DTE ENERGY CO
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 13, 2025
DTE$135.08+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-08.
0000936340-24-000076
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-13.
0000936340-25-000065
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 192 previous paragraphs and 187 current paragraphs.
106 unchanged; 67 reworded; 11 added; 18 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
ELECTRIC SEGMENT
Current report
(a)Includes impact of nuclear PTCs recognized in 2024. Nuclear PTCs are separately recorded in Income Tax Expense (Benefit) with an offsetting reduction to revenue for recoverable power supply costs as tax savings are passed on to customers.
Current report
(b)Includes impact of solar ITCs recognized in 2024, which offset Income Tax Expense (Benefit).
Current report
Operation and maintenance expense increased $22 million in 2024 and decreased $147 million in 2023. The increase in 2024 was primarily due to one-time costs of $32 million resulting from the voluntary separation incentive program, higher RPS expense of $25 million, higher EWR expense of $17 million, higher uncollectible expense of $12 million, higher corporate support costs of $12 million, higher sales and marketing expense of $10 million, higher legal expense of $9 million, higher planning and development expense of $7 million, and higher plant generation expense of $3 million, partially offset by lower distribution operations expense of $106 million (primarily due to lower storm restoration costs).
Current report
GAS SEGMENT
Current report
Asset (gains) losses and impairments, netincreased $6 million in 2024 and had no change in 2023. The increase in 2024 was primarily due to the write-off of capital expenditures, of which $3 million was disallowed by the MPSC in the November 2024 rate order.
Current report
Other (Income) and Deductions increased $13 million in 2024 and had no change in 2023. The increase in 2024 was primarily due to higher net interest expense of $14 million.
Current report
DTE VANTAGE SEGMENT
Current report
ENERGY TRADING SEGMENT
Current report
Net cash from operations increased $423 million in 2024. The increase was primarily due to higher cash from working capital items and an increase in Depreciation and amortization, partially offset by a decrease in cash related to Allowance for equity funds used during construction.
Current report
See Notes 11 and 12 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Removed paragraphs (18)
Previous report
On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage, and gathering non-utility business. Financial results of DT Midstream are presented as discontinued operations in the Consolidated Financial Statements. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information.
Previous report
Voluntary Separation Incentive Program
Previous report
In January 2024, DTE Energy announced a voluntary separation incentive program ("VSIP") for certain non-represented employees within the electric and gas utilities and corporate support organizations. Under the program, employees can elect a benefits and compensation package and exit the company to retire or pursue other opportunities. DTE Energy currently expects the VSIP to result in approximately $40 to $50 million of one-time costs in the first half of 2024, primarily in the first quarter. The costs will be allocated to Operation and maintenance expense primarily at the Electric and Gas segments. Actual costs may differ from current estimates as elections under the VSIP are finalized. For the remainder of 2024, cost savings from the VSIP are expected to offset a portion of the one-time costs incurred early in the year. Over the long-term, cost savings from the VSIP will support DTE Energy's goals for customer affordability.
Previous report
ELECTRIC
Previous report
(a)Represents deliveries for self-generators that have purchased power from alternative energy suppliers to supplement their power requirements.
Previous report
The increase in 2022 was primarily due to higher EWR expense of $29 million and higher distribution operations expense of $7 million, partially offset by lower benefits and other compensation expense of $17 million and lower legal and environmental expense of $12 million.
Previous report
GAS
Previous report
Asset (gains) losses and impairments, nethad no change in 2023 and decreased $4 million in 2022. The decrease in 2022 was primarily due to capital write-offs of $4 million in 2021.
Previous report
Other (Income) and Deductions had no change in 2023 and increased $3 million in 2022. The activity in 2023 included higher net interest expense of $10 million that was offset by a favorable change in investment earnings of $10 million. The increase in 2022 was primarily due to an unfavorable change in investment earnings of $9 million and higher net interest expense of $7 million, partially offset by 2021 contributions to the DTE Energy Foundation and other not-for-profit organizations of $12 million.
