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 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.
DTE Energy announced the full redemption of its 2016 Series B 5.375% Junior Subordinated Debentures on June 30, 2021. The redemption price will be 100% of the unpaid principal, plus accrued interest. Holders can redeem these debentures in minimum denominations of $25. For inquiries, holders should contact their broker or the paying agent, Bank of New York Mellon Trust Company. This announcement reflects DTE's ongoing commitment to managing its financial obligations effectively.
DTE Energy announced the pricing of DT Midstream's $1.1 billion offering of 4.125% Senior Notes due 2029 and $1 billion of 4.375% Senior Notes due 2031. Proceeds will be used for intercompany obligations and dividends to DTE Energy. The Notes will be privately placed under SEC regulations and have not been registered. The spin-off of DT Midstream, which is undergoing SEC review, aims to be tax-free for DTE Energy shareholders, who will receive a pro-rata dividend of DT Midstream stock.
DTE Energy announced plans for a spin-off of its non-utility natural gas pipeline business, DT Midstream. The new independent company will offer senior notes to repay short-term borrowings owed to DTE Energy. The offering will be conducted under Rule 144A and Regulation S, targeting qualified institutional buyers and non-U.S. persons. Successful completion of the spin-off is contingent on several approvals, with shareholders receiving pro-rata shares of DT Midstream. The transaction aims to be tax-free under U.S. federal income tax.
DTE Energy announced the planned spin-off of its non-utility natural gas pipeline, storage, and gathering business into a new independent entity, DT Midstream. DT Midstream has initiated syndication of a new senior secured credit facility with a total capacity of up to $1.75 billion, comprising a $1 billion term loan and a $750 million revolving credit facility. Proceeds will repay intercompany obligations and pay a dividend to DTE Energy. The spin-off is subject to approval by DTE Energy's Board and regulatory bodies, expected to be tax-free for shareholders.
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