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Previous: LPT VARIABLE INSURANCE SERIES TRUST, 24F-2NT, 1997-02-27 |
Next: FOCUS TRUST INC, 24F-2NT, 1997-02-27 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
DTE ENERGY COMPANY
(Name of Company)
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
1. Name, State of organization, location and nature of business
of claimant and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest.
DTE Energy Company ("Claimant") is a Michigan corporation,
incorporated on January 26, 1995. From the date of its incorporation through
December 31, 1995, Claimant was a wholly owned subsidiary of The Detroit Edison
Company, a Michigan public utility. On January 1, 1996, pursuant to a share
exchange accomplished in accordance with the provisions of the Michigan
Business Corporation Act, all outstanding Common Stock of The Detroit Edison
Company was exchanged on a one-for-one basis for the Common Stock of Claimant.
Thus, as of January 1, 1996, Claimant became a publicly held corporation with
the purpose of holding the outstanding stock of its subsidiaries. Claimant's
address is 2000 2nd Avenue, Detroit, Michigan 48226-1279.
The Detroit Edison Company ("Detroit Edison"), incorporated in
Michigan since 1967, is a Michigan public utility engaged in the generation,
purchase, transmission, distribution and sale of electric energy in a 7,600
square-mile area in southeastern Michigan. It also owns and operates a steam
heating system in Detroit, Michigan. On January 1, 1996, Detroit Edison
became a wholly owned subsidiary of Claimant. Detroit Edison's address is 2000
2nd Avenue, Detroit, Michigan 48226-1279.
Midwest Energy Resources Company ("MERC") is a Michigan
corporation established on June 5, 1974. MERC is a wholly owned subsidiary
of Detroit Edison and is engaged in operating a coal-transshipment facility in
Superior, Wisconsin.
The Edison Illuminating Company of Detroit ("EIC") is a
Michigan corporation established on May 28, 1886. EIC is a wholly owned
subsidiary of Detroit Edison and holds real estate.
St. Clair Energy Corporation ("St. Clair") is a Michigan
corporation established on August 27, 1906. St. Clair is a wholly owned
subsidiary of Detroit Edison and is engaged in fuel procurement.
MERC, EIC and St. Clair have offices at 2000 2nd Avenue,
Detroit, Michigan 48226-1279.
<PAGE> 2
DE Energy Services, Inc. ("DE ES") is a Michigan
corporation established on August 29, 1994. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. DE ES has offices
at 425 S. Main, Ann Arbor, Michigan 48107 and it is engaged in energy services
and landfill gas projects.
Biomass Energy Systems, Inc. ("Biomass") is a Michigan
corporation established on July 15, 1993, with offices at 425 S. Main, Ann
Arbor, Michigan 48107. On January 1, 1995 Biomass became a wholly owned
subsidiary of DE ES and it is engaged in landfill gas projects.
RES Power, Inc. ("RES") is a Michigan corporation established
on January 6, 1983, with offices at 425 S. Main, Ann Arbor, Michigan 48107. RES
is a wholly owned subsidiary of Biomass and it is engaged in landfill gas
projects.
Sonoma Energy Systems, Inc. ("Sonoma") is a Michigan
corporation established on January 24, 1994, with offices at 425 S. Main, Ann
Arbor, Michigan 48107. Sonoma is a wholly owned subsidiary of Biomass and it is
engaged in landfill gas projects.
Riverview Gas Producers, Inc. ("Riverview") is a Michigan
corporation established on August 16, 1993, with offices at 425 S. Main, Ann
Arbor, Michigan 48107. Riverview is a wholly owned subsidiary of Biomass and
it is engaged in landfill gas projects.
DTE Arbor Gas Producers, Inc. ("DTE Arbor") is a Michigan
corporation established on July 10, 1996, with offices at 425 S. Main, Ann
Arbor, Michigan 48107. DTE Arbor is a wholly owned subsidiary of Biomass and it
is engaged in landfill gas projects.
Plainville Gas Producers, Inc., formerly Sumpter Gas Producers,
Inc., ("Plainville") is a Michigan corporation established on June 2, 1994, with
offices at 425 S. Main, Ann Arbor, Michigan 48107. Plainville is a wholly
owned subsidiary of Biomass and it is engaged in landfill gas projects.
Edison Energy Services, Inc. ("EES") is a Michigan corporation
established on June 29, 1994, with offices at 425 S. Main, Ann Arbor, Michigan
48107. EES is a wholly owned subsidiary of DE ES and it is engaged in energy
services activities.
PCI Enterprises, Inc. ("PCI") is a Michigan corporation
established on August 1, 1995, with offices at 425 S. Main, Ann Arbor,
Michigan 48107. PCI is a wholly owned subsidiary of EES and it operates a
pulverized coal facility.
DTE Coal Services, Inc. ("DTE Coal") is a Michigan corporation
established on July 10, 1996, with offices at 425 S. Main, Ann Arbor, Michigan
48107. DTE Coal is a wholly owned subsidiary of DE ES and it is engaged in
selling and transporting coal to third parties.
DTE Capital Corporation ("DTE Capital") is a Michigan
corporation established on September 6, 1995. This corporation became a wholly
owned subsidiary of Claimant on January 1, 1996. DTE Capital has offices
at 2000 2nd Avenue, Detroit, Michigan 48226-1279, and it provides financial
services for the non-utility affiliates of Claimant.
Syndeco Realty Corporation ("Syndeco") is a Michigan
corporation established on August 22, 1986. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. Syndeco has offices
at 2000 2nd Avenue, Detroit, Michigan 48226-1279, and it is engaged in real
estate projects.
Edison Development Corporation ("EDC") is a Michigan
corporation established on May 24, 1994. This corporation became a
wholly owned subsidiary of Claimant on January 1, 1996. EDC has offices at
2000 2nd Avenue, Detroit, Michigan 48226-1279 and it is engaged in business
development.
EdVenture Capital Corp. ("EdVenture") is a Michigan
Corporation established on May 24, 1994, with offices at 2000 2nd Avenue,
Detroit, Michigan 48226-1279. EdVenture is a wholly owned subsidiary of EDC
and it is engaged in equity investment.
UTS Systems, Inc. ("UTS") is a Michigan corporation
established on April 23, 1985. This corporation became a wholly owned
subsidiary of Claimant on January 1, 1996. UTS has offices at 2000 2nd Avenue,
Detroit, Michigan 48226-1279 and it is engaged in professional engineering
services.
DTE Edison America, Inc., ("EA") is a Michigan corporation
established on October 16, 1996, with offices at 2000 2nd Avenue, Detroit,
Michigan 48226-1279. EA is a wholly owned subsidiary of Claimant and it is
engaged in the retail marketing of energy and non-energy related products.
2. A brief description of the properties of Claimant and each of
its subsidiary public utility companies used for the generation, transmission,
and distribution of electric energy for sale, or for the production,
transmission, and distribution of natural or manufactured gas, indicating the
location of principal generating plants, transmission lines, producing fields,
gas manufacturing plants, and electric and gas distribution facilities,
including all such properties which are outside the State in which Claimant and
its subsidiaries are organized and all transmission or pipelines which deliver
or receive electric energy or gas at the borders of such State.
