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.
Link Engineering Company has committed to a 20-year plan to procure 100% renewable energy by 2030 through enrollment in DTE's MIGreenPower program. Announced on July 6, 2021, this initiative aims to enhance sustainability efforts while supporting the development of wind and solar projects in Michigan. Link Engineering joins over 350 businesses already part of the program, which has contributed to 1.8 million megawatt hours of clean energy. DTE Energy plans to double its clean energy generation capacity over the next two years.
DT Midstream began trading as an independent company on the NYSE under the symbol DTM after spinning off from DTE Energy. The company operates natural gas pipelines and facilities across the United States and Canada, with a strong focus on environmental, social, and governance (ESG) commitments. For 2021, DT Midstream projects operating earnings between $296 million and $312 million, reflecting a growth in adjusted EBITDA of 7% compared to 2020. Its portfolio includes over 900 miles of interstate pipelines and significant gas storage capacity.
DTE Energy has completed the spin-off of its non-utility natural gas business, DT Midstream, transforming into a predominantly pure-play electric and natural gas utility. Following this transaction, DTE Energy's focus will be on utility operations, representing approximately 90% of its earnings. The company aims for a long-term operating EPS growth rate of 5% to 7% and plans $17 billion in capital investments over the next five years, supporting clean energy initiatives. Shareholders received shares of DT Midstream based on their holdings of DTE stock.
DTE Energy Company (NYSE: DTE) announced early tender results for its Any-and-All and Maximum Tender Offers to purchase its notes. The Maximum Purchase Price has increased from $350 million to $416 million. Holders of certain notes provided consents for amendments that include reducing the notice period for redemptions. However, consents from holders of some notes were not received. The Tender Offers will expire on July 13, 2021. The company aims to redeem all notes not purchased under the offers, subject to specified conditions.
DTE Energy Company (NYSE: DTE) announced pricing terms for its tender offers to purchase certain notes for cash, totaling up to $350 million. These offers include 'Any-and-All Tender Offers' and 'Maximum Tender Offers' with specific pricing determined by fixed spreads over U.S. Treasury Security yields. The Total Consideration includes a $30 early tender premium. The expected early settlement date for the accepted notes is July 1, 2021, contingent on the satisfaction of certain conditions including a spin-off and financing conditions.
DTE Energy has declared a $0.825 per share dividend, payable on October 15, 2021, to shareholders of record as of September 20, 2021. This action continues over a century of dividend payments by the company. The combined dividend from DTE and the recently spun-off DT Midstream (NYSE: DTM) is expected to exceed the pre-spin dividend. The company aims for consistent payout ratios and dividend growth in line with pure-play utility peers.
DTE Energy Company (NYSE: DTE) has extended key deadlines for its consent solicitations and tender offers originally announced on June 14, 2021. The extension affects the Early Tender Deadline, Withdrawal Deadline, and Expiration Time by one business day. New deadlines include the Price Determination Date now set for June 28, 2021, and the Expiration Time on July 13, 2021. The company is working to purchase outstanding senior notes up to a combined maximum price of $350 million. All other terms remain unchanged from the Offer to Purchase.
Detroit Diesel has announced its enrollment in DTE Energy's MIGreenPower program, committing to attribute 100,000 megawatt hours of renewable energy annually by 2028. This initiative is aimed at offsetting greenhouse gas emissions equivalent to 15,412 passenger vehicles driven for a year. It complements Detroit Diesel's goal of achieving carbon neutrality by 2039. The program, which is among the top three voluntary renewable energy initiatives in the U.S., has already attracted significant corporate participation, including General Motors and Ford.
DTE Energy Company (NYSE: DTE) announced the commencement of its Tender Offers to purchase for cash up to $350 million of certain notes. The offers include Any-and-All Tender Offers and Maximum Tender Offers, aiming to amend indenture provisions such as reducing the notice requirement for optional redemptions. The Total Consideration will be determined based on the fixed spread over U.S. Treasury yields. The tender offers expire on July 12, 2021, with an early tender deadline on June 25, 2021. The offers are dependent on the Financing Condition and Spin-Off Condition.
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