Michigan Public Service Commission Auditor: Robert Mogis WITNESS: BRUDZYNSKI TOPIC: SYNERGIC SAVINGS DUE TO MERGER ISSUE
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1 Y Michigan Public Service Commission Auditor: Robert Mogis Energy Operations Division Audit Audit Request No: RCM-36 Co: the Detroit Edison Company Date of Request: November 24,2003 Case No. U Person Responding: D.G. Brudzynski Date: December 5,2003 Request: WITNESS: BRUDZYNSKI TOPIC: SYNERGIC SAVINGS DUE TO MERGER ISSUE Federal Income Tax Net Operating Loss Carry Forward According to the Consolidated Federal Income Tax Return for DTE Energy Company for the year 2002 the company had available a net operating loss carry forward of $421,324,215 for use of which it used $77,919, How much of this $421,324,215 is attributed to MCN before the merger on May 3 1, 2001? 2. What were the factors and amounts that created this net operating loss carry forward. (Answer separately for both DTE and MCN). 3. Prepare a schedule for the years 2001 and beyond until the net operating loss at the time of the merger is used up for the Consolidated Tax Return as the company is presently configured. For the years beyond 2002 please use estimates of net operating income that are in harmony with company forecasts. (Assume that all other aspect of the FIT remain the same). 4. Prepare a schedule for the years 2001 and beyond until the net operating loss at the time of the merger is used up as if MCN and DTE were still separate entities (is. two separate projections). Please use estimates of net operating income that portray reasonable expectations. (Assume that all other aspects of the FIT remain the same). Response: 1. $420,093, Net operating losses reported on tax returns for years ended 12/3 1/99,12/31/00, and 5/31/01. See attached summary. MICHIGAN PUBLIC SERVICE CCkiI!~2l3SiON
2 . 3. Per IRS Code Sec. 382 (b)(l), the amount of income a company can offset each year is limited to an amount determined by multiplying the value of the equity of the corporation just prior to an ownership change by the federal long-term tax-exempt rate in effect on the date of change (4.89% in May 2001). Based on the Section 382 limitation, we will use $1 10,477,833 for the year ended 12/31/03, $110,374,514 for the year ended 12/31/04 and $110,032,995 for the year ended 12/31/05. The remaining $12,519,081 will be used inthe year ended 12/31/ DTE separately would have used $303,465 for the year ended 12/31/01 and $444,838 for the year ended 12/31/02. We estimate that DTE separately would use $444,838 for the year ended 12/31/03 and $341,519 for the year ended 12/31/04. MCN standalone taxable income projections would determine how and when they would have used their NOL. We don t have any such projections.
3 Reponse RCM-36 Attachment Available NOL Carrvover from Prior Tax Years - Total - DTE - MCN 1999 NOL - MCN 230,054, ,054, NOL - MCN 144,019, ,019, NOL - Alliance 1,534,660 1,534,660 5/31/01 MCN NOL 82,235,121 82,235,121 Per amended return Subtotal -Avail. NOL for use on 12/31/01 Return 457,843,925 1,534, ,309,265 Less Sec 362 Limitation used on 12/31/01 Return (64,815,960) (303,465) (64,512,495) Plus: Built in Loss used on 12/31/01 Return 28,296,250 28,296,250 Available NOL for use on 2002 Return 421,324,215 Less Sec. 382 Limitation used on 12/31/02 Return (110,477,833) (444,838) (1 10,032,995) Plus Built in Loss used on 12/31/02 Return 32,558,041 32,558,041 Available NOL for use on 2003 Return 343,404, , ,618,066
4 Revised SChsdYIeF5-15 Michlgan Public Serdce Commirrion me Debit Edison Company Opsralion and Maintenance Expense 2wz -"a, and Forecart (50001 care No.: Exhibit No.: Schedule No.: Page: w,,neas : U A-16 Revired F5-15 lo'? D. G. Bmdzynski G. E. Lappiandei M. G. VmhaerenfJ ICI Id1 1e1 ( W6 5 6 Production 7 MERC I0 6 Fossil Plant Operatuns (21 9 Othsr Production NudearPlad-Fsimi SubTotal Production Expenre Trsnmi8asian Expenses Disi"b"tion 15 Disnbution (6) 16 customerse~i~ ElectncChoice 161 I6 SvbTatal Dirtribudon Expense Total EleClricOpemti~n Expense ~0~rates"mlI IS) 24 Employee Benests (40) 25 Control Premium (I11 26 LOW income Energy Fund I olher Expenses and Acrruals Tolal Operafton