DTE Energy (DTE) 10-K risk factor changes: FY2022 vs FY2021

Uncertainty around future environmental regulations creates difficulty planning long-term capital projects in the Registrants' generation fleet [removed: and,] [added: and] for DTE Energy's gas distribution businesses.

Proposals for voluntary initiatives and mandatory controls are being discussed [removed: both] in [added: Michigan,] the United [removed: States] [added: States,] and worldwide to reduce GHGs such as carbon dioxide, a by-product of burning fossil fuels.

*DTE Energy's ability to utilize [removed: production] tax credits may be limited.* To [removed: reduce] [added: promote] U.S. [removed: dependence on imported oil,] [added: climate initiatives,] the Internal Revenue Code provides [removed: production] tax credits as an incentive for taxpayers to produce [removed: fuels and electricity] [added: energy] from alternative sources.

The Registrants [added: have] generated [removed: production] tax credits from renewable energy generation and DTE Energy [added: has] generated [removed: production] tax credits from renewable gas recovery, reduced emission fuel, and gas production operations.

If the Registrants' [removed: production] tax credits were disallowed in whole or in part as a result of an IRS audit or changes in tax law, there could be additional tax liabilities owed for previously recognized tax credits that could significantly impact the Registrants' earnings and cash flows.

Price [removed: fluctuations, fuel supply disruptions,] [added: fluctuations] and changes in transportation costs, [added: driven by inflation or other factors, as well as fuel supply disruptions,] could have a negative impact on the amounts DTE Electric charges utility customers for electricity and DTE Gas charges utility customers for gas, and on the profitability of DTE Energy's non-utility businesses.

Price fluctuations, [added: driven by inflation] or [added: other factors, or] supply interruptions for these commodities and other items, could have a negative impact on the amounts charged to customers for the Registrants' utility products and, for DTE Energy, on the profitability of the non-utility businesses.

At DTE Electric, [removed: ice storms,] [added: high winds,] floods, tornadoes, or [removed: high winds] [added: ice storms] can damage the electric distribution system infrastructure and power generation facilities and require it to perform emergency repairs and incur material unplanned expenses.

Prolonged and/or more frequent outages caused by [added: increasingly] extreme weather [added: may result in decreased revenues and] could also negatively impact DTE Energy's reputation and customer satisfaction or result in increased regulatory [removed: oversight, and related damages to customer assets could subject DTE Energy to litigation.][added: oversight.]

*A work interruption may adversely affect the Registrants.* There are several bargaining units for DTE Energy's approximately [removed: 5,200] [added: 5,050] and DTE Electric's approximately [removed: 2,700] [added: 2,600] represented employees.

*DTE Energy may not achieve the [removed: net zero] carbon emissions goals of its electric and gas utilities.* DTE Energy has announced the voluntary commitments of its electric and gas utilities to achieve net zero carbon emissions by [removed: 2050.][added: 2050, along with intermediate emissions reduction goals at various points in the intervening years.]

Technology research and developments, innovations, and advancements are critical to DTE Energy's ability to achieve [removed: this commitment.][added: these commitments, but they may not evolve as anticipated in order to provide cost-effective alternatives to traditional energy sources.]

Other factors that may impact DTE Energy's ability to achieve these [removed: net zero] [added: emissions reduction] goals include our service territory size and capacity needs remaining in line with current expectations, the impacts on our business of future regulations or legislation, the price and availability of carbon offsets, adoption of alternative energy products by the public such as greater use of electric vehicles, greater standardization of emissions reporting, and our ability over time to transition our electric generating portfolio.

DTE Energy's [removed: net zero] [added: emissions reduction] goals require making assumptions that involve risks and uncertainties.

Should one or more of these underlying assumptions prove incorrect, our actual results and ability to achieve [removed: net zero] [added: our] emissions [removed: by 2050] [added: reduction goals] could differ materially from expectations.

In addition, DTE Energy cannot predict the ultimate impact of achieving [removed: this objective,] [added: these objectives,] or the various implementation aspects on its reliability or its results of operations, financial condition, or liquidity.

DTE Energy also expects [removed: that the loss of earnings from ceasing] [added: to grow] the [removed: operations of its REF] non-utility [removed: business will be offset] [added: businesses] by [removed: growth in] [added: developing or acquiring] renewable energy and [removed: industrial services] [added: customer energy solutions] projects over the long term; however, such opportunities may not materialize as anticipated.

Turmoil in credit markets may constrain the [removed: Registrants' ability, as well as the] ability of [added: Registrants and] their [removed: subsidiaries,] [added: subsidiaries] to issue new debt, including commercial paper, and [added: to] refinance existing [removed: debt at reasonable interest rates.][added: debt.]

The Registrants' long-term revolving credit facilities do not expire until [removed: 2024 and 2025,] [added: 2027,] but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's non-utility businesses, and the Registrants cannot predict the pricing or demand for those future transactions.

*If DTE Energy's goodwill [removed: or other intangible assets become] [added: becomes] impaired, it may be required to record a charge to earnings.* DTE Energy annually reviews the carrying value of goodwill associated with acquisitions it has made for impairment.

Goodwill [removed: and other intangible assets are] [added: is] also reviewed on a quarterly basis whenever events or circumstances indicate that the carrying value of these assets may not be recoverable.

If the carrying value of any goodwill [removed: or other intangible assets are] [added: is] determined to be not recoverable, DTE Energy may take a non-cash impairment charge, which could materially impact DTE Energy's results of operations and financial position.

*The Registrants may not be fully covered by insurance.* The Registrants have a comprehensive insurance program in place to provide coverage for various types of risks, including catastrophic damage as a result of severe weather or other natural disasters, war, terrorism, cyber incidents, [added: liability claims against the Registrants,] or a combination of other significant unforeseen events that could impact the Registrants' operations.

Increased environmental regulation may also result in greater energy efficiency requirements and decreased demand at both the electric and gas utilities.

Any perceived or alleged failure by the Registrants to comply with environmental regulations could lead to fines or penalties imposed by regulatory bodies or could result in adverse public statements and reputational damage affecting the Registrants.

Adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims.

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*Weather significantly affects operations.* As weather patterns exhibit increased deviations from historical trends, our utilities may experience financial and operational challenges.

Related damages to customer assets could subject DTE Energy to litigation.

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State and municipal restrictions on the siting of renewable energy assets could also impair efforts to meet our stated targets.

Additionally, we cannot guarantee that we will receive regulatory approval of our capital plans to transition to renewable energy and other new technologies.

DTE Energy could suffer financial loss, reputational damage, litigation, or other negative repercussions if we are unable to meet our voluntary emissions reductions goals.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

Macroeconomic events may lead to higher interest rates on debt and could increase financing costs and adversely affect the Registrants' results of operations.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

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*Weather, including extreme weather caused by climate change, significantly affects operations.* At both utilities, deviations from normal hot and cold weather conditions affect the Registrants' earnings and cash flows.

*The COVID-19 pandemic and resulting impact on business and economic conditions could negatively affect the Registrants' businesses and operations.* The COVID-19 pandemic is currently impacting countries, communities, supply chains and markets.

The continued spread of COVID-19 and efforts to contain the virus, such as quarantines, closures, or reduced operations of businesses, governmental agencies and other institutions, have resulted in disruptions in various public, commercial, and industrial activities and have caused employee absences which interfered with certain operation and maintenance of the Registrants' facilities.

Travel bans and restrictions, quarantines, and shelter in place orders could also cause us to experience operational delays, delay the delivery of critical infrastructure and other supplies we source globally, or delay the connection of electric or gas service to new customers, and have reduced the use of electricity and gas by certain customers in the commercial and industrial segments.

Any of the foregoing circumstances could adversely affect customer demand or revenues, impact the ability of the Registrants' suppliers, vendors or contractors to perform, or cause other unpredictable events, which could adversely affect the Registrants' businesses, results of operations or financial condition.

The continued spread of COVID-19 has also led to disruption and volatility in the financial markets, which could increase the Registrants' costs to fund capital requirements and impact the operating results of our energy trading operations.

To the extent that the Registrants' access to the capital markets is adversely affected by COVID-19, the Registrants may need to consider alternative sources of funding for our operations and for working capital, any of which could increase the Registrants' cost of capital.

The extent to which COVID-19 may continue to impact the Registrants' liquidity, financial condition, and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including new information concerning the severity of COVID-19 and its related variants, vaccine distribution and public acceptance, and other actions taken to contain it or treat its impact, and the extent to which normal economic and operating conditions can resume, among others.

Our business continuity plans and insurance coverage may be insufficient to mitigate these adverse impacts to our business.

*The spin-off of DT Midstream (the "Spin-off") may not achieve its intended benefits and may present additional risk to DTE Energy.* As a result of the Spin-off, DTE Energy faces new and unique risks, including having fewer assets, reduced financial resources and less diversification of revenue sources.

The Spin-off may not achieve some or all of its anticipated benefits and we face risks providing DT Midstream with transition services.

Each of these factors may adversely impact DTE Energy's financial condition, results of operations, and cash flows.

In connection with the Spin-off, DTE received a legal opinion that the distribution of shares of DT Midstream to DTE Energy shareholders qualifies as tax-free under Section 355 of the U.S. Internal Revenue Code.

However, if the IRS determined on audit that the distribution is taxable, both DTE Energy and our shareholders could incur significant U.S. federal income tax liabilities.

Following the Spin-off, the management and directors of each of DTE Energy and DT Midstream own common stock in both companies, and Robert Skaggs, Jr., who is DT Midstream's Executive Chairman, also serves on DTE Energy's Board and may be required to recuse himself from deliberations relating to arrangements between DTE Energy and DT Midstream in the future.

This ownership and directorship overlap could create, or appear to create, potential conflicts of interest when the management and directors of one company face decisions that could have different implications for themselves and the other company.

Potential conflicts of interest may also arise out of commercial arrangements that DTE Energy and DT Midstream have or may enter into in the future.

DTE Energy is a diversified energy company with [removed: 2021] [added: 2022] Operating Revenues of approximately [removed: $15.0] [added: $19.2] billion and Total Assets of approximately [removed: $39.7] [added: $42.7] billion.

On July 1, 2021, DTE Energy completed the separation of [added: DT Midstream,] its [added: former] natural gas pipeline, [removed: storage] [added: storage,] and gathering non-utility business.

[removed: Gas Storage and Pipelines is no longer a reportable segment of DTE Energy, and financial] [added: Financial] results of DT Midstream are presented as discontinued operations in the Consolidated Financial Statements.

[removed: Refer] [added: (a)Refer] to Note [removed: 4] [added: 9] to the Consolidated Financial Statements, [removed: “Dispositions and Impairments,”] [added: "Regulatory Matters,"] for additional information regarding the [removed: separation of DT Midstream and discontinued operations.][added: voluntary refund.]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Net Income Attributable to DTE Energy Company — Continuing operations | | | $ | [removed: 796] [added: 1,083] | | | | | $ | [removed: 1,054] [added: 796] | | | | | $ | [removed: 955] [added: 1,054] | |

| Diluted Earnings per Common Share — Continuing operations | | | $ | [removed: 4.10] [added: 5.52] | | | | | $ | [removed: 5.45] [added: 4.10] | | | | | $ | [removed: 5.15] [added: 5.45] | |

The increase in [removed: 2020] [added: 2022] Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the [removed: Electric] [added: Electric, Gas,] and Corporate and Other segments, partially offset by lower earnings in the [added: DTE Vantage and] Energy Trading [removed: segment.][added: segments.]

DTE Energy's strategy is to achieve long-term earnings [added: per share] growth with a strong balance sheet and [removed: an] attractive dividend.

[removed: An increasing amount] [added: Increasing intensity] of [removed: high] wind [added: storms] and other [removed: extreme] weather [removed: events driven by climate change,] [added: events,] coupled with increasing electric vehicle adoption, will drive a continued need for substantial grid investment over the long-term.

DTE Energy [removed: is committed] [added: plans] to [removed: reducing] [added: reduce] the carbon emissions of its electric utility operations by 32% by 2023, [removed: 50% by] [added: 65% in] 2028, [added: 85% in 2035,] and [removed: 80%] [added: 90%] by 2040 from 2005 carbon emissions levels.

DTE Energy [added: plans to end its use of coal-fired power plants in 2035 and] is [removed: also] committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.

To achieve the [added: targeted] carbon reduction goals at the electric utility, DTE Energy [removed: has begun to] [added: will continue its] transition away from coal-powered [added: energy] sources and is replacing or offsetting the generation from these facilities with renewable [removed: energy] [added: energy, natural gas, battery storage,] and energy waste reduction initiatives.

Over the long-term, DTE Energy is also monitoring the [removed: viability] [added: advancement] of emerging technologies [removed: involving energy] [added: such as long-duration] storage, [added: modular nuclear reactors, hydrogen, and] carbon capture and sequestration, [removed: alternative fuels such as hydrogen,] and [removed: advanced nuclear power.][added: how these technologies may support clean, reliable generation and customer affordability.]

