DTE Energy (DTE) 10-K risk factor changes: FY2023 vs FY2022

The Registrants cannot predict what rates the MPSC will authorize in future rate [removed: cases.][added: cases, and unfavorable rate relief could impact our plans for significant capital investment.]

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

*A work interruption may adversely affect the Registrants.* There are several bargaining units for DTE Energy's approximately [removed: 5,050] [added: 4,900] and DTE Electric's approximately [removed: 2,600] [added: 2,550] represented employees.

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

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

DTE Energy also expects to grow the non-utility businesses [added: over the long-term] by developing or acquiring [added: projects related to] renewable [removed: energy] [added: energy, carbon capture] and [added: sequestration, and] customer energy [removed: solutions projects over the long term;] [added: solutions;] however, such opportunities may not materialize as anticipated.

In addition, the [removed: Registrants have an aging utility workforce, and the] failure of a successful transfer of knowledge and expertise [added: from any departing employees] could negatively impact [removed: their] [added: the Registrants'] operations.

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[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

DTE Energy must also comply with the state of Michigan's requirement to meet a 100% clean energy standard by 2040.

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

Rising interest rates could also reduce investor interest in DTE Energy's common stock, negatively impacting its share price and increasing its cost of equity.

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

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DTE Energy is a diversified energy company with [removed: 2022] [added: 2023] Operating Revenues of approximately [removed: $19.2] [added: $12.7] billion and Total Assets of approximately [removed: $42.7] [added: $44.8] billion.

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Net Income Attributable to DTE Energy Company — Continuing operations | | | $ | [removed: 1,083] [added: 1,397] | | | | | $ | [removed: 796] [added: 1,083] | | | | | $ | [removed: 1,054] [added: 796] | |

| Diluted Earnings per Common Share — Continuing operations | | | $ | [removed: 5.52] [added: 6.76] | | | | | $ | [removed: 4.10] [added: 5.52] | | | | | $ | [removed: 5.45] [added: 4.10] | |

The [removed: decrease] [added: increase] in [removed: 2021] [added: 2023] Net Income Attributable to DTE Energy Company was primarily due to [added: higher earnings in the Energy Trading, DTE Vantage, and Gas segments, partially offset by] lower earnings in the [added: Electric and] Corporate and Other [removed: segment, driven primarily by losses on the extinguishment of debt incurred in 2021.][added: segments.]

DTE Energy plans to reduce the carbon emissions of its electric utility operations by [removed: 32% by 2023,] 65% in 2028, 85% in [removed: 2035,] [added: 2032,] and 90% by 2040 from 2005 carbon emissions levels.

DTE Energy plans to end its use of coal-fired power plants in [removed: 2035] [added: 2032] and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.

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

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

DTE Energy also aims to help DTE Gas customers reduce their emissions by [added: approximately] 35% by 2040 by increasing energy efficiency, pursuing advanced technologies such as hydrogen and 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.

[removed: DTE Energy expects] [added: To support] its goals for customer [removed: affordability] [added: affordability, DTE Energy is working] to [removed: be aided by] [added: implement] operational efficiencies and [removed: new] [added: optimize] opportunities [removed: resulting] from the Inflation Reduction Act [removed: enacted in August 2022.][added: to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration.]

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

DTE Electric's capital investments over the [removed: 2023-2027] [added: 2024-2028] period are estimated at [removed: $18] [added: $20] billion, comprised of $9 billion for distribution infrastructure, $4 billion for base infrastructure, and [removed: $5] [added: $7] billion for cleaner generation including renewables.

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

The four units at the Monroe facility are expected to be retired in two stages in 2028 and [removed: 2035.][added: 2032.]

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

DTE Gas' capital investments over the [removed: 2023-2027] [added: 2024-2028] period are estimated at [removed: $3.6] [added: $3.7] billion, comprised of [removed: $2] [added: $2.1] billion for base infrastructure and $1.6 billion for the gas renewal program, which includes main and service renewals, meter move-out, and pipeline integrity 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: 2023-2027] [added: 2024-2028] for renewable energy and custom energy solutions, while expanding into carbon capture and sequestration.

Segment information, described below, includes intercompany [removed: revenues and] [added: revenues,] expenses, and other income and deductions that are eliminated in the Consolidated Financial Statements.

| Electric | | | $ | [removed: 956] [added: 772] | | | | | $ | [removed: 864] [added: 956] | | | | | $ | [removed: 777] [added: 864] | |

| Gas | | | [removed: 272] [added: 294] | | | | | | [removed: 214] [added: 272] | | | | | | [removed: 186] [added: 214] | | |

| DTE Vantage | | | [removed: 92] [added: 153] | | | | | | [removed: 168] [added: 92] | | | | | | [removed: 134] [added: 168] | | |

| Energy Trading | | | [removed: (92)] [added: 336] | | | | | | [removed: (83)] [added: (92)] | | | | | | [removed: 36] [added: (83)] | | |

| Corporate and Other | | | [removed: (145)] [added: (158)] | | | | | | [removed: (367)] [added: (145)] | | | | | | [removed: (79)] [added: (367)] | | |

| Income From Continuing Operations | | | [removed: 1,083] [added: 1,397] | | | | | | [removed: 796] [added: 1,083] | | | | | | [removed: 1,054] [added: 796] | | |

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

| Net Income Attributable to DTE Energy Company | | | $ | [removed: 1,083] [added: 1,397] | | | | | $ | [removed: 907] [added: 1,083] | | | | | $ | [removed: 1,368] [added: 907] | |

| Operating Revenues — [removed: Utility] [added: Non-utility] operations | | | $ | [removed: 6,397] [added: 809] | | | | | $ | [removed: 5,809] [added: 848] | | | | | $ | [removed: 5,506] [added: 1,482] | |

| Fuel and purchased power — utility | | | [removed: 1,978] [added: 1,481] | | | | | | [removed: 1,531] [added: 1,978] | | | | | | [removed: 1,386] [added: 1,531] | | |

| Operating Revenues — Non-utility operations | | | [removed: 15] [added: $] | [added: 4,612] | | | | | [removed: 12] [added: $] | [added: 10,308] | | | | | [removed: 14] [added: $] | [added: 6,831] | |

| Operation and maintenance | | | [removed: 1,564] [added: 1,417] | | | | | | [removed: 1,556] [added: 1,564] | | | | | | [removed: 1,489] [added: 1,556] | | |

| Depreciation and amortization | | | [removed: 1,218] [added: 1,340] | | | | | | [removed: 1,122] [added: 1,218] | | | | | | [removed: 1,057] [added: 1,122] | | |

| Taxes other than income | | | 339 | | | | | | [removed: 321] [added: 339] | | | | | | [removed: 297] [added: 321] | | |

| Asset (gains) losses and impairments, net | | | [removed: 8] [added: 27] | | | | | | [removed: 1] [added: 8] | | | | | | [removed: 41] [added: 1] | | |

| Operating Income | | | [removed: 1,305] [added: 1,214] | | | | | | [removed: 1,290] [added: 1,305] | | | | | | [removed: 1,250] [added: 1,290] | | |

| Other (Income) and Deductions | | | [removed: 324] [added: 364] | | | | | | [removed: 322] [added: 324] | | | | | | [removed: 365] [added: 322] | | |

| Income Tax Expense | | | [removed: 25] [added: 78] | | | | | | [removed: 104] [added: 25] | | | | | | [removed: 108] [added: 104] | | |

| Net Income Attributable to DTE Energy Company | | | $ | [removed: 956] [added: 772] | | | | | $ | [removed: 864] [added: 956] | | | | | $ | [removed: 777] [added: 864] | |

Differences between the Electric segment and DTE Electric's Consolidated Statements of Operations are primarily due to non-utility operations at DTE Sustainable Generation [added: (some of which includes intra-segment activity that is eliminated in consolidation)] and the classification of certain benefit costs.

Revenues associated with certain mechanisms and [removed: surcharges] [added: surcharges, including recovery of fuel and purchased power,] are offset by related expenses elsewhere in the Registrants' Consolidated Statements of Operations.

Additionally, as a result of legislation passed by the state of Michigan in the fourth quarter 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040.

Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere.

The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035.

DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan to comply with the new requirements.

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Voluntary Separation Incentive Program

In January 2024, DTE Energy announced a voluntary separation incentive program ("VSIP") for certain non-represented employees within the electric and gas utilities and corporate support organizations.

Under the program, employees can elect a benefits and compensation package and exit the company to retire or pursue other opportunities.

DTE Energy currently expects the VSIP to result in approximately $40 to $50 million of one-time costs in the first half of 2024, primarily in the first quarter.

The costs will be allocated to Operation and maintenance expense primarily at the Electric and Gas segments.

Actual costs may differ from current estimates as elections under the VSIP are finalized.

For the remainder of 2024, cost savings from the VSIP are expected to offset a portion of the one-time costs incurred early in the year.

Over the long-term, cost savings from the VSIP will support DTE Energy's goals for customer affordability.

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| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

| Operating Revenues | | | | | | | | | | | | | | | | | |

| Utility operations | | | $ | 5,804 | | | | | $ | 6,397 | | | | | $ | 5,809 | |

| | | | 5,818 | | | | | | 6,412 | | | | | | 5,821 | | |

| Operating Expenses | | | | | | | | | | | | | | | | | |

| | | | 4,604 | | | | | | 5,107 | | | | | | 4,531 | | |

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

*Operating Revenues* decreased $594 million in 2023 and increased $591 million in 2022.

The change in both periods was due to the following:

| | | | 2023 | | | | | | 2022 | | |

| Power Supply Cost Recovery | | | $ | (287) | | | | | $ | 365 | |

| Interconnection sales | | | (128) | | | | | | 164 | | |

| Tree trim voluntary refund in 2021 | | | — | | | | | | 90 | | |

| Rate mix | | | 63 | | | | | | (6) | | |

| Other regulatory mechanisms and other(a) | | | 25 | | | | | | 13 | | |

| | | | $ | (594) | | | | | $ | 591 | |

(a)Primarily includes regulatory mechanisms relating to EWR, RPS, and TRM.

