Safe Harbor Statement
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the
MPSC, the NRC, and for DTE Energy, the CFTC, 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 our geographic
area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues,
laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost
and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets
impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas
storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects
operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading
operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on
investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access
to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which
could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential
for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and
their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other
natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets
against, or damage due to, cyber crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major
safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the
availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and
distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting
regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract
disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public
filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how
such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak
only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also
be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2016 Form 10-K and 2017 Forms
10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

2017 EEI Financial Forum

2

  

 

Overview

'Long-Term Growth Update

'Summary

2017 EEI Financial Forum I 3

Growth plan continues to deliver significant
shareholder value
Delivering 7%
operating EPS*
growth in 2018

Extending 7%
dividend growth
through 2020**

Accelerating $3
billion of capital
through 2022

Earnings CAGR of
12% at GSP
through 2022

Continuing 5% - 7%
operating EPS growth
through 2022

Executing on 7%
dividend increase for
2018

Increasing customer
focused infrastructure
improvements

Driving strong nonutility growth over
5-year horizon

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval

2017 EEI Financial Forum

4

 DTE Energy overview

$986M - $1,058M
2018 operating earnings*
early outlook

Winner

~$20B

of 5 consecutive
Gallup Great Workplace Awards

market cap

10,000
employees

Fortune 300

100+ years

company

of continuous dividend payments

Top quartile
in residential
customer
satisfaction
for both
DTE Electric &
DTE Gas
DTE headquarters
DTE operations
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

Michigan’s largest investor
in and producer of

renewable energy
2017 EEI Financial Forum

5

 Growth driven by strong, stable utilities and
complementary non-utility businesses

75% - 80% Utility
Growth driven by investments aimed at
improving reliability

DTE Electric
Electric generation
and distribution

20% - 25% Non-utility
Growth driven by strategic opportunities

Gas Storage & Pipelines (GSP)
Transport, store and
gather natural gas

Power & Industrial
Projects (P&I)

DTE Gas
Natural gas
transmission,
storage and
distribution

Own and operate
energy related
assets

Energy Trading
Gas and power
marketing

2017 EEI Financial Forum

6

 Expanded priorities tie to our aspiration that drives
our focus and leads to superior results

To be the best-operated energy company in North America
and a force for growth and prosperity in the communities where we live and serve
2017 EEI Financial Forum

7

 Employee and customer focus provides a solid
framework for success

Safety
AGA’s Safety Achievement
Award
...2nd consecutive year
National Safety Council’s
top 2%
of companies surveyed in
safety culture

On track for top decile safety
performance in 2017

Employee
Engagement
Gallup’s Great Workplace
Award
…5th consecutive year
…ranked in top 3%
of the world

Ranked 7th
on Indeed’s list of
Best Places to Work
in Fortune 500

* J.D. Power 2017 Electric and Gas Utility Residential Midwest Customer Satisfaction Study. Visit jdpower.com

Customer
Satisfaction
Both utilities ranked 2nd in
residential customer
satisfaction*
th
…4 consecutive year in
top quartile

Increased investment in
reliability infrastructure and
enhanced customer channels

2017 EEI Financial Forum

8

 Strong track record of cost management is a direct
result of our focus on continuous improvement
Average annual percentage change
in O&M costs 2008 – 2016
Electric utility*

3%

1%
DTE

Peers

Gas utility**
2%

Controlling costs while improving
the customer experience








Continuous improvements
Productivity enhancements
Technology innovations
Automation

Infrastructure replacements
Transition to cleaner energy

-1%
DTE

Peers

* Source: SNL Financial, FERC Form 1; major US electric utilities with O&M greater than $800 million excluding fuel and purchased power
** Source: SNL Financial, FERC Form 2; gas distribution companies with greater than 300,000 customers; excluding production expense

2017 EEI Financial Forum

9

 Maintaining customer affordability while investing
in our utilities
DTE Electric
Average annual
residential electric bill

$1,223

2012A

DTE Gas
Average annual
residential gas bill
5%

$1,165

2017E

$7.6 billion capital investment while
reducing customer bills

$910

2012A

9%
$826

2017E

$1.5 billion capital investment while
reducing customer bills

2017 EEI Financial Forum

10

 Michigan’s regulatory environment continues
to be constructive
2017 ranking of state utility
regulatory environments*
(Michigan in Tier 1)
Tier 1

Solid regulatory climate
driven by

6 States

• Strong legislation

9 States

Tier 2

• Excellent customer service
Tier 3

19 States

• Focus on customer affordability
• Commitment to being a force for
growth in our communities

