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 reduced its Gas Cost Recovery (GCR) rate as of January 1, 2023, allowing natural gas customers in Michigan to save nearly $5 million on February heating bills. This reduction is attributed to the company's strategic purchase of natural gas, which shields customers from price spikes. DTE's gas purchasing strategy includes locking in prices up to three years in advance and storing gas during the summer for winter use. This proactive approach keeps DTE among Michigan's lowest-cost providers, with expectations for further price reductions in the coming months.
DTE Energy (NYSE:DTE) will announce its full year 2022 earnings on February 23, 2023, before market opening. A conference call to discuss the results will be held at 9 a.m. ET the same day, available for live listening through the company’s website.
DTE Energy, based in Detroit, serves 2.3 million electric and 1.3 million natural gas customers in Michigan. The company aims for a 90% reduction in CO2 emissions and over 80% reduction in methane emissions by 2040, while aspiring for net zero carbon emissions by 2050. More details can be found on their website.
DTE Energy (NYSE: DTE) has officially retired two coal-fired power plants, the Trenton Channel and St. Clair, advancing its net-zero emissions goals. Currently, one-third of DTE's electricity is sourced from carbon-free power, including renewables like wind and solar. The company is committed to retraining displaced workers and has plans to invest $9 billion into Michigan's economy over the next decade, supporting over 25,000 jobs. DTE aims to phase out coal by 2035 and significantly reduce carbon emissions by nearly 90% by 2040.
DTE Energy (NYSE: DTE) has announced that its 2023 Annual Meeting of Common Stock Shareholders will take place on May 4, 2023. Shareholders of record as of March 7, 2023, are eligible to vote. Those wishing to propose business or nominate directors must notify the corporate secretary by January 5, 2023. DTE Energy is focused on the development of diversified energy services across the U.S., emphasizing a commitment to cleaner energy with plans to significantly reduce CO2 and methane emissions by 2040. The company aims for net zero carbon emissions by 2050.
DTE Energy (NYSE: DTE) announced the promotion of Andy Coulouris to vice president of Corporate and Government Affairs, succeeding Renze Hoeksema who will retire at the end of 2022. Coulouris has been with DTE since 2016 and has extensive experience in energy policy. He aims to enhance collaboration with local leaders while promoting DTE's CleanVision Integrated Resource Plan, which includes a $9 billion investment in Michigan's economy and the development of over 15,000 MW of renewable energy. The company's goal is to achieve net zero carbon emissions by 2050.
DTE Energy declared a dividend of $0.9525 per share on its common stock, payable on January 15, 2023, to shareholders of record by December 19, 2022. This continues DTE's century-long history of issuing cash dividends. Recently, DTE proposed a $9 billion investment in renewable energy in Michigan, expected to create 25,000 jobs and save $1.4 billion in clean energy transition costs. The company aims to reduce carbon emissions by 50% by 2028, 90% by 2040, and achieve net-zero emissions by 2050.
DTE Energy Foundation has awarded $1.26 million in grants to 10 Detroit-area organizations aimed at fostering economic prosperity and community transformation. The grants support diverse initiatives such as job development, small business growth, and immigrant services. Notable recipients include ACCESS ($300,000), Detroit Economic Growth Corporation ($200,000), and Downtown Detroit Partnership ($500,000) for events like the Detroit Tree Lighting Ceremony. This funding reflects the Foundation's commitment to inclusivity and community vitality across Southeast Michigan.
DTE Energy has unveiled its CleanVision plan, a comprehensive 20-year strategy to transition to renewable energy sources. Key highlights include achieving 85% CO2 emissions reductions by 2035 and generating enough solar and wind energy to power about 4 million homes. The plan will see a $9 billion investment in Michigan, creating over 25,000 jobs, while also proposing the retirement of coal plants by 2035. The initiative promises a $1.4 billion reduction in clean energy transition costs and aims for net-zero carbon emissions by 2050.
DTE Foundation enhances support for domestic violence victims
On October 27, 2022, the DTE Energy Foundation announced an additional $420,000 in grants to 45 Michigan-based domestic violence shelters, elevating total funding over four years to more than $2.2 million. This funding aims to aid shelters in providing essential services such as housing, healthcare, and legal support for survivors. DTE also contributed by creating 2,400 hygiene kits for shelters, emphasizing its commitment to community welfare amidst increasing domestic violence needs.
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