For [added: the] gas [removed: utility operations,] [added: utility,] DTE Energy aims to cut carbon emissions across the entire value chain.

To achieve net [removed: zero emissions by 2050 for both internal operations and from suppliers,] [added: zero,] DTE Energy is working to source gas with lower methane intensity, reduce emissions through its gas main renewal and pipeline integrity programs, and if necessary, use carbon offsets to address any remaining emissions.

DTE Energy [removed: is] also [removed: committed] [added: aims] to [removed: helping] [added: help] DTE Gas customers reduce their emissions by 35% by [removed: 2050] [added: 2040] by increasing energy efficiency, pursuing advanced technologies such as [removed: hydrogen,] [added: hydrogen] and [added: carbon capture and sequestration, and] through the CleanVision Natural Gas Balance program which provides customers the option to use carbon offsets and renewable natural gas.

DTE Energy employs disciplined investment criteria when assessing growth opportunities that leverage its assets, skills, and expertise, and provides [added: attractive returns and] diversity in earnings and geography.

A key priority for DTE Energy is to maintain a strong balance sheet which facilitates access to capital markets and reasonably priced [removed: short-term and long-term] financing.

[removed: Near-term growth] [added: Growth] will be funded through internally generated cash flows and the issuance of debt and equity.

DTE Energy's utility businesses [added: will] require significant capital investments to maintain and improve the electric generation and electric and natural gas distribution infrastructure and to comply with environmental regulations and [removed: renewable energy requirements.][added: achieve goals for carbon emission reductions.]

Capital plans may be regularly updated as these requirements [removed: change.][added: and goals evolve and may be subject to regulatory approval.]

DTE Electric's capital investments over the [removed: 2022-2026] [added: 2023-2027] period are estimated at [removed: $15] [added: $18] billion, comprised of [removed: $8] [added: $9] billion for distribution infrastructure, $4 billion for base infrastructure, and [removed: $3] [added: $5] billion for cleaner generation including renewables.

DTE Electric has retired [removed: six] [added: all eleven] coal-fired generation units at the Trenton Channel, River Rouge, and St. Clair [removed: facilities] [added: facilities, including five units that were retired in the third quarter 2022,] and has announced plans to retire its remaining [removed: eleven] [added: six] coal-fired generating [removed: units, including five units at Trenton Channel and St. Clair in 2022.][added: units.]

The four units at the Monroe facility are expected to be retired [removed: by 2040.][added: in two stages in 2028 and 2035.]

Generation from the retired facilities will [added: continue to] be replaced or offset with a combination of renewables, energy waste reduction, demand response, [added: battery storage,] and natural gas fueled generation, including the Blue Water Energy Center which [removed: will commence] [added: commenced] operations in [added: June] 2022.

DTE Gas' capital investments over the [removed: 2022-2026] [added: 2023-2027] period are estimated at [removed: $3.1] [added: $3.6] billion, comprised of [removed: $1.5] [added: $2] billion for base infrastructure and $1.6 billion for [added: the] gas [added: renewal program, which includes] main [removed: renewal,] [added: and service renewals,] meter [removed: move out,] [added: move-out,] and pipeline integrity [removed: programs.][added: projects.]

DTE Energy's non-utility businesses' capital investments are primarily for expansion, growth, and ongoing maintenance in the DTE Vantage segment, including approximately $1 billion to $1.5 billion from [removed: 2022-2026] [added: 2023-2027] for renewable energy and [removed: industrial] [added: custom] energy [removed: services projects.][added: solutions, while expanding into carbon capture and sequestration.]

The Registrants are subject to extensive environmental regulations, including those [removed: to address] [added: addressing] climate change.

Increased costs for energy produced from traditional coal-based sources due to recent, pending, and future regulatory initiatives could also increase the economic viability of energy produced from renewable, natural gas fueled generation, and/or nuclear sources, energy waste reduction initiatives, and the potential development of market-based trading of carbon [removed: instruments which could provide new business opportunities for DTE Energy's utility and non-utility segments.][added: instruments.]

- new electric generation and [removed: decarbonization;][added: storage;]

- employee engagement, health, safety and [removed: well-being,] [added: wellbeing,] and diversity, equity, and inclusion;

Operating Revenues include sales of [removed: refined coal to third parties] [added: renewable natural gas] and [removed: the affiliated Electric utility,] [added: related credits,] metallurgical coke and related by-products, petroleum coke, [removed: renewable natural gas] and [removed: related credits, and] electricity, as well as rental income and revenues from utility-type consulting, management, and operational services.

| Electric | | | $ | [removed: 864] [added: 956] | | | | | $ | [removed: 777] [added: 864] | | | | | $ | [removed: 714] [added: 777] | |

| Gas | | | [removed: 214] [added: 272] | | | | | | [removed: 186] [added: 214] | | | | | | [removed: 185] [added: 186] | | |

| DTE Vantage | | | [removed: 168] [added: 92] | | | | | | [removed: 134] [added: 168] | | | | | | [removed: 133] [added: 134] | | |

| Energy Trading | | | [removed: (83)] [added: (92)] | | | | | | [removed: 36] [added: (83)] | | | | | | [removed: 49] [added: 36] | | |

| Corporate and Other | | | [removed: (367)] [added: (145)] | | | | | | [removed: (79)] [added: (367)] | | | | | | [removed: (126)] [added: (79)] | | |

| Income From Continuing Operations [removed: Attributable to DTE Energy Company] | | | [removed: 796] [added: 1,083] | | | | | | [removed: 1,054] [added: 796] | | | | | | [removed: 955] [added: 1,054] | | |

| Discontinued Operations | | | [removed: 111] [added: —] | | | | | | [removed: 314] [added: 111] | | | | | | [removed: 214] [added: 314] | | |

These represent accelerated goals compared to the electric utility's prior targets to reduce carbon emissions by 50% by 2028 and 80% by 2040.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

DTE Energy plans to reduce the carbon emissions from its gas utility operations by 65% by 2030 and 80% by 2040, and is committed to a goal of net zero emissions by 2050 from internal gas operations and gas suppliers.

DTE Energy expects its goals for customer affordability to be aided by operational efficiencies and new opportunities resulting from the Inflation Reduction Act enacted in August 2022.

Such opportunities include tax credits for renewable energy, nuclear generation, energy storage, and carbon capture and sequestration, which are expected to reduce the cost of owning related assets and reduce customer rate impacts from any future cost recoveries.

DTE Electric plans to convert the two units at the Belle River facility from a base load coal plant to a natural gas peaking resource in 2025-2026.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

Refer to the "Environmental Matters" section within Items 1.

- reducing carbon emissions at the electric and gas utilities;

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

For the prior periods, Operating revenues also include sales of refined coal to third parties and the affiliated Electric utility.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| | | | 2022 | | | | | | 2021 | | |

| COVID-19 voluntary refund amortization | | | 30 | | | | | | — | | |

| Regulatory mechanism — DTE Securitization | | | 29 | | | | | | — | | |

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| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

DTE Electric sales and deliveries decreased in 2022, primarily due to a decrease in residential sales as customers resumed more pre-pandemic activities and worked less from their homes.

The increase in 2022 was primarily due to higher sales volumes and prices at DTE Sustainable Generation.

The increase in 2022 was primarily due to higher EWR expense of $29 million and higher distribution operations expense of $7 million, partially offset by lower benefits and other compensation expense of $17 million and lower legal and environmental expense of $12 million.

The increase in 2022 was primarily due to a change in rabbi trust and other investment earnings (net loss of $10 million in 2022 compared to a net gain of $9 million in 2021) and higher net interest of $27 million, partially offset by lower non-operating retirement benefits expense of $37 million and a $4 million decrease in non-operational costs that ceased with the retirement of a power plant.

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These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability.

The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs.

| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| | | | 2022 | | | | | | 2021 | | |

| Base sales | | | 20 | | | | | | 7 | | |

| Voluntary refund(a) | | | (5) | | | | | | — | | |

| Other | | | 4 | | | | | | 4 | | |

______________________________

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| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

The change in sales in 2022 was primarily due to favorable weather.

The decrease in 2022 was primarily due to capital write-offs of $4 million in 2021.

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DTE Vantage formerly included projects that produced reduced emissions fuel; however, these projects were closed as planned in 2022 upon REF facilities exhausting their eligibility for generating production tax credits.

| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| | | | 18 | | | | | | (31) | | | | | | (40) | | |

| | | | 2022 | | |

Effective with the separation, DTE retains no ownership in the new company, DT Midstream, which was formerly comprised of DTE Energy’s Gas Storage and Pipelines segment and certain DTE Energy holding company activity within the Corporate and Other segment.

The two units at the Belle River facility will cease the use of coal by 2028 and will be evaluated for conversion to cleaner energy resources.

At the present time, it is not possible to quantify the financial impacts of these climate related regulatory initiatives on the Registrants or their customers.

See Items 1.

The separation of DT Midstream on July 1, 2021 will result in a reduction to DTE Energy's net income and cash flows in the near term.

However, DTE Energy remains well-positioned for long-term growth and focused on the key objectives noted above.

COVID-19 Pandemic

DTE Energy has been monitoring the COVID-19 pandemic and any related impacts to operating costs, customer demand, and the recoverability of assets in our business segments that could materially impact the Registrants' financial results.

As noted in Note 18 to the Consolidated Financial Statements, "Commitments and Contingencies," the pandemic has contributed to a shift in electric sales volumes from commercial and industrial customers to residential customers.

DTE Energy expects this shift to continue in the near term as businesses maintain more remote operations.

Other impacts from COVID-19 have related primarily to health and safety-related costs at the utilities and volumes at certain non-utility businesses, but these impacts have not been significant in 2021.

Please see detailed explanations of segment performance in the "Results of Operations" section below, including impacts from the COVID-19 pandemic where applicable.

DTE Energy will continue to monitor these impacts as well as any regulatory and legislative activities related to COVID-19.

The Registrants cannot predict the ultimate impact of these factors to our Consolidated Financial Statements as future developments involving COVID-19 and related impacts on economic and operating conditions are highly uncertain.

For further discussion of these uncertainties, refer to "Risk Factors" in Item 1A.

of this Report.

| | | | | | | | | | | | |

| Other regulatory mechanisms and other | | | (4) | | | | | | 13 | | |

The increase in 2020 was due to renewable energy projects acquired in January 2020.

The increase in 2020 was primarily due to COVID-19 related expenses of $50 million, higher benefits expense of $15 million, higher EWR expense of $11 million, higher RPS expenses of $9 million, and an $11 million adjustment in 2019 to defer expenses previously accrued for a new customer billing system.

These increases were partially offset by lower plant generation expense of $25 million and lower distribution operations expense of $12 million.

The decrease in 2020 was also due to lower payroll taxes of $3 million, which was primarily attributable to employee retention credits recognized pursuant to the CARES Act.

These increases were partially offset by a 2019 accrual of $6 million associated with an environmental-related settlement.

On March 26, 2021, DTE Electric filed an application requesting a financing order approving the securitization financing of $184 million of qualified costs related to the net book value of the River Rouge generation plant and tree trimming surge program costs.

The filing requested recovery of these qualifying costs from DTE Electric's customers.

A final MPSC financing order was issued on June 23, 2021 authorizing DTE Electric to proceed with the issuance of securitization bonds for qualified costs of up to $236 million, increased for the inclusion of deferred taxes.

The financing order further authorized customer charges for the timely recovery of the debt service costs on the securitization bonds and other ongoing qualified costs.

Securitization financing is expected to occur in March 2022.

The rate filing also requests an increase in return on equity from 9.9% to 10.25% and includes projected changes in sales.

| TCJA rate reduction liability | | | — | | | | | | (9) | | |

| Other regulatory mechanisms and other | | | 11 | | | | | | (4) | | |

The decrease in sales in 2020 was primarily due to more unfavorable weather compared to 2019.

The increase in 2020 was primarily due to the $14 million write-off of capital expenditures, which were disallowed in the July 17, 2020 rate case settlement.

The decrease in 2020 was primarily due to higher amortization of the TCJA regulatory liability and lower earnings.

| | | | (31) | | | | | | (40) | | | | | | (63) | | |

| | | | 2020 | | |

| Sale of membership interests and project terminations in the REF business | | | $ | (234) | |

| | | | $ | (336) | |

| | | | $ | 73 | |

| New projects in the On-site business | | | 22 | | |

[removed: In addition, changes] [added: Changes] in the price of natural gas can [added: also] impact the valuation of lost and [removed: stolen] [added: unaccounted for] gas, storage sales, and transportation services revenue at the Gas segment.