8 States

Tier 4

Tier 5

• Effective and open
communication with the MPSC

6 States

* Source: Barclays, February 2017

2017 EEI Financial Forum

11

 Strong track record supports commitment to deliver
long-term value to shareholders
Total Shareholder Return*
DTE outperforms
S&P 500 utilities
240%

DTE Energy

5% - 7%

S&P 500 Utilities

~3%
142%

Operating EPS**
growth rate
through 2022

114%

7% dividend
growth rate
through 2020***

83%
56%

Dividend yield

43%

18% 15%

1-YR

3-YR

5-YR

10-YR

Supported by a strong balance sheet
* Source: Bloomberg as of 9/30/2017
** Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
*** Subject to Board approval

2017 EEI Financial Forum

12

  

. Overview

'Long-Term Growth Update

 

'Summary

Financial Forum 13

Targeting 5% - 7% operating EPS growth through 2022
and annualized dividend growth of 7% through 2020

Operating EPS*

Annualized Dividend
Per Share
$5.68

$5.31

$5.62
Energy
Trading

$5.25

$3.94

$3.87
Growth
segments***

$3.30

$3.53

$2.48

2012A

2017
Original
guidance

2018
Early
outlook

2012

2017

2018

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval
*** Growth segments exclude Energy Trading

2017 EEI Financial Forum

14

 $17 billion of investment extends 5% - 7% growth
through 2022
(billions)

DTE Energy
5-year capital plan
Increasing $3 billion over prior plan

DTE Energy
Operating earnings*

20%-25%

~$17
P&I

~$14

20%-25%

GSP

Utilities

Prior plan
(2017 – 2021)

Current plan
(2018 – 2022)

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2018
Early
outlook

2022E

2017 EEI Financial Forum

15

 Core business grows at 10% clip through 2022
(billions)

Total DTE Energy
operating earnings*

• Near-term, REF earnings higher
with optimization
• Mid-term, REF cash flows higher
• Long-term, REF earnings replaced
by investments across portfolio of
businesses

REF optimization

~$1

• Earnings shift to utilities and GSP

REF

‒ Accelerating electric
distribution investment
‒ Accelerating cast iron gas
main replacement
‒ Optimizing Link and NEXUS
platforms
2017
Original
guidance

2022E

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

‒ Investing in very attractive
cogeneration and renewable
gas projects

2017 EEI Financial Forum

16

 Maintaining strong cash flow and balance sheet

Leverage*
Target
50% - 54%

• $8 billion of operating cash flow
2018-2020

51%

• $3 billion increase in capital
investment through 2022
2017E

• Additional equity of up to $500
million through 2020 to fund
additional growth capital

2018-2020E

Funds from Operations** / Debt*
Target
~20%

• Targeting strong BBB credit rating

21%

2017E

2018-2020E

* Debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes and 100% of the
convertible equity units as equity
** Funds from Operations (FFO) is calculated using operating earnings

2017 EEI Financial Forum

17

 DTE Electric overview
Upgrading

Transitioning to

distribution lines

cleaner energy

$648M - $662M

DTE Electric
service
territory

2018 operating earnings*
early outlook

Founded

1886
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

$16.6B
2.2M

2017 rate
base

customers

$10.4B
5-year capital plan
(2018-2022)
2017 EEI Financial Forum

18

 Generation and distribution infrastructure
replacement will continue to improve service
(billions)

DTE Electric Investment
New generation
+37%

Transitioning generation portfolio to
more sustainable energy

$10.4

Distribution infrastructure
$8.4

Progress to best in class in reliability

$7.6

Base infrastructure
Reduce costs through productivity
and efficiency investments

2013 - 2017

2017 - 2021
(Prior Plan)

2018 - 2022
(Current Plan)

Current investment plan is significantly higher than
previous five year plans
2017 EEI Financial Forum

19

 Transitioning portfolio to cleaner more sustainable
generation by reducing CO2 emissions

CO2

30% by ~2022

Planned
Retirements

reduction
plan*

River
Rouge

45% by 2030

St.
Clair

Belle
River

2030

> 80% by 2050

Monroe

2050

2040

Planned
additions**

2020

Trenton
Channel

75% by 2040

A steady march toward zero-emitting and low-emitting resources

* CO2 percentage reductions from 2005 levels
** ~4,000 MW of renewable and ~3,500 MW of natural gas capacity

