8-K Earnings DTE / DTE Electric 2nd qtr 2014

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2014



Commission File Number	Exact Name of Registrant as Specified in its Charter, State of Incorporation, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification No.
1-11607	DTE Energy Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-3217752
1-2198	DTE Electric Company (a Michigan corporation) One Energy Plaza Detroit, Michigan 48226-1279 313-235-4000	38-0478650

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

DTE Energy Company (DTE Energy) is furnishing the Securities and Exchange Commission (SEC) with its earnings release issued July 25, 2014, announcing financial results for the quarter ended June 30, 2014. Copies of the earnings release and the financial information distributed for media and investor relations communications are furnished as Exhibits 99.1 and 99.2 and incorporated herein by reference. DTE Energy Company has removed certain items that were provided in prior periods from the supplemental financial information in Exhibit 99.2. These items are included in DTE Energy's Form 10-Q for the quarter ended June 30, 2014, expected to be filed on July 25, 2014. In its earnings release and the slide presentation discussed below, DTE Energy reaffirms its 2014 operating earnings guidance range to $4.20-4.40 per share.

Item 7.01. Regulation FD Disclosure.

DTE Energy is furnishing the SEC with its slide presentation issued July 25, 2014. A copy of the slide presentation is furnished as Exhibit 99.3 and incorporated herein by reference.

In its earnings release, slide presentation and this filing, DTE Energy discusses 2014 operating earnings guidance. It is likely that certain items that impact the company’s 2014 reported results will be excluded from operating results. Reconciliations to the comparable 2014 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 and 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

99.1 Earnings Release of DTE Energy Company dated July 25, 2014.

Financial Information Distributed for Media and Investor Relations Communications dated July 25, 2014.

99.3 Slide Presentation of DTE Energy Company dated July 25, 2014.

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy's and DTE Electric Company's (“DTE Electric”) 2013 Forms 10-K and 2014 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

DTE ENERGY COMPANY (Registrant)

Senior Vice President and Chief Financial Officer

DTE ELECTRIC COMPANY (Registrant)

/s/PETER B. OLEKSIAK

Senior Vice President and Chief Financial Officer

Earnings Release of DTE Energy Company dated July 25, 2014.

Financial Information Distributed for Media and Investor Relations Communications dated July 25, 2014.

Slide Presentation of DTE Energy Company dated July 25, 2014.

DTE Energy reports second quarter 2014 results

DETROIT - DTE Energy (NYSE:DTE) today reported second quarter 2014 earnings of $124 million, or $0.70 per diluted share, compared with $105 million, or $0.60 per diluted share in 2013.

Operating earnings for the second quarter 2014 were $128 million, or $0.73 per diluted share, compared with 2013 operating earnings of $109 million, or $0.62 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are at the end of this news release.

Reported earnings for the first six months ended June 30, 2014 were $450 million or $2.54 per diluted share versus $339 million or $1.94 per diluted share in 2013. Year-to-date operating earnings were $428 million or $2.42 per diluted share, compared with $343 million or $1.96 per diluted share in 2013.

“Our financial performance for the first six months of 2014 has provided a solid foundation for achieving our financial goals for the year,” said Gerard M. Anderson, DTE Energy chairman and CEO. Anderson also noted that many of DTE Energy’s customers were affected by early July storms. “While I am proud of the work of the DTE employees to quickly restore power during a holiday week, I recognize the hardship of our customers that were without power. We are focused on making incremental investments in our electric distribution system that will improve reliability and shorten storm outages.”

Anderson added that he is pleased that the first phase of the migration of Detroit Public Lighting Department (PLD) customers to DTE started in July. “This is just the beginning of a five to seven year project which will result in greater electric service reliability for these customers.”

DTE Energy reiterated its 2014 operating earnings guidance of $4.20 to $4.40 per diluted share.

“I am pleased with our performance during the first half of the year and confident that we are on target to accomplish our 2014 financial and operational goals. In June, the DTE Board of Directors also demonstrated its confidence in the company’s current year performance and long-range growth plan by declaring a quarterly dividend increase of 5.3 percent to $0.69 per share,” said Peter Oleksiak, DTE Energy senior vice president and CFO. Oleksiak added, “Dividend growth is an important factor in our commitment to deliver shareholder value.” DTE Energy has had five consecutive years of 5 to 6 percent annual dividend increases, consistent with the company’s long-term earnings growth targets.

