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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): SEPTEMBER 9, 1996
COMMISSION EXACT NAME OF REGISTRANT AS I.R.S. EMPLOYER
FILE NUMBER SPECIFIED IN ITS CHARTER IDENTIFICATION NO.
- ----------- ------------------------ ------------------
1-11607 DTE ENERGY COMPANY
(A MICHIGAN CORPORATION) 38-3217752
2000 2ND AVENUE
DETROIT, MICHIGAN 48226-1279
313-235-4000
1-2198 THE DETROIT EDISON COMPANY
(A MICHIGAN CORPORATION) 38-0478650
2000 2ND AVENUE
DETROIT, MICHIGAN 48226-1279
313-235-8000
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ITEM 5. OTHER EVENTS.
As discussed in Note 14 of the Notes to Consolidated Financial Statements
appearing in the DTE Energy Company and The Detroit Edison Company ("Detroit
Edison") Annual Report on Form 10-K for the year ended December 31, 1995 and in
Note 2 of the Quarterly Report on Form 10-Q for the quarter ended June 30,
1996, DTE Energy Company adopted Statement of Financial Accounting Standards
("SFAS") No. 121, " Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of" in 1995. As the result of continuing
losses in the operation of its steam heating business, upon adoption of SFAS
No. 121, Detroit Edison wrote off the remaining net book value of its steam
heating plant assets of $42 million ($32 million after-tax) or $0.22 per common
share. Also, it reported that, based on current market conditions, the steam
heating operations continue to generate losses, therefore, Detroit Edison would
continue to review its steam heating operations to determine what actions, if
any, may be necessary.
Detroit Edison has completed its review of the steam heating operations.
As a result, Detroit Edison will record an additional non-cash charge to net
income of approximately $138 million ($90 million after-tax) or $0.62 per
common share in the third quarter of 1996. The charge to net income is due
primarily to the recording of a reserve for steam purchase commitments during
the period 1997-2008 under the agreement with the Greater Detroit Resource
Recovery Facility.
Detroit Edison is a wholly-owned subsidiary of DTE Energy Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by the
undersigned, hereunto duly authorized.
DTE ENERGY COMPANY
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(REGISTRANT)
By: /s/ Ronald W. Gresens
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Ronald W. Gresens
Vice President and Controller
THE DETROIT EDISON COMPANY
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(REGISTRANT)
By: /s/ Ronald W. Gresens
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Ronald W. Gresens
Vice President and Controller
Date: September 9, 1996