Mainlenince Expense $ , , \5 3lSClS 22"" ,667 $21, W $491,012 $So _ ~ _ _ 131.M7 ~ ~ - -~ 5604, $113, $ $165,043 $ W5 $186, , , W 109, ~ $ ~ ~ o m $ ,883 $ $ $rs5,695 $606,sn $ $ $ '96 316,365 30,8116 3' $0 $203,579 $ , ,126 5, ,107 $333, , ,222 $2IO,SbT $208,142 $ $ $ $238, , , , I , ,481 78,912 I 44, ,983 15,048 13,800 10,600 2,600 12, ,321,175 $1,380,197 $1,113,bOJ 11,446,718 1'1,489,275 $1,481,148 $1,525,654 p3_ 2s ,321,175 51,360,197 $0 $ Adpilrnanlrlo MPSC Form521 Elecnc Opeslion~ and Mainlensnce Ex~snrer 35 MERC 629, Fuel & Purchase Power $1,022,588 3, FUSl "sndling ) 38 MPSC Form ,603,815-51,402, d6 11,158,489 $1,4770,567 $4,515,280 $11, ,992 $10,166 $ $10,374
5
6 The information contained in this document is as of the date of this press release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as anticipate, believe, expect, projected and goals signify forwardlooking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertaintiis. This press release contains forward-lookhg statements about DTE Energy s financial results and estimates of future prospects, and actual results may differ materially. Factors that may impact forward-looking statements include, but are not limited to, timing and extent of changes in interest rates; access to the capital markets and capital market conditions and other financing efforts which can be affected by credit agencyratings requirements; ability to utilize Section 29 tax credits or sell interest in facilities producing such credits; the level of borrowings; the effects of weather and other natural phenomena on operations and actual sales; economic climate and growth in the geographic areas in which DTE Energy does business; unplanned outages; the cost of protecting assets against or damage due to terrorism; nuclear regulations and risks associated with nuclear operations; the grant of rate relief by the MPSC for the utilities; changes in the cost of fuel, purchased power and natural gas; the effects of competition; the implementation of electric and gas customer choice programs; the implementation of electric and gas utility restructuring in Michigan; environmental issues, including changes in the climate, and regulations, andthe contributions to earnings by non-regulated businesses. This press release should also be read in conjunction with the forward-looking statements in DTE Energy s, MichCon s and Detroit Mison s 2002 Form 10-K Item 1, and in conjunction with other SEC reports filed by DTE Energy, MichCon and Detroit Edison. 2
7 Dave Meador - Senior Vice President & Chief Financial Officer Mike Champley - Senior Vice President - Regulatory Affairs Dan Brudzynski - Vice President & Controller NickKhouri - Vice President & Treasurer Peter Pintar - Director of Investor Relations 3
8 I Q3 Results 2003Update Business Outlook 4
9 The year continues to be challenging, with negative impacts from customer choice, weather, hea It hcare and benefits Although these are external factors, we will continue to drive cost reductions across the enterprise Recent successful resolution of the IRSlPLR issue The low end of our previous operating earnings guidance of $ $3.30 per share is still achievable, but requires significant effort In addition to operational performance, our key near-term priorities are Customer Choice, rate cases, PSCR and sale of synfuel interests Our balance sheet and liquidity position remain sound We are encouraged by the proposed Energy Bill, but the final outcome remains uncertain We continue to pursue growth projects in on-site energy, waste coal recovery and coal bed methane that require modest upfront capital 5
10 Operating Earnings per Diluted Share 168M avgshares oustanding $0.67 Key Drivers: Regulated Electric Non-Regulated* Regulated Gas Holding Company r $0.67 $ ($0.27) ($0.04) Increasing margin loss due to customer choice Weather slightly above normal Lower purchased power costs Lost margin due to blackout Increased regulatory deferrals Increased pension and benefit costs and uncollectable expenses Unrealized gains in Co-Energy portfolio Synfuel production on target * lndudes Energy Technology Inwestments NOTE Reconciliation to GAAP reported numbers is located on slide 8 6
