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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2009

Exact Name of Registrant as Specified in its Charter,

Commission State of Incorporation, Address of Principal Executive IRS Employer
File Number Offices and Telephone Number Identification No.

1-11607 38-3217752
DTE Energy Company
(a Michigan corporation)
2000 2nd Avenue
Detroit, Michigan 48226-1279
313-235-4000

1-2198 38-0478650
The Detroit Edison
Company
(a Michigan corporation)
2000 2nd Avenue
Detroit, Michigan 48226-1279
313-235-4000
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS

Item 7.01. Regulation FD Disclosure

Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1
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Item 7.01. Regulation FD Disclosure.

DTE Energy Company is furnishing the Securities and Exchange Commission (“SEC”) with its slide presentation issued February 24, 2009. A
copy of the slide presentation is furnished as Exhibit 99.1 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, 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.

(d) Exhibits

99.1 Slide Presentation of DTE Energy Company dated February 24, 2009.

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 Detroit Edison’s 2007 Forms 10-K and their 2008 quarterly
reports on Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy
and Detroit Edison that discuss important factors that could cause DTE Energy’s and Detroit Edison’s actual results to differ materially. DTE
Energy and Detroit Edison 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.
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SIGNATURES
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.

Date: February 24, 2009

DTE ENERGY COMPANY

(Registrant)

/s/ N. A. Khouri
N. A. Khouri
Vice President and Treasurer

THE DETROIT EDISON COMPANY

(Registrant)

/s/ N. A. Khouri
N. A. Khouri
Vice President and Treasurer
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EXHIBIT INDEX

Exhibit
Number Description

99.1 Slide Presentation of DTE Energy Company dated February 24, 2009.

Exhibit 99.1

Bu s i n e s s and Fi na nc i a l Up d a t e Fe br ua r y 24, 2009

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2 Sa f e Ha r b o r S t a t e m e n t T h e i nf or m at i on cont ai ned her ei n i s as of t h e d a t e o f t h i s p r e s e n t a t i o n . M a n y f a c t o r s m a y i m p a c t f o r wa r d - l o o k i n g s t a t e m e n t s i n c l udi ng, but not l i m i t e d t o , t h e f o l l o wi n g : t h e e f f e c t s o f we a t h e r a n d o t h e r n a t u r a l p h e n o m e n a o n o p e r a t i o n s a n d s a l e s t o c u s t om er s , a nd pur chas es f r om s uppl i e r s ; econom i c cl i m at e and p o p u l a t i o n g r o wt h o r d e c l i n e i n t h e g e o g r a p h i c a r e a s wh e r e we d o b u s i n e s s ; e n v i r o n m e n t a l i s s u e s , l a ws , r e g u l a t i o n s , a n d t h e i n c r e a s i n g c o s t s o f r e m e d i a t i o n a n d c o m p l i a n c e , i n c l u d i n g a c t u a l a n d p o t e n t i a l n e w f e d e r a l a n d s t a t e r e q u i r e m e n t s t h a t c o u l d i n c l u d e c a r b o n a n d m o r e s t r i n g e n t m e r c u r y e m i s s i o n c o n t r o l s , a r e n e wa b l e
por t f ol i o s t andar d and ener gy ef f i ci ency m andat es ; nuc l ear r egul at i o n s a n d o p e r a t i o n s a s s o c i a t e d wi t h n u c l e a r f a c i l i t i e s ; i m p a c t o f e l e c t r i c a n d g a s u t i l i t y r es t r uct ur i ng i n M i chi gan, i ncl udi ng l e g i s l a t i v e a m e n d m e n t s a n d Cu s t o m e r Ch o i c e p r o g r a m s ; e m p l o y e e r e l a t i o n s a n d t h e i m pact of col l ect i ve bar gai ni ng agr e em ent s ; unpl anned out ages ; a c c e s s t o c a p i t a l m a r k e t s a n d c a p i t a l m a r k e t c o n d i t i o n s a n d t h e r e s u l t s o f o t h e r f i n a n c i n g e f f o r t s wh i c h c a n b e a f f e c t e d b y c r e d i t a g e n c y r a t i n g s ; i n s t a b i l i t y i n c a p i t a l m a r k e t s wh i c h c o u l d i m p a c t a v a i l a b i l i t y o f s h o r t a n d l o n g - t e r m f i n a n c i n g ; p o t e n t i a l f o r c o n t i n u e d l o s s o n c a s h e q u i v a l e n t s a n d i n v e s t m e n t s , i n c l u d i n g
