DTE Energy : Q2 2021 Earnings Conference Call Presentation

DTE 2Q 2021

EARNINGS CONFERENCE CALL

JULY 27, 2021

Safe harbor statement

The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "would," "projected," "aspiration," "plans" 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 document contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially. Many factors impact forward-looking statements including, but not limited to, the following: risks related to the spin-off of DT Midstream, including that providing DT Midstream with the transition services previously negotiated could adversely affect our business, and that the transaction may not achieve some or all of the anticipated benefits; the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets 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; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; 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 effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; 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; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in DTE Energy's public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak 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 document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2020 Form 10-K and 2021 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.

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Participants

Jerry Norcia - President and CEO

Dave Ruud - Senior Vice President and CFO

Barbara Tuckfield - Director Investor Relations

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Focusing on our employees, customers and communities while delivering for investors

Employees

• Recognized as a Gallup Great Workplace for the ninth consecutive year
• Building on our diversity, equity and inclusion focus with acceleration of commitment to build an even better workplace

Customers

• Continued successfully growing our voluntary renewables program with 1,300 MW approved and 950 MW subscribed; increasing affordability and access to low-income customers
• Partnered with Ford Motor Company on new rooftop solar installation and battery storage technology

Community

• Named to the Civic 50 by Points of Light for the fourth consecutive year
• Launched Tree Trim Academy to create 200 high-paying jobs in Detroit

Investors

• Successfully executed spin of DTM on July 1 which was well-received by all stakeholders
• Strong 2Q results; raising 2021 operating earnings1 guidance
• DTE dividend payout to be consistent with pure-play utility peers

1. Reconciliation of operating earnings (non-GAAP) to reported earnings included in the appendix

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Continuing to deliver successful operational results

DTE Electric

• Targeting net zero carbon emissions by 2050
• • Retired River Rouge Power Plant in 2Q 2021
• Voluntary renewables program MIGreenPower is one of the largest in the country with over 35,000 customers and 950 MW of subscriptions

DTE Gas

• Targeting net zero greenhouse gas emissions by 2050
• Began second phase of construction on major transmission renewal project in Northern Michigan
• CleanVision Natural Gas Balance Program announced in 2021 and growing rapidly with over 3,000 customers

Power & Industrial Projects

• Began construction on new RNG facility in South Dakota; in-service 3Q 2022
• Advanced discussions on new industrial energy and RNG projects
• Received The Association of Union Contractors Project of the Year award for the Ford Dearborn cogeneration project

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