The 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 a modest contributor to the consolidated company. Debt leverage, as measured by debt to EBITDA, expected to exceed 4x. Funds from operations (FFO) to debt averaging around 17% through 2017, at the midpoint of the benchmark range. Annual capital spending of about $2.7 billion. Ongoing dividend payments. Negative discretionary cash flow resulting in external funding needs. S&P Global Ratings' stable outlook on DTE Energy Co. (DTE) reflects the expectation that, even after expanding its pipeline operation, management will continue to maintain its business risk profile by focusing on