11 Operating Earnings per Share $0.67 Reg u I ated Non Reg u I ated NOTE: Reconciliation to GAAP re~orted numbers is located on slide 8 7
12 r C C c P i 1 E 2 ii O k
13 Pre-Tax Impact (Mill ions) EPS Impact $39- $44 Lost Margin Lost Margin Direct Blackout costs $0.06 $ $0.1 1 Not seeking recovery and this impact is reflected in Q3 operating earnings Direct Blackout Costs We recently filed an application at the MPSC to defer these costs We anticipate booking a regulatory asset in Q or Q Costs included in reported earnings, but adjusted out for opera t i n g earn in g s 9
14 I I I Q3 Results 2003 Update Business Outlook I I 10
15 We feel that the lower end of our operating earnings guidance range of $ $3.30 per share is still achievable, but will be challenging Our guidance assumes the following factors: - Continued movement to electric choice (up to 13% of total load) - Regulatory deferral of $40M for choice lost margin - Synfuel production of 12.4M tons, synfuel net income of $177M - Normal weather - No additional storms 11
16 Operating Earnings* ($ millions) - f (34V $268 (63) & T? -P *= # &@* < a 0.Y,p* &* 4a 0" d@* &8 + Q@.\o2 ** a &, Operating earnings are down 34% from comparable 2002 levels Key drivers include: - veryfavorable weather in - margin loss due to choice - incremental territory growth - increased regulatory deferrals due to choice, environmental and securitization - higher O&M expense primarily due to pension c -p and benefits and higher 8 generation maintenance PO&@ a,. T? -8 Q *a * Reconciliation to reported earnings included in the appendix
17 Detroit Edison Customer Choice Penetration (GWh) 8,940 - n I I,200 * Detroit Ed ison Pre-Tax Margin Loss (Millions) n $ * 1, * Low end of range is estimate contained in Detroit Edison rate case. High end of range is based on current company estimates. 13
18 Operating Earnings* ($ millions) i $31 20 (24) Operating earnings are down 29% from comparable 2002 levels Key drivers include: - Colder year over year weather - Significant increases in pension and benefit cost more than offset the improvements in gross * Reconciliation to reported earnings included in the appendix 14
19 Synfuels Produced (millions of tons) 4.1 CJ Synfuels Net Income ($millions) Q1 Q2 Q3 Q4* Total Synfuel Production 2002: 8.8M tons 2003: 12.4M tons * Q forecasted production and net income Q1 Q2 Q3 Q4* Total Synfuel Net Income 2002: $136M 2003: $177M 15
20 ($ millions) $522 Regulated Electric Regulated Gas Non- Regulated $3.10 per share, the low end of our guidance, still appears to be achievable but is dependent on a number of key drivers: Continued cost containment Level of choice penetration Strength of the economy Weather Non-regulated performance cost Reductions Corporate c EPS $3.1 0 Note: Areconciliation from Operating Eanings to Reported Eanings is in theappendix 16
21 ($ rrillions) Cash from Operations $974 $950 Capital Expenditures Asset Sales Dividends Cash Flow Cash from Operations is expected to reach $950M this year, below our original estimate. 2002A 2003P The lower forecast reflects: - weak utilityearnings due to mildweather and increased customer choice - stormslblackout costs (984) (840) - delayed sale of synfuel interests 41 (338) 700 (350) ($307) $46 0 In addition, a series of non-repeating items, such as the $222M pension fund contribution, lowered Cash from operations in 2003 Cash from operations is expected to improve in Sale of synfuel interests will improve cash by $200M to $300M. Substantial interim rate relief is necessary to improve the utilities cash position - We will likely make a pension contribution in One option is to fund the contribution with company stock 17
22 56% 55% 54% 53% 52 % 51 % DTE Energy Leverage* Targeted. 5065% Range DTE Energy s leverage End of Q3 2003: 51.6%* Projected yearend 2003: 51-52%* Recently completed renewal of $1.3B revolver: Oversubscribed by $360 million 9 banks increased their commitments 4 new banks participated Liquidity of $1.3B plus $200M Detroit Edison receivable facility. Approximately $400M of commercial paper outstanding. * Excludes securitization debt, MichCon seasonal borrowings, and certain hybrid debt 18
