DETROIT EDISON CO 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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Table of Contents
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 23, 2009
Exact Name of Registrant as Specified in its Charter,

Commission State of Incorporation, Address of Principal Executive IRS Employer
File Number Offices and Telephone Number Identification No.
1-11607 38-3217752
DTE Energy Company
(a Michigan corporation)
2000 2nd Avenue
Detroit, Michigan 48226-1279
313-235-4000
1-2198 38-0478650
The Detroit Edison Company
(a Michigan corporation)
2000 2nd Avenue
Detroit, Michigan 48226-1279
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition

Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1
Exhibit 99.2
Table of Contents
Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company is furnishing the Securities and Exchange Commission (“SEC”) with its earnings release issued February 23, 2009,
announcing financial results for the year ended December 31, 2008. Copies of the earnings release and the financial information distributed for
media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference.
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 it 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 February 23, 2009.
99.2 Financial Information Distributed for Media and Investor Relations Communications dated February 23, 2009.
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 Detroit Edison’s 2007 Forms 10-K and their 2008 quarterly
reports on Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy
and Detroit Edison that discuss important factors that could cause DTE Energy’s and Detroit Edison’s actual results to differ materially. DTE
Energy and Detroit Edison 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.
Table of Contents
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 23, 2009
DTE ENERGY COMPANY

(Registrant)
/s/ N.A. Khouri

N.A. Khouri
Vice President and Treasurer
THE DETROIT EDISON COMPANY

(Registrant)
/s/ N.A. Khouri

N.A. Khouri
Vice President and Treasurer
Table of Contents
EXHIBIT INDEX
Exhibit
Number Description
99.1 Earnings Release of DTE Energy Company dated February 23, 2009.
99.2 Financial Information Distributed for Media and Investor Relations Communications dated February 23, 2009.
Exhibit 99.1
Feb. 23, 2009
DTE Energy reports 2008 earnings; provides 2009 earnings guidance

DETROIT — DTE Energy (NYSE:DTE) today announced reported 2008 earnings of $546 million, or $3.36 per diluted share, compared with
$971 million, or $5.70 in 2007. The earnings decline was largely due to a one-time gain on the sale of the company’s Antrim Shale business in
2007 and the discontinuance of synfuel operations in 2007, but partially offset by the sale of a portion of the company’s Barnett Shale natural
gas property in 2008.
2008 operating earnings were $471 million, or $2.90 per diluted share, compared with 2007 operating earnings of $480 million, or $2.82 per
diluted share. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations. Operating earnings
per diluted share improved primarily due to a reduction in shares outstanding. DTE Energy averaged 163 million shares outstanding in 2008,
compared with 170 million in 2007. Reconciliations of reported to operating earnings for both the quarter ended and 12 months ended Dec. 31,
2008 and 2007, are at the end of this news release.
For the fourth quarter of 2008, DTE Energy had reported earnings of $129 million, or $0.80 per diluted share, compared with $255 million, or
$1.56 per diluted share in 2007. Operating earnings for the fourth quarter 2008 were $142 million, or $0.88 per diluted share, compared with $163
million, or $1.01 per diluted share in 2007. The operating earnings per share reduction is primarily due to lower sales and higher uncollectible
expense at Detroit Edison, partially offset by increased revenue at MichCon from sales of base gas from storage and fewer shares outstanding.
“As a result of considerable hard work during an incredibly challenging year, we were able to generate operating earnings per share
growth,” said Anthony F. Earley Jr., DTE Energy chairman and CEO. “Customers and shareholders benefited from our aggressive actions
throughout 2008 to reduce our costs, maximize our revenues and conserve cash. Despite obstacles faced, DTE Energy had many notable
achievements in 2008 that will serve us well in the future. These include successfully advocating for energy legislation in Michigan, which
strengthened our regulatory structure and will be a catalyst for new construction and energy-related jobs in our state; filing a license
application for a possible new nuclear power plant; and launching an advanced metering program that we expect will lead to increased energy
efficiency.
“We expect the challenging economy to continue in 2009 and are prepared to adjust our plans as conditions change,” Earley added.
“Building on last year’s accomplishments, 2009 priorities are to create value through effectively launching renewable and energy optimization
programs, successfully executing key regulatory proceedings to provide earnings stability and continuing to deliver significant and
sustainable cost savings. Achievement of these goals will position DTE Energy for strong future growth and provide our customers with
reliable, affordable energy for years to come.”
Operating earnings for 2008, by segment:

