Welcome to our dedicated page for DTE Energy Company news (Ticker: DTE), a resource for investors and traders seeking the latest updates and insights on DTE Energy Company stock.
DTE Energy Company (NYSE: DTE) is a Detroit-based diversified energy company committed to the development and management of energy-related businesses and services across the United States. DTE's primary subsidiaries, DTE Electric and DTE Gas, serve over three million customers in Michigan, providing essential electric and gas services. DTE Electric caters to about 2.3 million customers in Southeastern Michigan, including Detroit, while DTE Gas serves around 1.3 million customers statewide.
The company has a workforce of more than 10,400 employees who are dedicated to maintaining and improving the reliability, safety, and affordability of energy services. DTE's operations extend beyond utility services, leveraging its expertise through non-utility businesses including energy marketing and trading, renewable natural gas facilities, and on-site industrial energy projects.
Recently, DTE Energy announced its third quarter earnings for 2023, with reported earnings of $332 million. Despite facing challenges like severe weather conditions, the company continues to focus on strategic investments aimed at enhancing grid reliability and transitioning to cleaner energy. DTE has committed to reducing CO2 emissions by 90% and methane emissions by 80% by 2040, aspiring to achieve net-zero carbon emissions by 2050.
DTE's commitment to sustainability is evident through significant investments in infrastructure improvements. In 2023, the company invested a record $3.8 billion into its electric and natural gas infrastructure. This includes $3.1 billion by DTE Electric for generating cleaner energy and improving reliability, and $750 million by DTE Gas for upgrading main gas lines and other infrastructure enhancements.
Through its partnerships, such as with Motor City Electric, DTE continues to drive economic progress and community engagement. The company spent $2.7 billion with Michigan suppliers in 2023, creating over 12,000 jobs. DTE's dedication to local supplier diversity is reflected in its $988 million spend with diverse suppliers, fostering economic growth and stability in Michigan.
For investors and stakeholders, DTE Energy provides a transparent financial outlook, confirming its 2024 operating EPS guidance of $6.54 - $6.83. The company continues to prioritize investments in modernizing its electric system and meeting aggressive carbon reduction goals, ensuring long-term sustainable growth.
DTE Energy announced that Executive Chairman Gerry Anderson will retire on June 30, 2022, after nearly 30 years with the company. Current President and CEO Jerry Norcia will take over as Chairman effective May 5, 2022. Anderson expressed gratitude for his long tenure and highlighted Norcia's leadership. Under Anderson's tenure, DTE emphasized a clean energy transformation, committing to net zero carbon emissions. The company aims to enhance energy delivery while addressing climate concerns. DTE serves over 3.6 million customers in Michigan across various energy sectors.
All State Fastener (ASF) has committed to attributing 25% of its electricity use to renewable energy through DTE’s MIGreenPower program, planning to increase this to 100% in the near future. This initiative is equivalent to avoiding greenhouse gas emissions from driving a passenger car for 204,822 miles annually. ASF, a second-generation family-owned business, supplies various industries and has received recognition, like the General Motors Supplier of the Year Overdrive Award. DTE Energy aims to achieve net zero carbon emissions by 2050, increasing renewable energy generation significantly by 2025.
DTE Energy (NYSE:DTE) reported 2021 earnings of $907 million ($4.67 per diluted share), down from $1.4 billion ($7.08 per share) in 2020. Operating earnings were $1.2 billion ($5.99 per share), surpassing the original guidance midpoint of $5.51. Key achievements included a 40% increase in renewable energy generation, investments of $2.2 billion in Michigan businesses, and a commitment to cease coal use by 2028. DTE also raised its 2022 operating EPS guidance to $5.80-$6.00, reflecting a 7% growth from the previous year.
DTE Energy has initiated a competitive bidding process for new wind and solar projects in Michigan, totaling approximately 500 megawatts. This move is fueled by the growth of its MIGreenPower program, which has seen enrollment double over the past three years. Customers have committed to 1.8 million megawatt hours of clean energy, avoiding 1.4 million tons of CO2 emissions. DTE plans to add new projects by 2023 and aims to invest $3 billion in renewable energy infrastructure, significantly enhancing its clean energy generation by 2025.
DTE Energy declared a quarterly cash dividend of $0.885 per share, payable on April 15, 2022, to shareholders of record by March 21, 2022. This dividend maintains DTE's long-standing commitment to providing shareholder returns, continuing a history of over 100 years of dividend payments. CEO Jerry Norcia emphasized the importance of this dividend for stakeholders, including retirees and employees, as part of the company's return to the community.
DTE Energy Foundation has announced over $1 million in grants to eight organizations in Michigan that promote equity and social justice. Notable recipients include the Council of Michigan Foundations ($250,000) and GreenLight Fund ($225,000). These funds will support various initiatives including legal representation for eviction defense, workforce development for individuals with disabilities, and enhanced educational equity for disadvantaged communities. The Foundation emphasizes the importance of partnerships with nonprofits that advocate for racial justice and community empowerment.
DTE Energy (NYSE: DTE) will announce its full year 2021 earnings on Feb. 10, 2022, before the market opens. A conference call to discuss the results will be held at 9 a.m. ET the same day. Interested parties can listen to the call via a live internet broadcast or dial in using the provided numbers. DTE Energy serves 2.3 million electric and 1.3 million natural gas customers in Michigan and aims to significantly reduce emissions by 2040. More information is available on their investor relations website.
DTE Energy (NYSE: DTE) announced a significant investment of $2.2 billion in Michigan businesses in 2021, creating and sustaining over 10,000 jobs. Since 2010, DTE has invested nearly $16 billion, generating approximately 54,000 jobs. The company has increased spending with diverse suppliers, allocating $715 million to certified diverse vendors and $820 million to Detroit-based businesses. DTE's commitment to supplier diversity is underscored by 10 industry awards received in 2021, promoting economic growth in local communities.
DTE Energy announced the enrollment of Loyola High School of Detroit in its MIGreenPower program, a top voluntary renewable energy initiative in the U.S. The school becomes the first high school to join this program, which allows customers to attribute their energy use to DTE’s renewable sources. MIGreenPower has enrolled over 1.8 million megawatt hours of clean energy, equivalent to removing more than 277,400 cars from the road for a year. DTE aims for net zero carbon emissions by 2050 and plans to invest $2.8 billion in renewable energy by 2025.
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