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 has reported significant achievements in energy efficiency, resulting in nearly $400 million in cumulative lifetime savings for customers. In 2020, the company’s efficiency programs led to lifetime reductions of 6.1 million metric tons of CO2 and other pollutants. Key initiatives include the Energy Efficiency Assistance program, which supported over 23,000 low-income customers. DTE processes over 400,000 applications annually for commercial programs, achieving customer satisfaction scores above 92%. The company aims for an 80% reduction in carbon emissions by 2040.
DTE Energy has announced new initiatives to enhance renewable energy accessibility following approval from the Michigan Public Service Commission. The MIGreenPower program will see cost reductions and simpler enrollments. Community solar projects are planned in Detroit, Highland Park, and River Rouge to support low-income residents, providing 100% renewable energy and bill credits. By 2023, DTE aims to exceed 2,700 megawatts of renewable energy capacity, enough to power approximately 900,000 homes. These efforts align with DTE's commitment to achieve net zero carbon emissions by 2050.
DTE Energy Company (NYSE: DTE) announced the successful closing of a $2.1 billion debt offering for DT Midstream, Inc., an upcoming independent public company from its planned spin-off. The offering includes $1.1 billion of 4.125% Senior Notes due 2029 and $1 billion of 4.375% Senior Notes due 2031. Proceeds will be used to repay intercompany obligations and pay dividends to DTE Energy. The separation is expected to be tax-free for shareholders, and a registration statement has been filed with the SEC. Forward-looking statements indicate some risks related to the spin-off process.
DTE Energy has announced that Lecom Utility, Inc. has enrolled in its MIGreenPower program, committing to clean energy that will prevent 306 tons of CO2 emissions. This partnership reflects a shared dedication to sustainability, with Lecom contributing to the development of future renewable projects in Michigan. Since its launch in 2017, MIGreenPower has supported 1.8 million megawatt hours of clean energy, avoiding 1.4 million tons of CO2. DTE plans to expand its clean energy generation by 1,000 megawatts in the next two years.
DTE Energy has announced a pro rata dividend distribution of DT Midstream shares to its shareholders. The record date for this distribution is June 18, 2021, and shares will be distributed on July 1, 2021. For every two shares of DTE owned, shareholders will receive one share of DT Midstream. Fractional shares will be aggregated and sold, with proceeds distributed in cash. This spin-off aims to position DTE as a leading utility, while DT Midstream focuses on growth opportunities in the midstream sector. U.S. shareholders typically won't recognize gain or loss from this distribution.
DTE Energy has officially retired the River Rouge coal-fired power plant, a facility operational since 1958. The closure, part of DTE’s transition to cleaner energy, reduces carbon emissions significantly. The plant, which once generated nearly 300 jobs, supplied its last megawatt on May 31, 2021. DTE aims to enhance its renewable energy portfolio, targeting enough energy from wind and solar to power 900,000 homes in two years. This moves DTE closer to its goal of carbon emission reduction by over 80% by 2040, enhancing its position as Michigan’s leading clean energy provider.
DTE Energy (NYSE:DTE) will conduct an analyst and investor call on June 9, 2021, at 9 a.m. ET to discuss the upcoming spin of DT Midstream. The call will be accessible via a live internet broadcast and a toll-free telephone dial-in number for U.S. and Canadian investors. An audio replay will be available post-call. DTE Energy is a diversified energy company based in Detroit, serving 2.2 million electric customers and 1.3 million gas customers in Michigan, committed to significant emission reductions by 2040.
DTE Energy has launched the Tree Trim Academy aimed at creating 200 high-paying jobs in Detroit over the next three years. In partnership with IBEW Local 17 and Focus: HOPE, this initiative will provide paid training and essential services such as childcare and transportation for job seekers. The Academy will train 60 graduates in its inaugural year, equipping them with skills for tree trimming jobs, which are crucial for maintaining energy reliability. Graduates can potentially earn over $100,000 annually, contributing to community employment and safety.
DTE Energy's MIGreenPower program welcomes Brose, a leading automotive supplier, as a participant.
Brose will purchase 11,445 megawatt hours of clean energy annually, avoiding 81,110 metric tons of CO2 emissions over a 10-year contract, equivalent to the carbon sequestered by 99,000 acres of U.S. forests in one year.
The clean energy commitment supports Brose's sustainability goals and will be sourced from new clean energy projects set to come online in early 2023.
DTE Energy has announced the enrollment of the Automotive Hall of Fame (AHF) in its MIGreenPower program, making it the first museum to join. AHF will now attribute 100% of its energy consumption to Michigan wind and solar projects. DTE is also assisting AHF in implementing energy-efficient measures following a complimentary energy audit. Since its launch, MIGreenPower has facilitated 1.8 million megawatt hours of clean energy. DTE Energy aims to achieve significant carbon emission reductions by 2040.
FAQ
What is the current stock price of DTE Energy Company (DTE)?
What is the market cap of DTE Energy Company (DTE)?
What services does DTE Energy provide?
How many employees does DTE Energy have?
What are DTE's carbon reduction goals?
How much did DTE Energy invest in infrastructure in 2023?
What is the financial outlook for DTE Energy in 2024?
Who are the primary customers of DTE Electric and DTE Gas?
What non-utility businesses is DTE involved in?
How does DTE support local suppliers?
What is DTE Energy's approach to community engagement?
How can investors stay informed about DTE Energy's financial performance?
