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 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.
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.
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