DTE Energy statement in response to third-party audit of electric distribution system

Rhea-AI Summary

DTE Energy (NYSE:DTE) has responded to a third-party audit of its electric distribution system issued by the Michigan Public Service Commission. Matt Paul, president and COO of DTE Electric, reaffirmed the company's commitment to reducing power outages by 30% and cutting outage time in half by 2029.

To achieve these goals, DTE is making significant investments in transitioning to a smarter grid, aggressive tree trimming, updating existing infrastructure, and rebuilding portions of the grid. The audit team confirmed that DTE's proposed investment plan will deliver the expected improvements in reliability within the next five years.

DTE appreciates the recognition of their team's talent and experience, as well as the audit's recommendations for improvement. The company is reviewing the full report and will provide a formal response through the regulatory process.

Positive

• Commitment to reduce power outages by 30% and cut outage time in half by 2029
• Significant investments in grid modernization and infrastructure improvements
• Audit team confirmed DTE's investment plan will deliver expected reliability improvements
• Recognition of DTE team's talent and experience by audit team

Negative

• None.

News Market Reaction

-0.89%

1 alert

-0.89% News Effect

On the day this news was published, DTE declined 0.89%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Detroit, Sept. 23, 2024 (GLOBE NEWSWIRE) -- DTE Energy (NYSE:DTE) today released the following statement from Matt Paul, president and chief operating officer, DTE Electric, in response to the third-party audit of the electric distribution system issued by the Michigan Public Service Commission.

“We remain laser-focused on delivering on our commitment to our customers — reducing power outages by 30% and cutting outage time in half by 2029. 

“To meet that commitment, as well as the customer service standards set by the Michigan Public Service Commission, we’ve been making significant investments as part of our accelerated plan to quickly transition to a smarter grid, aggressively trimming trees, updating our existing infrastructure and rebuilding significant portions of the grid. 

“We appreciate the audit team confirming that DTE’s proposed investment plan will deliver the dramatic improvement in reliability that our customers demand and deserve in the next five years as well as recognizing the talent and experience of our team. They also point out that our plan is both ambitious and aggressive, and we accept that challenge.

“We are always looking for ways to improve our processes and programs and thank the audit team for recognizing our progress, as well as providing recommendations on improvements we can make to better serve our customers. 

“We are currently reviewing the full report and will provide a formal response through the regulatory process. We look forward to continuing to work with the Michigan Public Service Commission on ways to provide our customers with cleaner, more reliable, and affordable energy.”

Available images of reliability work. Please credit DTE Energy.

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 across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/dte_energy and facebook.com/dteenergy. 

For further information, members of the media may contact: 
Colleen Rosso, DTE Energy, 313.235.5555   

FAQ

What are DTE Energy's goals for improving electric reliability by 2029?

DTE Energy (NYSE:DTE) aims to reduce power outages by 30% and cut outage time in half by 2029.

How is DTE Energy (NYSE:DTE) planning to improve its electric distribution system?

DTE is making significant investments in transitioning to a smarter grid, aggressive tree trimming, updating existing infrastructure, and rebuilding portions of the grid.

What did the third-party audit say about DTE Energy's (NYSE:DTE) proposed investment plan?

The audit team confirmed that DTE's proposed investment plan will deliver the expected dramatic improvement in reliability within the next five years.

How is DTE Energy (NYSE:DTE) responding to the third-party audit of its electric distribution system?

DTE is reviewing the full report and will provide a formal response through the regulatory process. They appreciate the audit's recommendations and recognition of their progress.