnerable circuits to increase resiliency Advance infrastructure rebuild • Accelerate rebuilding of 4.8kV system • Pursue strategic undergrounding Enhance grid automation • Accelerate installation of smart grid technologies to greatly reduce outage duration $15 $18 $3.1 $3.6 2022 - 2026 prior plan 2023 - 2027 current plan $18.1 DTE Gas DTE Electric $21.6 (billions) Significant 5-year utility capital investment 10-year utility capital plan of $45 billion Focused strategy to further enhance reliability

Achieving success across all businesses 7 DTE Electric • Integrated Resource Plan (IRP) and rate case proceedings continue to progress • Placed Michigan’s largest wind park in service • Continued voluntary renewables program growth with new Toyota Motor North America contract • Development opportunities continue in Detroit with Henry Ford Health planning a $2.5 billion investment for hospital expansion and the University of Michigan and the Ilitch organization commitment to a $1.5 billion investment for an innovation campus DTE Gas • Completed 72 miles of main renewal in 1Q; targeting over 200 miles in 2023 • Completed final phase of major transmission renewal project in Northern Michigan DTE Vantage • Placed one RNG project and one custom energy solutions project in service • Advancing development pipeline with strong opportunities in RNG conversions and large custom energy solutions projects

2022 2023 Variance Primary drivers DTE Electric $201 $101 ($100) Warmer weather, higher storm expenses, lower sales, higher rate base costs and 2022 accelerated deferred tax amortization partially offset by one-time O&M cost reductions DTE Gas 196 171 (25) Warmer weather and higher rate base costs partially offset by one-time O&M cost reductions DTE Vantage 14 27 13 Renewables plant performance Energy Trading 45 (26) (71) Physical gas portfolio timing favorability in 2022 and unfavorable physical power portfolio timing in 2023 Corporate & Other (8) 1 9 Timing of taxes partially offset by interest expense DTE Energy $448 $274 ($174) Operating EPS $2.31 $1.33 ($0.98) Avg. Shares Outstanding 194 206 1Q 2023 operating earnings1 variance 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 8 (millions, except EPS)

Plans are in place to achieve 2023 operating EPS1 guidance midpoint, which provides 7% growth over 2022 original guidance midpoint 1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 9 (millions, except EPS) 2023 guidance DTE Electric $1,010 - $1,030 DTE Gas 262 - 272 DTE Vantage 115 - 125 Energy Trading 20 - 30 Corporate & Other (150) - (136) DTE Energy $1,257 - $1,321 Operating EPS $6.09 - $6.40 ✓

Executing plan for successful 2023; well-positioned for long-term growth 101. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Executing on plan to achieve 2023 targets ✓ Robust customer-focused capital investment plan supports clean energy transition and building the grid of the future ✓ 2023 operating EPS1 guidance midpoint of $6.25 provides 7% growth from 2022 original guidance midpoint ✓ Operating EPS growth target of 6% - 8% through 2027

11 Appendix

6% - 8% 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 3. Subject to Board approval 4. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix; 2023 - 2027 operating EPS average annual growth rate forecasted at 6% - 8% 12 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 • Increased 2023 annualized dividend 7.6% to $3.81 per share • Over 100 consecutive years of paying a cash dividend and 14th consecutive annual increase • Future dividend growth3 in line with operating EPS4 growth Continued balance sheet strength… …while providing a healthy dividend • Targeting equity issuances of $0 - $100 million annually through 2025 • Maintaining solid investment-grade credit ratings − Targeting 15% - 16% FFO1 / Debt2 5.5% 7.1% 7.6% 2010 - 2016 2017 - 2022 2023 Average annual dividend increase Operating EPS growth target 5% - 6% 5% - 7%

