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 (NYSE: DTE) has announced that its 2022 Annual Meeting of Common Stock Shareholders will take place on May 5, 2022. Shareholders of record by March 8, 2022, can vote at the meeting. Those wishing to propose business or nominate directors must inform the corporate secretary by January 20, 2022. DTE Energy, based in Detroit, serves 2.3 million electric customers and 1.3 million natural gas customers in Michigan. The company is committed to reducing carbon emissions by over 80% by 2040 and achieving net zero emissions by 2050.
DTE Energy (NYSE:DTE) announces a significant expansion in renewable energy capacity, with a 535-megawatt increase in 2021. The company's portfolio now boasts 1,862 megawatts from wind and solar, enough to power nearly 700,000 homes. Additionally, participation in its MIGreenPower program has doubled annually since 2019, now encompassing more than 43,000 residential subscribers. Upcoming projects include Michigan's largest wind park, Meridian Wind, expected to launch in mid-2022, and continued investments of $2.8 billion in new renewable energy projects by 2025.
DTE Energy Foundation has awarded grants totaling over $1 million to seven Michigan organizations, aimed at enhancing arts and culture across the state. Recipients include notable institutions like the Detroit Symphony Orchestra and Charles H. Wright Museum. This funding will support initiatives such as after-school STEAM programs and live performances, promoting cultural understanding and racial equity. The Foundation emphasizes its commitment to community engagement and development through arts education and public engagement, enriching the diverse cultural landscape of Michigan.
DTE Energy has committed to accelerating financial aid delivery for vulnerable customers, reaffirming its partnership with Michigan state agencies. In fiscal year 2021, eligible customers received $119 million through programs like LIHEAP and MEAP. DTE aims to help customers manage energy bills, offering various assistance plans such as the Low Income Self-Sufficiency Plan, Winter Protection Plans, and personalized services. Customers are encouraged to contact DTE promptly for help with unpaid bills.
DTE Energy (NYSE: DTE) announced on Nov. 15, 2021, the pricing of its $280 million offering of 4.375% Junior Subordinated Debentures due December 1, 2081. The proceeds will be used to redeem the 2016 Series F 6.00% Junior Subordinated Debentures, which will be fully redeemed on December 15, 2021, at 100% of their unpaid principal plus accrued interest. This financial maneuver is part of DTE's strategy to manage its debt profile effectively.
DTE Energy Company (NYSE: DTE) announced plans to offer a new series of junior subordinated debentures due on Dec. 1, 2081. The offering, dependent on market conditions, aims to raise funds to redeem $280 million of its existing 2016 Series F 6.00% junior subordinated debentures due 2076. The transaction will be managed by BofA Securities, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities under an effective shelf registration statement filed with the SEC. This release serves as information and does not constitute an offer to sell or buy securities.
DTE Energy Foundation has announced a new grant of $420,000 to support 45 domestic violence shelters in Michigan, bringing their total contributions to $1.8 million. This funding aims to provide safe havens for survivors as the pandemic has increased domestic violence cases, with national reports showing an 8% rise. The grants will help shelters cover critical expenses and enhance services such as employment support and legal advocacy. The Foundation encourages the Michigan business community to join in combating domestic violence, emphasizing that these shelters are vital for survivor empowerment.
DTE Energy has announced a significant $7 billion investment over five years to modernize its electric grid in southeast Michigan. Addressing 21st-century demands, the initiative aims to enhance resilience against severe weather, support electrification, and improve service reliability for its 2.3 million customers. Key elements include self-healing circuits, infrastructure upgrades, buried power lines, and increased capacity for electric vehicles. This investment aligns with DTE's long-term strategy to create a cleaner, more reliable energy grid.
DTE Energy has appointed Joi Harris as president of DTE Gas, which serves 1.3 million customers. Harris, a 30-year veteran of the company, has held various leadership roles, including senior vice president of Major Enterprise Projects. Under her leadership, DTE Gas aims to enhance safety and reliability while upgrading over 3,000 miles of infrastructure. Harris succeeds Matt Paul, who will lead DTE’s distribution operations group in DTE Electric. DTE continues its commitment to net zero greenhouse gas emissions by 2050.
DTE Energy (NYSE: DTE) announced key executive promotions aimed at enhancing leadership efficiency. Renee Tomina is now senior vice president of Major Enterprise Projects, overseeing DTE's $3 billion annual capital investment portfolio. Cedric Flowers is promoted to vice president of DTE Gas, succeeding Tomina. Marco Bruzzano advances to senior vice president of Corporate Strategy and Regulatory Affairs, while Jaspreet Singh takes on the role of vice president of Corporate Services. These changes are intended to support DTE's mission of becoming the best-operated energy company in the U.S.
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