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 announced grants totaling over $400,000 to seven West Michigan organizations to enhance access to jobs, education, and basic needs for disadvantaged communities. The funding aims to create a positive impact on workforce development and food security. Notable recipients include Autism Alliance of Michigan ($125,000), Kids’ Food Basket ($100,000), and Feeding America West Michigan ($50,000). The foundation emphasizes the importance of educational pathways and job readiness in addressing inequities in Michigan.
DTE Energy announced the development of its first community solar project, a 20-megawatt facility in Washtenaw County, in partnership with the City of Ann Arbor and Pittsfield Township. This project, designed to support local clean energy goals, will allow all DTE Electric customers to subscribe. The initiative is part of DTE’s MIGreenPower program, which promotes renewable energy and aims for carbon neutrality. The project is set to start generating energy in 2023 and will be located on a capped landfill and greenfield site owned by Ann Arbor.
DTE Energy Foundation has awarded grants totaling $3.42 million to seven Michigan organizations to promote economic development and job creation. The funding targets diverse needs in the community, focusing on initiatives that increase local wealth and bolster employment opportunities. Key recipients include the Detroit Regional Partnership receiving $2 million, and the Detroit Economic Growth Association with $700,000. This funding aims to navigate the economic challenges posed by the pandemic, enhancing growth across regions in Michigan.
DTE Energy has announced a $70 million investment to enhance power reliability in communities affected by recent severe storms. This funding will focus on tree trimming and removal, which is responsible for the majority of outages during high winds. The investment is in addition to the existing $190 million allocated annually for similar efforts. The plan, filed with the Michigan Public Service Commission, aims to increase the tree trimming workforce and accelerate efforts in hardest-hit areas, ultimately reducing outages by an average of 60% in completed regions.
DTE Energy Foundation has awarded eight Michigan nonprofits $10,000 each as part of its Your Cause, Your Choice contest, reflecting its commitment to community development. This initiative, launched in June, encourages DTE employees to nominate nonprofits for public voting. The grants aim to enhance grassroots support and employee volunteerism. Notable organizations receiving grants include Christy’s Legacy Of Hope and Downriver for Veterans. The foundation previously contributed over $16 million in grants in 2020.
DTE Energy and ZF North America have announced a partnership as ZF joins DTE’s MIGreenPower program. This initiative will enable ZF to attribute 100% of its electricity usage in North America to renewable energy by 2030, significantly contributing to ZF's goal of achieving global carbon neutrality. ZF aims to reduce its carbon emissions by 80% by 2030 and reach net-zero emissions by 2040. The partnership reinforces ZF's commitment to sustainable mobility, while DTE's MIGreenPower program has already supported 1.8 million megawatt hours of clean energy since its inception.
DTE Energy reported Q2 2021 earnings of $179 million ($0.92/share), down from $277 million ($1.44/share) in Q2 2020. However, operating earnings increased to $329 million ($1.70/share), up from $295 million ($1.53/share) year-over-year. Key achievements included the successful spin-off of DT Midstream, the launch of the Tree Trim Academy to enhance energy reliability, and recognition as a top corporate citizen. DTE announced an increase in its 2021 EPS guidance to $5.62 - $5.92, supported by strong business performance.
DTE Energy will announce its Q2 2021 earnings on July 27, before market opening. A conference call will be held at 9 a.m. ET the same day to discuss the results. Investors and the public can listen via a live broadcast at dteenergy.com/investors. DTE serves 2.2 million electric and 1.3 million gas customers in Michigan, with a commitment to reducing emissions significantly by 2040.
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