DTE Energy (DTE) 10-K risk factor changes: FY2025 vs FY2024

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

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Many factors that could cause delays or increased prices for these complex projects are beyond the Registrants' control, including the cost [added: and availability] of materials and [added: skilled] labor, subcontractor performance, timing and issuance of necessary permits or approvals (including required certificates from regulatory agencies), construction disputes, impediments to acquiring rights-of-way or land rights on a timely basis and on acceptable terms, cost overruns, and weather conditions.

*The supply and/or price of energy commodities and/or related services may impact the Registrants' financial results.* The Registrants are dependent on [added: natural gas and] coal for much of their electrical generating capacity as well as uranium for their nuclear operations.

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*A work interruption may adversely affect the Registrants.* There are several bargaining units for DTE Energy's approximately [removed: 4,800] [added: 4,850] and DTE Electric's approximately [removed: 2,550] [added: 2,600] represented employees.

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The Registrants' long-term revolving credit facilities do not expire until [removed: 2029,] [added: 2030,] but the Registrants regularly access capital markets to refinance existing debt or fund new projects at the Registrants' utilities and DTE Energy's non-utility businesses, and the Registrants cannot predict the pricing or demand for those future transactions.

*Regional, national, and international economic [removed: conditions] [added: conditions, and market developments] can have an unfavorable impact on the Registrants.* The Registrants' utility and DTE Energy's non-utility businesses follow the economic cycles of the customers they serve and credit risk of counterparties they do business with.

Should the financial conditions of some of DTE Energy's significant customers deteriorate as a result of regional, national or international economic [removed: conditions,] [added: conditions or other market developments,] reduced volumes of electricity and gas, and demand for energy services DTE Energy supplies, collections of accounts receivable, reductions in federal and state energy assistance funding, and potentially higher levels of lost gas or stolen gas and electricity could result in decreased earnings and cash flows.

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All of the Registrants' technology systems are vulnerable to disability or failures due to cyber incidents, physical security threats, acts of war or terrorism, and other causes, as well as loss of operational control of the Registrants' electric generation and distribution [removed: assets and,] [added: assets, and] DTE Energy's gas distribution assets.

A breach of these third-party systems could adversely affect the [added: Registrants'] business as if it [removed: was] [added: were] a breach of [removed: our] [added: their] own system.

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Among others, these projects include construction and operation of energy facilities and storage capacity to serve one or more data centers in the Registrants' service territory.

In addition, import tariffs and other trade policies have the potential to disrupt global supply chains and could cause volatility in the availability and cost of materials and supplies for us and our customers.

Technological developments, including advances in artificial intelligence, could have the potential to increase the Registrants' vulnerability to these threats.

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DTE Energy is a diversified energy company with [removed: 2024] [added: 2025] Operating Revenues of approximately [removed: $12.5] [added: $15.8] billion and Total Assets of approximately [removed: $48.8] [added: $54.1] billion.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net Income Attributable to DTE Energy Company | | | $ | [removed: 1,404] [added: 1,462] | | | | | $ | [removed: 1,397] [added: 1,404] | | | | | $ | [removed: 1,083] [added: 1,397] | |

| Diluted Earnings per Common Share | | | $ | [removed: 6.77] [added: 7.03] | | | | | $ | [removed: 6.76] [added: 6.77] | | | | | $ | [removed: 5.52] [added: 6.76] | |

The increase in [removed: 2023] [added: 2025] Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the [removed: Energy Trading, DTE Vantage,] [added: Electric, Gas,] and [removed: Gas] [added: DTE Vantage] segments, partially offset by lower earnings [removed: in the Electric segment and] [added: at] Corporate and Other.

Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and [removed: potential for] [added: future] data [removed: centers,] [added: center load,] will drive a continued need for substantial grid investment over the long-term.

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To support its goals for customer affordability, DTE Energy is working to implement operational efficiencies and optimize opportunities [removed: from the Inflation Reduction Act] to generate tax credits relating to renewable energy, nuclear generation, energy storage, and carbon capture and sequestration.

DTE Electric's capital investments over the [removed: 2025-2029] [added: 2026-2030] period are estimated at [removed: $24] [added: $30] billion, comprised of [removed: $10] [added: $11] billion for distribution infrastructure, $4 billion for base infrastructure, and [removed: $10] [added: $15] 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 facilities, [removed: and plans to repurpose] [added: as well as one unit at] the [removed: Trenton Channel plant to a battery energy storage system in 2026.][added: Belle River facility.]

DTE Electric has also announced plans to retire its remaining [removed: six] [added: five] coal-fired generating units, including [removed: converting] the [removed: two units] [added: remaining unit] at the Belle River facility [removed: from a base load coal plant to a natural gas peaking resource] in [removed: 2025-2026.][added: 2026.]

DTE Gas' capital investments over the [removed: 2025-2029] [added: 2026-2030] period are estimated at [removed: $4.0] [added: $4.5] billion, comprised of [removed: $2.5] [added: $2.7] billion for base infrastructure and [removed: $1.5] [added: $1.8] 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 [removed: $1.5 billion to] $2.0 billion from [removed: 2025-2029] [added: 2026-2030] for custom energy solutions and renewable energy, while expanding into carbon capture and sequestration.

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Business and Properties and Note [removed: 17] [added: 18] to the Consolidated Financial Statements, "Commitments and Contingencies," for further discussion of Environmental Matters.

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

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| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Electric segment | | | $ | [removed: 1,072] [added: 1,158] | | | | | $ | [removed: 772] [added: 1,072] | | | | | $ | [removed: 956] [added: 772] | |

| Gas segment | | | [removed: 257] [added: 295] | | | | | | [removed: 294] [added: 257] | | | | | | [removed: 272] [added: 294] | | |

| DTE Vantage segment | | | [removed: 135] [added: 154] | | | | | | [removed: 153] [added: 135] | | | | | | [removed: 92] [added: 153] | | |

| Energy Trading segment | | | [removed: 125] [added: 123] | | | | | | [removed: 336] [added: 125] | | | | | | [removed: (92)] [added: 336] | | |

| Corporate and Other | | | [removed: (185)] [added: (268)] | | | | | | [removed: (158)] [added: (185)] | | | | | | [removed: (145)] [added: (158)] | | |

| Net Income Attributable to DTE Energy Company | | | $ | [removed: 1,404] [added: 1,462] | | | | | $ | [removed: 1,397] [added: 1,404] | | | | | $ | [removed: 1,083] [added: 1,397] | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Utility operations | | | $ | [removed: 6,277] [added: 6,885] | | | | | $ | [removed: 5,804] [added: 6,277] | | | | | $ | [removed: 6,397] [added: 5,804] | |

| Non-utility operations | | | [removed: 16] [added: 50] | | | | | | [removed: 14] [added: 16] | | | | | | [removed: 15] [added: 14] | | |

| | | | [removed: 6,293] [added: 6,935] | | | | | | [removed: 5,818] [added: 6,293] | | | | | | [removed: 6,412] [added: 5,818] | | |

| Fuel and purchased power — utility | | | [removed: 1,605] [added: 1,804] | | | | | | [removed: 1,481] [added: 1,605] | | | | | | [removed: 1,978] [added: 1,481] | | |

| Operation and maintenance | | | [removed: 1,439] [added: 1,475] | | | | | | [removed: 1,417] [added: 1,439] | | | | | | [removed: 1,564] [added: 1,417] | | |

| Depreciation and amortization | | | [removed: 1,447] [added: 1,553] | | | | | | [removed: 1,340] [added: 1,447] | | | | | | [removed: 1,218] [added: 1,340] | | |

| Taxes other than income | | | [removed: 353] [added: 382] | | | | | | [removed: 339] [added: 353] | | | | | | 339 | | |

| Asset (gains) losses and impairments, net | | | [removed: 12] [added: 47] | | | | | | [removed: 27] [added: 12] | | | | | | [removed: 8] [added: 27] | | |

| | | | [removed: 4,856] [added: 5,274] | | | | | | [removed: 4,604] [added: 4,856] | | | | | | [removed: 5,107] [added: 4,604] | | |

| Operating Income | | | [removed: 1,437] [added: 1,661] | | | | | | [removed: 1,214] [added: 1,437] | | | | | | [removed: 1,305] [added: 1,214] | | |

| Other (Income) and Deductions | | | [removed: 396] [added: 430] | | | | | | [removed: 364] [added: 396] | | | | | | [removed: 324] [added: 364] | | |

| Income Tax Expense (Benefit) | | | [removed: (31)] [added: 73] | | | | | | [removed: 78] [added: (31)] | | | | | | [removed: 25] [added: 78] | | |

| [added: Electric Segment] Net Income Attributable to DTE Energy Company | | | $ | [removed: 1,072] [added: 1,158] | | | | | $ | [removed: 772] [added: 1,072] | | | | | $ | [removed: 956] [added: 772] | |

Refer to Note [removed: 19] [added: 20] to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets" for additional information.

