DTE Energy 2015 Annual Report Download

Download and view the complete annual report

Please find the complete 2015 DTE Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 178

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178












































oo xxx oo

oo xoo xx
    

xx oxx oo
  

xx oxx oo


xxx


 xx ooo

 ooxx o


Table of contents

  • Page 1
    ...For the Fiscal Year Ended December 31, 2015 Registrants, State of Incorporation, Tddress, and Telephone Number DTE Energy Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000 DTE Electric Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226...

  • Page 2
    ... company (as defined in Rule 12b-2 of the Exchange Act). DTE Energy Yes o No x DTE Electric Yes o No x On June 30, 2015, the aggregate market value of DTE Energy's voting and non voting common equity held by non-affiliates was approximately $12.9 billion(based on the New York Stock Exchange closing...

  • Page 3
    ... Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other ynformation PTRT III Directors, Executive Officers, and Corporate Governance Executive Compensation Security...

  • Page 4
    .... A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs. Greenhouse gases ynfrastructure Recovery Mechanism ynternal Revenue Service Michigan Business Tax Michigan Corporate yncome Tax Michigan Court of Appeals Michigan Department of...

  • Page 5
    ... of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the yRS. A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs. A Revenue Decoupling...

  • Page 6
    ..., purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in...

  • Page 7
    ..., regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and...

  • Page 8
    ... million customers throughout Michigan and the sale of storage and transportation capacity. DTE Energy's other businesses are involved in 1) natural gas pipelines, gathering, and storage; 2) power and industrial projects; and 3) energy marketing and trading operations. DTE Electric and DTE Gas are...

  • Page 9
    ..., and sell electricity from renewable energy projects. Energy Trading consists of energy marketing and trading operations. Corporate and Other • Corporate and other includes various holding company activities, and holds certain non-utility debt and energy-related investments. Refer to Management...

  • Page 10
    ...and real-time basis and bids for power in the market to serve its load. DTE Electric is a net purchaser of power that supplements its generation capability to meet customer demand during peak cycles or during major plant outages. Properties DTE Electric owns generating facilities that are located in...

  • Page 11
    ... in 2002 and 2003. yn October 2015, DTE Electric acquired a 350 MW simple-cycle natural gas facility in East China Township, Michigan (St. Clair County) that was placed in service in 2002. These acquisitions are included in Natural gas and Oil-fueled Peaking Units in the table above. See Note 4 to...

  • Page 12
    ... of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters. DTE Electric's MPSC-approved rates charged to customers have historically been designed to allow for the recovery of costs, plus an authorized rate of return on investments. The FERC...

  • Page 13
    ... to transport the natural gas to storage fields, pipeline interconnections, or other locations. Storage and other - yncludes revenues from natural gas storage, appliance maintenance, facility development, and other energy-related services. • • DTE Gas' gas sales, end-user transportation, and...

  • Page 14
    ...on file with the FERC. The FERC's jurisdiction is limited and extends to the rates, non-discriminatory requirements, and the terms and conditions applicable to storage and transportation provided by DTE Gas in interstate markets. FERC granted DTE Gas authority to provide storage and related services...

  • Page 15
    .... Having an extensive transportation pipeline system has enabled marketing of DTE Gas' storage and transportation services to gas producers, marketers, distribution companies, end-user customers, and other pipeline companies. The business operates in a central geographic location with connections to...

  • Page 16
    ...the Washington 10 and 28 storage facilities and for the Michigan gathering systems. yn addition, DTE Energy owns a 50% interest in the NEXUS Pipeline, a proposed 255-mile pipeline to transport Utica and Marcellus shale gas to Ohio, Michigan and Ontario market centers. A FERC application was filed in...

  • Page 17
    ... Electricity Electricity, Steam, and Chilled Water My My yN and MS Pulverized Coal Metallurgical Coke Supply Metallurgical Coke Supply and Pulverized Petroleum Coke 2015 2014 (In millions) 2013 Production Tax Credits Generated (Tllocated to DTE Energy) REF Power Generation Landfill Gas Recovery...

  • Page 18
    ... and optimization of contracted natural gas pipeline transportation, and storage positions. Energy Trading also provides natural gas, power, and related services which may include the management of associated storage and transportation contracts on the customers' behalf and the supply or purchase of...

  • Page 19
    ... services to DTE Energy customers. DTE Energy seeks to manage this business in a manner complementary to the growth of DTE Energy's other business segments. Energy Trading focuses on physical marketing and the optimization of its portfolio of energy assets. The segment competes with electric and gas...

  • Page 20
    ...costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC. Water - The EPA finalized regulations on cooling water...

  • Page 21
    ... spending, operating expenses, and plant down times, and can negatively affect the affordability of the rates charged to customers. Uncertainty around future environmental regulations creates difficulty planning long-term capital projects in the Registrants' generation fleet and, for DTE Energy, gas...

  • Page 22
    ...services. Price fluctuations, fuel supply disruptions, and changes in transportation costs, could have a negative impact on the amounts DTE Electric charges utility customers for electricity and DTE Gas charges utility customers for gas and on the profitability of DTE Energy's non-utility businesses...

  • Page 23
    ... Registrants' long-term revolving credit facilities do not expire until 2020, but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's nonutility businesses, and the Registrants cannot predict the pricing or...

  • Page 24
    ... could have a material adverse effect on the Registrants' business, operating results, and financial condition. yn addition, the Registrants' generation plants and electrical distribution facilities and, for DTE Energy, gas pipeline and storage facilities, in particular may be targets of terrorist...