The following table displays the credit quality of DTE Energy's trading counterparties as of December 31, [removed: 2021:][added: 2022:]

| A- and Greater | | | $ | [removed: 325] [added: 525] | | | | | $ | — | | | | | $ | [removed: 325] [added: 525] | |

| BBB+ and BBB | | | [removed: 238] [added: 397] | | | | | | [removed: —] [added: (87)] | | | | | | [removed: 238] [added: 310] | | |

| BBB- | | | [removed: 50] [added: 92] | | | | | | [removed: (12)] [added: —] | | | | | | [removed: 38] [added: 92] | | |

| Total Investment Grade | | | [removed: 613] [added: 1,014] | | | | | | [removed: (12)] [added: (87)] | | | | | | [removed: 601] [added: 927] | | |

| Non-investment grade(b) | | | [removed: 4] [added: 39] | | | | | | [removed: —] [added: (6)] | | | | | | [removed: 4] [added: 33] | | |

| Internally Rated — [removed: investment grade(c)] [added: non-investment grade(d)] | | | [removed: 979] [added: 35] | | | | | | [removed: (32)] [added: —] | | | | | | [removed: 947] [added: 35] | | |

| Internally Rated — [removed: non-investment grade(d)] [added: investment grade(c)] | | | [removed: 61] [added: 749] | | | | | | [removed: (8)] [added: (5)] | | | | | | [removed: 53] [added: 744] | | |

The five largest counterparty exposures, combined, for this category represented [removed: 10%] [added: 1%] of the total gross credit exposure.

The five largest counterparty exposures, combined, for this category represented [removed: less than 1%] [added: 13%] of the total gross credit exposure.

The five largest counterparty exposures, combined, for this category represented [removed: 18%] [added: 17%] of the total gross credit exposure.

DTE Energy's exposure to interest rate risk arises primarily from changes in U.S. Treasury rates, commercial paper rates, [added: credit spreads,] and [removed: other applicable short-term reference rates.][added: SOFR.]

As of December 31, [removed: 2021,] [added: 2022,] DTE Energy had floating rate debt of [removed: $758 million] [added: $2.0 billion] and a floating rate debt-to-total debt ratio of [removed: 4.2%.][added: 10.4%.]

To limit DTE Energy's exposure to foreign currency exchange fluctuations, DTE Energy has entered into a series of foreign currency exchange forward contracts through [removed: June 2030.][added: December 2032.]

The sensitivity analyses involved increasing and decreasing forward prices and rates at December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] by a hypothetical 10% and calculating the resulting change in the fair values.

| Activity | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | Change in the Fair Value of | | |

| Gas contracts | | | | | | $ | [removed: 33] [added: 16] | | | | | $ | [removed: 23] [added: 33] | | | | | $ | [removed: (33)] [added: (16)] | | | | | $ | [removed: (23)] [added: (33)] | | | | | Commodity contracts | | |

| Power contracts | | | | | | $ | [removed: 9] [added: 4] | | | | | $ | [removed: 5] [added: 9] | | | | | $ | [removed: (10)] [added: (4)] | | | | | $ | [removed: (5)] [added: (10)] | | | | | Commodity contracts | | |

| Environmental contracts | | | | | | $ | [removed: (8)] [added: (5)] | | | | | $ | [removed: (7)] [added: (8)] | | | | | $ | [removed: 8] [added: 5] | | | | | $ | [removed: 5] [added: 8] | | | | | Commodity contracts | | |

| Interest rate risk — DTE Energy | | | | | | $ | [removed: (662)] [added: (650)] | | | | | $ | [removed: (651)] [added: (662)] | | | | | $ | [removed: 687] [added: 699] | | | | | $ | [removed: 671] [added: 687] | | | | | Long-term debt | | |

| Interest rate risk — DTE Electric | | | | | | $ | [removed: (329)] [added: (419)] | | | | | $ | [removed: (285)] [added: (329)] | | | | | $ | [removed: 348] [added: 458] | | | | | $ | [removed: 300] [added: 348] | | | | | Long-term debt | | |

Earnings may be indirectly impacted if PSCR or GCR charges increase such that it impacts the collectability of receivables and increases uncollectible expense.

Refer to the Allowance for Doubtful Accounts section below for additional information.

The Registrants manage this risk by working at the state and federal levels to promote funding programs for low-income customers, providing energy assistance programs and support, and promoting timely customer payments through adherence to MPSC billing practice rules relating to payment arrangements, energy disconnects, and restores.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Total | | | $ | 1,837 | | | | | $ | (98) | | | | | $ | 1,739 | |

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Oil contracts | | | | | | $ | 2 | | | | | $ | — | | | | | $ | (2) | | | | | $ | — | | | | | Commodity contracts | | |

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Total | | | $ | 1,657 | | | | | $ | (52) | | | | | $ | 1,605 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

For the Fiscal Year Ended December 31, [removed: 2021][added: 2022]

[removed: ][added: ]

On June 30, [removed: 2021,] [added: 2022,] the aggregate market value of DTE Energy's voting and non voting common equity held by non-affiliates was approximately [removed: $21.2] [added: $24.4] billion (based on the New York Stock Exchange closing price on such date).

Number of shares of Common Stock outstanding at January 31, [removed: 2022:][added: 2023:]

| DTE Energy | | | | | | Common Stock, without par value | | | | | | [removed: 193,745,891] [added: 205,688,574] | | |

Certain information in DTE Energy's definitive Proxy Statement for its [removed: 2022] [added: 2023] Annual Meeting of Common Shareholders to be held May [removed: 5, 2022,] [added: 4, 2023,] which will be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the Registrants' fiscal year covered by this report on Form 10-K, is incorporated herein by reference to Part III (Items 10, 11, 12, 13, and 14) of this Form 10-K.

| | | | [Filing [removed: Format](#ia74421c34733426cbc2b2efb9b6da345_16)] [added: Format](#i1dbda57415be44b18cc5ddfe80a25e34_16)] | | | [removed: [4](#ia74421c34733426cbc2b2efb9b6da345_16)] [added: [4](#i1dbda57415be44b18cc5ddfe80a25e34_16)] | | |

| | | | [Forward-Looking [removed: Statements](#ia74421c34733426cbc2b2efb9b6da345_19)] [added: Statements](#i1dbda57415be44b18cc5ddfe80a25e34_19)] | | | [removed: [4](#ia74421c34733426cbc2b2efb9b6da345_19)] [added: [4](#i1dbda57415be44b18cc5ddfe80a25e34_19)] | | |

| [Items 1. & [removed: 2.](#ia74421c34733426cbc2b2efb9b6da345_25)] [added: 2.](#i1dbda57415be44b18cc5ddfe80a25e34_25)] | | | [Business and [removed: Properties](#ia74421c34733426cbc2b2efb9b6da345_25)] [added: Properties](#i1dbda57415be44b18cc5ddfe80a25e34_25)] | | | [removed: [6](#ia74421c34733426cbc2b2efb9b6da345_25)] [added: [6](#i1dbda57415be44b18cc5ddfe80a25e34_25)] | | |

| [Item [removed: 1A.](#ia74421c34733426cbc2b2efb9b6da345_28)] [added: 1A.](#i1dbda57415be44b18cc5ddfe80a25e34_46)] | | | [Risk [removed: Factors](#ia74421c34733426cbc2b2efb9b6da345_28)] [added: Factors](#i1dbda57415be44b18cc5ddfe80a25e34_46)] | | | [removed: [18](#ia74421c34733426cbc2b2efb9b6da345_28)] [added: [19](#i1dbda57415be44b18cc5ddfe80a25e34_46)] | | |

| [Item [removed: 1B.](#ia74421c34733426cbc2b2efb9b6da345_31)] [added: 1B.](#i1dbda57415be44b18cc5ddfe80a25e34_49)] | | | [Unresolved Staff [removed: Comments](#ia74421c34733426cbc2b2efb9b6da345_31)] [added: Comments](#i1dbda57415be44b18cc5ddfe80a25e34_49)] | | | [removed: [24](#ia74421c34733426cbc2b2efb9b6da345_31)] [added: [25](#i1dbda57415be44b18cc5ddfe80a25e34_49)] | | |

| [Item [removed: 3.](#ia74421c34733426cbc2b2efb9b6da345_34)] [added: 3.](#i1dbda57415be44b18cc5ddfe80a25e34_52)] | | | [Legal [removed: Proceedings](#ia74421c34733426cbc2b2efb9b6da345_34)] [added: Proceedings](#i1dbda57415be44b18cc5ddfe80a25e34_52)] | | | [removed: [24](#ia74421c34733426cbc2b2efb9b6da345_34)] [added: [25](#i1dbda57415be44b18cc5ddfe80a25e34_52)] | | |

| [Item [removed: 4.](#ia74421c34733426cbc2b2efb9b6da345_37)] [added: 4.](#i1dbda57415be44b18cc5ddfe80a25e34_55)] | | | [Mine Safety [removed: Disclosures](#ia74421c34733426cbc2b2efb9b6da345_37)] [added: Disclosures](#i1dbda57415be44b18cc5ddfe80a25e34_55)] | | | [removed: [24](#ia74421c34733426cbc2b2efb9b6da345_37)] [added: [25](#i1dbda57415be44b18cc5ddfe80a25e34_55)] | | |

| [Item [removed: 5.](#ia74421c34733426cbc2b2efb9b6da345_43)] [added: 5.](#i1dbda57415be44b18cc5ddfe80a25e34_61)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#ia74421c34733426cbc2b2efb9b6da345_43)] [added: Securities](#i1dbda57415be44b18cc5ddfe80a25e34_61)] | | | [removed: [25](#ia74421c34733426cbc2b2efb9b6da345_43)] [added: [26](#i1dbda57415be44b18cc5ddfe80a25e34_61)] | | |

| [Item [removed: 7.](#ia74421c34733426cbc2b2efb9b6da345_52)] [added: 7.](#i1dbda57415be44b18cc5ddfe80a25e34_70)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia74421c34733426cbc2b2efb9b6da345_52)] [added: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_70)] | | | [removed: [27](#ia74421c34733426cbc2b2efb9b6da345_52)] [added: [28](#i1dbda57415be44b18cc5ddfe80a25e34_70)] | | |

| [Item [removed: 7A.](#ia74421c34733426cbc2b2efb9b6da345_91)] [added: 7A.](#i1dbda57415be44b18cc5ddfe80a25e34_109)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia74421c34733426cbc2b2efb9b6da345_91)] [added: Risk](#i1dbda57415be44b18cc5ddfe80a25e34_109)] | | | [removed: [48](#ia74421c34733426cbc2b2efb9b6da345_91)] [added: [49](#i1dbda57415be44b18cc5ddfe80a25e34_109)] | | |

| [Item [removed: 8.](#ia74421c34733426cbc2b2efb9b6da345_94)] [added: 8.](#i1dbda57415be44b18cc5ddfe80a25e34_112)] | | | [Financial Statements and Supplementary [removed: Data](#ia74421c34733426cbc2b2efb9b6da345_94)] [added: Data](#i1dbda57415be44b18cc5ddfe80a25e34_112)] | | | [removed: [51](#ia74421c34733426cbc2b2efb9b6da345_94)] [added: [52](#i1dbda57415be44b18cc5ddfe80a25e34_112)] | | |

| [Item [removed: 9.](#ia74421c34733426cbc2b2efb9b6da345_235)] [added: 9.](#i1dbda57415be44b18cc5ddfe80a25e34_253)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia74421c34733426cbc2b2efb9b6da345_235)] [added: Disclosure](#i1dbda57415be44b18cc5ddfe80a25e34_253)] | | | [removed: [150](#ia74421c34733426cbc2b2efb9b6da345_235)] [added: [147](#i1dbda57415be44b18cc5ddfe80a25e34_253)] | | |

| [Item [removed: 9A.](#ia74421c34733426cbc2b2efb9b6da345_238)] [added: 9A.](#i1dbda57415be44b18cc5ddfe80a25e34_256)] | | | [Controls and [removed: Procedures](#ia74421c34733426cbc2b2efb9b6da345_238)] [added: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_256)] | | | [removed: [150](#ia74421c34733426cbc2b2efb9b6da345_238)] [added: [147](#i1dbda57415be44b18cc5ddfe80a25e34_256)] | | |

| [Item [removed: 9B.](#ia74421c34733426cbc2b2efb9b6da345_241)] [added: 9B.](#i1dbda57415be44b18cc5ddfe80a25e34_259)] | | | [Other [removed: Information](#ia74421c34733426cbc2b2efb9b6da345_241)] [added: Information](#i1dbda57415be44b18cc5ddfe80a25e34_259)] | | | [removed: [150](#ia74421c34733426cbc2b2efb9b6da345_241)] [added: [147](#i1dbda57415be44b18cc5ddfe80a25e34_259)] | | |

| [Item [removed: 9](#ia74421c34733426cbc2b2efb9b6da345_3848290699560)[C](#ia74421c34733426cbc2b2efb9b6da345_3848290699560)[.](#ia74421c34733426cbc2b2efb9b6da345_3848290699560)] [added: 9C.](#i1dbda57415be44b18cc5ddfe80a25e34_262)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia74421c34733426cbc2b2efb9b6da345_3848290699560)] [added: Inspections](#i1dbda57415be44b18cc5ddfe80a25e34_262)] | | | [removed: [150](#ia74421c34733426cbc2b2efb9b6da345_3848290699560)] [added: [147](#i1dbda57415be44b18cc5ddfe80a25e34_262)] | | |