This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.

DTE Energy plans to conduct a conference call with the investment community hosted by Oleksiak at 9:00 a.m. ET today, to discuss second quarter 2014 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are US and Canada toll free: (888) 256-1028 or International toll: (913) 312-1489. The passcode is 5950191. The internet broadcast will be archived on the company’s website. An audio replay of the call will be available from noon today to August 8. To access the replay, dial US and Canada toll free (888) 203-1112 or International toll (719) 457-0820 and enter passcode 5950191.

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an

electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.

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.

In this release, DTE Energy discusses 2014 operating earnings guidance. It is likely that certain items that impact the company's 2014 reported results will be excluded from operating results. Reconciliations to the comparable 2014 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “projected,” “aspiration” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC, CFTC and 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 Customer Choice programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation and increased thefts of electricity and natural gas; environmental issues, laws, regulations, and the increased 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; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; volatility in the short-term natural gas storage markets impacting third-party storage revenues; volatility in commodity markets, deviations in weather and related risks impacting the results of our energy trading operations; 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 construction 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, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; 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; 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 our 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 release should also be read in conjunction with the “Forward-Looking Statements” sections in each of DTE Energy’s and DTE Electric’s 2013 Forms 10-K and 2014 Forms 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

For further information, members of the media may call:

Scott Simons (313) 235-8808

Alejandro Bodipo-Memba (313) 235-3202

Analysts, for further information call:

Anastasia Minor (313) 235-8466

Benny Riggi (313) 235-3208



DTE Energy Company
Consolidated Statements of Operations (Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In millions, except per share amounts)
Operating Revenues	$	2,698		$	2,225		$	6,628		$	4,741
Operating Expenses
Fuel, purchased power and gas	1,276			940			3,431			1,964
Operation and maintenance	811			705			1,652			1,440
Depreciation, depletion and amortization	282			268			562			527
Taxes other than income	87			84			182			178
Asset (gains) and losses, reserves and impairments, net	(7		)	5			(8		)	(1		)
	2,449			2,002			5,819			4,108
Operating Income	249			223			809			633
Other (Income) and Deductions
Interest expense	106			112			216			221
Interest income	(3		)	(3		)	(5		)	(5		)
Other income	(40		)	(46		)	(81		)	(90		)
Other expenses	10			9			18			16
	73			72			148			142
Income Before Income Taxes	176			151			661			491
Income Tax Expense	50			44			208			149
Net Income	126			107			453			342
Less: Net Income Attributable to Noncontrolling Interest	2			2			3			3
Net Income Attributable to DTE Energy Company	$	124		$	105		$	450		$	339

Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.70		$	0.60		$	2.54		$	1.94

Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	0.70		$	0.60		$	2.54		$	1.94

Weighted Average Common Shares Outstanding
Basic	177			174			177			174
Diluted	177			175			177			174
Dividends Declared per Common Share	$	0.66		$	0.66		$	1.31		$	1.28



DTE Energy Company
Segment Net Income (Unaudited)


	Three Months Ended June 30,
	2014									2013
(in Millions)	Reported Earnings			Adjustments			Operating Earnings			Reported Earnings			Adjustments			Operating Earnings

DTE Electric	$	129		$	—		$	129		$	89		$	—		$	89

DTE Gas	(4		)	—			(4		)	8			—			8

Non-utility Operations
Gas Storage and Pipelines	18			—			18			16			—			16

Power and Industrial Projects	13			—			13			7			4		B	11

Energy Trading	(14		)	4		A	(10		)	(2		)	—			(2		)

Total Non-utility operations	17			4			21			21			4			25

Corporate and Other	(18		)	—			(18		)	(13		)	—			(13		)

Net Income Attributable to DTE Energy Company	$	124		$	4		$	128		$	105		$	4		$	109


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) Asset impairment



DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)


	Three Months Ended June 30,
	2014									2013
	Reported Earnings			Adjustments			Operating Earnings			Reported Earnings			Adjustments			Operating Earnings

