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 commercial operation of its Blue Water Energy Center, a 1,150 MW natural gas-fired power plant, providing cleaner power for 850,000 homes in southeast Michigan. The almost $1 billion project, completed on time and on budget, marks a significant step in the company's efforts to achieve net-zero carbon emissions by 2050. DTE plans to double renewable energy generation by 2025 and reduce carbon emissions by 30%, aiming for 80% reduction by 2040.
DTE Energy has announced that BMW will join General Motors and Ford in its DTE Smart Charge program, enhancing the initiative aimed at optimizing Electric Vehicle (EV) charging and reducing grid stress. This demand response program utilizes telematics to manage EV charging during peak energy demand, allowing participants to earn rewards. DTE aims to expand participation from 370 EV owners in 2021 to 1,000 by 2023. Past efforts showed a 1.7 MWh reduction in energy consumption, demonstrating the program's effectiveness in promoting sustainable energy practices.
DTE Energy has declared a $0.885 per share dividend, payable on July 15, 2022, to shareholders of record as of June 20, 2022. This decision marks over 100 years of consistent cash dividend issuance, reflecting the company's commitment to delivering value to its investors. CEO Jerry Norcia emphasized the importance of the dividend for shareholders, stating that it provides above-average returns. DTE Energy operates in energy management and services, serving millions across the U.S.
Volta Inc. (NYSE: VLTA) has announced a paid partnership with the Michigan Office of Future Mobility and Electrification (OFME) and DTE Energy (NYSE: DTE) to enhance electric vehicle (EV) charging infrastructure in underserved communities. This collaboration marks Volta's sixth partnership with an electric utility and aims to utilize its PredictEV® software for optimal site selection. The initiative seeks to promote equitable access to EV charging, supported by consumer education through the Volta Media™ Network. Past initiatives indicate significant increases in EV adoption following similar programs.
DTE Energy reported a solid first quarter 2022 earnings of $394 million, or $2.03 per diluted share, slightly down from $397 million, or $2.05 per diluted share in 2021. Operating earnings rose to $448 million, or $2.31 per diluted share, compared to $389 million, or $2.00 per diluted share last year. The company reaffirmed its guidance for 2022 operating EPS at $5.80 - $6.00. Notable achievements include expanding its MIGreenPower program and partnerships to improve electric vehicle access. Additionally, the DTE Foundation granted nearly $3.5 million for social justice and environmental projects.
DTE Energy (NYSE:DTE) will announce its first quarter 2022 earnings on April 28, 2022, before market open. A conference call to discuss the results will take place at 9 a.m. ET, which can be accessed via DTE Energy's website. DTE provides electric service to 2.3 million and natural gas service to 1.3 million customers in Michigan. The company is committed to reducing emissions by over 80% by 2040.
DTE Energy Foundation has awarded $1 million to The Nature Conservancy to enhance environmental initiatives in Michigan. This funding will support the Healthy Cities program in Detroit, wetland restoration at Erie Marsh, and whitefish research and restocking projects in various rivers. The partnership aims to integrate urban environmental programs, restore natural habitats, and foster the next generation of conservationists through a fellowship program. Funding will be utilized over the next three years, furthering ongoing efforts to protect and enhance Michigan’s natural resources.
DTE Energy has partnered with Lyft to incentivize drivers in Southeast Michigan to switch to electric vehicles (EVs). Drivers can receive up to $5,000 through DTE’s Charging Forward program, which provides a $2,000 rebate upon EV purchase and additional quarterly payments of $750 for completing 200 rides per quarter. This initiative aims to improve equitable access to EVs, particularly for drivers in low-income areas. DTE is heavily investing in EV infrastructure, committing over $1 billion annually to enhance electric reliability and support growing EV adoption.
DTE Energy's MIGreenPower program now has over 50,000 residential subscribers, matching Ypsilanti's population. The program adds thousands of megawatts of clean energy, driven by substantial demand from both residential and corporate customers. In 2021, DTE increased its renewable energy capacity by 40% through this initiative. Customers have enrolled 1.9 million megawatt hours of clean energy, avoiding 1.5 million tons of CO2 emissions. DTE plans additional solar projects, including a 20-megawatt array in Washtenaw County, to meet ongoing demand.
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