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 made significant strides in spinning off its midstream business, DT Midstream, expected to close by mid-2021, pending regulatory and board approvals. DT Midstream will operate as a publicly traded company focused on natural gas storage and pipelines, aiming to unlock shareholder value. The spin-off is structured as a tax-free dividend for DTE shareholders. Post-separation, DTE Energy will concentrate on regulated electric and natural gas utilities, while DT Midstream targets net-zero emissions by 2050. A leadership team for DT Midstream has been appointed.
DTE Energy reported strong financial results for 2020, achieving earnings of $1.4 billion ($7.08 per diluted share), up from $1.2 billion ($6.31 per diluted share) in 2019. Operating earnings also increased to $1.4 billion ($7.19 per diluted share), exceeding the company's guidance midpoint. The company maintained flat customer rates for 2021 and invested $2.2 billion in Michigan businesses. Notably, DTE ranked highest in Midwest customer satisfaction and set a 2050 net zero carbon emissions goal. The company reaffirms its 2021 operating EPS guidance of $6.88 - $7.26.
DTE Energy is offering rebates of up to $1,200 per unit for the purchase of high-efficiency, ultra-low temperature freezers, crucial for storing COVID-19 vaccines. This initiative supports pharmacies, medical offices, and hospitals during the pandemic. Customers can benefit from instant rebates based on freezer size, with a maximum eligibility of $50,000 in rebates per location. This program emphasizes DTE's commitment to helping businesses manage health and economic impacts caused by COVID-19.
DTE Energy is set to announce its full-year earnings for 2020 on February 19, 2021, before market opening. The conference call will start at 9 a.m. ET, allowing investors and the public to access the live broadcast on the company's website. DTE Energy, a diversified energy company based in Detroit, serves over 2.2 million electric customers and 1.3 million gas customers in Michigan. The company aims for significant reductions in carbon emissions by 2040 and has set a net zero carbon goal by 2050.
DTE has joined The Valuable 500, a global coalition promoting disability inclusion. This alliance emphasizes DTE's commitment to empowering individuals with disabilities in the workforce. The company plans to enhance its partnerships with programs like Project Search to assist young adults with disabilities in gaining vital skills and employment. DTE aims to be a leader in creating inclusive job opportunities while championing systemic barriers in employment for people with disabilities. Currently, only 4% of companies are actively working on disability inclusion, highlighting DTE's progressive stance.
DTE Energy has declared a cash dividend of $1.085 per share on its common stock, payable on April 15, 2021, to shareholders of record as of March 15, 2021. This dividend marks over 100 years of consistent dividend issuance, emphasizing the company's strong commitment to shareholder returns. DTE Energy serves 2.2 million electric customers and 1.3 million gas customers in Michigan. The company is also pursuing significant carbon reduction goals, aiming to decrease emissions by over 80% by 2040.
DTE Energy has launched the CleanVision Natural Gas Balance program, the first of its kind in the U.S. to combine carbon offsets and renewable natural gas. This initiative aims to help customers offset 25% to 100% of their natural gas emissions by preserving Michigan forests and converting landfill and wastewater by-products into usable gas. The program is part of DTE's commitment to achieving net zero carbon emissions by 2050 and is projected to reduce annual greenhouse gas emissions by over 6 million metric tons. Madcap Coffee is the first customer to join this program.
The DTE Energy Board of Directors has announced the date for its 2021 Annual Meeting of Common Stock Shareholders, set for May 20, 2021. Shareholders of record by March 23, 2021, will be eligible to vote. Interested shareholders must submit proposals or nominations to the corporate secretary by January 7, 2021. DTE Energy is a diversified energy company servicing over 3.5 million customers across Michigan, aiming for an 80% reduction in CO2 and methane emissions by 2040 and net zero emissions by 2050.
Elliott Management Corporation expressed strong support for DTE Energy's plan to spin off its DTE Midstream business. Senior Portfolio Manager Jeff Rosenbaum praised CEO Gerardo Norcia for the decision, emphasizing that it aims to unlock significant shareholder value. The spin-off is expected to highlight DTE Electric and DTE Gas as leading U.S. regulated utilities, while DTE Midstream will focus on attractive natural gas basins, promising best-in-class earnings growth. Elliott believes both entities will achieve superior results as independent companies.
DTE Energy (NYSE: DTE) announced a planned spin-off of its non-utility Midstream business, expected to be completed by mid-2021. This move aims to transform DTE Energy into a pure-play regulated utility, while positioning Midstream as an independent public company. Shareholders will receive a pro-rata dividend of Midstream shares, tax-free for U.S. federal income tax purposes. DTE is increasing its utility capex plan by $2 billion to $17 billion and has raised its 2020 guidance and 2021 dividend by 7%. Both companies are committed to their Michigan communities.
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