2017 EEI Financial Forum

20

 Increasing reliability and customer satisfaction
with distribution investments

Infrastructure
resilience

Infrastructure
redesign

Technology
enhancement

Tree
trimming

Improves circuit reliability up to 70%

Addresses substation load growth
and aging infrastructure

Targets 100% remote monitoring

Improves distribution reliability

2017 EEI Financial Forum

21

 DTE Gas overview
139 Bcf
Storage
capacity

Renewing

4,000 miles
of cast iron and unprotected
distribution main

DTE Gas
service
territory

$152M - $160M

$2.1B

1.3M

2018 operating earnings*
early outlook

(2018-2022)

customers

$4.0B

Founded

1849

5-year capital plan

19,000 miles

2017 rate base

distribution main
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2017 EEI Financial Forum

22

 Improving service to customers through infrastructure
renewal and replacement
(billions)

DTE Gas Investment

NEXUS related
+40%

Compression

$2.1

Infrastructure renewal
Proposing accelerated 15 year
main renewal cycle

$1.8
$1.5

Base infrastructure
Transmission, compression,
distribution, storage

2013 - 2017

2017 - 2021
(Prior Plan)

2018 - 2022
(Current Plan)

Current investment plan is significantly higher than
previous five year plans
2017 EEI Financial Forum

23

 Replacing aging infrastructure achieves a fundamental
shift in performance, cost and productivity

Main
renewal

Meter
move out

Pipeline
integrity

Minimizes leaks - reducing
costs and improving customer
satisfaction

Reduces manual meter
reading – improving
operational efficiencies and
customer satisfaction

Strengthens the system decreasing the potential for
system issues

2017 EEI Financial Forum

24

 GSP overview
91 Bcf

5 pipelines,
1,600 miles
of pipe and
gathering lines

of storage

Transport, store
and gather
natural gas

$155M - $165M

???

$2.8B – $3.4B
5-year capital plan
(2018-2022)

2018 operating earnings*
early outlook

Serves markets
in Midwest, Northeast,
Mid-Atlantic, and
Southeast

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2017 EEI Financial Forum

25

 Expanding strategic footprint in the most prolific
dry gas geology in the country
Michigan
Gathering

Northeast

Ontario
Market

Bluestone

Birdsboro

Midwest
Link Lateral
& Gathering

Mid-Atlantic &
LNG
Southeast
Gulf

2017 EEI Financial Forum

26

 Focusing on expanding NEXUS and Link over the
next five years
NEXUS

Link

• FERC certificate August 25th

• Active expansion discussions with
producers

• Construction underway
• Targeting in-service 3Q 2018
• Market interest increased significantly since
receiving FERC certificate
• Active discussions with 1 bcf/d of demand
against 0.6 bcf/d of available capacity
• Significant interest from power generators
and LDCs

• Building out additional gathering to serve
~50 incremental wells in 2018 and 2019
• Recently reached agreement on 2nd
expansion with an existing customer
• Positioned to benefit from additional well
productivity

2017 EEI Financial Forum

27

 Multiple platforms underpin strong long-term growth
(millions)

GSP Operating Earnings*
• Looking to essentially replicate
earnings growth of prior 5 years…
‒ 2013-2017 earnings growth
~$90 million
$245 - $255

‒ 2018-2022 earnings growth
~$100 million
• …but from a much broader set of
growth platforms and expansion
opportunities

$140 - $150

‒ Millennium
$61
2012A

‒ Bluestone
2017
Original
guidance

2022E

‒ NEXUS
‒ Link

$2.8 - $3.4 billion investment (2018-2022)

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2017 EEI Financial Forum

28

 P&I overview

Industrial energy

Geographic diversity

services,

renewable energy,
and reduced
emissions fuel

$0.8B – $1.2B
5-year capital plan
(2018-2022)

$100M - $120M
2018 operating earnings*
early outlook

191 MW
renewable plant capacity
* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2017 EEI Financial Forum

29

 Capitalizing on growth opportunities in our key
business areas

Industrial energy
services

Renewable
energy

Reduced emissions
fuel

Finalized new large industrial
project and continuing to
develop strong queue of
opportunities

Integrating two Renewable
Natural Gas (RNG) acquisitions
and in advanced discussions on
several others

Maximizing performance and
value through 2021

2017 EEI Financial Forum

30

 Executing strategy to continue growing our industrial
energy and renewables businesses
Large contract with Ford inked

Two RNG acquisitions completed

• Investment transforms and modernizes
Ford’s research and engineering facility

• Contracted output with fixed prices
secures value

• DTE will build, own and operate the stateof-the-art infrastructure
‒ CHP plant
‒ Chilled and hot water systems

