DTE Energy Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DTE Energy Co. has submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

DTE ENERGY CO (DTB) filed a Annual Report (10-K) with the SEC on February 8, 2024. DTE Energy Co. filed its 2023 Form 10-K on February 8, 2024. The filing covers the fiscal year ending December 31, 2023. DTE Electric Co. is listed as a filer with IRS number 380478650. The company's primary SIC code is Electric Services [4911]. The filing includes references to various US GAAP financial statement elements.

Why It Matters

For investors and stakeholders tracking DTE ENERGY CO, this filing contains several important signals. This 10-K filing provides a detailed overview of DTE Energy's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The filing contains essential information regarding the company's regulated and unregulated operating revenues, expenses, assets, and liabilities, which are key indicators for evaluating its business model and financial stability within the energy sector.

Risk Assessment

Risk Level: medium — DTE ENERGY CO shows moderate risk based on this filing. The company operates in the regulated electric services industry, which is subject to significant regulatory oversight and potential changes in policy that could impact its financial performance and operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand DTE Energy's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-02-08 — Filing Date (Date the 10-K was filed with the SEC)
• 4911 — SIC Code (Standard Industrial Classification for Electric Services)
• MI — State of Incorporation (State where DTE Energy Co. is incorporated)

Key Players & Entities

• DTE ENERGY CO (company) — Filer name
• DTE Electric Co (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-08 (date) — Filing date
• 4911 (industry_code) — Standard Industrial Classification for Electric Services
• MI (location) — State of incorporation
• DETROIT (location) — City for business and mail address
• 3132354000 (phone_number) — Business phone number

Forward-Looking Statements

• DTE Energy Co. will continue to focus on regulated electric services. (DTE ENERGY CO) — high confidence, target: 2025-12-31
• The company's financial performance will be largely influenced by regulatory decisions in Michigan. (DTE ENERGY CO) — high confidence, target: 2024-12-31

FAQ

Industry Context

DTE Energy Co. operates within the regulated electric services industry, providing essential utility services to customers.

Regulatory Implications

As a regulated utility, DTE Energy is subject to oversight by state and federal regulatory bodies, which can influence its rates, operations, and capital investments.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's reported revenues, expenses, and assets for the fiscal year 2023.
3. Assess any disclosed risk factors that may impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-08: Filing Date — Date DTE Energy Co. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for DTE Energy Co.

Key Financial Figures

• $10 — 06,452,985 DTE Electric Common Stock, $10 par value, indirectly-owned by DTE Ener

Filing Documents

• dte-20231231.htm (10-K) — 5895KB
• a20231231ex101-amendedandr.htm (EX-10.1) — 212KB
• a20231231ex211-subsidiaries.htm (EX-21.1) — 7KB
• a20231231ex231-consentxdte.htm (EX-23.1) — 2KB
• a20231231ex232-consentxdte.htm (EX-23.2) — 2KB
• a20231231ex311-10xkcertifi.htm (EX-31.1) — 10KB
• a20231231ex312-10xkcertifi.htm (EX-31.2) — 10KB
• a20231231ex313-10xkcertifi.htm (EX-31.3) — 10KB
• a20231231ex314-10xkcertifi.htm (EX-31.4) — 10KB
• a20231231ex321-906certific.htm (EX-32.1) — 5KB
• a20231231ex322-906certific.htm (EX-32.2) — 6KB
• a20231231ex323-906certific.htm (EX-32.3) — 5KB
• a20231231ex324-906certific.htm (EX-32.4) — 6KB
• a20231231ex971clawbackpoli.htm (EX-97.1) — 12KB
• dte-20231231_g1.jpg (GRAPHIC) — 6KB
• dte-20231231_g2.jpg (GRAPHIC) — 30KB
• dte-20231231_g3.jpg (GRAPHIC) — 114KB
• 0000936340-24-000076.txt (&nbsp;) — 34417KB
• dte-20231231.xsd (EX-101.SCH) — 179KB
• dte-20231231_cal.xml (EX-101.CAL) — 272KB
• dte-20231231_def.xml (EX-101.DEF) — 1271KB
• dte-20231231_lab.xml (EX-101.LAB) — 1949KB
• dte-20231231_pre.xml (EX-101.PRE) — 1631KB
• dte-20231231_htm.xml (XML) — 8059KB

Forward-Looking Statements

Forward-Looking Statements 4 PART I Items 1. & 2. Business and Properties 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 147 Item 9A.