Revenue results are impacted by changes in sales volumes, which are summarized in the table below:

| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

DTE Electric sales and deliveries decreased in 2023 primarily due to unfavorable weather compared to 2022.

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

*Fuel and purchased power — utility* expense decreased $497 million in 2023 and increased $447 million in 2022.

The change in both periods was due to the following:

| | | | 2023 | | |

| Purchased power - lower market prices and lower purchase volumes due to lower demand | | | $ | (351) | |

| Coal - lower consumption due to coal plant retirements, partially offset by higher prices | | | (82) | | |

The decrease was also due to lower earnings in the Energy Trading segment, partially offset by higher earnings in the Electric, Gas, and DTE Vantage segments.

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

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes financial information prepared in accordance with GAAP, as well as the non-GAAP financial measures, Utility Margin and Non-utility Margin, discussed below, which DTE Energy uses as measures of its operational performance.

Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

DTE Energy uses Utility Margin and Non-utility Margin, non-GAAP financial measures, to assess its performance by reportable segment.

Utility Margin includes electric utility and gas utility Operating Revenues net of Fuel, purchased power, and gas expenses.

The utilities’ fuel, purchased power, and natural gas supply are passed through to customers, and therefore, result in changes to the utilities’ revenues that are comparable to changes in such expenses.

As such, DTE Energy believes Utility Margin provides a meaningful basis for evaluating the utilities’ operations across periods, as it excludes the revenue effect of fluctuations in these expenses.

For the Electric segment, non-utility Operating Revenues are reported separately so that Utility Margin can be used to assess utility performance.

The Non-utility Margin relates to the DTE Vantage and Energy Trading segments.

For the DTE Vantage segment, Non-utility Margin primarily includes Operating Revenues net of Fuel, purchased power, and gas expenses.

Operating Revenues include sales of renewable natural gas and related credits, metallurgical coke and related by-products, petroleum coke, and electricity, as well as rental income and revenues from utility-type consulting, management, and operational services.

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

For the Energy Trading segment, Non-utility Margin includes revenue and realized and unrealized gains and losses from physical and financial power and gas marketing, optimization, and trading activities, net of Purchased power and gas related to these activities.

DTE Energy evaluates its operating performance of these non-utility businesses using the measure of Operating Revenues net of Fuel, purchased power, and gas expenses.

Utility Margin and Non-utility Margin are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP.

Utility Margin and Non-utility Margin do not intend to represent operating income, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.

| Utility Margin | | | 4,419 | | | | | | 4,278 | | | | | | 4,120 | | |

*Utility Margin* increased $141 million in 2022 and $158 million in 2021.

The following table details changes in various Utility Margin components relative to the comparable prior period:

| Voluntary refunds(a) | | | $ | 90 | | | | | $ | (60) | |

| Regulatory mechanism — EWR | | | 29 | | | | | | 61 | | |

| Regulatory mechanism — TRM | | | (20) | | | | | | 6 | | |

| Increase in Utility Margin | | | $ | 141 | | | | | $ | 158 | |

______________________________

(a)Variances reflect the $90 million voluntary refund recognized in 2021 for the incremental tree trim surge and the $30 million COVID-19 voluntary refund recognized in 2020.

Refer to Note 9 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding these refunds and the related regulatory liabilities.

(a)Represents power that is not distributed by DTE Electric.

The increase in 2021 was primarily due to commercial customers which were impacted more significantly in 2020 by the COVID-19 pandemic and temporary shut-downs of certain commercial operations.

These increases were partially offset by lower COVID-19 related expenses of $43 million, lower uncollectible expense of $26 million, and lower plant generation expense of $4 million.

In 2021, the increase was primarily due to higher property taxes of $22 million as a result of an increase in tax base and a favorable property tax settlement in 2020.

The decrease in 2021 was primarily due to a $41 million write-off of capital expenditures related to incentive compensation in 2020.

The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses.

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.

| Utility Margin | | | 1,292 | | | | | | 1,131 | | | | | | 1,058 | | |

*Utility Margin* increased $161 million in 2022 and $73 million in 2021.

| Regulatory mechanism — EWR | | | 8 | | | | | | 3 | | |

| Increase in Utility Margin | | | $ | 161 | | | | | $ | 73 | |

(a)Refer to Note 9 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding the voluntary refund.

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The following table displays the credit quality of DTE Energy's trading counterparties as of December 31, [removed: 2022:][added: 2023:]

| A- and Greater | | | $ | [removed: 525] [added: 469] | | | | | $ | — | | | | | $ | [removed: 525] [added: 469] | |

| BBB- | | | [removed: 92] [added: 13] | | | | | | — | | | | | | [removed: 92] [added: 13] | | |

| Total Investment Grade | | | [removed: 1,014] [added: 900] | | | | | | [removed: (87)] [added: (3)] | | | | | | [removed: 927] [added: 897] | | |

| Non-investment grade(b) | | | [removed: 39] [added: 9] | | | | | | [removed: (6)] [added: —] | | | | | | [removed: 33] [added: 9] | | |

| Internally Rated — investment grade(c) | | | [removed: 749] [added: 427] | | | | | | [removed: (5)] [added: —] | | | | | | [removed: 744] [added: 427] | | |

| Internally Rated — non-investment grade(d) | | | [removed: 35] [added: 13] | | | | | | — | | | | | | [removed: 35] [added: 13] | | |

The five largest counterparty exposures, combined, for this category represented [removed: 13%] [added: 25%] of the total gross credit exposure.

The five largest counterparty exposures, combined, for this category represented [removed: 2%] [added: 11%] of the total gross credit exposure.

The five largest counterparty exposures, combined, for this category represented [removed: 17%] [added: less than 1%] of the total gross credit exposure.

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

As of December 31, [removed: 2022,] [added: 2023,] DTE Energy had floating rate debt of [removed: $2.0] [added: $1.3] billion and a floating rate debt-to-total debt ratio of [removed: 10.4%.][added: 6.4%.]

The sensitivity analyses involved increasing and decreasing forward prices and rates at December 31, [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] by a hypothetical 10% and calculating the resulting change in the fair values.

| Activity | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | Change in the Fair Value of | | |

| Gas contracts | | | | | | $ | [removed: 16] [added: 40] | | | | | $ | [removed: 33] [added: 16] | | | | | $ | [removed: (16)] [added: (40)] | | | | | $ | [removed: (33)] [added: (16)] | | | | | Commodity contracts | | |

| Power contracts | | | | | | $ | [removed: 4] [added: 1] | | | | | $ | [removed: 9] [added: 4] | | | | | $ | [removed: (4)] [added: (1)] | | | | | $ | [removed: (10)] [added: (4)] | | | | | Commodity contracts | | |

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

| Oil contracts | | | | | | $ | [removed: 2] [added: 1] | | | | | $ | [removed: —] [added: 2] | | | | | $ | [removed: (2)] [added: (1)] | | | | | $ | [removed: —] [added: (2)] | | | | | Commodity contracts | | |

| Interest rate risk — DTE Energy | | | | | | $ | [removed: (650)] [added: (733)] | | | | | $ | [removed: (662)] [added: (650)] | | | | | $ | [removed: 699] [added: 786] | | | | | $ | [removed: 687] [added: 699] | | | | | Long-term debt | | |

| Interest rate risk — DTE Electric | | | | | | $ | [removed: (419)] [added: (492)] | | | | | $ | [removed: (329)] [added: (419)] | | | | | $ | [removed: 458] [added: 535] | | | | | $ | [removed: 348] [added: 458] | | | | | Long-term debt | | |

| BBB+ and BBB | | | 418 | | | | | | (3) | | | | | | 415 | | |

| Total | | | $ | 1,349 | | | | | $ | (3) | | | | | $ | 1,346 | |

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| BBB+ and BBB | | | 397 | | | | | | (87) | | | | | | 310 | | |

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

For the Fiscal Year Ended December 31, [removed: 2022][added: 2023]

[removed: ][added: ]

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 [removed: 240.10D-1(b).][added: §240.10D-1(b).]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the [removed: Exchange] Act).

On June 30, [removed: 2022,] [added: 2023,] the aggregate market value of DTE Energy's voting and non voting common equity held by non-affiliates was approximately [removed: $24.4] [added: $22.6] billion (based on the New York Stock Exchange closing price on such date).

Number of shares of Common Stock outstanding at January 31, [removed: 2023:][added: 2024:]

| DTE Energy | | | | | | Common Stock, without par value | | | | | | [removed: 205,688,574] [added: 206,452,985] | | |