Previous report
DTE Gas filed a rate case with the MPSC on January 8, 2024 requesting an increase in base rates of $266 million based on a projected twelve-month period ending September 30, 2025, and an increase in return on equity from 9.9% to 10.25%. The request reflects a net increase to customer rates of only $160 million, as an existing IRM surcharge of $106 million would be rolled into the new base rates. The requested increase is primarily due to increased investments in plant related to system reliability and pipeline safety and inflationary impacts on operating costs, partially offset by higher sales. A final MPSC order in this case is expected in November 2024.
Previous report
DTE VANTAGE
Previous report
The change in 2022 was primarily due to an asset impairment of $27 million recorded in the Steel business in 2021 for the anticipated closure of a pulverized coal facility, as well as the $5 million gain recorded in the Renewables business in 2022 related to contingent consideration.
Previous report
Net Loss Attributable to Noncontrolling Interestshad no change in 2023 and decreased by $10 million in 2022. The decrease in 2022 was primarily due to the closure of the REF business.
Previous report
ENERGY TRADING
Previous report
The 2022 net loss of $145 million represents a decrease of $222 million from the 2021 net loss of $367 million. This decrease was primarily due to one-time items following the separation of DT Midstream in 2021, including a $294 million earnings impact from losses on debt extinguishment, partially offset by a reduction to Income Tax Expense of $85 million for the remeasurement of state deferred taxes. The remaining decrease of $13 million in 2022 was primarily due to lower state income taxes, lower valuation allowances, and a gain on sale of assets, partially offset by equity investment losses and benefits expenses.
Previous report
Net cash from operations decreased $1.1 billion in 2022. The reduction was primarily due to lower cash from working capital items. The reduction was also partially due to changes in Net income, which decreased year-over-year if adjusted for the Loss on extinguishment of debt in 2021, primarily driven by the separation of DT Midstream in July 2021 and the closure of the REF business at DTE Vantage in 2022.
Previous report
Changes in working capital during 2022 were significantly impacted by higher prices for natural gas and electricity, including Accounts receivable at the utilities, Accounts payable in the Electric and Energy Trading segments, and Regulatory assets attributed to the PSCR mechanism at DTE Electric. Refer to "Quantitative and Qualitative Disclosures About Market Risk" within Item 7A of this Report for additional information regarding DTE Energy's management of commodity price and other market risks.
Previous report
See Notes 12 and 13 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Reworded paragraphs (67)
Previous wording
DTE Energy is a diversified energy company with 2023 Operating Revenues of approximately $12.7 billion and Total Assets of approximately $44.8 billion. DTE Energy is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan. DTE Energy also operates two energy-related non-utility segments with operations throughout the United States.
Current wording
DTE Energy is a diversified energy company with 2024 Operating Revenues of approximately $12.5 billion and Total Assets of approximately $48.8 billion. DTE Energy is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan. DTE Energy also operates two energy-related non-utility segments with operations throughout the United States.
Previous wording
The increase in 2023 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Energy Trading, DTE Vantage, and Gas segments, partially offset by lower earnings in the Electric and Corporate and Other segments. The increase in 2022 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric, Gas, and Corporate and Other segments, partially offset by lower earnings in the DTE Vantage and Energy Trading segments.
Current wording
The increase in 2024 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric segment, partially offset by lower earnings in the Energy Trading, Gas, and DTE Vantage segments and Corporate and Other. The increase in 2023 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Energy Trading, DTE Vantage, and Gas segments, partially offset by lower earnings in the Electric segment and Corporate and Other.
Previous wording
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of wind storms and other weather events, coupled with increasing electric vehicle adoption, will drive a continued need for substantial grid investment over the long-term.
Current wording
DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and potential for data centers, will drive a continued need for substantial grid investment over the long-term.
Previous wording
Additionally, as a result of legislation passed by the state of Michigan in the fourth quarter 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan to comply with the new requirements.
Current wording
Additionally, as a result of legislation passed by the state of Michigan in the fourth quarter 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan, currently planned for 2026, to comply with the new requirements.
Previous wording
To achieve carbon reduction goals at the electric utility, DTE Energy will continue its transition away from coal-powered energy sources and is replacing or offsetting the generation from these facilities with renewable energy, natural gas, battery storage, and energy waste reduction initiatives. Refer to the "Capital Investments" section below for further discussion regarding DTE Energy's retirement of its aging coal-fired plants and transition to renewable energy and other sources. Over the long-term, DTE Energy is also monitoring the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, hydrogen, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability.
