DTE ENERGY CO
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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.
FY2025 · Filed Feb 17, 2026
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 2024-12-31; filed 2025-02-13.
0000936340-25-000065
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-17.
0000936340-26-000054
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 187 previous paragraphs and 190 current paragraphs.
111 unchanged; 68 reworded; 11 added; 8 removed; 0 previous and 0 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
(a)Variance for 2025 includes MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case. The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.
Current report
(b)Increase in 2025 was primarily due to the acquisition of a non-utility business by DTE Sustainable Generation during the third quarter 2025. Refer to Note 4 to the Consolidated Financial Statements, "Acquisition," for additional information.
Current report
Fuel and purchased power — non-utility expense increased $13 million in 2025. The increase in 2025 was primarily due to the Electric segment acquisition of non-utility assets, see Note 4 to the Consolidated Financial Statements, "Acquisition."
Current report
Operation and maintenance expense increased $36 million in 2025 and $22 million in 2024. The increase in 2025 was primarily due to higher benefits and other compensation expense of $28 million, higher plant generation expense of $20 million, higher corporate support costs of $13 million, higher EWR expense of $12 million, higher legal expense of $6 million, higher DTE Sustainable Generation expense of $5 million related to the Electric segment acquisition discussed in Note 4 to the Consolidated Financial Statements, "Acquisition," and higher RPS expense of $3 million, partially offset by one-time costs in 2024 of $32 million resulting from the voluntary separation incentive program and lower distribution operations expense of $20 million (primarily due to lower storm restoration costs).
Current report
DTE Electric filed a rate case with the MPSC on April 24, 2025 requesting an increase in base rates of $574 million based on a projected twelve-month period ending December 31, 2026, and an increase in return on equity from 9.9% to 10.75%. The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy. A final MPSC order in this case is expected in February 2026.
Current report
In October 2025, DTE Electric entered into a 1.4 gigawatt data center agreement. Capital investments required to support this agreement are included in DTE Electric's 5-year capital investment plan in the "Capital Investments" section above. DTE Electric secured MPSC approval in the fourth quarter of 2025.
Current report
Other (Income) and Deductions increased $14 million in 2025 and $13 million in 2024. The increase in both periods was primarily due to higher net interest expense.
Current report
DTE Gas filed a rate case with the MPSC on November 13, 2025 requesting a net increase in base rates of $163 million based on a projected twelve-month period ending September 30, 2027, and an increase in return on equity from 9.8% to 10.25%. The net increase is based on a total revenue deficiency of $238 million, net of the IRM roll-in of $75 million. The requested net increase in base rates was primarily due to continued infrastructure investment and increasing operations and maintenance costs needed to ensure the continued safe and reliable delivery of natural gas to customers. A final MPSC order in this case is expected in September 2026.
Current report
Net cash used for investing activities increased $353 million in 2025 primarily due to the Acquisition, net of cash acquired and an increase in cash used related to Investment in notes receivable.
Current report
In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an at-the-market program, including an equity forward sales component. As of December 31, 2025, DTE Energy did not enter into any sales under the ATM Program.
Current report
See Notes 12 and 13 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Removed paragraphs (8)
Previous 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.
Previous report
(b)Includes impact of solar ITCs recognized in 2024, which offset Income Tax Expense (Benefit).
Previous report
(c)Primarily includes regulatory mechanisms relating to EWR and TRM.
Previous report
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 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.
Previous report
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 report
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 report
See Notes 11 and 12 to the Consolidated Financial Statements, "Fair Value" and "Financial and Other Derivative Instruments," respectively.
Reworded paragraphs (68)
Previous 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.
Current wording
DTE Energy is a diversified energy company with 2025 Operating Revenues of approximately $15.8 billion and Total Assets of approximately $54.1 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 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.
Current wording
The increase in 2025 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric, Gas, and DTE Vantage segments, partially offset by lower earnings at Corporate and Other. 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.
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 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.
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 future data center load, will drive a continued need for substantial grid investment over the long-term.
Previous wording
DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities from the Inflation Reduction Act to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration. These tax credits may reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.
Current wording
DTE Energy expects that these initiatives at the electric and gas utilities will continue to provide significant opportunities for capital investments and result in earnings growth. DTE Energy is focused on executing its plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration. These tax credits may reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries. DTE Energy's utilities operate in a constructive regulatory environment and have solid relationships with their regulators.
Previous wording
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 wording
DTE Electric's capital investments over the 2026-2030 period are estimated at $30 billion, comprised of $11 billion for distribution infrastructure, $4 billion for base infrastructure, and $15 billion for cleaner generation including renewables.
Previous 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.
