DTE Energy(DTE) - 2025 Q1 - Quarterly Report

Financial Performance - DTE Energy reported operating revenues of $4,440 million for the three months ended March 31, 2025, a 37$3,240 million in the same period of 2024[26]. - Net income attributable to DTE Energy Company was $445 million, up 42$313 million year-over-year[26]. - Basic earnings per share increased to $2.14 for Q1 2025, compared to$1.51 in Q1 2024, reflecting a 42% growth[26]. - The company reported a comprehensive income of $443 million for Q1 2025, compared to$338 million in Q1 2024, marking a 31% increase[28]. - DTE Energy's operational expenses rose to $3,816 million in Q1 2025, up from$2,723 million in Q1 2024, primarily driven by higher fuel and purchased power costs[26]. - Operating income for Q1 2025 was $224 million, down 20.6$282 million in Q1 2024[40]. - Other income for DTE Energy increased to $44 million for the three months ended March 31, 2025, up from$27 million in the same period of 2024, reflecting a growth of 63.0%[75]. - DTE Energy's net income attributable to the company for Q1 2025 was $445 million, compared to$313 million in Q1 2024, resulting in basic earnings per share of $2.14, up from$1.51[110]. Assets and Liabilities - Total assets as of March 31, 2025, were $49,555 million, a slight increase from$48,846 million at the end of 2024[34]. - Current liabilities decreased to $4,152 million from$5,106 million at the end of 2024, indicating improved short-term financial health[34]. - Long-term debt increased to $21,765 million as of March 31, 2025, compared to$20,690 million at the end of 2024, reflecting ongoing financing needs[34]. - Total assets increased to $35,793 million as of March 31, 2025, up from$35,221 million at the end of 2024[43]. - DTE Energy's total assets as of March 31, 2025, amounted to $1,431 million, a slight decrease from$1,445 million on December 31, 2024[71]. - DTE Electric's total liabilities were $719 million as of March 31, 2025, compared to$745 million on December 31, 2024, indicating a reduction in liabilities[71]. Cash Flow and Investments - Net cash from operating activities was $1,020 million, compared to$1,042 million in the same period last year[36]. - Cash and cash equivalents at the end of Q1 2025 were $90 million, down from$349 million at the end of Q1 2024[36]. - Net cash from operating activities was $511 million, down from$578 million year-over-year, reflecting a decrease of 11.6%[49]. - Net cash used for investing activities was $739 million, compared to$882 million in the same period last year, indicating a decrease of 16.2%[49]. - Net cash from financing activities was $220 million, down from$512 million, representing a decline of 57.0% year-over-year[49]. - DTE Energy's investments in equity method investees related to non-consolidated VIEs remained stable at $65 million as of both March 31, 2025, and December 31, 2024[72]. Regulatory and Compliance - Regulatory assets increased to$7,167 million from $6,771 million, reflecting ongoing investments in compliance and infrastructure[34]. - DTE Electric filed a rate case requesting a base rate increase of$574 million, primarily due to capital investments for reliability improvements and cleaner energy transition[107]. - DTE Electric has spent approximately $2.4 billion to comply with air pollution requirements and does not anticipate additional capital expenditures for air pollution compliance in the near term[183]. - DTE Electric's compliance strategy includes the cessation of coal at the Belle River power plant by December 31, 2028, as part of its efforts to meet new environmental regulations[192]. - DTE Electric is evaluating the financial impacts of new EPA rules on greenhouse gas emissions, with ongoing assessments of future electric generation plans[181]. Debt and Financing - DTE Energy issued$1.1 billion of 5.20% Senior Notes due April 1, 2030, to repay short-term borrowings and for general corporate purposes[170]. - DTE Electric redeemed $365 million in debt through March 31, 2025, including$350 million in Mortgage Bonds at 3.38% and $15 million in Securitization Bonds at 5.97$2.6 billion in unsecured revolving credit facilities, with $1.8 billion net availability as of March 31, 2025[174]. Environmental and Remediation Efforts - DTE Electric has$10 million accrued for remediation of contaminated sites as of March 31, 2025, with cleanup activities expected to continue over the next several years[186]. - DTE Gas has accrued $25 million and$26 million for remediation costs as of March 31, 2025, and December 31, 2024, respectively[197]. - DTE Electric and Consumers estimate repair and replacement costs related to the Ludington plant dispute to range from $350 million to$400 million[212]. Pension and Benefits - DTE Electric's allocated portion of pension benefit costs included in regulatory assets and liabilities was $14 million for the three months ended March 31, 2025[218]. - DTE Energy does not expect any contributions for postretirement benefit plans in 2025[220]. - Contributions to qualified pension plans are anticipated to be nominal in 2025[220]. - DTE Energy plans to transfer up to$25 million of pension plan funds from DTE Gas to DTE Electric in 2025[220].