DTE ENERGY CO

Previous wording

The increase in Net Income Attributable to DTE Energy Company for the three months ended June 30, 2026 was primarily due to higher earnings in the Energy Trading segment and Corporate and Other, partially offset by lower earnings in the Electric segment. The decrease for the six-month period was primarily due to lower earnings in the DTE Vantage and Energy Trading segments, and Corporate and Other, partially offset by higher earnings in the Electric segment.

Current wording

The increase in Net Income Attributable to DTE Energy Company for the three months ended September 30, 2026 was primarily due to higher earnings in the DTE Vantage segment and Corporate and Other, partially offset by lower earnings in the Electric segment. The decrease for the nine-month period was primarily due to lower earnings in the Energy Trading segment, Corporate and Other, and the DTE Vantage segment, partially offset by higher earnings in the Electric segment.

Previous wording

DTE Energy plans to reduce the carbon emissions of its electric utility operations 65% by 2028, 85% by 2032, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.

Current wording

DTE Energy plans to reduce the carbon emissions of its electric utility operations by greater than 60% by 2029, greater than 80% by 2033, and greater than 90% by 2035 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032.

Previous wording

Additionally, as a result of legislation passed by the state of Michigan in 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 the third quarter of 2026, to comply with the new requirements.

Current wording

Additionally, as a result of legislation passed by the state of Michigan in 2023, DTE Energy will be required to meet a 100% Clean Energy Standard (CES) by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with carbon capture and storage systems that are at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also includes a Renewable Portfolio Standard (RPS) which requires 50% of an electric utility's sales to be from renewable sources by 2030 and 60% by 2035. In DTE Electric's recent Integrated Resource Plan filing, the company expects to achieve compliance with the CES and RPS. The company expects the share of electric sales covered by qualifying renewable energy to be 15% through 2029, 50% by 2030, and 60% by 2035. Additionally, the company expects to comply with the CES requirements with 80% of electric sales covered by qualifying clean or renewable energy by 2035 and 100% by 2040.

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 and pursuing the advancement of emerging technologies such as long-duration storage, modular nuclear reactors, 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-fired plants equipped with carbon capture storage systems, battery storage, increased capacity at our existing nuclear plant, 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 continuing to monitor and pursue the advancement of emerging technologies such as long-duration storage and small modular nuclear reactors, and how these technologies may support clean, reliable generation and customer affordability.

Previous 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.

Current wording

DTE Electric's capital investments over the 2027-2031 period are estimated at $39 billion, comprised of $12 billion for distribution infrastructure, $4 billion for base infrastructure, and $23 billion for cleaner generation including renewables.

Previous 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.

Current wording

DTE Gas' capital investments over the 2027-2031 period are estimated at $5.2 billion, comprised of $3.4 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

Over the coming years, DTE Energy and the broader energy sector are expected to undergo significant transformation. DTE Energy's strong utility base, combined with its integrated non-utility operations, position it well for long-term growth.

Current wording

Over the coming years, DTE Energy and the broader energy sector are expected to undergo significant transformation. DTE Energy's strong utility base positions it well for long-term growth.

Previous wording

Operating Revenues increased $89 million and $374 million in the three and six months ended June 30, 2026, respectively. 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 increase in both periods was due to the following:

Current wording

Operating Revenues increased $52 million and $426 million in the three and nine months ended September 30, 2026, respectively. 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 increase in both periods was due to the following:

Previous wording

Fuel and purchased power — utility expense increased $44 million and $144 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was due to the following:

Current wording

Fuel and purchased power — utility expense increased $36 million and $180 million in the three and nine months ended September 30, 2026, respectively. The increase in both periods was due to the following:

Previous wording

Fuel and purchased power — non-utility expense increased $5 million and $18 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to the Electric segment acquisition of non-utility assets in the third quarter of 2025.

Current wording

Fuel and purchased power — non-utility expense increased $7 million and $25 million in the three and nine months ended September 30, 2026, respectively. The increase in both periods was primarily due to the Electric segment acquisition of non-utility assets in the third quarter of 2025.