Current wording
To achieve carbon reduction goals at the electric utility, DTE Energy will continue its transition away from coal-powered energy sources and is replacing or offsetting the generation from these facilities with renewable energy, natural gas, battery storage, and energy waste reduction initiatives. Refer to the "Capital Investments" section below for further discussion regarding DTE Energy's retirement of its aging coal-fired plants and transition to renewable energy and other sources. Over the long-term, DTE Energy is also monitoring and pursuing the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, hydrogen, and carbon capture and sequestration, and how these technologies may support clean, reliable generation and customer affordability.
Previous wording
DTE Electric's capital investments over the 2024-2028 period are estimated at $20 billion, comprised of $9 billion for distribution infrastructure, $4 billion for base infrastructure, and $7 billion for cleaner generation including renewables. DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities and has announced plans to retire its remaining six coal-fired generating units. DTE Electric plans to convert the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
Current wording
DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities, and plans to repurpose the Trenton Channel plant to a battery energy storage system in 2026. DTE Electric has also announced plans to retire its remaining six coal-fired generating units, including converting the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. Generation from the retired facilities will continue to be replaced or offset with a combination of renewables, energy waste reduction, demand response, battery storage, and natural gas fueled generation.
Previous wording
DTE Gas' capital investments over the 2024-2028 period are estimated at $3.7 billion, comprised of $2.1 billion for base infrastructure and $1.6 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.
Current wording
DTE Gas' capital investments over the 2025-2029 period are estimated at $4.0 billion, comprised of $2.5 billion for base infrastructure and $1.5 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity projects.
Previous wording
DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1 billion to $1.5 billion from 2024-2028 for renewable energy and custom energy solutions, while expanding into carbon capture and sequestration.
Current wording
DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1.5 billion to $2.0 billion from 2025-2029 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.
Previous wording
Operating Revenues decreased $594 million in 2023 and increased $591 million in 2022. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The change in both periods was due to the following:
Current wording
Operating Revenues increased $475 million in 2024 and decreased $594 million in 2023. Revenues associated with certain mechanisms and surcharges, including recovery of fuel and purchased power, are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations. The change in both periods was due to the following:
Previous wording
(a)Primarily includes regulatory mechanisms relating to EWR, RPS, and TRM.
Current wording
(c)Primarily includes regulatory mechanisms relating to EWR and TRM.
Previous wording
DTE Electric sales and deliveries decreased in 2023 primarily due to unfavorable weather compared to 2022. The decrease in 2022 was primarily due to a decrease in residential sales as customers resumed more pre-pandemic activities and worked less from their homes.
Current wording
DTE Electric sales and deliveries increased in 2024 primarily due to favorable weather compared to 2023. The decrease in 2023 was primarily due to unfavorable weather compared to 2022.
Previous wording
Fuel and purchased power — utility expense decreased $497 million in 2023 and increased $447 million in 2022. The change in both periods was due to the following:
Current wording
Fuel and purchased power — utility expense increased $124 million in 2024 and decreased $497 million in 2023. The change in both periods was due to the following:
Previous wording
Operation and maintenance expense decreased $147 million in 2023 and increased $8 million in 2022. The decrease in 2023 was primarily due to lower plant generation expense of $108 million (primarily due to lower outage costs and coal plant retirements), lower benefits and other compensation expense of $67 million, lower corporate support costs of $55 million, and lower legal expense of $14 million. These decreases were partially offset by higher distribution operations expense of $99 million, which was primarily due to higher storm restoration costs.
Current wording
The decrease in 2023 was primarily due to lower plant generation expense of $108 million (primarily due to lower outage costs and coal plant retirements), lower benefits and other compensation expense of $67 million, lower corporate support costs of $55 million, and lower legal expense of $14 million. These decreases were partially offset by higher distribution operations expense of $99 million, which was primarily due to higher storm restoration costs.
