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Dte Energy Co (DTB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Dte Energy Co

CIK: 936340 Ticker: DTB
Exhibit 99.1
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DTE Energy reports strong third quarter 2021 results, raises 2021 guidance midpoint, provides 2022 early outlook, and increases dividend 7%

Investing $70 million to combat extreme weather-related power outages, improving reliability for our customers
Ceasing the use of coal at Belle River by 2028
Building new community solar project in Washtenaw County, the region’s largest
Saving customers $400 million from energy efficiency programs since their inception
Continuing support of Michigan communities and businesses

DETROIT, Oct. 27, 2021 – DTE Energy (NYSE:DTE) today reported third quarter 2021 earnings of $25 million, or $0.13 per diluted share, compared with $476 million, or $2.46 per diluted share in 2020.

Operating earnings for the third quarter 2021 were $334 million, or $1.72 per diluted share, compared with 2020 operating earnings of $415 million, or $2.14 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.

The DTE Energy Board of Directors declared a $0.885 per share dividend on its common stock, payable Jan. 15, 2022, to shareholders of record at the close of business Dec. 20, 2021. This is a 7% increase from the previous quarterly dividend of $0.825 per share. The new annualized dividend per share is $3.54, up from $3.30. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.

“DTE Electric customers experienced 12 storm events this summer - unprecedented in the company’s history in terms of collective storm size and customer impact. We understand how hard this was for our customers,” said Jerry Norcia, DTE Energy president and CEO. “I couldn’t be prouder of our employees and line workers who worked tirelessly to restore power. Through it all, the company continued to make progress in Q3. For example, we finalized our Distribution Grid Plan last month detailing continued investments needed to upgrade our infrastructure and deliver improved reliability going forward.”

Norcia noted these additional recent company accomplishments:

Announced $70 million investment to combat extreme weather-related power outages: This plan will direct additional funds to remove trees and trim branches away from power lines. The $70 million is on top of the $190 million DTE currently spends on tree trimming every year.

Announced the cessation of all coal use at the Belle River Power Plant by 2028: Previously scheduled for 2030, this timing enables DTE to achieve its 50% carbon emissions reduction goal earlier than planned.

Announced plan to build a MIGreenPower community solar project: Developed in partnership with the City of Ann Arbor and Pittsfield Township, the 20-megawatt facility will be the


The following information was filed by Dte Energy Co (DTB) on Wednesday, October 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Financial Position (Unaudited)
Consolidated Statements Of Financial Position (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Details Textuals)
Common Stock And Earnings Per Share
Common Stock And Earnings Per Share (Basic And Diluted Income Per Share Calculation) (Details)
Common Stock And Earnings Per Share (Details Textuals)
Common Stock And Earnings Per Share (Tables)
Dispositions And Impairments
Dispositions And Impairments (Details Textuals)
Dispositions And Impairments (Financial Results That Have Been Reclassified From Continuing Operations And Included In Discontinued Operations) (Details)
Dispositions And Impairments (Major Classes Of Assets And Liabilities Transferred And Presented As Discontinued Operations) (Details)
Dispositions And Impairments (Significant Non-Cash Items, Capital Expenditures, And Significant Financing Activities Of Discontinued Operations) (Details)
Dispositions And Impairments (Tables)
Fair Value
Fair Value (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details)
Fair Value (Details Textuals)
Fair Value (Fair Value And Unrealized Gains And Losses For The Nuclear Decommissioning Trust Funds) (Details)
Fair Value (Fair Value Of Financial Instruments) (Details)
Fair Value (Fair Value Of Fixed Income Securities Held In Nuclear Decommissioning Trust Funds (Details)
Fair Value (Fair Value Of Nuclear Decommissioning Trust Fund Assets) (Details)
Fair Value (Gains (Losses) Related To The Trust) (Details)
Fair Value (Gains And Losses And Proceeds From The Sale Of Securities By The Nuclear Decommissioning Trust Funds) (Details)
Fair Value (Reconciliation Of Level 3 Assets And Liabilities At Fair Value On A Recurring Basis) (Details)
Fair Value (Tables)
Fair Value (Unobservable Inputs Related To Level 3 Assets And Liabilities) (Details)
Financial And Other Derivative Instruments
Financial And Other Derivative Instruments (Cumulative Gross Volume Of Derivative Contracts Outstanding) (Details)
Financial And Other Derivative Instruments (Details Textuals)
Financial And Other Derivative Instruments (Effect Of Derivatives Not Designated As Hedging Instruments On The Consolidated Statement Of Operations) (Details)
Financial And Other Derivative Instruments (Fair Value Of Derivative Instruments) (Details)
Financial And Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details)
Financial And Other Derivative Instruments (Netting Offsets Of Derivative Assets And Liabilities) (Details)
Financial And Other Derivative Instruments (Netting Offsets Reconciliation To Balance Sheet) (Details)
Financial And Other Derivative Instruments (Tables)
Leases
Leases (Components Of Net Investment In Finance Leases) (Details)
Leases (Details Textuals)
Leases (Lease Income Associated With Operating Leases) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Details Textuals)
Long-Term Debt (Schedule Of Debt Redeemed) (Details)
Long-Term Debt (Schedule Of Issued Debt) (Details)
Long-Term Debt (Tables)
New Accounting Pronouncements
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Consolidated Variable Interest Entities) (Details)
Organization And Basis Of Presentation (Details Textuals)
Organization And Basis Of Presentation (Non-Consolidated Variable Interest Entities) (Details)
Organization And Basis Of Presentation (Tables)
Regulatory Matters
Regulatory Matters (Details Textuals)
Retirement Benefits And Trusteed Assets
Retirement Benefits And Trusteed Assets (Details Textuals)
Retirement Benefits And Trusteed Assets (Details)
Retirement Benefits And Trusteed Assets (Tables)
Revenue
Revenue (Deferred Revenue Activity) (Details)
Revenue (Disaggregation Of Revenue By Segment) (Details)
Revenue (Expected Recognition Of Deferred Revenue) (Details)
Revenue (Expected Timing Of Performance Obligation Satisfaction) (Details)
Revenue (Revenues Outside The Scope Of Topic 606) (Details)
Revenue (Tables)
Segment And Related Information
Segment And Related Information (Details Textuals)
Segment And Related Information (Financial Data - Inter-Segment Billing) (Details)
Segment And Related Information (Financial Data - Net Income (Loss) Attributable To Dte Energy By Segment) (Details)
Segment And Related Information (Financial Data - Operating Revenues Including Inter-Segment Revenues) (Details)
Segment And Related Information (Tables)
Short-Term Credit Arrangements And Borrowings
Short-Term Credit Arrangements And Borrowings (Details Textuals)
Short-Term Credit Arrangements And Borrowings (Details)
Short-Term Credit Arrangements And Borrowings (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details Textuals)
Significant Accounting Policies (Financing Receivables Classified By Internal Grade Of Credit Risk) (Details)
Significant Accounting Policies (Income Taxes) (Details)
Significant Accounting Policies (Other Income) (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Roll-Forward Of Activity For Financing Receivables Credit Loss Reserves) (Details)
Significant Accounting Policies (Tables)
Significant Accounting Policies (Uncollectible Expense) (Details)
Ticker: DTB
CIK: 936340
Form Type: 10-Q Quarterly Report
Accession Number: 0000936340-21-000235
Submitted to the SEC: Wed Oct 27 2021 10:12:27 AM EST
Accepted by the SEC: Wed Oct 27 2021
Period: Thursday, September 30, 2021
Industry: Electric Services

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