Claimant - none
The Detroit Edison Company maintains the following generating facilities which
are located in the State of Michigan, as follows:
2
<PAGE> 3
<TABLE>
<CAPTION>
Location By Summer Net
Michigan Rated Capability (1)(2)
Plant Name County Megawatts (MW) %
- -------------------------------- ------- -------------- ---
<S> <C> <C> <C>
Fossil-fuel and Steam-Electric
Belle River (3) St. Clair 1,026 10.3%
Greenwood St. Clair 785 7.8
Harbor Beach Huron 103 1.0
Marysville St. Clair 167 1.7
Monroe Monroe 3,000 30.0
River Rouge Wayne 500 5.0
St. Clair St. Clair 1,379 13.8
Trenton Channel Wayne 725 7.2
------ ------
7,685 76.8%
Oil or Gas-fueled Peaking
Units Various 525 5.2
Nuclear-fueled Steam-
Electric-Fermi 2 (4) Monroe 876 8.8
Hydroelectric Pumped Storage
Ludington (5) Mason 917 9.2
------ ------
10,003 100.0%
====== ======
</TABLE>
===============
(1) Summer net rated capabilities of generating units in service are based
on periodic load tests and are changed depending on operating experience, the
physical condition of units, environmental control limitations and customer
requirements for steam, which otherwise would be used for electric generation.
(2) Excludes two oil-fueled units, River Rouge Unit No. 1 (206 MW) and St.
Clair Unit No. 5 (250 MW), and one coal-fueled power plant, Conners Creek (236
MW), all in economy reserve status.
(3) The Belle River capability represents Detroit Edison's entitlement to
81.39% of the capacity and energy of the plant.
(4) Fermi 2 has a design electrical rating (net) of 1,139 MW, but is
expected to operate at 1,085 MW with its scheduled second quarter 1997 return
to service.
(5) Represents Detroit Edison's 49% interest in Ludington with a total
capability of 1,872 MW. Detroit Edison is leasing 312 MW to The Toledo Edison
Company for the six-year period June 1, 1996 through May 31, 2002.
Detroit Edison and Consumers Energy Company are parties to
an Electric Coordination Agreement providing for emergency assistance,
coordination of operations and planning for bulk power supply, with energy
interchanged at nine interconnections. Detroit Edison and Consumers Energy
Company also have interchange agreements to exchange electric energy through 12
interconnections with The Toledo Edison Company, Indiana Michigan Power
Company, Northern Indiana Public Service Company and Ontario Hydro. In
addition, Detroit Edison has interchange agreements for the exchange of
electric energy with Michigan South Central Power Agency, Rouge Steel Company
and the City of Wyandotte.
Transmission and Distribution. Detroit Edison owns and operates
within the State of Michigan 582 distribution substations with a capacity of
17,091,600 kilovolt amperes and 402,120 line transformers with a capacity of
23,403,875 kilovolt amperes. Electric transmission and distribution lines
owned and in service as of December 31, 1996 are as follows:
<TABLE>
<CAPTION>
Overhead Lines Underground Lines
-------------------- ------------------
Conduit
Pole Circuit Bank Cable
Design Line Voltage-KV Miles Miles Miles Miles
- ---------------------- ------ ------- ------- -----
<S> <C> <C> <C> <C>
Transmission-
Under 24 KV -- -- 63 274
24 KV 105 105 257 1,043
40 KV 2,752 2,752 91 331
120 KV 1,148 1,663 -- 179
140 KV 31 31 -- --
230 KV 77 87 -- --
345 KV 525 954 -- 7
------ ----- ----- ------
4,638 5,592 411 1,834
=====
Distribution-
4.8 KV and 13.2 KV 31,766 437 10,521
------ ----- ------
Grand Total 36,404 848 12,355
====== ===== ======
</TABLE>
3. The following information for the last calendar year with
respect to Claimant and each of its subsidiary public utility companies:
3
<PAGE> 4
(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at retail.
Claimant - None
Detroit Edison - 48,452,760,000 Kwh.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which each such
company is organized.
Claimant - None
Detroit Edison - None
(c) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which each such company
is organized, or at the State line.
Claimant - None
Detroit Edison - 444,840,500 Kwh. delivered under interchange
power agreements for the year ended December
31, 1996.
(d) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each such company is
organized or at the State line.
Claimant - None
Detroit Edison - 3,506,956,000 Kwh. purchased under
interchange power agreements for the year
ended December 31, 1996.
4. The following information for the reporting period with
respect to Claimant and each interest it holds directly or indirectly in an EWG
or a foreign utility company, stating monetary amounts in United States
dollars:
Not applicable.
(a) Name, location, business address and description of the
facilitates used by the EWG or foreign utility company for the generation,
transmission and distribution of electric energy for sale or for the
distribution at retail of natural or manufactured gas.
(b) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest held.
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect guarantee of
the security of the EWG or foreign utility company by the holding company
claiming exemption; and any debt or other financial obligation for which there
is recourse, directly or indirectly, to the holding
4
<PAGE> 5
company claiming exemption or another system company, other than the EWG or
foreign utility company.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system company, and describe
the services to be rendered or goods sold and fees or revenues under such
agreement(s).
EXHIBIT A
A consolidating statement of income and surplus of the Claimant and its
subsidiary companies for the calendar year 1996, together with a consolidating
balance sheet of Claimant and its subsidiary companies as of the close of
such calendar year follows.
EXHIBIT B
A Financial Data Schedule for the Claimant follows as Exhibit B.
EXHIBIT C
Not applicable.
The above-named Claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 27th day of February, 1997.
DTE Energy Company
--------------------------
(Name of Claimant)
By /s/ Ronald W. Gresens
------------------------
Vice President
and Controller
CORPORATE SEAL
Attest:
/s/ Susan M. Beale
- --------------------------
Susan M. Beale
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Susan M. Beale, Vice President and Corporate Secretary
- ------------------------------------------------------
(Name) (Title)
2000 2nd Avenue, Detroit, Michigan 48226-1279
- ---------------------------------------------
(Address)
5
<PAGE> 6
EXHIBIT A
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The
Detroit DTE DE Energy
DTE Edison Edison Syndeco DTE Services,
Energy Company America, Realty Capital Inc.