nucl ear decom m i s s i oni ng and benef i t pl an as s et s ; t he t i m i ng and e x t e n t o f c h a n g e s i n i n t e r e s t r a t e s ; t h e l e v e l o f b o r r o wi n g s ; c h a n g e s i n t h e c o s t a n d a v a i l abi l i t y of coal and ot her r aw m at er i al s , p u r c h a s e d p o we r a n d n a t u r a l g a s ; t h e e f f e c t s o f c o m p e t i t i o n ; t h e u n c e r t a i n t i e s o f s ucces s f ul expl or at i on of gas s hal e r es our ces and i nabi l i t y t o e s t i m a t e g a s r e s e r v e s wi t h c e r t a i n t y ; i m p a c t o f r e g u l a t i o n b y t h e F E RC, M P S C, NRC a n d o t h e r a p p l i c a b l e g o v e r n m e n t a l p r o c e e d i n g s a n d r e g u l a t i o n s , i n c l u d i n g a n y a s s o c i a t e d i m p a c t o n r a t e s t r u c t u r e s ; c o n t r i b u t i o n s t o e a r n i n g s b y n o n - u t i l i t y s u b s i d i a r i e s ; c h a n g e s i n a n d a p p l i c a t i o n o f f e d e r a l , s t a t e a n d l o c a l t a x l a ws a n d t h e i r
i nt e r pr et at i ons , i ncl udi ng t he I n t e r n a l Re v e n u e Co d e , r egul at i ons , r ul i ngs , cour t pr oceedi ngs and audi t s ; t he abi l i t y t o r ecover cos t s t hr ough r at e i ncr eas es ; t he avai l abi l i t y, c os t , cover age and t er m s of i ns ur ance and s t abi l i t y of i ns ur ance pr ovi der s ; t he cos t of pr ot ect i ng as s et s agai ns t , or dam age due t o, t er r or i s m ; changes i n and appl i ca t i o n o f a c c o u n t i n g s t a n d a r d s a n d f i n a n c i a l r e p o r t i n g r e g u l a t i o n s ; c h a n g e s i n f e d e r a l o r s t a t e l a ws a n d t h e i r i n t e r p r e t a t i o n wi t h r e s p e c t t o r e g u l a t i o n , e n e r g y p o l i c y a n d o t h e r b u s i n e s s i s s u e s ; a m o u n t s o f u n c o l l e c t i b l e a c c o u n t s r e c e i v a b l e ; b i n d i n g a r b i t r a t i o n , l i t i g a t i o n a n d r e l a t e d a p p e a l s ; a n d c h a n g e s i n t h e e c o n o m i c a n d
f i na nci al vi abi l i t y of our cus t om er s , s uppl i er s , and t r adi ng count e r par t i es , and t he cont i nued abi l i t y of s uch par t i es t o per f or m t hei r obl i gat i ons t o t he Co m p a n y . Ne w f a c t o r s em er ge f r om t i m e t o t i m e . W e c a n n o t p r e d i c t wh a t f a c t o r s m a y a r i s e o r h o w s u c h f a c t o r s m a y c a u s e our r es ul t s t o di f f e r m at er i al l y f r om t hos e cont ai ned i n any f o r wa r d - l o o k i n g s t a t e m e n t . An y f o r wa r d - l o o k i n g s t a t e m e n t s r e f e r o n l y a s o f t h e d a t e o n wh i c h s u c h s t a t e m e n t s a r e m a d e . W e u n d e r t a k e n o o b l i g a t i o n t o u p d a t e a n y f o r wa r d - l o o k i n g s t a t e m e n t t o r e f l e c t e v e n t s o r c i r c u m s t a n c e s a f t e r t h e d a t e o n wh i c h s u c h s t a t e m e n t i s m a d e o r t o r e f l e c t t h e o c c u r r e n c e o f u n a n t i c i p a t e d e v e n t s .
Th i s pr es ent at i on s houl d al s o b e r e a d i n c o n j u n c t i o n wi t h t h e " F o r wa r d - L o o k i n g S t a t e m e n t s " s e c t i o n i n e a c h o f DT E E n e r g y 's a n d De t r o i t E d i s o n 's 2 0 0 7 F o r m 1 0 - K a nd 2008 For m s 10- Q ( wh i c h s e c t i o n s a r e i n c o r p o r a t e d h e r e i n b y r e f e r e n c e ) , a n d i n c o n j u n c t i o n wi t h o t h e r S E C r e p o r t s f i l e d b y DT E En e r g y a n d De t r o i t Ed i s o n . Ca u t i o n a r y No t e - T h e S e c u r i t i e s a n d E x c h a n g e Co m m i s s i o n p e r m i t s o i l a n d g a s c o m p a n i e s , i n t h e i r f i l i n g s wi t h t h e S E C, t o d i s c l o s e o n l y p r o v e d r e s e r v e s t h a t a c o m p a n y h a s d e m o n s t r a t e d b y a c t u a l p r o d u c t i o n o r c o n c l u s i v e f o r m a t i o n t e s t s t o b e e c o n o m i c a l l y a n d l e g a l l y p r o d u c i b l e u n d e r e x i s t i n g e c o n o m i c a n d o p e r a t i n g c o n d i t i o n s . W e u s e c e r t a i n t e r m s
i n t hi s pr es ent at i on s uch as " pr obabl e r es er ves " t hat t h e S E C's g u i d e l i n e s s t r i c t l y p r o h i b i t u s f r o m i n c l u d i n g i n f i l i n g s wi t h t h e S E C. Yo u a r e u r g e d t o c o n s i der cl os el y t he di s c l os ur e i n our For m s 1 0 - K, F i l e No . 1 - 1 1 6 0 7 , a v a i l a b l e f r o m o u r o f f i c e s o r f r o m o u r we b s i t e a t www. d t e e ner gy. c om . Yo u c a n al s o obt a i n t hes e F o r m s f r o m t h e S EC b y c a l l i n g 1 - 8 0 0 - S E C- 0 3 3 0 .
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3 Pa r t i c i pa nt s Ge r r y An d e r s o n , Pr e s i de nt and COO Da v e M eador , Ex e c u t i v e Vi c e Pr e s i de nt and CF O P e t e r Ol e k s i a k , VP a n d Co n t r o l l e r Ni c k Kh o u r i , VP a n d Tr e a s u r e r Li s a M us chong, Di r e c t o r of I nves t or Re l a t i o n s

