Michigan Commission Approves DTE Plans to Keep Stable Electric Rates until 2022 and Achieve 2021 Renewable Energy Goal

Rhea-AI Summary

DTE Electric has received approval from the Michigan Public Service Commission for a plan to maintain electric rates unchanged until 2022, helping customers recover from the pandemic. The plan includes significant investments in infrastructure, an accelerated retirement of the River Rouge power plant, and a commitment to renewable energy, with an additional 353 megawatts of wind and solar projects expected by 2022. This initiative will result in a substantial reduction in carbon emissions and is poised to benefit the environment and Michigan's economy.

Positive

• Stable electric rates maintained until 2022 to aid customer recovery.
• Accelerated retirement of the River Rouge power plant by 10 months.
• Approval of a Renewable Energy Plan expected to add 353 megawatts of capacity.
• Projects will offset 619,154 metric tons of CO2 emissions annually.
• DTE's investment in renewables has driven $3 billion in infrastructure since 2009.

Negative

• None.

Detroit, July 09, 2020 (GLOBE NEWSWIRE) --

• Innovative plan maintains stable electric rates until 2022
• DTE to attain renewable energy mandate in 2021
• DTE further accelerates River Rouge coal plant closing

 

DETROIT, July 9, 2020 – DTE Electric today received approval from the Michigan Public Service Commission (MPSC) for an innovative plan to keep electric rates unchanged from today until 2022. The company’s Renewable Energy Plan was also approved by the Commission.

Following a 12-week moratorium on service interruptions in response to the COVID-19 pandemic, and $30-40 million bill reduction for electric customers in June and July, the regulatory plan maintains current electric rates to help customers as they recover from the pandemic. The plan also allows continued investments in infrastructure and tree trimming programs plus the accelerated retirement of the River Rouge power plant, now only 10-months away. The plant was previously scheduled to retire in 2022. 

“Today’s decision will allow DTE to continue to prioritize affordability for our customers as the communities we serve recover from the public health impacts and economic fallouts related to the pandemic,” said Trevor Lauer, president of the electric company at DTE Energy. “These approved plans will enable DTE to meet our commitment to clean, affordable renewable energy while, at the same time, keeping rates stable for our customers. By bringing new renewable energy projects online, our clean energy efforts will benefit the environment and aid in Michigan’s economic recovery.”    

DTE’s Renewable Energy Plan will bring an additional 353 megawatts of wind and solar projects online by 2022. New solar projects in 2022 will triple DTE’s solar generation capacity. When operational, the new projects will annually offset 619,154 metric tons of C02e, equivalent to the greenhouse gas emissions from 134,000 cars.* DTE is Michigan’s largest renewable energy producer and, when these projects are complete, the company will generate enough clean energy to power 620,000 homes.

DTE’s commitment to clean energy also benefits Michigan’s economy. Since 2009, DTE has been the largest investor in renewables in Michigan, driving $3 billion in solar and wind energy infrastructure and investments. Over the next four years, the company will invest an additional $2 billion in renewable energy assets and more than double its renewable energy capacity.

By 2021, 15% of DTE customer’s energy will be generated by renewable energy. Customers can opt in for a greater percentage, up to 100%, of Michigan made renewable energy through MiGreenPower, DTE’s voluntary renewable energy program.

To learn more about DTE’s long-term carbon reduction goals, please visit dtecleanenergy.com.

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 2.2 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; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and 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 and greenhouse gas emissions by 2050. 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.

*Avoided emissions and equivalencies are based on the Environmental Protection Agency equivalencies calculator at http://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator.

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Cindy Hecht
DTE Energy
313.235.5555

Pete Ternes
DTE Energy
313.235.5555

FAQ

What is the significance of DTE's Renewable Energy Plan approved on July 9, 2020?

The plan aims to maintain stable electric rates until 2022 and accelerate the retirement of the River Rouge power plant.

How much renewable energy capacity will DTE add by 2022?

DTE plans to add an additional 353 megawatts of wind and solar projects by 2022.

What are the environmental benefits of DTE's new projects?

The new projects are expected to offset 619,154 metric tons of CO2 emissions annually, equivalent to the emissions from 134,000 cars.

What is DTE's investment in renewable energy since 2009?

DTE has driven $3 billion in solar and wind energy infrastructure investments since 2009.

How does DTE plan to support customers financially during the pandemic?

DTE's plan includes maintaining stable electric rates and offering a $30-40 million bill reduction for customers in June and July.