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v3.23.3

Financial and Other Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments for DTE Energy:
| September 30, 2023 |  | December 31, 2022
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts | $ | 22 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Foreign currency exchange contracts | — |  |  | (1) |  |  | — |  |  | (2) |
Total derivatives designated as hedging instruments | $ | 22 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (2) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Natural gas | $ | 441 |  |  | $ | (476) |  |  | $ | 744 |  |  | $ | (1,018) |
Electricity | 333 |  |  | (318) |  |  | 963 |  |  | (935) |
Environmental & Other | 171 |  |  | (175) |  |  | 213 |  |  | (214) |
Foreign currency exchange contracts | 1 |  |  | — |  |  | 1 |  |  | — |
Total derivatives not designated as hedging instruments | $ | 946 |  |  | $ | (969) |  |  | $ | 1,921 |  |  | $ | (2,167) |
Current | $ | 733 |  |  | $ | (657) |  |  | $ | 1,517 |  |  | $ | (1,535) |
Noncurrent | 235 |  |  | (313) |  |  | 405 |  |  | (634) |
Total derivatives | $ | 968 |  |  | $ | (970) |  |  | $ | 1,922 |  |  | $ | (2,169) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy:
| September 30, 2023 |  | December 31, 2022
| (In millions)
Cash collateral netted against Derivative assets | $ | — |  |  | $ | (90) |
Cash collateral netted against Derivative liabilities | 12 |  |  | 113 |
Cash collateral recorded in Accounts receivable(a) | 52 |  |  | 77 |
Cash collateral recorded in Accounts payable(a) | (15) |  |  | (27) |
Total net cash collateral posted (received) | $ | 49 |  |  | $ | 73 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| September 30, 2023 |  | December 31, 2022
| Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Consolidated Statements of Financial Position |  | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position |  | Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Consolidated Statements of Financial Position |  | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
| (In millions)
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | 441 |  |  | $ | (299) |  |  | $ | 142 |  |  | $ | 744 |  |  | $ | (649) |  |  | $ | 95 |
Electricity | 333 |  |  | (198) |  |  | 135 |  |  | 963 |  |  | (643) |  |  | 320 |
Environmental & Other | 171 |  |  | (162) |  |  | 9 |  |  | 213 |  |  | (196) |  |  | 17 |
Interest rate contracts | 22 |  |  | — |  |  | 22 |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency exchange contracts | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | (1) |  |  | — |
Total derivative assets | $ | 968 |  |  | $ | (659) |  |  | $ | 309 |  |  | $ | 1,922 |  |  | $ | (1,489) |  |  | $ | 433 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (476) |  |  | $ | 301 |  |  | $ | (175) |  |  | $ | (1,018) |  |  | $ | 645 |  |  | $ | (373) |
Electricity | (318) |  |  | 208 |  |  | (110) |  |  | (935) |  |  | 665 |  |  | (270) |
Environmental & Other | (175) |  |  | 162 |  |  | (13) |  |  | (214) |  |  | 201 |  |  | (13) |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (2) |  |  | 1 |  |  | (1) |
Total derivative liabilities | $ | (970) |  |  | $ | 671 |  |  | $ | (299) |  |  | $ | (2,169) |  |  | $ | 1,512 |  |  | $ | (657) |
_______________________________________ (a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy:
| September 30, 2023 |  | December 31, 2022
| (In millions)
Cash collateral netted against Derivative assets | $ | — |  |  | $ | (90) |
Cash collateral netted against Derivative liabilities | 12 |  |  | 113 |
Cash collateral recorded in Accounts receivable(a) | 52 |  |  | 77 |
Cash collateral recorded in Accounts payable(a) | (15) |  |  | (27) |
Total net cash collateral posted (received) | $ | 49 |  |  | $ | 73 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| September 30, 2023 |  | December 31, 2022
| Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Consolidated Statements of Financial Position |  | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position |  | Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Consolidated Statements of Financial Position |  | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
| (In millions)
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | 441 |  |  | $ | (299) |  |  | $ | 142 |  |  | $ | 744 |  |  | $ | (649) |  |  | $ | 95 |
Electricity | 333 |  |  | (198) |  |  | 135 |  |  | 963 |  |  | (643) |  |  | 320 |
Environmental & Other | 171 |  |  | (162) |  |  | 9 |  |  | 213 |  |  | (196) |  |  | 17 |
Interest rate contracts | 22 |  |  | — |  |  | 22 |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency exchange contracts | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | (1) |  |  | — |
Total derivative assets | $ | 968 |  |  | $ | (659) |  |  | $ | 309 |  |  | $ | 1,922 |  |  | $ | (1,489) |  |  | $ | 433 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (476) |  |  | $ | 301 |  |  | $ | (175) |  |  | $ | (1,018) |  |  | $ | 645 |  |  | $ | (373) |
Electricity | (318) |  |  | 208 |  |  | (110) |  |  | (935) |  |  | 665 |  |  | (270) |
Environmental & Other | (175) |  |  | 162 |  |  | (13) |  |  | (214) |  |  | 201 |  |  | (13) |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (2) |  |  | 1 |  |  | (1) |
Total derivative liabilities | $ | (970) |  |  | $ | 671 |  |  | $ | (299) |  |  | $ | (2,169) |  |  | $ | 1,512 |  |  | $ | (657) |
_______________________________________ (a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position | The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:
| September 30, 2023 |  | December 31, 2022
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent
| (In millions)
Total fair value of derivatives | $ | 733 |  |  | $ | 235 |  |  | $ | (657) |  |  | $ | (313) |  |  | $ | 1,517 |  |  | $ | 405 |  |  | $ | (1,535) |  |  | $ | (634) |
Counterparty netting | (505) |  |  | (154) |  |  | 505 |  |  | 154 |  |  | (1,127) |  |  | (272) |  |  | 1,127 |  |  | 272 |
Collateral adjustment | — |  |  | — |  |  | 7 |  |  | 5 |  |  | (62) |  |  | (28) |  |  | 66 |  |  | 47 |
Total derivatives as reported | $ | 228 |  |  | $ | 81 |  |  | $ | (145) |  |  | $ | (154) |  |  | $ | 328 |  |  | $ | 105 |  |  | $ | (342) |  |  | $ | (315) |
Gain (Loss) Recognized in Income on Derivatives | The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:
|  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30, |  | Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  |  |  | (In millions)
Commodity contracts |  |  |  |  |  |  |  |
Natural gas |  | Operating Revenues — Non-utility operations |  | $ | (41) |  |  | $ | (52) |  |  | $ | 89 |  |  | $ | (315) |
Natural gas |  | Fuel, purchased power, gas, and other — non-utility |  | 37 |  |  | 108 |  |  | 120 |  |  | 8 |
Electricity |  | Operating Revenues — Non-utility operations |  | 85 |  |  | 61 |  |  | 30 |  |  | 173 |
Environmental & Other |  | Operating Revenues — Non-utility operations |  | (4) |  |  | (3) |  |  | (5) |  |  | 15 |
Foreign currency exchange contracts |  | Operating Revenues — Non-utility operations |  | 1 |  |  | 5 |  |  | — |  |  | 5 |
Total |  |  |  | $ | 78 |  |  | $ | 119 |  |  | $ | 234 |  |  | $ | (114) |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2023:
Commodity |  | Number of Units
Natural gas (MMBtu) |  | 2,208,451,991 |
Electricity (MWh) |  | 37,535,900 |
Oil (Gallons) |  | 4,740,000 |
Foreign currency exchange ($ CAD) |  | 150,049,286 |
FTR (MWh) |  | 98,119 |
Renewable Energy Certificates (MWh) |  | 10,856,311 |
Carbon emissions (Metric Tons) |  | 1,652,108 |
Interest rate contracts ($ USD) |  | 500,000,000 |

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