23 Q3 Results I 2003Update 1 Business Outlook I I I 19
24 Detroit Edison net income is highly dependent on: - Timing and amount of rate relief - Implementation of PSCR - Resolution of customer choice MichCon net income is highly dependent on the timing and amount of rate relief Non-regulated net income will be driven by: - Timing and number of synfuel interests sold and synfuel production levels - Growth in coal bed methane, waste coal recovery and on-site energy projects Manner in which Energy Bill is resolved We will provide additional guidance early next year when there is more clarity on these issues 20
25 Issue PSC R Re ins ta teme n t Blackout Cost Recovery Elimination of Choice Transition Credit Detroit Edison Rate Case MichCon Rate Case MichCon 2002 GCR Reconciliation Anticipate MPSC order before yearend Filed application on 10124for authority to defer costs for a future rate proceeding Filed application on 10/20 toeliminate subsidies to choice customers and use funds for low income assistance. Anticipate M PSC decision in December. Schedule calls for M PSC Staff report on interim rate relief on December 12. MPSC decision anticipated after February 10 Prehearing conference scheduled for December 10 to set case schedule Hearing scheduled for 11/1 7 & 18. M PSC order anticipated mid-2004 I 21
26 Certain provisions in the proposed Energy Bill, if enacted, could benefit DTE Energy: Potential extension of tax credits for fuel produced from nonconventional sources, including coke, coal bed methane, Antrim shale and landfill gas Proposed tax credits for production of refined coal if certain emission reduction targets are met Incentives to encourage continued development of fue and d is t r i b u t e d ge ne ration te c h no1 ogy cells We are encouraged by the opportunities provided by these provisions, but the impact on 2004 depends on the final provisions of the bill 22
27 The low end of our operating earnings guidance of $ $3.30 per share remains achievable, but challenging Continued negative financial impacts at the utilities stress the need for speedy resolution of the rate cases and the restructuring of Michigan s flawed Electric Choice program Non-regulated earnings and cash flows are expected to grow with the successful resolution of the IRS/PLR issue, and with new investments in waste coal recovery and coal bed methane Energy Bill provisions provide potential upside going foward Despite the current uncertainties surrounding the regulated business, the balance sheet remains sound 23
28 b f Q x
29 ($millions) No n -re g ulate d Businesses Operating Earnings Guidance $225 FAS 143 asset retirementobligations (3) Reported Earnings Guidance $222 Corporate Operating Earnings Guidance ($28) FAS 143 asset retirement obligations (1) DTE Foundation Contribution 0 Reported Earnings Guidance ($39) Regulated Electric Operating Earnings Guidance $255 Loss on Thermal divestiture (14) FAS 143 asset retirement obligations Discontinued operations - ITC (6) Income from operations 5 Gain on sale 63 Reported Earnings Guidance $303 Regulated Gas Operating Earnings Guidance $55 Reserve for disallowance of gas costs (77) FAS 143 asset retirement obligations (1) Re ported Earn ing s Guidance $37 25
30 ~ ($millions) Detroit Edison MichCon YTD Operating Earnings $1 77 YTD Operating Earnings $22 Loss on Thermal divestiture 14 FAS 143 asset retirement obligations 5 FAS 143 asset retirement obligations 6 Reported Earnings Guidance August 2003 blackout costs 16 Reported Earnings Guidance $141 $27 26
31 $ millions 82 Each quarter an accounting adjustment is made to reconcile back to DTE s overall effective rate for the year The effective tax rate adjustments net to zero for the total year This adjustment is recognized in reported earnings but is removed from operating earnings Variables which affect this adjustment include: - the amount and profile of pre-tax earnings - the level and calendarization of tax credits generated (107) Changes in the synfuel production profile has significantly impacted the size of the adjustments in 2003 Q1 Q2 Q3 Q4* * Q forecasted effective tax rate adjustment 27
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