Company Consolidated Inc. Corporation Corporation Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $3,571,332 $ -- $ -- $ -- $ --
Electric-Interconnection -- 45,124 -- -- -- --
Steam and other -- 25,587 -- 1,356 -- 1,836
-------------------------------------------------------------------------------
Total operating revenues -- 3,642,043 -- 1,356 -- 1,836
-------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- 695,538 -- -- -- --
Purchased power -- 150,232 -- -- -- --
Other operation 3,126 640,899 789 462 266 6,160
Maintenance -- 277,785 -- -- -- --
Steam heating special charge -- 149,231 -- -- -- --
Depreciation and amortization -- 526,099 -- -- -- 526
Deferred Fermi 2 amortization -- (4,479) -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- 102,081 -- -- -- --
Taxes other than income -- 259,403 -- 137 6 147
Income taxes (1,194) 226,567 (276) 359 788 (3,557)
-------------------------------------------------------------------------------
Total operating expenses 1,932 3,023,356 513 958 1,060 3,276
-------------------------------------------------------------------------------
OPERATING INCOME (LOSS) (1,932) 618,687 (513) 398 (1,060) (1,440)
-------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction -- 2,330 -- -- -- --
Other income and (deductions)-
net 327,716 (15,360) -- 269 2,873 210
Income taxes -- 3,931 -- -- -- --
Accretion income -- 8,225 -- -- -- --
Income taxes -- (2,363) -- -- -- --
-------------------------------------------------------------------------------
Net other income and
(deductions) 327,716 (3,237) -- 269 2,873 210
-------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- 275,166 -- -- -- --
Amortization of debt discount
and expense -- 11,843 -- -- 40 --
Other -- 3,936 -- -- 282 --
Allowance for borrowed funds
used during construction -- (3,033) -- -- -- --
-------------------------------------------------------------------------------
Net interest charges -- 287,912 -- -- 322 --
-------------------------------------------------------------------------------
NET INCOME (LOSS) BEFORE
PREFERRED STOCK DIVIDENDS
OF SUBSIDIARY 325,784 327,538 (513) 667 1,491 (1,230)
PREFERRED STOCK DIVIDENDS OF
SUBSIDIARY -- -- -- -- -- --
-------------------------------------------------------------------------------
NET INCOME (LOSS) $ 325,784 $ 327,538 $(513) $ 667 $1,491 $(1,230)
===============================================================================
</TABLE>
<TABLE>
<CAPTION>
Inter-
Edison Company
Development Eliminations DTE Energy
Corporation UTS and Reclass- Company
Consolidated Systems, Inc. ifications Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $3,571,332
Electric-Interconnection -- -- -- 45,124
Steam and other -- 165 -- 28,944
-----------------------------------------------------------------
Total operating revenues -- 165 -- 3,645,400
-----------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- 695,538
Purchased power -- -- -- 150,232
Other operation 351 126 -- 652,179
Maintenance -- -- -- 277,785
Steam heating special charges -- -- -- 149,231
Depreciation and amortization -- -- -- 526,625
Deferred Fermi 2 amortization -- -- -- (4,479)
Amortization of deferred Fermi 2
depreciation and return -- -- -- 102,081
Taxes other than income -- 1 -- 259,694
Income taxes (113) 32 -- 222,606
-----------------------------------------------------------------
Total operating expenses 238 159 -- 3,031,492
-----------------------------------------------------------------
OPERATING INCOME (LOSS) (238) 6 -- 613,908
-----------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction -- -- -- 2,330
Other income and (deductions) -
net 302 53 (328,549) (12,486)
Income taxes -- -- -- 3,931
Accretion income -- -- -- 8,225
Income taxes -- -- -- (2,363)
-----------------------------------------------------------------
Net other income and (deductions) 302 53 (328,549) (363)
-----------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- 275,166
Amortization of debt discount
and expense -- -- -- 11,883
Other -- -- -- 4,218
Allowance for borrowed funds used
during construction -- -- -- (3,033)
-----------------------------------------------------------------
Net interest charges -- -- -- 288,234
-----------------------------------------------------------------
NET INCOME (LOSS) BEFORE
PREFERRED STOCK DIVIDENDS
OF SUBSIDARY 64 59 (328,549) 325,311
PREFERRED STOCK DIVIDENDS
OF SUBSIDIARY -- -- (16,015) (16,015)
-----------------------------------------------------------------
NET INCOME (LOSS) $ 64 $ 59 $(344,564) $ 309,296
=================================================================
Common Shares Outstanding - Average
(Thousands) 145,119,875
Earnings Per Share of Common Stock $ 2.13
</TABLE>
1
<PAGE> 7
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The
Detroit DTE DE Energy Edison
DTE Edison Edison Syndeco DTE Services, Development
Energy Company America, Realty Capital Inc. Corporation
Company Consolidated Inc. Corporation Corporation Consolidated Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $13,776,535 $ -- $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- (5,367,110) -- -- -- -- --
Construction work in progress -- 91,242 -- -- -- -- --
Property under capital leases - net -- 260,241 -- -- -- -- --
-----------------------------------------------------------------------------------
Total owned and leased properties -- 8,760,908 -- -- -- -- --
-----------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- 7,426 -- 4,528 -- 60,673 --
Investments and special funds 3,459,140 26,957 -- -- -- 5,686 14,900
Nuclear decommissioning trust funds -- 171,514 -- -- -- -- --
-----------------------------------------------------------------------------------
Total other property and investments 3,459,140 205,897 -- 4,528 -- 66,359 14,900
-----------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,120 2,465 -- 2,656 38,908 6,054 521
Customer accounts receivable and
unbilled revenues -- 440,476 -- -- -- -- --
Other accounts receivable -- 41,366 -- 1,429 241 886 --
Fuel and materials and supplies
inventories -- 263,947 -- -- -- -- --
Prepayments -- 8,394 -- 19 -- 500 --
------------------------------------------------------------------------------------
Total current assets 1,120 756,648 -- 4,104 39,149 7,440 521
------------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 76,808 4,186 276 -- 12,490 908 --
------------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- 975,351 -- -- -- -- --
Prepaid pensions -- 91,579 -- -- -- -- --
Unamortized debt expense -- 45,247 -- -- 110 -- --
Other -- 34,661 -- 856 -- 4,633 --
-----------------------------------------------------------------------------------
Total deferred debits -- 1,146,838 -- 856 110 4,633 --
-----------------------------------------------------------------------------------
TOTAL $3,537,068 $10,874,477 $276 $9,488 $51,749 $79,340 $15,421
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
Inter-
Company
Eliminations DTE Energy
UTS and Reclass- Company
Systems, Inc. ifications Consolidated
<S> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $13,776,535
Less: Accumulated depreciation
and amortization -- -- (5,367,110)
Construction work in progress -- -- 91,242
Property under capital leases - net -- -- 260,241
--------------------------------------------------
Total owned and leased properties -- -- 8,760,908
--------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- (475) 72,152
Investments and special funds -- (3,459,140) 47,543
Nuclear decommissioning trust funds -- -- 171,514
--------------------------------------------------
Total other property and investments -- (3,459,615) 291,209
--------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,310 -- 53,034
Customer accounts receivable and
unbilled revenues -- -- 440,476
Other accounts receivable 83 -- 44,005
Fuel and materials and supplies
inventories -- -- 263,947
Prepayments -- -- 8,913
--------------------------------------------------
Total current assets 1,393 -- 810,375
--------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- (94,668) --
--------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- 975,351
Prepaid pensions -- -- 91,579
Unamortized debt expense -- -- 45,357
Other -- -- 40,150
--------------------------------------------------
Total deferred debits -- -- 1,152,437
--------------------------------------------------
TOTAL $ 1,393 $(3,554,283) $11,014,929
==================================================
</TABLE>
2
<PAGE> 8
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The DE
Detroit DTE Energy Edison
DTE Edison Edison Syndeco DTE Services, Development
Energy Company America, Realty Capital Inc. Corporation
Company Consolidated Inc. Corporation Corporation Consolidated Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $1,951,437 $ 1,951,437 $ -- $7,613 $50,000 $23,185 $15,550
Retained earnings
(deficit) 1,511,325 1,391,104 (513) 1,479 1,557 (1,959) (109)
----------------------------------------------------------------------------------------------------
Total common
shareholders'
equity 3,462,762 3,342,541 (513) 9,092 51,557 21,226 15,441
Preferred stock
of subsidiary -- 144,405 -- -- -- -- --
Long-term debt -- 3,740,434 -- -- -- 38,900 --
-----------------------------------------------------------------------------------------------------
Total capitalization 3,462,762 7,227,380 (513) 9,092 51,557 60,126 15,441
-----------------------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- 115,742 -- -- -- -- --
Other postretirement
benefits -- 5,516 -- -- -- -- --