Weather impact on sales 1. DTE Electric 2022 weather normalized data based on 2006 – 2020 weather and 2023 weather normalized data based on 2007 – 2021 weather 2. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix 3. DTE Gas 2022 weather normalized data based on 2007 – 2021 weather and 2023 weather normalized data based on 2008 – 2022 weather 13 Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas 1Q 2022 1Q 2023 % Change Actuals - - 0% Normal - - 0% Deviation from normal 0% 0% 1Q 2022 1Q 2023 % Change Actuals 3,389 2,822 (17%) Normal 3,230 3,235 0% Deviation from normal 5% (13%) Millions Per share 1Q 1Q 2022 $7 $0.04 2023 ($20) ($0.10) (GWh) 1Q 2022 1Q 2023 % Change Residential 3,781 3,611 (4.5%) Commercial 4,601 4.569 (0.7%) Industrial 2,479 2,537 2.3% Other 57 56 (1.8%) 10,918 10,773 (1.3%) Millions Per share 1Q 1Q 2022 $12 $0.06 2023 ($29) ($0.14)

Experienced most significant two-week storm period in company history 14 2.2 1.6 0.4 0.0 0.8 0.6 0.2 1.0 2.0 1.2 1.4 1.8 2.4 M a r 2 F e b 2 8 N u m b e r o f c u s to m e rs w it h p o w e r (m il li o n s ) M a r 7 F e b 2 3 F e b 2 4 F e b 2 5 M a r 6 F e b 2 6 F e b 2 7 M a r 1 M a r 3 M a r 4 M a r 5 86% 91% 95% 98% 94% 98% 99.6% 99.9% Ice storm accumulation of 0.65”, winds > 40 mph Sleet, snow, winds > 40 mph >10” of heavy wet snow, 45 mph winds Storm 1 Storm 2

Cash flow and capital expenditures 1. Includes equity issued for employee benefit programs 15 (millions) Cash flow Capital expenditures (billions) 1Q 2022 1Q 2023 DTE Electric Base infrastructure $288 $299 New generation 18 81 Distribution infrastructure 308 372 $614 $752 DTE Gas Base infrastructure $67 $105 Gas renewal program 56 67 $123 $172 Non-utility $37 $24 Total $774 $948 1Q 2022 1Q 2023 Cash from operations1 $0.8 $0.9 Capital expenditures (0.8) (0.9) Free cash flow $0.0 $0.0 Dividends (0.2) (0.2) Other 0.0 (0.1) Net cash ($0.2) ($0.3) Debt financing Issuances $1.1 $1.4 Redemptions (0.8) (1.0) Total debt financing $0.3 $0.4 Cash on hand $0.1 $0.1

2023 guidance Cash from operations1 $3.2 Capital expenditures (4.2) Free cash flow ($1.0) Dividends (0.8) Other - Net cash ($1.8) Debt financing Issuances $2.6 Redemptions (0.7) Total debt financing $1.9 Cash on hand $0.1 2023 cash flow and capital expenditures guidance 16 2023 guidance DTE Electric Base infrastructure $1,200 New generation 500 Distribution infrastructure 1,500 $3,200 DTE Gas Base infrastructure $375 Main renewal 310 $685 Non-utility $300 - $400 Total $4,185 - $4,285 (millions) Cash flow Capital expenditures (billions) 1. Includes equity issued for employee benefit programs

IRP and rate case filing prioritize electric reliability with a focus on decarbonization and affordability 1. Definition of net zero included in the appendix 17 • IRP filing (U-21193) prioritizes electric reliability with a focus on decarbonization and affordability − Outlines generation transformation to achieve carbon reduction of 85% in 2035, 90% by 2040 and net zero1 by 2050 − Supports the Michigan economy and tax base with power generated in Michigan − Invests $9 billion over the next 10 years into Michigan’s economy supporting more than 25,000 jobs − Reduces cost of clean energy transition by $1.4 billion from previous plan • Electric rate case filing (U-21297) underpins reliability and cleaner generation investments − Second general rate case filing since 2019; executed significant customer- focused investments since that date while keeping base rates essentially flat − Majority of filing is attributable to capital, sales and the cost of debt − Continue practice of pursuing settlement with all stakeholders

1Q 2022 and 1Q 2023 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 18 (Earnings per share2) 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) Adjustment to Income Tax Expense due to a tax law change in West Virginia

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 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 is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. 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 Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those 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.