DTE Energy Files Q2 2024 10-Q

TL;DR

**DTE Energy Q2 10-Q is IN! Check financials for H1 2024.**

AI Summary

DTE Energy Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial data and operational metrics for the first half of 2024 are presented, reflecting the company's ongoing business activities in the energy sector.

Why It Matters

This filing provides investors and analysts with a detailed look at DTE Energy's financial health and operational performance for the second quarter of 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational disclosures.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240725 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• DTE ENERGY CO (company) — Filer
• DTE Electric Co (company) — Subsidiary Filer
• DETROIT EDISON CO (company) — Former Name of DTE Electric Co
• MI (location) — State of Incorporation

FAQ

Key Financial Figures

• $10 — 07,020,080 DTE Electric Common Stock, $10 par value, indirectly-owned by DTE Ener

Filing Documents

• dte-20240630.htm (10-Q) — 3412KB
• a20240630ex41.htm (EX-4.1) — 89KB
• a20240630ex311.htm (EX-31.1) — 10KB
• a20240630ex312.htm (EX-31.2) — 10KB
• a20240630ex313.htm (EX-31.3) — 10KB
• a20240630ex314.htm (EX-31.4) — 10KB
• a20240630ex321.htm (EX-32.1) — 5KB
• a20240630ex322.htm (EX-32.2) — 6KB
• a20240630ex323.htm (EX-32.3) — 6KB
• a20240630ex324.htm (EX-32.4) — 6KB
• dte-20240630_g1.jpg (GRAPHIC) — 6KB
• 0000936340-24-000178.txt ( ) — 17894KB
• dte-20240630.xsd (EX-101.SCH) — 83KB
• dte-20240630_cal.xml (EX-101.CAL) — 150KB
• dte-20240630_def.xml (EX-101.DEF) — 596KB
• dte-20240630_lab.xml (EX-101.LAB) — 969KB
• dte-20240630_pre.xml (EX-101.PRE) — 845KB
• dte-20240630_htm.xml (XML) — 4004KB

Forward-Looking Statements

Forward-Looking Statements 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements DTE Energy Consolidated Financial Statements (Unaudited) 5 DTE Electric Consolidated Financial Statements (Unaudited) 11 Combined Notes to Consolidated Financial Statements (Unaudited) 17 Note 1 — Organization and Basis of Presentation 17 Note 2 — Significant Accounting Policies 20 Note 3 — Revenue 24 Note 4 — Regulatory Matters 26 Note 5 — Earnings Per Share 26 Note 6 — Fair Value 27 Note 7 — Financial and Other Derivative Instruments 35 Note 8 — Long-Term Debt 40 Note 9 — Short-Term Credit Arrangements and Borrowings 40 Note 1 0 — Leases 41 Note 1 1 — Commitments and Contingencies 42 Note 1 2 — Retirement Benefits and Trusteed Assets 48 Note 1 3 — Segment and Related Information 49 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4.

Controls and Procedures

Controls and Procedures 69

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 70 Item 1A.

Risk Factors

Risk Factors 70 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 5. Insider Trading Arrangements and Policies 70 Item 6. Exhibits 71

Signatures

Signatures 72 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 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 EGLE Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality ELG Effluent Limitations Guidelines EPA U.S. Environmental Protection Agency EWR Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through r

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 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 and

— Financial Information

Part I — Financial Information

Financial Statements

Item 1. Financial Statements 4 Table of Contents DTE Energy Company Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions, except per share amounts) Operating Revenues Utility operations $ 1,879 $ 1,617 $ 4,035 $ 3,677 Non-utility operations 996 1,067 2,080 2,786 2,875 2,684 6,115 6,463 Operating Expenses Fuel, purchased power, and gas — utility 435 345 1,035 929 Fuel, purchased power, gas, and other — non-utility 845 925 1,834 2,362 Operation and maintenance 543 505 1,133 1,105 Depreciation and amortization 427 396 850 781 Taxes other than income 123 114 245 236 Asset (gains) losses and impairments, net — 2 ( 1 ) 1 2,373 2,287 5,096 5,414 Operating Income 502 397 1,019 1,049 Other (Income) and Deductions Interest expense 233 192 451 383 Interest income ( 36 ) ( 13 ) ( 54 ) ( 30 ) Non-operating retirement benefits, net — 5 — 8 Other income ( 65 ) ( 31 ) ( 92 ) ( 57 ) Other expenses 12 9 22 15 144 162 327 319 Income Before Income Taxes 358 235 692 730 Income Tax Expense 36 34 57 84 Net Income Attributable to DTE Energy Company $ 322 $ 201 $ 635 $ 646 Basic Earnings per Common Share Net Income Attributable to DTE Energy Company $ 1.56 $ 0.97 $ 3.07 $ 3.13 Diluted Earnings per Common Share Net Income Attributable to DTE Energy Company $ 1.55 $ 0.97 $ 3.06 $ 3.13 Weighted Average Common Shares Outstanding Basic 207 206 206 206 Diluted 207 206 207 206 See Combined Notes to Consolidated Financial Statements (Unaudited) 5 Table of Contents DTE Energy Company Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) Net Income $ 322 $ 201 $ 635 $ 646 Other comprehensive income (loss), net of tax: Benefit obligations, net of taxes of $ 1 for all periods 1 — 2 1 Net unrealized gains on derivatives, net of taxes of $ 4 , $ 2 , $ 12 , and $ 1 ,

View Full Filing

View this 10-Q filing on SEC EDGAR