Other -- 67,078 -- -- -- -- --
Affiliated companies 3,205 76,867 789 172 157 13,468 (20)
----------------------------------------------------------------------------------------------------
Total other non-current
liabilities 3,205 265,203 789 172 157 13,468 (20)
-----------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- 10,001 -- -- -- -- --
Current portion of
long-term debt -- 144,214 -- -- -- -- --
Current portion of
capital leases -- 144,499 -- -- -- -- --
Accounts payable -- 158,417 -- 30 -- 2,339 --
Property and
general taxes -- 29,455 -- -- -- 20 --
Income taxes (4,775) 19,109 -- -- -- -- --
Accumulated deferred
income taxes -- 44,418 -- -- -- -- --
Interest payable -- 60,403 -- -- 2 -- --
Dividends payable 74,737 2,907 -- -- -- -- --
Payrolls -- 81,181 -- -- -- 267 --
Fermi 2 refueling outage -- 1,349 -- -- -- -- --
Other 1,139 131,816 -- 194 33 227 --
-----------------------------------------------------------------------------------------------------
Total current
liabilities 71,101 827,769 -- 224 35 2,853 --
-----------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- 2,022,550 -- -- -- 1,141 --
Accumulated deferred
investment tax credits -- 315,030 -- -- -- -- --
Other -- 216,545 -- -- -- 1,752 --
------------------------------------------------------------------------------------------------------
Total deferred credits -- 2,554,125 -- -- -- 2,893 --
------------------------------------------------------------------------------------------------------
TOTAL $3,537,068 $10,874,477 $276 $9,488 $51,749 $79,340 $15,421
======================================================================================================
<CAPTION> Inter-Company
Eliminations DTE Energy
UTS and Reclass- Company
Systems, Inc. ifications Consolidated
<S> <C> <C> <C>
CAPITALIZATION
Common stock $ 50 $(2,047,835) $ 1,951,437
Retained earnings
(deficit) 1,313 (1,411,780) 1,492,417
-------------------------------------------
Total common
shareholders'
equity 1,363 (3,459,615) 3,443,854
Preferred stock
of subsidiary -- -- 144,405
Long-term debt -- -- 3,779,334
-------------------------------------------
Total capitalization 1,363 (3,459,615) 7,367,593
-------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- 115,742
Other postretirement
benefits -- -- 5,516
Other -- -- 67,078
Affiliated companies 30 (94,668) --
-------------------------------------------
Total other non-current
liabilities 30 (94,668) 188,336
-------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- 10,001
Current portion of
long-term debt -- -- 144,214
Current portion of
capital leases -- -- 144,499
Accounts payable -- -- 160,786
Property and
general taxes -- -- 29,475
Income taxes -- -- 14,334
Accumulated deferred
income taxes -- -- 44,418
Interest payable -- -- 60,405
Dividends payable -- -- 77,644
Payrolls -- -- 81,448
Fermi 2 refueling outage -- -- 1,349
Other -- -- 133,409
-------------------------------------------
Total current
liabilities -- -- 901,982
-------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- -- 2,023,691
Accumulated deferred
investment tax credits -- -- 315,030
Other -- -- 218,297
-------------------------------------------
Total deferred credits -- -- 2,557,018
-------------------------------------------
TOTAL $ 1,393 $(3,554,283) $11,014,929
============================================
</TABLE>
3
<PAGE> 9
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DTE DE
The Detroit Edison Syndeco DTE Energy
DTE Energy Edison Company America, Realty Capital Services, Inc.
Company Consolidated Inc. Corporation Corporation Consolidated
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (3,102) $1,484,871 $ -- $ 812 $ 66 $ (729)
Retained earnings of subsidiaries
acquired January 1, 1996 1,487,592 -- -- -- -- --
Net income (loss) 325,784 327,538 (513) 667 1,491 (1,230)
Deduct:
Cash dividends on common stock (298,949) (319,263) -- -- -- --
Expense associated with
preferred stock redeemed -- (2,801) -- -- -- --
Cash dividends on cumulative
preferred stock -- (16,015) -- -- -- --
Restructuring dividend
to parent -- (83,226) -- -- -- --
---------------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $1,511,325 $1,391,104 $(513) $1,479 $1,557 $(1,959)
=======================================================================================
<CAPTION>
Inter-
Edison Company DTE
Development UTS Eliminations Energy
Corporation Systems, and Reclass- Company
Consolidated Inc. ifications Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (173) $ 1,254 $ 1,872 $1,484,871
Retained earnings of subsidaries
acquired January 1, 1996 -- -- (1,487,592) --
Net income (loss) 64 59 (344,564) 309,296
Deduct:
Cash dividends on common stock -- -- 319,263 (298,949)
Expense associated with
preferred stock redeemed -- -- -- (2,801)
Cash dividends on cumulative
preferred stock -- -- 16,015 --
Restructuring dividend
to parent -- -- 83,226 --
---------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $ (109) $ 1,313 $(1,411,780) $1,492,417
===============================================================
</TABLE>
4
<PAGE> 10
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The
The Midwest Edison The Detroit
Detroit Energy Illuminating St. Clair Inter- Edison
Edison Resources Company Energy Company Company
Company Company of Detroit Corporation Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $3,562,310 $9,022 $ -- $ -- $ -- $3,571,332
Electric-Interconnection 45,124 -- -- -- -- 45,124
Steam and other 25,587 -- -- -- -- 25,587
-------------------------------------------------------------------------------------
Total operating revenues 3,633,021 9,022 -- -- -- 3,642,043
-------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel 695,538 -- -- -- -- 695,538
Purchased power 150,232 -- -- -- -- 150,232
Other operation 637,487 3,412 -- -- -- 640,899
Maintenance 277,785 -- -- -- -- 277,785
Steam heating special charge 149,231 -- -- -- -- 149,231
Depreciation and amortization 524,349 1,750 -- -- -- 526,099
Deferred Fermi 2 amortization (4,479) -- -- -- -- (4,479)
Amortization of deferred Fermi 2
depreciation and return 102,081 -- -- -- -- 102,081
Taxes other than income 258,011 1,380 12 -- -- 259,403
Income taxes 226,723 (154) (2) -- -- 226,567
-------------------------------------------------------------------------------------
Total operating expenses 3,016,958 6,388 10 -- -- 3,023,356
-------------------------------------------------------------------------------------
OPERATING INCOME (LOSS) 616,063 2,634 (10) -- -- 618,687
-------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction 2,330 -- -- -- -- 2,330
Other income and (deductions) -
net (15,391) 21 7 -- 3 (15,360)
Income taxes 3,931 -- -- -- -- 3,931
Accretion income 8,225 -- -- -- -- 8,225
Income taxes (2,363) -- -- -- -- (2,363)
-------------------------------------------------------------------------------------
Net other income and
(deductions) (3,268) 21 7 -- 3 (3,237)
-------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt 272,572 2,594 -- -- -- 275,166
Amortization of debt discount
and expense 11,782 61 -- -- -- 11,843
Other 3,936 -- -- -- -- 3,936
Allowance for borrowed funds
used during construction (3,033) -- -- -- -- (3,033)
-------------------------------------------------------------------------------------
Net interest charges 285,257 2,655 -- -- -- 287,912
-------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 327,538 $ -- $ (3) $-- $ 3 $ 327,538
=====================================================================================
</TABLE>
5
<PAGE> 11
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION> The
The Midwest The Edison Detroit
Detroit Energy Illuminating St. Clair Inter- Edison
Edison Resources Company Energy Company Company
Company Company of Detroit Corporation Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ 13,719,541 $ 56,994 $ -- $ -- $ -- $ 13,776,535
Less: Accumulated depreciation
and amortization (5,341,597) (25,513) -- -- -- (5,367,110)
Construction work in progress 90,187 1,055 -- -- -- 91,242
Property under capital leases - net 260,241 -- -- -- -- 260,241
-------------------------------------------------------------------------------------
Total owned and leased properties 8,728,372 32,536 -- -- -- 8,760,908
-------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 7,204 -- 222 -- 7,426
Investments and special funds 24,567 2,819 10 -- (439) 26,957
Nuclear decommissioning trust funds 171,514 -- -- -- -- 171,514
-------------------------------------------------------------------------------------
Total other property and investments 203,285 2,819 232 -- (439) 205,897
-------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,763 702 -- -- -- 2,465
Customer accounts receivable and
unbilled revenues 440,476 -- -- -- -- 440,476
Other accounts receivable 41,198 166 2 -- -- 41,366
Fuel and materials and supplies
inventories 261,654 2,293 -- -- -- 263,947
Prepayments 8,304 90 -- -- -- 8,394
-------------------------------------------------------------------------------------
Total current assets 753,395 3,251 2 -- -- 756,648
-------------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 4,270 10,761 436 10 (11,291) 4,186
-------------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets 1,827,861 6,907 -- -- (859,417) 975,351
Prepaid pensions 91,579 -- -- -- -- 91,579
Unamortized debt expense 44,384 863 -- -- -- 45,247
Other 33,057 1,604 -- -- -- 34,661
-------------------------------------------------------------------------------------
Total deferred debits 1,996,881 9,374 -- -- (859,417) 1,146,838