  • Page 25
    ... charge, which could potentially materially impact DTE Energy's results of operations and financial position. The Regintrantn' buninennen have nafety rinkn. The Registrants' electric distribution system, power plants, wind energy equipment, and other facilities, and DTE Energy's gas distribution...

  • Page 26
    ... in 2014, and $342 million in 2013. For information on DTE Energy dividend restrictions, see Note 15 to the Consolidated Financial Statements in ytem 8 of this Report, "Short-Term Credit Arrangements and Borrowings". All of DTE Energy's equity compensation plans that provide for the annual awarding...

  • Page 27
    ... 28.94 2015 (3.77) 1.38 (1.73) Indexed Returns Year Ended December 31, Base Period Company/Index DTE Energy Company S&P 500 yndex S&P 500 Multi-Utilities yndex 2010 100 100 100 2011 125.76 102.11 118.41 2012 144.51 118.45 123.42 2013 166.03 156.82 145.50 2014 223.49 178.29 187.59 2015 215.07...

  • Page 28
    25

  • Page 29
    ... due to lower earnings in the Energy Trading and Power and yndustrial Projects segments. The increase in 2014 Net yncome Attributable to DTE Energy Company is primarily due to higher earnings in the Energy Trading, Electric, Power and yndustrial Projects, and Gas Storage and Pipelines segments. 26

  • Page 30
    ...Gas Storage and Pipelines and Power and yndustrial Projects segments. A key priority for DTE Energy is to maintain a strong balance sheet which facilitates access to capital markets and reasonably priced short-term and long-term financing. Near-term growth will be funded through internally generated...

  • Page 31
    ... charge its customers. ympacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities...

  • Page 32
    ...: Electric Gas Gas Storage and Pipelines Power and yndustrial Projects Energy Trading Corporate and Other Net yncome Attributable to DTE Energy Company $ $ 542 132 107 16 (22) (48) 727 $ $ 528 140 82 90 122 (57) 905 $ $ 484 143 70 66 (58) (44) 661 2014 (In millions) 2013 ELECTRIC The Management...

  • Page 33
    ... 3 487 2013 See DTE Electric's Consolidated Statements of Operations in ytem 8 of this report for a complete view of its results. Gronn Margin decreased $250 million in 2015 and increased $47 million in 2014. Revenues associated with certain mechanisms and surcharges are offset by related expenses...

  • Page 34
    ... returns and changes in discount rate assumptions in benefit plans and health care costs, uncertainty of legislative or regulatory actions regarding climate change and electric retail access, and effects of energy efficiency programs. DTE Electric residential and commercial sales have increased due...

  • Page 35
    ... below: 2015 2014 (In millions) Operating Revenues - Utility operations Cost of gas - utility Gross Margin Operation and maintenance Depreciation and amortization Taxes other than income Operating yncome Other (yncome) and Deductions yncome Tax Expense Net yncome Attributable to DTE Energy Company...

  • Page 36
    ... discount rate assumptions in benefit plans and health care costs. DTE Gas expects to continue its efforts to improve productivity and decrease costs while improving customer satisfaction with consideration of customer rate affordability. DTE Gas filed a rate case with the MPSC on December 18, 2015...

  • Page 37
    ... markets in northern Ohio, southeastern Michigan, and Dawn Ontario. DTE Energy owns a 50% partnership interest in the NEXUS Pipeline. A FERC application was filed in the fourth quarter of 2015 with an estimated in service date in the fourth quarter of 2017. POWER AtD ItDUSTRIAL PROJECTS The Power...

  • Page 38
    ... with the terms of long-term contracts. DTE Energy will continue to look for additional investment opportunities and other energy projects at favorable prices. Power and yndustrial Projects will continue to leverage its extensive energy-related operating experience and project management capability...

  • Page 39
    ...and optimization of contracted natural gas pipeline transportation and storage positions. Energy Trading also provides natural gas, power, and related services, which may include the management of associated storage and transportation contracts on the customers' behalf, and the supply or purchase of...

  • Page 40
    ... 8 of this Report, "yncome Taxes". CTPITTL RESOURCES TND LIQUIDITY Cash Requirements DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to grow the non-utility businesses, to retire, and pay interest on long-term debt, and to pay dividends. DTE Energy believes it...

  • Page 41
    ... is primarily due to DTE Energy's closure of the Shenango coke battery plant in 2015. See Note 4 to the Consolidated Financial Statements in ytem 8 of this Report, "Acquisitions and Exit Activities". Cash from operations decreased $315 million in 2014. The reduction in operating cash flows reflects...

  • Page 42
    ...expected from additional investments, primarily in the Gas Storage and Pipelines and Power and yndustrial Projects segments. DTE Energy may be impacted by the timing of collection or refund of various recovery and tracking mechanisms, as a result of timing of MPSC orders. Energy prices are likely to...

  • Page 43
    ... for unrecognized tax benefits of $3 million. (f) Excludes other long-term liabilities of $138 million not directly derived from contracts or other agreements. (g) At December 31, 2015, DTE Energy met the minimum pension funding levels required under the Employee Retirement yncome Security...

  • Page 44
    ... normal course of business, DTE Electric, DTE Gas, and various non-utility subsidiaries of DTE Energy routinely enter into physical or financially settled contracts for the purchase and sale of electricity, natural gas, coal, capacity, storage, and other energy-related products and services. Certain...