Certain information in DTE Energy's definitive Proxy Statement for its [removed: 2023] [added: 2024] Annual Meeting of Common Shareholders to be held May [removed: 4, 2023,] [added: 2, 2024,] 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](#i1dbda57415be44b18cc5ddfe80a25e34_16)] [added: Format](#idf02798a9e8645549890086785744358_16)] | | | [removed: [4](#i1dbda57415be44b18cc5ddfe80a25e34_16)] [added: [4](#idf02798a9e8645549890086785744358_16)] | | |

| | | | [Forward-Looking [removed: Statements](#i1dbda57415be44b18cc5ddfe80a25e34_19)] [added: Statements](#idf02798a9e8645549890086785744358_19)] | | | [removed: [4](#i1dbda57415be44b18cc5ddfe80a25e34_19)] [added: [4](#idf02798a9e8645549890086785744358_19)] | | |

| [Items 1. & [removed: 2.](#i1dbda57415be44b18cc5ddfe80a25e34_25)] [added: 2.](#idf02798a9e8645549890086785744358_25)] | | | [Business and [removed: Properties](#i1dbda57415be44b18cc5ddfe80a25e34_25)] [added: Properties](#idf02798a9e8645549890086785744358_25)] | | | [removed: [6](#i1dbda57415be44b18cc5ddfe80a25e34_25)] [added: [6](#idf02798a9e8645549890086785744358_25)] | | |

| [Item [removed: 1A.](#i1dbda57415be44b18cc5ddfe80a25e34_46)] [added: 1A.](#idf02798a9e8645549890086785744358_46)] | | | [Risk [removed: Factors](#i1dbda57415be44b18cc5ddfe80a25e34_46)] [added: Factors](#idf02798a9e8645549890086785744358_46)] | | | [removed: [19](#i1dbda57415be44b18cc5ddfe80a25e34_46)] [added: [18](#idf02798a9e8645549890086785744358_46)] | | |

| [Item [removed: 1B.](#i1dbda57415be44b18cc5ddfe80a25e34_49)] [added: 1B.](#idf02798a9e8645549890086785744358_49)] | | | [Unresolved Staff [removed: Comments](#i1dbda57415be44b18cc5ddfe80a25e34_49)] [added: Comments](#idf02798a9e8645549890086785744358_49)] | | | [removed: [25](#i1dbda57415be44b18cc5ddfe80a25e34_49)] [added: [24](#idf02798a9e8645549890086785744358_49)] | | |

| [Item [removed: 3.](#i1dbda57415be44b18cc5ddfe80a25e34_52)] [added: 3.](#idf02798a9e8645549890086785744358_52)] | | | [Legal [removed: Proceedings](#i1dbda57415be44b18cc5ddfe80a25e34_52)] [added: Proceedings](#idf02798a9e8645549890086785744358_52)] | | | [removed: [25](#i1dbda57415be44b18cc5ddfe80a25e34_52)] [added: [26](#idf02798a9e8645549890086785744358_52)] | | |

| [Item [removed: 4.](#i1dbda57415be44b18cc5ddfe80a25e34_55)] [added: 4.](#idf02798a9e8645549890086785744358_55)] | | | [Mine Safety [removed: Disclosures](#i1dbda57415be44b18cc5ddfe80a25e34_55)] [added: Disclosures](#idf02798a9e8645549890086785744358_55)] | | | [removed: [25](#i1dbda57415be44b18cc5ddfe80a25e34_55)] [added: [26](#idf02798a9e8645549890086785744358_55)] | | |

| [Item [removed: 5.](#i1dbda57415be44b18cc5ddfe80a25e34_61)] [added: 5.](#idf02798a9e8645549890086785744358_61)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i1dbda57415be44b18cc5ddfe80a25e34_61)] [added: Securities](#idf02798a9e8645549890086785744358_61)] | | | [removed: [26](#i1dbda57415be44b18cc5ddfe80a25e34_61)] [added: [27](#idf02798a9e8645549890086785744358_61)] | | |

| [Item [removed: 6.](#i1dbda57415be44b18cc5ddfe80a25e34_64)] [added: 6.](#idf02798a9e8645549890086785744358_64)] | | | [removed: [\[Reserved\]](#i1dbda57415be44b18cc5ddfe80a25e34_64)] [added: [\[Reserved\]](#idf02798a9e8645549890086785744358_64)] | | | [removed: [27](#i1dbda57415be44b18cc5ddfe80a25e34_64)] [added: [28](#idf02798a9e8645549890086785744358_64)] | | |

| [Item [removed: 7.](#i1dbda57415be44b18cc5ddfe80a25e34_70)] [added: 7.](#idf02798a9e8645549890086785744358_67)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_70)] [added: Operations](#idf02798a9e8645549890086785744358_67)] | | | [removed: [28](#i1dbda57415be44b18cc5ddfe80a25e34_70)] [added: [29](#idf02798a9e8645549890086785744358_67)] | | |

| [Item [removed: 7A.](#i1dbda57415be44b18cc5ddfe80a25e34_109)] [added: 7A.](#idf02798a9e8645549890086785744358_106)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1dbda57415be44b18cc5ddfe80a25e34_109)] [added: Risk](#idf02798a9e8645549890086785744358_106)] | | | [removed: [49](#i1dbda57415be44b18cc5ddfe80a25e34_109)] [added: [50](#idf02798a9e8645549890086785744358_106)] | | |

| [Item [removed: 8.](#i1dbda57415be44b18cc5ddfe80a25e34_112)] [added: 8.](#idf02798a9e8645549890086785744358_109)] | | | [Financial Statements and Supplementary [removed: Data](#i1dbda57415be44b18cc5ddfe80a25e34_112)] [added: Data](#idf02798a9e8645549890086785744358_109)] | | | [removed: [52](#i1dbda57415be44b18cc5ddfe80a25e34_112)] [added: [53](#idf02798a9e8645549890086785744358_109)] | | |

| [Item [removed: 9.](#i1dbda57415be44b18cc5ddfe80a25e34_253)] [added: 9.](#idf02798a9e8645549890086785744358_244)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i1dbda57415be44b18cc5ddfe80a25e34_253)] [added: Disclosure](#idf02798a9e8645549890086785744358_244)] | | | [removed: [147](#i1dbda57415be44b18cc5ddfe80a25e34_253)] [added: [147](#idf02798a9e8645549890086785744358_244)] | | |

| [Item [removed: 9A.](#i1dbda57415be44b18cc5ddfe80a25e34_256)] [added: 9A.](#idf02798a9e8645549890086785744358_247)] | | | [Controls and [removed: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_256)] [added: Procedures](#idf02798a9e8645549890086785744358_247)] | | | [removed: [147](#i1dbda57415be44b18cc5ddfe80a25e34_256)] [added: [147](#idf02798a9e8645549890086785744358_247)] | | |

| [Item [removed: 9B.](#i1dbda57415be44b18cc5ddfe80a25e34_259)] [added: 9B.](#idf02798a9e8645549890086785744358_250)] | | | [Other [removed: Information](#i1dbda57415be44b18cc5ddfe80a25e34_259)] [added: Information](#idf02798a9e8645549890086785744358_250)] | | | [removed: [147](#i1dbda57415be44b18cc5ddfe80a25e34_259)] [added: [147](#idf02798a9e8645549890086785744358_250)] | | |

| [Item [removed: 9C.](#i1dbda57415be44b18cc5ddfe80a25e34_262)] [added: 9C.](#idf02798a9e8645549890086785744358_253)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i1dbda57415be44b18cc5ddfe80a25e34_262)] [added: Inspections](#idf02798a9e8645549890086785744358_253)] | | | [removed: [147](#i1dbda57415be44b18cc5ddfe80a25e34_262)] [added: [147](#idf02798a9e8645549890086785744358_253)] | | |

| [Item [removed: 10.](#i1dbda57415be44b18cc5ddfe80a25e34_268)] [added: 10.](#idf02798a9e8645549890086785744358_259)] | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i1dbda57415be44b18cc5ddfe80a25e34_268)] [added: Governance](#idf02798a9e8645549890086785744358_259)] | | | [removed: [148](#i1dbda57415be44b18cc5ddfe80a25e34_268)] [added: [148](#idf02798a9e8645549890086785744358_259)] | | |

| [Item [removed: 11.](#i1dbda57415be44b18cc5ddfe80a25e34_271)] [added: 11.](#idf02798a9e8645549890086785744358_262)] | | | [Executive [removed: Compensation](#i1dbda57415be44b18cc5ddfe80a25e34_271)] [added: Compensation](#idf02798a9e8645549890086785744358_262)] | | | [removed: [148](#i1dbda57415be44b18cc5ddfe80a25e34_271)] [added: [148](#idf02798a9e8645549890086785744358_262)] | | |

| [Item [removed: 12.](#i1dbda57415be44b18cc5ddfe80a25e34_274)] [added: 12.](#idf02798a9e8645549890086785744358_265)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i1dbda57415be44b18cc5ddfe80a25e34_274)] [added: Matters](#idf02798a9e8645549890086785744358_265)] | | | [removed: [148](#i1dbda57415be44b18cc5ddfe80a25e34_274)] [added: [148](#idf02798a9e8645549890086785744358_265)] | | |

| [Item [removed: 13.](#i1dbda57415be44b18cc5ddfe80a25e34_277)] [added: 13.](#idf02798a9e8645549890086785744358_268)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i1dbda57415be44b18cc5ddfe80a25e34_277)] [added: Independence](#idf02798a9e8645549890086785744358_268)] | | | [removed: [148](#i1dbda57415be44b18cc5ddfe80a25e34_277)] [added: [148](#idf02798a9e8645549890086785744358_268)] | | |

| [Item [removed: 14.](#i1dbda57415be44b18cc5ddfe80a25e34_280)] [added: 14.](#idf02798a9e8645549890086785744358_271)] | | | [Principal Accountant Fees and [removed: Services](#i1dbda57415be44b18cc5ddfe80a25e34_280)] [added: Services](#idf02798a9e8645549890086785744358_271)] | | | [removed: [148](#i1dbda57415be44b18cc5ddfe80a25e34_280)] [added: [148](#idf02798a9e8645549890086785744358_271)] | | |

| [Item [removed: 16.](#i1dbda57415be44b18cc5ddfe80a25e34_289)] [added: 16.](#idf02798a9e8645549890086785744358_280)] | | | [Form 10-K [removed: Summary](#i1dbda57415be44b18cc5ddfe80a25e34_289)] [added: Summary](#idf02798a9e8645549890086785744358_280)] | | | [removed: [157](#i1dbda57415be44b18cc5ddfe80a25e34_289)] [added: [157](#idf02798a9e8645549890086785744358_280)] | | |

[Table of [removed: Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: Contents](#idf02798a9e8645549890086785744358_10)]

| DTE Securitization [added: II] | | | | | | DTE Electric Securitization Funding [removed: I,] [added: II,] LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for [removed: certain] qualified costs [removed: authorized by] [added: related to] the [removed: MPSC] [added: St. Clair] and [added: Trenton Channel generation plants and] to recover debt service costs from DTE Electric customers | | |

| Equity units | | | | | | DTE Energy's 2019 equity units issued in November 2019, which were used to finance the [added: former] Gas Storage and Pipelines [added: segment] acquisition on December 4, 2019 | | |

| Green [removed: Bonds] [added: Bond] | | | | | | A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures | | |

| kWh | | | | | | [removed: Kilowatthour] [added: Kilowatt-hour] of electricity | | |

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of Contents](#idf02798a9e8645549890086785744358_10)]

- cost reduction efforts and the maximization of [removed: plant] [added: generation] and distribution system performance;

- the ability of the electric and gas utilities to achieve [removed: net zero emissions goals;] [added: goals for carbon emission reductions;] and

[removed: ][added: ]

Electricity is [added: primarily] generated [removed: from fossil-fuel] [added: by two coal-fired] plants, a [added: combined cycle natural gas plant, a] hydroelectric pumped storage plant, a nuclear plant, wind and solar assets, and is supplemented with purchased power.