-------------------------------------------------------------------------------------
TOTAL $ 11,686,203 $ 58,741 $ 670 $ 10 $ (871,147) $10,874,477
=====================================================================================
</TABLE>
6
<PAGE> 12
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The Midwest The Edison The
Detroit Energy Illuminating St. Clair Inter- Detroit Edison
Edison Resources Company Energy Company Company
Company Company of Detroit Corporation Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 1,951,437 $ 1 $ 50 $ 10 $ (61) $ 1,951,437
Retained earnings
(deficit) 1,391,104 1 378 (1) (378) 1,391,104
---------------------------------------------------------------------------------
Total common
shareholders'
equity 3,342,541 2 428 9 (439) 3,342,541
Preferred stock
of subsidiary 144,405 -- -- -- -- 144,405
Long-term debt 3,702,834 37,600 -- -- -- 3,740,434
---------------------------------------------------------------------------------
Total capitalization 7,189,780 37,602 428 9 (439) 7,227,380
---------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases 115,742 -- -- -- -- 115,742
Other postretirement
benefits 5,516 -- -- -- -- 5,516
Other 67,078 -- -- -- -- 67,078
Affiliated companies 87,939 -- 218 1 (11,291) 76,867
---------------------------------------------------------------------------------
Total other non-current
liabilities 276,275 -- 218 1 (11,291) 265,203
---------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings 10,001 -- -- -- -- 10,001
Current portion of
long-term debt 144,214 -- -- -- -- 144,214
Current portion of
capital leases 144,499 -- -- -- -- 144,499
Accounts payable 156,790 1,627 -- -- -- 158,417
Property and
general taxes 27,801 1,631 23 -- -- 29,455
Income taxes 19,109 -- -- -- -- 19,109
Accumulated deferred
income taxes 44,418 -- -- -- -- 44,418
Interest payable 59,322 1,081 -- -- -- 60,403
Dividends payable 2,907 -- -- -- -- 2,907
Payrolls 81,181 -- -- -- -- 81,181
Fermi 2 refueling outage 1,349 -- -- -- -- 1,349
Other 131,194 622 -- -- -- 131,816
---------------------------------------------------------------------------------
Total current
liabilities 822,785 4,961 23 -- -- 827,769
---------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 2,865,789 16,178 -- -- (859,417) 2,022,550
Accumulated deferred
investment tax credits 315,030 -- -- -- -- 315,030
Other 216,544 -- 1 -- -- 216,545
---------------------------------------------------------------------------------
Total deferred credits 3,397,363 16,178 1 -- (859,417) 2,554,125
---------------------------------------------------------------------------------
TOTAL $11,686,203 $ 58,741 $ 670 $ 10 $(871,147) $10,874,477
=================================================================================
</TABLE>
7
<PAGE> 13
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
The Edison
Midwest Energy Illuminating St. Clair Inter-
The Detroit Resources Company Energy Company
Edison Company Company of Detroit Corporation Eliminations
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ 1,484,871 $ 1 $381 $ (1) $ (381)
Net income (loss) 327,538 -- (3) -- 3
Deduct:
Cash dividends on common stock (319,263) -- -- -- --
Expense associated with
preferred stock redeemed (2,801) -- -- -- --
Cash dividends on cumulative
preferred stock (16,015) -- -- -- --
Restructuring dividend to parent (83,226) -- -- -- --
-----------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $ 1,391,104 $ 1 $378 $ (1) $ (378)
=============================================================================
<CAPTION>
The Detroit
Edison Company
Consolidated
<S> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $1,484,871
Net income (loss) 327,538
Deduct:
Cash dividends on common stock (319,263)
Expense associated with
preferred stock redeemed (2,801)
Cash dividends on cumulative
preferred stock (16,015)
Restructuring dividend to parent (83,226)
---------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $1,391,104
=========
</TABLE>
8
<PAGE> 14
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Inter- Development
Development Capital Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric - System $ -- $ -- $ -- $ --
Electric - Interconnection -- -- -- --
Steam and other -- -- -- --
----------------------------------------------------------------------------------------
Total operating revenues -- -- -- --
----------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- --
Purchased power -- -- -- --
Other operation 350 1 -- 351
Maintenance -- -- -- --
Steam heating special charge -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 amortization -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- --
Taxes other than income -- -- -- --
Income taxes (122) 9 -- (113)
----------------------------------------------------------------------------------------
Total operating expenses 228 10 -- 238
----------------------------------------------------------------------------------------
OPERATING INCOME (LOSS) (228) (10) -- (238)
----------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds
used during construction -- -- -- --
Other income and (deductions)
- net 292 302 (292) 302
Income taxes -- -- -- --
Accretion income -- -- -- --
Income taxes -- -- -- --
----------------------------------------------------------------------------------------
Net other income and
(deductions) 292 302 (292) 302
----------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- --
Amortization of debt discount
and expense -- -- -- --
Other -- -- -- --
Allowance for borrowed funds
used during construction -- -- -- --
----------------------------------------------------------------------------------------
Net interest charges -- -- -- --
----------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 64 $ 292 $ (292) $ 64
========================================================================================
</TABLE>
9
<PAGE> 15
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Inter- Development
Development Capital Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- --
Construction work in progress -- -- -- --
Property under capital leases - net -- -- -- --
----------------------------------------------------------
Total owned and leased properties -- -- -- --
----------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property -- -- -- --
Investments and special funds 15,200 14,900 (15,200) 14,900
Nuclear decommissioning trust funds -- -- -- --
----------------------------------------------------------
Total other property and investments 15,200 14,900 (15,200) 14,900
----------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 221 300 -- 521
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable -- -- -- --
Fuel and materials and supplies
inventories -- -- -- --
Prepayments -- -- -- --
----------------------------------------------------------
Total current assets 221 300 -- 521
----------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- -- -- --
----------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- --
Prepaid pensions -- -- -- --
Unamortized debt expense -- -- -- --
Other -- -- -- --
----------------------------------------------------------
Total deferred debits -- -- -- --
----------------------------------------------------------
TOTAL $15,421 $15,200 $(15,200) $15,421
==========================================================
</TABLE>
10
<PAGE> 16
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $15,550 $14,900 $(14,900) $15,550
Retained earnings
(deficit) (77) 260 (292) (109)
------------------------------------------------------------------
Total common
shareholders'
equity 15,473 15,160 (15,192) 15,441
Preferred stock
of subsidiary -- -- -- --
Long-term debt -- -- -- --
------------------------------------------------------------------
Total capitalization 15,473 15,160 (15,192) 15,441
------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies (52) 40 (8) (20)
------------------------------------------------------------------
Total other non-current
liabilities (52) 40 (8) (20)
------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable -- -- -- --
Property and
general taxes -- -- -- --
Income taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest payable -- -- -- --
Dividends payable -- -- -- --
Payrolls -- -- -- --
Fermi 2 refueling outage -- -- -- --
Other -- -- -- --
------------------------------------------------------------------
Total current
liabilities -- -- -- --
------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes -- -- -- --
Accumulated deferred
investment tax credits -- -- -- --
Other -- -- -- --
------------------------------------------------------------------
Total deferred credits -- -- -- --
------------------------------------------------------------------
TOTAL $15,421 $15,200 $(15,200) $15,421
==================================================================
</TABLE>
11
<PAGE> 17
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION> Edison
Edison EdVenture Development
Development Capital Inter-Company Corporation
Corporation Corp. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (141) $ (32) $ -- $ (173)
Net income (loss) 64 292 (292) 64
----------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $ (77) $ 260 $ (292) $ (109)
==========================================================
</TABLE>
12
<PAGE> 18
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DE Biomass Edison
Energy Energy Energy Inter- DE Energy
Services, Systems, Inc. Services, Inc. DTE Coal Company Services, Inc.