Current wording
DTE Electric has retired all eleven coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair facilities, as well as one unit at the Belle River facility. DTE Electric has also announced plans to retire its remaining five coal-fired generating units, including the remaining unit at the Belle River facility in 2026. The four units at the Monroe facility are expected to be retired in two stages in 2028 and 2032. DTE Electric plans to repurpose the Trenton Channel facility to a battery energy storage system in 2026, and convert the Belle River facility from a base load coal plant to a natural gas peaking resource in 2026. 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 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.
Current wording
DTE Gas' capital investments over the 2026-2030 period are estimated at $4.5 billion, comprised of $2.7 billion for base infrastructure and $1.8 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 $1.5 billion to $2.0 billion from 2025-2029 for custom energy solutions and renewable energy, 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 $2.0 billion from 2026-2030 for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.
Previous wording
•employee engagement, health, safety and wellbeing, and diversity, equity, and inclusion;
Current wording
•employee engagement and health, safety, and wellbeing;
Previous 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:
Current wording
Operating Revenues increased $642 million in 2025 and $475 million in 2024. 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
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.
Current wording
DTE Electric sales and deliveries increased in 2025 primarily due to favorable weather compared to 2024. The increase in 2024 was primarily due to favorable weather compared to 2023.
Previous 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:
Current wording
Fuel and purchased power — utility expense increased $199 million in 2025 and $124 million in 2024. The change in both periods was due to the following:
Previous wording
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 wording
The increase in 2024 was primarily due to one-time costs of $32 million resulting from the voluntary separation incentive program noted above, 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).
Previous 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.
Current wording
Depreciation and amortization expense increased $106 million in 2025 and $107 million in 2024. The increase in 2025 was primarily due to a $113 million increase from a higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025, partially offset by a decrease of $7 million associated with the TRM. The increase in 2024 was primarily due to a $103 million increase from a higher depreciable base.
Previous 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.
Current wording
Taxes other than income increased $29 million in 2025 and $14 million in 2024. The increase in both periods was primarily due to higher property taxes.
Previous 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.
Current wording
Asset (gains) losses and impairments, net increased $35 million in 2025 and decreased $15 million in 2024. The increase in 2025 was primarily due to an accrual of $47 million resulting from management's revisions to the timing and estimate of cash flows related to the decommissioning of Fermi 1, refer to Note 8 to the Consolidated Financial Statements, "Asset Retirement Obligations," for additional information, partially offset by MPSC disallowances of previously recorded capital expenditures of $12 million from the January 2025 rate order written off in 2024. The decrease in 2024 was primarily due to MPSC disallowances of previously recorded capital expenditures of $25 million from the December 2023 rate order written off in 2023 that did not repeat, partially offset by the $12 million noted above from the January 2025 rate order written off in 2024.
Previous 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.
Current wording
Other (Income) and Deductions increased $34 million in 2025 and $32 million in 2024. The increase in 2025 was primarily due to higher net interest expense of $53 million, partially offset by higher AFUDC equity of $19 million. 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.
Previous 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.
Current wording
Income Tax Expense (Benefit) changed $104 million in 2025 and $109 million in 2024. The change in 2025 was primarily due to a decrease in tax credits and higher earnings. The change in 2024 was primarily due to an increase in tax credits, partially offset by higher earnings.
Previous 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:
Current wording
Operating Revenues — Utility operations increased $254 million in 2025 and $50 million in 2024. 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 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.
Current wording
The change in sales in 2025 was primarily due to favorable weather. The change in sales in 2024 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 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.
Current wording
Cost of gas — utility expense increased $112 million in 2025 and $15 million in 2024. The increase in 2025 was primarily due to higher sales volumes of $102 million and higher cost of gas of $10 million. The increase in 2024 was primarily due to a higher cost of gas of $40 million, partially offset by lower sales volumes of $25 million.
Previous 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.
Current wording
Operation and maintenance expense increased $71 million in 2025 and $47 million in 2024. The increase in 2025 was primarily due to higher gas operations expense of $54 million, higher corporate asset usage expense of $7 million, higher corporate support costs of $7 million, higher legal expense of $6 million, higher benefits and other compensation expense of $2 million, and higher uncollectible expense of $2 million, partially offset by one-time costs in 2024 of $8 million resulting from the voluntary separation incentive program. The increase in 2024 was primarily due to higher gas operations expense of $24 million, one-time costs of $8 million resulting from the voluntary separation incentive program noted above, 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.
Previous 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.
Current wording
Depreciation and amortization expense increased $4 million in 2025 and $12 million in 2024. The increase in both periods was primarily due to a higher depreciable base.
Previous 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.
Current wording
Taxes other than income increased $10 million in both 2025 and 2024. The increase in both periods was primarily due to higher property taxes.