For the transition period from _____ to _____

| | | | [Definitions](#idf02798a9e8645549890086785744358_13) | | | [1](#idf02798a9e8645549890086785744358_13) | | |

| [PART I](#idf02798a9e8645549890086785744358_22) | | | | | | | | |

| [Item 1C.](#idf02798a9e8645549890086785744358_2216) | | | [Cybersecurity](#idf02798a9e8645549890086785744358_2216) | | | [24](#idf02798a9e8645549890086785744358_2216) | | |

| [PART II](#idf02798a9e8645549890086785744358_58) | | | | | | | | |

| [PART III](#idf02798a9e8645549890086785744358_256) | | | | | | | | |

| [PART IV](#idf02798a9e8645549890086785744358_274) | | | | | | | | |

| [Item 15.](#idf02798a9e8645549890086785744358_277) | | | [Exhibits](#idf02798a9e8645549890086785744358_277) and Financial Statement Schedules | | | [149](#idf02798a9e8645549890086785744358_277) | | |

| | | | [Signatures](#idf02798a9e8645549890086785744358_286) | | | [158](#idf02798a9e8645549890086785744358_286) | | |

| DTE Securitization I | | | | | | DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for qualified costs related to the River Rouge generation plant and tree trimming surge program and to recover debt service costs from DTE Electric customers | | |

| Interconnection sales | | | | | | Sales of power by DTE Electric into the energy market through MISO, generally resulting from excess generation compared to customer demand | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

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[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

| | | | | | | | | | | | | | | | | | | 6,063 | | |

| | | | | | | | | | | | | | | | | | | 1,664 | | |

| | | | | | | | | | | | | | | | | | | 11,959 | | |

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

| 4.8 kV to 13.2 kV | | | | | | 28,556 | | | | | | 13,454 | | |

| 24 kV | | | | | | 170 | | | | | | 701 | | |

| 40 kV | | | | | | 2,338 | | | | | | 445 | | |

| | | | | | | 31,122 | | | | | | 14,608 | | |

Additionally, as a result of legislation passed by the state of Michigan in the fourth quarter 2023, DTE Electric will be required to meet a 100% clean energy portfolio standard by 2040.

Clean energy sources include renewables, nuclear, and natural gas-fired plants, provided such plants utilize a carbon capture and storage system that is at least 90% effective to offset carbon emissions.

The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035.

DTE Electric is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan to comply with the new requirements.

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

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

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

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

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

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

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

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

| ACE | | | | | | Affordable Clean Energy | | |

| AMT | | | | | | Alternative Minimum Tax | | |

| CARES Act | | | | | | Coronavirus Aid, Relief, and Economic Security Act enacted in March 2020 to assist individuals and employers with the impacts of the COVID-19 pandemic, including certain tax relief provisions | | |

| EGU | | | | | | Electric Generating Unit | | |

| ERCOT | | | | | | Electric Reliability Council of Texas, the independent power market operator responsible for substantially all of the Texas power market. | | |

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

| RSN | | | | | | Remarketable Senior Note | | |

| SIP | | | | | | State Implementation Plan | | |

| | | | | | | | | | | | | | | | | | | 6,047 | | |

| | | | | | | | | | | | | | | | | | | 1,409 | | |

| | | | | | | | | | | | | | | | | | | 11,717 | | |

| 4.8 kV to 13.2 kV | | | | | | 28,548 | | | | | | 15,772 | | |

| 24 kV | | | | | | 177 | | | | | | 732 | | |

| 40 kV | | | | | | 2,353 | | | | | | 465 | | |

| | | | | | | 31,137 | | | | | | 16,977 | | |

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

DTE Vantage plans to maximize the effectiveness of its related businesses as it expands.

| Estimated 2024 expenditures | | | $ | 141 | | | | | $ | 4 | | | | | | | | | | | $ | 145 | |

To attract and retain the best talent, DTE Energy promotes the engagement of its employees through diversity, equity, and inclusion; health, safety, and wellbeing; and by providing market-competitive compensation and benefits.

DTE Energy also provides continuous learning to optimize employee performance and engagement.

Risk Management and Strategy

DTE Energy maintains cybersecurity measures designed to protect its physical and digital infrastructure in order to provide safe and reliable delivery of energy to customers.

These measures serve to maintain compliance with regulations and protect the confidentiality, integrity and availability of confidential and proprietary information, DTE Energy’s computing resources, and the electrical and gas systems.

To protect against cybersecurity threats, DTE Energy employs a dedicated cybersecurity team led by the Chief Information Officer.

The cybersecurity team is responsible for implementing proper safeguards to mitigate the risk of cyber threats, including but not limited to firewalls, continuous monitoring, and training.

DTE Energy also engages with third parties to conduct cybersecurity maturity assessments to provide an independent and objective view of our cybersecurity and assess opportunities for improvement.

The National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) is the basis for these assessments to manage cyber risks, mature and monitor existing security controls, and communicate security posture coherently.

The NIST CSF provides a common language to understand, manage, and express cyber risks internally and externally.

Another component of DTE Energy’s cybersecurity team is the Cybersecurity Defense Center (CSDC), which has the primary responsibility for monitoring and responding to cybersecurity incidents.

The CSDC maintains an incident response plan designed to protect against, detect, evaluate, and respond to and recover from a cyber incident.

The CSDC may receive incident reports from DTE Energy employees, corporate security, or external sources.

The incident response plan is intended to be flexible so it may be adapted to an array of potential scenarios.

Depending on the incident, the CSDC may decide to engage external resources for assistance with responding to the incident.

DTE Energy regularly conducts exercises to help ensure the plan’s effectiveness and overall preparedness.

DTE Energy engages third-party service providers to assist with managing various aspects of its business.

These service providers are subject to due diligence reviews of their information security programs prior to onboarding.

DTE Energy also contractually requires service providers with access to its information technology (IT) systems, sensitive business data, or personal information to implement and maintain appropriate security controls and restricts their ability to use such data for purposes other than to provide services to DTE Energy, except as required by law.

Third-party service providers are also contractually required to notify DTE Energy promptly of cyber incidents that may affect any systems or data.

DTE Energy collaborates with its service providers to help determine whether their information security protocols are sufficient and monitors their compliance with DTE Energy security requirements; however, DTE Energy may not have the ability in all cases to effectively oversee the implementation of these control measures.

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

The CSDC monitors and responds to actual and potential compromises from third-party service providers.

Access from a potentially compromised third-party is restricted until DTE Energy receives confirmation the compromise has been mitigated.

As of December 31, 2023, cybersecurity risks have not materially affected the Registrants’ business strategy, results of operations, or financial condition.

Governance

DTE Energy has an enterprise risk management program to reduce overall risk, including risks related to cybersecurity, through comprehensive risk assessments and execution of corresponding mitigation plans.

Risks are reported and managed through various internal committees, which meet regularly and report at least annually to the Board of Directors.

These committees include:

- The Risk Management Committee (RMC) is chaired by the Chief Executive Officer and comprised of the Chief Financial Officer, Chief Legal Officer, General Auditor, and other senior officers.

The RMC directs the development and maintenance of comprehensive risk management policies and procedures.

The RMC also sets, reviews, and monitors risk limits for enterprise-level risk and other exposures

- The Operational Risk and Resilience (ORR) Committee is chaired by the President and Chief Operating Officer and comprised of operational leaders in DTE Energy’s business units.

The ORR is responsible for managing operational risks including safety, reliability, and cybersecurity at DTE Energy’s generation plants, substations, and other operating sites

- The Technology Cybersecurity Committee (TCC) is a sub-committee of the ORR that focuses on information and operational technology risks related to cybersecurity, chaired by operational leaders in DTE Energy’s business units and includes the Chief Information Officer

Members of the Board of Directors serve roles on various committees responsible for their respective oversight and risk management.

The Audit Committee of the Board of Directors, comprised solely of independent directors, is responsible for reviewing DTE Energy’s cybersecurity risks, the results of any cybersecurity risk assessments and audits, and reports of investigations into significant events presented by DTE Energy’s IT department.

The Audit Committee reports to the Board of Directors and may include any significant matters involving cybersecurity within its reporting.

All members of the Board of Directors, including the Audit Committee, have either managerial knowledge or working knowledge of technology and cybersecurity matters.

DTE Energy’s Chief Information Officer leads the cybersecurity team and has responsibility for assessing and managing cybersecurity risks.

The Chief Information Officer has held this position for over 10 years and has decades of experience in IT, including oversight of information protection security (IPS).

The IPS cybersecurity team is also led by two full-time directors with over 40 combined years of industry experience, including (1) the director of cybersecurity operations responsible for the CSDC, identity and access assurance, and cloud security and (2) the IPS director of cybersecurity governance, risk, and compliance who is also responsible for engagement and outreach to internal and external stakeholders.

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

At December 31, [removed: 2022,] [added: 2023,] there were [removed: 205,632,393] [added: 206,357,070] shares of DTE Energy common stock outstanding.

These shares were held by a total of [removed: 43,603] [added: 41,918] shareholders of record.

See the following table for information as of December 31, [removed: 2022:][added: 2023:]

| Plans approved by shareholders | | | — | | | | | | $ | — | | | | | [removed: 3,496,126] [added: 2,820,677] | | |

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: 2022:][added: 2023:]

[removed: (a)Represents] [added: (a)Primarily represents] shares of DTE Energy common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the [added: market] price [removed: in effect] at the [removed: grant] [added: vesting] date.