Electric Utility: Operating earnings for Detroit Edison were $2.03 per diluted share versus $2 in 2007. The operating earnings increase was
driven by fewer shares outstanding, the 2008 expiration of a temporary rate reduction, lower Electric Choice volumes, the elimination of 2007
computer system start-up costs and other cost-reduction efforts. Partially offsetting these factors were lower sales and higher uncollectible
accounts receivable expense.
Gas Utility: Primarily consisting of MichCon, this segment had operating earnings of $0.55 per diluted share compared with $0.48 in 2007.
Driving the improvement was colder weather, higher revenue from gas sales as MichCon sold the remaining 2.8 billion cubic feet of base gas
made available by improvements to its storage fields, and fewer shares outstanding. Partially offsetting these increases were lower gas storage
margins and lower temperature-normalized sales.
Gas Midstream (Changed from Coal and Gas Midstream): The coal services business line was moved to the Power & Industrial segment in
the second quarter of 2008 and historical data has been adjusted to reflect this realignment. This segment, now composed entirely of gas
pipeline and storage assets, had operating earnings of $0.23 per diluted share, up from $0.20 in 2007. Higher gas storage revenues and a lower
average number of shares outstanding in 2008 were the primary drivers for the operating earnings increase.
Unconventional Gas Production: Operating earnings for this segment were $0.05 per diluted share compared with $0.06 in 2007. Earnings in
2008 were impacted by the sale of Antrim and Core Barnett properties, partially offset by higher gas and oil prices and higher production from
the company’s Western Barnett properties.
Power and Industrial Projects: Operating earnings from Power and Industrial Projects were $0.26 per diluted share, in line with 2007
operating earnings. The earnings per share benefit of fewer shares outstanding and higher coke production and pricing was offset by the
absence of synfuel transportation revenue.
Energy Trading: This segment had operating earnings of $0.27 per diluted share compared with $0.31 in 2007. The primary driver of this
change was an increase in administrative expenses.
Corporate and Other: This segment had an operating loss of $0.49 per diluted share, equal to the loss of $0.49 in 2007. Lower interest
expense in 2008 was offset by the impact on operating earnings per diluted share for the reduction in average outstanding shares from 2007 to
2008.
2009 Guidance
DTE Energy announced 2009 operating earnings guidance of $2.75 to $3.05 per diluted share.
“As we head into 2009, we are building additional flexibility into our financial plans to maintain a strong balance sheet, solid liquidity and an
attractive dividend,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “We expect our ongoing pursuit of
continuous improvement initiatives to provide the savings necessary to help offset planned environmental and infrastructure investments. As
economic challenges continue this year, we anticipate earnings to remain flat compared with 2008, but remain committed to long-term growth of
5 percent to 6 percent.”
Conference call and webcast information

This earnings announcement, as well as a package of supplemental financial information, will be available on the company’s website at
dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Meador at 9 a.m. EST Tuesday, Feb. 24, to
discuss year-end earnings results. Investors, the news media and the public may listen to a live internet broadcast of the meeting at
dteenergy.com/investors. The telephone dial-in numbers for investors are (877) 879-6203 or (719) 325-4823. There is no passcode. The internet
broadcast will be archived on the company’s website. An audio replay of the call will be available from 1 p.m. Feb. 24 to March 11. To access
the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 7603432.
A package of slides with supplemental information will be available and archived on the company’s website at
www.dteenergy.com/investors.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and
services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan,
MichCon, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas pipelines
and storage, coal transportation, unconventional gas production, and power and industrial projects. Information about DTE Energy is
available at dteenergy.com.
Use of Operating Earnings Information — In this release, DTE Energy discusses 2009 operating earnings guidance. It is likely that certain
items that impact the company’s 2009 reported results will be excluded from operating results. Reconciliations to the comparable 2009 reported
earnings guidance is not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate
significantly from period to period and may have a significant impact on reported earnings.
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.
T he information contained herein is as of the date of this release. DT E Energy expressly disclaims any current intention to update any forward-looking
statements contained in this release as a result of new information or future events or developments. Words such as “ anticipate,” “ believe,” “ expect,” “ projected”
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. T his release contains forward-looking statements about DT E Energy’s financial results and estimates of future prospects, and
actual results may differ materially.
Many factors may impact forward-looking statements including, but not limited to, the following: the effects of weather and other natural phenomena on
operations and sales to customers, and purchases from suppliers; economic climate and population growth or decline in the geographic areas where we do business;
environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements
that could include carbon and more stringent mercury emission controls, a renewable portfolio standard and energy efficiency mandates; nuclear regulations and
operations associated with nuclear facilities; impact of electric and gas utility restructuring in Michigan, including legislative amendments and Customer Choice
programs; employee relations and the impact of collective bargaining agreements; unplanned outages; access to capital markets and capital market conditions 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; potential for continued loss on cash equivalents and investments, including nuclear decommissioning and benefit plan assets; the timing and extent
of changes in interest rates; the level of borrowings; changes in the cost and availability of coal and other raw materials, purchased power and natural gas; the effects
of competition; the uncertainties of successful exploration of gas shale resources and inability to estimate gas reserves with certainty; impact of regulation by the
FERC, MP SC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures; contributions to earnings by
non-utility subsidiaries; 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 ability to recover costs through rate increases; the availability, cost, coverage and terms of insurance and stability of
insurance providers; the cost of protecting assets against, or damage due to, terrorism; 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; amounts of uncollectible
accounts receivable; binding arbitration, litigation and related appeals; and changes in the economic and financial viability of our customers, suppliers, and trading
counterparties, and the continued ability of such parties to perform their obligations to the Company. New factors emerge from time to time. We cannot predict
what factors may arise or how such factors may cause our results to differ materially from those contained in any forward-looking statement. Any forward-looking
statements refer 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. T his release should also be read in conjunction
with the “ Forward-Looking Statements” section in each of DT E Energy’s and Detroit Edison’s 2007 Form 10-K and 2008 Forms 10-Q (which sections are
incorporated herein by reference), and in conjunction with other SEC reports filed by DT E Energy and Detroit Edison.
For further information, members of the media may contact:

