DTE Energy reports first quarter 2014 results

                DTE Energy reports first quarter 2014 results

PR Newswire

DETROIT, April 25, 2014

DETROIT, April 25, 2014 /PRNewswire/ --DTE Energy (NYSE: DTE) today reported
first quarter 2014 earnings of $326 million, or $1.84 per diluted share,
compared with $234 million, or $1.34 per diluted share in 2013.

Operating earnings for the first quarter 2014 were $300 million, or $1.69 per
diluted share, compared with 2013 operating earnings of $234 million, or $1.34
per diluted share. Operating earnings exclude non-recurring items, certain
mark-to-market adjustments and discontinued operations.

"Extremely cold weather in the first quarter drove exceptionally high energy
demand, which in turn, shaped our financial result compared with last year,"
said Gerard M. Anderson, DTE Energy chairman and CEO. "We also recognize that
the record-setting frigid temperatures were a significant challenge for many
of our state's most vulnerable citizens."

Anderson went on to discuss many ways customers in need can get help with
their energy bills, including:

  oCommunity agencies such as The Heat and Warmth Fund (THAW) and the
    Michigan Community Action Agency Association (MCAAA) provide energy
    assistance to customers in need. DTE Energy and its employees have
    contributed more than $10 million toward various energy assistance
    programs since the beginning of 2013 to help keep Michigan families warm.
  oUnited Way of Southeastern Michigan provides referrals for crisis
    mitigation services to our customers in need through its 2-1-1 hotline.
  oDTE Customer Assistance Days allow eligible customers to receive utility
    payment assistance, education on energy efficiency and meet with various
    human service agencies.
  oA Low Income Self-Sufficiency Program, enabled by recent legislation,
    allows eligible customers to make affordable fixed monthly payments based
    on income. Some 20,000 customers have enrolled in the program. DTE is
    working to increase to 50,000 the number of customers that qualify and
    participate in this program.
  oHome energy audits conducted by DTE Energy provide guidance to customers
    on how to reduce their energy bills.
  oA Budget-Wise Billing option is available to DTE Energy customers online
    or through the call center. The program levelizes the seasonal "ups and
    downs" of utility bills.

The company also noted that it implemented a 6.5 percent reduction to
customers' electric rates in January.

"This rate reduction helped customers at a time when intense weather drove
high energy usage," said Anderson.

Outlook for 2014

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

"We are off to a good start financially, as well as operationally, in the
first quarter," said Peter Oleksiak, DTE Energy senior vice president and
chief financial officer. "DTE Energy will continue to focus on maintaining
solid earnings and cash flow along with a strong balance sheet, while
providing our customers with clean, safe and reliable energy at an affordable

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

DTE Energy plans to conduct a conference call with the investment community
hosted by Oleksiak at 9 a.m. EDT today, to discuss first 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 U.S. and Canada toll free: (888) 778-8912 or International
toll: (913) 312-1429. The passcode is 8376260. The internet broadcast will be
archived on the company's website. An audio replay of the call will be
available from noon today to May 9. To access the replay, dial (888) 203-1112
or (719) 457-0820 and enter passcode 8376260.

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,
midstream services and energy 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

Many factors may impact forward-looking statements including, but not limited
to, the following: impact of regulation by the FERC, MPSC, NRC 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; impact
of electric and natural gas utility restructuring in Michigan, 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 and
high levels of uncollectible accounts receivable; 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; 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 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; 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 (which
sections are incorporated herein by reference), and in conjunction with other
SEC reports filed by DTE Energy and DTE Electric.

DTE Energy Company
Consolidated Statements of Operations (Unaudited)
                                       Three Months Ended
                                       March 31,
                                       2014                  2013
                                       (In millions, except per share amounts)
Operating Revenues                     $    3,930            $    2,516
Operating Expenses
Fuel, purchased power and gas          2,155                 1,024
Operation and maintenance              841                   735
Depreciation, depletion and            280                   259
Taxes other than income                95                    94
Asset (gains) and losses, reserves and (1)                   (6)
impairments, net
                                       3,370                 2,106
Operating Income                       560                   410
Other (Income) and Deductions
Interest expense                       110                   109
Interest income                        (2)                   (2)
Other income                           (41)                  (44)
Other expenses                         8                     7
                                       75                    70
Income Before Income Taxes             485                   340
Income Tax Expense                     158                   105
Net Income                             327                   235
Less: Net Income Attributable to       1                     1
Noncontrolling Interest
Net Income Attributable to DTE Energy  $    326              $    234
Basic Earnings per Common Share
Net Income Attributable to DTE Energy  $    1.84             $    1.35
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy  $    1.84             $    1.34
Weighted Average Common
Basic                                  177                   173
Diluted                                177                   173
Dividends Declared per Common Share    $    0.66             $    0.62

DTE Energy Company
Segment Net Income (Unaudited)
             Three Months Ended March 31,
             2014                              2013
(in          Reported  Adjustments  Operating  Reported  Adjustments  Operating
Millions)    Earnings               Earnings   Earnings               Earnings
DTE Electric $  136    $  —         $  136     $  115    $   —        $  115
DTE Gas      129       —            129        96        —            96
Gas Storage
and          21        —            21         17        —            17
Power and
Industrial   15        —            15         12        —            12
Energy       42        (34)      A  8          7         —            7
Non-utility  78        (34)         44         36        —            36
Corporate    (17)      8         B  (9)        (13)      —            (13)
and Other
Net Income
to DTE       $  326    $  (26)      $  300     $  234    $   —        $  234
Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)
             Three Months Ended March 31,
             2014                              2013
             Reported  Adjustments  Operating  Reported  Adjustments  Operating
             Earnings               Earnings   Earnings               Earnings
DTE Electric $  0.77   $ —          $  0.77    $  0.66   $   —        $  0.66
DTE Gas      0.73      —            0.73       0.55      —            0.55
Gas Storage
and          0.12      —            0.12       0.10      —            0.10
Power and
Industrial   0.08      —            0.08       0.07      —            0.07
Energy       0.24      (0.19)    A  0.05       0.04      —            0.04
Non-utility  0.44      (0.19)       0.25       0.21      —            0.21
Corporate    (0.10)    0.04      B  (0.06)     (0.08)    —            (0.08)
and Other
Net Income
to DTE       $  1.84   $ (0.15)     $  1.69    $  1.34   $   —        $  1.34
Adjustments key
A) Energy Trading accounting timing of mark to market adjustment
B) New York state tax law change


Website: http://www.dteenergy.com
Contact: Media: Scott Simons, (313) 235-5555, Analysts: Anastasia Minor, (313)
235-8466, Benny Riggi, (313) 235-3208
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