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 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.
DTE Energy proposes a $388 million investment to modernize Michigan's energy grid and enhance electric generation systems to meet 21st-century demands. This initiative, the Grid Modernization/CleanVision plan, includes a review process with the Michigan Public Service Commission aimed at securing the first rate increase in two-and-a-half years, potentially raising residential bills by an average of $10 per month. The investment focuses on infrastructure improvement, reliability, and a commitment to cleaner energy, while allowing for public input over 10 months.
DTE Energy has announced a donation of $5 million to assist low-income residents in Michigan during the state's severe winter weather. The contributions include $2.25 million to the United Way of Southeastern Michigan, $1 million to the Salvation Army, $1 million to True North, and $750,000 to The Heat and Warmth Fund (THAW). These funds will support customers struggling with energy bills and help enroll them in affordable payment plans. Over $50 million has been donated since 2016, highlighting DTE’s commitment to community support.
DTE Energy and the Detroit-Windsor Tunnel announced the tunnel's enrollment in DTE's MIGreenPower program, starting with 10% of its electricity use attributed to renewable sources. The goal is to reach 100% by 2030, with current usage equating to avoiding greenhouse gas emissions from 356,212 miles driven by a typical passenger vehicle. MIGreenPower supports environmental goals and boasts over 46,000 residential and 450 business subscribers, including major companies like Ford and General Motors, contributing 1.8 million megawatt hours of clean energy.
The DTE Energy Foundation has awarded over $1 million in grants to ten Michigan organizations to support community programs addressing basic needs such as food and shelter. Grant recipients include Feeding America West Michigan, Habitat for Humanity, and Meals on Wheels. These funds aim to enhance services for vulnerable populations across Michigan, ensuring access to essential resources like nutritious food and housing assistance. The initiative underscores the Foundation's commitment to improving the quality of life for residents, particularly during the holiday season.
DTE Energy received $84 million from the Michigan Public Service Commission to modernize its natural gas infrastructure serving 1.3 million customers. This includes a $3.18 rise in average residential bills, offset by a strategy saving customers nearly $20 monthly this winter due to earlier gas contracts. The infrastructure improvements aim to reduce greenhouse gas emissions significantly by 2035, equivalent to removing 100,000 cars from the road. Customers can access assistance programs for bill management and support.
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