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4 Ov e r v i e w 2 0 0 8 Re s u l t s / 2009 Gu i d a n c e Fut ur e Gr o wt h Op p o r t u n i t i e s
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5 2 0 0 8 Ov e r v i e w Ac h i e v e d 2 0 0 8 o p e r a t i n g E P S g r o wt h o f 3 % y e a r o v e r y e a r d e s p i t e t h e e m e r g e n c e o f a c h a l l e n g i n g e c o n o m i c e n v i r o n m e n t * M a i n t a i n e d s t r o n g c a s h f l ow and bal ance s heet m et r i cs En e r g y l egi s l at i on enact ed t hat i m pr oves t he r egul at or y s t r uct ur e and t he cl i m at e f or i nves t m ent i n M i chi gan Al s o pr ovi des new t ool s t hat enabl e DT E t o addr es s t he cur r ent econom i c cl i m at e Put i n pl ace t wo s i gni f i cant new ut i l i t y g r o wt h pl at f or m s wi t h dedi cat ed f undi ng st r eam s - r e n e wa b l e s and ener gy ef f i ci ency Ac h i e v e d s ol i d ear ni ngs i n our non- ut i l i t y bus i nes s es and added s ever al new i nves t m ent s t hat enabl e f ut ur e g r o wt h St r ong f ocus on cont i nuous i m pr ovem ent
enabl ed us t o qui ckl y r es pond t o e c o n o m i c we a k n e s s E x p e c t f u r t h e r c o s t r e d u c t i o n s i n 2 0 0 9 * Re c o n c i l i a t i o n t o GAAP r e p o r t e d e a r n i n g s i n c l u d e d i n t h e a p p e n d i x
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L e g i s l a t i o n S t r e n g t h e n e d M i c h i g a n 's Re g u l a t o r y F r a m e wo r k Ca p E l e c t r i c Ch o i c e a t 1 0 % De s k e wi n g o f c u s t o m e r r a t e s r e d u c e s Ch o i c e i ncent i ves Fi l e and us e r at e- m aki ng Se l f - i m pl e m e nt r at es af t er 6 m ont hs 12 m ont h deadl i ne f or r at e cases F o r wa r d t est year Re n e wa b l e Por t f ol i o St a nda r d & En e r g y Ef f i c i e n c y Se pa r a t e f undi ng pr ovi s i ons Co s t t o r at e payer s i s t r ans par ent Co s t caps and of f - r am ps Ce r t i f i c a t e of need pr oces s Funds i nt er es t dur i ng cons t r uct i on 6 Re d u c e s ut i l i t y r i sk pr of i l e 12 m ont h r at e case deadl i ne and 6 m ont h f i l e and i m pl em ent r educes r egul at or y l ag, not onl y f or r at e bas e i ncr eas es but al so l oad and expens e r i sk RP S s t r u c t u r e pr ovi des f or pr e-
f undi ng, avoi ds r egul at or y l ag, caps obl i gat i on t o cus t om er s and pr ovi des of f - r am ps t o ut i l i t i es i f t a r g e t s a r e n t' a c h i e v a b l e
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7 Co n s t r u c t i v e Re g u l a t o r y E n v i r o n m e n t S t r e n g t h e n r e l a t i o n s h i p s wi t h c u s t o m e r s a n d r e g u l a t o r s Co n t i n u o u s i m p r o v e m e n t F o c u s o n s t r o n g c u s t o m e r s a t i s f a c t i o n Ti m e l y r ecover y of capi t al Re g u l a r r at e f i l i ngs De t r o i t Ed i s o n f i l ed J an. 26, 2009 M i c h Co n t o f i l e m i d- 2009 Se l f - i m pl e m e nt r at e i ncr eas es Pur s ue addi t i onal r egul at or y t ool s Un c o l l e c t i b l e t r acker at De t r o i t Ed i s o n Re v e n u e decoupl i ng Suc c e s s f ul l y i m pl em ent r e n e wa b l e s and ener gy opt i m i zat i on pr ogr am s Re g u l a t o r y Pr i or i t i e s 11% a l l o we d ROE a t bot h ut i l i t i es Fi l e and us e r at e- m aki ng Tr a c k i n g m echani s m s St or m r es t or at i on El e c t r i c Ch o i c e Un c o l l e c t i b l e t r acker at M i c h Co n Re n e wa b l e s and En e r g y Op t i m i z a t i o n
s u r c h a r g e s / c o s t c a p s P o we r S u p p l y Co s t Re c o v e r y ( P S CR) m e c h a n i s m Ga s Co s t Re c o v e r y ( GCR) m e c h a n i s m W e Ha v e a S t r o n g Re g u l a t o r y S t r u c t u r e i n P l a c e
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Us i n g Co n t i n u o u s I m pr ovem ent t o L o we r Co s t s and I m pr ove Ef f i c i e n c i e s Ut i l i t y Op e r a t i o n a l O& M * Th e f ocus on cos t r educt i ons and ef f i ci ency i m pr ovem ent s cont i nued i n 2008 Si nc e 2005, cos t s s avi ngs have m or e t han of f s et i nf l at i on and new i ncr em ent al cos t s St r ong em pl oyee engagem ent s uppor t s our abi l i t y t o r eal i ze s us t ai nabl e cos t s avi ngs Dr i v i n g an addi t i onal $100 m i l l i on of cos t s avi ngs i n r es pons e t o t he econom i c d o wn t u r n $ m i l l i ons 8 * Op e r a t i o n a l O& M excl udes uncol l ect i bl e expens e
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9 2 0 0 9 Ov e r v i e w 2 0 0 9 g u i d a n c e b a s e d o n r e a l i s t i c a s s u m p t i o n s a r o u n d t h e e c o n o m y a n d e l e c t r i c d e m a n d Bu i l t f l e x i b i l i t y i n t o p l a n t o addr es s econom i c uncer t ai nt i es Ad d r e s s i n g t he we a k econom i c cl i m at e i n s ever al wa y s : Si gni f i c a nt , s us t ai nabl e c o m p a n y - wi d e cos t r educt i ons M i d- year De t r o i t Ed i s o n r evenue i ncr eas e t o of f s et l oad r educt i ons ( f i l e and i m pl em ent r at e pr ovi s i on) De l i v e r s ol i d non- ut i l i t y per f or m ance 2009 f i nanci al goal s : Pr e s e r ve s ol i d ear ni ngs l evel t hat com f or t abl y s uppor t s di vi dend St r ong cash f l ow and bal ance s heet m et r i cs To s uppor t our bal ance s heet goal s , we have del ayed pl anned capi t al expendi t ur es Lo n g e r - t e r m , we expect 5- 6% oper at i ng