Inc. Consolidated Consolidated Services, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ -- $ -- $ --
Electric-Interconnection -- -- -- -- -- --
Steam and other -- 754 812 270 -- 1,836
-------------------------------------------------------------------------------------
Total operating revenues -- 754 812 270 -- 1,836
-------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- -- -- --
Purchased power -- -- -- -- -- --
Other operation 209 2,179 3,547 225 -- 6,160
Maintenance -- -- -- -- -- --
Steam heating special charge -- -- -- -- -- --
Depreciation and amortization 54 472 -- -- -- 526
Deferred Fermi 2 amortization -- -- -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- -- -- --
Taxes other than income 6 99 42 -- -- 147
Income taxes (93) (2,544) (936) 16 -- (3,557)
-------------------------------------------------------------------------------------
Total operating expenses 176 206 2,653 241 -- 3,276
-------------------------------------------------------------------------------------
OPERATING INCOME (LOSS) (176) 548 (1,841) 29 -- (1,440)
-------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction -- -- -- -- -- --
Other income and (deductions) -
net 3 224 (17) -- -- 210
Income taxes -- -- -- -- -- --
Accretion income -- -- -- -- -- --
Income taxes -- -- -- -- -- --
-------------------------------------------------------------------------------------
Net other income and
(deductions) 3 224 (17) -- -- 210
-------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- -- -- --
Amortization of debt discount
and expense -- -- -- -- -- --
Other -- -- -- -- -- --
Allowance for borrowed funds
used during construction -- -- -- -- -- --
-------------------------------------------------------------------------------------
Net interest charges -- -- -- -- -- --
-------------------------------------------------------------------------------------
NET INCOME (LOSS) $(173) $ 772 $(1,858) $ 29 $ -- $(1,230)
=====================================================================================
</TABLE>
13
<PAGE> 19
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison DE
DE Biomass Energy DTE Energy
Energy Energy Services, Coal Inter- Services,
Services, Systems, Inc. Inc. Services, Company Inc.
Inc. Consolidated Consolidated Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- -- -- --
Construction work in progress -- -- -- -- -- --
Property under capital leases - net -- -- -- -- -- --
----------------------------------------------------------------------------------
Total owned and leased properties -- -- -- -- -- --
----------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 349 5,260 55,064 -- -- 60,673
Investments and special funds 21,652 6,954 291 (23,211) 5,686
Nuclear decommissioning trust funds -- -- -- -- -- --
----------------------------------------------------------------------------------
Total other property and investments 22,001 12,214 55,355 -- (23,211) 66,359
----------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 853 3,836 1,234 131 -- 6,054
Customer accounts receivable and
unbilled revenues -- -- -- -- -- --
Other accounts receivable 36 252 459 139 -- 886
Fuel and materials and supplies
inventories -- -- -- -- -- --
Prepayments 77 349 74 -- -- 500
----------------------------------------------------------------------------------
Total current assets 966 4,437 1,767 270 -- 7,440
----------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES 908 -- -- -- -- 908
----------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- -- -- --
Prepaid pensions -- -- -- -- -- --
Unamortized debt expense -- -- -- -- -- --
Other 742 1,959 1,932 -- -- 4,633
----------------------------------------------------------------------------------
Total deferred debits 742 1,959 1,932 -- -- 4,633
----------------------------------------------------------------------------------
TOTAL $24,617 $18,610 $59,054 $270 $(23,211) $79,340
==================================================================================
</TABLE>
14
<PAGE> 20
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Biomass Edison DE
DE Energy Energy DTE Energy
Energy Systems, Services, Coal Inter- Services,
Services, Inc. Inc. Services, Company Inc.
Inc. Consolidated Consolidated Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $23,185 $11,685 $ 9,800 $ -- $(21,485) $23,185
Retained earnings
(deficit) (417) 1,964 (3,535) 29 -- (1,959)
----------------------------------------------------------------------------------------
Total common
shareholders'
equity 22,768 13,649 6,265 29 (21,485) 21,226
Preferred stock
of subsidiary -- -- -- -- -- --
Long-term debt -- -- 38,900 -- -- 38,900
----------------------------------------------------------------------------------------
Total capitalization 22,768 13,649 45,165 29 (21,485) 60,126
----------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- -- -- --
Other postretirement
benefits -- -- -- -- -- --
Other -- -- -- -- -- --
Affiliated companies 1,649 3,953 9,367 225 (1,726) 13,468
----------------------------------------------------------------------------------------
Total other non-current
liabilities 1,649 3,953 9,367 225 (1,726) 13,468
----------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- -- --
Current portion of
long-term debt -- -- -- -- -- --
Current portion of
capital leases -- -- -- -- -- --
Accounts payable -- 85 2,254 -- -- 2,339
Property and
general taxes 20 -- -- -- -- 20
Income taxes -- -- -- -- -- --
Accumulated deferred
income taxes -- -- -- -- -- --
Interest payable -- -- -- -- -- --
Dividends payable -- -- -- -- -- --
Payrolls -- -- 267 -- -- 267
Fermi 2 refueling outage -- -- -- -- -- --
Other -- 50 161 16 -- 227
----------------------------------------------------------------------------------------
Total current
liabilities 20 135 2,682 16 -- 2,853
----------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 180 873 88 -- -- 1,141
Accumulated deferred
investment tax credits -- -- -- -- -- --
Other -- -- 1,752 -- -- 1,752
----------------------------------------------------------------------------------------
Total deferred credits 180 873 1,840 -- -- 2,893
----------------------------------------------------------------------------------------
TOTAL $24,617 $18,610 $59,054 $270 $(23,211) $79,340
========================================================================================
</TABLE>
15
<PAGE> 21
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DE Biomass Edison DTE DE
Energy Energy Energy Coal Inter- Energy
Services, Systems, Inc. Services, Inc. Services, Company Services, Inc.
Inc. Consolidated Consolidated Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ (244) $1,192 $(1,677) $ -- $ -- $ (729)
Net income (loss) (173) 772 (1,858) 29 -- (1,230)
--------------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $ (417) $ 1,964 $(3,535) $ 29 $ -- $(1,959)
======================================================================================
</TABLE>
16
<PAGE> 22
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DTE
Biomass Riverview Sonoma Arbor Plainville Biomass
Energy Gas Energy RES Gas Gas Inter- Energy
Systems, Producers, Systems, Power, Producers, Producers, Company Systems, Inc.