| [Item [removed: 10.](#ia74421c34733426cbc2b2efb9b6da345_247)] [added: 10.](#i1dbda57415be44b18cc5ddfe80a25e34_268)] | | | [Directors, Executive Officers, and Corporate [removed: Governance](#ia74421c34733426cbc2b2efb9b6da345_247)] [added: Governance](#i1dbda57415be44b18cc5ddfe80a25e34_268)] | | | [removed: [151](#ia74421c34733426cbc2b2efb9b6da345_247)] [added: [148](#i1dbda57415be44b18cc5ddfe80a25e34_268)] | | |

| [Item [removed: 11.](#ia74421c34733426cbc2b2efb9b6da345_250)] [added: 11.](#i1dbda57415be44b18cc5ddfe80a25e34_271)] | | | [Executive [removed: Compensation](#ia74421c34733426cbc2b2efb9b6da345_250)] [added: Compensation](#i1dbda57415be44b18cc5ddfe80a25e34_271)] | | | [removed: [151](#ia74421c34733426cbc2b2efb9b6da345_250)] [added: [148](#i1dbda57415be44b18cc5ddfe80a25e34_271)] | | |

| [Item [removed: 12.](#ia74421c34733426cbc2b2efb9b6da345_253)] [added: 12.](#i1dbda57415be44b18cc5ddfe80a25e34_274)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia74421c34733426cbc2b2efb9b6da345_253)] [added: Matters](#i1dbda57415be44b18cc5ddfe80a25e34_274)] | | | [removed: [151](#ia74421c34733426cbc2b2efb9b6da345_253)] [added: [148](#i1dbda57415be44b18cc5ddfe80a25e34_274)] | | |

| [Item [removed: 13.](#ia74421c34733426cbc2b2efb9b6da345_256)] [added: 13.](#i1dbda57415be44b18cc5ddfe80a25e34_277)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia74421c34733426cbc2b2efb9b6da345_256)] [added: Independence](#i1dbda57415be44b18cc5ddfe80a25e34_277)] | | | [removed: [151](#ia74421c34733426cbc2b2efb9b6da345_256)] [added: [148](#i1dbda57415be44b18cc5ddfe80a25e34_277)] | | |

| [Item [removed: 14.](#ia74421c34733426cbc2b2efb9b6da345_259)] [added: 14.](#i1dbda57415be44b18cc5ddfe80a25e34_280)] | | | [Principal Accountant Fees and [removed: Services](#ia74421c34733426cbc2b2efb9b6da345_259)] [added: Services](#i1dbda57415be44b18cc5ddfe80a25e34_280)] | | | [removed: [151](#ia74421c34733426cbc2b2efb9b6da345_259)] [added: [148](#i1dbda57415be44b18cc5ddfe80a25e34_280)] | | |

| [Item [removed: 16.](#ia74421c34733426cbc2b2efb9b6da345_268)] [added: 16.](#i1dbda57415be44b18cc5ddfe80a25e34_289)] | | | [Form 10-K [removed: Summary](#ia74421c34733426cbc2b2efb9b6da345_268)] [added: Summary](#i1dbda57415be44b18cc5ddfe80a25e34_289)] | | | [removed: [161](#ia74421c34733426cbc2b2efb9b6da345_268)] [added: [157](#i1dbda57415be44b18cc5ddfe80a25e34_289)] | | |

| Net zero | | | | | | [removed: Collective efforts to reduce the carbon emissions of] [added: Goal for] DTE Energy's utility operations and gas [removed: suppliers, as well as] [added: suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective] efforts to [removed: offset an amount equivalent] [added: reduce carbon emissions and actions] to [added: offset] any remaining emissions. Progress towards [removed: this goal] [added: net zero goals] is estimated and [added: methodologies and calculations] may vary from [removed: the calculations] [added: those] of other utility businesses with similar targets | | |

| Production tax credits | | | | | | Tax credits as authorized under [removed: Sections 45K and] [added: Section] 45 of the Internal Revenue Code that are designed to stimulate investment in and development of [added: renewable energy and] alternate fuel sources. The amount of a production tax credit can vary each year as determined by the [removed: IRS] [added: Internal Revenue Service] | | |

| RSN | | | | | | Remarketable Senior [removed: Notes] [added: Note] | | |

- impact of volatility in prices in the international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE [removed: Vantage (formerly Power and Industrial Projects);][added: Vantage;]

- unplanned [removed: outages;][added: outages at our generation plants;]

DTE Energy's other businesses include 1) DTE [removed: Vantage, formerly DTE Energy's Power and Industrial Projects segment,] [added: Vantage] which is primarily involved in renewable natural gas [removed: projects,] [added: projects and] providing [removed: industrial] [added: custom] energy [removed: services,] [added: solutions to industrial, commercial,] and [removed: reduced emissions fuel projects,] [added: institutional customers,] and 2) energy marketing and trading operations.

- DTE Vantage is comprised primarily of [added: renewable energy] projects that [removed: deliver energy] [added: sell electricity] and [removed: utility-type products] [added: pipeline-quality gas] and [removed: services] [added: projects that deliver custom energy solutions] to industrial, commercial, and institutional [removed: customers, produce reduced emissions fuel, and sell electricity and pipeline-quality gas from renewable energy projects.][added: customers.]

[removed: ][added: ]

Electricity is generated from fossil-fuel plants, a hydroelectric pumped storage plant, a nuclear plant, wind and [removed: other renewable assets] [added: solar assets,] and is supplemented with purchased power.

The Electric segment also [removed: consists of] [added: includes] non-utility operations relating to renewable energy projects at DTE Sustainable [removed: Generation.][added: Generation, which were acquired to support DTE Energy's renewable energy goals.]

DTE Electric has long-term and short-term contracts for the purchase of approximately [removed: 19] [added: 10] million tons of low-sulfur western coal and approximately [removed: 1.5] [added: 1] million tons of Appalachian coal to be delivered from [removed: 2022] [added: 2023] to [removed: 2023.][added: 2024.]

DTE Electric has [removed: 100%] [added: 96%] of its expected coal requirements under contract for [removed: 2022.][added: 2023.]

DTE Electric's [removed: 2022] [added: 2023] rail transportation is covered under long-term agreements.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflects the correction of an error to previously issued financial statements.

| DTE Energy | | | ☐ | | | | | | DTE Electric | | | ☐ | | | | | |

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrants' executive officers during the relevant recovery period pursuant to 240.10D-1(b).

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| DTE Energy | | | ☐ | | | | | | DTE Electric | | | ☐ | | | | | |

| | | | [Definitions](#i1dbda57415be44b18cc5ddfe80a25e34_13) | | | [1](#i1dbda57415be44b18cc5ddfe80a25e34_13) | | |

| [PART I](#i1dbda57415be44b18cc5ddfe80a25e34_22) | | | | | | | | |

| [PART II](#i1dbda57415be44b18cc5ddfe80a25e34_58) | | | | | | | | |

| [Item 6.](#i1dbda57415be44b18cc5ddfe80a25e34_64) | | | [\[Reserved\]](#i1dbda57415be44b18cc5ddfe80a25e34_64) | | | [27](#i1dbda57415be44b18cc5ddfe80a25e34_64) | | |

| [PART III](#i1dbda57415be44b18cc5ddfe80a25e34_265) | | | | | | | | |

| [PART IV](#i1dbda57415be44b18cc5ddfe80a25e34_283) | | | | | | | | |

| [Item 15.](#i1dbda57415be44b18cc5ddfe80a25e34_286) | | | [Exhibits](#i1dbda57415be44b18cc5ddfe80a25e34_286) | | | [149](#i1dbda57415be44b18cc5ddfe80a25e34_286) | | |

| | | | [Signatures](#i1dbda57415be44b18cc5ddfe80a25e34_295) | | | [158](#i1dbda57415be44b18cc5ddfe80a25e34_295) | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| DTE Securitization | | | | | | DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for certain qualified costs authorized by the MPSC and to recover debt service costs from DTE Electric customers | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| SOFR | | | | | | Secured Overnight Financing Rate | | |

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[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | | | | | | | | | | | | | | | | | | |

| Coal | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Natural Gas/Oil | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Natural Gas/Combined Cycle | | | | | | | | | | | | | | | | | | | | |

| Blue Water Energy Center | | | | | | St. Clair | | | | | | 2022 | | | | | | 1,127 | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| DTE Energy | | | | | | 2019 6.25% Corporate Units | | | | | | DTP | | | | | | New York Stock Exchange | | |

| | | | [Definitions](#ia74421c34733426cbc2b2efb9b6da345_13) | | | [1](#ia74421c34733426cbc2b2efb9b6da345_13) | | |

| [PART I](#ia74421c34733426cbc2b2efb9b6da345_22) | | | | | | | | |

| [PART II](#ia74421c34733426cbc2b2efb9b6da345_40) | | | | | | | | |

| [Item 6.](#ia74421c34733426cbc2b2efb9b6da345_46) | | | [Selected Financial Data](#ia74421c34733426cbc2b2efb9b6da345_46) | | | [26](#ia74421c34733426cbc2b2efb9b6da345_46) | | |

| [PART III](#ia74421c34733426cbc2b2efb9b6da345_244) | | | | | | | | |

| [PART IV](#ia74421c34733426cbc2b2efb9b6da345_262) | | | | | | | | |

| [Item 15.](#ia74421c34733426cbc2b2efb9b6da345_265) | | | [Exhibits and Financial Statement Schedule](#ia74421c34733426cbc2b2efb9b6da345_265)s | | | [152](#ia74421c34733426cbc2b2efb9b6da345_265) | | |

| | | | [Signatures](#ia74421c34733426cbc2b2efb9b6da345_274) | | | [163](#ia74421c34733426cbc2b2efb9b6da345_274) | | |

| AMV | | | | | | Applicable Market Value | | |

| LIBOR | | | | | | London Inter-Bank Offered Rates | | |

| NEXUS | | | | | | NEXUS Gas Transmission, LLC, a joint venture in which DTE Energy previously owned a 50% partnership interest that separated with DT Midstream effective July 1, 2021 | | |

| SGG | | | | | | Stonewall Gas Gathering is a midstream natural gas asset that was previously owned 85% by DTE Energy and separated with DT Midstream effective July 1, 2021 | | |

| TCJA rate reduction | | | | | | Reduction in DTE Gas revenue related to Calculation C of the TCJA. DTE Gas' Calculation C case was approved by the MPSC in August 2019 to address all remaining issues relative to the TCJA, which is primarily the remeasurement of deferred taxes and how the amounts deferred as Regulatory liabilities flow to ratepayers | | |

- Risks related to the separation of DT Midstream, including that providing DT Midstream with transition services could adversely affect our business and that the transaction may not achieve some or all of the anticipated benefits;

- the duration and impact of the COVID-19 pandemic on the Registrants and customers;

On July 1, 2021, DTE Energy completed the separation of its natural gas pipeline, storage, and gathering non-utility business.

Effective with the separation, DTE Energy retains no ownership in the new company, DT Midstream.

These projects have been acquired in support of DTE Energy's renewable energy goals.

| St. Clair | | | | | | St. Clair | | | | | | 1953, 1954, 1961, and 1969 | | | | | | 1,065 | | |

| Trenton Channel | | | | | | Wayne | | | | | | 1968 | | | | | | 495 | | |

| | | | | | | | | | | | | | | | | | | 6,480 | | |

| | | | | | | | | | | | | | | | | | | 1,336 | | |

| | | | | | | | | | | | | | | | | | | 12,043 | | |

_______________________________________

| 4.8 kV to 13.2 kV | | | | | | 28,536 | | | | | | 15,652 | | |

| 24 kV | | | | | | 179 | | | | | | 741 | | |

| 40 kV | | | | | | 2,352 | | | | | | 430 | | |

| | | | | | | 31,129 | | | | | | 16,831 | | |

To achieve long-term carbon reduction goals, DTE Electric is monitoring the viability of emerging technologies involving energy storage, carbon capture and sequestration, alternative fuels such as hydrogen, and advanced nuclear power.

DTE Electric seeks to increase operational efficiencies to increase customer satisfaction at an affordable rate.

Prices for storage arrangements for shorter periods are generally higher, but more volatile, than for longer periods.

Certain sites also refine the methane to produce pipeline-quality gas, which can then be used as vehicle fuel and generate environmental attributes.

*Industrial Energy Services*

*Environmental Controls*

*•Reduced Emissions Fuel —* DTE Vantage constructed and placed in service REF facilities at ten sites, including facilities located at seven third-party owned coal-fired power plants.

DTE Energy sold membership interests in seven of the facilities and entered into lease arrangements in two of the facilities.

The facilities blended a proprietary additive with coal used in coal-fired power plants, resulting in reduced emissions of nitrogen oxide and mercury.

Qualifying facilities were eligible to generate tax credits for ten years upon achieving certain criteria and ceased operations at the end of 2021 given no further eligibility.