E P S g r o wt h , s u p p o r t e d b y o u r i n v e s t m e n t s i n e n v i r o n m e n t a l u p g r a d e s , r e n e wa b l e s , ener gy ef f i ci ency and our non- ut i l i t y bus i nes s es
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1 0 Ex e c u t e r e a l i s t i c , f l e x i b l e o p e r a t i n g p l a n De l i v e r s t a b l e e a r n i n g s M a i n t a i n s t r o n g b a l a n c e s h e e t P r e s e r v e / s t r e n g t h e n f i n a n c i a l m e t r i c s t o s u p p o r t f u t u r e g r o wt h Co n t i n u e t o d e l i v e r c o s t s a v i n g s t o m i t i g a t e e c o n o m i c c o n d i t i o n s a n d m i n i m i z e r at e i ncr eas es M ai nt ai n or i m pr ove s af et y and r el i abi l i t y m et r i cs I nt ens i f y f ocus on cus t om er s er vi ce Re v e n u e i ncr eas e f r om De t r o i t Ed i s o n r at e case Suc c e s s f ul f i l i ng of M i c h Co n r at e case Suc c e s s f ul l y i m pl em ent RP S a n d EO p r o g r a m s Sha pe key f eder al ener gy l egi s l at i on ( RP S , cl i m at e) CONT I NUOUS I M P ROVE M E NT S h a r p l y st ep up t he pace and br eadt h of our CI ef f or t s - accel er at e our i m pr ovem ent s as we deal wi t h t he
e c o n o m i c c r i s i s P o s i t i o n DT E t o e m e r g e f r o m 2 0 0 9 wi t h s t r o n g f u t u r e g r o wt h v e h i c l e s i n p l a c e VAL UE CRE AT I ON S u c c e s s f u l l y e x e c u t e k e y r e g u l a t o r y p r o c e e d i n g s t o p r o v i d e s t a b i l i t y i n 2 0 0 9 a n d p o s i t i o n DT E f o r g r o wt h RE GUL AT ORY S T RAT E GY 2 0 0 9 F o c u s E m e r g e f r o m y e a r p o s i t i o n e d t o r e s u m e g r o wt h a s e c o n o m i c c o n d i t i o n s e a s e
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11 Ov e r v i e w 2 0 0 8 Re s u l t s / 2009 Gu i d a n c e Fut ur e Gr o wt h Op p o r t u n i t i e s
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2008 Re s u l t s 12 * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x DT E E n e r g y 2008 oper at i ng ear ni ngs * of $2. 90 vs . $2. 82 i n 2007 Pr oa c t i ve cos t r educt i ons enabl ed s ol i d ear ni ngs r es ul t s at De t r o i t Ed i s o n and M i c h Co n No n - Ut i l i t y bus i nes s es del i ver ed $130 m i l l i on i n oper at i ng ear ni ngs * Op e r a t i n g m et r i cs i m pr oved - e. g. M PSC c om pl a i nt s d o wn 9% ( d o wn 28% over pas t 2 year s ) Sa f e t y at 1s t quar t i l e Fe r m i had bes t oper at i onal year ever Sol i d 2008 Re s u l t s St r ong Ba l a n c e She e t / Li q u i d i t y $1. 3 bi l l i on adj us t ed cash f r om oper at i ons i n 2008 $1. 1 bi l l i on of avai l abl e l i qui di t y at year - end 2008 M ai nt ai ned s t r ong cr edi t m et r i cs
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13 2008 Op e r a t i n g Ea r n i n g s Va r i a n c e L o we r sal es and hi gher uncol l ect i bl e expens e par t i al l y of f s et by O& M i m pr ovem ent s and t he expi r at i on of t he t em por ar y r at e r educt i on f r om t he s how caus e s et t l em ent i n Ap r i l 2008 Dr i v e r s * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x De t r o i t Ed i s o n M i c h Co n Hi g h e r bas e gas sal e and col der we a t h e r par t i al l y of f s et by l o we r s t or age m ar gi ns and l o we r t em per at ur e nor m al sal es Op e r a t i n g Ea r n i n g s * ( m i l l i ons ) FY 2007 FY 2008 Ch a n g e No n - Ut i l i t y As s e t sal es i n 2007 and ear l y 2008 enabl ed s har e r epur chas es ( l o we r s har es out s t andi ng)
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14 2009 Op e r a t i n g Ea r n i n g s Gu i d a n c e * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x 2009 Op e r a t i n g Ea r n i n g s Gu i d a n c e * ( m i l l i ons ) 14 2009 Gu i d a n c e Go a l f or 2009 i s t o pr es er ve our f i nanci al s t r engt h and ear ni ngs l evel 2009 pl an i ncl udes a 6% el ect r i c sal es r educt i on ( ~3, 000 GW h ) vs . 2008 St e a dy Ga s M i ds t r eam ear ni ngs g r o wt h cont i nues wi t h f ul l - year of M i l l enni um Pi pe l i ne and s t or age expans i on Op p o r t u n i t i e s exi s t at P o we r & I ndus t r i al i f st eel i ndus t r y r ebounds Ex p e c t En e r g y Tr a d i n g t o cont i nue t o pr oduce $40 - $45 m i l l i on i n annual oper at i ng ear ni ngs As s u m p t i o n s
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El e c t r i c Lo a d An a l y s i s Ca r and Tr u c k Pr oduc t i on ( M i l l i on Un i t s ) 15 Re s t of US S e r v i c e Ar e a Sour c e : DT E E n e r g y f or ecas t s 1974 1980 2 0 0 9 F Re s i d e n t i a l - 1. 7 1. 2 - 1. 4 Co m m e r c i a l - 3. 1 0. 1 - 4. 7 I ndus t r i al - 9. 5 - 18. 4 - 13. 7 To t a l - 5. 1 - 7. 2 - 5. 7 An n u a l Lo a d Lo s s 1974 1980 2009F 40% 34% 25% I ndus t r i al % of To t a l Lo a d GW h Lo s t * To t a l Pr e - t a x M ar gi n Lo s t ( $M M ) Re s i d e n t i a l 155 $15 Co m m e r c i a l 189 $13 I ndus t r i al 131 $5 M ar gi n Lo s s per 1% Lo a d De c l i n e * Ba s e d on 2008 sal es