Controls and Procedures

Controls and Procedures 147 Item 9B. Other Information 147 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 147 PART III Item 10. Directors, Executive Officers, and Corporate Governance 148 Item 11.

Executive Compensation

Executive Compensation 148 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 148 Item 13. Certain Relationships and Related Transactions, and Director Independence 148 Item 14. Principal Accountant Fees and Services 148 PART IV Item 15. Exhibits and Financial Statement Schedules 149 Item 16. Form 10-K Summary 157

Signatures

Signatures 158 Table of Contents DEFINITIONS AFUDC Allowance for Funds Used During Construction ASU Accounting Standards Update issued by the FASB CAD Canadian Dollar (C$) CARB California Air Resources Board that administers California's Low Carbon Fuel Standard Carbon emissions Emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases CCR Coal Combustion Residuals CFTC U.S. Commodity Futures Trading Commission COVID-19 Coronavirus disease of 2019 DOE U.S. Department of Energy DTE Electric DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies DTE Energy DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries DTE Gas DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies DTE Securitization I DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the River Rouge generation plant and tree trimming surge program and to recover debt service costs from DTE Electric customers DTE Securitization II DTE Electric Securitization Funding II, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the St. Clair and Trenton Channel generation plants and to recover debt service costs from DTE Electric customers DTE Sustainable Generation DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies DT Midstream DT Midstream, Inc., formerly DTE Energy's natural gas pipeline, storage, and gathering non-utility business comprising the Gas Storage and Pipelines segment and certain DTE Energy holding company activity in the Corporate and Other segment, which separated from DTE E

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of the Registrants. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of the Registrants including, but not limited to, the following: impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in the international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents

Properties

Properties DTE Electric owns generating facilities that are located in the State of Michigan. Substantially all of DTE Electric's property is subject to the lien of a mortgage. Generating facilities owned and in service as of December 31, 2023 for the electric segment are shown in the following table: Location by Michigan County Net Generation Capacity (a) Facility Year in Service (MW) Fossil-fueled Steam-Electric Coal Monroe (b) Monroe 1971, 1973, and 1974 3,066 Belle River (c) St. Clair 1984 and 1985 1,034 Natural Gas/Oil Greenwood St. Clair 1979 785 Natural Gas/Combined Cycle Blue Water Energy Center St. Clair 2022 1,143 Dearborn Wayne 2019 35 6,063 Natural gas and Oil-fueled Peaking Units Various 1966-1971, 1981, 1999, 2002, and 2003 1,969 Nuclear-fueled Steam-Electric Fermi 2 Monroe 1988 1,141 Hydroelectric Pumped Storage Ludington (d) Mason 1973 1,122 Renewables (e) Wind Utility Various 2011-2023 1,491 Wind Non-Utility Various 2019 and 2020 106 Solar Utility Various 2010-2021 65 Solar Non-Utility Delta 2019 and 2022 2 1,664 11,959 _______________________________________ (a) Represents summer net rating for all units with the exception of renewable facilities. The summer net rating is based on operating experience, the physical condition of units, environmental control limitations, and customer requirements for steam, which would otherwise be used for electric generation. Wind and solar facilities reflect name plate capacity measured in alternating current. (b) The Monroe generating plant provided 32% of DTE Electric's total 2023 power plant generation. (c) Represents DTE Electric's 81% interest in Belle River with a total capability of 1,270 MW. See Note 7 to the Consolidated Financial Statements, "Jointly-Owned Utility Plant." (d) Represents DTE Electric's 49% interest in Ludington with a total ca

View Full Filing

View this 10-K filing on SEC EDGAR