Scott Simons, (313) 235-8808
Lorie N. Kessler, (313) 235-8807
Analysts — for further information:
Dan Miner, (313) 235-5525
Lisa Muschong, (313) 235-8505
DTE Energy Company

Consolidated Statements of Operations (Unaudited)
Th re e Mon ths En de d Twe lve Mon ths En de d

De ce m be r 31 De ce m be r 31
(in Millions, Except per Share Amounts) 2008 2007 2008 2007
Operating Revenues $ 2,170 $ 2,210 $ 9,329 $ 8,475
Operating Expenses
Fuel, purchased power and gas 974 958 4,306 3,552
Operation and maintenance 613 610 2,694 2,892
Depreciation, depletion and amortization 224 220 901 932
Taxes other than income 75 81 304 357
Gain on sale of non-utility assets — (3) (128) (900)
Other asset (gains) losses, reserves and impairments, net (18) 15 (11) 37
1,868 1,881 8,066 6,870
Operating Income 302 329 1,263 1,605
Other (Income) and Deductions

Interest expense 132 132 503 533
Interest income (6) (1) (19) (25)
Other income (30) (42) (104) (93)
Other expenses 19 12 64 35
115 101 444 450
Income Before Income Taxes and Minority Interest 187 228 819 1,155
Income Tax Provision 57 36 288 364
Minority Interest 1 1 5 4
Income from Continuing Operations 129 191 526 787
Discontinued Operations
Income (loss) from discontinued operations, net of tax — (37) 22 (4)
Minority interest in discontinued operations — (27) 2 (188)
— 64 20 184
Net Income $ 129 $ 255 $ 546 $ 971
Basic Earnings per Common Share

Income from continuing operations $ 0.80 $ 1.17 $ 3.24 $ 4.64
Discontinued operations — 0.40 0.13 1.09
Total $ 0.80 $ 1.57 $ 3.37 $ 5.73
Diluted Earnings per Common Share

Income from continuing operations $ 0.80 $ 1.17 $ 3.23 $ 4.62
Discontinued operations — 0.39 0.13 1.08
Total $ 0.80 $ 1.56 $ 3.36 $ 5.70
Weighted Average Common Shares Outstanding

Basic 162 162 162 169
Diluted 162 163 163 170
Dividends Declared per Common Share $ 0.53 $ 0.53 $ 2.12 $ 2.12

DTE Energy Company

Segment Net Income (Unaudited)
Th re e Mon ths En de d De ce m be r 31
2008 2007
Re porte d O pe ratin g Reported Operating
(in Million s) Earn ings (1) Adjustm e n ts Earn ings Earnings (1) Adjustments Earnings
Electric Utility $ 80 $ — $ 80 $ 110 $ 3H $ 112
(1)G
Gas Utility 52 1A 53 39 (4)G 44

3A
6I
Non-utility Operations
Gas Midstream 11 — 11 9 — 9
Unconventional Gas Production (5) 5B — (9) 11J 2
Power and Industrial Projects 10 — 10 23 (5)K 19

1A
Energy Trading 6 — 6 (1) — (1)

Total Non-utility operations 22 5 27 22 7 29
Corporate and Other (25) 7C (18) (1) (24)G (22)
3L
Income from Continuing
Operations 129 13 142 170 (7) 163
Discontinued Operations — — — 85 1M —
(86)D
Net Income $ 129 $ 13 $ 142 $ 255 $ (92) $ 163
(1) Segment results exclude inter-segment eliminations.