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DTE Electric plans to repurpose the Trenton Channel facility to a battery energy storage system in 2026, and convert the Belle River facility from a base load coal plant to a natural gas peaking resource in 2026.

| Fuel and purchased power — non-utility | | | 13 | | | | | | — | | | | | | — | | |

| Reconciliation of Electric Segment to DTE Electric Net Income | | | $ | (6) | | | | | $ | — | | | | | $ | — | |

| DTE Electric Net Income | | | $ | 1,152 | | | | | $ | 1,072 | | | | | $ | 772 | |

| | | | 2025 | | | | | | 2024 | | |

| Non-utility revenues(b) | | | 34 | | | | | | 2 | | |

| | | | $ | 642 | | | | | $ | 475 | |

(a)Variance for 2025 includes MPSC disallowance of $28 million resulting from an order in DTE Electric's 2022 PSCR reconciliation case.

The disallowance reduced the amount of power supply costs recoverable from customers, which had a flow-through impact of approximately $5 million higher interest expense recorded separately to Other (Income) and Deductions.

(b)Increase in 2025 was primarily due to the acquisition of a non-utility business by DTE Sustainable Generation during the third quarter 2025.

Refer to Note 4 to the Consolidated Financial Statements, "Acquisition," for additional information.

| | | | 2025 | | |

| Gas - higher prices | | | $ | 118 | |

| Fuel additives - higher due to increased coal consumption | | | 11 | | |

| | | | $ | 199 | |

| Higher transmission expenses | | | 39 | | |

*Fuel and purchased power — non-utility* expense increased $13 million in 2025.

The increase in 2025 was primarily due to the Electric segment acquisition of non-utility assets, see Note 4 to the Consolidated Financial Statements, "Acquisition."

The increase in 2025 was primarily due to higher benefits and other compensation expense of $28 million, higher plant generation expense of $20 million, higher corporate support costs of $13 million, higher EWR expense of $12 million, higher legal expense of $6 million, higher DTE Sustainable Generation expense of $5 million related to the Electric segment acquisition discussed in Note 4 to the Consolidated Financial Statements, "Acquisition," and higher RPS expense of $3 million, partially offset by one-time costs in 2024 of $32 million resulting from the voluntary separation incentive program and lower distribution operations expense of $20 million (primarily due to lower storm restoration costs).

The increase in 2025 was primarily due to an accrual of $47 million resulting from management's revisions to the timing and estimate of cash flows related to the decommissioning of Fermi 1, refer to Note 8 to the Consolidated Financial Statements, "Asset Retirement Obligations," for additional information, partially offset by MPSC disallowances of previously recorded capital expenditures of $12 million from the January 2025 rate order written off in 2024.

The change in 2025 was primarily due to a decrease in tax credits and higher earnings.

DTE Electric filed a rate case with the MPSC on April 24, 2025 requesting an increase in base rates of $574 million based on a projected twelve-month period ending December 31, 2026, and an increase in return on equity from 9.9% to 10.75%.

The requested increase in base rates was primarily due to capital investments required to support continued reliability improvements and the ongoing transition to cleaner energy.

A final MPSC order in this case is expected in February 2026.

In October 2025, DTE Electric entered into a 1.4 gigawatt data center agreement.

Capital investments required to support this agreement are included in DTE Electric's 5-year capital investment plan in the "Capital Investments" section above.

DTE Electric secured MPSC approval in the fourth quarter of 2025.

| | | | 2025 | | | | | | 2024 | | |

| Regulatory mechanism — RDM | | | 13 | | | | | | (4) | | |

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

| | | | $ | 254 | | | | | $ | 50 | |

DTE Gas filed a rate case with the MPSC on November 13, 2025 requesting a net increase in base rates of $163 million based on a projected twelve-month period ending September 30, 2027, and an increase in return on equity from 9.8% to 10.25%.

The net increase is based on a total revenue deficiency of $238 million, net of the IRM roll-in of $75 million.

The requested net increase in base rates was primarily due to continued infrastructure investment and increasing operations and maintenance costs needed to ensure the continued safe and reliable delivery of natural gas to customers.

A final MPSC order in this case is expected in September 2026.

| | | | (61) | | | | | | (37) | | | | | | (22) | | |

| | | | 2025 | | |

| | | | $ | (57) | |

| | | | $ | (56) | |

The change in both periods was due to the following:

| COVID-19 voluntary refund amortization in 2022 | | | — | | | | | | (30) | | |

| | | | $ | 475 | | | | | $ | (594) | |

(a)Includes impact of nuclear PTCs recognized in 2024.

Nuclear PTCs are separately recorded in Income Tax Expense (Benefit) with an offsetting reduction to revenue for recoverable power supply costs as tax savings are passed on to customers.

(b)Includes impact of solar ITCs recognized in 2024, which offset Income Tax Expense (Benefit).

(c)Primarily includes regulatory mechanisms relating to EWR and TRM.

| | | | 2023 | | |

| Gas - lower prices, partially offset by higher consumption primarily due to Blue Water Energy Center | | | (78) | | |

| | | | $ | (497) | |

The decrease in 2023 was primarily due to lower plant generation expense of $108 million (primarily due to lower outage costs and coal plant retirements), lower benefits and other compensation expense of $67 million, lower corporate support costs of $55 million, and lower legal expense of $14 million.

These decreases were partially offset by higher distribution operations expense of $99 million, which was primarily due to higher storm restoration costs.

The increase in 2023 was primarily due to lower amortization of the TCJA regulatory liability, partially offset by lower earnings.

| Voluntary refund | | | (5) | | | | | | 10 | | |

| | | | $ | 50 | | | | | $ | (176) | |

| | | | (37) | | | | | | (22) | | | | | | 18 | | |

The changes were due to the following:

| Other | | | (1) | | |

| | | | $ | (56) | |

| | | | 2023 | | |

| | | | $ | (39) | |

| | | | $ | (43) | |

| | | | 2023 | | |

| Other | | | (2) | | |

| | | | $ | (10) | |

The 2023 decrease was primarily due to lower operating costs in the Renewables business of $13 million and lower operating costs in the On-site business of $24 million, which was primarily driven by a decrease of $11 million due to the sale of a project.

The change in 2023 was primarily due to a gain of $17 million resulting from a change in estimate of an asset retirement obligation in the Steel business, partially offset by asset write-offs in other business units of $7 million.

The net gain for 2023 was also partially offset by $7 million due to settlement of contingent consideration relating to a 2017 acquisition in the Renewables business, which resulted in a loss of $2 million in 2023 compared to a gain of $5 million recorded in 2022.

The increase was also due to $5 million higher deferred tax expense related to the reduction in tax basis on property that generated ITCs.

The increase in 2023 was primarily due to ITCs of $39 million related to new projects in the Renewables business and $9 million for a new project in the On-site business.

*Outlook —* In December 2024, DTE Vantage entered into a series of agreements with a large industrial customer to design, construct, own, and operate certain energy infrastructure assets at the customer's planned battery manufacturing plant in Michigan.

The project is expected to begin construction in 2025 and achieve commercial operations in 2026 for a term of 20 years.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Depreciation and amortization | | | 5 | | | | | | 4 | | | | | | 5 | | |

| Asset (gains) losses and impairments, net | | | — | | | | | | — | | | | | | 2 | | |

| | | | 2023 | | |

| | | | $ | (5,696) | |

| | | | 2023 | | |

| | | | $ | (6,263) | |

This increase was primarily due to higher net interest expense, partially offset by lower equity investment losses, lower valuation allowances, lower corporate overhead costs, and lower benefits expense.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

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Allowance for Doubtful [removed: Accounts][added: Accounts and Notes Receivable]

The following table displays the credit quality of DTE Energy's trading counterparties as of December 31, [removed: 2024:][added: 2025:]

| A- and Greater | | | $ | [removed: 403] [added: 511] | | | | | $ | — | | | | | $ | [removed: 403] [added: 511] | |

| BBB+ and BBB | | | [removed: 371] [added: 381] | | | | | | — | | | | | | [removed: 371] [added: 381] | | |

| BBB- | | | [removed: 12] [added: 5] | | | | | | — | | | | | | [removed: 12] [added: 5] | | |

| Total Investment Grade | | | [removed: 786] [added: 897] | | | | | | — | | | | | | [removed: 786] [added: 897] | | |

| Non-investment grade(b) | | | [removed: 12] [added: 35] | | | | | | — | | | | | | [removed: 12] [added: 35] | | |

| Internally Rated — [removed: investment grade(c)] [added: non-investment grade(d)] | | | [removed: 331] [added: 51] | | | | | | [removed: —] [added: (9)] | | | | | | [removed: 331] [added: 42] | | |

| Internally Rated — [removed: non-investment grade(d)] [added: investment grade(c)] | | | [removed: 10] [added: 637] | | | | | | [removed: (1)] [added: (9)] | | | | | | [removed: 9] [added: 628] | | |

The five largest counterparty exposures, combined, for this category represented [removed: 23%] [added: 2%] of the total gross credit exposure.

The five largest counterparty exposures, combined, for this category represented [removed: 1%] [added: 9%] of the total gross credit exposure.

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

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

As of December 31, [removed: 2024,] [added: 2025,] DTE Energy had floating rate debt of [removed: $1.1] [added: $0.9] billion and a floating rate debt-to-total debt ratio of [removed: 4.8%.][added: 3.5%.]