  • Page 45
    ... judgment by management regarding future performance. DTE Energy also employs market-based valuation techniques to test the reasonableness of the indications of value for the reporting units determined under the cash flow technique. DTE Energy performs an annual impairment test each October...

  • Page 46
    ... as follows as of the October 1, 2015 valuation date: Fair Value Reduction % (a) Terminal Multiple (b) Reporting Unit Goodwill (In millions) Discount Rate Valuation Methodology (c) Electric Gas Gas Storage and Pipelines Power and yndustrial Projects (d) Energy Trading $ 1,208 743 24 26 17 37...

  • Page 47
    ... are included with labor costs and ultimately allocated to projects within the segments, some of which are capitalized. DTE Energy had pension costs of $221 million in 2015, $179 million in 2014, and $228 million in 2013. Other postretirement benefit credits were $99 million in 2015, $123 million in...

  • Page 48
    ... of plan and participant's union status and employment status, projected back to 2006 using Scale MP-2014 and projected forward using Scale MP-2015. DTE Energy estimates that the 2016 total pension costs will approximate $175 million compared to $221 million in 2015, primarily due to higher discount...

  • Page 49
    ..., the Registrants record and manage the energy purchase and sale obligations under their contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the...

  • Page 50
    ...long-term storage and transportation contracts. DTE Energy's Power and yndustrial Projects business segment is subject to electricity, natural gas, and coal product price risk. DTE Energy manages its exposure to commodity price risk through the use of long-term contracts. DTE Energy's Energy Trading...

  • Page 51
    ...customers and suppliers and their purchase and sale contracts and record provisions for amounts considered at risk of probable loss in the allowance for doubtful accounts. The Registrants believe their accrued amounts are adequate for probable loss. Trading Activities DTE Energy is exposed to credit...

  • Page 52
    ... Gas contracts Power contracts Oil contracts ynterest rate risk - DTE Energy ynterest rate risk - DTE Electric 2015 2014 (In millions 5) 16 1 (372) (225 4) - - (336) (202) $ $ $ $ $ 5 (16) (1) 395 243 $ $ $ $ $ 5 - - 356 216 Commodity contracts Commodity contracts Commodity contracts Long-term...

  • Page 53
    ...herein: Page DTE Energy - Controls and Procedures DTE Energy - Report of yndependent Registered Public Accounting Firm DTE Energy - Consolidated Statements of Operations DTE Energy - Consolidated Statements of Comprehensive yncome DTE Energy - Consolidated Statements of Financial Position DTE Energy...

  • Page 54
    ...with the participation of DTE Energy's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DTE Energy's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2015, which is the...

  • Page 55
    ... respects, the financial position of DTE Energy Company and its subsidiaries at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the...

  • Page 56
    DTE Energy Company Consolidated Statements of Operations Year Ended December 31, 2015 Operating Revenues Utility operations Non-utility operations $ 6,238 4,099 10,337 $ 6,884 5,417 12,301 $ 6,643 3,018 9,661 2014 (In millions, except per share amounts) 2013 Operating Expenses Fuel, purchased power...

  • Page 57
    DTE Energy Company Consolidated Statements of Comprehensive Income Year Ended December 31, 2015 2014 (In millions) Net yncome $ 720 $ 911 $ 668 2013 Other comprehensive income (loss), net of tax: Benefit obligations, net of taxes of $8, $(9), and $13, respectively Net unrealized gains on ...

  • Page 58
    DTE Energy Company Consolidated Statements of Financial Position December 31, 2015 (In millions) TSSETS Current Tssets Cash and cash equivalents Restricted cash Accounts receivable (less allowance for doubtful accounts of $49 and $54, respectively) Customer Other ynventories Fuel and gas Materials ...

  • Page 59
    DTE Energy Company Consolidated Statements of Financial Position - (Continued) December 31, 2015 LITBILITIES TND EQUITY Current Liabilities Accounts payable Accrued interest Dividends payable Short-term borrowings Current portion long-term debt, including capital leases Derivative liabilities ...

  • Page 60
    DTE Energy Company Consolidated Statements of Cash Flows Year Ended December 31, 2015 Operating Tctivities Net yncome Adjustments to reconcile Net yncome to net cash from operating activities: Depreciation and amortization Nuclear fuel amortization Allowance for equity funds used during construction...

  • Page 61
    See Combined Notes to Consolidated Financial Statements 57

  • Page 62
    DTE Energy Company Consolidated Statements of Changes in Equity Tccumulated Other Common Stock Shares Tmount Retained Earnings Comprehensive Income (Loss) NonControlling Interest Total (Dollars in millions, shares in thousands) Balance, December 31, 2012 Net yncome Dividends declared on common ...

  • Page 63
    ... the participation of DTE Electric's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DTE Electric's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2015, which is the...

  • Page 64
    ... respects, the financial position of DTE Electric Company and its subsidiaries at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the...

  • Page 65
    DTE Electric Company Consolidated Statements of Operations Year Ended December 31, 2015 Operating Revenues - Utility operations $ 4,900 $ 2014 (In millions) 5,282 $ 5,197 2013 Operating Expenses Fuel and purchased power - utility Operation and maintenance Depreciation and amortization Taxes other ...

  • Page 66
    ... Electric Company Consolidated Statements of Comprehensive Income Year Ended December 31, 2015 2014 (In millions) Net yncome Other comprehensive income (loss), net of tax: Transfer of benefit obligations, net of taxes of $18 in 2015 Benefit obligations, net of taxes of $(4) and $4 for 2014 and 2013...