Adjustments key
A) Performance Excellence Process Costs to achieve savings from Performance Excellence Process.
B) Barnett lease impairment Impairment charge for Barnett leases.
C) Antrim hedge Residual hedge impact from Antrim sale.
D) Synfuels Results relating to discontinuance of synfuel operations.
E) Barnett core sale Gain on sale of Barnett core.
F) Crete sale, tax true-up Residual impact from Crete sale.
G) Effective tax rate normalization Quarterly adjustment to normalize effective tax rate.
H) Detroit Thermal Increase in loss reserve.
I) GCR disallowance Impact of December 2007 MPSC disallowance of MichCon GCR costs.
J) Barnett impairment Exploratory well write down.
K) Crete Gain on sale of Crete, a joint venture generating investment, in 2007.
L) Antrim sale Net impact pertaining to Antrim sale.
M) 2007 oil price option Mark to market on 2007 synfuel oil hedges.
DTE Energy Company

Segment Diluted Earnings Per Share (Unaudited)
Th re e Mon ths En de d De ce m be r 31
2008 2007
Earn ings (1) Adjustm e n ts Earn ings Earnings (1) Adjustments Earnings
Electric Utility $ 0.49 $ — $ 0.49 $ 0.67 $ 0.02H $ 0.69
Gas Utility 0.32 0.01A 0.33 0.24 (0.02)G 0.27

0.01A
0.04I
Gas Midstream 0.07 — 0.07 0.06 — 0.06
Unconventional Gas Production (0.03) 0.03B — (0.06) 0.07J 0.01
Power and Industrial Projects 0.06 — 0.06 0.13 (0.03)K 0.11

0.01A
Energy Trading 0.03 — 0.03 — — —

Total Non-utility operations 0.13 0.03 0.16 0.13 0.05 0.18
Corporate and Other (0.14) 0.04C (0.10) — (0.15)G (0.13)
0.02L

Operations 0.80 0.08 0.88 1.04 (0.03) 1.01
Discontinued Operations — — — 0.52 0.01M —
(0.53)D
Net Income $ 0.80 $ 0.08 $ 0.88 $ 1.56 $ (0.55) $ 1.01
Adjustments key
G) Effective tax rate normalization Quarterly adjustment to normalize effective tax rate.
M) 2007 oil price option Mark to market on 2007 synfuel oil hedges.
DTE Energy Company

Segment Net Income (Unaudited)
Twe lve Mon ths En de d De ce m be r 31

2008 2007
(in Million s) Earn ings (1) Adjustm e n ts Earn ings Earnings (1) Adjustments Earnings
Electric Utility $ 331 $ — $ 331 $ 317 $ 6G $ 340
17H
Gas Utility 85 4A 89 70 6A 82
6I
Gas Midstream 38 — 38 34 — 34
Unconventional Gas
Production 84 (81)E 8 (217) 211L 11
5B 17J
Power and Industrial Projects 40 1A 41 49 (5)K 45

1A
Energy Trading 42 1A 43 32 21L 53

Total Non-utility operations 204 (74) 130 (102) 245 143
Corporate and Other (94) 13C (79) 481 (566)L (85)
2F

Operations 526 (55) 471 766 (286) 480
Discontinued Operations 20 (20)D — 205 (205)D —
Net Income $ 546 $ (75) $ 471 $ 971 $ (491) $ 480
Adjustments key
G) Regulatory asset surcharge Adjustment for billed sales.
DTE Energy Company

Segment Diluted Earnings Per Share (Unaudited)
Twe lve Mon ths En de d De ce m be r 31

2008 2007
Earn ings (1) Adjustm e n ts Earn ings Earnings (1) Adjustments Earnings
Electric Utility $ 2.03 $ — $ 2.03 $ 1.86 $ 0.04G $ 2.00
0.10H
Gas Utility 0.52 0.03A 0.55 0.41 0.04A 0.48