‒ Fort Bend in operation
‒ Seabreeze in construction

• Developing additional projects in an
active market

‒ Thermal energy storage
‒ Distribution systems
• Expected in-service 4Q 2019

Rendering of Ford
Research and Engineering Campus

Renewable natural gas plant

Originated $300 million of investments in 2017 with industrial and renewable energy projects
2017 EEI Financial Forum

31

 Opportunities in industrial energy and renewables
businesses drive future growth
Industrial energy services

Renewable natural gas

• In advanced discussions on 5
cogeneration sites

• ~20 projects under development,
with 4 in advanced discussions

• Strong queue of prospects, building on
expertise and track record

• Emerging opportunities are attractive fit
for P&I’s capabilities and experience

• Services provided under long-term
contracts

• Can be sold into vehicle renewable fuels
markets at premiums to natural gas

Onsite Energy Project

Landfill gas facility

2017 EEI Financial Forum

32

 P&I is well on the way to achieving its 2022
development target
(millions)

Project Origination Target
(Operating Earnings)
• 5% - 7% operating EPS growth
plan calls for $45 million of nonREF earnings growth at P&I by
2022
$30
2018-2022
Projects

$15

$15

2017
Projects

2017
Projects

Executed
in 2017

2022 project
origination
target

‒ 1/3 of this goal – $15 million –
achieved this year

‒ We have 5 years to originate
the remaining $30 million
‒ Achievable given market
dynamics
‒ P&I contributes to ~$65 million
of earnings in 2022

2017 EEI Financial Forum

33

 P&I’s new project growth will offset a portion of
REF sunset
(millions)

P&I Operating Earnings*
$100 - $120

• Our 5-year plan calls for P&I to:
REF

Short-term
contracts

Long-term
contracts

Long-term
contracts
Corporate
allocations,
interest,
overheads

‒ Replace a portion of expiring
REF earnings with new
projects

$60 - $70

($60)

($50)

2018
Early outlook

2022E

‒ Contribute ~$65 million of
long-term, contracted
earnings in 2022
‒ Position itself for continued
growth beyond 2022

$0.8 - $1.2 billion investment (2018-2022)

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

2017 EEI Financial Forum

34

  

. Overview

'Long-Term Growth Update

 

'Summary

2017 EEI Financial Forum I 35

Summary
• Targeting 5% - 7% operating EPS* growth through 2022 and annualized
dividend growth of 7% through 2020**
• Accelerating capital investment at utilities driven by investments focused on
improving reliability and the customer experience
• Accelerating capital investment at GSP driven by demand

• Continuing strong balance sheet metrics
• Providing premium shareholder returns

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Subject to Board approval

2017 EEI Financial Forum

36

  

Appendix

2017 EEI Financial Forum I 37

2018 early outlook operating EPS* midpoint of $5.68
grows 7% from original 2017 guidance midpoint
(millions, except EPS)

2017
Original
Guidance

2017
Current
Guidance

2018
Early
Outlook

$610 - $624

$610 - $624

$648 - $662

DTE Gas

143 - 151

143 - 151

152 - 160

Gas Storage & Pipelines

140 - 150

150 - 160

155 - 165

Power & Industrial Projects

90 - 100

115 - 125

100 - 120

(64) - (60)

(64) - (60)

(74) - (64)

Growth segments**

$919 - $965

$954 - $1,000

$981 - $1,043

Growth segments operating EPS

$5.12 - $5.38

$5.32 - $5.58

$5.45 - $5.79

$5 - $15

$10 - $20

$5 - $15

DTE Energy

$924 - $980

$964 - $1,020

$986 - $1,058

Operating EPS

$5.15 - $5.46

$5.38 - $5.69

$5.48 - $5.88

180

180

180

DTE Electric

Corporate & Other

Energy Trading

Avg. Shares Outstanding

* Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix
** Growth segments exclude Energy Trading

2017 EEI Financial Forum

38

 We recently revised our 2017 cash flow and capital
expenditures guidance
(billions)

(millions)

Capital Expenditures Summary

Cash Flow Summary
Prior
Guidance

Prior
Guidance

Revised
Guidance

Cash From Operations

$1.9

$1.9

Capital Expenditures

(3.0)

(2.5)

Free Cash Flow

($1.1)

($0.6)

Asset Sales & Other
Dividends
Net Cash

-

-

(0.6)

(0.6)

($1.7)

($1.2)

DTE Electric
Distribution Infrastructure
New Generation
Base Infrastructure

Base Infrastructure
NEXUS Related

Debt Financing:
$2.0

$1.6

Redemptions

(0.3)

(0.4)