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The sensitivity analyses involved increasing and decreasing forward prices and rates at December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] by a hypothetical 10% and calculating the resulting change in the fair values.

| Activity | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change in the Fair Value of | | |

| Gas contracts | | | | | | $ | [removed: 26] [added: 22] | | | | | $ | [removed: 40] [added: 26] | | | | | $ | [removed: (26)] [added: (22)] | | | | | $ | [removed: (40)] [added: (26)] | | | | | Commodity contracts | | |

| Power contracts | | | | | | $ | [removed: 1] [added: 5] | | | | | $ | 1 | | | | | $ | [removed: (1)] [added: (5)] | | | | | $ | (1) | | | | | Commodity contracts | | |

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

| Interest rate risk — DTE Energy | | | | | | $ | [removed: (789)] [added: (904)] | | | | | $ | [removed: (733)] [added: (789)] | | | | | $ | [removed: 848] [added: 966] | | | | | $ | [removed: 786] [added: 848] | | | | | Long-term debt | | |

| Interest rate risk — DTE Electric | | | | | | $ | [removed: (494)] [added: (538)] | | | | | $ | [removed: (492)] [added: (494)] | | | | | $ | [removed: 538] [added: 586] | | | | | $ | [removed: 535] [added: 538] | | | | | Long-term debt | | |

For further discussion of market risk, see Management's Discussion and Analysis in Item 7 of this Report and Note [removed: 12] [added: 13] to the Consolidated Financial Statements, "Financial and Other Derivative Instruments."

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

| Total | | | $ | 1,620 | | | | | $ | (18) | | | | | $ | 1,602 | |

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

| Total | | | $ | 1,139 | | | | | $ | (1) | | | | | $ | 1,138 | |

| Oil contracts | | | | | | $ | — | | | | | $ | 1 | | | | | $ | — | | | | | $ | (1) | | | | | Commodity contracts | | |

For more information on legal proceedings and matters related to the Registrants, see Notes [removed: 8] [added: 9] and [removed: 17] [added: 18] to the Consolidated Financial Statements, "Regulatory Matters" and "Commitments and Contingencies," respectively.

For the Fiscal Year Ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan [removed: 48226-1279][added: 48226-1221]

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

On June 30, [removed: 2024,] [added: 2025,] the aggregate market value of DTE Energy's voting and non voting common equity held by non-affiliates was approximately [removed: $22.9] [added: $27.3] billion (based on the New York Stock Exchange closing price on such date).

Number of shares of Common Stock outstanding at January [removed: 31, 2025:][added: 30, 2026:]

| DTE Energy | | | | | | Common Stock, without par value | | | | | | [removed: 207,242,390] [added: 207,803,764] | | |

Certain information in DTE Energy's definitive Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Common Shareholders to be held May [removed: 8, 2025,] [added: 7, 2026,] 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](#ic66bca54a99d44089d2c0cb673d7ffb8_16)] [added: Format](#i4e29e4597f414185b8d08df9ecce6131_16)] | | | [removed: [4](#ic66bca54a99d44089d2c0cb673d7ffb8_16)] [added: [4](#i4e29e4597f414185b8d08df9ecce6131_16)] | | |

| | | | [Forward-Looking [removed: Statements](#ic66bca54a99d44089d2c0cb673d7ffb8_19)] [added: Statements](#i4e29e4597f414185b8d08df9ecce6131_19)] | | | [removed: [4](#ic66bca54a99d44089d2c0cb673d7ffb8_19)] [added: [4](#i4e29e4597f414185b8d08df9ecce6131_19)] | | |

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- impacts of [removed: inflation] [added: inflation, tariffs,] and the timing and extent of changes in interest rates;

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DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately [removed: 1.3] [added: 1.4] million customers throughout Michigan and the sale of storage and transportation capacity.

For financial information by segment for the last three years, see Note [removed: 21] [added: 22] to the Consolidated Financial Statements, "Segment and Related Information."

- The Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately [removed: 1.3] [added: 1.4] million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity.

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| DTE Energy | | | | | | 2025 Series H 6.25% Junior Subordinated Debenture due 2085 | | | | | | DTK | | | | | | New York Stock Exchange | | |

| | | | [Definitions](#i4e29e4597f414185b8d08df9ecce6131_13) | | | [1](#i4e29e4597f414185b8d08df9ecce6131_13) | | |

| [PART I](#i4e29e4597f414185b8d08df9ecce6131_22) | | | | | | | | |

| [PART II](#i4e29e4597f414185b8d08df9ecce6131_61) | | | | | | | | |

| [PART III](#i4e29e4597f414185b8d08df9ecce6131_265) | | | | | | | | |

| [PART IV](#i4e29e4597f414185b8d08df9ecce6131_283) | | | | | | | | |

| | | | [Signatures](#i4e29e4597f414185b8d08df9ecce6131_295) | | | [160](#i4e29e4597f414185b8d08df9ecce6131_295) | | |

| RDM | | | | | | A Revenue Decoupling Mechanism authorized by the MPSC for DTE Gas that is designed to minimize the impact on revenues of changes in average customer usage | | |

These projects provide energy and related services under long term agreements, to support DTE Energy's renewable energy goals.

| Non-Utility | | | | | | Mason | | | | | | 2025 | | | | | | 123 | | |

| | | | | | | | | | | | | | | | | | | 6,192 | | |

| Battery Energy Storage | | | | | | Wayne | | | | | | 2025 | | | | | | 14 | | |

| | | | | | | | | | | | | | | | | | | 1,992 | | |

| | | | | | | | | | | | | | | | | | | 12,414 | | |

| 4.8 kV to 13.2 kV | | | | | | 28,555 | | | | | | 13,650 | | |

| 24 kV | | | | | | 151 | | | | | | 730 | | |

| 40 kV | | | | | | 2,423 | | | | | | 416 | | |

| | | | | | | 31,190 | | | | | | 14,804 | | |

| Estimated 2027 expenditures | | | $ | 134 | | | | | $ | 4 | | | | | | | | | | | $ | 138 | |

DTE Energy's talent management objectives are focused on promoting an inclusive, merit-based culture; ensuring health, safety, and wellbeing; and providing market-competitive compensation and benefits.

In addition, DTE Energy aims to deliver world-class technical training and leadership development through comprehensive learning and development programs which are regularly reviewed and refined to ensure employee success in the years to come.

Inclusion, Engagement, and Equal Opportunity

DTE Energy is committed to providing an inclusive workplace where everyone feels welcome and a sense of belonging.

DTE Energy periodically monitors workforce demographic data to help ensure compliance with Federal non-discrimination obligations.

DTE Energy also evaluates key indicators of our commitment to creating a supportive and inclusive environment that reflects our commitment to our employees and the communities we serve.

DTE Energy's People and Culture committee, which is led by DTE Energy's President and Chief Executive Officer, oversees a broad range of initiatives that strengthen our workforce and culture.

Among its priorities are leadership in talent pipeline development, fostering a speak-up culture that welcomes all voices, and communicating a defining and persistent message about inclusion, engagement, and equal opportunity.

DTE Energy also has ten employee resource groups, known as Energy groups, to further build a culture of inclusion.

Membership in Energy groups and participation in group activities are open to all employees.

| | | | | | | | | |

| | | | [Definitions](#ic66bca54a99d44089d2c0cb673d7ffb8_13) | | | [1](#ic66bca54a99d44089d2c0cb673d7ffb8_13) | | |

| [PART I](#ic66bca54a99d44089d2c0cb673d7ffb8_22) | | | | | | | | |

| [PART II](#ic66bca54a99d44089d2c0cb673d7ffb8_61) | | | | | | | | |

| [PART III](#ic66bca54a99d44089d2c0cb673d7ffb8_256) | | | | | | | | |

| [PART IV](#ic66bca54a99d44089d2c0cb673d7ffb8_274) | | | | | | | | |

| | | | [Signatures](#ic66bca54a99d44089d2c0cb673d7ffb8_286) | | | [154](#ic66bca54a99d44089d2c0cb673d7ffb8_286) | | |

| COVID-19 | | | | | | Coronavirus disease of 2019 | | |

| DT Midstream | | | | | | DT Midstream, Inc., formerly DTE Energy's natural gas pipeline, storage, and gathering non-utility business comprising the Gas Storage and Pipelines segment and certain DTE Energy holding company activity in the Corporate and Other segment, which separated from DTE Energy and became an independent public company on July 1, 2021 | | |

| PLD | | | | | | City of Detroit's Public Lighting Department | | |

| TRM | | | | | | A Transitional Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system | | |

| | | | | | | | | | | | | | | | | | | 6,069 | | |

| | | | | | | | | | | | | | | | | | | 1,814 | | |

| | | | | | | | | | | | | | | | | | | 12,099 | | |

| 4.8 kV to 13.2 kV | | | | | | 28,566 | | | | | | 13,553 | | |

| 24 kV | | | | | | 175 | | | | | | 702 | | |

| 40 kV | | | | | | 2,343 | | | | | | 445 | | |

| | | | | | | 31,145 | | | | | | 14,708 | | |

| Estimated 2025 expenditures | | | $ | 36 | | | | | $ | 3 | | | | | | | | | | | $ | 39 | |

DTE Energy and utilities across the country are in the middle of major transformation of our business through technology investments, changes to our electric generation portfolio, and upgrades to our distribution infrastructure.

