DTE Energy Reports First Quarter 2009 Results; Affirms Full Year Earnings Guidance

DTE Energy Reports First Quarter 2009 Results; Affirms Full Year Earnings
Guidance

DETROIT, April 29 /PRNewswire-FirstCall/ -- DTE Energy (NYSE: DTE) today
reported first quarter 2009 earnings of $178 million, or $1.09 per diluted
share, compared with $212 million, or $1.29 per diluted share, in the first
quarter of 2008. Reported earnings declined primarily due to asset sales in
the first quarter of 2008 that did not recur in 2009.

"DTE Energy is well positioned in these unprecedented economic times," said
Anthony F. Earley Jr., DTE Energy chairman and CEO. "The Michigan economy
remains very weak and we recognize many uncertainties may challenge us going
forward, especially those tied to automotive restructuring and the steel
industry. We believe that our 2009 plan adequately addresses the financial
pressures we'll face this year, and we remain committed to our planned cost
reductions to minimize rate impacts to our customers. Our focus remains on
continuous improvement initiatives, disciplined capital investments and
improving customer satisfaction."

Operating earnings for the first quarter 2009 were $179 million, or $1.10 per
diluted share, compared with first quarter 2008 operating earnings of $128
million, or $0.77 per diluted share. Operating earnings increased primarily
due to the rate orders at Detroit Edison, company-wide O&M cost reduction
efforts and an increase in mark-to-market gains at Energy Trading; partially
offset by lower sales at Detroit Edison and lower coke demand at Power &
Industrial Projects. Operating earnings exclude non-recurring items, certain
timing-related items and discontinued operations. Reconciliations of reported
to operating earnings are at the end of this news release.

DTE Energy also reported cash flow from operations of approximately $840
million in the first quarter of 2009, compared with approximately $890 million
in 2008.

First quarter 2009 operating earnings results, by segment:

Electric Utility: Operating earnings for Detroit Edison were $0.48 per
diluted share versus $0.25 in 2008. A constructive December 2008 rate order,
the expiration of the temporary rate reduction in April 2008 and O&M cost
reductions were partially offset by lower sales volumes.

Gas Utility: MichCon had operating earnings of $0.37 per diluted share,
compared with operating earnings in the first quarter of 2008 of $0.36 per
diluted share. O&M cost reductions offset increased depreciation expense and
lower customer usage.

Gas Midstream: Operating earnings in this segment were $0.09 per diluted
share, compared with $0.05 in 2008. Increased storage revenues and the
December 2008 completion of the Millennium Pipeline were the primary drivers
of the positive variance.

Unconventional Gas Production: This segment had an operating loss of $0.01
per diluted share, down from first quarter 2008 operating earnings of $0.01
per diluted share. Lower gas prices partially offset by higher production
resulted in decreased operating earnings.

Power and Industrial Projects: Operating earnings in this segment were $0.02
per diluted share, compared with $0.06 in the first quarter of 2008. The
primary drivers of the decrease were depreciation deferral in the first
quarter 2008 as assets were held for sale and lower coke and pulverized coal
production in 2009.

Energy Trading: Energy Trading had operating earnings of $0.24 per diluted
share versus $0.18 per diluted share in the first quarter of 2008. This
increase was primarily driven by mark-to-market gains in gas trading.

Corporate and Other: The Corporate and Other segment had an operating loss of
$0.09 per diluted share compared with a loss of $0.14 in the first quarter of
2008 primarily due to lower interest and tax expense.

Outlook for 2009

DTE Energy reiterated its 2009 operating earnings guidance of $2.75 to $3.05
per diluted share.

"We are benefiting from our disciplined execution of continuous improvement
initiatives that are reducing our costs," said David E. Meador, DTE Energy
executive vice president and chief financial officer. "The savings realized
from these efforts during the first quarter keep us on track to achieve the
$100 million of cost reductions included in our 2009 guidance. These savings
will allow us to continue to provide affordable, reliable service to
customers, preserve our financial strength and position our company to resume
growth when economic conditions improve."

Also today, DTE Energy successfully renewed $1 billion of its credit facility
well ahead of its October 2009 maturity. This renewed credit facility, plus
the $925 million credit facility that expires in October 2010, provides the
company with total short-term credit capacity of $1.9 billion. As of March
31, 2009, DTE Energy had available liquidity of approximately $1.5 billion.

Conference call and webcast information

This earnings announcement is available on the company's website at
www.dteenergy.com/investors.

