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DETROIT EDISON ANNOUNCES EARNINGS

 DETROIT EDISON ANNOUNCES EARNINGS
 DETROIT, Jan. 27 /PRNewswire/ -- The Detroit Edison Company


(NYSE: DTE) today announced preliminary unaudited earnings for common stock for 1991 of $535.2 million, or $3.64 per share, up 11.7 percent from the $479.3 million, or $3.26 per share, in 1990.
 For the 1991 fourth quarter, earnings totaled $127.9 million, or 87 cents per share, up 24.9 percent, compared with earnings of $102.4 million, or 70 cents per share, for the same period a year ago.
 The earnings increase for the year was due to higher operating revenues, continuing reductions in fuel and purchased power expense and interest savings associated with the early redemption and refinancing of high-cost debt, partially offset by higher operating expenses.
 The fourth-quarter earnings increase resulted from higher operating revenues, a decrease in Michigan Single Business Tax expense and interest savings associated with the early redemption and refinancing of high-cost debt.
 Operating revenues were $870 million for the fourth quarter, compared with $841 million (restated) in the fourth quarter of 1990. For the full year 1991, operating revenues were $3.59 billion, compared with $3.58 billion (restated) in 1990.
 The increases in operating revenues for both periods resulted from previously approved rate increases and higher billed sales, substantially offset by decreased interconnection sales. (Interconnection sales were previously reported as a reduction of purchased power expense; however, in accordance with current Federal Energy Regulatory Commission accounting requirements, interconnection sales are now reported as operating revenues. This reclassification had no effect on net income.)
 Total billed sales (excluding interconnection sales) for the 12 months ended Dec. 31 were up 1.2 percent from the same period a year ago with residential sales up 6.2 percent, commercial sales up 2.1 percent and industrial sales down 2.4 percent.
 Total billed sales (excluding interconnection sales) for the three months ended Dec. 31 were up 1.1 percent from the same period a year ago with residential sales up 3.6 percent, commercial sales up 2.8 percent and industrial sales down 1.3 percent.
 The increases in residential and commercial sales for the 12-month period were due primarily to warmer weather during the second and third quarters, resulting in increased air conditioning and cooling-related loads, cooler weather in the fourth quarter resulting in increased heating-related loads and growth in the number of customers. The increases for the three-month period were due primarily to the cooler weather. The industrial sales decreases for the 12- and three-month periods resulted primarily from lower sales to steel and automotive customers, reflecting recessionary conditions.
 Interconnection sales were down 53.4 percent and 16.4 percent for the 12- and three-month periods, respectively.
 THE DETROIT EDISON COMPANY
 CONSOLIDATED INCOME DATA
 (Dollars in thousands)
 Three Months Ended
 Dec. 31 Percent
 1991 1990 Change
 Operating revenues $869,835 $841,416 3.4
 Net income 135,936 111,003 22.5
 Preferred and preference
 stock dividend requirements 8,018 8,607 (6.8)
 Earnings for common stock $127,918 $102,396 24.9
 Weighted average number
 of shares of common
 stock outstanding 146,970,061 146,919,047 ---
 Earnings per share $0.87 $0.70 24.3
 THE DETROIT EDISON COMPANY
 CONSOLIDATED INCOME DATA
 (Dollars in thousands)
 12 Months Ended
 Dec. 31 Percent
 1991 1990 Change
 Operating revenues $3,591,537 $3,576,281 0.4
 Net income 568,037 514,459 10.4
 Preferred and preference
 stock dividend requirements 32,832 35,179 (6.7)
 Earnings for common stock $535,205 $479,280 11.7
 Weighted average number
 of shares of common
 stock outstanding 146,945,932 146,888,809 ---
 Earnings per share $3.64 $3.26 11.7
 -0- 1/27/92
 /CONTACT: Lorie N. Kessler, 313-237-8807, or Scott L. Simons, 313-237-8808, both of Detroit Edison/
 (DTE) CO: The Detroit Edison Company ST: Michigan IN: UTI SU: ERN


KK-JG -- DE013 -- 3777 01/27/92 12:59 EST
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Date:Jan 27, 1992
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