Previous wording

Operation and maintenance expense increased $30 million and $82 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher distribution operations expense of $8 million, higher benefits and other compensation of $7 million, higher EWR expense of $6 million, higher corporate support costs of $6 million, and higher uncollectible expense of $4 million. The increase in the six-month period was primarily due to higher distribution operations expense of $25 million, higher plant generation expense of $23 million, higher benefits and other compensation of $12 million, higher corporate support costs of $10 million, higher uncollectible expense of $7 million, and higher RPS expense of $6 million.

Current wording

Operation and maintenance expense increased $51 million and $133 million in the three and nine months ended September 30, 2026, respectively. The increase in the third quarter was primarily due to higher distribution operations expense of $53 million (primarily due to higher storm restoration costs), higher RPS expense of $6 million, and higher uncollectible expense of $1 million, partially offset by lower plant generation expense of $12 million. The increase in the nine-month period was primarily due to higher distribution operations expense of $78 million (primarily due to higher storm restoration costs), higher plant generation expense of $11 million, higher benefits and other compensation of $11 million, higher RPS expense of $11 million, higher corporate support costs of $11 million, and higher uncollectible expense of $8 million.

Previous wording

Depreciation and amortization expense increased $43 million and $70 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025.

Current wording

Depreciation and amortization expense increased $41 million and $111 million in the three and nine months ended September 30, 2026, respectively. The increase in both periods was primarily due to higher depreciable base, including the 15-year amortization of the undepreciated Monroe plant balance which began in February 2025.

Previous wording

Taxes other than income increased $12 million and $21 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher property taxes of $6 million and higher payroll taxes of $3 million. The increase in the six-month period was primarily due to higher property taxes of $13 million and higher payroll taxes of $5 million.

Current wording

Taxes other than income increased $5 million and $26 million in the three and nine months ended September 30, 2026, respectively. The increase in the third quarter was primarily due to higher property taxes of $8 million, partially offset by lower payroll taxes of $3 million. The increase in the nine-month period was primarily due to higher property taxes of $21 million and higher payroll taxes of $2 million.

Previous wording

Other (Income) and Deductions increased $3 million in both the three and six months ended June 30, 2026. The increase in the second quarter was primarily due to higher net interest expense of $18 million, partially offset by higher AFUDC equity of $12 million and higher investment earnings of $3 million. The increase in the six-month period was primarily due to higher net interest expense of $30 million, partially offset by higher AFUDC equity of $23 million and higher investment earnings of $2 million.

Current wording

Other (Income) and Deductions increased $13 million and $16 million in the three and nine months ended September 30, 2026, respectively. The increase in the third quarter was primarily due to higher net interest expense of $20 million, partially offset by higher AFUDC equity of $10 million. The increase in the nine-month period was primarily due to higher net interest expense of $50 million, partially offset by higher AFUDC equity of $33 million.

Previous wording

Income Tax Benefit increased $13 million in the six months ended June 30, 2026. The change in the six-month period was primarily due to higher investment tax credits, partially offset by higher earnings.

Current wording

Income Tax Benefit increased $16 million and $29 million in the three and nine months ended September 30, 2026, respectively. The change in the third quarter was primarily due to lower earnings. The change in the nine-month period was primarily due to higher investment tax credits.

Previous wording

In March 2026, DTE Electric entered into a 1.0 gigawatt data center agreement. Generation and storage requirements related to this agreement are expected to increase capital expenditures by approximately $5.0 billion through 2032 which are incremental to DTE Electric's 5-year capital investment plan in the "Capital Investments" section above. DTE Electric is targeting regulatory approvals to be complete by the latter half of 2026.

Current wording

In March 2026, DTE Electric entered into a 1.0 gigawatt data center agreement. Generation and storage requirements related to this agreement are expected to increase capital expenditures by approximately $5.0 billion through 2032 which 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 2026.

Previous wording

On May 8, 2026, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $601 million of qualified costs primarily related to the net book value of the Belle River generating plant and tree trimming surge program costs. The filing requests recovery of these qualifying costs from DTE Electric's customers. A final MPSC order is expected by August 2026.

