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 announced the addition of 650 megawatts of solar energy in Michigan, enhancing its renewable energy portfolio. The company reported third quarter earnings of $387 million, or $1.99 per diluted share, down from $334 million, or $1.72 per diluted share, year-over-year. Key initiatives include a partnership with Ford for renewable energy, the arrival of Our Next Energy Inc. bringing 2,000 jobs, and the launch of the Detroit Tree Equity Partnership aimed at urban greening. DTE Energy reaffirms its 2022 operating EPS guidance of $5.90 - $6.10.
DTE Energy has announced that 7-Eleven will achieve 100% renewable energy for its 160 southeast Michigan locations through DTE's MIGreenPower program, starting in 2025. This initiative will reduce carbon dioxide emissions by over 15,000 tons annually, equivalent to removing nearly 3,000 gasoline cars from the road. 7-Eleven previously met its 20% CO2 reduction goal ahead of schedule, now aiming for a 50% reduction by 2030. DTE continues to expand its renewable energy portfolio, which supports its leadership in Michigan's clean energy transition.
DTE Energy will report its third quarter 2022 earnings on October 27, 2022, before market opening.
A conference call will follow at 8:30 a.m. ET to discuss the results. Interested parties can listen live via internet broadcast at dteenergy.com/investors.
DTE Energy has announced a significant $10 million donation to five non-profit organizations in Michigan to assist residents facing financial hardships with their energy bills. This initiative aims to support the elderly, unemployed, and disabled individuals in the state. Recipients of the funding include United Way for Southeastern MI ($4 million) and The Salvation Army ($2 million). Since 2016, DTE has contributed over $50 million to similar programs, demonstrating a commitment to help customers maintain energy access, particularly during challenging times.
DTE Energy has announced a significant agreement with Ford Motor Company to add 650 megawatts of solar energy in Michigan through its MIGreenPower program. This initiative will boost the total installed solar capacity in the state by nearly 70%. By 2025, all Ford vehicles manufactured in Michigan will use 100% carbon-free electricity, surpassing Ford's global target by a decade. The partnership aims to avoid 600,000 tons of CO2 emissions and is expected to create 250 temporary and 10 permanent jobs, bolstering local economies.
DTE Energy announced the successful remarketing of its 2019 Series F 4.220% Senior Notes due 2024, originally issued on Nov. 1, 2019. The maturity date has been moved up from Nov. 1, 2025 to Nov. 1, 2024. The remarketing, set to close on Aug. 8, 2022, will not generate direct proceeds for DTE; instead, proceeds will fund the purchase of treasury securities maturing by Nov. 1, 2022. These securities are linked to stock purchase contracts from the Corporate Units.
DTE Energy announced its second quarter 2022 earnings, reporting a net income of $37 million, or $0.19 per diluted share, down from $179 million, or $0.92 per diluted share in Q2 2021. Operating earnings also decreased to $171 million, or $0.88 per diluted share, from $235 million, or $1.22 per diluted share the previous year. Despite this, the company raised its full-year 2022 operating EPS guidance to a range of $5.90 to $6.10, driven by the successful commercial operation of the Blue Water Energy Center and ongoing advancements in carbon reduction.
DTE Energy (NYSE:DTE) is set to release its Q2 2022 earnings on July 28, 2022, before market opening. A conference call will be held at 8:30 a.m. ET to discuss the results. Investors and the public can access the call via a live internet broadcast at dteenergy.com/investors. DTE Energy serves 2.3 million electric customers and 1.3 million gas customers in Michigan, focusing on reduction of emissions and renewable energy.
The DTE Energy Foundation has announced the allocation of $1.25 million in grants to four Michigan organizations aimed at enhancing educational and employment opportunities for underrepresented communities. Key recipients include the Michigan Hispanic Collaborative ($500,000), Cranbrook Institute of Science ($450,000), FIRST in Michigan ($200,000), and Inforum ($100,000). These grants focus on STEM education, climate change curricula, and workforce development, emphasizing the importance of diversity and inclusion in Michigan's economy.
DTE Energy announced a dividend of $0.885 per share, payable on October 15, 2022, to shareholders on record by September 19, 2022. This dividend continues DTE's century-long tradition of cash dividends, reflecting its commitment to shareholder value. Jerry Norcia, CEO, emphasized the importance of DTE's dividends in providing consistent and above-average returns to investors, showcasing robust business practices.
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