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Re s p o n d i n g t o Ch a n g e s i n El e c t r i c Lo a d Gu i d a n c e as s um es 10- 11 m i l l i on uni t aut o sal es As s u m e s addi t i onal pl ant s h u t d o wn s Au t o m o t i v e i s onl y 5- 6% of m ar gi n Ch r y s l e r i s onl y 2. 5% of l oad and 1% of m ar gi n Ou r cus t om er m i x has changed I ndus t r i al l oad d o wn f r om 40% i n 1974 t o 25% t oday Gu i d a n c e as s um es 6% l oad l os s f o l l o wi n g a 3% decl i ne i n 2008 - - m os t s ever e 2- year dr op i n our hi s t or y Lo a d l os s of f s et by cos t r educt i ons and abi l i t y t o s el f - i m pl em ent new r at es m i d- year Gi v e n t hes e as s um pt i ons , De t r o i t Ed i s o n i s t ar get i ng a 10% ROE a n d expect s t o hi t i t s bal ance s heet t ar get s Pos t 2009, expect t o r et ur n t o aut hor i zed ROE 1 6
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De t r o i t Ed i s o n 2009 Op e r a t i n g Ea r n i n g s * * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x As s u m p t i o n s ( $ m i l l i ons ) 2008 Op e r a t i n g Ea r n i n g s ( $30) ( $90) $331 2009 Gu i d a n c e $355- 385 Ec o n o m y M i d - Ye a r Ra t e I ncr eas e, O& M & Ot h e r $89- 119 De c 2008 Ra t e I ncr eas e Em p l o y e e Be n e f i t s Sa l e s r educt i on of ~3, 000 GW h ( 6% year over year ) $55 m i l l i on ( $83 m i l l i on pr e- t ax) r at e i ncr eas e f r om t he De c . 2008 M PSC or de r Hi g h e r em pl oyee benef i t s - pens i on, OP E B - due t o l o we r f unded s t at us 2009 r at e case sel f - i m pl em ent at i on, O& M r educt i ons dr i ven by cont i nuous i m pr ovem ent i ni t i at i ves , and ot her $55 9. 6% ROE 1 0 . 0 % ROE 1 7
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1 8 M i c h Co n 2 0 0 9 As s u m p t i o n s To of f s et decl i ni ng m ar gi ns and expand wo r k i n g s t or age capaci t y: M i c h Co n 's f i r st bas e gas s et t l em ent a l l o we d f or us t o sel l gas over 2007- 2009 Th i s r equi r ed a m or at or i um on bas e r at e i ncr eas es unt i l J anuar y 1, 2010 Pe ndi ng appr oval f r om t he M P S C, a s econd bas e gas s et t l em ent wi l l enabl e us t o sel l addi t i onal gas i n 2009 Cu r r e n t pl ans ar e t o f i l e a new r at e case and sel f i m pl em ent r at es i n J anuar y 2010, as a l l o we d by M i c h i g a n 's new f i l e and i m pl em ent r egul at i on I n r es pons e t o hi gher cos t s and t he r at e i ncr eas e m or at or i um , M i c h Co n i s i nt ens el y f ocus ed on cos t r educt i ons Pos t 2009, M i c h Co n i s expect ed t o r et ur n t o i t s
a u t h o r i z e d 1 1 % ROE
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1 9 As s u m p t i o n s ( $ m i l l i ons ) M i c h Co n 2009 Op e r a t i n g Ea r n i n g s * 2008 Op e r a t i n g Ea r n i n g s De p r e c i a t i o n & I nt er es t Ba s e Ga s Sa l e Re v e n u e Em p l o y e e Be n e f i t s O& M & Ot h e r $7- 17 ( $11) ( $7) $89 $70 - 80 ( $8) Co n s t r u c t i v e bas e gas s et t l em ent of f s et s decl i ni ng m ar gi ns I ncr eas ed pens i on expens e due t o r educed f unded s t at us Re m a i n i n g bas e gas sal es ar e l o we r i n 2009 t han 2008 I ncr eas ed depr eci at i on expens e due t o hi gher asset bas e Re d u c t i o n i n O& M due t o i nt ens e f ocus on cont i nuous i m pr ovem ent i ni t i at i ves Pl a n t o f i l e new cas e m i d- year and sel f i m pl em ent r at es i n J anuar y 2010 2009 Gu i d a n c e * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x 10. 1%
ROE 9 . 2 % ROE
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20 2009 Ca p i t a l & Ca s h F l o w Gu i d a n c e Ca p i t a l Sum m a r y ( $ m i l l i ons ) * Re c o n c i l i a t i o n t o GAAP r e p o r t e d cash f l ow i ncl uded i n t he appendi x Ca s h Fl ow Sum m a r y ( $ bi l l i ons ) Pl a n t o i s s ue $60 - $80 m i l l i on of equi t y i n 2009 t o f und Di v i d e n d Re i n v e s t m e n t and em pl oyee benef i t pr ogr am s *
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DT E E n e r g y - Li q u i d i t y Sum m a r y Ov e r $1 bi l l i on of l i qui di t y avai l abl e at end of 2008 Ex p e c t t o pay d o wn d r a wn cr edi t l i nes by t he end of Fe br ua r y 2009 On l y one s i gni f i cant debt m at ur i t y of $200 m i l l i on i n 2009 Ap p r o x i m a t e l y hal f ( $975 m i l l i on) of our cr edi t f aci l i t i es expi r e i n Oc t o b e r 2009; expect r e n e wa l 21 As of 12/ 31/ 08 Av a i l a b l e Li q u i d i t y ( $ m i l l i ons ) * Ex c l u d e s $185 m i l l i on of bi l at er al bank l oans
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22 Ov e r v i e w 2 0 0 8 Re s u l t s / 2009 Gu i d a n c e Fut ur e Gr o wt h Op p o r t u n i t i e s
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2 3 F u t u r e Gr o wt h Op p o r t u n i t i e s Ut i l i t y g r o wt h h e a v i l y dr i ven by m andat ed envi r onm ent al and r e n e wa b l e i nves t m ent Ne w a n d exi s t i ng st at e and f eder al r egul at i ons dr i ve envi r onm ent al i nves t m ent s St a t e l egi s l at i on cal l s f or s i gni f i cant i nves t m ent i n r e n e wa b l e p o we r and ener gy opt i m i zat i on M or e s ubs t ant i al i nves t m ent i n non- ut i l i t y pr oj ect s f o l l o wi n g econom i c cr i si s Foc us on pr oj ect s t hat gener at e a pr em i um r et ur n and cr eat e l ong- t er m val ue f or DT E 's s har ehol der s Co n t i n u e t o appl y ut i l i t y k n o wl e d g e and exper i ence t o di ver s i f y our geogr aphy, ear ni ngs and cash f l o ws DT E E n e r g y Bu s i n e s s M i x Ne w Ut i l i t y and No n - Ut i l i t y I nves t m ent s W i l l Suppor t DT E E n e r g y 's 5- 6%
