Majority of the consolidated cash flow comes from more predictable regulated lower-risk electric and gas regulated businesses. Pipelines and power projects are managed in a credit-supportive manner. Higher risk energy trading is under 5% of consolidated company. Debt leverage, as measured by debt to EBITDA, expected to exceed 4x. Funds from operations (FFO) to debt averaging around 16% through 2017, below the midpoint of the benchmark range. Annual capital spending of about $2.5 billion. Ongoing dividend payments. Negative discretionary cash flow resulting in external funding needs. S&P Global Ratings' outlook on on DTE Energy Co. (DTE) is stable, reflecting our expectation that, following the acquisition of pipelines, management will continue to maintain our current assessment of its business risk profile