The value of a tax credit is adjusted annually by an inflation factor published by the IRS.

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

At December 31, [removed: 2021,] [added: 2022,] there were [removed: 193,747,509] [added: 205,632,393] shares of DTE Energy common stock outstanding.

These shares were held by a total of [removed: 45,230] [added: 43,603] shareholders of record.

See the following table for information as of December 31, [removed: 2021:][added: 2022:]

| Plans approved by shareholders | | | — | | | | | | $ | — | | | | | [removed: 4,221,599] [added: 3,496,126] | | |

The following table provides information about DTE Energy's purchases of equity securities that are registered by DTE Energy pursuant to Section 12 of the Exchange Act of 1934 for the quarter ended December 31, [removed: 2021:][added: 2022:]

| Company/Index | | | | | | 2017 | | | | | | 2018 | | | | | | 2019 | | | | | | 2020 | | | | | | 2021 | | | [added: | | | 2022 | | |]

| DTE Energy Company | | | | | | [removed: 14.59] [added: 4.19] | | | | | | [removed: 4.19] [added: 21.36] | | | | | | [removed: 21.36] [added: (2.90)] | | | | | | [removed: (2.90)] [added: 19.42] | | | | | | [removed: 19.42] [added: 1.27] | | |

| S&P 500 Index | | | | | | [removed: 21.82] [added: (4.39)] | | | | | | [removed: (4.39)] [added: 31.48] | | | | | | [removed: 31.48] [added: 18.39] | | | | | | [removed: 18.39] [added: 28.68] | | | | | | [removed: 28.68] [added: (18.13)] | | |

| S&P 500 Multi-Utilities Index | | | | | | [removed: 12.09] [added: 1.77] | | | | | | [removed: 1.77] [added: 24.36] | | | | | | [removed: 24.36] [added: (5.87)] | | | | | | [removed: (5.87)] [added: 14.17] | | | | | | [removed: 17.67] [added: 0.62] | | |

| Company/Index | | | | | | [removed: 2016 | | | | | | 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | |

[removed: ][added: ]

| 10/01/2022 — 10/31/2022 | | | 8,604 | | | | | | $ | 107.81 | | | | | — | | | | | | — | | | | | | — | | |

| 11/01/2022 — 11/30/2022 | | | 2,776 | | | | | | $ | 115.16 | | | | | — | | | | | | — | | | | | | — | | |

| 12/01/2022 — 12/31/2022 | | | 4,371 | | | | | | $ | 116.43 | | | | | — | | | | | | — | | | | | | — | | |

| Total | | | 15,751 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| DTE Energy Company | | | | | | 100.00 | | | | | | 104.19 | | | | | | 126.45 | | | | | | 122.78 | | | | | | 146.62 | | | | | | 148.48 | | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 95.61 | | | | | | 125.70 | | | | | | 148.81 | | | | | | 191.49 | | | | | | 156.78 | | |

| S&P 500 Multi-Utilities Index | | | | | | 100.00 | | | | | | 101.77 | | | | | | 126.56 | | | | | | 119.13 | | | | | | 136.00 | | | | | | 136.84 | | |

| 10/01/2021 — 10/31/2021 | | | 1,028 | | | | | | $ | 108.95 | | | | | — | | | | | | — | | | | | | — | | |

| 11/01/2021 — 11/30/2021 | | | 2,653 | | | | | | $ | 105.32 | | | | | — | | | | | | — | | | | | | — | | |

| 12/01/2021 — 12/31/2021 | | | 505 | | | | | | $ | 115.23 | | | | | — | | | | | | — | | | | | | — | | |

| Total | | | 4,186 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

| DTE Energy Company | | | | | | 100.00 | | | | | | 114.59 | | | | | | 119.39 | | | | | | 144.90 | | | | | | 140.69 | | | | | | 168.01 | | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 121.82 | | | | | | 116.47 | | | | | | 153.14 | | | | | | 181.29 | | | | | | 233.29 | | |

| S&P 500 Multi-Utilities Index | | | | | | 100.00 | | | | | | 112.09 | | | | | | 114.07 | | | | | | 141.86 | | | | | | 133.53 | | | | | | 157.13 | | |

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

Information is no longer required as the Registrants have adopted the SEC amendment to Regulation S-K to eliminate Item 301, Selected Financial Data.

The following Consolidated Financial Statements [removed: and financial statement schedules] are included herein:

| [DTE Energy — Controls and [removed: Procedures](#ia74421c34733426cbc2b2efb9b6da345_97)] [added: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_115)] | | | [removed: [52](#ia74421c34733426cbc2b2efb9b6da345_97)] [added: [53](#i1dbda57415be44b18cc5ddfe80a25e34_115)] | | |

| [DTE Energy — Report of Independent Registered Public Accounting [removed: Firm](#ia74421c34733426cbc2b2efb9b6da345_100)] [added: Firm](#i1dbda57415be44b18cc5ddfe80a25e34_118)] (PCAOB ID 238) | | | [removed: [53](#ia74421c34733426cbc2b2efb9b6da345_100)] [added: [54](#i1dbda57415be44b18cc5ddfe80a25e34_118)] | | |

| [DTE Energy — Consolidated Statements of [removed: Operations](#ia74421c34733426cbc2b2efb9b6da345_103)] [added: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_121)] | | | [removed: [55](#ia74421c34733426cbc2b2efb9b6da345_103)] [added: [56](#i1dbda57415be44b18cc5ddfe80a25e34_121)] | | |

| [DTE Energy — Consolidated Statements of Comprehensive [removed: Income](#ia74421c34733426cbc2b2efb9b6da345_106)] [added: Income](#i1dbda57415be44b18cc5ddfe80a25e34_124)] | | | [removed: [56](#ia74421c34733426cbc2b2efb9b6da345_106)] [added: [57](#i1dbda57415be44b18cc5ddfe80a25e34_124)] | | |

| [DTE Energy — Consolidated Statements of Financial [removed: Position](#ia74421c34733426cbc2b2efb9b6da345_109)] [added: Position](#i1dbda57415be44b18cc5ddfe80a25e34_127)] | | | [removed: [57](#ia74421c34733426cbc2b2efb9b6da345_109)] [added: [58](#i1dbda57415be44b18cc5ddfe80a25e34_127)] | | |

| [DTE Energy — Consolidated Statements of Cash [removed: Flows](#ia74421c34733426cbc2b2efb9b6da345_112)] [added: Flows](#i1dbda57415be44b18cc5ddfe80a25e34_130)] | | | [removed: [58](#ia74421c34733426cbc2b2efb9b6da345_112)] [added: [60](#i1dbda57415be44b18cc5ddfe80a25e34_130)] | | |

| [DTE Energy — Consolidated Statements of Changes in [removed: Equity](#ia74421c34733426cbc2b2efb9b6da345_115)] [added: Equity](#i1dbda57415be44b18cc5ddfe80a25e34_133)] | | | [removed: [61](#ia74421c34733426cbc2b2efb9b6da345_115)] [added: [62](#i1dbda57415be44b18cc5ddfe80a25e34_133)] | | |

| [DTE Electric — Controls and [removed: Procedures](#ia74421c34733426cbc2b2efb9b6da345_118)] [added: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_136)] | | | [removed: [62](#ia74421c34733426cbc2b2efb9b6da345_118)] [added: [63](#i1dbda57415be44b18cc5ddfe80a25e34_136)] | | |

| [DTE Electric — Report of Independent Registered Public Accounting [removed: Firm](#ia74421c34733426cbc2b2efb9b6da345_121)] [added: Firm](#i1dbda57415be44b18cc5ddfe80a25e34_139)] (PCAOB ID 238) | | | [removed: [63](#ia74421c34733426cbc2b2efb9b6da345_121)] [added: [64](#i1dbda57415be44b18cc5ddfe80a25e34_139)] | | |

| [DTE Electric — Consolidated Statements of [removed: Operations](#ia74421c34733426cbc2b2efb9b6da345_124)] [added: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_142)] | | | [removed: [65](#ia74421c34733426cbc2b2efb9b6da345_124)] [added: [66](#i1dbda57415be44b18cc5ddfe80a25e34_142)] | | |

| [DTE Electric — Consolidated Statements of Comprehensive [removed: Income](#ia74421c34733426cbc2b2efb9b6da345_127)] [added: Income](#i1dbda57415be44b18cc5ddfe80a25e34_145)] | | | [removed: [66](#ia74421c34733426cbc2b2efb9b6da345_127)] [added: [67](#i1dbda57415be44b18cc5ddfe80a25e34_145)] | | |

| [DTE Electric — Consolidated Statements of Financial [removed: Position](#ia74421c34733426cbc2b2efb9b6da345_130)] [added: Position](#i1dbda57415be44b18cc5ddfe80a25e34_148)] | | | [removed: [67](#ia74421c34733426cbc2b2efb9b6da345_130)] [added: [68](#i1dbda57415be44b18cc5ddfe80a25e34_148)] | | |

| [DTE Electric — Consolidated Statements of Cash [removed: Flows](#ia74421c34733426cbc2b2efb9b6da345_133)] [added: Flows](#i1dbda57415be44b18cc5ddfe80a25e34_151)] | | | [removed: [69](#ia74421c34733426cbc2b2efb9b6da345_133)] [added: [70](#i1dbda57415be44b18cc5ddfe80a25e34_151)] | | |

| [DTE Electric — Consolidated Statements of Changes in Shareholder's [removed: Equity](#ia74421c34733426cbc2b2efb9b6da345_136)] [added: Equity](#i1dbda57415be44b18cc5ddfe80a25e34_154)] | | | [removed: [70](#ia74421c34733426cbc2b2efb9b6da345_136)] [added: [71](#i1dbda57415be44b18cc5ddfe80a25e34_154)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#ia74421c34733426cbc2b2efb9b6da345_139)] [added: Statements](#i1dbda57415be44b18cc5ddfe80a25e34_157)] | | | [removed: [71](#ia74421c34733426cbc2b2efb9b6da345_139)] [added: [72](#i1dbda57415be44b18cc5ddfe80a25e34_157)] | | |

| [Note 1 — Organization and Basis of [removed: Presentation](#ia74421c34733426cbc2b2efb9b6da345_142)] [added: Presentation](#i1dbda57415be44b18cc5ddfe80a25e34_160)] | | | [removed: [71](#ia74421c34733426cbc2b2efb9b6da345_142)] [added: [72](#i1dbda57415be44b18cc5ddfe80a25e34_160)] | | |

| [Note 2 — Significant Accounting [removed: Policies](#ia74421c34733426cbc2b2efb9b6da345_145)] [added: Policies](#i1dbda57415be44b18cc5ddfe80a25e34_163)] | | | [removed: [75](#ia74421c34733426cbc2b2efb9b6da345_145)] [added: [75](#i1dbda57415be44b18cc5ddfe80a25e34_163)] | | |

| [Note 3 — New Accounting [removed: Pronouncements](#ia74421c34733426cbc2b2efb9b6da345_148)] [added: Pronouncements](#i1dbda57415be44b18cc5ddfe80a25e34_166)] | | | [removed: [81](#ia74421c34733426cbc2b2efb9b6da345_148)] [added: [82](#i1dbda57415be44b18cc5ddfe80a25e34_166)] | | |

| [removed: [Note](#ia74421c34733426cbc2b2efb9b6da345_163) [6](#ia74421c34733426cbc2b2efb9b6da345_163)] [added: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_181) [6](#i1dbda57415be44b18cc5ddfe80a25e34_181)] [— Property, Plant, and [removed: Equipment](#ia74421c34733426cbc2b2efb9b6da345_163)] [added: Equipment](#i1dbda57415be44b18cc5ddfe80a25e34_181)] | | | [removed: [90](#ia74421c34733426cbc2b2efb9b6da345_163)] [added: [89](#i1dbda57415be44b18cc5ddfe80a25e34_181)] | | |

| [removed: [Note](#ia74421c34733426cbc2b2efb9b6da345_166) [7](#ia74421c34733426cbc2b2efb9b6da345_166)] [added: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_184) [7](#i1dbda57415be44b18cc5ddfe80a25e34_184)] [— Jointly-Owned Utility [removed: Plant](#ia74421c34733426cbc2b2efb9b6da345_166)] [added: Plant](#i1dbda57415be44b18cc5ddfe80a25e34_184)] | | | [removed: [92](#ia74421c34733426cbc2b2efb9b6da345_166)] [added: [91](#i1dbda57415be44b18cc5ddfe80a25e34_184)] | | |

| [removed: [Note](#ia74421c34733426cbc2b2efb9b6da345_169) [8](#ia74421c34733426cbc2b2efb9b6da345_169)] [added: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_187) [8](#i1dbda57415be44b18cc5ddfe80a25e34_187)] [— Asset Retirement [removed: Obligations](#ia74421c34733426cbc2b2efb9b6da345_169)] [added: Obligations](#i1dbda57415be44b18cc5ddfe80a25e34_187)] | | | [removed: [93](#ia74421c34733426cbc2b2efb9b6da345_169)] [added: [92](#i1dbda57415be44b18cc5ddfe80a25e34_187)] | | |