DTE Electric	$	0.73		$	—		$	0.73		$	0.51		$	—		$	0.51

DTE Gas	(0.02		)	—			(0.02		)	0.05			—			0.05

Non-utility Operations
Gas Storage and Pipelines	0.10			—			0.10			0.09			—			0.09

Power and Industrial Projects	0.07			—			0.07			0.04			0.02		B	0.06

Energy Trading	(0.08		)	0.03		A	(0.05		)	(0.01		)	—			(0.01		)

Total Non-utility operations	0.09			0.03			0.12			0.12			0.02			0.14

Corporate and Other	(0.10		)	—			(0.10		)	(0.08		)	—			(0.08		)

Net Income Attributable to DTE Energy Company	$	0.70		$	0.03		$	0.73		$	0.60		$	0.02		$	0.62


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) Asset impairment



DTE Energy Company
Segment Net Income (Unaudited)


	Six Months Ended June 30,
	2014										2013
(in Millions)	Reported Earnings			Adjustments				Operating Earnings			Reported Earnings			Adjustments			Operating Earnings

DTE Electric	$	265		$	—			$	265		$	204		$	—		$	204

DTE Gas	125			—				125			104			—			104

Non-utility Operations
Gas Storage and Pipelines	39			—				39			33			—			33

Power and Industrial Projects	28			—				28			19			4		C	23

Energy Trading	28			(30		)	A	(2		)	5			—			5

Total Non-utility operations	95			(30		)		65			57			4			61

Corporate and Other	(35		)	8			B	(27		)	(26		)	—			(26		)

Net Income Attributable to DTE Energy Company	$	450		$	(22	)		$	428		$	339		$	4		$	343


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change
C) Asset impairment



DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)


	Six Months Ended June 30,
	2014										2013
	Reported Earnings			Adjustments				Operating Earnings			Reported Earnings			Adjustments			Operating Earnings

DTE Electric	$	1.50		$	—			$	1.50		$	1.17		$	—		$	1.17

DTE Gas	0.71			—				0.71			0.60			—			0.60

Non-utility Operations
Gas Storage and Pipelines	0.22			—				0.22			0.19			—			0.19

Power and Industrial Projects	0.16			—				0.16			0.11			0.02		C	0.13

Energy Trading	0.15			(0.16		)	A	(0.01		)	0.03			—			0.03

Total Non-utility operations	0.53			(0.16		)		0.37			0.33			0.02			0.35

Corporate and Other	(0.20		)	0.04			B	(0.16		)	(0.16		)	—			(0.16		)

Net Income Attributable to DTE Energy Company	$	2.54		$	(0.12	)		$	2.42		$	1.94		$	0.02		$	1.96


Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change
C) Asset impairment

DTE Energy Debt/Equity Calculation



Short-term borrowings	$	511
Current portion of long-term debt, including capital leases	229
Mortgage bonds, notes and other	7,329
Capital lease obligations	4
Other adjustments	256
less Securitization bonds, including current portion	(201		)
50% Junior Subordinated Debentures	240
Total debt	8,368

50% Junior Subordinated Debentures	240
Common equity	8,026
Total adjusted equity	8,266

Total capitalization	$	16,634

Debt	50.3		%
Adjusted equity	49.7		%

Total	100		%



Sales Analysis - Q2 2014

Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)

	Q2 2014	Q2 2013	% Change			Q2 2014		Q2 2013		% Change
Residential	3,452	3,345	3	%	Residential	$	504,164	$	532,433	(5	)%
Commercial	4,168	4,158	—	%	Commercial	441,828		477,319		(7	)%
Industrial	2,554	2,675	(5	)%	Industrial	192,527		210,984		(9	)%
Other	171	216	(21	)%	Other	22,896		26,870		(15	)%
	10,345	10,394	0	%		$	1,161,415	$	1,247,606	(7	)%
Choice	1,237	1,287	(4	)%	Choice	23,079		24,222		(5	)%
TOTAL SALES	11,582	11,681	(1	)%	TOTAL BILLINGS	$	1,184,494	$	1,271,828	(7	)%



Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)