L o n g - T e r m E P S Gr o wt h Ra t e * E x c l u d e s Co r p . & Ot h e r , r e c o n c i l i a t i o n t o GAAP i n c l u d e d i n t h e appendi x
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En v i r o n m e n t a l I n v e s t m e n t Ou t l o o k M a n d a t o r y E n v i r o n m e n t a l Ca p i t a l Spe nd t o Co m p l y wi t h Ne w a n d E x i s t i n g L e g i s l a t i o n W i l l Be S i g n i f i c a n t 24 1s t Qt r F GD 7 0 0 S CR 2 5 0 ACI 240 Co o l i n g 100 Ac t i v e Ca r b o n I nj ect i on ( ACI ) and Fa br i c Fi l t e r s Fl ue Ga s De s u l f u r i z a t i o n ( s cr ubber s ) Se l e c t i ve Ca t a l y t i c Re d u c t i o n ( S CR) Co o l i n g t o we r s / ot her 2009 - 2013 I nves t m ent Ou t l o o k Ov e r $ 1 B Ov e r $1 bi l l i on of st at e and f eder al l y m andat ed envi r onm ent al i nves t m ent s dur i ng t he next 5 year s Hi s t o r i c a l f ul l r ecover y of envi r onm ent al i nves t m ent St r ong com m i t m ent t o s hape em er gi ng st at e and f eder al envi r onm ent al pol i cy Ne a r - t e r m i nves t m ent s um m ar y: Sc r ubbe r s f or M onr oe uni t s 3& 4
wi l l b e c o m p l e t e d i n 2 0 0 9 Sc r ubbe r s f or M onr oe uni t s 1& 2 be gi n i n 2009 and S CR f o r uni t 2 t o b e g i n i n 2 0 1 0 ACI e x p e c t e d t o begi n 2012
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25 P o t e n t i a l Re n e wa b l e Pr of i l e ( M W ) 160 210 290 375 500 710 775 Pot e nt i a l De t r o i t E d i s o n Re n e wa b l e Ca p e x L e v e l i z e d c u s t o m e r s u r c h a r g e b e g i n n i n g f a l l 2 0 0 9 T r a n s p a r e n t c o s t t o cus t om er s Fi xe d m ont hl y paym ent ( ~$3/ m ont h per r es i dent i al cus t om er ) f or 20 year s Re v e n u e s i n ear l y year s hi gher t han under t r adi t i onal r at e m aki ng, hel pi ng t o pr e- f und ear l y cons t r uct i on and avoi d r egul at or y l ag Re d u c t i o n i n r e n e wa b l e t ar get i f s ur char ge does not cover cos t or i f ot her cons t r ai nt s pr event com pl i ance En e r g y Op t i m i z a t i o n pr ogr am s pr ovi de addi t i onal g r o wt h oppor t uni t i es I nves t m ent s wi t h an econom i c l i f e gr eat er t han one year wi l l be capi t al i zed Ta r g e t e d annual s avi ngs
by 2 0 1 2 1 % o f De t r o i t E d i s o n s a l e s 0 . 7 5 % o f M i c h Co n s a l e s De t r o i t E d i s o n Re n e wa b l e P r o g r a m ( $ m i l l i o n s , c u m u l a t i v e ) I n c l u d e s De c o b u i l d a n d 3 r d p a r t y o wn e d Re n e wa b l e M W
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2 6 No n - Ut i l i t y Gr o wt h Op p o r t u n i t i e s P o we r & I ndus t r i a l Pr oj e c t s Ga s M i d s t r e a m Un c o n v e n t i o n a l Ga s P r o d u c t i o n T r a n s p o r t a n d S t o r e Na t u r a l Ga s Own a n d Op e r a t e E n e r g y - Re l a t e d As s e t s W e s t e r n Ba r n e t t Sha l e Ga s Pr oduc t i on i n Te x a s I ndus t r i al / Ut i l i t y Sol i d Fue l s On - S i t e En e r g y Se r vi c e s Re n e wa b l e En e r g y Fut ur e g r o wt h t i ed t o: Ne w p r o j e c t s com i ng on- l i ne Re n e wa b l e oppor t uni t i es Vo l u m e / p r i c e i m pr ovem ent s wh e n st eel i ndus t r y r ebounds 89 Bc f nat ur al gas s t or age 538 m i l es of pi pel i ne i n- s er vi ce St r ong t r ack r ecor d of ear ni ngs g r o wt h Ex p a n s i o n of exi s t i ng pr oj ect s dr i ves f ut ur e g r o wt h : Ve c t o r Pi pe l i ne M i l l enni um Pi pe l i ne St or a ge As s e t s 60, 000 net acr es 156 gr os s
p r o d u c i n g we l l s 4 3 2 Bc f e r e s e r v e s De v e l o p exi s t i ng pr oper t i es t o c r e a t e m a xi m um va l ue Pl a n t o m one t i z e pr ope r t i e s a t r i ght t i m e i n devel opm ent cycl e and i n f avor abl e com m odi t y m ar ket s
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DT E E n e r g y : A F o c u s e d , I nt egr at ed En e r g y St r a t e gy Ac h i e v e s t r ong r es ul t s i n a chal l engi ng econom i c envi r onm ent M i chi gan l egi s l at i on pr ovi des key new t ool s t o enabl e DT E t o addr es s we a k econom y T wo new ut i l i t y g r o wt h pl at f or m s - RP S a n d EO - have dedi cat ed f undi ng m echani s m s 2009 pl ans ar e bas ed on r eal i st i c as s um pt i ons . Ou r goal i s t o: Pr e s e r ve s ol i d ear ni ngs Ke e p cash f l ow and bal ance s heet m et r i cs s t r ong Pos i t i on DT E t o r es um e g r o wt h as econom i c condi t i ons ease Ou r di vi dend i s $2. 12 per s har e, i s we l l s uppor t ed, and pr ovi des an at t r act i ve yi el d at cur r ent pr i ces 27 Ex e c u t e s t r ong r egul at ed g r o wt h pl an Ex e c u t e val ue- f ocus ed non- ut i l i t y pl an Co n t i n u e t o pay
an at t r act i ve di vi dend
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28 Co n t a c t Us DT E E n e r g y I nves t or Re l a t i o n s www. d t e e n e r g y . c o m / i n v e s t o r s 313- 235- 8030