Previous wording
Depreciation and amortization expense increased $122 million in 2023 and $96 million in 2022. In 2023, the increase was primarily due to a $113 million increase from a higher depreciable base and an increase of $10 million associated with the TRM. In 2022, the increase was primarily due to a $101 million increase from a higher depreciable base, partially offset by a decrease of $9 million associated with the TRM.
Current wording
Depreciation and amortization expense increased $107 million in 2024 and $122 million in 2023. In 2024, the increase was primarily due to a $103 million increase from a higher depreciable base. In 2023, the increase was primarily due to a $113 million increase from a higher depreciable base and an increase of $10 million associated with the TRM.
Previous wording
Taxes other than income had no change in 2023 and increased $18 million in 2022. In 2022, the increase was primarily due to higher property taxes of $16 million as a result of a higher tax base.
Current wording
Taxes other than income increased $14 million 2024 and had no change in 2023. The increase in 2024 was primarily due to higher property taxes.
Previous wording
Asset (gains) losses and impairments, net increased $19 million in 2023 and $7 million in 2022. The increases for both periods were primarily due to MPSC disallowances of previously recorded capital expenditures, including $25 million from the December 2023 rate order and $8 million from the November 2022 rate order. There were no such disallowances in 2021.
Current wording
Asset (gains) losses and impairments, net decreased $15 million in 2024 and increased $19 million in 2023. The change in both periods was primarily due to MPSC disallowances of previously recorded capital expenditures, including $12 million from the January 2025 rate order written off in 2024 and $25 million from the December 2023 rate order written off in 2023.
Previous wording
Other (Income) and Deductions increased $40 million in 2023 and $2 million in 2022. The increase in 2023 was primarily due to higher net interest expense of $48 million and higher non-operating retirement benefits expense of $26 million, partially offset by a favorable change in investment earnings of $19 million and higher AFUDC equity of $14 million. The increase in 2022 was primarily due to higher net interest expense of $27 million and an unfavorable change in investment earnings of $19 million, partially offset by lower non-operating retirement benefits expense of $37 million and a $4 million decrease in non-operational costs that ceased with the retirement of a power plant.
Current wording
Other (Income) and Deductions increased $32 million in 2024 and $40 million in 2023. The increase in 2024 was primarily due to higher net interest expense of $79 million, partially offset by higher AFUDC equity of $44 million and lower non-operating retirement benefits of $7 million. The increase in 2023 was primarily due to higher net interest expense of $48 million and higher non-operating retirement benefits expense of $26 million, partially offset by a favorable change in investment earnings of $19 million and higher AFUDC equity of $14 million.
Previous wording
Income Tax Expense increased $53 million in 2023 and decreased $79 million in 2022. The increase in 2023 was primarily due to lower amortization of the TCJA regulatory liability, partially offset by lower earnings. The decrease in 2022 was primarily due to higher amortization of the TCJA regulatory liability and higher production tax credits, partially offset by higher earnings.
Current wording
Income Tax Expense (Benefit) changed $109 million in 2024 and increased $53 million in 2023. The change in 2024 was primarily due to an increase in tax credits, partially offset by higher earnings. The increase in 2023 was primarily due to lower amortization of the TCJA regulatory liability, partially offset by lower earnings.
Previous wording
Outlook — DTE Electric will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Electric expects that planned significant capital investments will result in earnings growth. DTE Electric will maintain a strong focus on customers by increasing reliability and satisfaction while keeping customer rate increases affordable. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, benefit plan design changes, uncertainty of legislative or regulatory actions regarding climate change, and effects of energy waste reduction programs.
Current wording
Outlook — DTE Electric will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Electric expects that planned significant capital investments will result in earnings growth. DTE Electric will maintain a strong focus on customers by increasing reliability and satisfaction while working to keep customer rate increases affordable. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, uncertainty of legislative or regulatory actions regarding environmental compliance, and effects of energy waste reduction programs.
Previous wording
Operating Revenues — Utility operations decreased $176 million in 2023 and increased $371 million in 2022. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The change in both periods was due to the following:
Current wording
Operating Revenues — Utility operations increased $50 million in 2024 and decreased $176 million in 2023. Revenues associated with certain mechanisms and surcharges, including recovery of the cost of gas, are offset by related expenses elsewhere in DTE Energy's Consolidated Statements of Operations. The change in both periods was due to the following:
Previous wording
The change in sales in 2023 was primarily due to unfavorable weather. The change in sales in 2022 was primarily due to favorable weather. Intermediate transportation volumes fluctuate period to period based on available market opportunities.