$1.7

$1.2

Change in Debt

$690

$690

45

45

725

725

$1,460

$1,460

$200

$200

90

90

145

145

$435

$435

$900 - $1,100

$550 - $650

$2,795 - $2,995

$2,445 - $2,545

DTE Gas

Main Renewal
Issuances

Revised
Guidance

Non-Utility
Total

2017 EEI Financial Forum

39

 Growth fueled by investment in utility infrastructure
and generation along with midstream opportunities
(billions)

DTE Energy Investment
+42%

Electric $10.4 billion
+21%

$17

Distribution infrastructure,
maintenance, new generation

$14
$12

Gas $2.1 billion
Base infrastructure, main
renewal, NEXUS related

GSP $2.8 - $3.4 billion
Expansions, NEXUS

P&I $0.8 - $1.2 billion
2013 - 2017

2017 - 2021
(Prior Plan)

2018 - 2022
(Current Plan)

Industrial energy services,
projects and renewables

Current investment plan is significantly higher than
previous five year plans
2017 EEI Financial Forum

40

 DTE Electric increases customer reliability with plans
to invest $10.4 billion over the next 5 years
(millions)

Targeting 6% - 7% growth
$2,400
$2,100
$1,900

$2,100

Depreciation

2018E

$2,000

New
generation

$4,300

Distribution
infrastructure

$4,100

Base
infrastructure*

$1,900

$1,460

2017E

$10,400

2019E

2020E

2021E

~$749M

YE Rate Base** ~$16.6B

* Includes power reliability, existing generation maintenance, AMI, Ludington expansion and other investments
** Includes working capital and rate base associated with surcharges

2022E

2018E - 2022E
Total

~$1,076M
~$22.9B

2017 EEI Financial Forum

41

 DTE Gas improves customer reliability with plans to
invest $2.1 billion over the next 5 years
(millions)

Targeting 7% - 8% growth
$450

$435
$400

$400

$450

$2,100
$10

$1,140

$950

2017E
Depreciation ~$121M
YE Rate Base* ~$4.0B

* Includes working capital

2018E

2019E

NEXUS related

$400

2020E

2021E

2022E

Main
renewal

Base
infrastructure

2018E - 2022E
Total

~$172M
~$5.7B

2017 EEI Financial Forum

42

 Reconciliation of 2012 reported to operating earnings
Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing
operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating
earnings to measure performance against budget and to report to the Board of Directors. Operating earnings are presented both with and without Energy Trading. The term “Growth
Segments” refers to DTE Energy without Energy Trading and represents the business segments that management expects to generate earnings growth going forward.

Net Income (millions)*
2012
After tax items:
Reported Earnings

DTE
Energy

DTE
Electric

$610

Coke oven gas settlement
Loss on sale of coal transloading
& petroleum coke mill impairment
Discontinued operations of
Unconventional Gas

$483

DTE
Gas
$115

Gas
Storage &
Pipelines

Power &
Industrial
Projects

$61

$42

7

7

3

3

Energy
Trading
$12

Corporate
& Other

Unc. Gas
Prod.

($47)

($56)

56
$676

56
$483

$115

$61

$52

$12

($47)

$0

EPS**
2012
After tax items:
Reported Earnings

Coke oven gas settlement
Loss on sale of coal transloading
& petroleum coke mill impairment
Discontinued operations of
Unconventional Gas

DTE
Energy

$3.55

DTE
Electric

$2.81

DTE
Gas

$0.67

Gas
Storage &
Pipelines

$0.36

Power &
Industrial
Projects

$0.24

0.04

0.04

0.02

0.02

Energy
Trading

$0.07

Corporate
& Other

Unc. Gas
Prod.

($0.27)

0.33
$3.94

* Total tax impact of adjustments to reported earnings: $35 million
** Total tax impact of adjustments to reported EPS: $0.21

($0.33)

0.33
$2.81

$0.67

$0.36

$0.30

$0.07

($0.27)

2017 EEI Financial Forum

$0

43

 Reconciliation of reported to operating earnings
(non-GAAP)
Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-tomarket adjustments and discontinued operations. DTE Energy management believes that operating
earnings provide a more meaningful representation of the company’s earnings from ongoing operations
and uses operating earnings as the primary performance measurement for external communications with
analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against
budget and to report to the Board of Directors.
In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that
certain items that impact the company’s future period reported results will be excluded from operating
results. A reconciliation to the comparable future period reported earnings is not provided because it is not
possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-tomarket adjustments and discontinued operations). These items may fluctuate significantly from period to
period and may have a significant impact on reported earnings.
For comparative purposes, 2012 operating earnings excluded the Unconventional Gas Production
segment that was classified as a discontinued operation on 12/31/2012.

2017 EEI Financial Forum

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