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

| Company/Index | | | | | | 2018 | | | | | | 2019 | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | | [added: | | | 2023 | | |]

| DTE Energy Company | | | | | | [removed: 4.19] [added: 21.36] | | | | | | [removed: 21.36] [added: (2.90)] | | | | | | [removed: (2.90)] [added: 19.42] | | | | | | [removed: 19.42] [added: 1.27] | | | | | | [removed: 1.27] [added: (2.81)] | | |

| S&P 500 Index | | | | | | [removed: (4.39)] [added: 31.48] | | | | | | [removed: 31.48] [added: 18.39] | | | | | | [removed: 18.39] [added: 28.68] | | | | | | [removed: 28.68] [added: (18.13)] | | | | | | [removed: (18.13)] [added: 26.26] | | |

| S&P 500 Multi-Utilities Index | | | | | | [removed: 1.77] [added: 24.36] | | | | | | [removed: 24.36] [added: (5.87)] | | | | | | [removed: (5.87)] [added: 14.17] | | | | | | [removed: 14.17] [added: 0.62] | | | | | | [removed: 0.62] [added: (5.82)] | | |

| Company/Index | | | | | | [removed: 2017 | | | | | | 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | |

[removed: ][added: ]

| 10/01/2023 — 10/31/2023 | | | 1,125 | | | | | | $ | 101.71 | | | | | — | | | | | | — | | | | | | — | | |

| 11/01/2023 — 11/30/2023 | | | 851 | | | | | | $ | 109.23 | | | | | — | | | | | | — | | | | | | — | | |

| 12/01/2023 — 12/31/2023 | | | 759 | | | | | | $ | 113.15 | | | | | — | | | | | | — | | | | | | — | | |

| Total | | | 2,735 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

| DTE Energy Company | | | | | | 100.00 | | | | | | 121.36 | | | | | | 117.84 | | | | | | 140.72 | | | | | | 142.50 | | | | | | 138.49 | | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 131.48 | | | | | | 155.65 | | | | | | 200.29 | | | | | | 163.98 | | | | | | 207.04 | | |

| S&P 500 Multi-Utilities Index | | | | | | 100.00 | | | | | | 124.36 | | | | | | 117.06 | | | | | | 133.64 | | | | | | 134.46 | | | | | | 126.63 | | |

| 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 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

| 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 | | |

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

| [DTE Energy — Controls and [removed: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_115)] [added: Procedures](#idf02798a9e8645549890086785744358_112)] | | | [removed: [53](#i1dbda57415be44b18cc5ddfe80a25e34_115)] [added: [54](#idf02798a9e8645549890086785744358_112)] | | |

| [DTE Energy — Report of Independent Registered Public Accounting [removed: Firm](#i1dbda57415be44b18cc5ddfe80a25e34_118)] [added: Firm](#idf02798a9e8645549890086785744358_115)] (PCAOB ID 238) | | | [removed: [54](#i1dbda57415be44b18cc5ddfe80a25e34_118)] [added: [55](#idf02798a9e8645549890086785744358_115)] | | |

| [DTE Energy — Consolidated Statements of [removed: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_121)] [added: Operations](#idf02798a9e8645549890086785744358_118)] | | | [removed: [56](#i1dbda57415be44b18cc5ddfe80a25e34_121)] [added: [57](#idf02798a9e8645549890086785744358_118)] | | |

| [DTE Energy — Consolidated Statements of Comprehensive [removed: Income](#i1dbda57415be44b18cc5ddfe80a25e34_124)] [added: Income](#idf02798a9e8645549890086785744358_121)] | | | [removed: [57](#i1dbda57415be44b18cc5ddfe80a25e34_124)] [added: [58](#idf02798a9e8645549890086785744358_121)] | | |

| [DTE Energy — Consolidated Statements of Financial [removed: Position](#i1dbda57415be44b18cc5ddfe80a25e34_127)] [added: Position](#idf02798a9e8645549890086785744358_124)] | | | [removed: [58](#i1dbda57415be44b18cc5ddfe80a25e34_127)] [added: [59](#idf02798a9e8645549890086785744358_124)] | | |

| [DTE Energy — Consolidated Statements of Cash [removed: Flows](#i1dbda57415be44b18cc5ddfe80a25e34_130)] [added: Flows](#idf02798a9e8645549890086785744358_127)] | | | [removed: [60](#i1dbda57415be44b18cc5ddfe80a25e34_130)] [added: [61](#idf02798a9e8645549890086785744358_127)] | | |

| [DTE Energy — Consolidated Statements of Changes in [removed: Equity](#i1dbda57415be44b18cc5ddfe80a25e34_133)] [added: Equity](#idf02798a9e8645549890086785744358_130)] | | | [removed: [62](#i1dbda57415be44b18cc5ddfe80a25e34_133)] [added: [63](#idf02798a9e8645549890086785744358_130)] | | |

| [DTE Electric — Controls and [removed: Procedures](#i1dbda57415be44b18cc5ddfe80a25e34_136)] [added: Procedures](#idf02798a9e8645549890086785744358_133)] | | | [removed: [63](#i1dbda57415be44b18cc5ddfe80a25e34_136)] [added: [64](#idf02798a9e8645549890086785744358_133)] | | |

| [DTE Electric — Report of Independent Registered Public Accounting [removed: Firm](#i1dbda57415be44b18cc5ddfe80a25e34_139)] [added: Firm](#idf02798a9e8645549890086785744358_136)] (PCAOB ID 238) | | | [removed: [64](#i1dbda57415be44b18cc5ddfe80a25e34_139)] [added: [65](#idf02798a9e8645549890086785744358_136)] | | |

| [DTE Electric — Consolidated Statements of [removed: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_142)] [added: Operations](#idf02798a9e8645549890086785744358_139)] | | | [removed: [66](#i1dbda57415be44b18cc5ddfe80a25e34_142)] [added: [67](#idf02798a9e8645549890086785744358_139)] | | |

| [DTE Electric — Consolidated Statements of Comprehensive [removed: Income](#i1dbda57415be44b18cc5ddfe80a25e34_145)] [added: Income](#idf02798a9e8645549890086785744358_142)] | | | [removed: [67](#i1dbda57415be44b18cc5ddfe80a25e34_145)] [added: [68](#idf02798a9e8645549890086785744358_142)] | | |

| [DTE Electric — Consolidated Statements of Financial [removed: Position](#i1dbda57415be44b18cc5ddfe80a25e34_148)] [added: Position](#idf02798a9e8645549890086785744358_145)] | | | [removed: [68](#i1dbda57415be44b18cc5ddfe80a25e34_148)] [added: [69](#idf02798a9e8645549890086785744358_145)] | | |

| [DTE Electric — Consolidated Statements of Cash [removed: Flows](#i1dbda57415be44b18cc5ddfe80a25e34_151)] [added: Flows](#idf02798a9e8645549890086785744358_148)] | | | [removed: [70](#i1dbda57415be44b18cc5ddfe80a25e34_151)] [added: [71](#idf02798a9e8645549890086785744358_148)] | | |

| [DTE Electric — Consolidated Statements of Changes in Shareholder's [removed: Equity](#i1dbda57415be44b18cc5ddfe80a25e34_154)] [added: Equity](#idf02798a9e8645549890086785744358_151)] | | | [removed: [71](#i1dbda57415be44b18cc5ddfe80a25e34_154)] [added: [72](#idf02798a9e8645549890086785744358_151)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#i1dbda57415be44b18cc5ddfe80a25e34_157)] [added: Statements](#idf02798a9e8645549890086785744358_154)] | | | [removed: [72](#i1dbda57415be44b18cc5ddfe80a25e34_157)] [added: [73](#idf02798a9e8645549890086785744358_154)] | | |

| [Note 1 — Organization and Basis of [removed: Presentation](#i1dbda57415be44b18cc5ddfe80a25e34_160)] [added: Presentation](#idf02798a9e8645549890086785744358_157)] | | | [removed: [72](#i1dbda57415be44b18cc5ddfe80a25e34_160)] [added: [73](#idf02798a9e8645549890086785744358_157)] | | |

| [Note 2 — Significant Accounting [removed: Policies](#i1dbda57415be44b18cc5ddfe80a25e34_163)] [added: Policies](#idf02798a9e8645549890086785744358_160)] | | | [removed: [75](#i1dbda57415be44b18cc5ddfe80a25e34_163)] [added: [77](#idf02798a9e8645549890086785744358_160)] | | |

| [Note 3 — New Accounting [removed: Pronouncements](#i1dbda57415be44b18cc5ddfe80a25e34_166)] [added: Pronouncements](#idf02798a9e8645549890086785744358_163)] | | | [removed: [82](#i1dbda57415be44b18cc5ddfe80a25e34_166)] [added: [83](#idf02798a9e8645549890086785744358_163)] | | |

| [Note 4 — Discontinued [removed: Operations](#i1dbda57415be44b18cc5ddfe80a25e34_169)] [added: Operations](#idf02798a9e8645549890086785744358_166)] | | | [removed: [83](#i1dbda57415be44b18cc5ddfe80a25e34_169)] [added: [84](#idf02798a9e8645549890086785744358_166)] | | |

| [removed: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_181) [6](#i1dbda57415be44b18cc5ddfe80a25e34_181)] [added: [Note](#idf02798a9e8645549890086785744358_175) [6](#idf02798a9e8645549890086785744358_175)] [— Property, Plant, and [removed: Equipment](#i1dbda57415be44b18cc5ddfe80a25e34_181)] [added: Equipment](#idf02798a9e8645549890086785744358_175)] | | | [removed: [89](#i1dbda57415be44b18cc5ddfe80a25e34_181)] [added: [90](#idf02798a9e8645549890086785744358_175)] | | |