DTE Energy has also set talent management objectives around employee diversity, equity, and inclusion; health, safety, and wellbeing; and market-competitive compensation and benefits, which are discussed further in the sections below.

DTE Energy also aims to deliver world-class leadership development and technical training.

DTE Energy provides an internal learning platform that includes free instructor-led and online courses, learning-focused events with expert guest speakers, and a comprehensive development program for new front-line leaders.

Training efforts and a focus on succession planning have been critical in supporting employees transitioning to new roles as coal-fired plants are retired and replaced with new, cleaner generation.

Diversity, Equity, and Inclusion (DEI)

A diverse workforce and inclusive culture contribute to DTE Energy's success and sustainability by driving innovation and creating trusted relationships with employees, customers, suppliers, and community partners.

By tapping into the talent, unique perspectives, and life experiences of every employee, DTE Energy can ensure its continued success.

DTE Energy measures DEI performance by its workforce representation of women, minorities, veterans, and employees with disabilities, as well as the following:

- Employee engagement, including specific elements that measure a culture of inclusion

- Number of DEI related communications and events

- Supplier diversity spend

- Rankings and scores from DEI benchmarking surveys

- Formal training programs, including unconscious bias training for employees and leaders

DTE Energy has an Inclusion and Diversity Team (IDT) to provide DEI oversight, focus on its strategic objectives, and accelerate our progress.

The IDT committee, which is led by DTE Energy's Chairman and Chief Executive Officer, prioritizes an effective pipeline of underrepresented talent, works to create a speak-up culture that welcomes diverse voices, and makes DEI a defining and pervasive message in all of DTE Energy's communications.

DTE Energy also has nine employee resource groups providing individuals with a shared interest or identity the opportunity to connect.

DTE Energy is focused on supporting employees holistically, including physical health, emotional wellbeing, social connectivity, and financial security.

Resources are provided to promote and support healthier lifestyles, including an on-site clinic, fitness centers, on-site and virtual wellbeing classes, and a team of wellbeing coordinators, registered dieticians and athletic trainers.

DTE Energy offers a Healthy Living Program to complete both an annual physical with biometric screenings and a Health Risk Assessment to ensure employees have a relationship with a trusted physician and early detection of health conditions.

Additionally, DTE Energy offers extensive wellbeing education and disease management programs.

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

As of December 31, [removed: 2024,] [added: 2025,] cybersecurity risks have not materially affected the Registrants’ business strategy, results of operations, or financial condition.

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

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, [removed: identity] [added: security awareness, identity,] and access [removed: assurance, and cloud security] [added: assurance] and (2) the IPS director of cybersecurity strategy, risk, and engagement who is also responsible for engagement and outreach to internal and external [removed: stakeholders.][added: stakeholders, cloud security, and vulnerability management.]

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

The cybersecurity structure of DTE Electric is overseen in alignment with the enterprise-wide framework established by DTE Energy.

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

At December 31, [removed: 2024,] [added: 2025,] there were [removed: 207,171,582] [added: 207,745,154] shares of DTE Energy common stock outstanding.

These shares were held by a total of [removed: 40,177] [added: 37,916] shareholders of record.

For information on DTE Energy dividend restrictions, see Note [removed: 15] [added: 16] to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings."

For additional detail, see Note [removed: 20] [added: 21] to the Consolidated Financial Statements, "Stock-Based Compensation."

See the following table for information as of December 31, [removed: 2024:][added: 2025:]

| Plans approved by shareholders | | | — | | | | | | $ | — | | | | | [removed: 2,074,209] [added: 4,584,548] | | |

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: 2024:][added: 2025:]

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

| Company/Index | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | [added: | | | 2025 | | |]

| DTE Energy Company | | | | | | [removed: (2.90)] [added: 19.42] | | | | | | [removed: 19.42] [added: 1.27] | | | | | | [removed: 1.27] [added: (2.81)] | | | | | | [removed: (2.81)] [added: 13.47] | | | | | | [removed: 13.47] [added: 10.41] | | |

| S&P 500 Index | | | | | | [removed: 18.39] [added: 28.68] | | | | | | [removed: 28.68] [added: (18.13)] | | | | | | [removed: (18.13)] [added: 26.26] | | | | | | [removed: 26.26] [added: 25.00] | | | | | | [removed: 25.00] [added: 17.86] | | |

| S&P 500 Multi-Utilities Index | | | | | | [removed: (5.87)] [added: 14.17] | | | | | | [removed: 14.17] [added: 0.62] | | | | | | [removed: 0.62] [added: (5.82)] | | | | | | [removed: (5.82)] [added: 20.86] | | | | | | [removed: 20.86] [added: 10.61] | | |

| Company/Index | | | | | | [removed: 2019 | | | | | | 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

[removed: ][added: ]

| 10/01/2025 — 10/31/2025 | | | 11,679 | | | | | | $ | 141.01 | | | | | — | | | | | | — | | | | | | — | | |

| 11/01/2025 — 11/30/2025 | | | 2,856 | | | | | | $ | 120.36 | | | | | — | | | | | | — | | | | | | — | | |

| 12/01/2025 — 12/31/2025 | | | — | | | | | | $ | — | | | | | — | | | | | | — | | | | | | — | | |

| Total | | | 14,535 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

| DTE Energy Company | | | | | | 100.00 | | | | | | 119.42 | | | | | | 120.93 | | | | | | 117.53 | | | | | | 133.36 | | | | | | 147.24 | | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 128.68 | | | | | | 105.36 | | | | | | 133.02 | | | | | | 166.27 | | | | | | 195.97 | | |

| S&P 500 Multi-Utilities Index | | | | | | 100.00 | | | | | | 114.17 | | | | | | 114.87 | | | | | | 108.18 | | | | | | 130.74 | | | | | | 144.61 | | |

| 10/01/2024 — 10/31/2024 | | | 1,097 | | | | | | $ | 124.68 | | | | | — | | | | | | — | | | | | | — | | |

| 11/01/2024 — 11/30/2024 | | | 3,371 | | | | | | $ | 120.31 | | | | | — | | | | | | — | | | | | | — | | |

| 12/01/2024 — 12/31/2024 | | | 2,721 | | | | | | $ | 121.57 | | | | | — | | | | | | — | | | | | | — | | |

| Total | | | 7,189 | | | | | | | | | | | | — | | | | | | | | | | | | | | |

| DTE Energy Company | | | | | | 100.00 | | | | | | 97.10 | | | | | | 115.95 | | | | | | 117.42 | | | | | | 114.11 | | | | | | 129.49 | | |

| S&P 500 Index | | | | | | 100.00 | | | | | | 118.39 | | | | | | 152.34 | | | | | | 124.72 | | | | | | 157.48 | | | | | | 196.84 | | |

| S&P 500 Multi-Utilities Index | | | | | | 100.00 | | | | | | 94.13 | | | | | | 107.46 | | | | | | 108.12 | | | | | | 101.83 | | | | | | 123.06 | | |

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_10)]

| [DTE Energy — Controls and [removed: Procedures](#ic66bca54a99d44089d2c0cb673d7ffb8_115)] [added: Procedures](#i4e29e4597f414185b8d08df9ecce6131_115)] | | | [removed: [53](#ic66bca54a99d44089d2c0cb673d7ffb8_115)] [added: [55](#i4e29e4597f414185b8d08df9ecce6131_115)] | | |

| [DTE Energy — Report of Independent Registered Public Accounting [removed: Firm](#ic66bca54a99d44089d2c0cb673d7ffb8_118)] [added: Firm](#i4e29e4597f414185b8d08df9ecce6131_118)] (PCAOB ID 238) | | | [removed: [54](#ic66bca54a99d44089d2c0cb673d7ffb8_118)] [added: [56](#i4e29e4597f414185b8d08df9ecce6131_118)] | | |

| [DTE Energy — Consolidated Statements of [removed: Operations](#ic66bca54a99d44089d2c0cb673d7ffb8_121)] [added: Operations](#i4e29e4597f414185b8d08df9ecce6131_121)] | | | [removed: [56](#ic66bca54a99d44089d2c0cb673d7ffb8_121)] [added: [58](#i4e29e4597f414185b8d08df9ecce6131_121)] | | |

| [DTE Energy — Consolidated Statements of Comprehensive [removed: Income](#ic66bca54a99d44089d2c0cb673d7ffb8_124)] [added: Income](#i4e29e4597f414185b8d08df9ecce6131_124)] | | | [removed: [57](#ic66bca54a99d44089d2c0cb673d7ffb8_124)] [added: [59](#i4e29e4597f414185b8d08df9ecce6131_124)] | | |

