DTE Energy 2014 Annual Report Download - page 30
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Outlook — We continue to move forward in our efforts to achieve operational excellence, sustained strong cash flows and earn our authorized return on
equity. We expect that our planned significant capital investments will result in earnings growth. Looking forward, additional factors may impact earnings
such as weather, the outcome of regulatory proceedings, benefit plan design changes, investment returns and changes in discount rate assumptions in benefit
plans and health care costs and uncertainty of legislative or regulatory actions regarding climate change and electric retail access. We expect to continue our
efforts to improve productivity and decrease our costs while improving customer satisfaction with consideration of customer rate affordability.
In May 2014, DTE Electric filed an application with the NRC requesting a renewal of the license for its Fermi 2 nuclear power plant. DTE Electric has
requested a 20-year extension of its original license due to expire in 2025.
In December 2014, DTE Electric filed a rate case with the MPSC requesting an increase in base rates of $370 million based on a projected twelve month
period ending June 30, 2016.
Our Gas segment consists principally of DTE Gas.
Gas results are discussed below:
Operating Revenues
$ 1,474
$ 1,315
Cost of gas
624
550
Gross Margin
850
765
Operation and maintenance
429
385
Depreciation and amortization
95
92
Taxes other than income
56
54
Operating Income
270
234
Other (Income) and Deductions
50
69
Income Tax Expense
77
50
Net Income Attributable to DTE Energy Company
$ 143
$ 115
Operating Income as a Percent of Operating Revenues
18%
18%
Gross margin increased $61 million in 2014 and increased $85 million in 2013. Revenues associated with certain mechanisms and surcharges are offset
by related expenses elsewhere in the Consolidated Statements of Operations.
The following table details changes in various gross margin components relative to the comparable prior period:
Weather
$ 72
Infrastructure recovery mechanism
3
Home protection program
3
Uncollectible tracking mechanism
20
Self implementation and rate orders
15
Revenue decoupling mechanism
(16)
Midstream storage and transportation revenues
(8)
Other
(4)
Increase in gross margin
$ 85
28