DTE Energy 2011 Annual Report Download - page 5

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3
Outlook — We continue to move forward in our efforts to achieve operational excellence and sustained strong cash flows and
earn our authorized return on equity. We plan to file a base rate case in the second quarter 2012 and expect to self-implement
new rates in the fourth quarter 2012 at the beginning of the heating season. Unfavorable economic trends have resulted in a
decrease in the number of customers in our service territory, increased customer conservation and continued high levels of theft
and uncollectible accounts receivable. The MPSC has provided for an uncollectible expense tracking mechanism which assists
in mitigating the impacts of economic conditions in our service territory and a revenue decoupling mechanism that addresses
changes in average customer usage due to general economic conditions and conservation. These and other tracking
mechanisms and surcharges are expected to result in lower earnings volatility in the future. Looking forward, additional factors
may impact earnings such as infrastructure improvement capital programs, the outcome of future regulatory proceedings,
investment returns and changes in discount rate assumptions in benefit plans and health care costs. We expect to continue our
efforts to improve productivity, minimize lost and stolen gas, and decrease our costs while improving customer satisfaction
with consideration of customer rate affordability.