  • Page 67
    DTE Electric Company Consolidated Statements of Financial Position December 31, 2015 (In millions) TSSETS Current Tssets Cash and cash equivalents Restricted cash, principally Securitization Accounts receivable (less allowance for doubtful accounts of $28 and $29, respectively) Customer Affiliates ...

  • Page 68
    DTE Electric Company Consolidated Statements of Financial Position - (Continued) December 31, 2015 LITBILITIES TND SHTREHOLDER'S EQUITY Current Liabilities Accounts payable Affiliates Other Accrued interest Current portion long-term debt, including capital leases Regulatory liabilities Short-term ...

  • Page 69
    DTE Electric Company Consolidated Statements of Cash Flows Year Ended December 31, 2015 2014 (In millions) Operating Tctivities Net yncome Adjustments to reconcile Net yncome to net cash from operating activities: Depreciation and amortization Nuclear fuel amortization Allowance for equity funds ...

  • Page 70
    ... Benefit obligations, net of tax Net change in unrealized gains on investments, net of tax Capital contribution by parent company Balance, December 31, 2013 Net yncome Dividends declared on common stock Benefit obligations, net of tax Capital contribution by parent company Balance, December 31, 2014...

  • Page 71
    ... 1.2 million customers throughout Michigan and the sale of storage and transportation capacity; and Other businesses involved in 1) natural gas pipelines, gathering, and storage; 2) power and industrial projects; and 3) energy marketing and trading operations. DTE Electric and DTE Gas are regulated...

  • Page 72
    ...Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As...

  • Page 73
    ... 2001, DTE Electric financed a regulatory asset related to Fermi 2 and certain other regulatory assets through the sale of rate reduction bonds by a wholly-owned special purpose entity, Securitization. DTE Electric performed servicing activities including billing and collecting surcharge revenue for...

  • Page 74
    ... and services to an industrial customer, sell electricity from renewable energy projects under long-term power purchase agreements, and produce and sell metallurgical coke. For further information by segment, see Note 20 to the Consolidated Financial Statements, "Segment and Related ynformation...

  • Page 75
    ... on a net hourly basis in each of the day-ahead, real-time, and FTR markets and net transactions across all MySO energy market locations. yn any single hour DTE Electric records net purchases in Fuel, purchased power, and gas - utility and net sales in Operating Revenues - Utility operations on the...

  • Page 76
    ...other postretirement benefit costs (see Note 18 to the Consolidated Financial Statements "Retirement Benefits and Trusteed Assets"). The following table summarizes the changes in DTE Electric's Accumulated other comprehensive income (loss) by component for the years ended December 31, 2015 and 2014...

  • Page 77
    ... may delay aggressive action. DTE Electric and DTE Gas assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated...

  • Page 78
    ... energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the businesses by the Registrants. DTE Energy amortizes contract yntangible assets on a straight-line basis over the expected period of benefit, ranging from 1 to 26 years. DTE...

  • Page 79
    ...and Sales Taxes The Registrants record the billing of excise and sales taxes as a receivable with an offsetting payable to the applicable taxing authority, with no net impact on the Registrants' Consolidated Statements of Operations. Deferred Debt Costs The costs related to the issuance of long-term...

  • Page 80
    ... disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. yn July 2015, the FASB deferred implementation of the revenue standard to be effective for the first interim period within annual reporting periods beginning after...

  • Page 81
    ... Statements of Operations. On October 1, 2015, DTE Electric closed on an acquisition of a 350 MW simple-cycle natural gas facility in East China Township, Michigan from a non-utility affiliate of DTE Energy. The facility will serve to meet customer needs during periods of peak demand. DTE Electric...

  • Page 82
    ... rate for DTE Gas was 2.6% in 2015 and 2.4% in 2014 and 2013. The average estimated useful life for each major class of utility Property, plant, and equipment as of December 31, 2015 follows: Estimated Useful Lives in Years Utility DTE Electric DTE Gas Generation 40 N/A Distribution 41 50 Storage...

  • Page 83
    ... capitalized software costs on a straight-line basis over the expected period of benefit, ranging from 3 to 15 years for DTE Energy and 5 to 15 years for DTE Electric. The following balances for capitalized software relate to DTE Energy, including DTE Electric: Year Ended December 31, 2015 2014 (In...

  • Page 84
    ...in two power plants, Belle River and Ludington Hydroelectric Pumped Storage. DTE Electric's share of direct expenses of the jointly-owned plants are included in Fuel, purchased power, and gas - utility and Operation and maintenance expenses in the DTE Energy Consolidated Statements of Operations and...

  • Page 85
    ... pertaining to rates, recovery of certain costs, including the costs of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters. DTE Electric is also regulated by the FERC with respect to financing authorization and wholesale electric activities...

  • Page 86
    ... 34 2014 (In millions) 2015 DTE Electric 2014 DTE Energy 2015 Liabilities Removal costs liability Renewable energy Negative pension offset Accrued PSCR/GCR refund Refundable income taxes Energy optimization Fermi 2 refueling outage Securitization over recovery Refundable revenue decoupling/deferred...

  • Page 87
    ... (TRM) - The MPSC approved the recovery of the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system, effective July 1, 2014. Annual reconciliations will be filed and surcharges will be implemented to recover approved...

  • Page 88
    ... taxes refundable to DTE Gas' customers representing the difference in property-related deferred income taxes payable and amounts recognized pursuant to MPSC authorization. Energy optimization (EO) - Amounts collected in rates in excess of energy optimization expenditures. Fermi 2 refueling outage...