| [removed: [Note](#ia74421c34733426cbc2b2efb9b6da345_172) [9](#ia74421c34733426cbc2b2efb9b6da345_172)] [added: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_190) [9](#i1dbda57415be44b18cc5ddfe80a25e34_190)] [— Regulatory [removed: Matters](#ia74421c34733426cbc2b2efb9b6da345_172)] [added: Matters](#i1dbda57415be44b18cc5ddfe80a25e34_190)] | | | [removed: [94](#ia74421c34733426cbc2b2efb9b6da345_172)] [added: [93](#i1dbda57415be44b18cc5ddfe80a25e34_190)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_175)[0](#ia74421c34733426cbc2b2efb9b6da345_175)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_193)[0](#i1dbda57415be44b18cc5ddfe80a25e34_193)] [— Income [removed: Taxes](#ia74421c34733426cbc2b2efb9b6da345_175)] [added: Taxes](#i1dbda57415be44b18cc5ddfe80a25e34_193)] | | | [removed: [99](#ia74421c34733426cbc2b2efb9b6da345_175)] [added: [99](#i1dbda57415be44b18cc5ddfe80a25e34_193)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_181)[1](#ia74421c34733426cbc2b2efb9b6da345_181)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_199)[1](#i1dbda57415be44b18cc5ddfe80a25e34_199)] [— Earnings Per [removed: Share](#ia74421c34733426cbc2b2efb9b6da345_181)] [added: Share](#i1dbda57415be44b18cc5ddfe80a25e34_199)] | | | [removed: [103](#ia74421c34733426cbc2b2efb9b6da345_181)] [added: [103](#i1dbda57415be44b18cc5ddfe80a25e34_199)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_184)[2](#ia74421c34733426cbc2b2efb9b6da345_184)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_202)[2](#i1dbda57415be44b18cc5ddfe80a25e34_202)] [— Fair [removed: Value](#ia74421c34733426cbc2b2efb9b6da345_184)] [added: Value](#i1dbda57415be44b18cc5ddfe80a25e34_202)] | | | [removed: [104](#ia74421c34733426cbc2b2efb9b6da345_184)] [added: [104](#i1dbda57415be44b18cc5ddfe80a25e34_202)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_187)[3](#ia74421c34733426cbc2b2efb9b6da345_187)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_205)[3](#i1dbda57415be44b18cc5ddfe80a25e34_205)] [— Financial and Other Derivative [removed: Instruments](#ia74421c34733426cbc2b2efb9b6da345_187)] [added: Instruments](#i1dbda57415be44b18cc5ddfe80a25e34_205)] | | | [removed: [111](#ia74421c34733426cbc2b2efb9b6da345_187)] [added: [111](#i1dbda57415be44b18cc5ddfe80a25e34_205)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_190)[4](#ia74421c34733426cbc2b2efb9b6da345_190)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_208)[4](#i1dbda57415be44b18cc5ddfe80a25e34_208)] [— Long-Term [removed: Debt](#ia74421c34733426cbc2b2efb9b6da345_190)] [added: Debt](#i1dbda57415be44b18cc5ddfe80a25e34_208)] | | | [removed: [116](#ia74421c34733426cbc2b2efb9b6da345_190)] [added: [116](#i1dbda57415be44b18cc5ddfe80a25e34_208)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_196)[5](#ia74421c34733426cbc2b2efb9b6da345_196)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_214)[5](#i1dbda57415be44b18cc5ddfe80a25e34_214)] [— Preferred and Preference [removed: Securities](#ia74421c34733426cbc2b2efb9b6da345_196)] [added: Securities](#i1dbda57415be44b18cc5ddfe80a25e34_214)] | | | [removed: [120](#ia74421c34733426cbc2b2efb9b6da345_196)] [added: [119](#i1dbda57415be44b18cc5ddfe80a25e34_214)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_199)[6](#ia74421c34733426cbc2b2efb9b6da345_199)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_217)[6](#i1dbda57415be44b18cc5ddfe80a25e34_217)] [— Short-Term Credit Arrangements and [removed: Borrowings](#ia74421c34733426cbc2b2efb9b6da345_199)] [added: Borrowings](#i1dbda57415be44b18cc5ddfe80a25e34_217)] | | | [removed: [120](#ia74421c34733426cbc2b2efb9b6da345_199)] [added: [119](#i1dbda57415be44b18cc5ddfe80a25e34_217)] | | |

| [Note [removed: 1](#ia74421c34733426cbc2b2efb9b6da345_208)[8](#ia74421c34733426cbc2b2efb9b6da345_208)] [added: 1](#i1dbda57415be44b18cc5ddfe80a25e34_223)[8](#i1dbda57415be44b18cc5ddfe80a25e34_223)] [— Commitments and [removed: Contingencies](#ia74421c34733426cbc2b2efb9b6da345_208)] [added: Contingencies](#i1dbda57415be44b18cc5ddfe80a25e34_223)] | | | [removed: [125](#ia74421c34733426cbc2b2efb9b6da345_208)] [added: [124](#i1dbda57415be44b18cc5ddfe80a25e34_223)] | | |

| [Note [removed: 2](#ia74421c34733426cbc2b2efb9b6da345_217)[0](#ia74421c34733426cbc2b2efb9b6da345_217)] [added: 2](#i1dbda57415be44b18cc5ddfe80a25e34_232)[0](#i1dbda57415be44b18cc5ddfe80a25e34_232)] [— Retirement Benefits and Trusteed [removed: Assets](#ia74421c34733426cbc2b2efb9b6da345_217)] [added: Assets](#i1dbda57415be44b18cc5ddfe80a25e34_232)] | | | [removed: [132](#ia74421c34733426cbc2b2efb9b6da345_217)] [added: [131](#i1dbda57415be44b18cc5ddfe80a25e34_232)] | | |

| [Note [removed: 2](#ia74421c34733426cbc2b2efb9b6da345_220)[1](#ia74421c34733426cbc2b2efb9b6da345_220)] [added: 2](#i1dbda57415be44b18cc5ddfe80a25e34_235)[1](#i1dbda57415be44b18cc5ddfe80a25e34_235)] [— Stock-Based [removed: Compensation](#ia74421c34733426cbc2b2efb9b6da345_220)] [added: Compensation](#i1dbda57415be44b18cc5ddfe80a25e34_235)] | | | [removed: [142](#ia74421c34733426cbc2b2efb9b6da345_220)] [added: [141](#i1dbda57415be44b18cc5ddfe80a25e34_235)] | | |

| [removed: [Note 2](#ia74421c34733426cbc2b2efb9b6da345_223)[2](#ia74421c34733426cbc2b2efb9b6da345_223) [— Segment and Related Information](#ia74421c34733426cbc2b2efb9b6da345_223)] [added: 22] | | | [removed: [144](#ia74421c34733426cbc2b2efb9b6da345_223)] | | | [added: Segment and Related Information | | |]

| [removed: [Note 2](#ia74421c34733426cbc2b2efb9b6da345_226)[3](#ia74421c34733426cbc2b2efb9b6da345_226) [— Related Party Transactions](#ia74421c34733426cbc2b2efb9b6da345_226)] [added: 23] | | | [removed: [147](#ia74421c34733426cbc2b2efb9b6da345_226)] | | | [added: Related Party Transactions | | |]

| [Note [removed: 2](#ia74421c34733426cbc2b2efb9b6da345_229)[4](#ia74421c34733426cbc2b2efb9b6da345_229)] [added: 2](#i1dbda57415be44b18cc5ddfe80a25e34_244)[4](#i1dbda57415be44b18cc5ddfe80a25e34_244)] [— Supplementary Quarterly Financial Information [removed: (Unaudited)](#ia74421c34733426cbc2b2efb9b6da345_229)] [added: (Unaudited)](#i1dbda57415be44b18cc5ddfe80a25e34_244)] | | | [removed: [149](#ia74421c34733426cbc2b2efb9b6da345_229)] [added: [147](#i1dbda57415be44b18cc5ddfe80a25e34_244)] | | |

Management of DTE Energy carried out an evaluation, under the supervision and with the participation of DTE Energy's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of DTE Energy's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, [removed: 2021,] [added: 2022,] which is the end of the period covered by this report.

Management of DTE Energy has assessed the effectiveness of DTE Energy’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Based on this assessment, management concluded that, as of December 31, [removed: 2021,] [added: 2022,] DTE Energy’s internal control over financial reporting was effective based on those criteria.

The effectiveness of DTE Energy's internal control over financial reporting as of December 31, [removed: 2021] [added: 2022] has been audited by PricewaterhouseCoopers, LLP, an independent registered public accounting firm who also audited DTE Energy's financial statements, as stated in their report which appears herein.

| [Note 4 — Discontinued Operations](#i1dbda57415be44b18cc5ddfe80a25e34_169) | | | [83](#i1dbda57415be44b18cc5ddfe80a25e34_169) | | |

| [Note 5 — Revenue](#i1dbda57415be44b18cc5ddfe80a25e34_175) | | | [84](#i1dbda57415be44b18cc5ddfe80a25e34_175) | | |

| [Note 17 — Leases](#i1dbda57415be44b18cc5ddfe80a25e34_220) | | | [120](#i1dbda57415be44b18cc5ddfe80a25e34_220) | | |

| [Note](#i1dbda57415be44b18cc5ddfe80a25e34_226) [19](#i1dbda57415be44b18cc5ddfe80a25e34_226) [— Nuclear Operations](#i1dbda57415be44b18cc5ddfe80a25e34_226) | | | [130](#i1dbda57415be44b18cc5ddfe80a25e34_226) | | |

| [Note 2](#i1dbda57415be44b18cc5ddfe80a25e34_238)[2](#i1dbda57415be44b18cc5ddfe80a25e34_238) [— Segment and Related Information](#i1dbda57415be44b18cc5ddfe80a25e34_238) | | | [143](#i1dbda57415be44b18cc5ddfe80a25e34_238) | | |

| [Note 2](#i1dbda57415be44b18cc5ddfe80a25e34_241)[3](#i1dbda57415be44b18cc5ddfe80a25e34_241) [— Related Party Transactions](#i1dbda57415be44b18cc5ddfe80a25e34_241) | | | [146](#i1dbda57415be44b18cc5ddfe80a25e34_241) | | |

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | 4,180 | | | | | | 3,317 | | |

| | | | 2,155 | | | | | | 2,452 | | |

| | | | 28,767 | | | | | | 26,944 | | |

| Securitized regulatory assets | | | 206 | | | | | | — | | |

| | | | 7,581 | | | | | | 7,006 | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | 5,173 | | | | | | 6,346 | | |

| Securitization bonds | | | 172 | | | | | | — | | |

| | | | 16,873 | | | | | | 14,531 | | |

| | | | 10,236 | | | | | | 10,129 | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Net Income | | | $ | 1,083 | | | | | $ | 903 | | | | | $ | 1,371 | |

| Loss on extinguishment of debt | | | — | | | | | | 393 | | | | | | 6 | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Repurchase of common stock | | | (465) | | | | | | (55) | | | | | | — | | | | | | — | | | | | | — | | | | | | (55) | | |

| Balance, December 31, 2022 | | | 205,632 | | | | | | $ | 6,651 | | | | | $ | 3,808 | | | | | $ | (62) | | | | | $ | 4 | | | | | $ | 10,401 | |

(a)For additional details on the issuance of 11.9 million shares of common stock, refer to the Remarketable Senior Notes section of Note 14 to the Consolidated Financial Statements, "Long-Term Debt."