	Q2 2014	Q2 2013	% Change			Q2 2014		Q2 2013		% Change
Residential	13,588	14,192	(4	)%	Residential	$	127,152	$	137,548	(8	)%
Commercial	3,199	3,024	6	%	Commercial	28,046		28,406		(1	)%
Industrial	145	85	71	%	Industrial	1,028		637		61	%
	16,932	17,301	(2	)%		$	156,226	$	166,591	(6	)%
End User Transportation*	31,523	32,043	(2	)%	End User Transportation*	43,495		44,637		(3	)%
TOTAL SALES	48,455	49,344	(2	)%	TOTAL BILLINGS	$	199,721	$	211,228	(5	)%
________________					________________
* Includes choice customers					* Includes choice customers



Weather

Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	Q2 2014		Q2 2013		% Change			Q2 2014		Q2 2013		% Change
Actuals**	240		205		17	%	Actuals	780		818		(5	)%
Normal	215		215		—	%	Normal	774		757		2	%
Deviation from normal	12	%	(5	)%			Deviation from normal	1	%	8	%



Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	Q2 2014		Q2 2013
DTE Electric	$	3	$	(2	)
DTE Gas	1		4

**2013 CDDs adjusted/normalized to reflect actual customer response to weather; AMI usage data demonstrates non-linear response to weather variation



Sales Analysis - YTD June 30, 2014

Electric Sales - DTE Electric Service Area (GWh)					Electric Billings - DTE Electric Service Area (000s)

	YTD 2014	YTD 2013	% Change			YTD 2014		YTD 2013		% Change
Residential	7,430	7,199	3	%	Residential	$	1,078,837	$	1,111,169	(3	)%
Commercial	8,216	8,081	2	%	Commercial	865,403		918,748		(6	)%
Industrial	5,055	5,111	(1	)%	Industrial	391,554		397,238		(1	)%
Other	376	468	(20	)%	Other	45,756		53,334		(14	)%
	21,077	20,859	1	%		$	2,381,550	$	2,480,489	(4	)%
Choice	2,504	2,547	(2	)%	Choice	46,498		47,242		(2	)%
TOTAL SALES	23,581	23,406	1	%	TOTAL BILLINGS	$	2,428,048	$	2,527,731	(4	)%



Gas Sales - DTE Gas Service Area (MMcf)					Gas Billings - DTE Gas Service Area (000s)

	YTD 2014	YTD 2013	% Change			YTD 2014		YTD 2013		% Change
Residential	69,017	59,749	16	%	Residential	$	565,162	$	507,531	11	%
Commercial	16,450	13,683	20	%	Commercial	130,747		113,142		16	%
Industrial	620	302	105	%	Industrial	7,089		2,274		212	%
	86,087	73,734	17	%		$	702,998	$	622,947	13	%
End User Transportation*	93,986	87,607	7	%	End User Transportation*	140,156		129,798		8	%
TOTAL SALES	180,073	161,341	12	%	TOTAL BILLINGS	$	843,154	$	752,745	12	%
________________					________________
* Includes choice customers					* Includes choice customers



Weather

Cooling Degree Days							Heating Degree Days
DTE Electric service territory							DTE Gas service territory
	YTD 2014		YTD 2013		% Change			YTD 2014		YTD 2013		% Change
Actuals	240		205		17	%	Actuals	4,757		4,046		18	%
Normal	215		215		—	%	Normal	3,949		3,898		1	%
Deviation from normal	12	%	(5	)%			Deviation from normal	20	%	4	%



Earnings Impact of Weather
Variance from normal weather ($ millions, after-tax)
	YTD 2014		YTD 2013
DTE Electric	$	16	$	(2	)
DTE Gas	32		7

**2013 CDDs adjusted/normalized to reflect actual customer response to weather; AMI usage data demonstrates non-linear response to weather variation



DTE Electric Temperature Normal Sales Analysis - YTD June 30, 2014

Temperature Normal Electric Sales - DTE Electric Service Area (GWh)

	YTD 2014	YTD 2013	% Change
Residential	7,176	7,224	(1	)%
Commercial	8,133	8,091	1	%
Industrial	5,053	5,111	(1	)%
Other	377	469	(20	)%
	20,739	20,895	(1	)%
Choice	2,489	2,547	(2	)%
TOTAL SALES	23,228	23,442	(1	)%



Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh)

	YTD 2014	YTD 2013	% Change
Residential	7,176	7,224	(1	)%
Commercial	9,618	9,576	—	%
Industrial	6,057	6,173	(2	)%
Other	377	469	(20	)%
TOTAL SALES	23,228	23,442	(1	)%