0.03I
Gas Midstream 0.23 — 0.23 0.20 — 0.20
Unconventional Gas
Production 0.52 (0.50)E 0.05 (1.27) 1.23L 0.06
0.03B 0.10J
Power and Industrial Projects 0.25 0.01A 0.26 0.29 (0.03)K 0.26
Energy Trading 0.26 0.01A 0.27 0.19 0.12L 0.31
Total Non-utility operations 1.26 (0.45) 0.81 (0.59) 1.42 0.83
Corporate and Other (0.58) 0.08C (0.49) 2.82 (3.31)L (0.49)

0.01F

Operations 3.23 (0.33) 2.90 4.50 (1.68) 2.82
Discontinued Operations 0.13 (0.13)D — 1.20 (1.20)D —
—
Net Income $ 3.36 $ (0.46) $ 2.90 $ 5.70 $ (2.88) $ 2.82
Adjustments key
G) Regulatory asset surcharge Adjustment for billed sales.
Exhibit 99.2
Ful l Ye a r 2008 Suppl e m e nt a l Fi na nc i a l I nf or m at i on De c e m b e r 31, 2008

DTE ENERGY COMPANY

CONSOLIDATED S TATEMENTS OF FINANCIAL POSITION
De ce m be r 31
(in Millions) 2008 2007
ASSETS
Current Assets
Cash and cash equivalents $ 86 $ 123
Restricted cash 86 140
Accounts receivable (less allowance for doubtful accounts of $265 and $182, respectively)
Customer 1,666 1,658
Other 166 514
Accrued power and gas supply cost recovery revenue 22 76
Inventories
Fuel and gas 333 429
Materials and supplies 206 204
Deferred income taxes 227 387
Derivative assets 316 181
Other 220 196
Current assets held for sale — 83
3,328 3,991
Investments
Nuclear decommissioning trust funds 685 824
Other 595 446
1,280 1,270
Property
Property, plant and equipment 20,065 18,809
Less accumulated depreciation and depletion (7,834) (7,401)
12,231 11,408
Other Assets
Goodwill 2,037 2,037
Regulatory assets 4,231 2,786
Securitized regulatory assets 1,001 1,124
Intangible assets 70 25
Notes receivable 115 87
Derivative assets 140 199
Prepaid pension assets — 152
Other 157 116
Noncurrent assets held for sale — 547
7,751 7,073
Total Assets $24,590 $ 23,742

DTE ENERGY COMPANY

CONSOLIDATED S TATEMENTS OF FINANCIAL POSITION
De ce m be r 31
(in Millions, Except Shares) 2008 2007
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable $ 899 $ 1,189
Accrued interest 119 112
Dividends payable 86 87
Short-term borrowings 744 1,084
Current portion long-term debt, including capital leases 362 454
Derivative liabilities 285 281
Deferred gains and reserves 3 400
Other 515 566
Current liabilities associated with assets held for sale — 48
3,013 4,221
Long-Term Debt (net of current portion)

Mortgage bonds, notes and other 6,458 5,576
Securitization bonds 932 1,065
Trust preferred-linked securities 289 289
Capital lease obligations 62 41
7,741 6,971
Other Liabilities
Deferred income taxes 1,958 1,824
Regulatory liabilities 1,202 1,168
Asset retirement obligations 1,340 1,277
Unamortized investment tax credit 96 108
Derivative liabilities 344 450
Liabilities from transportation and storage contracts 111 126
Accrued pension liability 871 68
Accrued postretirement liability 1,434 1,094
Nuclear decommissioning 114 134
Other 328 318
Noncurrent liabilities associated with assets held for sale — 82
7,798 6,649
Commitments and Contingencies
Minority Interest 43 48
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 163,019,596 and 163,232,095 shares
issued and outstanding, respectively 3,175 3,176
Retained earnings 2,985 2,790
Accumulated other comprehensive loss (165) (113)
5,995 5,853
Total Liabilities and Shareholders’ Equity $24,590 $ 23,742

