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) has announced the formation of the Board of Directors for DT Midstream, a new independent company to be established from its non-utility natural gas pipeline, storage, and gathering business. This spin-off is projected to be completed in July 2021. The board will consist of seven members, including five independent directors, with Robert Skaggs, Jr. as executive chair and David Slater as president and CEO. A Form 10 registration statement has been filed with the SEC, and the separation is expected to be tax-free for shareholders. Shareholders will receive a pro-rata dividend of DT Midstream shares.
DTE Energy has declared a $1.085 per share dividend on its common stock, continuing a tradition of over 100 years of cash dividends. The dividend is payable on July 15, 2021, to shareholders of record as of June 21, 2021. DTE's president, Jerry Norcia, emphasized the importance of this dividend for shareholders, reflecting the company's commitment to delivering consistent returns. The company continues to enhance its portfolio in energy-related services, aiming for significant reductions in carbon emissions by 2040 and net-zero emissions by 2050.
DTE Energy declared a cash dividend of $1.085 per share on May 6, 2021, continuing its century-long practice of issuing dividends. This payment will be made on July 15, 2021, to shareholders of record as of June 30, 2021. DTE Energy's president, Jerry Norcia, emphasized the importance of dividends for shareholders and the company's dedication to providing consistent above-average returns. The company also underlines its commitment to sustainability, with goals to significantly reduce emissions by 2040.
Copper Hop Brewing Co., based in St. Clair Shores, Michigan, has enrolled in DTE Energy's MIGreenPower program, committing to attribute 100% of its energy use to renewable sources from Michigan's wind and solar projects. This makes Copper Hop the first brewery to join the program, aimed at achieving sustainability goals. Since its opening shortly before the pandemic, the brewery has thrived, adapting its space and enhancing environmental initiatives, including recycling water and donating spent grain. DTE supports over 300 businesses in creating a cleaner energy future.
DTE Energy has launched a new solar array at the Ford Research & Engineering Center, featuring 2,159 panels. This array, equipped with a battery storage system, will produce 1,127 megawatt hours of clean energy, equivalent to avoiding 880 tons of CO2 emissions. DTE plans to double its renewable energy capacity by 2023, aiming for net-zero carbon emissions by 2050. This marks the third collaboration with Ford, which is also part of DTE's MIGreenPower program, emphasizing both companies' commitment to sustainability.
DTE Energy has launched the DTE Smart Charge program, collaborating with EV manufacturers like General Motors and Ford to optimize EV charging in Michigan. This initiative aims to balance grid demand while supporting DTE's goal of achieving net zero carbon emissions by 2050. The program invites 1,000 volunteer EV owners to participate and earn up to $100 in gift cards. Participants can opt out during peak usage events, helping improve grid reliability as EV adoption increases. The program operates using the Open Vehicle Grid Integrated Platform for effective energy management.
DTE Energy reported a strong first quarter in 2021, earning $397 million, or $2.05 per diluted share, up from $340 million, or $1.76 per diluted share in 2020. Operating earnings increased to $473 million, or $2.44 per diluted share. DTE was recognized as a Gallup Great Workplace for the ninth consecutive year and issued a $1 billion green bond for renewable energy investments. The company also reaffirmed its 2021 operating EPS guidance of $6.88 - $7.26, with plans for a midstream spin-off expected mid-year, aiming to enhance shareholder value.
Bedrock, Detroit's largest real estate developer, has partnered with DTE Energy to reduce carbon emissions by acquiring approximately 22 million kWh of Michigan-made clean energy annually through DTE's MIGreenPower program. Starting in 2023, this initiative is expected to offset around 15,500 metric tons of carbon dioxide per year. Bedrock aims to enhance sustainability in its projects, including the Book Tower renovation, and contribute to the International 2030 District's goals of significant carbon footprint reduction. This commitment aligns with Bedrock's broader sustainability strategy.
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