Inc. Inc. Inc. Inc. Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Electric-Interconnection -- -- -- -- -- -- -- --
Steam and other 511 88 124 -- 5 26 -- 754
-----------------------------------------------------------------------------------------
Total operating revenues 511 88 124 -- 5 26 -- 754
-----------------------------------------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- -- -- -- -- --
Purchased power -- -- -- -- -- -- -- --
Other operation 1,663 59 424 -- -- 33 -- 2,179
Maintenance -- -- -- -- -- -- -- --
Steam heating special charge -- -- -- -- -- -- -- --
Depreciation and amortization 17 291 103 -- 32 29 -- 472
Deferred Fermi 2 amortization -- -- -- -- -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- -- -- -- -- --
Taxes other than income 77 -- 22 -- -- -- -- 99
Income taxes (812) (753) (763) 104 (36) (284) -- (2,544)
-----------------------------------------------------------------------------------------
Total operating expenses 945 (403) (214) 104 (4) (222) -- 206
-----------------------------------------------------------------------------------------
OPERATING INCOME (LOSS) (434) 491 338 (104) 9 248 -- 548
-----------------------------------------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction -- -- -- -- -- -- -- --
Other income and (deductions) -
net (108) 16 19 297 -- -- -- 224
Income taxes -- -- -- -- -- -- -- --
Accretion income -- -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- -- --
-----------------------------------------------------------------------------------------
Net other income and
(deductions) (108) 16 19 297 -- -- -- 224
-----------------------------------------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- -- -- -- -- --
Amortization of debt discount
and expense -- -- -- -- -- -- -- --
Other -- -- -- -- -- -- -- --
Allowance for borrowed funds
used during construction -- -- -- -- -- -- -- --
-----------------------------------------------------------------------------------------
Net interest charges -- -- -- -- -- -- -- --
-----------------------------------------------------------------------------------------
NET INCOME (LOSS) $ (542) $ 507 $ 357 $ 193 $ 9 $ 248 $ -- $ 772
=========================================================================================
</TABLE>
17
<PAGE> 23
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION> DTE Biomass
Biomass Riverview Sonoma Arbor Plainville Energy
Energy Gas Energy RES Gas Gas Inter- Systems,
Systems, Producers, Systems, Power, Producers, Producers, Company Inc.
Inc. Inc. Inc. Inc. Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- -- -- -- -- --
Construction work in progress -- -- -- -- -- -- -- --
Property under capital leases - net -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------
Total owned and leased properties -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 1,098 1,759 629 -- 933 840 1 5,260
Investments and special funds 12,173 503 198 2,077 73 316 (8,386) 6,954
Nuclear decommissioning trust funds -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------
Total other property and investments 13,271 2,262 827 2,077 1,006 1,156 (8,385) 12,214
------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 2,559 601 676 -- 338 -- (338) 3,836
Customer accounts receivable and
unbilled revenues -- -- -- -- -- -- -- --
Other accounts receivable 163 21 36 -- 2 725 (695) 252
Fuel and materials and supplies
inventories -- -- -- -- -- -- -- --
Prepayments 115 -- 24 -- -- 210 -- 349
-----------------------------------------------------------------------------------
Total current assets 2,837 622 736 -- 340 935 (1,033) 4,437
-----------------------------------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- -- -- -- -- -- -- --
-----------------------------------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- -- -- -- -- --
Prepaid pensions -- -- -- -- -- -- -- --
Unamortized debt expense -- -- -- -- -- -- -- --
Other 1,935 -- -- -- -- 22 2 1,959
------------------------------------------------------------------------------------
Total deferred debits 1,935 -- -- -- -- 22 2 1,959
------------------------------------------------------------------------------------
TOTAL $18,043 $2,884 $1,563 $2,077 $1,346 $2,113 $(9,416) $18,610
====================================================================================
</TABLE>
18
<PAGE> 24
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DTE
Biomass Riverview Sonoma Arbor Plainville
Energy Gas Energy RES Gas Gas Inter-
Systems, Producers, Systems, Power, Producers, Producers, Company
Inc. Inc. Inc. Inc. Inc. Inc. Eliminations
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock $11,684 $2,000 $1,050 $1,000 $1,300 $1,800 $(7,149)
Retained earnings
(deficit) (172) 729 460 690 9 248 --
---------------------------------------------------------------------------------------------
Total common
shareholders'
equity 11,512 2,729 1,510 1,690 1,309 2,048 (7,149)
Preferred stock
of subsidiary -- -- -- -- -- -- --
Long-term debt -- -- -- -- -- -- --
---------------------------------------------------------------------------------------------
Total capitalization 11,512 2,729 1,510 1,690 1,309 2,048 (7,149)
---------------------------------------------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- -- -- -- --
Other postretirement
benefits -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Affiliated companies 6,210 -- -- (25) -- 33 (2,265)
---------------------------------------------------------------------------------------------
Total other non-current
liabilities 6,210 -- -- (25) -- 33 (2,265)
---------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- -- -- -- --
Current portion of
long-term debt -- -- -- -- -- -- --
Current portion of
capital leases -- -- -- -- -- -- --
Accounts payable 65 -- 22 -- -- -- (2)
Property and
general taxes -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- --
Accumulated deferred
income taxes -- -- -- -- -- -- --
Interest payable -- -- -- -- -- -- --
Dividends payable -- -- -- -- -- -- --
Payrolls -- -- -- -- -- -- --
Fermi 2 refueling outage -- -- -- -- -- -- --
Other 50 -- -- -- -- -- --
---------------------------------------------------------------------------------------------
Total current
liabilities 115 -- 22 -- -- -- (2)
---------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 206 155 31 412 37 32 --
Accumulated deferred
investment tax credits -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
---------------------------------------------------------------------------------------------
Total deferred credits 206 155 31 412 37 32 --
---------------------------------------------------------------------------------------------
TOTAL $18,043 $2,884 $1,563 $2,077 $1,346 $2,113 $(9,416)
=============================================================================================
<CAPTION>
Biomass
Energy
Systems,
Inc.
Consolidated
<S> <C>
CAPITALIZATION
Common stock $11,685
Retained earnings
(deficit) 1,964
---------
Total common
shareholders'
equity 13,649
Preferred stock
of subsidiary --
Long-term debt --
---------
Total capitalization 13,649
---------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases --
Other postretirement
benefits --
Other --
Affiliated companies 3,953
---------
Total other non-current
liabilities 3,953
---------
CURRENT LIABILITIES
Short-term borrowings --
Current portion of
long-term debt --
Current portion of
capital leases --
Accounts payable 85
Property and
general taxes --
Income taxes --
Accumulated deferred
income taxes --
Interest payable --
Dividends payable --
Payrolls --
Fermi 2 refueling outage --
Other 50
---------
Total current
liabilities 135
---------
DEFERRED CREDITS
Accumulated deferred
income taxes 873
Accumulated deferred
investment tax credits --
Other --
---------
Total deferred credits 873
---------
TOTAL $18,610
=========
</TABLE>
19
<PAGE> 25
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
DTE Biomass
Biomass Riverview Sonoma Arbor Plainville Energy
Energy Gas Energy RES Gas Gas Inter- Systems,
Systems, Producers, Systems, Power, Producers, Producers, Company Inc.