2nd Quarter 2014 Earnings Conference Call July 25, 2014 EXHIBIT 99.3

Safe Harbor Statement 2 The information contained herein is as of the date of this presentation. Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC, CFTC and 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 Customer Choice programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation and increased thefts of electricity and natural gas; environmental issues, laws, regulations, and the increased 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; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; volatility in the short-term natural gas storage markets impacting third-party storage revenues; volatility in commodity markets; deviations in weather and related risks impacting the results of our energy trading operations; 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 construction 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, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; 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; 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 our 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” sections in each of DTE Energy’s and DTE Electric’s 2013 Forms 10-K and 2014 Forms 10-Q (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

Participants • Peter Oleksiak – Senior Vice President and CFO • Jeff Jewell – Vice President and Controller • Mark Rolling – Vice President and Treasurer • Anastasia Minor – Executive Director, Investor Relations 3

• Overview • Second Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 4

Our business strategy is fundamental to how we create value for our investors  Utility growth plan driven by infrastructure investments  Strategic, transparent, low-risk growth opportunities in non-utility businesses provide diversity in earnings and geography  Constructive regulatory structure and continued cost savings enable utilities to earn their authorized returns Operational excellence and customer satisfaction that are distinctive in our industry  60% - 70% dividend payout target and strong BBB credit rating 5% - 6% Annual EPS Growth Attractive Dividend Strong Balance Sheet 5

2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E $3.33 $4.09 $3.75 $3.64 $2.12 $2.24 $2.35 $2.48 $2.12 * Reconciliation to GAAP reported earnings included in the appendix DTE raised its annualized dividend over 5% to $2.76 marking the fifth consecutive year of an increase in line with our stated long-term earnings targets (dollars) Operating EPS* 7.2% CAGR 2008-2014 Dividend per share 5.4% CAGR 2009-2014 (Annualized) $2.83 $3.94 $4.30 Guidance Midpoint Aspiration of over $1 billion in operating earnings by 2018 $2.62 6 $2.76

DTE has delivered total shareholder return above market indices 7 19% 21% 25% 12% 19% 14% 14% 11% 7% 17% 19% 8% YTD 3 YR 5 YR 10 YR DTE S&P500 Utilities S&P500 Historical Total Shareholder Return CAGR* * As of June 30, 2014 Source: Bloomberg

Utility Non-Utility • Bluestone expansions will bring total capacity to 1.0 Bcf in 2014-2016 • NEXUS has sufficient commitment from producers and utilities to move to next phase of development; binding open season through August 21 to finalize volume commitments • Relocation of 8th REF unit completed; negotiations underway for relocation of 9th unit We see strong opportunities in our growth segments that support our 5-6% EPS growth outlook 8 • Replacement of aging coal plants and energy policy reform • Main renewal, pipeline integrity and meter move out investments Utility investments more than double depreciation levels driven by…

We remain confident in our 2014 operating earnings* guidance (millions, except EPS) 2014 YTD Actuals 2014 Guidance DTE Electric $265 $520 - $530 DTE Gas 125 120 - 126 Gas Storage & Pipelines 39 78 - 86 Power & Industrial Projects 28 75 - 85 Energy Trading ($2) $0 Corporate & Other (27) (49) - (45) DTE Energy Operating EPS $428 $2.42 $744 - $782 $4.20 - $4.40 Growth segments** Growth segments operating EPS $430 $2.43 $744 - $782 $4.20 - $4.40 * Reconciliation to GAAP reported earnings included in the appendix ** Total DTE Energy excluding Energy Trading Avg. Shares Outstanding 177 177 • DTE Gas performance providing contingency for potential unfavorable weather and O&M reinvestment 9

• Overview • Second Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 10

DTE Energy Second Quarter 2014 Operating Earnings Per Share* Gas Storage & Pipelines $0.10 Power & Industrial Projects $0.07 * Reconciliation to GAAP reported earnings included in the appendix Energy Trading ($0.05) Corporate & Other ($0.10) DTE Gas ($0.02) Non-Utility $0.12 DTE Electric $0.73 $0.73 11

