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.
DENSO has enrolled in DTE Energy's CleanVision MIGreenPower program, a major voluntary renewable energy initiative in the U.S. Starting in 2028, DENSO's Belleville Logistics Center and a facility at its North American headquarters in Southfield will attribute 100% of their electricity use to DTE's Michigan-based wind and solar parks for 10 years. This commitment involves 5,840 megawatt-hours per year, equivalent to the carbon sequestered by 4,763 acres of forest annually.
This move aligns with DENSO's goal to become carbon neutral by 2035. The MIGreenPower program, which has over 1,200 business and 100,000 residential customers, is helping DTE add more than 2,400 megawatts of new wind and solar energy in the coming years. This initiative not only supports sustainability efforts but also boosts Michigan's economy through tax revenue and clean energy job creation.
DTE Energy has installed nearly 1,000 free air conditioning units for income-qualified customers in metro Detroit through its Energy Efficiency Assistance (EEA) program. The initiative, part of a $50 million annual investment, aims to support low-income and vulnerable populations during hot summer months. Customers may also receive additional assistance such as weatherization, appliances, and insulation.
The EEA program has served over 50,000 customers since its inception, partnering with 32 community action agencies and non-profit organizations. DTE is ranked a Top 5 Utility by ACEEE for its leadership in energy equity. While this specific initiative has reached capacity for the season, other assistance opportunities remain available for eligible customers.
DTE Energy (NYSE:DTE) has announced a significant milestone in improving energy reliability for its customers. Smart grid technology has prevented nearly 5,000 power interruptions and over 1.8 million outage minutes for customers in 2024 so far. DTE aims to reduce power outages by 30% and halve outage durations by 2029 through smart technology investments.
The company is committed to fully automating the grid by 2029, which will improve safety, reduce outages, and enable quicker restorations. DTE's smart grid includes Advanced Distribution Management System software, a state-of-the-art Systems Operation Center, and various smart devices. This technology allows remote monitoring and control of the grid, minimizing disruptions across served communities.
DTE Energy (NYSE:DTE) reported second quarter 2024 earnings of $322 million or $1.55 per diluted share, compared to $201 million in 2023. Operating earnings were $296 million or $1.43 per diluted share. The company invested over $2 billion in the first half of 2024, aiming for a full year investment exceeding $4 billion to enhance electric and natural gas infrastructure resilience. Key accomplishments include:
1. Commitment to reducing power outages by 30% and outage duration by half over 5 years
2. Groundbreaking of the Trenton Channel Energy Center, the region's largest battery storage facility
3. Collaboration with NFL for a carbon-neutral 2024 NFL Draft
4. Expansion of Energy Efficiency Academy
5. Recognition as one of the Top 50 Most Community-Minded Companies in the US
DTE confirms its 2024 operating EPS guidance of $6.54 - $6.83.
DTE Energy (NYSE:DTE) is set to announce its second quarter 2024 earnings before the market opens on Thursday, July 25, 2024. A conference call to discuss the earnings will be held the same day at 8:30 a.m. ET. Investors, media, and the public can listen to the live broadcast at dteenergy.com/investors. Dial-in numbers are available for U.S., Canadian, and international participants. The call's passcode is 4987588. An archive of the webcast will be accessible on DTE Energy's website.
The DTE Energy Board of Directors has declared a quarterly cash dividend of $1.02 per share on its common stock. This dividend will be payable on October 15, 2024, to shareholders who are recorded by the close of business on September 16, 2024. This continues DTE Energy's long-standing tradition of paying cash dividends for over 100 years.
DTE Energy will build a 220-megawatt battery energy storage center at the retired Trenton Channel coal plant site, making it the largest in the Great Lakes region when completed in 2026. The project supports Michigan's MI Healthy Climate Plan and DTE's CleanVision Integrated Resource Plan. The center will store electricity during excess generation and distribute it as needed, reducing grid strain and supporting DTE's renewable energy initiatives.
The transformation is helped by $140 million in tax incentives from the 2022 Inflation Reduction Act. The center can power nearly 40,000 homes and aligns with DTE's net zero carbon goals. It will also bring additional tax revenue to the Trenton community for local projects.
DTE Energy has announced the expansion of its Energy Efficiency Academy to Grand Rapids, following a successful first year in Detroit. Participants in the program receive comprehensive training and job placement in electric, HVAC, insulation, and home performance trades. In its inaugural year, the Academy had a 94% certification pass rate and saw 75% of its graduates secure full-time employment with wages up to $30 per hour. The expansion aims to address the increasing demand for energy-efficient home repairs and build a sustainable local workforce. DTE’s initiative is in partnership with Walker-Miller Energy Services and reflects its commitment to energy equity and supporting underserved communities.
DTE Energy's Board of Directors has declared a quarterly dividend of $1.02 per share on its common stock, maintaining a tradition of over 100 years of issuing cash dividends.
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