Inc. Inc. Inc. Inc. Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $ 370 $ 222 $ 103 $ 497 $ -- $ -- $ -- $ 1,192
Net income (loss) (542) 507 357 193 9 248 -- 772
------------------------------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $ (172) $ 729 $ 460 $ 690 $ 9 $ 248 $ -- $ 1,964
------------------------------------------------------------------------------------------------
</TABLE>
20
<PAGE> 26
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison Energy
Energy PCI Inter- Services,
Services, Enterprises, Company Inc.
Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric-System $ -- $ -- $ -- $ --
Electric-Interconnection -- -- -- --
Steam and other 812 -- -- 812
-----------------------------------------------------------
Total operating revenues 812 -- -- 812
-----------------------------------------------------------
OPERATING EXPENSES
Fuel -- -- -- --
Purchased power -- -- -- --
Other operation 3,547 -- -- 3,547
Maintenance -- -- -- --
Steam heating special charge -- -- -- --
Depreciation and amortization -- -- -- --
Deferred Fermi 2 amortization -- -- -- --
Amortization of deferred Fermi 2
depreciation and return -- -- -- --
Taxes other than income 42 -- -- 42
Income taxes (939) 3 -- (936)
-----------------------------------------------------------
Total operating expenses 2,650 3 -- 2,653
-----------------------------------------------------------
OPERATING INCOME (LOSS) (1,838) (3) -- (1,841)
-----------------------------------------------------------
OTHER INCOME AND (DEDUCTIONS)
Allowance for other funds used
during construction -- -- -- --
Other income and (deductions) -
net (26) 9 -- (17)
Income taxes -- -- -- --
Accretion income -- -- -- --
Income taxes -- -- -- --
-----------------------------------------------------------
Net other income and
(deductions) (26) 9 -- (17)
-----------------------------------------------------------
INTEREST CHARGES
Long-term debt -- -- -- --
Amortization of debt discount
and expense -- -- -- --
Other -- -- -- --
Allowance for borrowed funds
used during construction -- -- -- --
-----------------------------------------------------------
Net interest charges -- -- -- --
-----------------------------------------------------------
NET INCOME (LOSS) $(1,864) $ 6 $ -- $(1,858)
===========================================================
</TABLE>
21
<PAGE> 27
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison Energy
Energy PCI Inter- Services,
Services, Enterprises, Company Inc.
Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
UTILITY PROPERTIES
Plant in service - at cost $ -- $ -- $ -- $ --
Less: Accumulated depreciation
and amortization -- -- -- --
Construction work in progress -- -- -- --
Property under capital leases - net -- -- -- --
--------------------------------------------------------
Total owned and leased properties -- -- -- --
--------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Non-utility property 2,889 52,175 -- 55,064
Investments and special funds 13,815 -- (13,524) 291
Nuclear decommissioning trust funds -- -- -- --
--------------------------------------------------------
Total other property and investments 16,704 52,175 (13,524) 55,355
--------------------------------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1,043 191 -- 1,234
Customer accounts receivable and
unbilled revenues -- -- -- --
Other accounts receivable 306 153 -- 459
Fuel and materials and supplies
inventories -- -- -- --
Prepayments 74 -- -- 74
--------------------------------------------------------
Total current assets 1,423 344 1,767
--------------------------------------------------------
AFFILIATED COMPANY RECEIVABLES -- -- -- --
--------------------------------------------------------
DEFERRED DEBITS
Regulatory assets -- -- -- --
Prepaid pensions -- -- -- --
Unamortized debt expense -- -- -- --
Other -- 1,932 -- 1,932
--------------------------------------------------------
Total deferred debits -- 1,932 -- 1,932
--------------------------------------------------------
TOTAL $18,127 $54,451 $(13,524) $59,054
========================================================
</TABLE>
22
<PAGE> 28
DTE ENERGY COMPANY
CONSOLIDATING BALANCE SHEET - EQUITY AND LIABILITIES
DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison
Edison Energy
Energy PCI Inter- Services,
Services, Enterprises, Company Inc.
Inc. Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
CAPITALIZATION
Common stock $ 9,800 $13,500 $(13,500) $ 9,800
Retained earnings
(deficit) (3,541) 6 -- (3,535)
------------------------------------------------------
Total common
shareholders'
equity 6,259 13,506 (13,500) 6,265
Preferred stock
of subsidiary -- -- -- --
Long-term debt -- 38,900 -- 38,900
------------------------------------------------------
Total capitalization 6,259 52,406 (13,500) 45,165
------------------------------------------------------
OTHER NON-CURRENT
LIABILITIES
Obligations under
capital leases -- -- -- --
Other postretirement
benefits -- -- -- --
Other -- -- -- --
Affiliated companies 9,403 219 (255) 9,367
------------------------------------------------------
Total other non-current
liabilities 9,403 219 (255) 9,367
------------------------------------------------------
CURRENT LIABILITIES
Short-term borrowings -- -- -- --
Current portion of
long-term debt -- -- -- --
Current portion of
capital leases -- -- -- --
Accounts payable 2,180 74 -- 2,254
Property and
general taxes -- -- -- --
Income taxes -- -- -- --
Accumulated deferred
income taxes -- -- -- --
Interest payable -- -- -- --
Dividends payable -- -- -- --
Payrolls 267 -- -- 267
Fermi 2 refueling outage -- -- -- --
Other (70) -- 231 161
------------------------------------------------------
Total current
liabilities 2,377 74 231 2,682
------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred
income taxes 88 -- -- 88
Accumulated deferred
investment tax credits -- -- -- --
Other -- 1,752 -- 1,752
------------------------------------------------------
Total deferred credits 88 1,752 -- 1,840
------------------------------------------------------
TOTAL $18,127 $54,451 $(13,524) $59,054
======================================================
</TABLE>
23
<PAGE> 29
DTE ENERGY COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
Thousands of Dollars
<TABLE>
<CAPTION>
Edison Energy
Edison Energy PCI Inter-Company Services, Inc.
Services, Inc. Enterprises, Inc. Eliminations Consolidated
<S> <C> <C> <C> <C>
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1995 $(1,677) $ -- $ -- $ (1,677)
Net Income (loss) (1,864) 6 -- (1,858)
---------------------------------------------------------------
RETAINED EARNINGS (DEFICIT) AT
DECEMBER 31, 1996 $(3,541) $ 6 $ -- $ (3,535)
===============================================================
</TABLE>
24
<PAGE> 30
DTE ENERGY COMPANY
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
Entities for which financial statements are not presented.
The following affiliates of the Claimant have had no financial activity during
the calendar year 1996. Accordingly, financial information for these companies
is not provided.
DTE Center Point, Inc.
Great Lakes Energy Producers, Inc.
Great Lakes Energy Products, Inc.
Great Lakes Energy Services, Inc.
Superior Energy Services, Inc.
Wolverine Energy Services, Inc.
Alabama Energy Systems, Inc.
Bellville Gas Producers, Inc.
ESCA Gas Producers, Inc.
FW Gas Producers, Inc.
Orlando Gas Producers, Inc., (formerly DEFO, Inc.)
Winston Gas Producers, Inc.
Huron Energy Services, Inc.
EES Coke Battery Company, Inc.
This report does not contain information for affiliates of the Claimant which
are accounted for using the equity method.
25
<PAGE> 31
EXHIBIT B
Financial Data Schedule
This schedule contains summary financial information extracted from DTE Energy
Company's consolidated balance sheet and statement of income as of December 31,
1996 contained herein and is qualified in its entirety by reference to such
financial statements.
Multiplier 1,000
Period Type Year
Fiscal Year End December 31, 1996
Period End December 31, 1996
Total Assets $11,014,929
Total Operating Revenues $ 3,645,400
Net Income $ 309,296
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign utility
company to associate companies in the holding company system.
Not Applicable
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