Current wording

On May 8, 2026, DTE Electric filed an application with the MPSC requesting a financing order to approve the securitization of $601 million of qualified costs primarily related to the net book value of the Belle River generating plant and tree trimming surge program costs. The MPSC issued a financing order on August 6, 2026 authorizing DTE Electric to proceed with the issuance of Securitization bonds for qualified costs up to $601 million. The financing order further authorized customer charges for the timely recovery of debt service costs on the Securitization bonds and other ongoing qualified costs. Securitization financing is expected to occur in the fourth quarter 2026.

Previous wording

Operating Revenues — Utility operations decreased $1 million and increased $55 million in the three and six months ended June 30, 2026, respectively. 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 decrease in the second quarter and the increase in the six-month period were primarily due to:

Current wording

Operating Revenues — Utility operations increased $5 million and $60 million in the three and nine months ended September 30, 2026, respectively. 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 increase in both periods was due to the following:

Previous wording

Cost of gas — utility expense decreased $7 million and increased $40 million in the three and six months ended June 30, 2026, respectively. The decrease in the second quarter was primarily due to lower cost of gas of $4 million and lower sales volumes of $3 million. The increase in the six-month period was primarily due to higher cost of gas of $48 million, partially offset by lower sales volumes of $8 million.

Current wording

Cost of gas — utility expense decreased $12 million and increased $28 million in the three and nine months ended September 30, 2026, respectively. The decrease in the third quarter was primarily due to lower cost of gas and a refund of excess transportation charges from prior periods, which drove negative cost of gas for the quarter. The increase in the nine-month period was primarily due to higher cost of gas of $33 million, partially offset by lower sales volumes of $5 million.

Previous wording

Operation and maintenance expense increased $9 million and $5 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher uncollectible expense of $7 million and higher benefits and other compensation expense of $2 million. The increase in the six-month period was primarily due to higher uncollectible expense of $5 million, higher gas operations expense of $5 million, and higher benefits and other compensation expense of $4 million, partially offset by lower EWR expense of $9 million.

Current wording

Operation and maintenance expense decreased $1 million and increased $4 million in the three and nine months ended September 30, 2026, respectively. The increase in the nine-month period was primarily due to higher uncollectible expense of $9 million, higher benefits and other compensation of $4 million, and higher corporate support costs of $3 million, partially offset by lower EWR expense of $9 million and lower merchant fees of $3 million.

Previous wording

Depreciation and amortization expense increased $4 million and $8 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher depreciable base.

Current wording

Depreciation and amortization expense increased $8 million in the nine months ended September 30, 2026. The increase in the nine-month period was primarily due to higher depreciable base.

Previous wording

Taxes other than income increased $3 million and $4 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher property taxes.

Current wording

Taxes other than income increased $1 million and $5 million in the three and nine months ended September 30, 2026, respectively. The increase in the nine-month period was primarily due to higher property taxes.

Previous wording

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 wording

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. On September 10, 2026 the MPSC issued an order approving an annual revenue increase of $149 million for services rendered on or after October 1, 2026 and a return of equity of 9.8%.

Previous wording

Operating Revenues — Non-utility operations increased $31 million and $70 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was due to the following:

Current wording

Operating Revenues — Non-utility operations increased $38 million and $108 million in the three and nine months ended September 30, 2026, respectively. The increase in both periods was due to the following:

Previous wording

Fuel, purchased power, and gas — non-utility expense increased $22 million and $56 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher demand and prices in the Steel business.

Current wording

Fuel, purchased power, and gas — non-utility expense increased $21 million and $77 million in the three and nine months ended September 30, 2026, respectively. The increase in both periods was primarily due to the following:

Previous wording

Operation and maintenance expense increased $6 million and $124 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher costs in the Steel business of $4 million. The increase in the six-month period was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the On-site business of $4 million, Steel business of $3 million, and Renewables business of $3 million.