DTE Energy plans to conduct a conference call with the investment community
hosted by Meador at 8:30 a.m. EDT Thursday, April 30, to discuss first quarter
earnings results. Investors, the news media and the public may listen to a
live internet broadcast of the meeting at www.dteenergy.com/investors. The
telephone dial-in numbers are (877) 718-5098 or (719) 325-4821. There is no
passcode. The internet broadcast will be archived on the company's website. An
audio replay of the call will be available from 1 p.m.April 30 to May 13. To
access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode
9435943.

A package of slides and supplemental information will be available and
archived on the company's website at www.dteenergy.com/investors.

DTE Energy is a Detroit-based diversified energy company involved in the
development and management of energy-related businesses and services
nationwide. Its operating units include Detroit Edison, an electric utility
serving 2.2 million customers in Southeastern Michigan, MichCon, a natural gas
utility serving 1.2 million customers in Michigan and other non-utility,
energy businesses focused on gas pipelines and storage, coal transportation,
unconventional gas production, and power and industrial projects. Information
about DTE Energy is available at dteenergy.com.

Use of Operating Earnings Information - In this release, DTE Energy discusses
2009 operating earnings guidance. It is likely that certain items that impact
the company's 2009 reported results will be excluded from operating results.
Reconciliations to the comparable 2009 reported earnings guidance is not
provided because it is not possible to provide a reliable forecast of specific
line items. These items may fluctuate significantly from period to period and
may have a significant impact on reported earnings.

DTE Energy management believes that operating earnings provide a more
meaningful representation of the company's earnings from ongoing operations
and uses operating earnings as the primary performance measurement for
external communications with analysts and investors. Internally, DTE Energy
uses operating earnings to measure performance against budget and to report to
the Board of Directors.

The information contained herein is as of the date of this release. DTE
Energy expressly disclaims any current intention to update any forward-looking
statements contained in this release as a result of new information or future
events or developments. Words such as "anticipate," "believe," "expect,"
"projected" and "goals" signify forward-looking statements. Forward-looking
statements are not guarantees of future results and conditions but rather are
subject to various assumptions, risks and uncertainties. This release
contains forward-looking statements about DTE Energy's financial results and
estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited
to, the following: access to capital markets and capital market conditions and
the results of other financing efforts which can be affected by credit agency
ratings; instability in capital markets which could impact availability of
short and long-term financing; potential for continued loss on cash
equivalents and investments, including nuclear decommissioning and benefit
plan assets; the length and severity of ongoing economic decline; the timing
and extent of changes in interest rates; the level of borrowings; the
availability, cost, coverage and terms of insurance and stability of insurance
providers; changes in the economic and financial viability of our customers,
suppliers, and trading counterparties, and the continued ability of such
parties to perform their obligations to the Company; the effects of weather
and other natural phenomena on operations and sales to customers, and
purchases from suppliers; economic climate and population growth or decline in
the geographic areas where we do business; environmental issues, laws,
regulations, and the increasing costs of remediation and compliance, including
actual and potential new federal and state requirements that could include
carbon and more stringent mercury emission controls, a renewable portfolio
standard and energy efficiency mandates; nuclear regulations and operations
associated with nuclear facilities; impact of electric and gas utility
restructuring in Michigan, including legislative amendments and Customer
Choice programs; employee relations and the impact of collective bargaining
agreements; unplanned outages; changes in the cost and availability of coal
and other raw materials, purchased power and natural gas; the effects of
competition; the uncertainties of successful exploration of gas shale
resources and inability to estimate gas reserves with certainty; impact of
regulation by the FERC, MPSC, NRC and other applicable governmental
proceedings and regulations, including any associated impact on rate
structures; contributions to earnings by non-utility subsidiaries; changes in
and application of federal, state and local tax laws and their
interpretations, including the Internal Revenue Code, regulations, rulings,
court proceedings and audits; the ability to recover costs through rate
increases; the cost of protecting assets against, or damage due to, terrorism;
changes in and application of accounting standards and financial reporting
regulations; changes in federal or state laws and their interpretation with
respect to regulation, energy policy and other business issues; amounts of
uncollectible accounts receivable; and binding arbitration, litigation and
related appeals. New factors emerge from time to time. We cannot predict what
factors may arise or how such factors may cause our results to differ
materially from those contained in any forward-looking statement. Any
forward-looking statements refer only as of the date on which such statements
are made. We undertake no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such statement is
made or to reflect the occurrence of unanticipated events. This release
should also be read in conjunction with the "Forward-Looking Statements"
section in each of DTE Energy's and Detroit Edison's 2008 Form 10-K (which
sections are incorporated herein by reference), and in conjunction with other
SEC reports filed by DTE Energy and Detroit Edison.