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

February 23, 2023

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| Nuclear decommissioning trust funds | | | 1,825 | | | | | | 2,071 | | |

| | | | 1,869 | | | | | | 2,115 | | |

| | | | 22,496 | | | | | | 21,173 | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [Note 4 — Dispositions and Impairments](#ia74421c34733426cbc2b2efb9b6da345_151) | | | [82](#ia74421c34733426cbc2b2efb9b6da345_151) | | |

| [Note 5 — Revenue](#ia74421c34733426cbc2b2efb9b6da345_154) | | | [85](#ia74421c34733426cbc2b2efb9b6da345_154) | | |

| [Note 1](#ia74421c34733426cbc2b2efb9b6da345_202)[7](#ia74421c34733426cbc2b2efb9b6da345_202) [— Leases](#ia74421c34733426cbc2b2efb9b6da345_202) | | | [121](#ia74421c34733426cbc2b2efb9b6da345_202) | | |

| [Note](#ia74421c34733426cbc2b2efb9b6da345_211) [19](#ia74421c34733426cbc2b2efb9b6da345_211) [— Nuclear Operations](#ia74421c34733426cbc2b2efb9b6da345_211) | | | [131](#ia74421c34733426cbc2b2efb9b6da345_211) | | |

| Financial Statement Schedule | | | | | |

| [Schedule II — Valuation and Qualifying Accounts](#ia74421c34733426cbc2b2efb9b6da345_271) | | | [162](#ia74421c34733426cbc2b2efb9b6da345_271) | | |

February 10, 2022

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Current assets of discontinued operations | | | — | | | | | | 217 | | |

| | | | 3,317 | | | | | | 3,498 | | |

| | | | 2,452 | | | | | | 2,228 | | |

| | | | 26,944 | | | | | | 24,499 | | |

| Noncurrent assets of discontinued operations | | | — | | | | | | 7,859 | | |

| | | | 7,006 | | | | | | 15,271 | | |

| | | | 6,346 | | | | | | 2,691 | | |

| | | | 14,531 | | | | | | 19,001 | | |

| Noncurrent liabilities of discontinued operations | | | — | | | | | | 836 | | |

| | | | 10,129 | | | | | | 11,215 | | |

| Noncontrolling interests of discontinued operations | | | — | | | | | | 154 | | |

| Issuance of equity units, net of issuance costs | | | — | | | | | | — | | | | | | 1,265 | | |

| Purchases of noncontrolling interest, principally SGG | | | — | | | | | | — | | | | | | (300) | | |

| Premium on equity units | | | $ | — | | | | | $ | — | | | | | $ | 150 | |

_______________________________________

| Balance, December 31, 2018 | | | 181,925 | | | | | | $ | 4,245 | | | | | $ | 6,112 | | | | | $ | (120) | | | | | $ | 480 | | | | | $ | 10,717 | |

| Implementation of ASU 2018-02 | | | — | | | | | | — | | | | | | 25 | | | | | | (25) | | | | | | — | | | | | | — | | |

| Premium on equity units | | | — | | | | | | (150) | | | | | | — | | | | | | — | | | | | | — | | | | | | (150) | | |

| Issuance costs of equity units | | | — | | | | | | (30) | | | | | | — | | | | | | — | | | | | | — | | | | | | (30) | | |

| Contribution of common stock to pension plan | | | 815 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | |

| Purchase of noncontrolling interests, principally SGG | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (297) | | | | | | (300) | | |

| | | | 1,535 | | | | | | 1,527 | | |

| | | | 2,115 | | | | | | 1,897 | | |

| | | | 21,173 | | | | | | 19,121 | | |

| | | | 3,582 | | | | | | 3,968 | | |

| | | | 1,643 | | | | | | 1,380 | | |

| | | | 8,598 | | | | | | 7,787 | | |

| | | | 9,261 | | | | | | 9,276 | | |

Information required of DTE Energy by Part III (Items 10, 11, 12, 13, and 14) of this Form 10-K is incorporated by reference from DTE Energy’s definitive Proxy Statement for its [removed: 2022] [added: 2023] Annual Meeting of Shareholders to be held May [removed: 5, 2022.][added: 4, 2023.]

Information required of DTE Electric by Part III (Items 10, 11, 12, and 13) of this Form 10-K is omitted per General Instruction [removed: I (2) (c)] [added: I(2)(c)] of Form 10-K for wholly-owned subsidiaries (reduced disclosure format).

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

The following table presents fees for professional services rendered by PricewaterhouseCoopers LLP (PwC) for the audit of DTE Electric’s consolidated annual financial statements for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] and fees billed for other services rendered by PwC during those periods.

| Audit fees(a) | | | $ | [removed: 1,579,000] [added: 1,535,000] | | | | | $ | [removed: 1,492,572] [added: 1,579,000] | |

| Audit-related fees(b) | | | [removed: 87,000] [added: 267,000] | | | | | | [removed: 12,000] [added: 87,000] | | |

| Total | | | $ | [removed: 1,666,000] [added: 1,802,000] | | | | | $ | [removed: 1,504,572] [added: 1,666,000] | |

| | | | 2022 | | | | | | 2021 | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | 2021 | | | | | | 2020 | | |

[removed: (c)Exhibits.][added: (b)Exhibits.]

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex41.htm)] | | | | | | [removed: Description] [added: [Description] of the [removed: Company’s] [added: Company's] 2017 Series E 5.25% Junior Subordinated Debentures due 2077 [added: (Exhibit 4.1 to DTE Energy's Form 10-K for the year ended December 31, 2021)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex41.htm)] | | | | | | X | | | | | | | | |

| [removed: [4.2](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex42.htm)] | | | | | | [removed: Description] [added: [Description] of the Company’s 2021 Series E 4.375% Junior Subordinated [removed: Debentures due] [added: Debentures](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm) [due] 2081 [added: (Exhibit 4.2 to DTE Energy’s Form 10-K for the year ended December 31, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)] | | | | | | X | | | | | | | | |

| [removed: [4.3](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex43.htm)] | | | | | | [removed: Fifty-second] [added: [Fifty-second] Supplemental Indenture dated as of November 1, 2021, to Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944, between DTE Gas Company and Citibank, N.A., trustee. [added: (Exhibit 4.3 to DTE Energy’s Form 10-K for the year ended December 31, 2022)] (2021 Series C and [removed: D)] [added: D)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex43.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex101.htm)] [added: 10(l)] | | | | | | [removed: Amendment No. 1 to Fourth] [added: [Fifth] Amended and Restated Five-Year Credit Agreement, dated as of [removed: March 26, 2021,] [added: October 25, 2022,] by and among DTE Energy [removed: Company and] [added: Company,] the lenders party thereto, [added: and] Citibank, N.A., as Administrative Agent [removed: and as Sole Book Runner] [added: (Exhibit 10.1 to DTE Energy Company’s Form 10-Q for the quarter ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex101.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex102.htm)] [added: 10(n)] | | | | | | [removed: Amendment No. 1 to Fourth] [added: [Fifth] Amended and Restated Five-Year Credit Agreement, dated as of [removed: March 26, 2021,] [added: October 25, 2022,] by and among DTE Electric [removed: Company and] [added: Company,] the lenders party [removed: thereto,Citibank,] [added: thereto, and Citibank,] N.A., as Administrative Agent [added: (Exhibit 10.2 to DTE Energy Company’s] and [removed: as Sole Book Runner] [added: DTE Electric Company’s Form 10-Q for the quarter ended September 30, 2022](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex102.htm))] | | | | | | [added: X] | | | | | | X | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex103.htm)] [added: 10(m)] | | | | | | [removed: Amendment No. 1 to Fourth] [added: [Fifth] Amended and Restated Five-Year Credit Agreement, dated as of [removed: March 26, 2021,] [added: October 25, 2022,] by and among DTE Gas [removed: Company and] [added: Company,] the lenders party thereto, [added: and] Citibank, N.A., as Administrative Agent [removed: and as Sole Book Runner] [added: (Exhibit 10.3 to DTE Energy Company’s Form 10-Q for the quarter ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex103.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.4](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex104.htm)] [added: 10(k)] | | | | | | [removed: Amendment No. 2 to Fourth Amended and Restated Five-Year] [added: [Term Loan] Credit [removed: Agreement,] [added: Agreement] dated as of June [removed: 3, 2021, by and] [added: 24, 2022] among DTE Energy [removed: Company and] [added: Company,] the lenders party thereto, [removed: Citibank, N.A.,] [added: and The Bank of Nova Scotia] as Administrative Agent [removed: and as Sole Book Runner] [added: (Exhibit 10.4 to DTE Energy Company’s Form 10-Q for the quarter ended June 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex104.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.6](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex106.htm)] [added: 10(i)] | | | | | | [removed: DTE] [added: [DTE] Energy Company Deferred Stock Compensation Plan for Non-Employee Directors [added: dated] as [removed: Amended and Restated, effective January 1, 2022] [added: of December 8, 2021 (Exhibit 10.6 to DTE Energy’s Form 10-K for the year ended December 31, 2021)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex106.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.7](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex107.htm)] | | | | | | [removed: Third] [added: [Third] Amendment to the DTE Energy Company Supplemental Retirement Plan (Amended and [removed: Restated, effective as of] [added: Restated Effective] January 1, 2005) dated as of February 23, 2018 [added: (Exhibit 10.7 to DTE Energy’s Form 10-K for the year ended December 31, 2021)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex107.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.8](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex108.htm)] | | | | | | [removed: Fourth] [added: [Fourth] Amendment to the DTE Energy Company Supplemental Retirement Plan (Amended and [removed: Restated, effective as of] [added: Restated Effective] January 1, 2005) dated as of November 16, 2021 [added: (Exhibit 10.8 to DTE Energy’s Form 10-K for the year ended December 31, 2021)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex108.htm)] | | | | | | X | | | | | | | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex211-subsidiaries.htm)] | | | | | | Subsidiaries of DTE Energy | | | | | | X | | | | | | | | |

| [removed: [23.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex231.htm)[1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex231-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | X | | | | | | | | |

| [removed: [23.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex232.htm)[2](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex232.htm)] [added: [23.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex232-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | | | | | | | X | | |

| [removed: [31.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex311.htm)[1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex311-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex312-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex313.htm)] [added: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex313-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [31.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex314.htm)[4](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex314.htm)] [added: [31.4](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex314-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex321.htm)[1](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex321-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex322-906certific.htm)] | | | | | | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex323.htm)[3](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex323.htm)] [added: [32.3](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex323-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex324.htm)[4](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex324.htm)] [added: [32.4](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex324-906certific.htm)] | | | | | | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: 2(a)] | | | | | | [removed: [Separation and Distribution Agreement,] [added: [Form of Change-In-Control Severance Agreement] dated [removed: June 25, 2021,] [added: as of July 1, 2014,] between DTE Energy Company and [removed: DT Midstream, Inc.] [added: Tracy J. Myrick] (Exhibit [removed: 2.1] [added: 10-90] to DTE Energy’s Form [removed: 8-K dated July 1, 2021).](https://www.sec.gov/Archives/edgar/data/936340/000119312521205726/d139921dex21.htm)] [added: 10-Q for the quarter ended June 30, 2014)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of June 1, 2019, to the Amended and Restated Indenture, dated as of April 9, 2001, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-306 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2019). (2019 [removed: Series B and C)](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm) [C)](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of November 1, 2019, to the Amended and Restated Indenture, dated as of April 9, 2001, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-310 to DTE Energy’s Form 10-K for the year ended December 31, 2019). (2019 [removed: Series G and H)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm)] [added: Series](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm) [H)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of [removed: October] [added: August] 1, [removed: 2020,] [added: 2022,] to the Amended and Restated [removed: Indenture,] [added: Indenture] dated as of April 9, [removed: 1924,] [added: 2001 and amending the Series F Supplemental Indenture dated as of November 1, 2019, by and] between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit [removed: 4-319] [added: 4.1] to DTE Energy’s Form 10-Q for the quarter ended September 30, [removed: 2020). (2020] [added: 2022) (2019] Series [removed: H)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4319.htm)] [added: F)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex41.htm)] | | | | | | X | | | | | | | | |

| [added: 10(q)] | | | | | | [removed: [Description of] [added: [Certain arrangements pertaining to] the [removed: Company’s] [added: employment of Gerardo Norcia, dated July 1,] 2019 [removed: 6.25% Corporate Units] (Exhibit [removed: 4-313 to DTE (Exhibit 4-313] [added: 10.107] to DTE [removed: Energy’s] [added: Energy's] Form 10-K for the year ended December 31, [removed: 2019](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4313.htm))] [added: 2019)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000127/a20191231ex10107.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Description of the Company’s 2020 Series G 4.375% Junior Subordinated Debentures due 2080 (Exhibit 4.321 to [removed: DTE energy’s] [added: DTE](https://www.sec.gov/Archives/edgar/data/28385/000093634021000112/a20201231ex4321.htm) [E](https://www.sec.gov/Archives/edgar/data/28385/000093634021000112/a20201231ex4321.htm)[nergy’s] Form 10-K for the year ended December 31, 2020)](https://www.sec.gov/Archives/edgar/data/28385/000093634021000112/a20201231ex4321.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture, dated as of [removed: February 29, 1992,] [added: August 15, 2011,] to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, [removed: N.A.,] [added: N.A.] as successor trustee (Exhibit [removed: 4-187] [added: 4-277] to Detroit Edison's Form 10-Q for the quarter ended [removed: March 31, 1998). (1992] [added: September 30, 2011). (2011] Series [removed: AP)](http://www.sec.gov/Archives/edgar/data/28385/0000950124-98-002380.txt)] [added: D, E, and F)](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental [removed: Indenture,] [added: Indenture] dated as of [removed: August 15, 2011,] [added: June 20, 2012,] to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, [removed: N.A.] [added: N.A.,] as successor trustee (Exhibit [removed: 4-277] [added: 4-279] to Detroit Edison's Form 10-Q for the quarter ended [removed: September] [added: June] 30, [removed: 2011). (2011 Series D,](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm) [E,](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm) [and](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm) [F)](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm)] [added: 2012). (2012 Series](http://www.sec.gov/Archives/edgar/data/28385/000002838512000013/detroitedisonex_4-279.htm) [B)](http://www.sec.gov/Archives/edgar/data/28385/000002838512000013/detroitedisonex_4-279.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture dated as of [removed: June 20, 2012,] [added: February 1, 2022,] to the Mortgage and Deed of [removed: Trust,] [added: Trust] dated as of October 1, 1924, between [removed: The Detroit Edison] [added: DTE Electric] Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit [removed: 4-279] [added: 4.1] to [removed: Detroit Edison's] [added: DTE Energy's and DTE Electric’s] Form [removed: 10-Q for the quarter ended June 30, 2012). (2012] [added: S-3 filed April 8, 2022) (2022] Series A and [removed: B)](http://www.sec.gov/Archives/edgar/data/28385/000002838512000013/detroitedisonex_4-279.htm)] [added: Green Series B)](https://www.sec.gov/Archives/edgar/data/28385/000119312522100154/d319196dex41.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Sixth Supplemental Indenture dated as of April 1, 2008, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-241 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2008). [removed: (](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w241.htm)[6.44%] [added: (6.44%] Senior Notes, 2008 Series C due 2023)](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w241.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Thirty-ninth Supplemental Indenture, dated as of April 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-240 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2008). (2008 [removed: Series](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w240.htm) [C] [added: Series C] Collateral Bonds)](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w240.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Fortieth Supplemental Indenture, dated as of June [removed: 1,] [added: 1](http://www.sec.gov/Archives/edgar/data/936340/000095015208006181/k33717exv4w242.htm)[,] 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-242 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2008). (2008 Series F Collateral Bonds)](http://www.sec.gov/Archives/edgar/data/936340/000095015208006181/k33717exv4w242.htm) | | | | | | X | | | | | | | | |

