DTE Energy invests $2.5 billion with Michigan suppliers including Detroit-based and diverse businesses

Rhea-AI Summary

DTE Energy (NYSE: DTE) announced a significant investment of $2.5 billion in Michigan businesses in 2022, generating and sustaining over 11,000 jobs. The company has invested nearly $18 billion since 2010, creating approximately 65,000 jobs statewide. Local spending increased by 13.5% from 2021, with $894 million directed to diverse suppliers and $900 million to Detroit-based firms. DTE aims to enhance partnerships with Michigan suppliers, fostering local economic growth while improving service quality for customers.

Positive

• Invested $2.5 billion with Michigan businesses in 2022.
• Generated and sustained over 11,000 jobs in Michigan.
• Increased local spending by 13.5% from 2021.
• Nearly $18 billion invested since 2010, creating 65,000 jobs.

Negative

• None.

Company spends $894 million with diverse suppliers and $900 million with Detroit-based businesses, creating thousands of local jobs

Detroit, March 16, 2023 (GLOBE NEWSWIRE) -- DTE Energy (NYSE: DTE) today announced it invested $2.5 billion with Michigan businesses in 2022, creating and sustaining more than 11,000 jobs across the state.

DTE has invested nearly $18 billion with Michigan-based suppliers since 2010, creating and sustaining 65,000 Michigan jobs. The company invests five times more with local businesses than it did a decade ago and continues to be a leader in driving Michigan’s economy. The company’s local spending in 2022 increased 13.5 percent over 2021. Last year, DTE also spent more than $894 million with diverse suppliers and $900 million with companies based in the city of Detroit.

“Doing business in the communities we serve puts people to work and drives Michigan’s economy forward,” said Jerry Norcia, DTE chairman and CEO. “Prioritizing partnerships with in-state suppliers is a big part of our commitment to improving people’s lives because it gives local businesses new opportunities to succeed. And the best part is these partnerships enable us to deliver higher quality, lower cost service for our customers.”

DTE partners with businesses throughout Michigan:

• • Southeast Michigan and Metro Detroit: DTE bought nearly $1.9 billion in goods and services from more than 1,261 companies, generating and supporting at least 8,700 jobs.
  • West Michigan: DTE spent $125 million with about 194 companies, creating and sustaining nearly 570 jobs.
  • Northeast and Northwest Michigan: DTE invested nearly $19 million with 120 companies, positively impacting 85 jobs.
  • South Michigan: DTE partnered with more than 315 companies, spending $255 million and adding or maintaining 1,170 jobs.
  • Central Michigan: DTE invested $69 million with more than 83 companies, creating and sustaining nearly 310 jobs.
  • Thumb Region: DTE spent $117 million with 126 companies, positively impacting about 525 jobs.
  • Upper Peninsula: DTE partnered with more than 41 businesses, spending $20 million and generating and supporting nearly 90 jobs.

DTE is a founding member of Pure Michigan Business Connect, a public-private initiative that encourages businesses to buy from Michigan suppliers and connects local companies with in-state opportunities. DTE requires that most new bids include at least two Michigan companies.

“We’re glad to share our strategy for cultivating local suppliers with other companies and also learn from them because when our state’s economy grows, everybody wins,” Jaspreet Singh, Corporate Services vice president said.

For The Roy Smith Company, a minority-owned DTE supplier headquartered in Detroit since 1924, the long-standing business partnership provides stability during turbulent economic times.

“When times get tough, having a good reliable customer like DTE is critical,” said Vice President Ryan Murphy. “It enables us to keep our staff and continue moving forward so we come out stronger on the other side.”

The company provides industrial gas, welding supplies and chemicals for DTE’s power plants and service centers. Murphy says the successful supplier relationship is built on similar values.

“DTE has such a huge emphasis on supplier diversity, and we feel the same way,” he said. “We like to do business with small, diverse-owned start-ups located in Detroit. We’ve learned from partnering with DTE that giving back and bringing new people into the fold grows a community.” 

Karl Johnson, president, and chief financial officer of Diversified Chemical Technologies, also a  minority- owned supplier, agrees. The company operates out of a 375,000 square foot building in Detroit, providing maintenance, materials, and operational support at DTE’s power plants.

“DTE has a long-established commitment to making sure their supplier base looks like their customer base,” he said. “We connect with that because our passion is giving back to the community.”

The company has earned 54 supplier diversity industry awards since 2018 and has led organizations like the National Minority Supplier Development Council.

“Expanding opportunities for a diverse range of business owners is critical to ensuring the success of our state,” said Singh. “That’s why we seek out diverse small and medium businesses and connect them with new growth opportunities. We’ve replicated this success over and over again to generate thousands of jobs.”

Michigan companies interested in learning about bid opportunities at DTE can find more information at dteenergy.com/supplychain.

About DTE Energy 

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, and energy marketing and trading. Through our commitment to cleaner energy, DTE Electric plans to reduce CO2 emissions by 90% and DTE Gas will plan to reduce methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com,empoweringmichigan.com,twitter.com/dte_energy and facebook.com/dteenergy.

For further information, members of the media may contact: 

Lisa Bolla, DTE Energy, 313.235.5555 

FAQ

What was DTE Energy's investment in Michigan businesses in 2022?

DTE Energy invested $2.5 billion in Michigan businesses in 2022.

How many jobs did DTE Energy create in Michigan through local investments?

DTE Energy created and sustained over 11,000 jobs in Michigan through local investments.

How much did DTE Energy spend with diverse suppliers in 2022?

DTE Energy spent $894 million with diverse suppliers in 2022.

What percentage increase did DTE Energy see in local spending from 2021?

DTE Energy's local spending increased by 13.5% from 2021.

How much has DTE Energy invested in Michigan businesses since 2010?

Since 2010, DTE Energy has invested nearly $18 billion in Michigan businesses.