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v3.25.3

Financial and Other Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments for DTE Energy:
| September 30, 2025 |  | December 31, 2024
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| (In millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |
Foreign currency exchange contracts | — |  |  | (1) |  |  | — |  |  | (1) |
Total derivatives designated as hedging instruments | $ | — |  |  | $ | (1) |  |  | $ | 20 |  |  | $ | (1) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Natural gas | $ | 344 |  |  | $ | (300) |  |  | $ | 428 |  |  | $ | (410) |
Electricity | 191 |  |  | (163) |  |  | 187 |  |  | (150) |
Environmental & Other | 74 |  |  | (41) |  |  | 58 |  |  | (44) |
Foreign currency exchange contracts | — |  |  | — |  |  | 1 |  |  | — |
Total derivatives not designated as hedging instruments | $ | 609 |  |  | $ | (504) |  |  | $ | 674 |  |  | $ | (604) |
Current | $ | 420 |  |  | $ | (348) |  |  | $ | 488 |  |  | $ | (441) |
Noncurrent | 189 |  |  | (157) |  |  | 206 |  |  | (164) |
Total derivatives | $ | 609 |  |  | $ | (505) |  |  | $ | 694 |  |  | $ | (605) |
Schedule of Net Cash Collateral Offsetting Arrangements and Netting Offsets of Derivative Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy:
| September 30, 2025 |  | December 31, 2024
| (In millions)
Cash collateral netted against Derivative assets | $ | (35) |  |  | $ | (17) |
Cash collateral recorded in Accounts receivable(a) | 60 |  |  | 29 |
Cash collateral recorded in Accounts payable(a) | (33) |  |  | (5) |
Total net cash collateral posted (received) | $ | (8) |  |  | $ | 7 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| September 30, 2025 |  | December 31, 2024
| 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 | $ | 344 |  |  | $ | (255) |  |  | $ | 89 |  |  | $ | 428 |  |  | $ | (285) |  |  | $ | 143 |
Electricity | 191 |  |  | (126) |  |  | 65 |  |  | 187 |  |  | (116) |  |  | 71 |
Environmental & Other | 74 |  |  | (56) |  |  | 18 |  |  | 58 |  |  | (46) |  |  | 12 |
Interest rate contracts | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total derivative assets | $ | 609 |  |  | $ | (437) |  |  | $ | 172 |  |  | $ | 694 |  |  | $ | (447) |  |  | $ | 247 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (300) |  |  | $ | 230 |  |  | $ | (70) |  |  | $ | (410) |  |  | $ | 272 |  |  | $ | (138) |
Electricity | (163) |  |  | 131 |  |  | (32) |  |  | (150) |  |  | 114 |  |  | (36) |
Environmental & Other | (41) |  |  | 41 |  |  | — |  |  | (44) |  |  | 44 |  |  | — |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Total derivative liabilities | $ | (505) |  |  | $ | 402 |  |  | $ | (103) |  |  | $ | (605) |  |  | $ | 430 |  |  | $ | (175) |
_______________________________________ (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.
Schedule of Net Cash Collateral Offsetting Arrangements and Netting Offsets of Derivative Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy:
| September 30, 2025 |  | December 31, 2024
| (In millions)
Cash collateral netted against Derivative assets | $ | (35) |  |  | $ | (17) |
Cash collateral recorded in Accounts receivable(a) | 60 |  |  | 29 |
Cash collateral recorded in Accounts payable(a) | (33) |  |  | (5) |
Total net cash collateral posted (received) | $ | (8) |  |  | $ | 7 |
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
| September 30, 2025 |  | December 31, 2024
| 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 | $ | 344 |  |  | $ | (255) |  |  | $ | 89 |  |  | $ | 428 |  |  | $ | (285) |  |  | $ | 143 |
Electricity | 191 |  |  | (126) |  |  | 65 |  |  | 187 |  |  | (116) |  |  | 71 |
Environmental & Other | 74 |  |  | (56) |  |  | 18 |  |  | 58 |  |  | (46) |  |  | 12 |
Interest rate contracts | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Foreign currency exchange contracts | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total derivative assets | $ | 609 |  |  | $ | (437) |  |  | $ | 172 |  |  | $ | 694 |  |  | $ | (447) |  |  | $ | 247 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(a) |  |  |  |  |  |  |  |  |  |  |
Natural gas | $ | (300) |  |  | $ | 230 |  |  | $ | (70) |  |  | $ | (410) |  |  | $ | 272 |  |  | $ | (138) |
Electricity | (163) |  |  | 131 |  |  | (32) |  |  | (150) |  |  | 114 |  |  | (36) |
Environmental & Other | (41) |  |  | 41 |  |  | — |  |  | (44) |  |  | 44 |  |  | — |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency exchange contracts | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Total derivative liabilities | $ | (505) |  |  | $ | 402 |  |  | $ | (103) |  |  | $ | (605) |  |  | $ | 430 |  |  | $ | (175) |
_______________________________________ (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.
Schedule of 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, 2025 |  | December 31, 2024
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent |  | Current |  | Noncurrent
| (In millions)
Total fair value of derivatives | $ | 420 |  |  | $ | 189 |  |  | $ | (348) |  |  | $ | (157) |  |  | $ | 488 |  |  | $ | 206 |  |  | $ | (441) |  |  | $ | (164) |
Counterparty netting | (300) |  |  | (102) |  |  | 300 |  |  | 102 |  |  | (323) |  |  | (107) |  |  | 323 |  |  | 107 |
Collateral adjustment | (17) |  |  | (18) |  |  | — |  |  | — |  |  | (3) |  |  | (14) |  |  | — |  |  | — |
Total derivatives as reported | $ | 103 |  |  | $ | 69 |  |  | $ | (48) |  |  | $ | (55) |  |  | $ | 162 |  |  | $ | 85 |  |  | $ | (118) |  |  | $ | (57) |
Schedule of Effect of Derivatives Not Designated as Hedging Instruments | 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (In millions)
Commodity contracts |  |  |  |  |  |  |  |
Natural gas |  | Operating Revenues — Non-utility operations |  | $ | (18) |  |  | $ | (25) |  |  | $ | 66 |  |  | $ | (49) |
Natural gas |  | Fuel, purchased power, gas, and other — non-utility |  | 48 |  |  | 45 |  |  | (98) |  |  | 83 |
Electricity |  | Operating Revenues — Non-utility operations |  | 90 |  |  | 99 |  |  | 246 |  |  | 189 |
Environmental & Other |  | Operating Revenues — Non-utility operations |  | 11 |  |  | (6) |  |  | 34 |  |  | (10) |
Foreign currency exchange contracts |  | Operating Revenues — Non-utility operations |  | (1) |  |  | (1) |  |  | (1) |  |  | 1 |
Total |  |  |  | $ | 130 |  |  | $ | 112 |  |  | $ | 247 |  |  | $ | 214 |
Schedule of Cumulative Gross Volume of Derivative Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2025:
Commodity |  | Number of Units
Natural gas (MMBtu) |  | 2,291,617,186 |
Electricity (MWh) |  | 40,367,854 |
Foreign currency exchange ($ CAD) |  | 74,745,468 |
FTR (MWh) |  | 129,597 |
Renewable Energy Certificates (MWh) |  | 13,426,465 |
Carbon emissions (Metric Tons) |  | 1,655,907 |
Interest rate contracts ($ USD) |  | 100,000,000 |

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