  • Page 89
    ..., policies, and practices for prudence in annual plan and reconciliation filings. 2012 PSCR Year - yn March 2013, DTE Electric filed its 2012 PSCR reconciliation that included purchased power costs related to the manual shutdown of the Fermi 2 nuclear power plant in June 2012 caused by the failure...

  • Page 90
    ..., state and local income tax expense for DTE Electric is determined on an individual company basis with no allocation of tax expenses or benefits from other affiliates of DTE Energy. DTE Electric had an income tax receivable from DTE Energy of $6 million and $29 million at December 31, 2015 and 2014...

  • Page 91
    ... of the following at December 31: DTE Energy 2015 2014 (In millions) Property, plant, and equipment Securitized regulatory assets Tax credit carry-forwards Pension and benefits Federal net operating loss carry-forward State and local net operating loss carry-forwards ynvestments in equity method...

  • Page 92
    ... Statements of Financial Position. ynvestment tax credits are deferred and amortized to income over the average life of the related property. DTE Energy has state and local deferred tax assets related to net operating loss carry-forwards of $63 million and $39 million at December 31, 2015 and 2014...

  • Page 93
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) yn 2015, DTE Energy, including DTE Electric, settled a federal tax audit for the 2013 tax year. DTE Energy's federal income tax returns for 2014 and subsequent years remain subject to ...

  • Page 94
    ... Level 1 - Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. Level 2 - Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or...

  • Page 95
    ... Electric Company Combined Notes to Consolidated Financial Statements - (Continued) The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis as of December 31, 2015 and 2014: December 31, 2015 Level 1 Level 2 Level 3 Netting (a) Net...

  • Page 96
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of December 31, 2015 and 2014: December 31, 2015 Level 1 Level 2 Level 3 Net ...

  • Page 97
    ... Net yncome attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2015 and 2014 and reflected in Operating Revenues - Nonutility operations and Fuel, purchased power, and gas - non-utility in DTE Energy's Consolidated Statements of $ Operations...

  • Page 98
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric for the years ended December 31, 2015 ...

  • Page 99
    ... legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an ARO on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi...

  • Page 100
    ... available-for-sale securities which were reclassified out of Other comprehensive income (loss) and realized into Net yncome for DTE Energy or DTE Electric during the years ended December 31, 2015 and 2014. Gains related to trading securities held at December 31, 2015, 2014, and 2013 were $1 million...

  • Page 101
    ... include natural gas inventory, pipeline transportation contracts, renewable energy credits, and natural gas storage assets. DTE Electric - DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward energy contracts to manage changes in the price of electricity...

  • Page 102
    .... Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the...

  • Page 103
    ... $5 million at December 31, 2015 and 2014, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents the...

  • Page 104
    ... table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position at December 31, 2015 and 2014: December 31, 2015 Derivative Tssets Current Noncurrent Derivative Liabilities...

  • Page 105
    ... Revenues - Non-utility operations $ 3 $ (2) 2014 Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations...

  • Page 106
    ... Tax-Exempt Revenue Bonds (b) 5.2% due 2020 to 2030 DTE Gas Taxable Debt, Principally Secured 4.9% due 2018 to 2045 Other Long-Term Debt, Including Non-Recourse Debt DTE Energy Total Long-Term Debt Less amount due within one year for DTE Energy $ DTE Electric Securitization Bonds 6.6% due 2015...

  • Page 107
    ... the redemption of long-term debt and general corporate purposes. $ 500 300 40 125 965 Debt Redemptions yn 2015, the following debt was redeemed: Company Month Type Interest Rate Maturity Tmount (In millions) DTE Electric DTE Electric DTE Gas DTE Electric DTE Energy March March September December...

  • Page 108
    ... the companies' commercial paper programs. Borrowings under the facilities are available at prevailing shortterm interest rates. Additionally, DTE Energy has other facilities to support letter of credit issuance. The agreements require DTE Energy, DTE Electric, and DTE Gas to maintain a total funded...

  • Page 109
    ... Total minimum lease payments $ $ 37 30 25 21 13 71 197 $ $ 24 18 15 14 10 35 116 DTE Electric Operating Leases Rental expense for DTE Energy operating leases was $43 million in 2015, $38 million in 2014, and $34 million in 2013, including rental expense for DTE Electric operating leases of $32...

  • Page 110
    ... power plants in 23 states in the eastern half of the U.S., including DTE Energy facilities. The CSAPR Update Rule is intended to reduce air quality impacts of the interstate transport of air pollution on downwind areas' ability to meet the 2008 ozone standard and to respond to the July 2015 remand...

  • Page 111
    ... DTE Energy's motion for summary judgment dismissing the civil case related to Monroe Unit 2. yn April 2014, the U.S. District Court judge granted motions filed by the EPA and the Sierra Club to amend their New Source Review complaint adding additional claims for Monroe Units 1, 2 and 3, Belle River...

  • Page 112
    ... charged to its customers. ympacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities...

  • Page 113
    ... project. yn May 2014, the Group Against Smog & Pollution (GASP) filed a complaint alleging that DTE Energy's coke battery facility in Pennsylvania was in violation of visible emissions limits under the Federal Clean Air Act and/or Article XXy of the Allegheny County, PA Health Department's Rules...

  • Page 114
    ... DTE Electric's claims are being settled and paid on a timely basis. The settlement proceeds reduce the cost of the dry cask storage facility assets and provide reimbursement for related operating expenses. The 1 mill per kWh DOE fee was reduced to zero effective May 16, 2014. DTE Electric currently...