2Q 2013 2Q 2014 Change DTE Electric 89$ 129$ 40$ DTE Gas 8 (4) (12) Gas Storage & Pipelines 16 18 2 Power & Industrial Projects 11 13 2 Corporate & Other (13) (18) (5) Growth segments** 111$ 138$ 27$ Growth segments operating EPS 0.63$ 0.78$ 0.15$ Energy Trading (2)$ (10)$ (8)$ DTE Energy 109$ 128$ 19$ Operating EPS 0.62$ 0.73$ 0.11$ Avg. Shares Outstanding 175 177 DTE Energy Second Quarter 2014 Operating Earnings Variance Operating Earnings* (millions, except EPS) DTE Electric • Primarily revenue decoupler amortization and 2Q 2013 O&M reinvestment not repeated in 2Q 2014 DTE Gas • Return to normal earnings in 2Q 2014 Non-Utility • Gas Storage & Pipelines driven by higher pipeline and gathering earnings • Power & Industrial Projects higher due to Reduced Emissions Fuel earnings Corporate & Other • Timing of income taxes Energy Trading • Economic net income* not yet realized for accounting purposes Drivers 12 * Reconciliation to GAAP reported earnings included in the appendix ** Total DTE Energy excluding Energy Trading

DTE Electric Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix (millions) • Favorable weather in Q2 2014 Variance to normal weather - 2Q 2013: ($2) - 2Q 2014: $3 • Revenue decoupler mechanism (RDM) amortization in first half of 2014 • O&M primarily lower benefit expenses and reinvestment in 2Q 2013 not repeated in 2Q 2014 • Other primarily lower interest expense 13 Drivers Operating Earnings* Variance $89 $5 $21 $129 $10 $4

DTE Gas Variance Analysis * Reconciliation to GAAP reported earnings included in the appendix (millions) • Warmer weather in 2Q 2014 vs. 2Q 2013 Variance to normal weather - 2Q 2013: $4 - 2Q 2014: $1 • O&M primarily timing and increased uncollectible expense, partially offset by lower benefit expenses Drivers Operating Earnings* Variance 14 $8 ($3) ($3) ($6) ($4)

Contingency exists for potential weather variability and O&M reinvestment * Reconciliation to GAAP reported earnings included in the appendix 2014 Guidance YTD Weather $4.20 - $4.40 $0.27 2014 Operating EPS* Guidance Range ($0.27) Contingency  Balance of year weather • 28% fewer CDDs July month to date vs. normal  O&M reinvestment  Flow through to shareholders • Uses for contingency include: 15

• Overview • Second Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 16

YTD 2013 YTD 2014 Cash From Operations* $1.3 $1.1 Capital Spending (0.9) (1.1) Free Cash Flow $0.4 $0.0 Asset Sales - - Dividends (0.2) (0.2) Net Cash $0.2 ($0.2) Debt Financing: Issuances $0.3 $0.6 Redemptions (0.5) (0.7) Change in Debt ($0.2) ($0.1) DTE Energy YTD 2014 Cash Flow Cash Flow Summary (billions) Drivers 17 • Free cash flow lower due primarily to higher fuel and power purchases and increased capital spending at DTE Electric * Includes ~$150 million and $0 of equity issued for employee benefit programs in YTD 2013 and YTD 2014, respectively

YTD 2013 YTD 2014 DTE Electric Operational $419 $584 Environmental 72 82 Renewable Energy 116 166 $607 $832 DTE Gas Operational $70 $64 Main Renewal / Meter Move Out / Pipeline Integrity 32 29 $102 $93 Non-Utility $211 $161 Total $920 $1,086 DTE Energy YTD 2014 Capital Expenditures Capital Expenditures (millions) Drivers 18 • DTE Electric higher due to planned outages at fossil and nuclear generation, distribution reliability and renewable energy investments

2013 2014E * Debt excludes securitization, a portion of DTE Gas’ short-term debt, and considers 50% of the Junior Subordinated Notes as equity Leverage* Funds from Operations / Debt* 2013 2014E 49% 52% Target 50% - 52% 23% 22% Target 20% - 22% Strong balance sheet remains a key priority and supports growth • Targeting zero equity issuances in 2014 – Annual issuances of $200 million to $300 million in 2015 and 2016 • $1.4 billion of available liquidity as of June 30, 2014 • Refinancing over $900 million of long- term debt – Annualized pre-tax interest savings of nearly $20 million 19