| [removed: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_184) [7](#i1dbda57415be44b18cc5ddfe80a25e34_184)] [added: [Note](#idf02798a9e8645549890086785744358_178) [7](#idf02798a9e8645549890086785744358_178)] [— Jointly-Owned Utility [removed: Plant](#i1dbda57415be44b18cc5ddfe80a25e34_184)] [added: Plant](#idf02798a9e8645549890086785744358_178)] | | | [removed: [91](#i1dbda57415be44b18cc5ddfe80a25e34_184)] [added: [92](#idf02798a9e8645549890086785744358_178)] | | |

| [removed: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_187) [8](#i1dbda57415be44b18cc5ddfe80a25e34_187)] [added: [Note](#idf02798a9e8645549890086785744358_181) [8](#idf02798a9e8645549890086785744358_181)] [— Asset Retirement [removed: Obligations](#i1dbda57415be44b18cc5ddfe80a25e34_187)] [added: Obligations](#idf02798a9e8645549890086785744358_181)] | | | [removed: [92](#i1dbda57415be44b18cc5ddfe80a25e34_187)] [added: [93](#idf02798a9e8645549890086785744358_181)] | | |

| [removed: [Note](#i1dbda57415be44b18cc5ddfe80a25e34_190) [9](#i1dbda57415be44b18cc5ddfe80a25e34_190)] [added: [Note](#idf02798a9e8645549890086785744358_184) [9](#idf02798a9e8645549890086785744358_184)] [— Regulatory [removed: Matters](#i1dbda57415be44b18cc5ddfe80a25e34_190)] [added: Matters](#idf02798a9e8645549890086785744358_184)] | | | [removed: [93](#i1dbda57415be44b18cc5ddfe80a25e34_190)] [added: [94](#idf02798a9e8645549890086785744358_184)] | | |

| [removed: [Note 1](#i1dbda57415be44b18cc5ddfe80a25e34_193)[0](#i1dbda57415be44b18cc5ddfe80a25e34_193) [—] Income [removed: Taxes](#i1dbda57415be44b18cc5ddfe80a25e34_193)] [added: taxes] | | | [removed: [99](#i1dbda57415be44b18cc5ddfe80a25e34_193)] [added: $] | [added: (5)] | | [added: | | | $ | (3) | | | | | $ | (3) | |]

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_199)[1](#i1dbda57415be44b18cc5ddfe80a25e34_199)] [added: 1](#idf02798a9e8645549890086785744358_190)[1](#idf02798a9e8645549890086785744358_190)] [— Earnings Per [removed: Share](#i1dbda57415be44b18cc5ddfe80a25e34_199)] [added: Share](#idf02798a9e8645549890086785744358_190)] | | | [removed: [103](#i1dbda57415be44b18cc5ddfe80a25e34_199)] [added: [103](#idf02798a9e8645549890086785744358_190)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_202)[2](#i1dbda57415be44b18cc5ddfe80a25e34_202)] [added: 1](#idf02798a9e8645549890086785744358_193)[2](#idf02798a9e8645549890086785744358_193)] [— Fair [removed: Value](#i1dbda57415be44b18cc5ddfe80a25e34_202)] [added: Value](#idf02798a9e8645549890086785744358_193)] | | | [removed: [104](#i1dbda57415be44b18cc5ddfe80a25e34_202)] [added: [104](#idf02798a9e8645549890086785744358_193)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_205)[3](#i1dbda57415be44b18cc5ddfe80a25e34_205)] [added: 1](#idf02798a9e8645549890086785744358_196)[3](#idf02798a9e8645549890086785744358_196)] [— Financial and Other Derivative [removed: Instruments](#i1dbda57415be44b18cc5ddfe80a25e34_205)] [added: Instruments](#idf02798a9e8645549890086785744358_196)] | | | [removed: [111](#i1dbda57415be44b18cc5ddfe80a25e34_205)] [added: [111](#idf02798a9e8645549890086785744358_196)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_208)[4](#i1dbda57415be44b18cc5ddfe80a25e34_208)] [added: 1](#idf02798a9e8645549890086785744358_199)[4](#idf02798a9e8645549890086785744358_199)] [— Long-Term [removed: Debt](#i1dbda57415be44b18cc5ddfe80a25e34_208)] [added: Debt](#idf02798a9e8645549890086785744358_199)] | | | [removed: [116](#i1dbda57415be44b18cc5ddfe80a25e34_208)] [added: [116](#idf02798a9e8645549890086785744358_199)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_214)[5](#i1dbda57415be44b18cc5ddfe80a25e34_214)] [added: 1](#idf02798a9e8645549890086785744358_205)[5](#idf02798a9e8645549890086785744358_205)] [— Preferred and Preference [removed: Securities](#i1dbda57415be44b18cc5ddfe80a25e34_214)] [added: Securities](#idf02798a9e8645549890086785744358_205)] | | | [removed: [119](#i1dbda57415be44b18cc5ddfe80a25e34_214)] [added: [118](#idf02798a9e8645549890086785744358_205)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_217)[6](#i1dbda57415be44b18cc5ddfe80a25e34_217)] [added: 1](#idf02798a9e8645549890086785744358_208)[6](#idf02798a9e8645549890086785744358_208)] [— Short-Term Credit Arrangements and [removed: Borrowings](#i1dbda57415be44b18cc5ddfe80a25e34_217)] [added: Borrowings](#idf02798a9e8645549890086785744358_208)] | | | [removed: [119](#i1dbda57415be44b18cc5ddfe80a25e34_217)] [added: [119](#idf02798a9e8645549890086785744358_208)] | | |

| [Note 17 — [removed: Leases](#i1dbda57415be44b18cc5ddfe80a25e34_220)] [added: Leases](#idf02798a9e8645549890086785744358_211)] | | | [removed: [120](#i1dbda57415be44b18cc5ddfe80a25e34_220)] [added: [120](#idf02798a9e8645549890086785744358_211)] | | |

| [Note [removed: 1](#i1dbda57415be44b18cc5ddfe80a25e34_223)[8](#i1dbda57415be44b18cc5ddfe80a25e34_223)] [added: 1](#idf02798a9e8645549890086785744358_214)[8](#idf02798a9e8645549890086785744358_214)] [— Commitments and [removed: Contingencies](#i1dbda57415be44b18cc5ddfe80a25e34_223)] [added: Contingencies](#idf02798a9e8645549890086785744358_214)] | | | [removed: [124](#i1dbda57415be44b18cc5ddfe80a25e34_223)] [added: [124](#idf02798a9e8645549890086785744358_214)] | | |

| [Note [removed: 2](#i1dbda57415be44b18cc5ddfe80a25e34_232)[0](#i1dbda57415be44b18cc5ddfe80a25e34_232)] [added: 2](#idf02798a9e8645549890086785744358_223)[0](#idf02798a9e8645549890086785744358_223)] [— Retirement Benefits and Trusteed [removed: Assets](#i1dbda57415be44b18cc5ddfe80a25e34_232)] [added: Assets](#idf02798a9e8645549890086785744358_223)] | | | [removed: [131](#i1dbda57415be44b18cc5ddfe80a25e34_232)] [added: [131](#idf02798a9e8645549890086785744358_223)] | | |

| [Note [removed: 2](#i1dbda57415be44b18cc5ddfe80a25e34_235)[1](#i1dbda57415be44b18cc5ddfe80a25e34_235)] [added: 2](#idf02798a9e8645549890086785744358_226)[1](#idf02798a9e8645549890086785744358_226)] [— Stock-Based [removed: Compensation](#i1dbda57415be44b18cc5ddfe80a25e34_235)] [added: Compensation](#idf02798a9e8645549890086785744358_226)] | | | [removed: [141](#i1dbda57415be44b18cc5ddfe80a25e34_235)] [added: [141](#idf02798a9e8645549890086785744358_226)] | | |

| [Note [removed: 2](#i1dbda57415be44b18cc5ddfe80a25e34_238)[2](#i1dbda57415be44b18cc5ddfe80a25e34_238)] [added: 2](#idf02798a9e8645549890086785744358_229)[2](#idf02798a9e8645549890086785744358_229)] [— Segment and Related [removed: Information](#i1dbda57415be44b18cc5ddfe80a25e34_238)] [added: Information](#idf02798a9e8645549890086785744358_229)] | | | [removed: [143](#i1dbda57415be44b18cc5ddfe80a25e34_238)] [added: [143](#idf02798a9e8645549890086785744358_229)] | | |

| [Note [removed: 2](#i1dbda57415be44b18cc5ddfe80a25e34_241)[3](#i1dbda57415be44b18cc5ddfe80a25e34_241)] [added: 2](#idf02798a9e8645549890086785744358_232)[3](#idf02798a9e8645549890086785744358_232)] [— Related Party [removed: Transactions](#i1dbda57415be44b18cc5ddfe80a25e34_241)] [added: Transactions](#idf02798a9e8645549890086785744358_232)] | | | [removed: [146](#i1dbda57415be44b18cc5ddfe80a25e34_241)] [added: [146](#idf02798a9e8645549890086785744358_232)] | | |

[Table [removed: of](#i1dbda57415be44b18cc5ddfe80a25e34_10) [Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)]

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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

Based on this assessment, management concluded that, as of December 31, [removed: 2022,] [added: 2023,] DTE Energy’s internal control over financial reporting was effective based on those criteria.

| [Note 5 — Revenue](#idf02798a9e8645549890086785744358_169) | | | [85](#idf02798a9e8645549890086785744358_169) | | |

| [Note 1](#idf02798a9e8645549890086785744358_187)[0](#idf02798a9e8645549890086785744358_187) [— Income Taxes](#idf02798a9e8645549890086785744358_187) | | | [100](#idf02798a9e8645549890086785744358_187) | | |

| [Note](#idf02798a9e8645549890086785744358_217) [19](#idf02798a9e8645549890086785744358_217) [— Nuclear Operations](#idf02798a9e8645549890086785744358_217) | | | [129](#idf02798a9e8645549890086785744358_217) | | |

[Table of](#idf02798a9e8645549890086785744358_10) [Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| Discontinued operations | | | — | | | | | | — | | | | | | 0.57 | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| | | | 3,539 | | | | | | 4,180 | | |

| | | | 2,375 | | | | | | 2,155 | | |

| | | | 28,169 | | | | | | 28,767 | | |

| Other | | | 262 | | | | | | 234 | | |

| | | | 10,672 | | | | | | 7,581 | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| | | | 5,883 | | | | | | 5,173 | | |

| | | | 17,420 | | | | | | 16,873 | | |

| | | | 10,397 | | | | | | 10,236 | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| Net Income | | | $ | 1,397 | | | | | $ | 1,083 | | | | | $ | 903 | |

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

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| Balance, December 31, 2023 | | | 206,357 | | | | | | $ | 6,713 | | | | | $ | 4,404 | | | | | $ | (67) | | | | | $ | 5 | | | | | $ | 11,055 | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

The principal considerations for our determination that performing procedures relating to accounting for the effects of new, or changes to existing, regulatory matters is a critical audit matter are (i) the significant judgment by management in assessing the potential outcomes and related accounting impacts associated with new, or changes to existing, regulatory matters and (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the appropriateness of management’s assessment and audit evidence related to the assessment.