Current wording

Operation and maintenance expense increased $2 million and $126 million in the three and nine months ended September 30, 2026, respectively. The increase in the nine-month period was primarily due to additional litigation penalties in the Steel business relating to the EES Coke judgment of $112 million and higher costs in the On-site business of $12 million.

Previous wording

Other (Income) and Deductions increased $5 million and $6 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due higher interest income of $5 million associated with a new project in the On-site business. The increase in the six-month period was primarily due to higher interest income of $11 million associated with a new project in the On-site business, partially offset by lower equity earnings of $5 million in the Renewables business.

Current wording

Other (Income) and Deductions increased $3 million and $9 million in the three and nine months ended September 30, 2026, respectively. The increase in the third quarter was primarily due to higher interest income of $5 million associated with a new project in the On-site business. The increase in the nine-month period was primarily due to higher interest income of $14 million associated with a new project in the On-site business, partially offset by lower equity earnings of $4 million in the Renewables business.

Previous wording

Income Taxes — Expense increased $2 million and decreased $4 million in the three and six months ended June 30, 2026, respectively. The increase in the second quarter was primarily due to higher earnings. The decrease in the six-month period was primarily due to lower earnings, partially offset by the non-deductible portion of the EES Coke judgment.

Current wording

Income Taxes — Expense increased $10 million and $6 million in the three and nine months ended September 30, 2026, respectively. The increase in the third quarter was primarily due to higher earnings and higher deferred tax expense related to the reduction in tax basis of property that generated ITCs. The increase in the nine-month period was primarily due to the non-deductible portion of the EES Coke judgment, partially offset by lower earnings.

Previous wording

Income Taxes — Tax credits increased $10 million and $20 million in the three and six months ended June 30, 2026, respectively. The increase in both periods was primarily due to higher production tax credits generated in the Renewables business.

Current wording

Income Taxes — Tax credits increased $66 million and $86 million in the three and nine months ended September 30, 2026, respectively. The increase in the both periods was primarily due to higher production tax credits and higher investment tax credits generated in the Renewables and On-site businesses.

Previous wording

Operating Revenues — Non-utility operations decreased $171 million and increased $154 million in the three and six months ended June 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Current wording

Operating Revenues — Non-utility operations increased $113 million and $267 million in the three and nine months ended September 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Purchased power, gas, and other — non-utility expense decreased $266 million and increased $255 million in the three and six months ended June 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Current wording

Purchased power, gas, and other — non-utility expense increased $130 million and $385 million in the three and nine months ended September 30, 2026, respectively. The following tables detail changes relative to the comparable prior periods:

Previous wording

Operating Income (Loss) increased $88 million for the three months ended June 30, 2026, which includes a $46 million favorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The increase also includes a $18 million favorable change in timing related gains primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Current wording

Operating Income decreased $12 million for the three months ended September 30, 2026, which includes a $48 million unfavorable change in timing related gains and losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $19 million favorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Previous wording

Operating Income (Loss) decreased $101 million for the six months ended June 30, 2026, which includes a $16 million unfavorable change in timing related losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $34 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Current wording

Operating Income decreased $113 million for the nine months ended September 30, 2026, which includes a $47 million unfavorable change in timing related losses primarily related to gas strategies that will reverse in future periods as the underlying contracts settle. The decrease also includes a $32 million unfavorable change in timing related gains and losses primarily related to gas strategies that were recognized in previous periods and reversed in the current period as the underlying contracts settled.

Previous wording

Other (Income) and Deductions expense increased $2 million and $6 million in the three and six months ended June 30, 2026, respectively. The increase in the six-month period was primarily due to higher interest expense.

Current wording

Other (Income) and Deductions expense increased $1 million and $7 million in the three and nine months ended September 30, 2026, respectively. The increase in the nine-month period was primarily due to higher interest expense.

Previous wording

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $78 million and $122 million for the three and six months ended June 30, 2026, respectively, represents a decrease of $32 million and an increase of $22 million from the net loss of $110 million and $100 million in the comparable 2025 periods. The decrease in the second quarter was primarily due to effective income tax rate adjustments and lower state income taxes, including the $14 million impact from the Illinois state tax law change in the second quarter of 2025, partially offset by higher net interest expense. The increase in the six-month period was primarily due to higher net interest expense and effective tax rate adjustments, partially offset by lower state income taxes.