  • Page 115
    ... to numerous long-term purchase commitments relating to a variety of goods and services required for their businesses. These agreements primarily consist of fuel supply commitments and renewable energy contracts for the Registrants, as well as energy trading contracts for DTE Energy. The Registrants...

  • Page 116
    ...retirement plans. DTE Electric participates in various plans that provide pension and other postretirement benefits for DTE Energy and its affiliates. The plans are sponsored by DTE Energy Corporate Services, LLC (LLC), a subsidiary of DTE Energy. DTE Electric is allocated net periodic benefit costs...

  • Page 117
    ... periodic benefit cost during next fiscal year Net actuarial loss $ 162 $ 206 $ $ $ 19 (205) - (186) 35 $ $ $ 805 (157) (7) 641 820 $ 83 212 (273) 157 - 179 $ 2014 $ 94 192 (266) 208 - 228 2013 Net pension cost for DTE Electric includes the following components: 2015 2014 (In millions) Service cost...

  • Page 118
    ...and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in the Registrants' Consolidated Statements of Financial Position at December 31: DTE Energy 2015 $ 4,569 $ 2014 (In millions) Tccumulated benefit obligation, end of year Change in projected...

  • Page 119
    ... Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) At December 31, 2015, the benefits related to the Registrants' qualified and nonqualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal...

  • Page 120
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) Target allocations for the Registrants' pension plan assets as of December 31, 2015 are listed below: U.S. Large Capitalization (Cap) Equity Securities U.S. Small Cap and Mid Cap Equity ...

  • Page 121
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) The following tables provide the fair value measurement amounts for the Registrants' pension plan assets at December 31, 2015 and 2014 (a): December 31, 2015 Level 1 Level 2 Level 3 Total ...

  • Page 122
    ...of DTE Energy's pension plan assets measured at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3): Year Ended December 31, 2015 Hedge Funds and Similar Investments Private Equity and Other Year Ended December 31, 2014 Hedge Funds...

  • Page 123
    ... employee's retirement date, and increases each year for each eligible participant at the lower of the rate of medical inflation or 2%. Net other postretirement credit for DTE Energy includes the following components: 2015 2014 (In millions) Service cost ynterest cost Expected return on plan assets...

  • Page 124
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) Net other postretirement credit for DTE Electric includes the following components: 2015 2014 (In millions) Service cost ynterest cost Expected return on plan assets Amortization of: Net ...

  • Page 125
    ...' Consolidated Statements of Financial Position at December 31: DTE Energy 2015 2014 (In millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year Service cost ynterest cost Actuarial (gain) loss Benefits paid Accumulated...

  • Page 126
    ...50 / 6.50% 4.50% 2025 / 2024 2014 2013 A one percentage point increase in health care cost trend rates would have increased the total service cost and interest cost components of benefit costs for DTE Energy by $6 million, including $4 million for DTE Electric, in 2015 and would have increased the...

  • Page 127
    DTE Energy Company - DTE Electric Company Combined Notes to Consolidated Financial Statements - (Continued) The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2015 and 2014 (a): December 31, 2015 Level 1 DTE ...

  • Page 128
    ... DTE Energy Company Master VEBA Trust holds debt and equity securities directly and indirectly through commingled funds and institutional mutual funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The commingled funds and...

  • Page 129
    ..., for DTE Energy, and $23 million, $24 million, and $21 million in each of the years 2015, 2014, and 2013, respectively, for DTE Electric. Plan Changes yn 2015, certain executive retirement benefit plans were amended to transfer the obligation for benefits as attributed to the LLC. The related plan...

  • Page 130
    ...stock-based compensation for DTE Energy: 2015 2014 (In millions) Stock-based compensation expense Tax benefit Stock-based compensation cost capitalized in Property, plant, and equipment $ $ $ 34 13 5 $ $ $ 103 40 16 $ $ $ 99 38 15 2013 Stock Options Options are exercisable according to the terms of...

  • Page 131
    ... DTE Energy for the years ended December 31 was: 2015 Fair value of awards vested (in millions) Restricted common shares awarded Weighted average market price of shares awarded Compensation cost charged against income (in millions) $ $ $ 9 144,300 83.43 10 $ $ $ 2014 11 159,590 70.09 10 $ $ $ 2013...

  • Page 132
    ... Tverage to be Recognized (In years) 1.11 0.97 1.00 Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation. DTE Electric's allocation for 2015, 2014, and 2013 for stock-based compensation expense was approximately $21...

  • Page 133
    ..., power sales, and natural gas sales in the following segments: Year Ended December 31, 2015 2014 (In millions) Electric Gas Gas Storage and Pipelines Power and yndustrial Projects Energy Trading Corporate and Other $ $ 36 3 8 785 32 4 868 $ $ 29 6 9 794 33 3 874 $ $ 26 4 3 816 43 (24) 868 2013 129

  • Page 134
    ... data of DTE Energy's business segments follows: Power and Industrial Projects Reclassifications and Eliminations Electric Gas Gas Storage and Pipelines Energy Trading (In millions) Corporate and Other Total 2015 Operating Revenues - Utility operations Operating Revenues - Non-utility...

  • Page 135
    ...state, and local tax provisions. The following is a summary of DTE Electric's transactions with affiliated companies: 2015 2014 (In millions) Revenues Energy sales Other services Shared capital assets Costs Fuel and purchased power Other services and interest Corporate expenses (net) Other Dividends...