• Overview • Second Quarter 2014 Earnings Results • Cash Flow and Balance Sheet Metrics • Summary 20

• We are on track to meet our operating earnings* guidance in 2014 with contingency for balance of year unfavorable weather and utility reinvestment • Raised annualized dividend over 5% marking the fifth consecutive year of an increase • Cash flow and balance sheet metrics remain strong • Utility investments and strategic, low-risk growth opportunities in our non-utility businesses expected to provide 5% - 6% annual operating EPS growth going forward Summary * Reconciliation to GAAP reported earnings included in the appendix 21

Appendix

2013 2014 Actual Guidance Cash From Operations* $2.2 $1.6 Capital Spending (1.9) (2.3) Free Cash Flow $0.3 ($0.7) Asset Sales - - Dividends (0.4) (0.5) Net Cash ($0.1) ($1.2) Debt Financing: Issuances $1.2 $2.1 Redemptions (1.1) (0.9) Change in Debt $0.1 $1.2 DTE Energy 2014 Cash Flow Guidance Cash Flow Summary (billions) * Includes ~$0.3 billion and $0 of equity issued for employee benefit programs in 2013 and 2014, respectively • 2014 cash from operations decreases due to lower utility surcharge collections than 2013 and higher cash contributions to employee benefit plans • Capital expenditures higher due to increased environmental and renewable energy spending at DTE Electric and growth spending at the non-utilities Drivers 24

DTE Energy 2014 Capital Expenditure Guidance 2013 2014 Actual Guidance DTE Electric Operational $999 $1,080 Environmental 165 280 Renewable Energy 161 240 $1,325 $1,600 DTE Gas Operational $132 $150 Main Renewal / Meter Move-out / Pipeline Integrity 77 90 $209 $240 $366 $490 Total $1,900 $2,330 Non-Utility Capital Expenditures Summary (millions) • DTE Electric capital higher due to increased environmental, renewable energy and reliability spending • DTE Gas increase driven by increased main renewal, meter move-out, pipeline integrity and base capital spending • Non-utility increase driven by growth capital spending at Power & Industrial Projects and Gas Storage & Pipelines Drivers 25

DTE Energy Trading Reconciliation of Operating Earnings* to Economic Net Income ** Consists of 1) the income statement effect of not recognizing changes in the fair market value of certain non-derivative contracts including physical inventory and capacity contracts for transportation, transmission and storage. These contracts are not MTM, instead are recognized for accounting purposes on an accrual basis; and 2) Operating Adjustments for unrealized mark-to-market changes of certain derivative contracts 2Q 2014 Economic Net Income Accounting Adjustments** 2Q 2014 Operating Earnings* ($2) $5 • Economic net income equals economic gross margin*** minus O&M expenses and taxes. • DTE Energy management uses economic net income as one of the performance measures for external communications with analysts and investors. • Internally, DTE Energy uses economic net income as one of the measures to review performance against financial targets and budget. * Reconciliation to GAAP reported earnings included in the appendix *** Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts including certain non-derivative contract costs Operating Earnings* Realized Unrealized O&M / Other 2Q 2013 2Q 2014 $9 $5 (3) 3 (14) (12) (millions, after-tax) ($2) ($10) 2Q 2013 Operating Earnings* 2Q 2013 Economic Net Income Accounting Adjustments** $7 ($10) $21 $11 (millions) 26

DTE Energy Trading Reconciliation of Operating Earnings* to Economic Net Income ** Consists of 1) the income statement effect of not recognizing changes in the fair market value of certain non-derivative contracts including physical inventory and capacity contracts for transportation, transmission and storage. These contracts are not MTM, instead are recognized for accounting purposes on an accrual basis; and 2) Operating Adjustments for unrealized mark-to-market changes of certain derivative contracts YTD 2014 Economic Net Income Accounting Adjustments** YTD 2014 Operating Earnings* $5 $15 • Economic net income equals economic gross margin*** minus O&M expenses and taxes. • DTE Energy management uses economic net income as one of the performance measures for external communications with analysts and investors. • Internally, DTE Energy uses economic net income as one of the measures to review performance against financial targets and budget. * Reconciliation to GAAP reported earnings included in the appendix *** Economic gross margin is the change in net fair value of realized and unrealized purchase and sale contracts including certain non-derivative contract costs Operating Earnings* Realized Unrealized O&M / Other YTD 2013 YTD 2014 $31 $22 0 2 (28) (24) (millions, after-tax) $5 ($2) YTD 2013 Operating Earnings* YTD 2013 Economic Net Income Accounting Adjustments** $10 ($2) $23 $21 (millions) 27