| [DTE Energy — Consolidated Statements of Financial [removed: Position](#ic66bca54a99d44089d2c0cb673d7ffb8_127)] [added: Position](#i4e29e4597f414185b8d08df9ecce6131_127)] | | | [removed: [58](#ic66bca54a99d44089d2c0cb673d7ffb8_127)] [added: [60](#i4e29e4597f414185b8d08df9ecce6131_127)] | | |

| [DTE Energy — Consolidated Statements of Cash [removed: Flows](#ic66bca54a99d44089d2c0cb673d7ffb8_130)] [added: Flows](#i4e29e4597f414185b8d08df9ecce6131_130)] | | | [removed: [60](#ic66bca54a99d44089d2c0cb673d7ffb8_130)] [added: [62](#i4e29e4597f414185b8d08df9ecce6131_130)] | | |

| [DTE Energy — Consolidated Statements of Changes in [removed: Equity](#ic66bca54a99d44089d2c0cb673d7ffb8_133)] [added: Equity](#i4e29e4597f414185b8d08df9ecce6131_133)] | | | [removed: [62](#ic66bca54a99d44089d2c0cb673d7ffb8_133)] [added: [64](#i4e29e4597f414185b8d08df9ecce6131_133)] | | |

| [DTE Electric — Controls and [removed: Procedures](#ic66bca54a99d44089d2c0cb673d7ffb8_136)] [added: Procedures](#i4e29e4597f414185b8d08df9ecce6131_136)] | | | [removed: [63](#ic66bca54a99d44089d2c0cb673d7ffb8_136)] [added: [65](#i4e29e4597f414185b8d08df9ecce6131_136)] | | |

| [DTE Electric — Report of Independent Registered Public Accounting [removed: Firm](#ic66bca54a99d44089d2c0cb673d7ffb8_139)] [added: Firm](#i4e29e4597f414185b8d08df9ecce6131_139)] (PCAOB ID 238) | | | [removed: [64](#ic66bca54a99d44089d2c0cb673d7ffb8_139)] [added: [66](#i4e29e4597f414185b8d08df9ecce6131_139)] | | |

| [DTE Electric — Consolidated Statements of [removed: Operations](#ic66bca54a99d44089d2c0cb673d7ffb8_142)] [added: Operations](#i4e29e4597f414185b8d08df9ecce6131_142)] | | | [removed: [66](#ic66bca54a99d44089d2c0cb673d7ffb8_142)] [added: [68](#i4e29e4597f414185b8d08df9ecce6131_142)] | | |

| [DTE Electric — Consolidated Statements of Comprehensive [removed: Income](#ic66bca54a99d44089d2c0cb673d7ffb8_145)] [added: Income](#i4e29e4597f414185b8d08df9ecce6131_145)] | | | [removed: [67](#ic66bca54a99d44089d2c0cb673d7ffb8_145)] [added: [69](#i4e29e4597f414185b8d08df9ecce6131_145)] | | |

| [DTE Electric — Consolidated Statements of Financial [removed: Position](#ic66bca54a99d44089d2c0cb673d7ffb8_148)] [added: Position](#i4e29e4597f414185b8d08df9ecce6131_148)] | | | [removed: [68](#ic66bca54a99d44089d2c0cb673d7ffb8_148)] [added: [70](#i4e29e4597f414185b8d08df9ecce6131_148)] | | |

| [DTE Electric — Consolidated Statements of Cash [removed: Flows](#ic66bca54a99d44089d2c0cb673d7ffb8_151)] [added: Flows](#i4e29e4597f414185b8d08df9ecce6131_151)] | | | [removed: [70](#ic66bca54a99d44089d2c0cb673d7ffb8_151)] [added: [72](#i4e29e4597f414185b8d08df9ecce6131_151)] | | |

| [DTE Electric — Consolidated Statements of Changes in Shareholder's [removed: Equity](#ic66bca54a99d44089d2c0cb673d7ffb8_154)] [added: Equity](#i4e29e4597f414185b8d08df9ecce6131_154)] | | | [removed: [71](#ic66bca54a99d44089d2c0cb673d7ffb8_154)] [added: [73](#i4e29e4597f414185b8d08df9ecce6131_154)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#ic66bca54a99d44089d2c0cb673d7ffb8_157)] [added: Statements](#i4e29e4597f414185b8d08df9ecce6131_157)] | | | [removed: [72](#ic66bca54a99d44089d2c0cb673d7ffb8_157)] [added: [74](#i4e29e4597f414185b8d08df9ecce6131_157)] | | |

| [Note 1 — Organization and Basis of [removed: Presentation](#ic66bca54a99d44089d2c0cb673d7ffb8_160)] [added: Presentation](#i4e29e4597f414185b8d08df9ecce6131_160)] | | | [removed: [72](#ic66bca54a99d44089d2c0cb673d7ffb8_160)] [added: [74](#i4e29e4597f414185b8d08df9ecce6131_160)] | | |

| [Note 2 — Significant Accounting [removed: Policies](#ic66bca54a99d44089d2c0cb673d7ffb8_163)] [added: Policies](#i4e29e4597f414185b8d08df9ecce6131_163)] | | | [removed: [75](#ic66bca54a99d44089d2c0cb673d7ffb8_163)] [added: [77](#i4e29e4597f414185b8d08df9ecce6131_163)] | | |

| [Note 3 — New Accounting [removed: Pronouncements](#ic66bca54a99d44089d2c0cb673d7ffb8_166)] [added: Pronouncements](#i4e29e4597f414185b8d08df9ecce6131_166)] | | | [removed: [82](#ic66bca54a99d44089d2c0cb673d7ffb8_166)] [added: [84](#i4e29e4597f414185b8d08df9ecce6131_166)] | | |

[removed: | [Note 4] [added: NOTE 5] — [removed: Revenue](#ic66bca54a99d44089d2c0cb673d7ffb8_172) | | | [83](#ic66bca54a99d44089d2c0cb673d7ffb8_172) | | |][added: REVENUE]

[removed: | [Note 5] [added: NOTE 6] — [removed: Property, Plant, and Equipment](#ic66bca54a99d44089d2c0cb673d7ffb8_178) | | | [87](#ic66bca54a99d44089d2c0cb673d7ffb8_178) | | |][added: PROPERTY, PLANT, AND EQUIPMENT]

[removed: | [Note 6] [added: NOTE 7] — [removed: Jointly-Owned Utility Plant](#ic66bca54a99d44089d2c0cb673d7ffb8_181) | | | [89](#ic66bca54a99d44089d2c0cb673d7ffb8_181) | | |][added: JOINTLY-OWNED UTILITY PLANT]

[removed: | [Note 7] [added: NOTE 8] — [removed: Asset Retirement Obligations](#ic66bca54a99d44089d2c0cb673d7ffb8_184) | | | [90](#ic66bca54a99d44089d2c0cb673d7ffb8_184) | | |][added: ASSET RETIREMENT OBLIGATIONS]

[removed: | [Note 8] [added: NOTE 9] — [removed: Regulatory Matters](#ic66bca54a99d44089d2c0cb673d7ffb8_187) | | | [91](#ic66bca54a99d44089d2c0cb673d7ffb8_187) | | |][added: REGULATORY MATTERS]

| [Note [removed: 9] [added: 10] — Income [removed: Taxes](#ic66bca54a99d44089d2c0cb673d7ffb8_190)] [added: Taxes](#i4e29e4597f414185b8d08df9ecce6131_190)] | | | [removed: [95](#ic66bca54a99d44089d2c0cb673d7ffb8_190)] [added: [98](#i4e29e4597f414185b8d08df9ecce6131_190)] | | |

[removed: | [Note 10] [added: NOTE 11] — [removed: Earnings Per Share](#ic66bca54a99d44089d2c0cb673d7ffb8_193) | | | [99](#ic66bca54a99d44089d2c0cb673d7ffb8_193) | | |][added: EARNINGS PER SHARE]

[removed: | [Note 11] [added: NOTE 12] — [removed: Fair Value](#ic66bca54a99d44089d2c0cb673d7ffb8_196) | | | [100](#ic66bca54a99d44089d2c0cb673d7ffb8_196) | | |][added: FAIR VALUE]

[removed: | [Note 12] [added: NOTE 13] — [removed: Financial and Other Derivative Instruments](#ic66bca54a99d44089d2c0cb673d7ffb8_199) | | | [107](#ic66bca54a99d44089d2c0cb673d7ffb8_199) | | |][added: FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS]

[removed: | [Note 14] [added: NOTE 15] — [removed: Preferred and Preference Securities](#ic66bca54a99d44089d2c0cb673d7ffb8_205) | | | [114](#ic66bca54a99d44089d2c0cb673d7ffb8_205) | | |][added: PREFERRED AND PREFERENCE SECURITIES]

[removed: | [Note 15] [added: NOTE 16] — [removed: Short-Term Credit Arrangements and Borrowings](#ic66bca54a99d44089d2c0cb673d7ffb8_208) | | | [114](#ic66bca54a99d44089d2c0cb673d7ffb8_208) | | |][added: SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS]

[removed: | [Note 16] [added: NOTE 17] — [removed: Leases](#ic66bca54a99d44089d2c0cb673d7ffb8_211) | | | [115](#ic66bca54a99d44089d2c0cb673d7ffb8_211) | | |][added: LEASES]