  • Page 136
    ... Electric Company Combined Notes to Consolidated Financial Statements - (Continued) For DTE Electric, there were no charitable contributions to the DTE Energy Foundation for the years ended December 31, 2015 and 2014, while there were $18 million in contributions for the year ended December 31, 2013...

  • Page 137
    ... reference from DTE Energy's definitive Proxy Statement for its 2016 Annual Meeting of Shareholders to be held May 5, 2016. The Proxy Statement will be filed with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of DTE Energy's fiscal year covered by this report on Form 10...

  • Page 138
    ... rendered by PwC for the audit of DTE Electric's annual financial statements for the years ended December 31, 2015 and December 31, 2014, respectively, and fees billed for other services rendered by PwC during those periods. 2015 Audit fees (a) Audit-related fees (b) Total $ $ 1,329,245 12,000...

  • Page 139
    ... Fixed Charges Subsidiaries of DTE Energy Consent of PricewaterhouseCoopers LLP Consent of PricewaterhouseCoopers LLP Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report Chief Executive Officer...

  • Page 140
    ... Detroit Edison Company" and "Michigan Consolidated Gas Company" and were effective prior to the change to DTE Electric Company and DTE Gas Company, respectively, effective January 1, 2013. 3(a) 3(b) 4(a) Amended Bylaws of DTE Energy Company, as amended through September 17, 2015 (Exhibit 3.1 to DTE...

  • Page 141
    ... Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-23 to Detroit Edison's Registration Statement on Form S-1 (File No. 29226)). (amendment) Supplemental yndenture, dated as of August 15...

  • Page 142
    ...to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-275 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2011). (2011 Series B) Supplemental yndenture, dated...

  • Page 143
    ... as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Registration Statement on Form S-4 (File No. 333123926)). (2005 Series BR 5.45% Senior Notes due 2035) Eighteenth Supplemental yndenture...

  • Page 144
    ... (Exhibit 4-272 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series A 4.89% Senior Notes due 2020) 4(d) yndenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., as trustee, related to Senior Debt Securities (Exhibit 4-1 to...

  • Page 145
    ... to The Detroit Edison Company's Form 10-K for the year ended December 31, 1996) Certain arrangements pertaining to the employment of Bruce D. Peterson, dated May 22, 2002 (Exhibit 10-48 to DTE Energy's Form 10-Q for the quarter ended June 30, 2002) DTE Energy Company Annual yncentive Plan (Exhibit...

  • Page 146
    ... March 31, 2014) DTE Energy Company Retirement Plan for Non-Employee Directors' Fees (as Amended and Restated effective as of December 31, 1998) (Exhibit 10-31 to DTE Energy's Form 10-K for the year ended December 31, 1998) The Detroit Edison Company Supplemental Long-Term Disability Plan, dated...

  • Page 147
    ... to DTE Energy Company's and DTE Electric Company's Form 8-K filed on April 21, 2015) Form of Change-in-Control Agreement, dated as of March 3, 2014, between DTE Energy Company and each of Gerard M. Anderson, Steven E. Kurmas, David E. Meador, Peter B. Oleksiak, Gerardo Norcia, Bruce D. Peterson and...

  • Page 148
    ... Agreement for the DTE Energy Company Master Plan Trust between DTE Energy Corporate Services, LLC and DTE Energy ynvestment Committee and JP Morgan Chase Bank, N.A. dated as of November 28, 2014 (Exhibit 99-58 to DTE Energy's Form 10-Q for the quarter ended September 30, 2015) Fifth Amendment to...

  • Page 149
    DTE Energy Company Schedule II - Valuation and Qualifying Tccounts Year Ending December 31, 2015 Tllowance for Doubtful Tccounts (shown as deduction from Tccounts receivable in DTE Energy's Consolidated Statements of Financial Position) Balance at Beginning of Period Additions: Charged to costs and ...

  • Page 150
    ... Exchange Act of 1934, DTE Energy Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DTE ENERGY COMPANY (Registrant) By: /S/ GERARD M. ANDERSON Gerard M. Anderson Chairman of the Board and Chief Executive Officer Date: February 10, 2016...

  • Page 151
    ... Exchange Act of 1934. No annual report, proxy statement, form of proxy, or other proxy soliciting material has been sent to security holders of DTE Electric Company during the period covered by this Annual Report on Form 10-K for the fiscal year ended December 31, 2015. By: By: By: /S/ PETER...

  • Page 152
    ... begin" if the eligible employee has not filed a previous election under this Paragraph (b)(2) to change the form of distribution of the Post-2004 Benefit. 3. Effective January 1, 2013, the following references in Appendix A to "The Detroit Edison Company" are replaced with "DTE Electric Company...

  • Page 153
    ...Retirement Plan is a defined benefit pension plan sponsored by DTE Energy Corporate Services, LLC for eligible employees. 5. Effective January 1, 2013, the third paragraph of "Non-Secured Promise; Amendments" in Appendix A is amended by replacing "The Detroit Edison Company" with "DTE Energy Company...

  • Page 154
    ... of management or highly compensated employees. Payments as they become due under the Plan to or in respect of a Company's former employees shall be paid by DTE Energy Company from its general assets; provided, however, that no provision of the Plan shall preclude DTE Energy Company from segregating...

  • Page 155
    ... by applicable law. C. By a resolution properly adopted on February 4, 2016, the Committee amends the Plan to limit annual maximum award payable to any individual to a specified dollar amount. Plan Amendment Effective for Plan Years after 2015, the DTE Energy Company Executive Performance Plan is...

