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Financial and Other Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
| March 31, 2024 |  | December 31, 2023
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | (16) |
Foreign currency exchange contracts | — |  |  | (1) |  |  | — |  |  | (2) |
Total derivatives designated as hedging instruments | $ | 10 |  |  | $ | (1) |  |  | $ | — |  |  | $ | (18) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Natural gas | $ | 499 |  |  | $ | (506) |  |  | $ | 637 |  |  | $ | (615) |
Electricity | 235 |  |  | (267) |  |  | 421 |  |  | (388) |
Environmental & Other | 146 |  |  | (161) |  |  | 139 |  |  | (150) |
Foreign currency exchange contracts | 1 |  |  | — |  |  | — |  |  | (1) |
Total derivatives not designated as hedging instruments | $ | 881 |  |  | $ | (934) |  |  | $ | 1,197 |  |  | $ | (1,154) |
Current | $ | 658 |  |  | $ | (642) |  |  | $ | 910 |  |  | $ | (847) |
Noncurrent | 233 |  |  | (293) |  |  | 287 |  |  | (325) |
Total derivatives | $ | 891 |  |  | $ | (935) |  |  | $ | 1,197 |  |  | $ | (1,172) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy:
| March 31, 2024 |  | December 31, 2023
| (In millions)
Cash collateral netted against Derivative assets | $ | (2) |  |  | $ | — |
Cash collateral netted against Derivative liabilities | 49 |  |  | 72 |
Cash collateral recorded in Accounts receivable(a) | 58 |  |  | 57 |
Cash collateral recorded in Accounts payable(a) | (4) |  |  | (3) |
Total net cash collateral posted (received) | $ | 101 |  |  | $ | 126 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| March 31, 2024 |  | December 31, 2023
| 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 | $ | 499 |  |  | $ | (346) |  |  | $ | 153 |  |  | $ | 637 |  |  | $ | (416) |  |  | $ | 221 |
Electricity | 235 |  |  | (155) |  |  | 80 |  |  | 421 |  |  | (243) |  |  | 178 |
Environmental & Other | 146 |  |  | (142) |  |  | 4 |  |  | 139 |  |  | (132) |  |  | 7 |
Interest rate contracts | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |
Foreign currency exchange contracts | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total derivative assets | $ | 891 |  |  | $ | (643) |  |  | $ | 248 |  |  | $ | 1,197 |  |  | $ | (791) |  |  | $ | 406 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (506) |  |  | $ | 371 |  |  | $ | (135) |  |  | $ | (615) |  |  | $ | 429 |  |  | $ | (186) |
Electricity | (267) |  |  | 167 |  |  | (100) |  |  | (388) |  |  | 297 |  |  | (91) |
Environmental & Other | (161) |  |  | 152 |  |  | (9) |  |  | (150) |  |  | 137 |  |  | (13) |
Interest rate contracts | — |  |  | — |  |  | — |  |  | (16) |  |  | — |  |  | (16) |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (3) |  |  | — |  |  | (3) |
Total derivative liabilities | $ | (935) |  |  | $ | 690 |  |  | $ | (245) |  |  | $ | (1,172) |  |  | $ | 863 |  |  | $ | (309) |
_______________________________________ (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:
| March 31, 2024 |  | December 31, 2023
| (In millions)
Cash collateral netted against Derivative assets | $ | (2) |  |  | $ | — |
Cash collateral netted against Derivative liabilities | 49 |  |  | 72 |
Cash collateral recorded in Accounts receivable(a) | 58 |  |  | 57 |
Cash collateral recorded in Accounts payable(a) | (4) |  |  | (3) |
Total net cash collateral posted (received) | $ | 101 |  |  | $ | 126 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| March 31, 2024 |  | December 31, 2023
| 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 | $ | 499 |  |  | $ | (346) |  |  | $ | 153 |  |  | $ | 637 |  |  | $ | (416) |  |  | $ | 221 |
Electricity | 235 |  |  | (155) |  |  | 80 |  |  | 421 |  |  | (243) |  |  | 178 |
Environmental & Other | 146 |  |  | (142) |  |  | 4 |  |  | 139 |  |  | (132) |  |  | 7 |
Interest rate contracts | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |
Foreign currency exchange contracts | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total derivative assets | $ | 891 |  |  | $ | (643) |  |  | $ | 248 |  |  | $ | 1,197 |  |  | $ | (791) |  |  | $ | 406 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (506) |  |  | $ | 371 |  |  | $ | (135) |  |  | $ | (615) |  |  | $ | 429 |  |  | $ | (186) |
Electricity | (267) |  |  | 167 |  |  | (100) |  |  | (388) |  |  | 297 |  |  | (91) |
Environmental & Other | (161) |  |  | 152 |  |  | (9) |  |  | (150) |  |  | 137 |  |  | (13) |
Interest rate contracts | — |  |  | — |  |  | — |  |  | (16) |  |  | — |  |  | (16) |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (3) |  |  | — |  |  | (3) |
Total derivative liabilities | $ | (935) |  |  | $ | 690 |  |  | $ | (245) |  |  | $ | (1,172) |  |  | $ | 863 |  |  | $ | (309) |
_______________________________________ (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:
| March 31, 2024 |  | December 31, 2023
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent
| (In millions)
Total fair value of derivatives | $ | 658 |  |  | $ | 233 |  |  | $ | (642) |  |  | $ | (293) |  |  | $ | 910 |  |  | $ | 287 |  |  | $ | (847) |  |  | $ | (325) |
Counterparty netting | (467) |  |  | (174) |  |  | 467 |  |  | 174 |  |  | (613) |  |  | (178) |  |  | 613 |  |  | 178 |
Collateral adjustment | — |  |  | (2) |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 15 |
Total derivatives as reported | $ | 191 |  |  | $ | 57 |  |  | $ | (126) |  |  | $ | (119) |  |  | $ | 297 |  |  | $ | 109 |  |  | $ | (177) |  |  | $ | (132) |
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 March 31,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  |  |  | (In millions)
Commodity contracts |  |  |  |  |  |  |  |
Natural gas |  | Operating Revenues — Non-utility operations |  |  |  |  |  | $ | (69) |  |  | $ | 71 |
Natural gas |  | Fuel, purchased power, gas, and other — non-utility |  |  |  |  |  | 59 |  |  | 148 |
Electricity |  | Operating Revenues — Non-utility operations |  |  |  |  |  | (5) |  |  | (115) |
Environmental & Other |  | Operating Revenues — Non-utility operations |  |  |  |  |  | (7) |  |  | (1) |
Foreign currency exchange contracts |  | Operating Revenues — Non-utility operations |  |  |  |  |  | 2 |  |  | — |
Total |  |  |  |  |  |  |  | $ | (20) |  |  | $ | 103 |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of March 31, 2024:
Commodity |  | Number of Units
Natural gas (MMBtu) |  | 2,169,902,328 |
Electricity (MWh) |  | 42,932,324 |
Oil (Gallons) |  | 3,204,000 |
Foreign currency exchange ($ CAD) |  | 127,734,587 |
FTR (MWh) |  | 29,452 |
Renewable Energy Certificates (MWh) |  | 11,275,250 |
Carbon emissions (Metric Tons) |  | 123,848 |
Interest rate contracts ($ USD) |  | 950,000,000 |

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