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| | | | 1,676 | | | | | | 1,851 | | |

| Nuclear decommissioning trust funds | | | 2,041 | | | | | | 1,825 | | |

| | | | 2,094 | | | | | | 1,869 | | |

| | | | 21,366 | | | | | | 22,496 | | |

| | | | 7,049 | | | | | | 4,020 | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| | | | 1,651 | | | | | | 1,902 | | |

| Securitization bonds | | | 705 | | | | | | 172 | | |

| | | | 10,883 | | | | | | 9,455 | | |

| Unamortized investment tax credit | | | 181 | | | | | | 182 | | |

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

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

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

| [Note 2](#i1dbda57415be44b18cc5ddfe80a25e34_244)[4](#i1dbda57415be44b18cc5ddfe80a25e34_244) [— Supplementary Quarterly Financial Information (Unaudited)](#i1dbda57415be44b18cc5ddfe80a25e34_244) | | | [147](#i1dbda57415be44b18cc5ddfe80a25e34_244) | | |

February 23, 2023

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

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

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

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

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

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

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

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

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

| Acquisitions related to business combinations, net of cash acquired | | | — | | | | | | — | | | | | | (126) | | |

| Financing Activities | | | | | | | | | | | | | | | | | |

| Acquisition related deferred payment, excluding accretion | | | — | | | | | | — | | | | | | (380) | | |

_______________________________________

(a)2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act

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

| Balance, December 31, 2019 | | | 192,209 | | | | | | $ | 5,233 | | | | | $ | 6,587 | | | | | $ | (148) | | | | | $ | 164 | | | | | $ | 11,836 | |

| Contribution of common stock to pension plan | | | 694 | | | | | | 82 | | | | | | — | | | | | | — | | | | | | — | | | | | | 82 | | |

(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."

| | | | 1,851 | | | | | | 1,535 | | |

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

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

| | | | 4,020 | | | | | | 3,582 | | |

| | | | 1,902 | | | | | | 1,643 | | |

| | | | 9,455 | | | | | | 8,598 | | |

| | | | 9,184 | | | | | | 9,261 | | |

| Proceeds from sale of assets | | | 4 | | | | | | — | | | | | | — | | |

| Balance, December 31, 2019 | | | 138,632 | | | | | | $ | 1,386 | | | | | $ | 3,425 | | | | | $ | 2,384 | | | | | | | | | | | $ | 7,195 | |

| Note 24 | | | | | | Supplementary Quarterly Financial Information (Unaudited) | | | | | | DTE Energy and DTE Electric | | |

Combined Notes to Consolidated Financial Statements — (Continued)

DTE Securitization is a VIE.

(a)DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022.

See Note 9 to the Consolidated Financial Statements, "Regulatory Matters."

| Gains from rabbi trust securities(a) | | | 3 | | | | | | 8 | | | | | | 28 | | |

| | | | $ | 58 | | | | | $ | 254 | | | | | $ | 259 | |

| Gains from rabbi trust securities allocated from DTE Energy(a) | | | 3 | | | | | | 8 | | | | | | 28 | | |

Insider Trading Arrangements and Policies

During the quarter ended December 31, 2023, no DTE Energy directors or officers have adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements.

Other Information

[Table of [removed: Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: Contents](#idf02798a9e8645549890086785744358_10)]

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: 2023] [added: 2024] Annual Meeting of Shareholders to be held May [removed: 4, 2023.][added: 2, 2024.]

Not applicable

None.

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: 2022] [added: 2023] and [removed: 2021] [added: 2022] and fees billed for other services rendered by PwC during those periods.

| Audit fees(a) | | | $ | [removed: 1,535,000] [added: 1,531,000] | | | | | $ | [removed: 1,579,000] [added: 1,535,000] | |

| Audit-related fees(b) | | | [removed: 267,000] [added: 237,000] | | | | | | [removed: 87,000] [added: 267,000] | | |

| Total | | | $ | [removed: 1,802,000] [added: 1,768,000] | | | | | $ | [removed: 1,666,000] [added: 1,802,000] | |

[Table of [removed: Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: Contents](#idf02798a9e8645549890086785744358_10)]

| | | | 2023 | | | | | | 2022 | | |

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

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

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex211-subsidiaries.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex211-subsidiaries.htm)] | | | | | | Subsidiaries of DTE Energy | | | | | | X | | | | | | | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex231-consentxdte.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex231-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | X | | | | | | | | |

| [removed: [23.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex232-consentxdte.htm)] [added: [23.2](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex232-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex311-10xkcertifi.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex311-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex312-10xkcertifi.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex312-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex313-10xkcertifi.htm)] [added: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex313-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [31.4](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex314-10xkcertifi.htm)] [added: [31.4](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex314-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex321-906certific.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex321-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex322-906certific.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex322-906certific.htm)] | | | | | | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.3](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex323-906certific.htm)] [added: [32.3](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex323-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.4](https://www.sec.gov/Archives/edgar/data/936340/000093634023000073/a20221231ex324-906certific.htm)] [added: [32.4](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex324-906certific.htm)] | | | | | | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| 3(a) | | | | | | [Amended Bylaws of DTE Energy Company, as amended through [removed: September 17, 2015] [added: December 6, 2023] (Exhibit 3.1 to DTE Energy’s Form 8-K [removed: dated September 17, 2015).](http://www.sec.gov/Archives/edgar/data/936340/000093634015000153/exhibit31bylaws-september2.htm)] [added: filed December 8, 2023).](http://www.sec.gov/Archives/edgar/data/936340/000093634023000202/finalbylaws-12x06x2023.htm)] | | | | | | X | | | | | | | | |

[Table of [removed: Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: Contents](#idf02798a9e8645549890086785744358_10)]

| | | | | | | [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](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm) [C)](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm)] [added: Series C)](http://www.sec.gov/Archives/edgar/data/28385/000093634019000214/a20190630ex4306.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of August 1, 2022, to the Amended and Restated Indenture dated as of April 9, 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 4.1 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2022) (2019 Series [removed: F)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex41.htm)] [added: F)](http://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex41.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](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm) [H)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm)] [added: Series H)](http://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4310.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of August 1, 2020, to the Amended and Restated Indenture, dated as of April [removed: 9, 1924,] [added: 9,](http://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm) [2001](http://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm)[,] between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-318 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2020). (2020 Series [removed: F)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm)] [added: F)](http://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture, dated as of September 1, 2020, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to DTE Energy's Form 8-K dated October 1, 2020). (2020 Series [removed: G)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000240/a2020seriesgsupplement.htm)] [added: G)](http://www.sec.gov/Archives/edgar/data/0000936340/000093634020000240/a2020seriesgsupplement.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture, dated as of November 1, 2021, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to DTE Energy's Form 8-K dated November 24, 2021). (2021 Series [removed: E)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634021000248/exhibit41-supplementalinde.htm)] [added: E)](http://www.sec.gov/Archives/edgar/data/0000936340/000093634021000248/exhibit41-supplementalinde.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Description of the Company’s Common Stock (Exhibit 4-311 to DTE Energy’s Form 10-K for the year ended December 31, [removed: 2019)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4311.htm)] [added: 2019)](http://www.sec.gov/Archives/edgar/data/28385/000093634020000127/a20191231ex4311.htm)] | | | | | | X | | | | | | | | |

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

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

| | | | | | | [Description of the Company’s 2021 Series E 4.375% Junior Subordinated [removed: Debentures](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)] [added: Debentures](http://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)] [due 2081 (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 | | | | | | | | |

| | | | | | | [Supplemental Indenture, dated as of [removed: September] [added: August] 15, [removed: 2005,] [added: 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: 4.2] [added: 4-277] to Detroit Edison's Form [removed: 8-K dated] [added: 10-Q for the quarter ended] September [removed: 29, 2005). (2005 Series C)](http://www.sec.gov/Archives/edgar/data/28385/000095012405005637/k98891exv4w2.txt)] [added: 30, 2011). (2011 Series](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) [](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm)[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] [added: 2012). (2012] Series [removed: D, E, and F)](http://www.sec.gov/Archives/edgar/data/28385/000002838511000010/a4-2772011seriesdefsupplem.htm)] [added: 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: May 1, 2023] to [removed: 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 [removed: trustee (Exhibit 4-279] [added: trustee](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex42.htm) [(Exhibit 4.2] to [removed: Detroit Edison's] [added: DTE Energy's] Form 10-Q for the quarter ended June 30, [removed: 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)] [added: 2023).](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex42.htm) [(2023 Series DT)](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex42.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture dated as of February 1, 2020, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-314 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2020). (2020 Series A and [removed: B)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000171/a20200331ex4314.htm)] [added: B)](http://www.sec.gov/Archives/edgar/data/28385/000093634020000171/a20200331ex4314.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture dated as of April 1, 2020, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-315 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2020). (2020 Series [removed: C)](https://www.sec.gov/Archives/edgar/data/28385/000093634020000171/a20200331ex4315.htm)] [added: C)](http://www.sec.gov/Archives/edgar/data/28385/000093634020000171/a20200331ex4315.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture dated as of March 1, 2021, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-323 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2021). (2021 Green Series A and [removed: B)](https://www.sec.gov/Archives/edgar/data/28385/000093634021000154/a20210331ex4323.htm)] [added: B)](http://www.sec.gov/Archives/edgar/data/28385/000093634021000154/a20210331ex4323.htm)] | | | | | | X | | | | | | X | | |