  • Page 156
    ... governing participants' elections to change the form of distribution from the Plan so the provisions reflect the actual administration of the Plan and to delegate the right to amend the Plan to the Organization and Compensation Committee of the Board. Plan Amendment The DTE Energy Company Executive...

  • Page 157
    ... in Control, the Company shall be liable for all obligations under the Plan to each employee covered by the Plan, regardless of the corporation by which such employee is employed. DTE Energy Company has caused this First Amendment to be executed on the 4th day of February, 2016. DTE Energy Company...

  • Page 158
    ... requirements for vesting and payment of Awards following a Change in Control under specified circumstances. Plan Amendment Effective immediately, the DTE Energy Company Long-Term Incentive Plan as Amended and Restated Effective May 1, 2014 is amended as follows: 1. Article 12.01 is amended...

  • Page 159
    ...'s death; (II) because the Participant became permanently disabled within the meaning of, and began receiving disability benefits under, the Company or Subsidiary sponsored long-term disability plan in effect for, or applicable to, the Participant immediately prior to the Change in Control...

  • Page 160
    ... of 300 miles from the location immediately prior to the Change in Control; or (II) Requires the Participant to travel away from the Participant's office in the course of discharging the Participant's responsibilities or duties at least 40% more (in terms of aggregate days in any calendar year or in...

  • Page 161
    ... recently completed fiscal year; and (C) the Company's or Subsidiary's net sales of the competitive product or service amounted to 10% of the Company's or Subsidiary's net sales for its most recently completed fiscal year; and (D) The Board determines the Participant's employment in the business or...

  • Page 162
    ..., levels of coverage and performance measures and levels of required performance, as the benefits payable prior to the Change in Control. (vii) Base Pay. Base Pay is the Participant's annual base salary (prior to any pre-tax deferrals made under any employee benefit plans of the Company) in effect...

  • Page 163
    ...levels of performance. Performance Units will be settled in cash based on the Fair Market Value of the Common Stock as of the day before the Control Change Date. (ii) If outstanding Performance Unit Awards under this Plan are continued under Section 12.02(a) or substituted under Section 12.02(b) and...

  • Page 164
    ... in Control Termination. DTE Energy Company has caused this First Amendment to be executed on the 4th day of February, 2016. DTE Energy Company /S/ Larry E. Steward _____ Larry E. Steward Senior Vice President, Human Resources First Amendment to DTE Energy Company Long-Term Incentive Plan Restated...

  • Page 165
    Exhibit 12.65 DTE Energy Company Computation of Ratio of Earnings to Fixed Charges Year Ended December 31, 2015 2014 2013 (In millions) Earnings: Pretax earnings Adjustments Fixed charges Net earnings $ $ 950 (3) 473 1,420 $ $ 1,275 (15) 453 1,713 $ $ 922 (26) 461 1,357 $ $ 960 71 463 1,494 $ $ 991...

  • Page 166
    Exhibit 12.66 DTE Electric Company Computation of Ratio of Earnings to Fixed Charges Year Ended December 31, 2015 2014 2013 (In millions) Earnings: Pretax earnings Adjustments Fixed charges Net earnings $ $ 836 (11) 277 1,102 $ $ 830 (11) 267 1,086 $ $ 741 (7) 281 1,015 $ $ 768 (7) 286 1,047 $ $ ...

  • Page 167
    ... ENERGY COMPANY DTE Energy Company's principal subsidiaries as of December 31, 2015 are listed below. All other subsidiaries, if considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary. Subsidiary 1. DTE Electric Company 2. DTE Enterprises, Inc. 3. DTE Gas...

  • Page 168
    ...-199746) of DTE Energy Company of our report dated nebruary 10, 2016 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this norm 10-K. /s/ PricewaterhouseCoopers LLP Detroit, Michigan nebruary 10...

  • Page 169
    ... in the Registration Statement on norm S-3 (No. 333-206552) of DTE Electric Company of our report dated nebruary 10, 2016 relating to the financial statements and financial statement schedule, which appears in this norm 10-K. /s/ PricewaterhouseCoopers LLP Detroit, Michigan nebruary 10, 2016

  • Page 170
    ... whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ GERARD M. ANDERSON Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Energy Company Date: February 10, 2016

  • Page 171
    ..., whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ PETER B. OLEKSIAK Peter B. Oleksiak Senior Vice President and Chief Financial Officer of DTE Energy Company Date: February 10, 2016

  • Page 172
    ... or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ GERARD M. ANDERSON Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Electric Company Date: February 10, 2016

  • Page 173
    ... whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /S/ PETER B. OLEKSIAK Peter B. Oleksiak Senior Vice President and Chief Financial Officer of DTE Electric Company Date: February 10, 2016

  • Page 174
    ... in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Energy Company. Date: February 10, 2016 /S/ GERARD M. ANDERSON Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Energy Company A signed original of...

  • Page 175
    ... THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report on Form 10-K of DTE Energy Company for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter B. Oleksiak, certify, pursuant to 18 U.S.C. Section 1350, as...

  • Page 176
    ... in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Electric Company. Date: February 10, 2016 /S/ GERARD M. ANDERSON Gerard M. Anderson Chairman of the Board and Chief Executive Officer of DTE Electric Company A signed original of...

  • Page 177
    ...THE SARIANES-OXLEY ACT OF 2002 In connection with the Annual Report on Form 10-K of DTE Electric Company for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter B. Oleksiak, certify, pursuant to 18 U.S.C. Section 1350, as...

  • Page 178