| 10(a) | | | | | | [Form of Indemnification Agreement between DTE Energy Company and [removed: each](http://www.sec.gov/Archives/edgar/data/936340/000095012407006171/k22182exv10w1.htm) [Executive Officer](http://www.sec.gov/Archives/edgar/data/936340/000095012407006171/k22182exv10w1.htm) [and] [added: each Executive Officer and] non-employee [removed: Director](http://www.sec.gov/Archives/edgar/data/936340/000095012407006171/k22182exv10w1.htm) [(Exhibit] [added: Director (Exhibit] 10-1 to DTE Energy’s Form 8-K dated December 6, 2007)](http://www.sec.gov/Archives/edgar/data/936340/000095012407006171/k22182exv10w1.htm) | | | | | | X | | | | | | | | |

| [removed: 10(d)] [added: 10(b)] | | | | | | [DTE Energy Company Annual Incentive [removed: Plan (Exhibit 10-44 to DTE Energy’s Form 10-Q] [added: Plan](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [Restated Effective July 1, 2022](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [(Exhibit](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [10.5](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [to DTE](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [Energy's](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [10-Q] for the quarter [removed: ended March 31, 2001)](http://www.sec.gov/Archives/edgar/data/28385/000095012401500986/k60558ex10-44.htm)] [added: ended](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm) [June 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000177/a20220630ex105.htm)] | | | | | | X | | | | | | | | |

| [removed: 10(e)] [added: 10(c)] | | | | | | [DTE Energy Company Long-Term Incentive Plan Amended and Restated Effective May 20, 2021 (Exhibit 4.3 to DTE Energy's Form S-8 filed on December 21, 2021)](https://www.sec.gov/Archives/edgar/data/936340/000093634021000261/s-82021ltipexhibit43.htm) | | | | | | X | | | | | | | | |

| [removed: 10(f)] [added: 10(d)] | | | | | | [DTE Energy Affiliates Nonqualified Plans Master Trust, effective as of August 15, 2013 (Exhibit 10-87 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2013)](http://www.sec.gov/Archives/edgar/data/936340/000093634013000138/a2013930ex1087.htm) | | | | | | X | | | | | | | | |

| [removed: 10(g)] [added: 10(e)] | | | | | | [DTE Energy Company Executive Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.75 to DTE Energy’s Form 10-K for the year ended December 31, 2008)](http://www.sec.gov/Archives/edgar/data/936340/000095015209001957/k47322exv10w75.htm) | | | | | | X | | | | | | | | |

| [removed: 10(h)] [added: 10(f)] | | | | | | [DTE Energy Company Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.76 to DTE Energy’s Form 10-K for the year ended December 31, 2008)](http://www.sec.gov/Archives/edgar/data/936340/000095015209001957/k47322exv10w76.htm) | | | | | | X | | | | | | | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| | | | | | | [Fifty-third Supplemental Indenture dated as of September 1, 2022, to Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944, between DTE Gas Company and Citibank, N.A., trustee (Exhibit 4.2 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2022). (2022 Series C and D)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex42.htm) | | | | | | X | | | | | | | | |

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

See "Item 8 — Financial Statements and Supplementary Data."

(b)Financial statement schedule.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Exhibit Number | | | | | | Description | | | | | | DTE Energy | | | | | | DTE Electric | | |

| [10.5](https://www.sec.gov/Archives/edgar/data/936340/000093634022000077/a20211231ex105.htm) | | | | | | Credit Agreement, dated as of December 22, 2021, by and among DTE Energy Company and the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and as Sole Book Runner, and JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia as Co-Lead Arrangers | | | | | | X | | | | | | | | |

| 10(b) | | | | | | Certain arrangements pertaining to the employment of Gerard M. Anderson with The Detroit Edison Company, dated October 6, 1993 (Exhibit 10-48 to The Detroit Edison Company's Form 10-K for the year ended December 31, 1993) | | | | | | X | | | | | | X | | |

| 10(c) | | | | | | [Certain arrangements pertaining to the employment of David E. Meador with The Detroit Edison Company, dated January 14, 1997 (Exhibit 10-5 to The Detroit Edison Company’s Form 10-K for the year ended December 31, 1996)](http://www.sec.gov/Archives/edgar/data/28385/0000950124-97-001779.txt) | | | | | | X | | | | | | X | | |

| 10(l) | | | | | | [Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Energy Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit 10.01 to DTE Energy Company’s Form 8-K filed April 16, 2019](https://www.sec.gov/Archives/edgar/data/936340/000093634019000128/dte_dteenergyfourtharcredi.htm)) | | | | | | X | | | | | | | | |

| 10(m) | | | | | | [Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Gas Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit 10.02 to DTE Energy Company’s Form 8-K filed April 16, 2019)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634019000128/dte_dtegasfourtharcreditag.htm) | | | | | | X | | | | | | | | |

| 10(n) | | | | | | [Form of Fourth Amended and Restated Five-Year Credit Agreement, dated as of April 15, 2019, by and among DTE Electric Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit 10.01 to DTE Energy Company’s and DTE Electric Company’s Form 8-K filed April 16, 2019)](https://www.sec.gov/Archives/edgar/data/28385/000093634019000127/dte_dteelectricfourtharcre.htm) | | | | | | X | | | | | | X | | |

| | | | | | | [Form of Change-In-Control Severance Agreement dated as of July 1, 2014, between DTE Energy Company and](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm) [Tracy](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm) [J. Myrick](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm) [(Exhibit 10-9](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm)[0](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm) [to DTE Energy’s Form 10-Q for the quarter ended June 30, 2014)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm) | | | | | | | | | | | | | | |

| 10(p) | | | | | | [Certain arrangements pertaining to the employment of Gerardo Norcia, dated July 1, 2019 (Exhibit 10.107 to DTE Energy's Form 10-K for the year ended December 31, 2019)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000127/a20191231ex10107.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Tax Matters Agreement, dated June 25, 2021, between DTE Energy Company and DT Midstream, Inc. (Exhibit 10.2 to DTE Energy Company’s Form 8-K filed on July 1, 2021)](https://www.sec.gov/Archives/edgar/data/936340/000119312521205726/d139921dex102.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Employee Matters Agreement, dated June 25, 2021, between DTE Energy Company and DT Midstream, Inc. (Exhibit 10.3 to DTE Energy Company’s Form 8-K filed on July 1, 2021)](https://www.sec.gov/Archives/edgar/data/936340/000119312521205726/d139921dex103.htm) | | | | | | X | | | | | | | | |

| | | | | | | Gerardo Norcia [removed: President] [added: Chairman, President,] and Chief Executive Officer | | |

Date: February [removed: 10, 2022][added: 23, 2023]

| | | | Gerardo Norcia [removed: President,] Chief Executive [removed: Officer,] [added: Officer] and Director (Principal Executive Officer) | | | | | | | | | David Ruud Senior Vice [removed: President and] [added: President,] Chief Financial [removed: Officer] [added: Officer, and Director] (Principal Financial Officer) | | |

| By: | | | /S/ TRACY J. MYRICK | | | | | | [removed: By:] | | | [removed: /S/ RUTH G. SHAW] | | |

| | | | Tracy J. Myrick Chief Accounting Officer (Principal Accounting Officer) | | | | | | | | | [removed: Ruth G. Shaw, Director] | | |

| By: | | | /S/ [removed: GERARD M. ANDERSON] [added: DAVID A. BRANDON] | | | | | | By: | | | /S/ ROBERT C. SKAGGS, JR. | | |

| | | | [removed: Gerard M. Anderson] [added: David A. Brandon, Director] | | | | | | | | | Robert C. Skaggs, Jr., Director | | |

| | | | [removed: David A. Brandon,] [added: Charles G. McClure Jr.,] Director | | | | | | | | | David A. Thomas, Director | | |

| By: | | | /S/ CHARLES G. MCCLURE JR. | | | | | | By: | | | /S/ [removed: GARY TORGOW] [added: DAVID A. THOMAS] | | |

| | | | Gail J. McGovern, Director | | | | | | | | | [removed: James H. Vandenberghe,] [added: Gary Torgow,] Director | | |

| | | | Mark A. Murray, Director | | | | | | | | | [removed: Valerie M. Williams,] [added: James H. Vandenberghe,] Director | | |

| | | | Gerardo Norcia [added: Chairman, President,] Chief Executive Officer, and Director (Principal Executive Officer) | | | | | | | | | David Ruud [added: Senior Vice President and] Chief Financial [removed: Officer, and Director] [added: Officer] (Principal Financial Officer) | | |

No annual report, proxy statement, form of proxy, or other proxy soliciting material has been sent to security holders of DTE Electric Company during the period covered by this Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2021.][added: 2022.]

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

| By: | | | /S/ GAIL J. MCGOVERN | | | | | | By: | | | /S/ GARY TORGOW | | |

| By: | | | /S/ MARK A. MURRAY | | | | | | By: | | | /S/ JAMES H. VANDENBERGHE | | |

| By: | | | /S/ RUTH G. SHAW | | | | | | By: | | | /S/ VALERIE M. WILLIAMS | | |

| | | | Ruth G. Shaw, Director | | | | | | | | | Valerie M. Williams, Director | | |

Date: February 23, 2023

[Table of Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)

Date: February 23, 2023

Date: February 23, 2023

DTE Energy Company

Schedule II — Valuation and Qualifying Accounts

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ending December 31, | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

| | | | (In millions) | | | | | | | | | | | | | | |

| Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | | | | | | | | | | | | | | | | | |

| Balance at Beginning of Period | | | $ | 104 | | | | | $ | 83 | | | | | $ | 91 | |

| Additions: | | | | | | | | | | | | | | | | | |

| Charged to costs and expenses | | | 54 | | | | | | 105 | | | | | | 103 | | |

| Charged to other accounts(a) | | | 61 | | | | | | 50 | | | | | | 56 | | |

| Deductions(b) | | | (127) | | | | | | (134) | | | | | | (167) | | |

| Balance at End of Period | | | $ | 92 | | | | | $ | 104 | | | | | $ | 83 | |

_______________________________________

(a)Collection of accounts previously written off

(b)Uncollectible accounts written off.

DTE Electric Company

| Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Electric's Consolidated Statements of Financial Position) | | | | | | | | | | | | | | | | | |

| Balance at Beginning of Period | | | $ | 57 | | | | | $ | 46 | | | | | $ | 53 | |

| Charged to costs and expenses | | | 36 | | | | | | 61 | | | | | | 65 | | |

| Charged to other accounts(a) | | | 38 | | | | | | 30 | | | | | | 36 | | |

| Deductions(b) | | | (77) | | | | | | (80) | | | | | | (108) | | |

| Balance at End of Period | | | $ | 54 | | | | | $ | 57 | | | | | $ | 46 | |

(a)Collection of accounts previously written off.

| | | | | | | | | | | | | | | |

| | | | Executive Chairman, and Director | | | | | | | | | | | |

| By: | | | /S/ DAVID A. BRANDON | | | | | | By: | | | /S/ DAVID A. THOMAS | | |

| | | | Charles G. McClure Jr., Director | | | | | | | | | Gary Torgow, Director | | |

| By: | | | /S/ GAIL J. MCGOVERN | | | | | | By: | | | /S/ JAMES H. VANDENBERGHE | | |

| By: | | | /S/ MARK A. MURRAY | | | | | | By: | | | /S/ VALERIE M. WILLIAMS | | |