[removed: | [Note 17] [added: NOTE 18] — [removed: Commitments and Contingencies](#ic66bca54a99d44089d2c0cb673d7ffb8_214) | | | [119](#ic66bca54a99d44089d2c0cb673d7ffb8_214) | | |][added: COMMITMENTS AND CONTINGENCIES]

[removed: | [Note 18] [added: NOTE 19] — [removed: Nuclear Operations](#ic66bca54a99d44089d2c0cb673d7ffb8_217) | | | [124](#ic66bca54a99d44089d2c0cb673d7ffb8_217) | | |][added: NUCLEAR OPERATIONS]

[removed: | [Note 19] [added: NOTE 20] — [removed: Retirement Benefits and Trusteed Assets](#ic66bca54a99d44089d2c0cb673d7ffb8_223) | | | [125](#ic66bca54a99d44089d2c0cb673d7ffb8_223) | | |][added: RETIREMENT BENEFITS AND TRUSTEED ASSETS]

[removed: | [Note 20] [added: NOTE 21] — [removed: Stock-Based Compensation](#ic66bca54a99d44089d2c0cb673d7ffb8_226) | | | [135](#ic66bca54a99d44089d2c0cb673d7ffb8_226) | | |][added: STOCK-BASED COMPENSATION]

[removed: | [Note 21] [added: NOTE 22] — [removed: Segment and Related Information](#ic66bca54a99d44089d2c0cb673d7ffb8_229) | | | [137](#ic66bca54a99d44089d2c0cb673d7ffb8_229) | | |][added: SEGMENT AND RELATED INFORMATION]

[removed: | [Note 22] [added: NOTE 23] — [removed: Related Party Transactions](#ic66bca54a99d44089d2c0cb673d7ffb8_232) | | | [140](#ic66bca54a99d44089d2c0cb673d7ffb8_232) | | |][added: RELATED PARTY TRANSACTIONS]

[Table [removed: of](#ic66bca54a99d44089d2c0cb673d7ffb8_10) [Contents](#ic66bca54a99d44089d2c0cb673d7ffb8_10)][added: of](#i4e29e4597f414185b8d08df9ecce6131_10) [Contents](#i4e29e4597f414185b8d08df9ecce6131_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: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

Based on this assessment, management concluded that, as of December 31, [removed: 2024,] [added: 2025,] DTE Energy’s internal control over financial reporting was effective based on those criteria.

| [Note 4 — Acquisition](#i4e29e4597f414185b8d08df9ecce6131_2203) | | | [85](#i4e29e4597f414185b8d08df9ecce6131_2203) | | |

| [Note 14 — Long-Term Financings](#i4e29e4597f414185b8d08df9ecce6131_205) | | | [117](#i4e29e4597f414185b8d08df9ecce6131_205) | | |

| [Note 21 — Stock-Based Compensation](#i4e29e4597f414185b8d08df9ecce6131_232) | | | [141](#i4e29e4597f414185b8d08df9ecce6131_232) | | |

| | | | 4,348 | | | | | | 3,607 | | |

| | | | 2,868 | | | | | | 2,560 | | |

| | | | 33,653 | | | | | | 30,893 | | |

| | | | 13,197 | | | | | | 11,786 | | |

| | | | 5,409 | | | | | | 5,106 | | |

| | | | 23,785 | | | | | | 20,690 | | |

| | | | 12,564 | | | | | | 11,346 | | |

| Acquisition related to business combination, net of cash acquired | | | (210) | | | | | | — | | | | | | — | | |

| Investment in notes receivable | | | (600) | | | | | | (479) | | | | | | (109) | | |

| Balance, December 31, 2025 | | | 207,745 | | | | | | $ | 6,858 | | | | | $ | 5,484 | | | | | $ | (39) | | | | | $ | 5 | | | | | $ | 12,308 | |

| | | | 2,051 | | | | | | 1,769 | | |

| | | | 2,624 | | | | | | 2,323 | | |

| | | | 25,568 | | | | | | 23,397 | | |

| | | | 8,747 | | | | | | 7,732 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2,769 | | | | | | 2,342 | | |

| | | | 12,419 | | | | | | 11,468 | | |

| | | | 11,388 | | | | | | 10,257 | | |

| Balance, December 31, 2025 | | | 138,632 | | | | | | $ | 1,386 | | | | | $ | 7,563 | | | | | $ | 3,465 | | | | | | | | | | | $ | 12,414 | |

During Q4 2025, a consolidated VIE of DTE Vantage completed a contract that previously restricted certain assets of the VIE to be used only to settle the VIE's obligations.

As a result, the assets and liabilities of the VIE, which primarily include receivables and payables, meet the exclusion criteria above.

Accordingly, these assets and liabilities have been removed from the DTE Energy amounts for 2025 in the table below.

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| | | | $ | 745 | | | | | $ | 667 | | | | | $ | 1,445 | | | | | $ | 744 | |

| | | | $ | 674 | | | | | $ | 670 | | | | | $ | 791 | | | | | $ | 745 | |

DTE Energy has Investments in equity method investees relating to non-consolidated VIEs of $63 million and $65 million at December 31, 2025 and 2024, respectively.

| Total notes receivable(b) | | | $ | 251 | | | | | $ | 927 | | | | | $ | 277 | | | | | $ | 1,455 | | | | | $ | 274 | |

(a)For DTE Electric, $247 million is included in Internal grade 1 with a 2025 year of origination.

Notes receivable for DTE Electric are primarily comprised of MISO deposits and loans that are included in current Notes receivable and Other long-term assets on DTE Electric's Consolidated Statements of Financial Position.

____________________________________

(a)Other receivables includes reserves on notes receivable and Accounts receivable — Other.

| Other | | | | | | | | | 3 | | | | | | — | | | | | | 3 | | | | | | 2 | | | | | | — | | | | | | 2 | | |

DTE Energy made charitable contributions to the DTE Energy Foundation of $20 million and $10 million for the years ended December 31, 2025 and 2024, respectively.

The Registrants adopted the ASU effective January 1, 2025 using the retrospective approach, with no impact on the Registrants' financial position or results of operations.

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606.

The guidance should be applied on a prospective basis.

The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements.

| [Note 13 — Long-Term Debt](#ic66bca54a99d44089d2c0cb673d7ffb8_202) | | | [112](#ic66bca54a99d44089d2c0cb673d7ffb8_202) | | |

February 13, 2025

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

| | | | 3,607 | | | | | | 3,539 | | |

| | | | 2,560 | | | | | | 2,375 | | |

| | | | 30,893 | | | | | | 28,169 | | |

| | | | 11,786 | | | | | | 10,672 | | |

| | | | 5,106 | | | | | | 5,883 | | |

| | | | 20,690 | | | | | | 17,420 | | |

| | | | 11,346 | | | | | | 10,397 | | |

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

(a)2024 cash received primarily relates to the sale of PTCs and ITCs.

| Balance, December 31, 2021 | | | 193,748 | | | | | | $ | 5,379 | | | | | $ | 3,438 | | | | | $ | (112) | | | | | $ | 8 | | | | | $ | 8,713 | |

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

| Issuance of common stock | | | 11,887 | | | | | | 1,300 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,300 | | |

February 13, 2025

| | | | 1,769 | | | | | | 1,676 | | |

| | | | 2,323 | | | | | | 2,094 | | |

| | | | 23,397 | | | | | | 21,366 | | |

| | | | 7,732 | | | | | | 7,049 | | |

| | | | 2,342 | | | | | | 1,651 | | |

| | | | 11,468 | | | | | | 10,883 | | |

| | | | 10,257 | | | | | | 9,427 | | |

(a)2024 cash received primarily relates to the sale of PTCs and ITCs.

| Balance, December 31, 2021 | | | 138,632 | | | | | | $ | 1,386 | | | | | $ | 4,616 | | | | | $ | 2,901 | | | | | | | | | | | $ | 8,903 | |

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

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

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

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

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

| | | | $ | 1,445 | | | | | $ | 744 | | | | | $ | 1,062 | | | | | $ | 782 | |

| | | | $ | 791 | | | | | $ | 745 | | | | | $ | 854 | | | | | $ | 783 | |

Amounts for DTE Energy's non-consolidated VIEs are as follows:

Restricted cash also consists of funds held to satisfy contractual obligations related to a large construction project at DTE Vantage.

| Total notes receivable(b) | | | $ | 622 | | | | | $ | 7 | | | | | $ | 257 | | | | | $ | 886 | | | | | $ | 44 | |

(a)For DTE Electric, includes Notes receivable — Affiliates balance of $42 million originated in 2024 that eliminates in consolidation for DTE Energy.

Remaining balance for DTE Electric originated in 2023.

Notes receivable for DTE Electric are primarily comprised of loans.

| 9 | | | | | | Income Taxes | | |

In November 2023, the FASB issued ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] no DTE Energy directors or officers adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements.

A copy of these policies and procedures is [removed: included with] [added: incorporated by references in] this filing as Exhibit 19.1.