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Ap p e n d i x
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3 0 De t r o i t E d i s o n Va r i a n c e An a l y s i s * Re c o n c i l i a t i o n t o GAAP r e p o r t e d e a r n i n g s i n c l u d e d i n t h e a p p e n d i x 2 0 0 7 Op e r a t i n g E a r n i n g s ( $ 2 6 ) ( $ 6 5 ) $ 3 4 0 2 0 0 8 Op e r a t i n g Ea r n i n g s $20 Sa l e s $27 ( $ m i l l i ons ) De t r o i t Ed i s o n Op e r a t i n g Ea r n i n g s Va r i a n c e * Dr i v e r s I nf or m at i on Sys t e m Co s t s O& M / Ot h e r $331 Te m p e r a t u r e - n o r m a l i z e d sal es vol um es d o wn 3% year - over - year dr i ven by econom y Ex p i r a t i o n of t em por ar y r at e r educt i on and l o we r Ch o i c e vol um es we r e par t i al l y of f s et by m i l der we a t h e r and a P S CR r e c o n c i l i a t i o n i n 2007 El i m i n a t i o n of i nf or m at i on s ys t em s t ar t up cos t s i n 2008 Hi g h e r uncol l ect i bl e expens e Ot h e r O& M i m pr ovem ent s pr i m ar i l y dr i ven by cos t r educt i on ef f or t s
Ot h e r M a r g i n $ 3 5 Ch o i c e $ 3 6 Ra t e Re d u c t i o n E x p i r a t i o n $ 3 0 W e a t h e r ( $ 2 4 ) 2 0 0 7 P S CR Re c o n c i l i a t i o n ( $ 2 2 ) Ot h e r $ 7 Un c o l l e c t i b l e E x p 1 0 . 6 % ROE 9 . 6 % ROE
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De t r o i t Ed i s o n Sa l e s Vo l u m e s 31
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32 M i c h Co n Va r i a n c e An a l y s i s Co l d e r we a t h e r i n 2008 L o we r t em per at ur e nor m al i zed sal es L o we r s t or age r at es El i m i n a t i o n of i nf or m at i on s ys t em s t ar t up cos t s i n 2008 Ba s e gas sal e of 2. 9 Bc f i n 2008 com par ed wi t h 0. 7 Bc f sal e i n 2007 Hi g h e r uncol l ect i bl e expens e net of t r acki ng m echani s m ( $ m i l l i ons ) M i c h Co n Op e r a t i n g Ea r n i n g s Va r i a n c e * Dr i v e r s $82 $12 ( $7) 2008 Op e r a t i n g Ea r n i n g s * Re c o n c i l i a t i o n t o GAAP r e p o r t e d ear ni ngs i ncl uded i n t he appendi x W eat her ( $13) Sa l e s Vo l u m e St or a ge M ar gi ns Ba s e Ga s Sa l e Un c o l l e c t i b l e Ex p Ot h e r $10 $8 ( $4) $1 $89 2007 Op e r a t i n g Ea r n i n g s I nf or m at i on Sys t e m Co s t s 10. 7% ROE 1 0 . 1 % ROE
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DT E E n e r g y T r a d i n g Re c o n c i l i a t i o n o f 2 0 0 8 Op e r a t i n g E a r n i n g s * t o E c o n o m i c Ne t I n c o m e * * Co n s i s t s o f t h e i n c o m e s t a t e m e n t e f f e c t o f n o t r e c o g n i z i n g c h a n g e s i n t h e f ai r m ar ket val ue of cer t ai n non- der i vat i ve cont r act s i ncl udi ng phys i cal i nvent or y and capaci t y cont r act s f or t r ans por t at i on, t r ans m i s s i on a n d s t o r a g e . Th e s e cont r act s ar e not M TM , i n s t e a d ar e r ecogni zed f or account i ng pur pos es on an accr ual bas i s . ( $ m i l l i ons ) 2008 E c o n o m i c Ne t I n c o m e E I T F 0 2 - 3 * * 2 0 0 8 Op e r a t i n g E a r n i n g s * $ 4 3 $ 3 9 $ 8 2 Ec o n o m i c n e t i n c o m e e q u a l s e c o n o m i c g r o s s m a r g i n * * * m i n u s O& M expens es and t axes DT E E n e r g y m anagem ent us es Ec o n o m i c Ne t I ncom e as one of t he per f or m ance
m e a s u r e s f o r e x t e r n a l c o m m u n i c a t i o n s wi t h a n a l y s t s a n d i n v e s t o r s . I n t e r n a l l y , DT E E n e r g y u s e s E c o n o m i c Ne t I n c o m e a s o n e o f t h e m e a s u r e s t o r e v i e w p e r f o r m a n c e agai ns t f i nanci al t ar get s and b u d g e t . * Re c o n c i l i a t i o n t o GAAP r e p o r t e d e a r n i n g s i n c l u d e d i n t h e a p p e n d i x * * * Ec o n o m i c g r o s s m a r g i n i s t h e change i n net f ai r val ue of r eal i zed and unr eal i zed pur chas e and s al e cont r act s i ncl udi ng cer t ai n non der i vat i ve cont r act cos t s 33 E n e r g y T r a d i n g Op e r a t i n g E a r n i n g s * Re a l i z e d Un r e a l i z e d O& M / Ot h e r 2 0 0 7 2 0 0 8 $ 7 8 $ 6 3 3 2 4 1 ( 66) ( 52) ( $ m i l l i ons , af t er - t ax) $53 $43
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3 4 De t r o i t Ed i s o n Ra t e Ca s e Fi l i ng De t r o i t E d i s o n 's Es t i m a t e d Re v e n u e De f i c i e n c y Ke y El e m e n t s An t i c i p a t e sel f i m pl em ent i ng s om e por t i on of r at e r eques t on or af t er J ul y 26, 2009 Ra t e r eques t pr i m ar i l y dr i ven by econom i c pr es s ur es i m pact i ng sal es, uncol l ect i bl e expens e and pens i on cos t s I ncl udes pr opos al f or decoupl i ng r evenue f r om sal es vol um es Re q u e s t i n g 11. 5% ROE v s . cur r ent 11% ROE Re q u e s t i n g an uncol l ect i bl e t r acki ng m echani s m si m i l ar t o M i c h Co n 's J ul y 2009 t hr ough J une 2010 f o r wa r d - l o o k i n g t est year $378 $41 $31 $14 $15 $30 $83 $164 To t a l Re v e n u e De f i c i e n c y Ot h e r O& M Ra t e Ba s e Ca p i t a l St r uc t ur e I nf l at i on Un c o l l e c t i b l e Ex p Be n e f i t Co s t s Sa l e s
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3 5 Re q u i r e s u p t o 1 0 % o f r e t a i l s a l e s t o c o m e f r o m r e n e wa b l e s o u r c e s b y 2 0 1 5 , wi t h i n t e r i m t a r g e t s i n pr i or year s des i gned t o " cl os e t he gap" Ne w c a p a c i t y r equi r em ent s of 300 M W s by 2012; 600 M W s by 2015 Qu a l i f i e d t echnol ogi es i ncl ude: wi n d , s ol ar , bi om as s , hydr o, s om e co- gener at i on appl i cat i ons M us t be M i chi gan bas ed Al l o ws 50% of n e w r e n e wa b l e s our ces t o be ut i l i t y bui l t Re m a i n d e r t o be s our ced t hr ough com pet i t i ve bi ds Li m i t s on r at e i m pact s ar e i m pl em ent ed t hr ough " cos t caps " , wh i c h ar e s t r uct ur ed t o l evel cos t r ecover y over 20 year s " Of f r am p" pr ovi s i ons al l ow ext ens i ons or r educt i ons i n t ar get s i f cos t s ar e exces s i ve or ot her cons t r ai nt s
p r e v e n t c o m p l i a n c e Ke y P r o v i s i o n s o f t h e M i c h i g a n RP S L e g i s l a t i o n T a r g e t s Co m p l i a n c e Op t i o n s Own e r s h i p Co s t Ca p s 3 5