Current wording
The change in sales in 2024 was primarily due to unfavorable weather. The change in sales in 2023 was primarily due to unfavorable weather. Intermediate transportation volumes fluctuate period to period based on available market opportunities.
Previous wording
Cost of gas — utility expense decreased $163 million in 2023 and increased $210 million in 2022. The decrease in 2023 was primarily due to a lower cost of gas of $92 million and lower sales volumes of $71 million. The increase in 2022 was primarily due to a higher cost of gas of $153 million and higher sales volumes of $57 million.
Current wording
Cost of gas — utility expense increased $15 million in 2024 and decreased $163 million in 2023. The increase in 2024 was primarily due to higher cost of gas of $40 million, partially offset by lower sales volumes of $25 million. The decrease in 2023 was primarily due to a lower cost of gas of $92 million and lower sales volumes of $71 million.
Previous wording
Operation and maintenance expense decreased $64 million in 2023 and increased $31 million in 2022. The decrease in 2023 was primarily due to lower gas operations expense of $36 million, lower corporate support costs of $24 million, and lower benefits and other compensation expense of $7 million, partially offset by higher legal expense of $3 million. The increase in 2022 was primarily due to higher gas operations expense of $17 million, higher corporate support costs of $10 million, and higher EWR expense of $7 million, partially offset by lower benefits and other compensation expense of $4 million.
Current wording
Operation and maintenance expense increased $47 million in 2024 and decreased $64 million in 2023. The increase in 2024 was primarily due to higher gas operations expenses of $24 million, one-time costs resulting from the voluntary separation incentive program of $8 million, higher uncollectible expense of $6 million, higher benefits and other compensation expense of $3 million, higher EWR expense of $3 million, and higher corporate support costs of $3 million. The decrease in 2023 was primarily due to lower gas operations expense of $36 million, lower corporate support costs of $24 million, and lower benefits and other compensation expense of $7 million, partially offset by higher legal expense of $3 million.
Previous wording
Depreciation and amortization expense increased $17 million in 2023 and $15 million in 2022. The increase in both periods was primarily due to a higher depreciable base.
Current wording
Depreciation and amortization expense increased $12 million in 2024 and $17 million in 2023. The increase in both periods was primarily due to a higher depreciable base.
Previous wording
Taxes other than income increased $7 million in 2023 and $8 million in 2022. The increase in both periods was primarily due to higher property taxes.
Current wording
Taxes other than income increased $10 million in 2024 and $7 million in 2023. The increase in both periods was primarily due to higher property taxes.
Previous wording
Income Tax Expense increased $5 million in 2023 and $50 million in 2022. The increase in 2023 was primarily due to higher earnings. The increase in 2022 was primarily due to higher earnings and lower amortization of the TCJA regulatory liability.
Current wording
Income Tax Expense decreased $16 million in 2024 and increased $5 million in 2023. The decrease in 2024 was primarily due to lower earnings. The increase in 2023 was primarily due to higher earnings.
Previous wording
Outlook — DTE Gas will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Gas expects that planned significant infrastructure capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather, the outcome of regulatory proceedings, and benefit plan design changes. DTE Gas expects to continue its efforts to improve productivity and decrease costs while improving customer satisfaction with consideration of customer rate affordability.
Current wording
Outlook — DTE Gas will continue to move forward in its efforts to achieve operational excellence, sustain strong cash flows, and earn its authorized return on equity. DTE Gas expects that planned significant infrastructure capital investments will result in earnings growth. Looking forward, additional factors may impact earnings such as weather and the outcome of regulatory proceedings. DTE Gas expects to continue its efforts to improve productivity and decrease costs while improving customer satisfaction with consideration of customer rate affordability.