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: 2025] [added: 2026] Annual Meeting of Shareholders to be held May [removed: 8, 2025.][added: 7, 2026.]

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: 2024] [added: 2025] and [removed: 2023] [added: 2024] and fees billed for other services rendered by PwC during those periods.

| Audit fees(a) | | | $ | [removed: 1,574,000] [added: 1,555,000] | | | | | $ | [removed: 1,531,000] [added: 1,574,000] | |

| Audit-related fees(b) | | | [removed: 142,500] [added: 149,350] | | | | | | [removed: 237,000] [added: 142,500] | | |

| Total | | | $ | [removed: 1,716,500] [added: 1,704,350] | | | | | $ | [removed: 1,768,000] [added: 1,716,500] | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2024 | | | | | | 2023 | | |

| [removed: [1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex101.htm)[0.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex101.htm)] | | | | | | [removed: Second] [added: [Second] Amendment to the DTE Energy Company Supplemental Savings Plan dated as of March 19, 2013 [added: (Exhibit 10.1 to DTE Energy’s Form 10-K for the year ended December 31, 2024)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000065/a20241231ex101.htm)] | | | | | | X | | | | | | | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex102.htm)] | | | | | | [removed: Third] [added: [Third] Amendment to the DTE Energy Company Supplemental Savings Plan dated as of October 8, 2024 [added: (Exhibit 10.2 to DTE Energy’s Form 10-K for the year ended December 31, 2024)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000065/a20241231ex102.htm)] | | | | | | X | | | | | | | | |

| [removed: [1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex191-insidertrad.htm)[9.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex191-insidertrad.htm)] [added: 19.1] | | | | | | [removed: Insider] [added: [Insider] Trading Policy of DTE Energy Company [added: (Exhibit 19.1 to DTE Energy’s Form 10-K for the year ended December 31, 2024)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000065/a20241231ex191-insidertrad.htm)] | | | | | | X | | | | | | | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex211-subsidiaries.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex211-subsidiaries.htm)] | | | | | | Subsidiaries of DTE Energy | | | | | | X | | | | | | | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex231-consentxdte.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex231-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | X | | | | | | | | |

| [removed: [23.2](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex232-consentxdte.htm)] [added: [23.2](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex232-consentxdte.htm)] | | | | | | Consent of PricewaterhouseCoopers LLP | | | | | | | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex311-10xkcertifi.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex311-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex312-10xkcertifi.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex312-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex313-10xkcertifi.htm)] [added: [31.3](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex313-10xkcertifi.htm)] | | | | | | Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [31.4](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex314-10xkcertifi.htm)] [added: [31.4](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex314-10xkcertifi.htm)] | | | | | | Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex321-906certific.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex321-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex322-906certific.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex322-906certific.htm)] | | | | | | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | X | | | | | | | | |

| [removed: [32.3](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex323-906certific.htm)] [added: [32.3](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex323-906certific.htm)] | | | | | | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | | | | | | | | | | | | X | | |

| [removed: [32.4](https://www.sec.gov/Archives/edgar/data/936340/000093634025000065/a20241231ex324-906certific.htm)] [added: [32.4](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex324-906certific.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: December 6, 2023 (Exhibit] [added: December](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm) [3](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm)[,](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm) [2025](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm) [](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm)[(Exhibit] 3.1 to DTE Energy’s Form 8-K filed December 8, [removed: 2023).](https://www.sec.gov/Archives/edgar/data/936340/000093634023000202/finalbylaws-12x06x2023.htm)] [added: 2025](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm)[)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000241/exhibit31-amendedbylaws.htm).] | | | | | | X | | | | | | | | |

| 3(b) | | | | | | [Amended and Restated Articles of Incorporation of DTE Energy Company, dated December 13, 1995 and as amended from time to time (Exhibit [removed: 3](https://www.sec.gov/Archives/edgar/data/936340/000095012310048538/c00908exv3w1.htm)[\-](https://www.sec.gov/Archives/edgar/data/936340/000095012310048538/c00908exv3w1.htm)[1] [added: 3-1] to DTE Energy’s Form 8-K dated May 6, 2010).](https://www.sec.gov/Archives/edgar/data/936340/000095012310048538/c00908exv3w1.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental [removed: Indenture] [added: Indenture,] dated as of [removed: August] [added: September] 1, [removed: 2020,] [added: 2025,] to the Amended and Restated Indenture, dated as of April 9, 2001, [added: by and] between [removed: DTE](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm) [Energy](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm) [Company] [added: DTE Energy Company] and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit [removed: 4-318] [added: 4.2] to DTE Energy’s Form 10-Q for the quarter ended September 30, [removed: 2020). (2020] [added: 2025). (2025] Series [removed: F)](https://www.sec.gov/Archives/edgar/data/0000936340/000093634020000256/a20200930ex4318.htm)] [added: I)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000223/a20250930ex42.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Description of the Company’s 2021 Series E 4.375% Junior Subordinated Debentures](https://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, [removed: 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)[1](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)[)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000077/a20211231ex42.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture, dated as of December 1, 2007, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and J.P. Morgan Trust Company, National Association, as successor trustee (Exhibit 4.2 to Detroit Edison's Form [removed: 8-K dated December 18,] [added: 8-K](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm) [](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm)[dated](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm) [December](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm) [18](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm)[,] 2007). (2007 Series A)](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w2.htm) | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture, dated as of July 1, 2014, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon, N.A., as successor trustee (Exhibit 4-283 to DTE Electric's Form 10-Q for the quarter ended June 30, 2014). (2014 [removed: Series D and E)](https://www.sec.gov/Archives/edgar/data/28385/000002838514000009/a20140630ex_4283.htm)] [added: Series](https://www.sec.gov/Archives/edgar/data/28385/000002838514000009/a20140630ex_4283.htm) [E)](https://www.sec.gov/Archives/edgar/data/28385/000002838514000009/a20140630ex_4283.htm)] | | | | | | X | | | | | | X | | |

| | | | | | | [Twenty-second Supplemental Indenture, dated as of December 1, 2007, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Form [removed: 8-K dated December 18,] [added: 8-K](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w1.htm) [date](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w1.htm)[d December](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w1.htm) [18](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w1.htm)[,] 2007). (2007 Series A Senior Notes due 2038)](https://www.sec.gov/Archives/edgar/data/28385/000095013707019033/k22504exv4w1.htm) | | | | | | X | | | | | | 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 D and E)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm)] [added: Series](https://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm) [E)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000014/a20131231ex4-283.htm)] | | | | | | X | | | | | | | | |

| 10(a) | | | | | | [Form of Indemnification Agreement between DTE Energy Company and each Executive Officer and non-employee Director (Exhibit [removed: 10-1 to] [added: 10](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm)[.5](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm) [to] DTE Energy’s Form [removed: 8-K dated December 6, 2007)](https://www.sec.gov/Archives/edgar/data/936340/000095012407006171/k22182exv10w1.htm)] [added: 8-K](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm) [filed](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm) [](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm)[September 16, 2025)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit105.htm)] | | | | | | X | | | | | | | | |

| [removed: 10(c)] | | | | | | [removed: [DTE] [added: [Sixth Amendment to the DTE] Energy Company [removed: Long-Term Incentive] [added: Executive Supplemental Retirement] Plan [removed: Amended] [added: (Amended] and Restated Effective [removed: May 20, 2021,] [added: January 1, 2005) dated] as [removed: further amended effective] [added: of] October [removed: 25, 2023] [added: 28, 2025] (Exhibit 10.1 to DTE Energy’s Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2023)](https://www.sec.gov/Archives/edgar/data/28385/000093634024000076/a20231231ex101-amendedandr.htm)] [added: September 30, 2025](https://www.sec.gov/Archives/edgar/data/28385/000093634025000223/a2025930ex101.htm))] | | | | | | X | | | | | | | | |

| | | | | | | [First Amendment to the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) dated as of December 2, 2009 (Exhibit 10.1 to DTE Energy’s Form [removed: 8-K dated December] [added: 8-K](https://www.sec.gov/Archives/edgar/data/936340/000095012309069237/c93432exv10w1.htm) [filed](https://www.sec.gov/Archives/edgar/data/936340/000095012309069237/c93432exv10w1.htm) [December] 8, 2009)](https://www.sec.gov/Archives/edgar/data/936340/000095012309069237/c93432exv10w1.htm) | | | | | | X | | | | | | | | |

| 10(k) | | | | | | [removed: [Fifth Amended] [added: [Six](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)[th](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm) [Amended] and Restated Five-Year Credit Agreement, dated as of October [removed: 25, 2022, by] [added: 22](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)[,](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm) [by] and among DTE Energy Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit 10.1 to DTE Energy Company’s Form [removed: 10-Q for the quarter ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex101.htm)] [added: 8-K](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm) [](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)[filed](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm) [October 28, 2025](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)[)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex101.htm)] | | | | | | X | | | | | | | | |

