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) reported Q3 2021 earnings of $25 million, or $0.13 per share, down from $476 million, or $2.46 per share in 2020. Operating earnings were $334 million, or $1.72 per share, compared to $415 million in 2020. The Board declared a $0.885 per share dividend, payable on Jan. 15, 2022, marking a 7% increase from the previous dividend. The company announced a $70 million investment in infrastructure to improve reliability and plans to cease coal use at Belle River by 2028. DTE revised its 2021 operating EPS guidance to $5.70 - $5.98, indicating a positive outlook.
DTE Energy announced it will cease all coal use at its Belle River Power Plant by December 2028, two years ahead of schedule, supporting its goal of 50% carbon emissions reduction. This move aligns with EPA regulations and positions DTE closer to achieving net zero carbon emissions. The company has already retired four coal-fired facilities and plans to retire two more in 2022. DTE will file an updated Clean Vision Plan with the Michigan Public Service Commission in fall 2022 to outline future energy strategies, aiming for cleaner and more affordable energy.
DTE Energy announced the launch of its Charging Forward eFleets program on October 12, 2021, aimed at assisting Michigan businesses in transitioning to electric fleets. The $13.4 million initiative offers rebates for installing EV chargers—up to $2,500 for Level 2 ports and up to $70,000 for DC Fast Chargers. The program includes advisory services that provide a seven-step roadmap for fleet electrification, helping businesses achieve operational savings and sustainability.
DTE Energy (NYSE:DTE) will announce its third quarter 2021 earnings on October 27, 2021, before the market opens. A conference call to discuss the earnings will be held at 9 a.m. ET on the same day. Investors and the public can access the call via a live internet broadcast or by dialing in using the provided numbers. DTE Energy serves 2.2 million electric and 1.3 million gas customers in Michigan and plans to reduce emissions significantly by 2040, aiming for net zero emissions by 2050.
DTE Energy has been named a finalist for the 22nd Annual Citizens Awards by the U.S. Chamber of Commerce Foundation, recognizing its Summer Youth Internship Program. This initiative aims to provide transformative work experiences for interns facing employment barriers in Detroit. DTE's President and CEO, Jerry Norcia, emphasized the program's focus on skill development and career pathways for youth. The winners will be announced at the upcoming Corporate Citizenship Conference on November 17-18, 2021.
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.
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