Previous wording
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 wording
Asset (gains) losses and impairments, net decreased $6 million in 2025 and increased $6 million in 2024. The change in both periods was primarily due to the write-off of capital expenditures in 2024, of which $3 million was disallowed by the MPSC in the November 2024 rate order.
Previous 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.
Current wording
Income Tax Expense increased $11 million in 2025 and decreased $16 million in 2024. The increase in 2025 was primarily due to higher earnings. The decrease in 2024 was primarily due to lower earnings.
Previous wording
Operating Revenues — Non-utility operations decreased $56 million in 2024 and $39 million in 2023. The changes were due to the following:
Current wording
Operating Revenues — Non-utility operations decreased $57 million in 2025 and $56 million in 2024. The changes were due to the following:
Previous 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:
Current wording
Fuel, purchased power, and gas — non-utility expense decreased $37 million in 2025 and $43 million in 2024. The change in both periods was due to the following:
Previous 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.
Current wording
Operation and maintenance expense increased $4 million in 2025 and $29 million in 2024. The increase in 2025 was primarily due to estimated litigation penalties in the Steel business of $13 million, including $8 million related to EES Coke, partially offset by lower costs in the Renewables business of $10 million. The increase in 2024 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.
Previous 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.
Current wording
Depreciation and amortization expense had no change in 2025 and increased $6 million in 2024. The increase in 2024 was primarily due to new projects in the Renewables business.
Previous wording
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 wording
Asset (gains) losses and impairments, net decreased $8 million in 2025 and changed $20 million in 2024. The decrease in 2025 was primarily due to a write-off of $10 million in 2024, partially offset by storm related property loss in the Renewables business of $3 million. The change in 2024 was primarily due to the write-off noted above of carbon capture and sequestration assets of $10 million in 2024 and net gains of $10 million from 2023 that did not repeat in 2024.
Previous 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.
Current wording
Other (Income) and Deductions increased $14 million in 2025 and $37 million in 2024. The increase in 2025 was primarily due to higher interest income of $10 million associated with new projects in the On-site business and higher equity earnings of $5 million. The increase in 2024 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.
Previous 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.
Current wording
Income Taxes — Expense decreased $11 million in 2025 and $4 million in 2024. The decrease in 2025 was primarily due to a $7 million lower deferred tax expense related to the reduction in tax basis on property that generated ITCs. The decrease in 2024 was primarily due to lower pre-tax income.
Previous 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.
Current wording
Income Taxes — Tax Credits increased $13 million in 2025 and $11 million in 2024. The increase in 2025 was primarily due to production tax credits generated in the Renewables business of $82 million, partially offset by a new project in the On-site business in 2024 of $60 million that did not repeat in 2025. The increase in 2024 was primarily due to a new project in the On-site business of $60 million noted above, partially offset by 2023 tax credits of $48 million from new projects in 2023 that did not repeat.
Previous wording
DTE Vantage will continue to leverage its extensive energy-related operating experience and project management capability to develop additional renewable natural gas projects and other projects that provide customer specific energy solutions. DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects.
Current wording
Outlook — DTE Vantage will continue to leverage its extensive energy-related operating experience and project management capability to develop additional renewable natural gas projects and other projects that provide customer specific energy solutions. DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects.
Previous 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:
Current wording
Operating Revenues — Non-utility operations increased $2,634 million in 2025 and decreased $769 million in 2024. The following tables detail changes relative to the comparable prior periods:
Previous 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:
Current wording
Purchased power, gas, and other — non-utility expense increased $2,612 million in 2025 and decreased $506 million in 2024. The following tables detail changes relative to the comparable prior periods:
Previous 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.
Current wording
Operation and maintenance expense increased $5 million in both 2025 and 2024. The increase in 2025 was primarily due to higher compensation and software costs. The increase in 2024 was primarily due to higher compensation costs.
Previous wording
Operating Income (Loss) increased $558 million in 2023, which includes a $429 million favorable change in timing-related gains and losses primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle. The increase also includes a $19 million favorable change in timing-related losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
Current wording
Operating Income increased $17 million in 2025, which includes a $70 million unfavorable change in timing-related gains primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle. The increase also includes a $48 million favorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
Previous wording
Operating Income (Loss) decreased $268 million in 2024, which includes a $167 million unfavorable change in timing-related gains primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle. The decrease also includes a $107 million unfavorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
Current wording
Operating Income decreased $268 million in 2024, which includes a $167 million unfavorable change in timing-related gains primarily related to gas strategies subject to reversal in future periods as the underlying contracts settle. The decrease also includes a $107 million unfavorable change in timing-related gains and losses primarily related to gas strategies that were recognized in previous periods and subsequently reversed as the underlying contracts settled.
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