DTE ENERGY COMPANY

CONSOLIDATED S TATEMENTS OF CASH FLOWS
Ye ar En de d De ce m be r 31
Operating Activities
Net income $ 546 $ 971
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization 899 926
Deferred income taxes 348 144
Gain on sale of non-utility business (128) (900)
Other asset (gains), losses and reserves, net (4) (9)
Gain on sale of interests in synfuel projects (31) (248)
Impairment of synfuel projects — 4
Partners’ share of synfuel project gains (losses) 2 (188)
Contributions from synfuel partners 14 229
Cumulative effect of accounting changes — —
Changes in assets and liabilities, exclusive of changes shown separately (87) 196
Net cash from operating activities 1,559 1,125
Investing Activities
Plant and equipment expenditures — utility (1,183) (1,035)
Plant and equipment expenditures — non-utility (190) (264)
Acquisitions, net of cash acquired — —
Proceeds from sale of interests in synfuel projects 84 447
Refunds to synfuel partners (387) (115)
Proceeds from sale of non-utility business 253 1,262
Proceeds from sale of other assets, net 25 85
Restricted cash 54 6
Proceeds from sale of nuclear decommissioning trust fund assets 232 286
Investment in nuclear decommissioning trust funds (255) (323)
Other investments (156) (19)
Net cash from (used) for investing activities (1,523) 330
Financing Activities
Issuance of long-term debt 1,310 50
Redemption of long-term debt (446) (393)
Repurchase of long-term debt (238) —
Short-term borrowings, net (340) (47)
Issuance of common stock — —
Repurchase of common stock (16) (708)
Dividends on common stock (344) (364)
Other (10) (6)
Net cash used for financing activities (84) (1,468)
Net Increase (Decrease) in Cash and Cash Equivalents (48) (13)

Cash and Cash Equivalents Reclassified (to) from Assets Held for Sale 11 (11)
Cash and Cash Equivalents at Beginning of Period 123 147
Cash and Cash Equivalents at End of Period $ 86 $ 123
THE DETROIT EDISON COMPANY

CONSOLIDATED S TATEMENTS OF OPERATIONS
Operating Revenues $ 4,874 $ 4,900
Operating Expenses
Fuel and purchased power 1,778 1,686
Operation and maintenance 1,322 1,422
Depreciation and amortization 743 764
Taxes other than income 232 277
Asset (gains) and reserves, net (1) 8
4,074 4,157
Operating Income 800 743

Interest expense 293 294
Interest income (6) (7)
Other income (51) (40)
Other expenses 47 30
283 277
Income Before Income Taxes 517 466
Income Tax Provision 186 149
Reported Earnings 331 317
Adjustments
Detroit Thermal reserve — 17
Regulatory asset surcharge — 6
— 23
Operating Earnings $ 331 $ 340

Michigan Consolidated Gas Company

Consolidated Statement of Operations
(in Million s) 2008 2007
Operating Revenues $ 2,115 $ 1,842
Operating Expenses
Cost of gas 1,351 1,139
Operation and maintenance 464 422
Depreciation and amortization 102 93
Asset (gains), net (26) (3)
1,938 1,706
Operating Income 177 136

Other expenses 13 4
59 42
Income Before Income Taxes 118 94
Income Tax Provision 38 23
Reported Earnings 80 71
Adjustments
Performance Excellence Process 4 6
GCR disallowance — 6
4 12
Operating Earnings $ 84 $ 83
(DTE ENERGY LOGO)
DTE Energy Debt/Equity Calculation

As of December 31, 2008
($ millions)
Short-term borrowings $ 744

Current portion of long-term debt, including capital leases 362
Mortgage bonds, notes and other 6,458
Securitization bonds 932
Capital lease obligations 62
less MichCon short-term debt (522)
less Securitization bonds, including current portion (1,065)
Total debt 6,971
Trust preferred-linked securities 289

Total preferred/ other 289
Equity 6,010
Total capitalization $ 13,270
Debt 52.5%
Preferred 2.2%
Common shareholders’ equity 45.3%
Total 100.0%
(DTE ENERGY LOGO)
Sales Analysis — Q4 2008

Electric Sales — Detroit Edison Service Area (GWh)
Q 4 2008 Q 4 2007 % C h an ge
Residential 3,537 3,806 -7%
Commercial 4,573 4,986 -8%
Industrial 3,012 3,364 -10%
Other 811 839 -3%
11,933 12,995 -8%
Choice* 377 629 -40%
TOTAL SALES 12,310 13,624 -10%
* Includes Dearborn Industrial Group sales
Electric Revenue — Detroit Edison Service Area ($000s)
Q 4 2008 Q 4 2007 % C h an ge
Residential 400,449 410,328 -2%
Commercial 431,144 446,154 -3%
Industrial 208,767 205,486 2%
Other 44,022 50,296 -12%
1,084,382 1,112,264 -3%
Choice* 10,622 12,149 -13%
TOTAL REVENUES 1,095,004 1,124,413 -3%
* Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales — MichCon Service Area (Mcf)
Q 4 2008 Q 4 2007 % C h an ge
Residential 36,594 33,892 8%
Commercial 10,969 9,838 11%
Industrial 339 360 -6%
47,902 44,090 9%
End User Transportation* 32,426 34,000 -5%