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

| | | | | | | [removed: [Eighteenth Supplemental Indenture,] [added: [Supplemental Indenture] dated as of [removed: September 15, 2005,] [added: March 1, 2023,] to the [removed: Collateral] [added: Mortgage and Deed of] Trust [removed: Indenture,] dated as of [removed: June 30, 1993,] [added: October 1, 1924,] between [removed: The Detroit Edison] [added: DTE Electric] Company and The Bank of New York Mellon Trust Company, N.A., as [removed: successor trustee (Exhibit 4.1 to Detroit Edison's] [added: trustee](http://www.sec.gov/Archives/edgar/data/28385/000093634023000101/a20230331ex41.htm) [(Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/28385/000093634023000101/a20230331ex41.htm) [to DTE Energy's] Form [removed: 8-K dated September 29, 2005). (2005] [added: 10-Q](http://www.sec.gov/Archives/edgar/data/28385/000093634023000101/a20230331ex41.htm) [for the quarter ended March 31, 2023).](http://www.sec.gov/Archives/edgar/data/28385/000093634023000101/a20230331ex41.htm) [(2023] Series [removed: C 5.19% Senior Notes due October 1, 2023)](http://www.sec.gov/Archives/edgar/data/28385/000095012405005637/k98891exv4w1.txt)] [added: A and B)](http://www.sec.gov/Archives/edgar/data/28385/000093634023000101/a20230331ex41.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [removed: [Sixth] [added: [Fortieth] Supplemental [removed: Indenture] [added: Indenture,] dated as of [removed: April] [added: June] 1, [removed: 2008,] [added: 2008] to [removed: the] Indenture [added: of Mortgage and Deed of Trust] dated as of [removed: June] [added: March] 1, [removed: 1998] [added: 1944] between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit [removed: 4-241] [added: 4-242] to DTE Energy’s Form 10-Q for the quarter ended [removed: March 31,] [added: June 30,] 2008). [removed: (6.44% Senior Notes, 2008] [added: (2008] Series [removed: C due 2023)](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w241.htm)] [added: F Collateral Bonds)](http://www.sec.gov/Archives/edgar/data/936340/000095015208006181/k33717exv4w242.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [removed: [Thirty-ninth] [added: [Fifty-third] Supplemental [removed: Indenture,] [added: Indenture] dated as of [removed: April] [added: September] 1, [removed: 2008] [added: 2022,] to Indenture of Mortgage and Deed of [removed: Trust] [added: Trust,] dated as of March 1, [removed: 1944] [added: 1944,] between [removed: Michigan Consolidated] [added: DTE] Gas Company and Citibank, N.A., trustee (Exhibit [removed: 4-240] [added: 4.2] to DTE Energy’s Form 10-Q for the quarter ended [removed: March 31, 2008). (2008] [added: September 30, 2022). (2022] Series C [removed: Collateral Bonds)](http://www.sec.gov/Archives/edgar/data/936340/000095012408002371/k26447exv4w240.htm)] [added: and D)](http://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex42.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [removed: [Fortieth] [added: [Fifty-first] Supplemental [removed: Indenture,] [added: Indenture] dated as of [removed: June 1](http://www.sec.gov/Archives/edgar/data/936340/000095015208006181/k33717exv4w242.htm)[, 2008] [added: August 1, 2020,] to Indenture of Mortgage and Deed of [removed: Trust] [added: Trust,] dated as of March 1, [removed: 1944] [added: 1944,] between [removed: Michigan Consolidated] [added: DTE] Gas Company and Citibank, N.A., trustee (Exhibit [removed: 4-242] [added: 4-317] to DTE Energy’s Form 10-Q for the quarter ended [removed: June] [added: September] 30, [removed: 2008). (2008] [added: 2020). (2020] Series [removed: F Collateral Bonds)](http://www.sec.gov/Archives/edgar/data/936340/000095015208006181/k33717exv4w242.htm)] [added: D and E)](http://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4317.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Forty-fourth Supplemental Indenture, dated as of December 1, 2013 to Indenture of Mortgage and Deed of Trust dated March 1, 1944 between DTE Gas Company and Citibank, N.A., (Exhibit 4-283 to DTE Energy’s Form 10-K for the year ended December 31, 2013). (2013 First Mortgage Bonds [removed: Series C, D, and] [added: Series](http://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm) [D](http://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm) [and] E)](http://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm) | | | | | | X | | | | | | | | |

| | | | | | | [removed: [Fifty-first] [added: [Fifty-fourth] Supplemental Indenture dated as of [removed: August] [added: October] 1, [removed: 2020,] [added: 2023,] to Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944, between DTE Gas Company and [removed: Citibank,] [added: Citibank] N.A., [removed: trustee (Exhibit 4-317] [added: trustee](http://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex41.htm) [(Exhibit 4.1] to DTE [removed: Energy’s] [added: Energy's] Form 10-Q for the [removed: quarter ended September] [added: quarter](http://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex41.htm) [ended](http://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex41.htm) [September] 30, [removed: 2020). (2020] [added: 2023).](http://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex41.htm) [(2023] Series [removed: D] [added: E] and [removed: E)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4317.htm)] [added: F)](http://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex41.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [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. (Exhibit 4.3 to DTE Energy’s Form 10-K for the year ended December 31, 2022) (2021 Series C and [removed: D)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex43.htm)] [added: D)](http://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex43.htm)] | | | | | | X | | | | | | | | |

| [added: 10(l)] | | | | | | [removed: [Fifty-third Supplemental Indenture] [added: [Fifth Amended and Restated Five-Year Credit Agreement,] dated as of [removed: September 1,] [added: October 25,] 2022, [removed: to Indenture of Mortgage] [added: by] and [removed: Deed of Trust, dated as of March 1, 1944, between] [added: among] DTE Gas [removed: Company] [added: Company, the lenders party thereto,] and Citibank, N.A., [removed: trustee] [added: as Administrative Agent] (Exhibit [removed: 4.2] [added: 10.3] to DTE [removed: Energy’s] [added: Energy Company’s] Form 10-Q for the quarter ended September 30, [removed: 2022). (2022 Series C and D)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a2022930ex42.htm)] [added: 2022)](http://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex103.htm)] | | | | | | X | | | | | | | | |

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

(b)Financial statement schedules are omitted because they are either not required or because the required information is included in the Consolidated Financial Statements and related notes.

| [97.1](https://www.sec.gov/Archives/edgar/data/936340/000093634024000076/a20231231ex971clawbackpoli.htm) | | | | | | Clawback Policy of DTE Energy Company | | | | | | X | | | | | | | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| | | | | | | [Supplemental Indenture dated as of May 1, 2023, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee.](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex41.htm) [(Exhibit 4.1 to DTE Energ](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex41.htm)[y's Form 10-Q for the quarter ended June 3](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex41.htm)[0, 2023).](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex41.htm) [(2023 Series C)](http://www.sec.gov/Archives/edgar/data/28385/000093634023000169/a20230630ex41.htm) | | | | | | X | | | | | | | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

| 10(c) | | | | | | \[Reserved\] | | | | | | | | | | | | | | |

[Table of Contents](#idf02798a9e8645549890086785744358_10)

[Table of Contents](#idf02798a9e8645549890086785744358_10)

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

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

| 10(n) | | | | | | [Fifth Amended and Restated Five-Year Credit Agreement, dated as of October 25, 2022, by and among DTE Electric Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit 10.2 to DTE Energy Company’s and 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)) | | | | | | X | | | | | | X | | |

[Table of [removed: Contents](#i1dbda57415be44b18cc5ddfe80a25e34_10)][added: Contents](#idf02798a9e8645549890086785744358_10)]

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

Date: February [removed: 23, 2023][added: 8, 2024]

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

| By: | | | /S/ [removed: DAVID A. BRANDON] [added: NICHOLAS K. AKINS] | | | | | | By: | | | /S/ ROBERT C. SKAGGS, JR. | | |

| | | | [removed: David A. Brandon,] [added: Nicholas K. Akins,] Director | | | | | | | | | Robert C. Skaggs, Jr., Director | | |

| By: | | | /S/ CHARLES G. MCCLURE JR. | | | | | | By: | | | /S/ [removed: DAVID A. THOMAS] [added: JAMES H. VANDENBERGHE] | | |

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

| | | | Gail J. McGovern, Director | | | | | | | | | [removed: Gary Torgow,] [added: Valerie M. Williams,] Director | | |

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

| | | | Mark A. Murray, Director | | | | | | | | | [removed: James H. Vandenberghe, Director] | | |

| | | | Gerardo Norcia Chief Executive Officer and Director (Principal Executive Officer) | | | | | | | | | David Ruud [removed: Senior] [added: Executive] Vice President, Chief Financial Officer, and Director (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: 2022.][added: 2023.]

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

| | | | David A Brandon, Director | | | | | | | | | David A. Thomas, Director | | |

| By: | | | /S/ DEBORAH L. BYERS | | | | | | By: | | | /S/ GARY TORGOW | | |

| | | | Deborah L. Byers, Director | | | | | | | | | Gary Torgow, Director | | |

| By: | | | /S/ GAIL J. MCGOVERN | | | | | | By: | | | /S/ VALERIE M. WILLIAMS | | |

Date: February 8, 2024

[Table of Contents](#idf02798a9e8645549890086785744358_10)

Date: February 8, 2024

Date: February 8, 2024

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

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

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

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