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3 6 Ke y P r o v i s i o n s f o r E O L e g i s l a t i o n i n M i c h i g a n Co m p l i a n c e Op t i o n s T a r g e t s F u n d i n g I n c l u d e s e n e r g y e f f i c i e n c y , c o n s e r v a t i o n , a n d d e m a n d r e s p o n s e ( e l e c t r i c ) P r o v i d e r s ( u t i l i t i e s ) c a n oper at e com pl i ance pr ogr am s or f und a st at e pr ogr am Le g i s l a t i o n l i m i t s annual s pendi ng vi a a cus t om er s ur char ge Funds r ecei ved f r om a cus t om er cl ass m us t be s pent on t hat cl ass Al l cl asses wi l l cont r i but e t o wa r d l ow i ncom e r es i dent i al pr ogr am s Ea r n i n g s Re q u i r e s De t r o i t Ed i s o n pr ogr am s t o r am p t o 1% annual s avi ngs by 2012 Re q u i r e s M i c h Co n pr ogr am s t o r am p t o 0. 75% s avi ngs by 2012 Up t o 2/ 3 of t ot al s pend can be capi t al i zed, gener at i ng ear ni ngs at a l l o we d ROE De t r o i t
Ed i s o n a n d M i c h Co n e a c h c a n e a r n i n c e n t i v e s o f u p t o 1 5 % o f t o t a l a n n u a l s p e n d b y e x c e e d i n g r e d u c t i o n t a r g e t s M i c h Co n m a y d e c o u p l e r e v e n u e s f r o m v o l u m e t r i c s a l e s i f E O s p e n d i s a t l eas t 0. 5% of r evenue
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P a s t S u c c e s s a t De v e l o p i n g a n d S e l l i n g Un c o n v e n t i o n a l Ga s As s e t s f o r P r e m i u m Re t u r n s 2 0 0 7 2008 change Re s e r v e s ( Bc f e ) 336 432 +2 9 % Pr ove d 144 167 +1 6 % Pr oba bl e 192 265 +3 8 % Gr o s s Pr oduc i ng W el l s 120 156 +3 0 % Ne t Pr oduc t i on Ra t e ( M m cf e/ day) 10 16 +6 0 % Fut ur e DT E 's unconvent i onal gas bus i nes s has been s ucces s f ul Sol d M i chi gan An t r i m pr oper t i es f or $1. 3 bi l l i on Sol d a por t i on of Ba r n e t t pr oper t i es f or $260 m i l l i on ( 1 0 0 % + I RR) De v e l o p exi s t i ng pr oper t i es t o cr eat e m axi m um val ue Pl a n t o m onet i ze pr oper t i es at r i ght t i m e i n devel opm ent cycl e and i n f avor abl e com m odi t y m ar ket s Pa s t Suc c e s s Cu r r e n t Pr ogr e s s De v e l o p m e n t of we s t e r n Ba r n e t t asset s i s
pr ogr e s s i ng 37 I nve s t ~$25 m i l l i o n Dr i l l 1 5 - 2 5 we l l s P r o d u c e 5 - 6 Bc f e n e t 2009 Pl a n
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38 Re c o n c i l i a t i o n of 2008 Re p o r t e d t o Op e r a t i n g Ea r n i n g s Us e of Op e r a t i n g Ea r n i n g s I nf or m at i on - DT E E n e r g y m anagem ent bel i eves t hat oper at i ng ear ni ngs pr ovi de a m or e m eani ngf ul r epr es ent at i on of t he c o m p a n y 's ear ni ngs f r om ongoi ng oper at i ons and us es oper at i ng ear ni ngs as t he pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es oper at i ng ear ni ngs t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s .
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39 Us e of Op e r a t i n g Ea r n i n g s I nf or m at i on - DT E E n e r g y m anagem ent bel i eves t hat oper at i ng ear ni ngs pr ovi de a m or e m eani ngf ul r epr es ent at i on of t he c o m p a n y 's ear ni ngs f r om ongoi ng oper at i ons and us es oper at i ng ear ni ngs as t he pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es oper at i ng ear ni ngs t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s . Re c o n c i l i a t i o n of 2008 Re p o r t e d t o Op e r a t i n g Ea r n i n g s per Sha r e
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Re c o n c i l i a t i o n of 2007 Re p o r t e d t o Op e r a t i n g Ea r n i n g s Us e of Op e r a t i n g Ea r n i n g s I nf or m at i on - DT E E n e r g y m anagem ent bel i eves t hat oper at i ng ear ni ngs pr ovi de a m or e m eani ngf ul r epr es ent at i on of t he c o m p a n y 's ear ni ngs f r om ongoi ng oper at i ons and us es oper at i ng ear ni ngs as t he pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es oper at i ng ear ni ngs t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s . 40
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Re c o n c i l i a t i o n of 2007 Re p o r t e d t o Op e r a t i n g Ea r n i n g s per Sha r e Us e of Op e r a t i n g Ea r n i n g s I nf or m at i on - DT E E n e r g y m anagem ent bel i eves t hat oper at i ng ear ni ngs pr ovi de a m or e m eani ngf ul r epr es ent at i on of t he c o m p a n y 's ear ni ngs f r om ongoi ng oper at i ons and us es oper at i ng ear ni ngs as t he pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es oper at i ng ear ni ngs t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s . 41
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4 2 Re c o n c i l i a t i o n o f 2 0 0 9 Re p o r t e d t o Op e r a t i n g E a r n i n g s Us e o f Op e r a t i n g E a r n i n g s I n f o r m a t i o n - DT E E n e r g y m a n a g e m e n t b e l i e v e s t h a t o p e r a t i n g e a r n i n g s p r o v i d e a m o r e m e a n i n g f u l r e p r e s e n t a t i o n o f t h e c o m p a n y 's e a r n i n g s f r o m o n g o i n g o p e r a t i o n s a n d u s e s o p e r a t i n g ear ni ngs as t he pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es oper at i ng ear ni ngs t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s . I n t hi s pr es ent at i on, DT E E n e r g y pr ovi des 2009 gui dance f or oper at i ng ear ni ngs . I t i s l i kel y t hat cer t ai n i t em s t hat i m pact t he c o m p a n y 's 2009 r epor t ed r es ul t s wi l l be
excl uded f r om oper at i ng r es ul t s . A r econci l i at i on t o t he com par abl e 2009 r epor t ed ear ni ngs / net i ncom e gui dance i s not pr ovi ded becaus e i t i s not pos s i bl e t o pr ovi de a r el i abl e f or ecas t of s peci f i c l i ne i t e m s . Th e s e i t e m s m a y f l u c t u a t e s i g n i f i c a n t l y f r o m p e r i o d t o per i od and m ay have a s i gni f i cant i m pact on r epor t ed ear ni ngs .
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43 Re c o n c i l i a t i o n of Ca s h f r om Op e r a t i o n s t o Ad j u s t e d Ca s h f r om Op e r a t i o n s * account ed f or i n t he i nves t i ng act i vi t i es s ect i on of t he s t at em ent of cash f l o ws Ad j u s t e d Ca s h Fr om Op e r a t i o n s Us e of Ad j u s t e d Ca s h Fr om Op e r a t i o n s - DT E E n e r g y m anagem ent bel i eves t hat adj us t ed cash f r om oper at i ons pr ovi de a m or e m eani ngf ul r epr es ent at i on of t he c o m p a n y 's cash f r om ongoi ng oper at i ons and us es adj us t ed cash f r om oper at i ons as a pr i m ar y per f or m ance m eas ur em ent f or ext er nal com m uni cat i ons wi t h anal ys t s and i nves t or s . I nt er nal l y, DT E E n e r g y us es adj us t ed cash f r om oper at i ons t o m eas ur e per f or m ance agai ns t budget and t o r epor t t o t he Bo a r d of Di r e c t o r s .