TOTAL SALES 80,328 78,090 3%
* Includes choice customers
Gas Revenue — MichCon Service Area ($000s)
Q 4 2008 Q 4 2007 % C h an ge
Residential 406,985 331,421 23%
Commercial 120,611 95,147 27%
Industrial 3,488 3,366 4%
531,084 429,934 24%
End User Transportation* 39,166 38,205 3%

TOTAL REVENUES 570,250 468,139 22%
Weather
Cooling Degree Days
Detroit Edison service territory
Q 4 2008 Q 4 2007 % Change

Actuals 0 54 -100%
Normal 6 6
Deviation from normal -100% 800%
Heating Degree Days

MichCon service territory
Q 4 2008 Q 4 2007 % Change

Actuals 2,466 2,149 15%
Normal 2,350 2,355
Deviation from normal 5% -9%
Earnings Impact of Weather

Variance from normal weather ($millions, after-tax)
Q 4 2008 Q 4 2007
Detroit Edison 1 3 Colder than normal weather increased Detroit Edison's earnings by $1M Q4 2008
MichCon 3 (5) Colder than normal weather increased MichCon's earnings by $3M Q4 2008
(DTE ENERGY LOGO)
Sales Analysis — YTD December 31, 2008

Electric Sales — Detroit Edison Service Area (GWh)
2008 2007 % C h an ge
Residential 15,492 16,147 -4%
Commercial 18,921 19,332 -2%
Industrial 13,086 13,338 -2%
Other 3,217 3,300 -3%
50,716 52,117 -3%
Choice* 1,457 2,239 -35%
TOTAL SALES 52,173 54,356 -4%
* Includes Dearborn Industrial Group sales
Electric Revenue — Detroit Edison Service Area ($000s)
2008 2007 % C h an ge
Residential 1,726,154 1,739,309 -1%
Commercial 1,753,228 1,722,637 2%
Industrial 893,461 853,446 5%
Other 175,761 181,612 -3%
4,548,604 4,497,004 1%
Choice* 34,371 45,766 -25%
TOTAL REVENUES 4,582,975 4,542,770 1%
* Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales — MichCon Service Area (Mcf)
2008 2007 % C h an ge
Residential 109,684 111,501 -2%
Commercial 35,231 32,315 9%
Industrial 1,015 1,369 -26%
145,930 145,185 1%

TOTAL SALES 268,154 276,978 -3%
Gas Revenue — MichCon Service Area ($000s)
2008 2007 % C h an ge
Residential 1,237,581 1,127,063 10%
Commercial 389,503 321,452 21%
Industrial 11,015 13,127 -16%
1,638,099 1,461,642 12%

TOTAL REVENUES 1,742,532 1,601,384 9%
Weather
Cooling Degree Days
Detroit Edison service territory
2008 2007 % Change

Actuals 759 944 -20%
Normal 736 736
Deviation from normal 3% 28%
Heating Degree Days

MichCon service territory
2008 2007 % Change

Actuals 6,682 6,257 7%
Normal 6,724 6,667
Deviation from normal -1% -6%
Earnings Impact of Weather

Variance from normal weather ($millions, after-tax)
2008 2007
Detroit Edison 2 27 Warmer than normal weather added $2 million to Detroit Edison's earnings in 2008
MichCon 0 (10) Normal weather at MichCon in 2008
(DTE ENERGY LOGO)
DTE Energy Company

Consolidated Statements of Operations (unaudited)
Q 4 2008
Q 4 2008 Re porte d O pe ratin g Q 4 2008 O pe ratin g
(in Millions) Earn ings Adjustm e n ts Earn ings
Operating Revenues 2,170 11 2,181
Operating Expenses
Fuel, purchased power and gas 974 974
Operation and maintenance 613 (9) 604
Gain on sale of non-utility business — —
Other asset (gains) and losses, reserves and impairments, net (18) (18)
1,868 (9) 1,859
Operating Income 302 20 322

