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 launched three new wind parks in Michigan, enhancing its capacity to generate over 1,760 megawatts of clean energy, sufficient for 670,000 homes. The Isabella I and II parks are now the state's largest, featuring 136 turbines with a combined capacity of 383 megawatts, while Fairbanks Wind adds 72 megawatts from 21 turbines. These projects are part of DTE's MIGreenPower program, which encourages renewable energy use among local businesses and residents. DTE plans six more projects by 2022, increasing its capacity to 2,700 megawatts and supporting 900,000 homes.
Motor City Electric Co. has enrolled in DTE Energy’s MIGreenPower program, committing to match 60% of its energy use to clean energy projects at its Detroit and Ann Arbor facilities. This initiative aims to offset 613 tons of CO2 emissions, equivalent to the emissions from driving a passenger car 840,000 miles. The move reaffirms Motor City Electric's dedication to sustainability while supporting local jobs associated with wind and solar project development. The MIGreenPower program, launched in 2017, now includes over 300 businesses and is among the top three voluntary renewable energy programs in the U.S.
DTE Energy has partnered with Bluesource on the Greenleaf Improved Forest Management project in Michigan's Upper Peninsula. This initiative covers 24,000 acres of forest across 14 counties and aims to offset customer greenhouse gas emissions through DTE's Natural Gas Balance program. The partnership is expected to help preserve natural habitats and waterways while contributing to DTE's goal of achieving net-zero carbon emissions by 2050, potentially reducing over 6 million metric tons of emissions annually.
DTE Energy will announce its first quarter 2021 earnings on April 27, 2021, before market opening. A conference call to discuss the results will take place at 9 a.m. ET that day. Investors and the public can listen to the call via a live internet broadcast. DTE Energy serves 2.2 million electric customers and 1.3 million gas customers in Michigan. The company aims to significantly reduce carbon emissions by 2040 and achieve net zero greenhouse gas emissions by 2050, reflecting its commitment to sustainable energy solutions.
DTE Energy has appointed Rodney Cole as the vice president of the DTE Energy Foundation and director of community engagement, effective immediately. With 14 years at DTE, Cole will oversee foundation operations and grant strategies, focusing on creating jobs, advancing social justice, and environmental stewardship. His previous experience includes leading state government affairs. Cole aims to enhance community relationships and support DTE's commitment to being a positive force in Michigan. The foundation contributed over $37 million in support in 2020.
DTE Energy received the 2021 Inspiring Efficiency Award from the Midwest Energy Efficiency Alliance for its Energy Efficiency Assistance (EEA) program, which helped around 5,000 vulnerable customers lower their energy bills in 2020. The program achieved significant savings of over 50,000 MCF in net gas and 75,000 MWH in net electric savings. DTE invested $23 million in 2019 and 2020 to support income-qualified customers, providing essential services like home weatherization and high-efficiency appliances. DTE aims to address health and safety issues to enhance participation in its programs.
DTE Energy Foundation has donated over $100,000 to assist food banks in Michigan, including Feeding America West Michigan and Gleaners Community Food Bank, addressing rising food insecurity due to COVID-19. In the past year, the foundation contributed $2 million towards this cause. Key initiatives funded include Mobile Pantries that will serve over 140,000 meals and expanded services for food pantries to reach more families. DTE aims to create stable households through its COVID-19 relief efforts, providing over 3 million meals since March 2020.
DTE Electric Company successfully completed its third green bond offering, raising $1 billion to fund clean energy investments. This initiative aims to bolster the development of solar and wind farms and enhance energy efficiency programs in Michigan. With this recent issuance, DTE has now issued approximately $2 billion in green bonds since its first offering in May 2018. DTE's commitment to reducing carbon emissions is among the most aggressive in the energy sector, with aspirations to achieve net zero emissions by 2050.
DTE Energy reported a 25% improvement in power reliability from 2019 to 2020, with fewer outages during typical weather conditions. The company is investing nearly $1 billion annually to enhance the grid. Efforts included trimming over 5,500 miles of trees and replacing almost 13,000 utility poles. Key improvements involved building three new substations and upgrading more than 209 miles of circuits. Enhanced infrastructure aims to support DTE's goal of achieving net zero carbon emissions by 2050.
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