Current wording

Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including investments supporting regional development and economic growth. The net loss of $101 million and $223 million for the three and nine months ended September 30, 2026, respectively, represents a decrease of $14 million and an increase of $8 million from the net loss of $115 million and $215 million in the comparable 2025 periods. The decrease in the third quarter was primarily due to effective tax rate adjustments and lower federal income taxes, including the $16 million impact from the One Big Beautiful Bill impact to the charitable contribution valuation allowance in the third quarter of 2025, partially offset by higher net interest expense. The increase in the nine-month period was primarily due to higher net interest expense, partially offset by lower federal and state income taxes, including the charitable contribution valuation allowance noted above, as well as the $14 million impact from the Illinois state tax law change in the second quarter of 2025.

Previous wording

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 will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2026 will be approximately $3.9 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and expenditures for non-utility businesses of approximately $6.8 billion in 2026. DTE Energy plans to seek regulatory approval to include utility capital expenditures in regulatory rate base consistent with prior treatment. Capital spending for growth of existing or new non-utility businesses will depend on the existence of opportunities that meet strict risk-return and value creation criteria.

Current wording

DTE Energy uses cash to maintain and invest in the electric and natural gas utilities, to operate the non-utility businesses, to retire and pay interest on long-term debt, and to pay dividends. DTE Energy believes it will have sufficient internal and external capital resources to fund anticipated capital and operating requirements. DTE Energy expects that cash from operations in 2026 will be approximately $3.9 billion. DTE Energy anticipates base level utility capital investments, including environmental, renewable, and expenditures for non-utility businesses of approximately $6.8 billion in 2026. DTE Energy plans to seek regulatory approval to include utility capital expenditures in regulatory rate base consistent with prior treatment.

Previous wording

Net cash from operations decreased by $50 million in 2026. The decrease was primarily due to lower Net income and a decrease in cash related to Deferred income taxes, partially offset by higher Depreciation and amortization and an increase in cash related to working capital items.

Current wording

Net cash from operations increased by $86 million in 2026. The increase was primarily due to higher Depreciation and amortization and an increase in cash related to working capital items, partially offset by lower Net income and a decrease in cash related to Deferred income taxes.

Previous wording

The change in working capital items in 2026 was primarily due to increases in cash related to Accounts receivable, net, Inventories, and Regulatory assets and liabilities, partially offset by a decrease in cash related to Accounts payable.

Current wording

The change in working capital items in 2026 was primarily due to increases in cash related to Inventories, Regulatory assets and liabilities, and Other current and noncurrent assets and liabilities, partially offset by a decrease in cash related to Accounts payable.

Previous wording

For the non-utility businesses, cash outflows are primarily driven by capital spending to develop and construct projects for customers through investment in notes receivable and additional capital spending for ongoing maintenance, expansion, and growth. DTE Energy looks to make growth investments that meet strict criteria in terms of strategy, management skills, risks, and returns. All new investments are analyzed for their rates of return and cash payback on a risk adjusted basis. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.

Current wording

For the non-utility businesses, cash outflows are primarily driven by capital spending to develop and construct projects for customers through investment in notes receivable and additional capital spending for ongoing maintenance, expansion, and growth. DTE Energy has been disciplined in how it deploys capital and will not make investments unless they meet the criteria. For new business lines, DTE Energy initially invests based on research and analysis. DTE Energy starts with a limited investment, evaluates the results, and either expands or exits the business based on those results. In any given year, the amount of growth capital will be determined by the underlying cash flows of DTE Energy, with a clear understanding of any potential impact on its credit ratings.

Previous wording

Net cash used for investing activities increased by $892 million in 2026 primarily due to higher utility plant and equipment expenditures.

Current wording

Net cash used for investing activities increased by $703 million in 2026 primarily due to an increase in utility plant and equipment expenditures, partially offset by the Acquisition, net of cash acquired in 2025 and lower Investment in notes receivable.