Previous wording
The DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers. DTE Vantage formerly included projects that produced reduced emissions fuel; however, these projects were closed as planned in 2022 upon REF facilities exhausting their eligibility for generating production tax credits. DTE Vantage results and outlook are discussed below:
Current wording
The DTE Vantage segment is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers. DTE Vantage results and outlook are discussed below:
Previous wording
Operating Revenues — Non-utility operations decreased $39 million in 2023 and $634 million in 2022. The changes were due to the following:
Current wording
Operating Revenues — Non-utility operations decreased $56 million in 2024 and $39 million in 2023. The changes were due to the following:
Previous wording
Fuel, purchased power, and gas — non-utility expense decreased $10 million in 2023 and $655 million in 2022. The changes were due to the following:
Current wording
Fuel, purchased power, and gas — non-utility expense decreased $43 million in 2024 and $10 million in 2023. The changes were due to the following:
Previous wording
Operation and maintenance expense decreased $35 million in 2023 and $34 million in 2022. The 2023 decrease was primarily due to lower operating costs in the Renewables business of $13 million and lower operating costs in the On-site business of $24 million, which was primarily driven by a decrease of $11 million due to the sale of a project. The 2022 decrease was primarily due to $37 million associated with the closure of the REF business and $6 million of lower corporate overhead costs, partially offset by an $8 million increase due to a new contract in the Renewables business.
Current wording
Operation and maintenance expense increased $29 million in 2024 and decreased $35 million in 2023. The 2024 increase was primarily due to a new project in the On-site business of $7 million and higher costs in the On-site business of $11 million, Renewables business of $6 million, and Steel business of $6 million. The 2023 decrease was primarily due to lower operating costs in the Renewables business of $13 million and lower operating costs in the On-site business of $24 million, which was primarily driven by a decrease of $11 million due to the sale of a project.
Previous wording
Depreciation and amortization increased $1 million in 2023 and decreased $19 million in 2022. The decrease in 2022 was primarily due to the closure of the REF business.
Current wording
Depreciation and amortization increased $6 million in 2024 and $1 million in 2023. The increase in 2024 was primarily due to new projects in the Renewables business.
Previous wording
Asset (gains) losses and impairments, net changed by $3 million in 2023 from the net gain of $7 million in 2022, and changed by $35 million in 2022 from the net loss of $28 million in 2021. The change in 2023 was primarily due to a gain of $17 million resulting from a change in estimate of an asset retirement obligation in the Steel business, partially offset by asset write-offs in other business units of $7 million. The net gain for 2023 was also partially offset by $7 million due to settlement of contingent consideration relating to a 2017 acquisition in the Renewables business, which resulted in a loss of $2 million in 2023 compared to a gain of $5 million recorded in 2022.
Current wording
The change in 2023 was primarily due to a gain of $17 million resulting from a change in estimate of an asset retirement obligation in the Steel business, partially offset by asset write-offs in other business units of $7 million. The net gain for 2023 was also partially offset by $7 million due to settlement of contingent consideration relating to a 2017 acquisition in the Renewables business, which resulted in a loss of $2 million in 2023 compared to a gain of $5 million recorded in 2022.
Previous wording
Other (Income) and Deductions increased $12 million in 2023 and decreased $127 million in 2022. The 2023 increase was primarily due to $7 million higher equity investment earnings in the Renewables business and $4 million higher interest income associated with a new project in the Steel business. The 2022 decrease was primarily due to $143 million lower income associated with the closure of the REF business, partially offset by $14 million lower interest expense.
Current wording
Other (Income) and Deductions increased $37 million in 2024 and $12 million in 2023. The 2024 increase was primarily due to higher interest income of $41 million associated with a new project in the On-site business and a gain in the Renewable business of $25 million attributed to the sale of a partnership interest, partially offset by a write-off of an equity investment in the Renewables business due to impairment of $23 million and higher net interest expense of $9 million. The 2023 increase was primarily due to $7 million higher equity investment earnings in the Renewables business and $4 million higher interest income associated with a new project in the Steel business.
Previous wording
Income Taxes — Expense increased $11 million in 2023 and decreased $10 million in 2022. The increase in 2023 was primarily due to a $6 million impact from higher pre-tax income. The increase was also due to $5 million higher deferred tax expense related to the reduction in tax basis on property that generated investment tax credits. The decrease in 2022 was primarily due to changes in pre-tax income, inclusive of pre-tax income (loss) at non-controlling interests.
