DTE Energy (DTE) risk factors: FY2025 10-K

1. The Registrants are subject to rate regulation.
2. Changes to Michigan's electric retail access program could negatively impact the Registrants' financial performance.
3. Environmental laws and liability may be costly.
4. The Clean Energy Standard, Renewable Portfolio Standard and energy waste reduction may affect the Registrants' business and federal and state fuel standards may affect DTE Energy's non-utility investments.
5. DTE Energy's ability to utilize tax credits may be limited.

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1. The Registrants' electric distribution system and DTE Energy's gas distribution system are subject to risks from their operation, which could reduce revenues, increase expenses, and have a material adverse effect on their business, financial position, and results of operations.
2. Construction and capital improvements to the Registrants' power facilities and DTE Energy's distribution systems subject them to risk.
3. Operation of a nuclear facility subjects the Registrants to risk.
4. The supply and/or price of energy commodities and/or related services may impact the Registrants' financial results.
5. Weather significantly affects operations.
6. Unplanned outages at our power plants and other generating assets may be costly.
7. A work interruption may adversely affect the Registrants.
8. DTE Energy may not achieve the carbon emissions goals of its electric and gas utilities.

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1. DTE Energy's non-utility businesses may not perform to its expectations.
2. Adverse changes in the Registrants' credit ratings may negatively affect them.
3. Poor investment performance of pension and other postretirement benefit plan assets and other factors impacting benefit plan costs could unfavorably impact the Registrants' liquidity and results of operations.
4. The Registrants' ability to access capital markets is important.
5. DTE Energy's participation in energy trading markets subjects it to risk.
6. Regional, national, and international economic conditions, and market developments can have an unfavorable impact on the Registrants.reworded
7. If DTE Energy's goodwill becomes impaired, it may be required to record a charge to earnings.
8. The Registrants may not be fully covered by insurance.

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1. The Registrants' businesses have safety risks.
2. Threats of cyber incidents, physical security, and terrorism could affect the Registrants' business.Cybersecurity
3. Failure to maintain the security of personally identifiable information could adversely affect the Registrants.

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1. DTE Energy relies on cash flows from subsidiaries.

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