DTE Energy Company
Consolidated Statements of Operations (unaudited)

Three Months Ended
March 31

(in Millions, Except per Share Amounts) 2009 2008

Operating Revenues $2,255 $2,570

Operating Expenses
Fuel, purchased power and gas 960 1,266
Operation and maintenance 591 699
Depreciation, depletion and amortization 232 226
Taxes other than income 80 80
Gain on sale of non-utility business - (126)
Other asset (gains) and losses, reserves and
impairments, net (3) (4)

1,860 2,141

Operating Income 395 429

Other (Income) and Deductions
Interest expense 132 124
Interest income (3) (4)
Other income (24) (22)
Other expenses 14 14

119 112

Income Before Income Taxes 276 317

Income Tax Provision 97 116

Income from Continuing Operations 179 201

Discontinued Operations Income (Loss), net
of tax - 12

Net Income 179 213

Less: Net Loss Attributable to the
Noncontrolling Interests
Loss from continuing operations 1 1

Net Income Attributable to DTE Energy Company $178 $212

Basic Earnings per Common Share
Income from continuing operations $1.09 $1.22
Discontinued operations - 0.08
Total $1.09 $1.30

Diluted Earnings per Common Share
Income from continuing operations $1.09 $1.22
Discontinued operations - 0.07
Total $1.09 $1.29

Weighted Average Common Shares Outstanding
Basic 163 163
Diluted 163 163

Dividends Declared per Common Share $0.53 $0.53

DTE Energy Company
Segment Net Income (Unaudited)

Three Months Ended March 31

2009 2008

Re- Oper- Re- Oper-
ported ating ported ating
Earn- Adjust- Earn- Earn- Adjust- Earn-
(in Millions) ings ments ings ings ments ings

Electric Utility $78 - $78 $41 - $41

Gas Utility 61 - 61 59 - 59

Non-utility Operations
Gas Midstream 14 - 14 8 - 8

Unconventional Gas
Production (2) (2) 82 (80)A 2

Power and Industrial
Projects 4 - 4 10 - 10

Energy Trading 40 40 31 (1)B 30

Total Non-utility
operations 56 - 56 131 (81) 50

Corporate and Other (17) 1 B (16) (31) 7 B (22)
2 C

Income from Continuing
Operations 178 1 179 200 (72) 128

Discontinued
Operations - - - 12 (12) D -

Net Income $178 $1 $179 $212 ($84) $128

Adjustments key
A) Gain on sale of Barnett Core.
B) Residual hedge impact from Antrim sale.
C) Residual tax true-up impact from Crete sale.
D) Results relating to discontinuance of synfuel operations.

DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)

Three Months Ended March 31

2009 2008

Re- Oper- Re- Oper-
ported ating ported ating
Earn- Adjust- Earn- Earn- Adjust- Earn-
ings ments ings ings ments ings

Electric Utility $0.48 - $0.48 $0.25 - $0.25

Gas Utility 0.37 - 0.37 0.36 - 0.36

Non-utility Operations
Gas Midstream 0.09 - 0.09 0.05 - 0.05

Unconventional Gas
Production (0.01) - (0.01) 0.50 (0.49)A 0.01

Power and Industrial
Projects 0.02 - 0.02 0.06 - 0.06

Energy Trading 0.24 - 0.24 0.19 (0.01)B 0.18

Total Non-utility
operations 0.34 - 0.34 0.80 (0.50) 0.30

Corporate and Other (0.10) 0.01 B (0.09) (0.19) 0.04 B (0.14)
0.01 C

Income from Continuing
Operations 1.09 0.01 1.10 1.22 (0.45) 0.77

Discontinued Operations - - - 0.07 (0.07)D -

Net Income $1.09 $0.01 $1.10 $1.29 ($0.52) $0.77

Adjustments key
A) Gain on sale of Barnett Core.
B) Residual hedge impact from Antrim sale.
C) Residual tax true-up impact from Crete sale.
D) Results relating to discontinuance of synfuel operations.

SOURCE DTE Energy

Media, Scott Simons, +1-313-235-8808, or Lorie N. Kessler, +1-313-235-8807;
Analysts, Dan Miner, +1-313-235-5525, or Lisa Muschong, +1-313-235-8505, all
of DTE Energy