Current wording
Income Taxes — Expense decreased $4 million in 2024 and increased $11 million in 2023. The decrease in 2024 was primarily due to a $6 million impact from lower pre-tax income, partially offset by a $2 million higher deferred tax expense related to the reduction in tax basis on property that generated ITCs. The increase in 2023 was primarily due to a $6 million impact from higher pre-tax income. The increase was also due to $5 million higher deferred tax expense related to the reduction in tax basis on property that generated ITCs.
Previous wording
Income Taxes — Tax Credits increased $51 million in 2023 and decreased by $59 million in 2022. The increase in 2023 was primarily due to investment tax credits of $39 million related to new projects in the Renewables business and $9 million for a new project in the On-site business. The decrease in 2022 was primarily due to the closure of the REF business.
Current wording
Income Taxes — Tax Credits increased $11 million in 2024 and $51 million in 2023. The increase in 2024 was primarily due to a new project in the On-site business of $60 million, partially offset by 2023 tax credits of $48 million from new projects in the prior year that did not repeat. The increase in 2023 was primarily due to ITCs of $39 million related to new projects in the Renewables business and $9 million for a new project in the On-site business.
Previous wording
Outlook — In December 2022, DTE Vantage entered into a series of agreements with a large industrial customer to design, construct, own, and operate certain energy infrastructure assets at the customer's planned electric vehicle and battery manufacturing plant in Tennessee. In December 2023, DTE Vantage executed an agreement to significantly expand the scope of its investment and services to be provided. Project construction is expected to reach substantial completion in the first quarter 2024 and achieve commercial operations in late 2024 for a term of 20 years.
Current wording
Outlook — In December 2024, DTE Vantage entered into a series of agreements with a large industrial customer to design, construct, own, and operate certain energy infrastructure assets at the customer's planned battery manufacturing plant in Michigan. The project is expected to begin construction in 2025 and achieve commercial operations in 2026 for a term of 20 years.
Previous wording
Operating Revenues — Non-utility operations decreased $5,696 million in 2023 and increased $3,477 million in 2022. The following tables detail changes relative to comparable prior periods:
Current wording
Operating Revenues — Non-utility operations decreased $769 million in 2024 and $5,696 million in 2023. The following tables detail changes relative to comparable prior periods:
Previous wording
Purchased power, gas, and other — non-utility expense decreased $6,263 million in 2023 and increased $3,506 million in 2022. The following tables detail changes relative to comparable prior periods:
Current wording
Purchased power, gas, and other — non-utility expense decreased $506 million in 2024 and $6,263 million in 2023. The following tables detail changes relative to comparable prior periods:
Previous wording
Operation and maintenance expense increased $14 million in 2023 and decreased $17 million in 2022. The increase in 2023 was primarily due to higher compensation costs. The decrease in 2022 was primarily due to lower compensation costs.
Current wording
Operation and maintenance expense increased $5 million in 2024 and $14 million in 2023. The increase in 2024 and 2023 was primarily due to higher compensation costs.
Showing the first 40 of 67 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
DTE Electric's capital investments over the 2025-2029 period are estimated at $24 billion, comprised of $10 billion for distribution infrastructure, $4 billion for base infrastructure, and $10 billion for cleaner generation including renewables.
Current report — wording carried from elsewhere
Asset (gains) losses and impairments, net changed by $20 million in 2024 from the net gain of $10 million in 2023, and changed by $3 million in 2023 from the net gain of $7 million in 2022. The change in 2024 was primarily due to the write-off of carbon capture and sequestration assets of $10 million and net gains of $10 million from 2023 that did not repeat in the current year.
Current report — wording carried from elsewhere
The 2023 net loss of $158 million represents an increase of $13 million from the 2022 net loss of $145 million. This increase was primarily due to higher net interest expense, partially offset by lower equity investment losses, lower valuation allowances, lower corporate overhead costs, and lower benefits expense.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net cash used for investing activities decreased $432 million in 2022 due primarily to decreases in utility plant and equipment expenditures and non-utility plant and equipment expenditures.