115 — 115
Income Before Income Taxes and Minority Interest 187 20 207
Income Tax Provision 57 7 64
Income from Continuing Operations 129 13 142
Income (loss) from discontinued operations, net of tax — —
Minority interest in discontinued operations — —
— —
Net Income 129 13 142
(DTE ENERGY LOGO)
DTE Energy Company

Consolidated Statements of Operations (unaudited)
De ce m be r 31, 2008
2008 Re porte d O pe ratin g 2008 O pe ratin g
(in Millions) Earn ings Adjustm e n ts Earn ings
Operating Revenues 9,329 21 9,350
Operating Expenses
Fuel, purchased power and gas 4,306 4,306
Operation and maintenance 2,694 (18) 2,676
Gain on sale of non-utility business (128) 126 (2)
Other asset (gains) and losses, reserves and impairments, net (11) (11)
8,066 108 8,174
Operating Income 1,263 (87) 1,176

444 — 444
Income Before Income Taxes and Minority Interest 819 (87) 732
Income Tax Provision 288 (32) 256
Income from Continuing Operations 526 (55) 471
Income (loss) from discontinued operations, net of tax 22 (20) 2
Minority interest in discontinued operations 2 2
20 (20) —
Net Income 546 (75) 471

DETROIT EDISON CO 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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DETROIT EDISON CO 8-K (Events or Changes Between Quarterly Reports) 2009-02-23

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Date of Report (Date of earliest event reported): February 23, 2009

Exact Name of Registrant as Specified in its Charter,

Item 2.02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition.

Item 9.01. Financial Statements and Exhibits.

DTE ENERGY COMPANY

/s/ N.A. Khouri

THE DETROIT EDISON COMPANY

/s/ N.A. Khouri

DTE Energy reports 2008 earnings; provides 2009 earnings guidance

Operating earnings for 2008, by segment:

Conference call and webcast information

For further information, members of the media may contact:

DTE Energy Company

Th re e Mon ths En de d Twe lve Mon ths En de d

Other (Income) and Deductions

Income Tax Provision 57 36 288 364

Income from Continuing Operations 129 191 526 787

Basic Earnings per Common Share

Diluted Earnings per Common Share

Weighted Average Common Shares Outstanding

Dividends Declared per Common Share $ 0.53 $ 0.53 $ 2.12 $ 2.12

DTE Energy Company

Gas Utility 52 1A 53 39 (4)G 44

Unconventional Gas Production (5) 5B — (9) 11J 2

Power and Industrial Projects 10 — 10 23 (5)K 19

Energy Trading 6 — 6 (1) — (1)

Net Income $ 129 $ 13 $ 142 $ 255 $ (92) $ 163

(1) Segment results exclude inter-segment eliminations.

DTE Energy Company

Gas Utility 0.32 0.01A 0.33 0.24 (0.02)G 0.27

Power and Industrial Projects 0.06 — 0.06 0.13 (0.03)K 0.11

Energy Trading 0.03 — 0.03 — — —

Income from Continuing

(1) Segment results exclude inter-segment eliminations.

DTE Energy Company

Twe lve Mon ths En de d De ce m be r 31

Power and Industrial Projects 40 1A 41 49 (5)K 45

Energy Trading 42 1A 43 32 21L 53

Income from Continuing

Net Income $ 546 $ (75) $ 471 $ 971 $ (491) $ 480

(1) Segment results exclude inter-segment eliminations.

DTE Energy Company

Twe lve Mon ths En de d De ce m be r 31

Gas Utility 0.52 0.03A 0.55 0.41 0.04A 0.48

Energy Trading 0.26 0.01A 0.27 0.19 0.12L 0.31

Total Non-utility operations 1.26 (0.45) 0.81 (0.59) 1.42 0.83

Corporate and Other (0.58) 0.08C (0.49) 2.82 (3.31)L (0.49)

Income from Continuing

Net Income $ 3.36 $ (0.46) $ 2.90 $ 5.70 $ (2.88) $ 2.82

(1) Segment results exclude inter-segment eliminations.

Ful l Ye a r 2008 Suppl e m e nt a l Fi na nc i a l I nf or m at i on De c e m b e r 31, 2008

DTE ENERGY COMPANY

Total Assets $24,590 $ 23,742

DTE ENERGY COMPANY

Long-Term Debt (net of current portion)

Commitments and Contingencies

Total Liabilities and Shareholders’ Equity $24,590 $ 23,742

DTE ENERGY COMPANY

Net Increase (Decrease) in Cash and Cash Equivalents (48) (13)

THE DETROIT EDISON COMPANY

Operating Income 800 743

Other (Income) and Deductions