| [added: 10(l)] | | | | | | [removed: [Form of Amendment No. 1, dated as of October 25, 2023, to the Fifth] [added: [Six](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[th] Amended and Restated Five-Year Credit Agreement, dated as of October [removed: 25, 2022,] [added: 2](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[2](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[, 202](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[5](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[,] by and among DTE [removed: Energy] [added: Gas] Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit [removed: 10.1] [added: 10.3] to DTE Energy [removed: Company's Form 10-Q for the quarter ended September 30, 2023)](https://www.sec.gov/Archives/edgar/data/28385/000093634023000189/a2023930ex101.htm)] [added: Company’s Form](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm) [8-K](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm) [](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[filed](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm) [October 28, 2025](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)[)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex103.htm)] | | | | | | X | | | | | | | | |

| [removed: 10(l)] [added: 10(m)] | | | | | | [removed: [Fifth Amended] [added: [Sixth](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm) [Amended] and Restated Five-Year Credit Agreement, dated as of October [removed: 25, 2022,] [added: 2](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[2](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[, 202](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[5](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[,] by and among DTE [removed: Gas] [added: Electric] Company, the lenders party thereto, and Citibank, N.A., as Administrative Agent (Exhibit [removed: 10.3 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[2](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm) [to] DTE Energy Company’s [removed: Form 10-Q for the quarter ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/28385/000093634022000205/a20220930ex103.htm)] [added: and DTE Electric Company’s Form](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm) [8-K](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm) [](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[filed](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm) [](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[October 28, 2025](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)[)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000216/ex102.htm)] | | | | | | X | | | | | | [added: X] | | |

| 10(n) | | | | | | [Form of [removed: Change-in-Control] [added: Change-In-Control] Severance [removed: Agreement,] [added: Agreement] dated as of [removed: March 3, 2014,] [added: September 11, 2025,] between DTE Energy Company and each of [removed: JoAnn Chavez,] [added: Diane M. Antishin,] Joi [added: M.] Harris, Trevor F. Lauer, [added: Kathrine M. Lorenz,] Gerardo Norcia, Matthew [added: T.] Paul, Robert [added: A.] Richard, David Ruud and Mark [added: W.] Stiers (Exhibit [removed: 10.1] [added: 10.2] to DTE [removed: Energy Company’s] [added: Energy’s] Form [removed: 8-K filed on March 3, 2014)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000023/a8-kchangeincontrolandexh1.htm)] [added: 8-K](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit102.htm) [filed](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit102.htm) [September 16, 2025)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit102.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Form of [removed: Change-In-Control] [added: Change in Control] Severance [removed: Agreement] [added: Agreement,] dated as of [removed: July 1, 2014,] [added: September 11, 2025,] between DTE Energy Company and Lisa A. [removed: Muschong,] [added: Muschong] (Exhibit [removed: 10-91] [added: 10.3] to DTE Energy’s Form [removed: 10-Q for the quarter ended June 30, 2014)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1091.htm)] [added: 8-K](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit103.htm) [file](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit103.htm)[d September 16, 2025)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit103.htm)] | | | | | | X | | | | | | | | |

| | | | | | | [Form of Change-In-Control Severance Agreement dated as [removed: of July 1, 2014,] [added: of](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm) [September 11, 2025](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[,] between DTE Energy Company and Tracy J. Myrick (Exhibit [removed: 10-90 to] [added: 10](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[.4](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm) [to] DTE Energy’s [removed: Form 10-Q for the quarter ended June 30, 2014)](https://www.sec.gov/Archives/edgar/data/936340/000093634014000082/a20140630ex1090.htm)] [added: Form](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm) [8-K](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm) [](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[filed](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm) [Sept](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[em](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[ber 16, 2025](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)[)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit104.htm)] | | | | | | X | | | | | | | | |

| [4](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex41-2025serieshj.htm)[.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231ex41-2025serieshj.htm) | | | | | | Description of the Company’s 2025 Series H 6.25% Junior Subordinated Debentures due 2085 | | | | | | X | | | | | | | | |

| [1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231exhibit101.htm)[0.1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231exhibit101.htm) | | | | | | Primary Supply Agreement dated October 22, 2025 between DTE Electric and Green Chile Ventures LLC (Portions of this exhibit, indicated by asterisks, have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K, which portions will be furnished to the SEC upon request.) | | | | | | X | | | | | | X | | |

| [1](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231exhibit102.htm)[0.2](https://www.sec.gov/Archives/edgar/data/936340/000093634026000054/a20251231exhibit102.htm) | | | | | | Energy Storage Agreement dated October 22, 2025 between DTE Electric and Green Chile Ventures LLC (Portions of this exhibit, indicated by asterisks, have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K, which portions will be furnished to the SEC upon request.) | | | | | | X | | | | | | X | | |

| | | | | | | [Supplemental Indenture, dated as of February 1, 2025, 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 and DTE Electric’s Form S-3 filed April 4, 2025)](https://www.sec.gov/Archives/edgar/data/28385/000119312525073369/d897563dex41.htm)[.](https://www.sec.gov/Archives/edgar/data/28385/000119312525073369/d897563dex41.htm) [(2025 Series A)](https://www.sec.gov/Archives/edgar/data/28385/000119312525073369/d897563dex41.htm) | | | | | | X | | | | | | | | |

| | | | | | | [Supplemental Indenture dated as of May 1, 2025 to 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 Form 10-Q for the quarter ended June 30, 2025). (2025 Series B, C, and D)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000182/a20250630ex41.htm) | | | | | | X | | | | | | X | | |

| | | | | | | [Fifty-Sixth Supplemental Indenture dated as of September 1, 2025, to Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944, between DTE Gas Company and Citibank N.A., trustee (Exhibit 4.1 to DTE Energy's Form 10-Q for the quarter ended September 30, 2025). (2025 Series E, F, and G)](https://www.sec.gov/Archives/edgar/data/28385/000093634025000223/a20250930ex41.htm) | | | | | | X | | | | | | | | |

| 10(c) | | | | | | [DTE Energy Company’s 2025 Long-Term Incentive Plan, effective May 8, 2025 (Exhibit A](https://www.sec.gov/ix?doc=/Archives/edgar/data/936340/000093634025000081/dte-20250313.htm#i7688d630dbcb4175af7a391e5832ba65_1557) [to DTE Energy’s 2025 Definitive Proxy Statement filed on March 13, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/936340/000093634025000081/dte-20250313.htm#i7688d630dbcb4175af7a391e5832ba65_1557) | | | | | | X | | | | | | | | |

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| | | | | | | [Amendment 1 to the DTE Energy Company Executive Severance Allowance Plan, effective July 1, 2022 (Exhibit 10.1 to DTE’s Energy’s Form 8-K filed on September 16, 2025)](https://www.sec.gov/Archives/edgar/data/936340/000093634025000203/exhibit101.htm) | | | | | | X | | | | | | | | |

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| 10(m) | | | | | | [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 | | |

| [added: By:] | | | [added: /S/ TRACY J. MYRICK | | | | | |] By: | | | /S/ GERARDO NORCIA | | |

| | | | [added: Tracy J. Myrick Chief Accounting Officer (Principal Accounting Officer)] | | | [added: | | | | | |] Gerardo Norcia [added: Executive] Chairman and [removed: Chief Executive Officer] [added: Director] | | |

Date: February [removed: 13, 2025][added: 17, 2026]

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

| By: | | | /S/ TRACY J. MYRICK | | | | | | [added: By:] | | | [added: /S/ KATHRINE LORENZ] | | |

| | | | Tracy J. Myrick Chief Accounting Officer (Principal Accounting Officer) | | | | | | | | | [added: Kathrine Lorenz, Director] | | |

| | | | Gail J. McGovern, Director | | | | | | | | | [removed: James H. Vandenberghe,] [added: Valerie M. Williams,] Director | | |

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

| | | | Mark A. Murray, Director | | | | | | | | | [removed: Valerie M. Williams, Director] | | |

Date: February [removed: 13, 2025][added: 17, 2026]

| | | | | | | [removed: Gerardo Norcia] [added: Joi Harris] Chief Executive Officer | | |

Date: February [removed: 13, 2025][added: 17, 2026]

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

Date: February [removed: 13, 2025][added: 17, 2026]

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: 2024.][added: 2025.]

| | | | By: | | | /S/ Joi Harris | | |

| | | | | | | Joi Harris President and Chief Executive Officer | | |

| By: | | | /S/ Joi Harris | | | | | | By: | | | /S/ DAVID RUUD | | |

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

| | | | By: | | | /S/ Joi Harris | | |

| By: | | | /S/ Joi Harris | | | | | | By: | | | /S/ DAVID RUUD | | |

| By: | | | /S/ GERARDO NORCIA | | | | | | By: | | | /S/ DAVID RUUD | | |

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

| | | | By: | | | /S/ GERARDO NORCIA | | |

| By: | | | /S/ GERARDO NORCIA | | | | | | By: | | | /S/ DAVID RUUD | | |

| By: | | | /S/ TRACY J. MYRICK | | | | | | By: | | | /S/ JOANN CHAVEZ | | |

| | | | Tracy J. Myrick Chief Accounting Officer (Principal Accounting Officer) | | | | | | | | | JoAnn Chavez, Director | | |