Second Quarter and June Year To Date Reconciliation of 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. 28 2Q'14 2Q'13 YTD '14 YTD '13 2Q'14 2Q'13 YTD '14 YTD '13 DTE Energy Report Earnings 124$ 105$ 450$ 339$ 0.70$ 0.60$ 2.54$ 1.94$ DTE Electric - - - - - - - - DTE Gas - - - - - - - - Gas Storage & Pipelines - - - - Power & Industrial Projects Asset Impairment - 4 - 4 - 0.02 - 0.02 Corporate & Other NY State Tax Law Change - - 8 - - - 0.04 - DTE Energy Growth Segments Operating Earnings 124$ 109$ 458$ 343$ 0.70$ 0.62$ 2.58$ 1.96$ Energy Trading Certain Mark to Market Transactions 4 - (30) - 0.03 - (0.16) - DTE Energy Operating Earnings 128$ 109$ 428$ 343$ 0.73$ 0.62$ 2.42$ 1.96$ Net Income (millions) EPS

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. 2008 – 2013 Full Year Reconciliation of Reported to Operating Earnings 29 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 DTE Energy Report Earnings 546$ 532$ 630$ 711$ 610$ 661$ 3.34$ 3.24$ 3.74$ 4.18$ 3.55$ 3.76$ DTE Electric Chrysler Bad Debt - 4 - - - - - 0.02 - - - - Settlement with Detroit Thermal - - (3) - - - - - (0.02) - - - Fermi 1 Asset Retirement Obligation - - - 9 - - - - - 0.05 - - DTE Gas Performance Excellence Process 4 - (20) - - - 0.03 - (0.12) - - - Gas Storage & Pipelines - - - - - - - - - - - - Power & Industrial Projects Performance Excellence Process 1 - - - - - 0.01 - - - - - Chrysler Bad Debt - 1 - - - - - 0.01 - - - - General Motors Bad Debt - 3 - - - - - 0.02 - - - - Coke Oven Gas Settlement - - - - 7 - - - - - 0.04 - Chicago Fuels Terminal Sale - - - - 2 - - - - - 0.01 - Pet Coke Mill Impairment - - - - 1 - - - - - 0.01 - Asset Impairment - - - - - 4 - - - - - 0.02 Energy Trading Performance Excellence Process 1 - - - - - 0.01 - - - - - Certain Mark to Market Transactions - - - - - 55 - - - - - 0.31 Corporate & Other Antrim Hedge 13 3 - - - - 0.08 0.01 - - - - Crete Sale - Tax True-up 2 - - - - - 0.01 - - - - - Michigan Corporate Income Tax Adj. - - - (87) - - - - - (0.50) - - Unconventional Gas Core Barnett Sale (81) - - - - - (0.50) - - - - - Barnett Lease Impairment 5 - - - - - 0.03 - - - - - Disc tinued Operations (11) 6 8 3 56 - (0.06) 0.03 0.04 0.02 0.33 - Synfuel Discontinued Operations (20) - - - - - (0.12) - - - - - DTE Energy Operating Earnings 460$ 549$ 615$ 636$ 676$ 720$ 2.83$ 3.33$ 3.64$ 3.75$ 3.94$ 4.09$ Net Income (millions) EPS

Reconciliation of Other 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. 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. 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. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. For comparative purposes, 2008 through 2012 operating earnings exclude the Unconventional Gas Production segment that was classified as a discontinued operation on 12/31/2012. 30


99.2	Financial Information Distributed for Media and Investor Relations Communications dated July 25, 2014.


99.1	Earnings Release of DTE Energy Company dated July 25, 2014.


99.3	Slide Presentation of DTE Energy Company dated July 25, 2014.